Document:

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                                                                     EXHIBIT 4.4

                           UNION PLANTERS CORPORATION,

                           [_________], AS DEPOSITARY

                                       AND

                        THE HOLDERS FROM TIME TO TIME OF
                    THE DEPOSITARY RECEIPTS DESCRIBED HEREIN

                              DEPOSITARY AGREEMENT

                         DATED AS OF ___________, 200[_]

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                                TABLE OF CONTENTS

<TABLE>
<S>                                                                                                          <C>
ARTICLE I DEFINITIONS..................................................................................       1
ARTICLE II FORM OF RECEIPTS; DEPOSIT OF STOCK; EXECUTION AND DELIVERY; TRANSFER,
            SURRENDER AND REDEMPTION OF RECEIPTS.......................................................       2
SECTION 2.1 Form and Transfer of Receipts..............................................................       2
SECTION 2.2 Deposit of Stock; Execution and Delivery of Receipts in Respect Thereof....................       2
SECTION 2.3 Redemption of Stock........................................................................       3
SECTION 2.4 Registration of Transfer of Receipts.......................................................       4
SECTION 2.5 Split-ups and Combinations of Receipts; Withdrawal of Stock................................       4
SECTION 2.6 Limitations on Execution and Delivery, Transfer, Surrender and Exchange of Receipts........       5
SECTION 2.7 Lost Receipts, etc.........................................................................       5
SECTION 2.8 Cancellation and Destruction of Surrendered Receipts.......................................       5
ARTICLE III CERTAIN OBLIGATIONS OF HOLDERS OF RECEIPTS AND THE COMPANY.................................       5
SECTION 3.1 Filing Proofs, Certificates and Other Information..........................................       5
SECTION 3.2 Payment of Taxes or Other Governmental Charges.............................................       5
SECTION 3.3 Warranty as to Stock.......................................................................       6
ARTICLE IV THE DEPOSITED SECURITIES; NOTICES...........................................................       6
SECTION 4.1 Cash Distributions.........................................................................       6
SECTION 4.2 Distributions Other than Cash, Rights, Preferences or Privileges...........................       6
SECTION 4.3 Subscription Rights, Preferences or Privileges.............................................       6
SECTION 4.4 Notice of Dividends, etc.; Fixing of Record Date for Holders of Receipts...................       7
SECTION 4.5 Voting Rights..............................................................................       7
SECTION 4.6 Changes Affecting Deposited Securities and Reclassifications, Recapitalizations, etc.......       8
SECTION 4.7 Inspection of Reports......................................................................       8
SECTION 4.8 Lists of Receipt Holders...................................................................       8
ARTICLE V THE DEPOSITARY, THE DEPOSITARY'S AGENTS, THE REGISTRAR AND THE COMPANY.......................       8
SECTION 5.1 Maintenance of Offices, Agencies and Transfer Books by the Depositary; Registrar...........       8
SECTION 5.2 Prevention of or Delay in Performance by the Depositary, the Depositary's Agents, the
            Registrar or the Company...................................................................       9
SECTION 5.3 Obligations of the Depositary, the Depositary's Agents, the Registrar and the Company......       9
SECTION 5.4 Resignation and Removal of the Depositary; Appointment of Successor Depositary.............      10
SECTION 5.5 Corporate Notices and Reports..............................................................      10
SECTION 5.6 Indemnification by the Company.............................................................      10
SECTION 5.7 Charges and Expenses.......................................................................      11
ARTICLE VI AMENDMENT AND TERMINATION...................................................................      11
SECTION 6.1 Amendment..................................................................................      11
SECTION 6.2 Termination................................................................................      11
ARTICLE VII MISCELLANEOUS..............................................................................      12
SECTION 7.1 Counterparts...............................................................................      12
SECTION 7.2 Exclusive Benefit of Parties...............................................................      12
SECTION 7.3 Invalidity of Provisions...................................................................      12
SECTION 7.4 Notices....................................................................................      12
SECTION 7.5 Depositary's Agents........................................................................      12
SECTION 7.6 Holders of Receipts Are Parties............................................................      13
SECTION 7.7 Governing Law..............................................................................      13
SECTION 7.8 Inspection of Depositary Agreement.........................................................      13
SECTION 7.9 Headings...................................................................................      13
</TABLE>

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         DEPOSITARY AGREEMENT dated as of _______, ____, between Union Planters
Corporation, a Tennessee corporation (hereinafter called the "Company"),
________, as depositary, and the holders from time to time of the Depositary
Receipts descried herein.

         WHEREAS, it is desired to provide, as hereinafter set forth in this
Depositary Agreement, for the deposit of shares of [Cumulative] [Noncumulative]
[Convertible] Preferred Stock, Series ___, no par value, of UNION PLANTERS
CORPORATION with the Depositary for the purposes set forth in this Depositary
Agreement and for the issuance hereunder of Receipts evidencing Depositary
Shares in respect of the Stock so deposited; and

         WHEREAS, the Receipts are to be substantially in the form of Exhibit A
annexed hereto, with appropriate insertions, modifications and omissions, as
hereinafter provided in this Depositary Agreement;

         NOW, THEREFORE, in consideration of the premises, the parties hereto
agree as follows:

                                    ARTICLE I

                                   DEFINITIONS

         The following definitions shall for all purposes, unless otherwise
indicated, apply to the respective terms used in this Depositary Agreement:

         "Articles" shall mean the articles of amendment filed with the
Secretary of State of Tennessee establishing the Stock as a series of
[preferred] [preference] stock of the Company.

         "Company" shall mean Union Planters Corporation, a Tennessee
corporation, and its successors.

         "Depositary Agreement" shall mean this Depositary Agreement, as amended
or supplemented from time to time.

         "Depositary" shall mean [_________], and any successor as Depositary
hereunder.

         "Depositary Shares" shall mean Depositary Shares, each representing
[________] of a share of Stock and evidenced by a Receipt.

         "Depositary's Agent" shall mean an agent appointed by the Depositary
pursuant to Section 7.5.

         "Depositary's Office" shall mean the office of the Depositary in
[_________], at which at any particular time its depositary receipt business
shall be administered.

         "Receipt" shall mean one of the Depositary Receipts issued hereunder,
whether in definitive or temporary form.

         "Record holder" as applied to a Receipt shall mean the person in whose
name a Receipt is registered on the books of the Depositary maintained for such
purpose.

         "Registrar" shall mean any bank or trust company which shall be
appointed to register ownership and transfers of Receipts as herein provided.

         "Stock" shall mean shares of the Company's [Cumulative] [Noncumulative]
[Convertible] Preferred Stock, Series ___, no par value (stated value $_____ per
share).

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                                   ARTICLE II

                       FORM OF RECEIPTS; DEPOSIT OF STOCK;
                        EXECUTION AND DELIVERY; TRANSFER,
                      SURRENDER AND REDEMPTION OF RECEIPTS

         SECTION 2.1. Form and Transfer of Receipts.

         Definitive Receipts shall be engraved or printed or lithographed on
steel-engraved borders or may be produced in any other manner and shall be
substantially in the form set forth in Exhibit A annexed to this Depositary
Agreement, with appropriate insertions, modifications and omissions, as
hereinafter provided. Pending the preparation of definitive Receipts, the
Depositary, upon the written order of the Company or any holder of Stock, as the
case may be, delivered in compliance with Section 2.2, shall execute and deliver
temporary Receipts which are printed, lithographed, typewritten, mimeographed or
otherwise substantially of the tenor of the definitive Receipts in lieu of which
they are issued and with such appropriate insertions, omissions, substitutions
and other variations as the persons executing such Receipts may determine, as
evidenced by their execution of such Receipts. If temporary Receipts are issued,
the Company and the Depositary will cause definitive Receipts to be prepared
without unreasonable delay. After the preparation of definitive Receipts, the
temporary Receipts shall be exchangeable for definitive Receipts upon surrender
of the temporary Receipts at an office described in the last paragraph of
Section 2.2, without charge to the holder. Upon surrender for cancellation of
any one or more temporary Receipts, the Depositary shall execute and deliver in
exchange therefor definitive Receipts representing the same number of Depositary
Shares as represented by the surrendered temporary Receipt or Receipts. Such
exchange shall be made at the Company's expense and without any charge therefor.
Until so exchanged, the temporary Receipts shall in all respects be entitled to
the same benefits under this Depositary Agreement, and with respect to the
Stock, as definitive Receipts.

         Receipts shall be executed by the Depositary by the manual signature of
a duly authorized officer of the Depositary; provided, that such signature may
be a facsimile if a Registrar for the Receipts (other than the Depositary) shall
have been appointed and such Receipts are countersigned by manual signature of a
duly authorized officer of the Registrar. No Receipt shall be entitled to any
benefits under this Depositary Agreement or be valid or obligatory for any
purpose unless it shall have been executed manually by a duly authorized officer
of the Depositary or, if a Registrar for the Receipts (other than the
Depositary) shall have been appointed, by manual or facsimile signature of a
duly authorized officer of the Depositary and countersigned manually by a duly
authorized officer of such Registrar. The Depositary shall record on its books
each Receipt so signed and delivered as hereinafter provided.

         Receipts shall be in denominations of any number of whole Depositary
Shares up to but not in excess of [______] Depositary Shares for any particular
Receipt.

         Receipts may be endorsed with or have incorporated in the text thereof
such legends or recitals or changes not inconsistent with the provisions of this
Depositary Agreement as may be required by the Depositary or required to comply
with any applicable law or any regulation thereunder or with the rules and
regulations of any securities exchange upon which the Stock, the Depositary
Shares or the Receipts may be listed or to conform with any usage with respect
thereto, or to indicate any special limitations or restrictions to which any
particular Receipts are subject.

         Title to Depositary Shares evidenced by a Receipt which is properly
endorsed, or accompanied by a properly executed instrument of transfer, shall be
transferable by delivery with the same effect as in the case of a negotiable
instrument; provided, however, that until transfer of a Receipt shall be
registered on the books of the Depositary as provided in Section 2.4, the
Depositary may, notwithstanding any notice to the contrary, treat the record
holder thereof at such time as the absolute owner thereof for the purpose of
determining the person entitled to distributions of dividends or other
distributions or to any notice provided for in this Depositary Agreement and for
all other purposes.

         SECTION 2.2. Deposit of Stock; Execution and Delivery of Receipts in
Respect Thereof.

         Subject to the terms and conditions of this Depositary Agreement, the
Company or any holder of Stock

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may from time to time deposit shares of the Stock under this Depositary
Agreement by delivery to the Depositary of a certificate or certificates for the
Stock to be deposited, properly endorsed or accompanied, if required by the
Depositary, by a duly executed instrument of transfer or endorsement, in form
satisfactory to the Depositary, together with all such certifications as may be
required by the Depositary in accordance with the provisions of this Depositary
Agreement, and together with a written order of the Company or such holder, as
the case may be, directing the Depositary to execute and deliver to, or upon the
written order of, the person or persons stated in such order a Receipt or
Receipts for the number of Depositary Shares representing such deposited Stock.

         Deposited Stock shall be held by the Depositary at the Depositary's
Office or at such other place or places as the Depositary shall determine.

         Upon receipt by the Depositary of a certificate or certificates for
Stock deposited in accordance with the provisions of this Section, together with
the other documents required as above specified, and upon recordation of the
Stock on the books of the Company in the name of the Depositary or its nominee,
the Depositary, subject to the terms and conditions of this Depositary
Agreement, shall execute and deliver, to or upon the order of the person or
persons named in the written order delivered to the Depositary referred to in
the first paragraph of this Section, a Receipt or Receipts for the number of
Depositary Shares representing the Stock so deposited and registered in such
name or names as may be requested by such person or persons.

         The Depositary shall execute and deliver such Receipt or Receipts at
the Depositary's Office or such other offices, if any, as the Depositary may
designate. Delivery at other offices shall be at the risk and expense of the
person requesting such delivery.

         Other than in the case of splits, combinations or other
reclassifications affecting the Stock, or in the case of dividends or other
distributions of Stock, if any, there shall be deposited hereunder not more than
[________] shares of Stock.

         SECTION 2.3. Redemption of Stock.

         Whenever the Company shall elect to redeem shares of Stock in
accordance with the provisions of the Articles, if the Articles provide for such
redemption, it shall (unless otherwise agreed in writing with the Depositary)
give the Depositary not less than 30 nor more than 60 days' notice of the date
of such proposed redemption of Stock, which notice shall be accompanied by a
certificate from the Company stating that such redemption of Stock is in
accordance with the provisions of the Articles. On the date of such redemption,
provided that the Company shall then have paid in full to the Depositary the
redemption price of the Stock to be redeemed, plus any accrued and unpaid
dividends thereon, the Depositary shall redeem the number of Depositary Shares
representing such Stock. The Depositary shall mail notice of such redemption and
the proposed simultaneous redemption of the number of Depositary Shares
representing the Stock to be redeemed, first-class postage prepaid, not less
than 30 and not more than 60 days prior to the date fixed for redemption of such
Stock and Depositary Shares (the "Redemption Date"), to the record holders of
the Receipts evidencing the Depositary Shares to be so redeemed, at the
addresses of such holders as they appear on the records of the Depositary; but
neither failure to mail any such notice to one or more such holders nor any
defect in any notice to one or more such holders shall affect the sufficiency of
the proceedings for redemption as to other holders. Each such notice shall
state: (i) the Redemption Date; (ii) the number of Depositary Shares to be
redeemed and, if less than all the Depositary Shares held by any such holder are
to be redeemed, the number of such Depositary Shares held by such holder to be
so redeemed; (iii) the redemption price; (iv) the place or places where Receipts
evidencing Depositary Shares are to be surrendered for payment of the redemption
price; and (v) that dividends in respect of the Stock represented by the
Depositary Shares to be redeemed will cease to accumulate on such Redemption
Date. In case less than all the outstanding Depositary Shares are to be
redeemed, the Depositary Shares to be so redeemed shall be selected on a pro
rata basis as determined by the Company.

         Notice having been mailed by the Depositary as aforesaid, from and
after the Redemption Date (unless the Company shall have failed to redeem the
shares of Stock to be redeemed by it as set forth in the Company's notice
provided for in the preceding paragraph) all dividends in respect of the shares
of Stock so called for redemption shall cease to accumulate, the Depositary
Shares being redeemed from such proceeds shall be deemed no longer to be
outstanding, all rights of the holders of Receipts evidencing such Depositary
Shares (except the right to receive the

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redemption price) shall, to the extent of such Depositary Shares cease and
terminate and, upon surrender in accordance with such notice of the Receipts
evidencing any such Depositary Shares (properly endorsed or assigned for
transfer, if the Depositary shall so require), such Depositary Shares shall be
redeemed by the Depositary at a redemption price per Depositary Share equal to
[________] of the redemption price per share paid in respect of the shares of
Stock plus all money and other property, if any, represented by such Depositary
Shares, including all amounts paid by the Company in respect of dividends which
on the Redemption Date have accumulated on the shares of Stock to be so redeemed
and have not theretofore been paid.

         If less than all the Depositary Shares evidenced by a Receipt are
called for redemption, the Depositary will deliver to the holder of such Receipt
upon its surrender to the Depositary, together with the redemption payment, a
new Receipt evidencing the Depositary Shares evidenced by such prior Receipt and
not called for redemption.

         SECTION 2.4. Registration of Transfer of Receipts.

         Subject to the terms and conditions of this Depositary Agreement, the
Depositary shall register on its books from time to time transfers of Receipts
upon any surrender thereof by the holder in person or by duly authorized
attorney, properly endorsed or accompanied by a properly executed instrument of
transfer. Thereupon the Depositary shall execute a new Receipt or Receipts
evidencing the same aggregate number of Depositary Shares as those evidenced by
the Receipt or Receipts surrendered and deliver such new Receipt or Receipts to
or upon the order of the person entitled thereto.

         SECTION 2.5. Split-ups and Combinations of Receipts; Withdrawal of
Stock.

         Upon surrender of a Receipt or Receipts at the Depositary's Office or
at such other offices as it may designate for the purpose of effecting a
split-up or combination of such Receipt or Receipts, and subject to the terms
and conditions of this Depositary Agreement, the Depositary shall execute and
deliver a new Receipt or Receipts in the authorized denomination or
denominations requested, evidencing the aggregate number of Depositary Shares
evidenced by the Receipt or Receipts surrendered.

         Any holder of a Receipt or Receipts may withdraw any or all of the
Stock (but only in whole shares of Stock) represented by the Depositary Shares
evidenced by such Receipts and all money and other property, if any, represented
by such Depositary Shares by surrendering such Receipt or Receipts at the
Depositary's Office or at such other office as the Depositary may designate for
such withdrawals. After such surrender, without unreasonable delay, the
Depositary shall deliver to such holder, or to the person or persons designated
by such holder as hereinafter provided, the whole number of shares of Stock and
all such money and other property, if any, represented by the Depositary Shares
evidenced by the Receipt or Receipts so surrendered for withdrawal. If the
Receipt or Receipts delivered by the holder to the Depositary in connection with
such withdrawal shall evidence a number of Depositary Shares in excess of the
number of Depositary Shares representing the whole number of shares of Stock to
be withdrawn, the Depositary shall at the same time, in addition to such whole
number of shares of Stock and such money and other property, if any, to be
withdrawn, deliver to such holder, or (subject to Section 2.4) upon his order, a
new Receipt or Receipts evidencing such excess number of Depositary Shares.
Delivery of the Stock and such money and other property being withdrawn may be
made by the delivery of such certificates, documents of title and other
instruments as the Depositary may deem appropriate, which, if required by the
Depositary, shall be properly endorsed or accompanied by proper instruments of
transfer.

         If the Stock and the money and other property being withdrawn are to be
delivered to a person or persons other than the record holder of the Receipt or
Receipts being surrendered for withdrawal of Stock, such holder shall execute
and deliver to the Depositary a written order so directing the Depositary and
the Depositary may require that the Receipt or Receipts surrendered by such
holder for withdrawal of such shares of Stock be properly endorsed in blank or
accompanied by a properly executed instrument of transfer or endorsement in
blank.

         The Depositary shall deliver the Stock and the money and other
property, if any, represented by the Depositary Shares evidenced by Receipts
surrendered for withdrawal at the Depositary's Office, except that, at the
request, risk and expense of the holder surrendering such Receipt or Receipts
and for the account of the holder thereof, such delivery may be made at such
other place as may be designated by such holder.

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         Holders of Depositary Shares shall be entitled to receive whole shares
of the related series of Stock, but holders of such whole shares of Stock will
not thereafter be entitled to deposit such shares of Stock with the Depositary
or to receive Depositary Shares therefor.

         SECTION 2.6. Limitations on Execution and Delivery, Transfer, Surrender
and Exchange of Receipts.

         As a condition precedent to the execution and delivery, registration of
transfer, split-up, combination, surrender or exchange of any Receipt, the
Depositary, any of the Depositary's Agents or the Company may require payment to
it of a sum sufficient for the payment (or, in the event that the Depositary or
the Company shall have made such payment, the reimbursement to it) of any
charges or expenses payable by the holder of a Receipt pursuant to Section 5.7,
may require the production of evidence satisfactory to it as to the identity and
genuineness of any signature and may also require compliance with such
regulations, if any, as the Depositary or the Company may establish consistent
with the provisions of this Depositary Agreement.

         The deposit of Stock may be refused, the delivery of Receipts against
Stock may be suspended, the registration of transfer of Receipts may be refused
and the registration of transfer, surrender or exchange of outstanding Receipts
may be suspended (i) during any period when the register of shareholders of the
Company is closed, or (ii) if any such action is deemed necessary or advisable
by the Depositary, any of the Depositary's Agents or the Company at any time or
from time to time because of any requirement of law or of any government or
governmental body or commission or under any provision of this Depositary
Agreement.

         SECTION 2.7. Lost Receipts, etc.

         In case any Receipt shall be mutilated, destroyed, lost or stolen, the
Depositary in its discretion may execute and deliver a Receipt of like form and
tenor in exchange and substitution for such mutilated Receipt, or in lieu of and
in substitution for such destroyed, lost or stolen Receipt, upon (i) the filing
by the holder thereof with the Depositary of evidence satisfactory to the
Depositary of such destruction or loss or theft of such Receipt, of the
authenticity thereof and of his or her ownership thereof, and (ii) the
furnishing of the Depositary with an indemnity bond satisfactory to it.

         SECTION 2.8. Cancellation and Destruction of Surrendered Receipts.

         All Receipts surrendered to the Depositary or any Depositary's Agent
shall be cancelled by the Depositary. Except as prohibited by applicable law or
regulation, the Depositary is authorized to destroy all Receipts so cancelled.

                                   ARTICLE III

                         CERTAIN OBLIGATIONS OF HOLDERS
                           OF RECEIPTS AND THE COMPANY

         SECTION 3.1. Filing Proofs, Certificates and Other Information.

         Any holder of a Receipt may be required from time to time to file such
proof of residence, or other matters or other information, to execute such
certificates and to make such representations and warranties as the Depositary
or the Company may reasonably deem necessary or proper. The Depositary or the
Company may withhold the delivery, or delay the registration of transfer,
redemption or exchange, of any Receipt or the withdrawal of the Stock
represented by the Depositary Shares evidenced by any Receipt or the
distribution of any dividend or other distribution or the sale of any rights or
of the proceeds thereof until such proof or other information is filed or such
certificates are executed or such representations and warranties are made.

         SECTION 3.2. Payment of Taxes or Other Governmental Charges.

         Holders of Receipts shall be obligated to make payments to the
Depositary of certain charges and expenses, as provided in Section 5.7.
Registration of transfer of any Receipt or any withdrawal of Stock and all money
or other property, if any, represented by the Depositary Shares evidenced by
such Receipt may be refused until any such

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payment due is made, and any dividends, interest payments or other distributions
may be withheld or any part of or all the Stock or other property represented by
the Depositary Shares evidenced by such Receipt and not theretofore sold may be
sold for the account of the holder thereof (after attempting by reasonable means
to notify such holder prior to such sale), and such dividends, interest payments
or other distributions or the proceeds of any such sale may be applied to any
payment of such charges or expenses, the holder of such Receipt remaining liable
for any deficiency.

         SECTION 3.3. Warranty as to Stock.

         The Company hereby represents and warrants that the Stock, when issued,
will be validly issued, fully paid and nonassessable. Such representation and
warranty shall survive the deposit of the Stock and the issuance of Receipts.

                                   ARTICLE IV

                        THE DEPOSITED SECURITIES; NOTICES

         SECTION 4.1. Cash Distributions.

         Whenever the Depositary shall receive any cash dividend or other cash
distribution on Stock, the Depositary shall, subject to Sections 3.1 and 3.2,
distribute to record holders of Receipts on the record date fixed pursuant to
Section 4.4 such amounts of such dividend or distribution as are, as nearly as
practicable, in proportion to the respective numbers of Depositary Shares
evidenced by the Receipts held by such holders; provided, however, that in case
the Company or the Depositary shall be required to withhold and shall withhold
from any cash dividend or other cash distribution in respect of the Stock an
amount on account of taxes, the amount made available for distribution or
distributed in respect of Depositary Shares shall be reduced accordingly. The
Depositary shall distribute or make available for distribution, as the case may
be, only such amount, however, as can be distributed without attributing to any
holder of Depositary Shares a fraction of one cent, and any balance not so
distributable shall be held by the Depositary (without liability for interest
thereon) and shall be added to and be treated as part of the next sum received
by the Depositary for distribution to record holders of Receipts then
outstanding.

         SECTION 4.2. Distributions Other than Cash, Rights, Preferences or
Privileges.

         Whenever the Depositary shall receive any distribution other than cash,
rights, preferences or privileges upon Stock, the Depositary shall, subject to
Sections 3.1 and 3.2, distribute to record holders of Receipts on the record
date fixed pursuant to Section 4.4 such amounts of the securities or property
received by it as are, as nearly as practicable, in proportion to the respective
numbers of Depositary Shares evidenced by the Receipts held by such holders, in
any manner that the Depositary may deem equitable and practicable for
accomplishing such distribution. If in the opinion of the Depositary such
distribution cannot be made proportionately among such record holders, or if for
any other reason (including any requirement that the Company or the Depositary
withhold an amount on account of taxes) the Depositary deems, after consultation
with the Company, such distribution not to be feasible, the Depositary may, with
the approval of the Company, adopt such method as it deems equitable and
practicable for the purpose of effecting such distribution, including the sale
(at public or private sale) of the securities or property thus received, or any
part thereof, at such place or places and upon such terms as it may deem proper.
The net proceeds of any such sale shall, subject to Sections 3.1 and 3.2, be
distributed or made available for distribution, as the case may be, by the
Depositary to record holders of Receipts as provided by Section 4.1 in the case
of a distribution received in cash. The Company shall not make any distribution
of such securities unless the Company shall have provided an opinion of counsel
stating that such securities have been registered under the Securities Act of
1933 or do not need to be registered.

         SECTION 4.3. Subscription Rights, Preferences or Privileges.

         If the Company shall at any time offer or cause to be offered to the
persons in whose names Stock is recorded on the books of the Company any rights,
preferences or privileges to subscribe for or to purchase any securities or any
rights, preferences or privileges of any other nature, such rights, preferences
or privileges shall in each such instance be made available by the Depositary to
the record holders of Receipts in such manner as the

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Depositary may determine, either by the issue to such record holders of warrants
representing such rights, preferences or privileges or by such other method as
may be approved by the Depositary in its discretion with the approval of the
Company; provided, however, that (i) if at the time of issue or offer of any
such rights, preferences or privileges the Depositary determines that it is not
lawful or (after consultation with the Company) not feasible to make such
rights, preferences or privileges available to holders of Receipts by the issue
of warrants or otherwise, or (ii) if and to the extent so instructed by holders
of Receipts who do not desire to exercise such rights, preferences or
privileges, then the Depositary, in its discretion (with the approval of the
Company, in any case where the Depositary has determined that it is not feasible
to make such rights, preferences or privileges available), may, if applicable
laws or the terms of such rights, preferences or privileges permit such
transfer, sell such rights, preferences or privileges at public or private sale,
at such place or places and upon such terms as it may deem proper. The net
proceeds of any such sale shall, subject to Sections 3.1 and 3.2, be distributed
by the Depositary to the record holders of Receipts entitled thereto as provided
by Section 4.1 in the case of a distribution received in cash. The Company shall
not make any distribution of any such rights, preferences or privileges unless
the Company shall have provided an opinion of counsel stating that such rights,
preferences or privileges have been registered under the Securities Act of 1933
or do not need to be registered.

         If registration under the Securities Act of 1933 of the securities to
which any rights, preferences or privileges relate is required in order for
holders of Receipts to be offered or sold the securities to which such rights,
preferences or privileges relate, the Company agrees with the Depositary that it
will file promptly a registration statement pursuant to such Act with respect to
such rights, preferences or privileges and securities and use its best efforts
and take all steps available to it to cause such registration statement to
become effective sufficiently in advance of the expiration of such rights,
preferences or privileges to enable such holders to exercise such rights,
preferences or privileges. In no event shall the Depositary make available to
the holders of Receipts any right, preference or privilege to subscribe for or
to purchase any securities unless and until such a registration statement shall
have become effective, or unless the offering and sale of such securities to
such holders are exempt from registration under the provisions of such Act.

         If any other action under the laws of any jurisdiction or any
governmental or administrative authorization, consent or permit is required in
order for such rights, preferences or privileges to be made available to holders
of Receipts, the Company agrees with the Depositary that the Company will use
its best efforts to take such action or obtain such authorization, consent or
permit sufficiently in advance of the expiration of such rights, preferences or
privileges to enable such holders to exercise such rights, preferences or
privileges.

         SECTION 4.4. Notice of Dividends, etc.; Fixing of Record Date for
Holders of Receipts.

         Whenever any cash dividend or other cash distribution shall become
payable or any distribution other than cash shall be made, or if rights,
preferences or privileges shall at any time be offered, with respect to Stock,
or whenever the Depositary shall receive notice of any meeting at which holders
of Stock are entitled to vote or of which holders of Stock are entitled to
notice, or whenever the Depositary and the Company shall decide it is
appropriate, the Depositary shall in each such instance fix a record date (which
shall be the same date as the record date fixed by the Company with respect to
the Stock) for the determination of the holders of Receipts who shall be
entitled to receive such dividend, distribution, rights, preferences or
privileges or the net proceeds of the sale thereof, or to give instructions for
the exercise of voting rights at any such meeting, or who shall be entitled to
notice of such meeting or for any other appropriate reasons.

         SECTION 4.5. Voting Rights.

         Upon receipt of notice of any meeting at which the holders of Stock are
entitled to vote, the Depositary shall, as soon as practicable thereafter, mail
to the record holders of Receipts a notice which shall contain (i) such
information as is contained in such notice of meeting, and (ii) a statement that
the holders may, subject to any applicable restrictions, instruct the Depositary
as to the exercise of the voting rights pertaining to the amount of Stock
represented by their respective Depositary Shares (including an express
indication that instructions may be given to the Depositary to give a
discretionary proxy to a person designated by the Company) and a brief statement
as to the manner in which such instructions may be given. Upon the written
request of the holders of Receipts on the relevant record date, the Depositary
shall endeavor insofar as practicable to vote or cause to be voted, in
accordance with the instructions set forth in such requests, the maximum number
of whole shares of Stock represented by the

                                       7

<PAGE>

Depositary Shares evidenced by all Receipts as to which any particular voting
instructions are received. The Company hereby agrees to take all action which
may be deemed necessary by the Depositary in order to enable the Depositary to
vote such Stock or cause such Stock to be voted. In the absence of specific
instructions from the holder of a Receipt, the Depositary will abstain from
voting (but, at its discretion, not from appearing at any meeting with respect
to such Stock unless directed to the contrary by the holders of all the
Receipts) to the extent of the Stock represented by the Depositary Shares
evidenced by such Receipt.

         SECTION 4.6. Changes Affecting Deposited Securities and
Reclassifications, Recapitalizations, etc.

         Upon any change in par or stated value, split-up, combination or any
other reclassification of the Stock, or upon any recapitalization,
reorganization, merger, amalgamation or consolidation affecting the Company or
to which it is a party, the Depositary may in its discretion with the approval
of, and shall upon the instructions of, the Company, and (in either case) in
such manner as the Depositary may deem equitable, (i) make such adjustments as
are certified by the Company in (x) the fraction of an interest represented by
one Depositary Share in one share of Stock, and (y) the ratio of the redemption
price per Depositary Share to the redemption price of a share of Stock, in each
case as may be necessary fully to reflect the effects of such changes in par or
stated value, split-up, combination or other reclassification of Stock, or of
such recapitalization, reorganization, merger, amalgamation or consolidation,
and (ii) treat any securities which shall be received by the Depositary in
exchange for or upon conversion of or in respect of the Stock as new deposited
securities so received in exchange for or upon conversion or in respect of such
Stock. In any such case the Depositary may in its discretion, with the approval
of the Company, execute and deliver additional Receipts, or may call for the
surrender of all outstanding Receipts to be exchanged for new Receipts
specifically describing such new deposited securities. Anything to the contrary
herein notwithstanding, holders of Receipts shall have the right from and after
the effective date of any such change in par or stated value, split-up,
combination or other reclassification of the Stock or any such recapitalization,
reorganization, merger, amalgamation or consolidation to surrender such Receipts
to the Depositary with instructions to convert, exchange or surrender the Stock
represented thereby only into or for, as the case may be, the kind and amount of
shares of stock and other securities and property and cash into which the Stock
represented by such Receipts might have been converted or for which such Stock
might have been exchanged or surrendered immediately prior to the effective date
of such transaction.

         SECTION 4.7. Inspection of Reports.

         The Depositary shall make available for inspection by holders of
Receipts at the Depositary's Office, and at such other places as it may from
time to time deem advisable, any reports and communications received from the
Company which are received by the Depositary as the holder of Stock.

         SECTION 4.8. Lists of Receipt Holders.

         Promptly upon request from time to time by the Company, the Depositary
shall furnish to it a list, as of a recent date, of the names, addresses and
holdings of Depositary Shares of all persons in whose names Receipts are
registered on the books of the Depositary.

                                    ARTICLE V

                    THE DEPOSITARY, THE DEPOSITARY'S AGENTS,
                          THE REGISTRAR AND THE COMPANY

         SECTION 5.1. Maintenance of Offices, Agencies and Transfer Books by the
Depositary; Registrar.

         Upon execution of this Depositary Agreement, the Depositary shall
maintain at the Depositary's Office facilities for the execution and delivery,
registration and registration of transfer, surrender and exchange of Receipts,
and at the offices of the Depositary's Agents, if any, facilities for the
delivery, registration of transfer, surrender and exchange of Receipts, all in
accordance with the provisions of this Depositary Agreement.

         The Depositary shall keep books at the Depositary's Office for the
registration and registration of transfer

                                       8

<PAGE>

of Receipts, which books at all reasonable times shall be open for inspection by
the record holders of Receipts; provided, that any such holder requesting to
exercise such right shall certify to the Depositary that such inspection shall
be for a proper purpose reasonably related to such person's interest as an owner
of Depositary Shares evidenced by the Receipts.

         The Depositary may close such books, at any time or from time to time,
when deemed expedient by it in connection with the performance of its duties
hereunder.

         The Depositary may, with the approval of the Company, appoint a
Registrar for registration of the Receipts or the Depositary Shares evidenced
thereby. If the Receipts or the Depositary Shares evidenced thereby or the Stock
represented by such Depositary Shares shall be listed on the New York Stock
Exchange, the Depositary will appoint a Registrar (acceptable to the Company)
for registration of such Receipts or Depositary Shares in accordance with any
requirements of such Exchange. Such Registrar (which may be the Depositary if so
permitted by the requirements of such Exchange) may be removed and a substituted
registrar appointed by the Depositary upon the request or with the approval of
the Company. If the Receipts, such Depositary Shares or such Stock are listed on
one or more other stock exchanges, the Depositary will, at the request of the
Company, arrange such facilities for the delivery, registration, registration of
transfer, surrender and exchange of such Receipts, such Depositary Shares or
such Stock as may be required by law or applicable stock exchange regulation.

         SECTION 5.2. Prevention of or Delay in Performance by the Depositary,
the Depositary's Agents, the Registrar or the Company.

         Neither the Depositary nor any Depositary's Agent nor any Registrar nor
the Company shall incur any liability to any holder of any Receipt if by reason
of any provision of any present or future law, or regulation thereunder, of the
United States of America or of any other governmental authority or, in the case
of the Depositary, the Depositary's Agent or the Registrar, by reason of any
provision, present or future, of the Company's Amended and Restated Charter, as
amended (including the Certificate) or by reason of any act of God or war or
other circumstance beyond the control of the relevant party, the Depositary, the
Depositary's Agent, the Registrar or the Company shall be prevented or forbidden
from, or subjected to any penalty on account of, doing or performing any act or
thing which the terms of this Depositary Agreement provide shall be done or
performed; nor shall the Depositary, any Depositary's Agent, any Registrar or
the Company incur any liability to any holder of a Receipt (i) by reason of any
nonperformance or delay, caused as aforesaid, in the performance of any act or
thing which the terms of this Depositary Agreement provide shall or may be done
or performed, or (ii) by reason of any exercise of, or failure to exercise, any
discretion provided for in this Depositary Agreement except, in case of any such
exercise or failure to exercise discretion not caused as aforesaid, if caused by
the negligence or willful misconduct of the party charged with such exercise or
failure to exercise.

         SECTION 5.3. Obligations of the Depositary, the Depositary's Agents,
the Registrar and the Company.

         Neither the Depositary nor any Depositary's Agent nor any Registrar nor
the Company assumes any obligation or shall be subject to any liability under
this Depositary Agreement to holders of Receipts other than for its negligence
or willful misconduct.

         Neither the Depositary nor any Depositary's Agent nor any Registrar nor
the Company shall be under any obligation to appear in, prosecute or defend any
action, suit or other proceeding in respect of the Stock, the Depositary Shares
or the Receipts which in its opinion may involve it in expense or liability
unless indemnity satisfactory to it against all expense and liability be
furnished as often as may be required.

         Neither the Depositary nor any Depositary's Agent nor any Registrar nor
the Company shall be liable for any action or any failure to act by it in
reliance upon the written advice of legal counsel or accountants, or information
from any person presenting Stock for deposit, any holder of a Receipt or any
other person believed by it in good faith to be competent to give such
information. The Depositary, any Depositary's Agent, any Registrar and the
Company may each rely and shall each be protected in acting upon any written
notice, request, direction or other document believed by it to be genuine and to
have been signed or presented by the proper party or parties.

         The Depositary shall not be responsible for any failure to carry out
any instruction to vote any of the shares

                                       9

<PAGE>

of Stock or for the manner or effect of any such vote made, as long as any such
action or non-action is in good faith. The Depositary undertakes, and any
Registrar shall be required to undertake, to perform such duties and only such
duties as are specifically set forth in this Depositary Agreement, and no
implied covenants or obligations shall be read into this Depositary Agreement
against the Depositary or any Registrar. The Depositary will indemnify the
Company against any liability which may arise out of acts performed or omitted
by the Depositary or its agents due to its or their negligence or bad faith. The
Depositary, the Depositary's Agents and any Registrar may own and deal in any
class of securities of the Company and its affiliates and Receipts. The
Depositary may also act as transfer agent or registrar of any of the securities
of the Company and its affiliates.

         SECTION 5.4. Resignation and Removal of the Depositary; Appointment of
Successor Depositary.

         The Depositary may at any time resign as Depositary hereunder by notice
of its election so to do delivered to the Company, such resignation to take
effect upon the appointment of a successor Depositary and its acceptance of such
appointment as hereinafter provided.

         The Depositary may at any time be removed by the Company by notice of
such removal delivered to the Depositary, such removal to take effect upon the
appointment of a successor Depositary and its acceptance of such appointment as
hereinafter provided.

         In case at any time the Depositary acting hereunder shall resign or be
removed, the Company shall, within 60 days after the delivery of the notice of
resignation or removal, as the case may be, appoint a successor Depositary,
which shall be a bank or trust company having its principal office in the United
States of America and having a combined capital and surplus of at least
$50,000,000. If no successor Depositary shall have been so appointed and have
accepted appointment within 60 days after delivery of such notice, the resigning
or removed Depositary may petition any court of competent jurisdiction for the
appointment of a successor Depositary. Every successor Depositary shall execute
and deliver to its predecessor and to the Company an instrument in writing
accepting its appointment hereunder, and thereupon such successor Depositary,
without any further act or deed, shall become fully vested with all the rights,
powers, duties and obligations of its predecessor and for all purposes shall be
the Depositary under this Depositary Agreement, and such predecessor, upon
payment of all sums due it and on the written request of the Company, shall
execute and deliver an instrument transferring to such successor all rights and
powers of such predecessor hereunder, shall duly assign, transfer and deliver
all right, title and interest in the Stock and any moneys or property held
hereunder to such successor, and shall deliver to such successor a list of the
record holders of all outstanding Receipts. Any successor Depositary shall
promptly mail notice of its appointment to the record holders of Receipts.

         Any corporation into or with which the Depositary may be merged,
consolidated or converted shall be the successor of such Depositary without the
execution or filing of any document or any further act, and notice thereof shall
not be required hereunder. Such successor Depositary may authenticate the
Receipts in the name of the predecessor Depositary or in the name of the
successor Depositary.

         SECTION 5.5. Corporate Notices and Reports.

         The Company agrees that it will transmit to the record holders of
Receipts, in each case at the addresses furnished to it pursuant to Section 4.8,
all notices and reports (including without limitation financial statements)
required by law, by the rules of any national securities exchange upon which the
Stock, the Depositary Shares or the Receipts are listed or by the Company's
Amended and Restated Charter, as amended (including the Articles) to be
furnished by the Company to holders of Stock. Such transmission will be at the
Company's expense.

         SECTION 5.6. Indemnification by the Company.

         The Company shall indemnify the Depositary, any Depositary's Agent and
any Registrar against, and hold each of them harmless from, any loss, liability
or expense (including the costs and expenses of defending itself) which may
arise out of (i) acts performed or omitted in connection with this Depositary
Agreement and the Receipts (a) by the Depositary, any Registrar or any of their
respective agents (including any Depositary's Agent), except for any liability
arising out of negligence or bad faith on the respective parts of any such
person or persons, or (b) by the Company or any of its agents, or (ii) the
offer, sale or registration of the Receipts or the Stock pursuant to the

                                       10

<PAGE>

provisions hereof. The obligations of the Company set forth in this Section 5.6
shall survive any succession of any Depositary, Registrar or Depositary's Agent.

         SECTION 5.7. Charges and Expenses.

         The Company shall pay all transfer and other taxes and governmental
charges arising solely from the existence of the depositary arrangements. The
Company shall pay all charges of the Depositary in connection with the initial
deposit of the Stock and the initial issuance of the Depositary Shares and
redemption of the Stock at the option of the Company. All other transfer and
other taxes and governmental charges shall be at the expense of holders of
Depositary Shares. If, at the request of a holder of Receipts, the Depositary
incurs charges or expenses for which it is not otherwise liable hereunder, such
holder will be liable for such charges and expenses. All other charges and
expenses of the Depositary and any Depositary's Agent hereunder and of any
Registrar (including, in each case, fees and expenses of counsel) incident to
the performance of their respective obligations hereunder will be paid upon
consultation and agreement between the Depositary and the Company as to the
amount and nature of such charges and expenses. The Depositary shall present its
statement for charges and expenses to the Company once each month or at such
other intervals as the Company and the Depositary may agree.

                                   ARTICLE VI

                            AMENDMENT AND TERMINATION

         SECTION 6.1. Amendment.

         The form of the Receipts and any provisions of this Depositary
Agreement may at any time and from time to time be amended by agreement between
the Company and the Depositary in any respect which they may deem necessary or
desirable; provided, however, that no such amendment (other than any change in
the fees of any Depositary, Registrar or Transfer Agent (as hereinafter
defined), which shall go into effect not sooner than three months after notice
thereof to the holders of the Receipts) which shall materially and adversely
alter the rights of the holders of Receipts shall be effective unless such
amendment shall have been approved by the holders of at least a majority of the
Depositary Shares then outstanding. Every holder of an outstanding Receipt at
the time any such amendment becomes effective shall be deemed, by continuing to
hold such Receipt, to consent and agree to such amendment and to be bound by
this Depositary Agreement as amended thereby.

         SECTION 6.2. Termination.

         This Agreement may be terminated by the Company or the Depositary only
after (i) all outstanding Depositary Shares shall have been redeemed pursuant to
Section 2.3, or (ii) there shall have been made a final distribution in respect
of the Stock in connection with any liquidation, dissolution or winding up of
the Company and such distribution shall have been distributed to the holders of
Depositary Shares pursuant to Section 4.1 or 4.2, as applicable.

         If any Receipts shall remain outstanding after the date of termination
of this Deposit Agreement, the Depositary thereafter shall discontinue the
transfer of Receipts, shall suspend the distribution of dividends to the holders
thereof and shall not give any further notices (other than notice of such
termination) or perform any further acts under this Deposit Agreement, except
that the Depositary shall continue to collect dividends and other distributions
pertaining to Stock, shall sell rights, preferences or privileges as provided in
this Deposit Agreement and shall continue to deliver the Stock and any money and
other property represented by Receipts upon surrender thereof by the holders
thereof. After the expiration of two years from the date of termination, the
Depositary shall return to the Company any shares of Stock then held hereunder,
together with any money and other property held by it hereunder. The Depositary
shall thereupon be discharged from all obligations under this Deposit Agreement
except to account for such stock, money and other property. Upon the termination
of this Deposit Agreement, the Company shall be discharged from all obligations
under this Deposit Agreement except for its obligations to the Depositary, any
Depositary's Agent and any Registrar under Sections 5.6 and 5.7. In the event
this Deposit Agreement is terminated, the Company hereby agrees to use its best
efforts to list the underlying Stock on the New York Stock Exchange, Inc. or any
other national securities exchange on which the Common Stock, par value $5.00
per share, of the Company is listed.

                                       11

<PAGE>

         Upon the termination of this Depositary Agreement, the Company shall be
discharged from all obligations under this Depositary Agreement except for its
obligations to the Depositary, any Depositary's Agent and any Registrar under
Sections 5.6 and 5.7.

                                   ARTICLE VII

                                  MISCELLANEOUS

         SECTION 7.1. Counterparts.

         This Depositary Agreement may be executed in any number of
counterparts, and by each of the parties hereto on separate counterparts, each
of which counterparts, when so executed and delivered, shall be deemed an
original, but all such counterparts taken together shall constitute one and the
same instrument.

         SECTION 7.2. Exclusive Benefit of Parties.

         This Depositary Agreement is for the exclusive benefit of the parties
hereto, and their respective successors hereunder, and shall not be deemed to
give any legal or equitable right, remedy or claim to any other person
whatsoever.

         SECTION 7.3. Invalidity of Provisions.

         In case any one or more of the provisions contained in this Depositary
Agreement or in the Receipts should be or become invalid, illegal or
unenforceable in any respect, the validity, legality and enforceability of the
remaining provisions contained herein or therein shall in no way be affected,
prejudiced or disturbed thereby.

         SECTION 7.4. Notices.

         Any and all notices to be given to the Company hereunder or under the
Receipts shall be in writing and shall be deemed to have been duly given if
personally delivered or sent by mail or by telegram or telex confirmed by
letter, addressed to the Company at Union Planters Corporation, 6200 Poplar
Avenue, Memphis, Tennessee 38119, to the attention of the Secretary, or at any
other address of which the Company shall have notified the Depositary in
writing.

         Any and all notices to be given to the Depositary hereunder or under
the Receipts shall be in writing and shall be deemed to have been duly given if
personally delivered or sent by mail or by telegram or telex confirmed by
letter, addressed to the Depositary at the Depositary's Office, at
[___________], or at any other address of which the Depositary shall have
notified the Company in writing.

         Any and all notices to be given to any record holder of a Receipt
hereunder or under the Receipts shall be in writing and shall be deemed to have
been duly given if personally delivered or sent by mail or by telegram or telex
confirmed by letter, addressed to such record holder at the address of such
record holder as it appears on the books of the Depositary, or if such holder
shall have filed with the Depositary a written request that notices intended for
such holder be mailed to some other address, at the address designated in such
request.

         Delivery of a notice sent by mail or by telegram or telex shall be
deemed to be effected at the time when a duly addressed letter containing the
same (or a confirmation thereof in the case of a telegram or telex message) is
deposited, postage prepaid, in a post office letter box. The Depositary or the
Company may, however, act upon any telegram or telex message received by it from
the other or from any holder of a Receipt, notwithstanding that such telegram or
telex message shall not subsequently be confirmed by letter or as aforesaid.

         SECTION 7.5. Depositary's Agents.

         The Depositary may from time to time appoint Depositary's Agents to act
in any respect for the Depositary for the purposes of this Depositary Agreement
and may at any time appoint additional Depositary's Agents and vary

                                       12

<PAGE>

or terminate the appointment of such Depositary's Agents. The Depositary will
notify the Company of any such action.

         SECTION 7.6. Holders of Receipts Are Parties.

         The holders of Receipts from time to time shall be parties to this
Depositary Agreement and shall be bound by all of the terms and conditions
hereof and of the Receipts by acceptance of delivery thereof.

         SECTION 7.7. Governing Law.

         This Depositary Agreement and the Receipts and all rights hereunder and
thereunder and provisions hereof and thereof shall be governed by, and construed
in accordance with, the laws of the State of New York.

         SECTION 7.8. Inspection of Depositary Agreement.

         Copies of this Depositary Agreement shall be filed with the Depositary
and the Depositary's Agents and shall be open to inspection during business
hours at the Depositary's Office and the respective offices of the Depositary's
Agents, if any, by any holder of a Receipt.

         SECTION 7.9. Headings.

         The headings of articles and sections in this Depositary Agreement and
in the form of the Receipt set forth in Exhibit A hereto have been inserted for
convenience only and are not to be regarded as a part of this Depositary
Agreement or the Receipts or have any bearing upon the meaning or interpretation
of any provision contained herein or in the Receipts.

                                       13

<PAGE>

         IN WITNESS WHEREOF, the Company and the Depositary have duly executed
this Agreement as of the day and year first above set forth, and all holders of
Receipts shall become parties hereto by and upon acceptance by them of delivery
of Receipts issued in accordance with the terms hereof.

                                      UNION PLANTERS CORPORATION

Attested by                           By: ______________________________________
                                          Name:
                                          Title:

                                      [_____________],
                                      as Depositary

Attested by                           By: ______________________________________
                                          Name:
                                          Title:

                                       14

<PAGE>

                                    EXHIBIT A

NUMBER                                                         DEPOSITARY SHARES

                          CERTIFICATE FOR NOT MORE THAN
                            _______ DEPOSITARY SHARES

                    DEPOSITARY RECEIPT FOR DEPOSITARY SHARES,
             REPRESENTING [CUMULATIVE] [NONCUMULATIVE] [CONVERTIBLE]
                         PREFERRED STOCK, SERIES __, OF
                           UNION PLANTERS CORPORATION
              INCORPORATED UNDER THE LAWS OF THE STATE OF DELAWARE
                                      CUSIP
                       SEE REVERSE FOR CERTAIN DEFINITIONS

[_________], (THE "DEPOSITARY"), HEREBY CERTIFIES THAT [_________________] is
the registered owner of [____________] DEPOSITARY SHARES ("Depositary Shares"),
each Depositary Share representing [________ (_/_)] of one share of [Cumulative]
[Noncumulative] [Convertible] Preferred Stock, Series ___, no par value, of
Union Planters Corporation, a Tennessee corporation (the "Corporation"), on
deposit with the Depositary, subject to the terms and entitled to the benefits
of the Depositary Agreement dated as of [________], 200[_], (the "Depositary
Agreement") between the Corporation and the Depositary. By accepting this
Depositary Receipt the holder hereof becomes a party to and agrees to be bound
by all the terms and conditions of the Depositary Agreement. This Depositary
Receipt shall not be valid or obligatory for any purpose or entitled to any
benefits under the Depositary Agreement unless it shall have been executed by
the Depositary by the manual signature of a duly authorized officer and shall
have been countersigned manually by a Registrar or by the Depositary as
Registrar in respect of the Depositary Receipts by the manual signature of a
duly authorized officer thereof.

Dated:
COUNTERSIGNED AND REGISTERED:
By: __________________________,
    Title:

DEPOSITARY AND REGISTRAR
By: ________________________
    Authorized Officer               [SEAL]

                                      A-1

<PAGE>

                           UNION PLANTERS CORPORATION

         UNION PLANTERS CORPORATION WILL FURNISH WITHOUT CHARGE TO EACH
SHAREHOLDER WHO SO REQUESTS A STATEMENT OF THE POWERS, DESIGNATIONS, PREFERENCES
AND RELATIVE, PARTICIPATING, OPTIONAL OR OTHER SPECIAL RIGHTS OF EACH CLASS OF
STOCK OR SERIES THEREOF WHICH UNION PLANTERS CORPORATION IS AUTHORIZED TO ISSUE
AND THE QUALIFICATIONS, LIMITATIONS OR RESTRICTIONS OF SUCH PREFERENCES AND/OR
RIGHTS. ANY SUCH REQUEST IS TO BE ADDRESSED TO THE SECRETARY OF UNION PLANTERS
CORPORATION OR TO THE TRANSFER AGENT

                                      A-2

<PAGE>

                                  ABBREVIATIONS

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

TEN COM -                as tenants in common

UNIF GIFT MIN ACT -      Custodian

                         ________________________________
                         (cust)                   (minor)

                         Under Uniform Gifts to Minors Act

                         ________________________________
                                      (State)

TEN ENT -                as tenants by the entireties

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

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

                                      A-3

<PAGE>

                                   ASSIGNMENT

FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s)
unto
________________________________________________________________________________
________________________________________________________________________________

(Please insert Social Security or Taxpayer I.D. or other Identifying Number of
Assignee)
________________________________________________________________________________
________________________________________________________________________________
________________________________________________________________________________

(Please Print or Type Name and Address Including Postal Zip Code of Assignee)

the within Normal Units Certificates and all rights thereunder, hereby
irrevocably constituting and appointing_________________________________________
attorney to transfer said Normal Units Certificates on the books of Union
Planters Corporation with full power of substitution in the premises.

Dated: _________________          Signature: ___________________________________

                                  NOTICE: The signature to this assignment must
                                  correspond with the name as it appears upon
                                  the face of the within Normal Units
                                  Certificates in every particular, without
                                  alteration or enlargement or any change
                                  whatsoever.

Signature Guarantee: ______________________________

                                      A-4<PAGE>

                                                                     EXHIBIT 4.6

                                 [Face of Note]

CUSIP NO.                                             PRINCIPAL AMOUNT: $ ______
REGISTERED NO.

                           UNION PLANTERS CORPORATION

                                     FORM OF

                     MEDIUM-TERM FIXED RATE NOTE, SERIES __

                   Due Nine Months or More From Date of Issue

[ ] Check this box if this Security is a Global Security.

         Applicable if this Security is a Global Security:

         [Unless this certificate is presented by an authorized representative
of The Depository Trust Company, a New York corporation (55 Water Street, New
York, New York) ("DTC"), to the Issuer or its agent for registration of
transfer, exchange or payment, and any certificate issued is registered in the
name of Cede & Co. or in such other name as requested by an authorized
representative of DTC (and any payment 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 OR TO ANY PERSON IS
WRONGFUL inasmuch as the registered owner hereof, Cede & Co., has an interest
herein.]

         [If applicable, this Security will contain information required by U.S.
Federal Income Tax "Original Issue Discount" rules, as that term is defined in
the Internal Revenue Code of 1986, as amended.]

<TABLE>
<S>                          <C>                             <C>
ORIGINAL ISSUE DATE:         ISSUE PRICE:        %           INTEREST RATE PER ANNUM:

STATED MATURITY DATE:        INTEREST PAYMENT DATES:         REGULAR RECORD DATES:

OPTIONAL REDEMPTION:         INITIAL REDEMPTION              ANNUAL REDEMPTION
                             PERCENTAGE:                     PERCENTAGE REDUCTION:

INITIAL REDEMPTION DATE:     SINKING FUND:                   OPTION TO ELECT
                                                             REPAYMENT:

OPTIONAL REPAYMENT           MINIMUM DENOMINATIONS:          DEPOSITARY (Only applicable if
DATE(S):                         [ ]   $1,000                this Security is a Global Security):
                                 [ ]   Other

SPECIFIED CURRENCY:

OTHER/ADDITIONAL TERMS:                                      ADDENDUM ATTACHED:
</TABLE>

         UNION PLANTERS CORPORATION, a corporation duly organized and existing
under the laws of the State of Tennessee (hereinafter called the "Company",
which term includes any successor corporation under the Indenture hereinafter
referred to), for value received, hereby promises to pay to __________________,
or registered assigns, the principal sum of _______________________ Dollars
($______________) on the Stated Maturity Date shown above (except to the extent
redeemed or repaid prior to such date) and to pay interest, if any, on the
principal amount hereof at the Interest Rate shown above (computed on the basis
of a 360-day year of twelve 30-day months), semi-annually on each Interest
Payment Date set forth above from and after the date of this Security and at
Maturity until payment of the principal amount hereof has been made or duly
provided for. Unless this Security is a Security which has been issued upon
transfer of, in exchange for, or in replacement of, a Predecessor Security,
interest on this Security shall accrue from the Original Issue Date indicated
above. If this Security has been issued upon transfer of,

<PAGE>

in exchange for, or in replacement of, a Predecessor Security, interest on this
Security shall accrue from the last Interest Payment Date to which interest was
paid on such Predecessor Security or, if no interest was paid on such
Predecessor Security, from the Original Issue Date indicated above. The first
payment of interest on a Security originally issued and dated between a Regular
Record Date specified above and an Interest Payment Date will be due and payable
on the Interest Payment Date following the next succeeding Regular Record Date
to the registered owner on such next succeeding Regular Record Date. Subject to
certain exceptions provided in the Indenture referred to herein below, the
interest so payable on any Interest Payment Date will be paid to the Person in
whose name this Security is registered at the close of business on the Regular
Record Date (whether or not a Business Day) next preceding such Interest Payment
Date, and interest payable upon Maturity will be paid to the person to whom
principal is payable.

         Notwithstanding the foregoing, if an Addendum is attached hereto or
"Other/Additional Terms" apply to this Security as specified above, this
Security shall be subject to the terms set forth in such Addendum or such
"Other/Additional Terms."

         The principal (and premium, if any) and interest on, this Security is
payable by the Company in the Specified Currency specified above.

         Any interest not punctually paid or duly provided for will forthwith
cease to be payable to the Holder on such Regular Record Date and may either be
paid to the Person in whose name this Security (or one or more Predecessor
Securities) is registered at the close of business on a Special Record Date for
the payment of such Defaulted Interest to be fixed by the Trustee, notice
whereof shall be given to Holders of Securities of this series not less than 10
days prior to such Special Record Date, or be paid at any time in any other
lawful manner not inconsistent with the requirements of any securities exchange
on which the Securities of this series may be listed, and upon such notice as
may be required by such exchange, all as more fully provided in the Indenture.

         Until this Security is paid in full or payment therefor in full is duly
provided for, the Company will at all times maintain a Paying Agent (which
Paying Agent may be the Trustee) in _______________ and ____________. The
Company has initially appointed ____________________ as the Paying Agent at its
offices at ______________ and at _____________________.

         [If this Security is a Global Security: Payments of principal and any
premium and interest on this Security will be made to DTC or its nominee, as
Holder of this Security, by wire transfer of immediately available funds.]

         [If this Security is not a Global Security: Payment of interest on this
Security (other than payments of interest at Maturity) will be made by check
mailed to the Person entitled thereto at such Person's last address as it
appears in the Security Register or, in the case of a Holder of $50,000,000 or
more in aggregate principal amount of Securities of this series, by wire
transfer of immediately available funds to such account as may have been
designated by such Holder. Any such designation for wire transfer purposes shall
be made by filing the appropriate information with the Paying Agent at its
corporate trust office not later than 15 calendar days prior to the applicable
Interest Payment Date and, unless revoked by written notice to the Paying Agent
received by the Paying Agent on or prior to the Regular Record Date immediately
preceding the applicable Interest Payment Date, shall remain in effect with
respect to any further payments with respect to this Security payable to such
Holder. Payment of principal of and interest, if any, on this Security at
Maturity will be made against presentation of this Security at the office or
agency of the Company maintained for that purpose in ________________ or
_________________.]

         The Company will pay any administrative costs imposed by banks on
payors in making payments on this Security in immediately available funds and
the Holder of this Security will pay any administrative costs imposed by banks
on payees in connection with such payments. Any tax, assessment or governmental
charge imposed upon payments on this Security will be borne by the Holder of
this Security.

         Any payment on this Security due on any day which is not a Business Day
need not be made on such day, but may be made on the next succeeding Business
Day with the same force and effect as if made on the due date and no additional
interest shall accrue on the amount so payable for the period from and after
such date. For purposes of this Security, "Business Day" means any day other
than a Saturday, Sunday or a legal holiday or a day on which banking
institutions are authorized or required by law or regulation to close in
_____________ or ___________.

                                       2

<PAGE>

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

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

                                       3

<PAGE>

         IN WITNESS WHEREOF, the Company has caused this instrument to be duly
executed under its corporate seal.

DATED:  ____________________

                                        UNION PLANTERS CORPORATION

                                        By: ____________________________________
                                            Name:
                                            Title:

Attest:____________________________
        Title:

                                        TRUSTEE'S CERTIFICATE OF
                                        AUTHENTICATION
                                        This is one of the Securities of the
                                        series designated therein referred
                                        to in the within-mentioned Indenture.

                                        _______________________________________,
                                           As Trustee

                                        By:_____________________________________
                                            Authorized Signature

                                       4

<PAGE>

                                [Reverse of Note]

                           UNION PLANTERS CORPORATION

                     MEDIUM-TERM FIXED RATE NOTE, SERIES __

                   Due Nine Months or More From Date of Issue

General

         This Security is one of a duly authorized issue of securities of the
Company (herein called the "Securities"), issued and to be issued in one or more
series under an indenture dated as of _______________, as amended or
supplemented from time to time (herein called the "Indenture"), between the
Company and Bank One Trust Company, N.A., as Trustee (herein called the
"Trustee", which term includes any successor trustee under the Indenture), to
which Indenture and all indentures supplemental thereto, reference is hereby
made for a statement of the respective rights, limitations of rights, duties and
immunities thereunder of the Company, the Trustee and the Holders of the
Securities, and of the terms upon which the Securities are, and are to be,
authenticated and delivered. This Security is one of the series of the
Securities, which series is limited to an aggregate principal amount of
$_____________ or the equivalent thereof in one or more foreign or composite
currencies, designated as Medium-Term Notes, Series __, of the Company. The
Securities of this series may mature at different times, bear interest, if any,
at different rates, be redeemable at different times or not at all, be repayable
at the option of the Holder at different times or not at all, be issued at an
original issue discount and be denominated in different currencies.

         The Securities are issuable only in registered form without coupons and
will be either (a) book-entry securities represented by one or more global
securities recorded in the book-entry system maintained by the Depository or (b)
certificated securities issued to and registered in the names of, the beneficial
owners or their nominees.

Events of Default

         If an Event of Default, as defined in the Indenture, with respect to
Securities of this series shall occur and be continuing, the principal of the
Securities of this series may be declared due and payable in the manner and with
the effect provided in the Indenture.

Modification and Waivers; Obligation of the Company Absolute

         The Indenture permits, with certain exceptions as therein provided, the
amendment thereof and the modification of the rights and obligations of the
Company and the rights of the Holders of the Securities of each series to be
affected under the Indenture at any time by the Company and the Trustee with the
consent of the Holders of a majority in principal amount of the Securities at
the time Outstanding of all series to be affected, acting together as a class.
The Indenture also contains provisions permitting the Holders of a majority in
principal amount of the Securities of all series at the time Outstanding
affected by certain provisions of the Indenture, acting together as a class, on
behalf of the Holders of all Securities of such series, to waive compliance by
the Company with those provisions of the Indenture. Certain past defaults under
the Indenture and their consequences may be waived under the Indenture by the
Holders of a majority in principal amount of the Securities of each series at
the time Outstanding, on behalf of the Holders of all Securities of such series.
Any such consent or waiver by the Holder of this Security shall be conclusive
and binding upon such Holder and upon all future Holders of this Security and of
any Security issued upon the registration of transfer hereof or in exchange
herefor or in lieu hereof, whether or not notation of such consent or waiver is
made upon this Security.

         No reference herein to the Indenture and no provision of this Security
or of the Indenture shall alter or impair the obligation of the Company, which
is absolute and unconditional, to pay the principal of and interest on this
Security at the times, place and rate, and in the coin or currency, herein
prescribed, except that in the event the

                                       5

<PAGE>

Company deposits money or Government Obligations as provided in Section 1404 of
the Indenture, such payments will be made only from proceeds of such money or
Government Obligations.

Defeasance and Covenant Defeasance

         The Indenture contains provisions for defeasance at any time of (a) the
entire indebtedness on this Security and (b) certain restrictive covenants and
certain Events of Default, upon compliance by the Company with certain
conditions set forth therein, which provisions apply to this Security.

Redemption

         If so provided on the face hereof, the Company may at its option redeem
this Security in whole or from time to time in part in increments of $1,000
(provided that any remaining principal amount of this Security shall not be less
than the minimum authorized denomination hereof) on or after the date designated
as the Initial Redemption Date on the face hereof at 100% of the unpaid
principal amount hereof or the portion thereof redeemed multiplied by a
percentage (the "Redemption Percentage"), together with accrued interest, if
any, to the Redemption Date. The Redemption Percentage shall initially be equal
to the Initial Redemption Percentage specified on the face hereof and shall
decline at each anniversary of the Initial Redemption Date by the amount of the
Annual Redemption Percentage Reduction specified on the face hereof, until the
Redemption Percentage is equal to 100%. The Company may exercise such option by
causing the Trustee to mail a notice of such redemption at least 30 but not more
than 60 days prior to the applicable Redemption Date to each Holder of the
Securities of this series to be redeemed. In the event of redemption of this
Security in part only, the Company shall issue a new Security or Securities for
the unredeemed portion hereof in the name of the Holder hereof upon the
cancellation hereof. If less than all of the Securities of this series with like
tenor and terms are to be redeemed, the Securities to be redeemed shall be
selected by the Trustee by such method as the Trustee shall deem fair and
appropriate.

Sinking Fund

         Unless otherwise specified on the face hereof, this Security will not
be entitled to any sinking fund.

Repayment

         If so provided on the face hereof, this Security will be repayable
prior to the Stated Maturity Date at the option of the Holder, in whole or in
part and in increments of $1,000 (provided that any remaining principal amount
of this Security surrendered for partial repayment shall not be less than the
minimum authorized denomination hereof), on or after the date designated as an
Optional Repayment Date on the face hereof at 100% of the principal amount to be
repaid, plus accrued interest, if any, to the Repayment Date. In order for this
Security to be repaid, the Company must receive at the applicable address of the
Paying Agent set forth below or at such other place or places of which the
Company shall from time to time notify the Holder of the within Security, at
least 30 but not more than 45 days prior to an Optional Repayment Date, either
(i) this Security, with the form below entitled "Option to Elect Repayment" duly
completed, or (ii) a telegram, telex, facsimile transmission, or letter from a
member of a national securities exchange or the National Association of
Securities Dealers, Inc. or a commercial bank or a trust company in the United
States of America setting forth (a) the name, address and telephone number of
the Holder of this Security, (b) the principal amount of this Security and the
amount of this Security to be repaid, (c) a statement that the option to elect
repayment is being exercised thereby, and (d) a guarantee stating that the
Company will receive this Security, with the form below entitled "Option to
Elect Repayment" duly completed, not later than five Business Days after the
date of such telegram, telex, facsimile transmission or letter (and this
Security and form duly completed are received by the Company by such fifth
Business Day). Any such election shall be irrevocable. The address to which such
deliveries to ___________________ are to be made is ________________ (or, at
such other place as the Company shall notify the Holders of the Securities of
this series). All questions as to the validity, eligibility (including time of
receipt) and acceptance of any Security for repayment will be determined by the
Company, whose determination will be final and binding. Upon any partial
repayment, this Security shall be cancelled and a new Security or Securities for
the remaining principal amount hereof shall be issued in the name of the Holder
of this Security.

                                       6

<PAGE>

Authorized Denominations

         Unless otherwise provided on the face hereof, this Security is issuable
only in registered form without coupons in denominations of $1,000 or any amount
in excess thereof which is an integral multiple of $1,000.

Registration of Transfer

         Upon due presentment for registration of transfer of this Security at
the office or agency of the Company maintained in _____________ or
_________________, a new Security or Securities of this series in authorized
denominations for an equal aggregate principal amount will be issued to the
transferee in exchange herefor, as provided in the Indenture and subject to the
limitations provided therein and to the limitations described below, without
charge except for any tax or other governmental charge imposed in connection
therewith.

         If this Security is a Global Security (as specified above), this
Security is exchangeable for definitive Securities in registered form only if
(x) the Depositary notifies the Company that it is unwilling or unable to
continue as Depositary for this Security or if at any time the Depositary ceases
to be a clearing agency registered under the Securities Exchange Act of 1934, as
amended, and the Company does not appoint a successor Depositary within 90 days
after receiving such notice or after becoming aware that the Depositary has
ceased to be so registered as a clearing agency, (y) the Company in its sole
discretion determines that this Security shall be exchangeable for definitive
Securities in registered form and notifies the Trustee thereof or (z) an Event
of Default with respect to the Securities represented hereby has occurred and is
continuing. If this Security is exchangeable pursuant to the preceding sentence,
it shall be exchangeable for definitive Securities in registered form, bearing
interest at the same rate, having the same date of issuance, redemption
provisions, Stated Maturity Date and other terms and of authorized denominations
aggregating a like amount.

         If this Security is a Global Security (as specified above), this
Security may not be transferred except as a whole by the Depositary to a nominee
of the Depositary or by a nominee of the Depositary to the Depositary or another
nominee of the Depositary or by the Depositary or any such nominee to a
successor of the Depositary or a nominee of such successor. Except as provided
above, owners of beneficial interests in this Global Security will not be
entitled to receive physical delivery of Securities in definitive form and will
not be considered the Holders hereof for any purpose under the Indenture.

         Prior to due presentment of this Security for registration of transfer,
the Company, the Trustee and any agent of the Company or the Trustee may treat
the Person in whose name this Security is registered as the owner hereof for all
purposes, whether or not this Security be overdue, and neither the Company, the
Trustee nor any such agent shall be affected by notice to the contrary.

No Personal Recourse

         No recourse shall be had for the payment of the principal of or the
interest on this Security, or for any claim based hereon, or otherwise in
respect hereof, or based on or in respect of the Indenture or any indenture
supplemental thereto, against any incorporator, stockholder, officer or
director, as such, past, present or future, of the Company or any 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.

Defined Terms

         All terms used in this Security which are defined in the Indenture
shall have the meanings assigned to them in the Indenture.

Governing Law

         This Security shall be governed by and construed in accordance with the
law of the State of New York, without regard to principles of conflicts of laws.

                                       7

<PAGE>

                            OPTION TO ELECT REPAYMENT

               TO BE COMPLETED ONLY IF THIS SECURITY IS REPAYABLE
                   AT THE OPTION OF THE HOLDER AND THE HOLDER
                          ELECTS TO EXERCISE SUCH RIGHT

         The undersigned hereby irrevocably requests and instructs the Company
to repay the within Security (or the portion thereof specified below), pursuant
to its terms, on the Optional Repayment Date first occurring after the date of
receipt by the Company of the within Security as specified below (the "Repayment
Date"), at a Repayment Price equal to 100% of the principal amount thereof,
together with interest to the Repayment Date, to the undersigned,
_______________, at ________________ (please print or typewrite name and address
of the undersigned).

         For this option to elect repayment to be effective, the Company must
receive, at the applicable address of the Paying Agent set forth in the within
Security or at such other place or places of which the Company shall from time
to time notify the Holder of the within Security, at least 30 but not more than
45 days prior to an Optional Repayment Date, either (i) this Security, with this
"Option to Elect Repayment" form duly completed, or (ii) a telegram, telex,
facsimile transmission, or letter from a member of a national securities
exchange or the National Association of Securities Dealers, Inc. or a commercial
bank or a trust company in the United States of America setting forth (a) the
name, address and telephone number of the Holder of the Security, (b) the
principal amount of the Security and the amount of the Security to be repaid,
(c) a statement that the option to elect repayment is being irrevocably
exercised thereby, and (d) a guarantee stating that the Security to be repaid
with the form entitled "Option to Elect Repayment" on the addendum to the
Security duly completed will be received by the Company not later than five
Business Days after the date of such telegram, telex, facsimile transmission or
letter (and such Security and form duly completed are received by the Company by
such fifth Business Day).

         If less than the entire principal amount of the within Security is to
be repaid, specify the portion thereof (which shall be an integral multiple of
$1,000) which the holder elects to have repaid: $__________.

         If less than the entire principal amount of the within Security is to
be repaid, specify the denomination or denominations (which shall be $1,000 or
an integral multiple thereof) of the Security or Securities to be issued to the
holder for the portion of the within Securities not being repaid (in the absence
of any specification, one such Security will be issued for the portion not being
repaid): $______________.

Date: _________________               __________________________________________
                                      Notice: The signature to this Option to
                                      Elect Repayment must correspond with the
                                      name as written upon page 2 of the within
                                      Security in every particular without
                                      alteration or enlargement or any change
                                      whatsoever.

                                       8

<PAGE>

                                  ABBREVIATIONS

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

TEN COM -                            as tenants in common

UNIF GIFT MIN ACT -                  Custodian

                                     __________________________________________
                                     (cust)                             (minor)

                                     Under Uniform Gifts to Minors Act

                                     __________________________________________
                                                      (State)

TEN ENT -                            as tenants by the entireties

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

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

                                       9

<PAGE>

                                   ASSIGNMENT

FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s)
unto
________________________________________________________________________________
________________________________________________________________________________

(Please insert Social Security or Taxpayer I.D. or other Identifying Number of
Assignee)
_______________________________________________________________________________
________________________________________________________________________________
________________________________________________________________________________

(Please Print or Type Name and Address Including Postal Zip Code of Assignee)

the within Security of UNION PLANTERS CORPORATION and all rights thereunder and
does hereby irrevocably constitute and appoint __________________ attorney to
transfer the said Security on the books of the within-named Company, with full
power of substitution in the premises.

Dated: __________________       Signature: _____________________________________

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

Signature Guarantee: ______________________________

                                       10

<PAGE>

                                 [Face of Note]

CUSIP NO.                                             PRINCIPAL AMOUNT: $ ______
REGISTERED NO.

                           UNION PLANTERS CORPORATION

                                     FORM OF

                    MEDIUM-TERM FLOATING RATE NOTE, SERIES __

                   Due Nine Months or More From Date of Issue

[ ] Check box if this Security is a Global Security.

         Applicable if this Security is a Global Security:

         [Unless this certificate is presented by an authorized representative
of The Depository Trust Company, a New York corporation (55 Water Street, New
York, New York) ("DTC"), to the Issuer or its agent for registration of
transfer, exchange or payment, and any certificate issued is registered in the
name of Cede & Co. or in such other name as requested by an authorized
representative of DTC (and any payment 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 OR TO ANY PERSON IS
WRONGFUL inasmuch as the registered owner hereof, Cede & Co., has an interest
herein.]

         [If applicable, this Security will contain information required by U.S.
Federal Income Tax "Original Issue Discount" rules, as that term is defined in
the Internal Revenue Code of 1986, as amended.]

<TABLE>
<S>                                       <C>                                    <C>
ORIGINAL ISSUE DATE:                      ISSUE PRICE:              %            STATED MATURITY DATE:

BASE RATE:                                INITIAL INTEREST RATE:                 INTEREST PAYMENT DATES:

REGULAR RECORD DATES:                     INTEREST DETERMINATION DATES:          CALCULATION DATES:

MAXIMUM INTEREST RATE:                    MINIMUM INTEREST RATE:                 INTEREST RESET PERIOD:

INTEREST RESET DATES:                     INITIAL INTEREST RESET DATE:           SPREAD MULTIPLIER:

SPREAD:   +                               INDEX MATURITY:                        DESIGNATED CMT MATURITY
          -                                                                      INDEX AND DESIGNATED
                                                                                 TELERATE PAGE (Only applicable
                                                                                 if the Base Rate is CMT):

DESIGNATED LIBOR PAGE                     INDEX CURRENCY (Only                   CALCULATION AGENT:
(Only applicable if the Base Rate is      applicable if the Base Rate is
LIBOR):                                   LIBOR):
         [ ]  LIBOR Telerate (p.__)
         [ ]  LIBOR Reuters (p.__)

OPTIONAL REDEMPTION (at option of         INITIAL REDEMPTION DATE (at option     INITIAL REDEMPTION PERCENTAGE:
Company):                                 of Company):
</TABLE>

<PAGE>

<TABLE>
<S>                                       <C>                                    <C>
ANNUAL REDEMPTION PERCENTAGE REDUCTION:   SINKING FUND:                          OPTION TO ELECT REPAYMENT:

OPTIONAL REPAYMENT DATE(S):               MINIMUM DENOMINATIONS:                 DEPOSITARY (Only applicable if this
                                              [ ]   $1,000                       Security is a Global Security):
                                              [ ]   Other

SPECIFIED CURRENCY:

OTHER/ADDITIONAL TERMS:                                                          ADDENDUM ATTACHED:
</TABLE>

         UNION PLANTERS CORPORATION, a corporation duly organized and existing
under the laws of the State of Tennessee (herein called the "Company", which
term includes any successor corporation under the Indenture hereinafter referred
to), for value received, hereby promises to pay to __________________________,
or registered assigns, the principal sum of ___________________________Dollars
($_____________) on the Stated Maturity Date shown above (except to the extent
redeemed or repaid prior to such date) and to pay interest, if any, on the
Interest Payment Dates specified above, commencing with the first Interest
Payment Date specified above following the Original Issue Date specified above,
and at Maturity, on the principal amount hereof at such offices and agencies, at
a rate per annum equal to the Initial Interest Rate specified above until the
Initial Interest Reset Date specified above following the Original Issue Date
specified above and thereafter at a rate per annum determined in accordance with
the provisions on the reverse hereof under the heading "Determination of CD
Rate", "Determination of Commercial Paper Rate", "Determination of Federal Funds
Rate", "Determination of LIBOR", "Determination of Prime Rate", "Determination
of Treasury Rate" or "Determination of CMT Rate", depending upon whether the
Base Rate is CD Rate, Commercial Paper Rate, Federal Funds Rate, LIBOR, Prime
Rate, Treasury Rate or CMT Rate, as specified above.

         Notwithstanding the foregoing, if an Addendum is attached hereto or
"Other/Additional Terms" apply to this Security as specified above, this
Security shall be subject to the terms set forth in such Addendum or such
"Other/Additional Terms."

         The principal (and premium, if any) and interest on, this Security is
payable by the Company in the Specified Currency specified above.

         Any Interest Payment Date specified above that would fall on a day that
is not a Business Day, other than an Interest Payment Date that is also the date
of Maturity, shall be the following day that is a Business Day, except that, if
the Base Rate specified above is LIBOR and such following Business Day is in the
next calendar month, such Interest Payment Date shall be the immediately
preceding day that is a Business Day. If the date of Maturity would fall on a
day that is not a Business Day, the payment of principal and any premium and
interest shall be made on the following Business Day, with the same force and
effect as if made on the due date, and no additional interest shall accrue on
the amount so payable for the period from and after such date of Maturity. For
purposes of this Security, "Business Day" means (a) any day other than a
Saturday, Sunday or a legal holiday or a day on which banking institutions are
authorized or required by law or regulation to close in __________ or
___________, and (b) if the Base Rate specified above is LIBOR, any such day
which is also a London Banking Day. For purposes of this Security, "London
Banking Day" means any day on which dealings in deposits in the Index Currency
specified above are transacted in the London interbank market.

         Interest payments on this Security shall be the amount of interest
accrued from and including the Original Issue Date specified above or from and
including the last date to which interest has been paid, or provided for, as the
case may be, to but excluding, the following Interest Payment Date or the date
of Maturity. If this Security has been issued upon transfer of, in exchange for,
or in replacement of, a Predecessor Security, interest on this Security shall
accrue from the last Interest Payment Date to which interest was paid on such
Predecessor Security or, if no interest was paid on such Predecessor Security,
from the Original Issue Date specified above.

         Subject to certain exceptions provided in the Indenture referred to on
the reverse hereof, the interest so payable on any Interest Payment Date shall
be paid to the Person in whose name this Security is registered at the

                                        2

<PAGE>

close of business on the Regular Record Date (whether or not a Business Day)
next preceding such Interest Payment Date, and interest payable upon the
Maturity (whether or not such date of Maturity is an Interest Payment Date)
shall be paid to the Person to whom principal is payable; provided, however,
that the first payment of interest on a Security originally issued and dated
between a Regular Record Date specified above and an Interest Payment Date shall
be due and payable on the Interest Payment Date following the next succeeding
Regular Record Date to the registered owner on such next succeeding Regular
Record Date. Unless otherwise specified on the face hereof, "Regular Record
Date" shall mean the fifteenth calendar day (whether or not a Business Day)
immediately preceding the related Interest Payment Date.

         Any interest not punctually paid or duly provided for shall forthwith
cease to be payable to the Holder on such Regular Record Date and may either be
paid to the Person in whose name this Security (or one or more Predecessor
Securities) is registered at the close of business on a Special Record Date for
the payment of such Defaulted Interest to be fixed by the Trustee, notice
whereof shall be given to Holders of Securities of this series not less than 10
days prior to such Special Record Date, or be paid at any time in any other
lawful manner not inconsistent with the requirements of any securities exchange
on which the Securities of this series may be listed, and upon such notice as
may be required by such exchange, all as more fully provided in the Indenture.

         Until this Security is paid in full or payment therefor in full is duly
provided for, the Company shall at all times maintain a Paying Agent (which
Paying Agent may be the Trustee) in _____________ and _____________. The Company
has initially appointed ____________ as the Paying Agent at its offices at
____________ and at ____________.

         [If this Security is a Global Security: Payments of principal and any
premium and interest on this Security shall be made to DTC or its nominee, as
Holder of this Security, by wire transfer of immediately available funds.]

         [If this Security is not a Global Security: Payment of interest on this
Security (other than payments of interest at Maturity) shall be made by check
mailed to the Person entitled thereto at such Person's last address as it
appears in the Security Register or, in the case of a Holder of $50,000,000 or
more in aggregate principal amount of Securities of this series, by wire
transfer of immediately available funds to such account as may have been
designated by such Holder. Any such designation for wire transfer purposes shall
be made by filing the appropriate information with the Paying Agent at its
corporate trust office not later than 15 calendar days prior to the applicable
Interest Payment Date and, unless revoked by written notice to the Paying Agent
received by the Paying Agent on or prior to the Regular Record Date immediately
preceding the applicable Interest Payment Date, shall remain in effect with
respect to any further payments with respect to this Security payable to such
Holder. Payment of principal of and interest, if any, on this Security at
Maturity shall be made against presentation of this Security at the office or
agency of the Company maintained for that purpose in _____________ or
_________________.]

         The Company shall pay any administrative costs imposed by banks on
payors in making payments on this Security in immediately available funds and
the Holder of this Security will pay any administrative costs imposed by banks
on payees in connection with such payments. Any tax, assessment or governmental
charge imposed upon payments on this Security shall be borne by the Holder of
this Security.

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

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

                                        3
<PAGE>

         IN WITNESS WHEREOF, the Company has caused this instrument to be duly
executed under its corporate seal.

DATED: ____________________

                                    UNION PLANTERS CORPORATION

                                    By: ________________________________________
                                        Name:
                                        Title:

Attest: _______________________
        Title:

                                    TRUSTEE'S CERTIFICATE OF
                                    AUTHENTICATION
                                    This is one of the Securities of the series
                                    designated therein referred to in the
                                    within-mentioned Indenture.

                                    ___________________________________________,
                                                  As Trustee

                                    By: ________________________________________
                                        Authorized Signature

                                       4

<PAGE>

                                [Reverse of Note]

                           UNION PLANTERS CORPORATION

                    MEDIUM-TERM FLOATING RATE NOTE, SERIES __

                   Due Nine Months or More From Date of Issue

General

         This Security is one of a duly authorized issue of securities of the
Company (herein called the "Securities"), issued and to be issued in one or more
series under an indenture dated as of _______________, as amended or
supplemented from time to time (herein called the "Indenture"), between the
Company and Bank One Trust Company, N.A., as Trustee (herein called the
"Trustee", which term includes any successor trustee under the Indenture), to
which Indenture and all indentures supplemental thereto, reference is hereby
made for a statement of the respective rights, limitations of rights, duties and
immunities thereunder of the Company, the Trustee and the Holders of the
Securities, and of the terms upon which the Securities are, and are to be,
authenticated and delivered. This Security is one of the series of the
Securities, which series is limited to an aggregate principal amount of
$_____________ or the equivalent thereof in one or more foreign or composite
currencies, designated as Medium-Term Notes, Series __, of the Company. The
Securities of this series may mature at different times, bear interest, if any,
at different rates, be redeemable at different times or not at all, be repayable
at the option of the Holder at different times or not at all, be issued at an
original issue discount and be denominated in different currencies.

         The Securities are issuable only in registered form without coupons and
will be either (a) book-entry securities represented by one or more global
securities recorded in the book-entry system maintained by the Depository or (b)
certificated securities issued to and registered in the names of, the beneficial
owners or their nominees.

Interest Rate Reset

         The interest rate in effect from the Original Issue Date to the Initial
Interest Reset Date specified on the face hereof shall be the Initial Interest
Rate specified on the face hereof. Commencing with the Initial Interest Reset
Date specified on the face hereof following the Original Issue Date specified on
the face hereof, the rate at which interest on this Security is payable shall be
adjusted daily, weekly, monthly, quarterly, semi-annually or annually as
specified on the face hereof under "Interest Reset Period". Each such adjusted
rate shall be applicable from and including the Interest Reset Date to which it
relates to but not including the next succeeding Interest Reset Date or until
Maturity, as the case may be. Subject to applicable provisions of law and except
as specified herein, on each Interest Reset Date, the rate of interest on this
Security shall be the rate determined with respect to the Interest Determination
Date next preceding such Interest Reset Date in accordance with the provisions
of the applicable heading below and adjusted by the addition or subtraction of
the Spread, if any, specified on the face hereof, and/or by the multiplication
by the Spread Multiplier, if any, specified on the face hereof.

         If any Interest Reset Date would otherwise be a day that is not a
Business Day, such Interest Reset Date shall be the following Business Day,
except that if the Base Rate specified above is LIBOR and if such following
Business Day is in the next calendar month, such Interest Reset Date shall be
the immediately preceding Business Day.

         Accrued interest shall be calculated by multiplying the principal
amount by an accrued interest factor. Such accrued interest factor shall be
computed by adding the interest factor calculated for each day in the period for
which interest is being paid. Unless otherwise specified on the face hereof, the
interest factor for each such day will be computed by dividing the interest rate
(expressed as a decimal) applicable to such day by 360, if the Base Rate is the
CD Rate, the Commercial Paper Rate, the Federal Funds Rate, LIBOR or the Prime
Rate or by the actual number of days in the year, if the Base Rate is the
Treasury Rate or the CMT Rate.

         Unless otherwise specified on the face hereof, all percentages
resulting from any calculation referred to herein shall be rounded, if
necessary, to the nearest one hundred-thousandth of a percentage point, with
five one-

                                       5

<PAGE>

millionths of one percentage point rounded upward (e.g., 9.876545% (or.
09876545) being rounded to 9.87655% (or .0987655) and 9.876544% (or .09876544)
being rounded to 9.87654% (or .0987654)), and all dollar amounts used in or
resulting from any such calculation on this Security shall be rounded to the
nearest cent (with one-half cent being rounded upwards).

         Notwithstanding the foregoing, the interest rate per annum hereon shall
not be greater than the Maximum Interest Rate, if any, or less than the Minimum
Interest Rate, if any, specified on the face hereof. The Calculation Agent shall
calculate the interest rate hereon in accordance with the foregoing on or before
each Calculation Date.

         The interest rate on this Security shall in no event be higher than the
maximum rate permitted by New York law, as the same may be modified by United
States law of general application.

         At the request of the Holder hereof, the Calculation Agent shall
provide to the Holder hereof the interest rate hereon then in effect and, if
determined, the interest rate that shall become effective on the next Interest
Reset Date with respect to this Security. The Calculation Agent's determination
of any interest rate shall be final and binding in the absence of manifest
error.

Determination of CD Rate

         If the Base Rate specified on the face hereof is CD Rate, the interest
rate per annum determined with respect to any Interest Determination Date
specified on the face hereof (each, a "CD Interest Determination Date") shall
equal the rate on such date for negotiable certificates of deposit having the
specified Index Maturity as published by the Board of Governors of the Federal
Reserve System in "Statistical Release H.15(519), Selected Interest Rates" or
any successor publication of the Board of Governors of the Federal Reserve
System ("H.15(519)") under the heading "CDs (Secondary Market)."

     The following procedures shall be followed if the CD Rate cannot be
determined as described above:

     -    If the above rate is not published in H.15(519) by 9:00 a.m., New York
          City time, on the Calculation Date, the CD Rate shall be the rate on
          the applicable CD Interest Determination Date set forth in the daily
          update of H.15(519), available through the world wide website of the
          Board of Governors of the Federal Reserve System at
          http://www.bog.frb.fed.us/releases/h15/update, or any successor site
          or publication ("H.15 Daily Update"), or another recognized electronic
          source used for the purpose of displaying this rate, for the day in
          respect of certificates of deposit having the Index Maturity specified
          on the face hereof under the caption "CDs (secondary market)."

     -    If such rate is not yet published in either H.15(519) or the H.15
          Daily Update or another recognized electronic source by 3:00 p.m., New
          York City time, on the Calculation Date, then the Calculation Agent
          shall determine the CD Rate to be the arithmetic mean of the secondary
          market offered rates as of 10:00 a.m., New York City time, on such CD
          Interest Determination Date of three leading nonbank dealers in
          negotiable U.S. dollar certificates of deposit in New York City
          selected by the Calculation Agent for negotiable certificates of
          deposit in a denomination of $5,000,000 of major United States money
          center banks of the highest credit standing (in the market for
          negotiable certificates of deposit) with a remaining maturity closest
          to the Index Maturity specified on the face hereof.

     -    If the dealers selected by the Calculation Agent are not quoting as
          mentioned immediately above, the CD Rate in effect immediately prior
          to such CD Interest Determination Date shall not change and shall
          remain the CD Rate in effect on such CD Interest Determination Date.

Determination of Commercial Paper Rate

         If the Base Rate specified on the face hereof is Commercial Paper Rate,
the interest rate per annum determined with respect to any Interest
Determination Date specified on the face hereof (each, a "Commercial Paper
Interest Determination Date") shall equal the Money Market Yield (calculated as
described below) of the rate on such date for commercial paper having the Index
Maturity specified on the face hereof as published in H.15(519) under the
heading "Commercial Paper--Nonfinancial."

                                       6

<PAGE>

         The following procedures shall be followed if the Commercial Paper Rate
cannot be determined as described above:

    -    If the above rate is not published by 9:00 a.m., New York City time, on
         the Calculation Date, then the Commercial Paper Rate shall be the Money
         Market Yield of the rate on the applicable Commercial Paper Interest
         Determination Date for commercial paper having the Index Maturity
         specified on the face hereof as published in H.15 Daily Update, or
         another recognized electronic source used for the purpose of displaying
         this rate, under the heading "Commercial Paper--Nonfinancial."

    -    If by 3:00 p.m., New York City time, on such Calculation Date such rate
         is not yet published in either H.15(519) or H.15 Daily Update or
         another recognized electronic source, then the Calculation Agent shall
         determine the Commercial Paper Rate to be the Money Market Yield of the
         arithmetic mean of the offered rates of 11:00 a.m., New York City time,
         on such Commercial Paper Interest Determination Date of three leading
         dealers of commercial paper in New York City selected by the
         Calculation Agent for commercial paper having the Index Maturity
         specified on the face hereof placed for an industrial issuer whose bond
         rating is "Aa," or the equivalent, from a nationally recognized
         statistical rating agency.

    -    If the dealers selected by the Calculation Agent are not quoting as
         mentioned immediately above, the Commercial Paper Rate in effect
         immediately prior to such Commercial Paper Interest Determination Date
         shall not change and shall remain the Commercial Paper Rate in effect
         on such Commercial Paper Interest Determination Date.

         "Money Market Yield" will be a yield calculated in accordance with the
following formula:

                       Money Market Yield = D x 360 x 100
                                    -------
                                  360 - (D x M)

where "D" refers to the applicable per annum rate for commercial paper quoted on
a bank discount basis and expressed as a decimal and "M" refers to the actual
number of days in the interest period for which interest is being calculated.

Determination of Federal Funds Rate

         If the Base Rate specified on the face hereof is Federal Funds Rate,
the interest rate per annum determined with respect to any Interest
Determination Date specified on the face hereof (each, a "Federal Funds Interest
Determination Date") shall equal the rate on that day for federal funds as
published in H.15(519) under the heading "Federal Funds (Effective)."

         The following procedures shall be followed if the Federal Funds Rate
cannot be determined as described above:

    -    If the above rate is not published by 9:00 a.m., New York City time, on
         the Calculation Date, the Federal Funds Rate shall be the rate on the
         applicable Federal Funds Interest Determination Date as published in
         H.15 Daily Update, or another recognized electronic source used for the
         purpose of displaying this rate, under the heading "Federal
         Funds/(Effective)."

    -    If such rate is not yet published in either H.15(519) or H.15 Daily
         Update or another recognized electronic source by 3:00 p.m., New York
         City time, on the Calculation Date, the Calculation Agent shall
         determine the Federal Funds Rate to be the arithmetic mean of the rates
         for the last transaction in overnight U.S. dollar Federal Funds
         arranged by each of three leading brokers of U.S. dollar Federal Funds
         transactions in New York City selected by the Calculation Agent prior
         to 9:00 a.m., New York City time, on such Federal Funds Interest
         Determination Date.

                                        7

<PAGE>

    -    If the brokers selected by the Calculation Agent are not quoting as
         mentioned above, the Federal Funds Rate in effect immediately prior to
         such Federal Funds Interest Determination Date shall not change and
         shall remain the Federal Funds Rate in effect on such Federal Funds
         Interest Determination Date.

Determination of LIBOR

         If the Base Rate specified on the face hereof is the London interbank
offered rate ("LIBOR"), the interest rate per annum determined with respect to
any Interest Determination Date specified on the face hereof (each, a "LIBOR
Interest Determination Date") shall be determined by the Calculation Agent as
follows:

    -    As of the LIBOR Interest Determination Date, LIBOR shall be either:

              -   if "LIBOR Reuters" is specified on the face hereof, the
                  arithmetic mean of the offered rates (unless the Designated
                  LIBOR Page (as defined below) by its terms provides only for a
                  single rate, in which case such single rate shall be used) for
                  deposits in the Index Currency (as defined below) having the
                  Index Maturity specified on the face hereof, commencing on the
                  applicable Interest Reset Date, that appear (or, if only a
                  single rate is provided as aforesaid, appears) on the
                  Designated LIBOR Page as of 11:00 a.m., London time, on such
                  LIBOR Interest Determination Date; or

              -   if "LIBOR Telerate" is specified on the face hereof or if
                  neither "LIBOR Reuters" nor "LIBOR Telerate" is specified on
                  the face hereof as the method for calculating LIBOR, the rate
                  for deposits in the Index Currency having the Index Maturity
                  specified on the face hereof, commencing on such Interest
                  Reset Date, that appears on the Designated LIBOR Page as of
                  11:00 a.m., London time, on such LIBOR Interest Determination
                  Date.

         If fewer than the required number of applicable rates appear, LIBOR on
such LIBOR Interest Determination Date shall be determined in accordance with
the provisions described immediately below.

    -    With respect to a LIBOR Interest Determination Date on which fewer than
         the required number of applicable rates appear on the Designated LIBOR
         Page as specified immediately above, the Calculation Agent will request
         the principal London offices of each of four major reference banks in
         the London interbank market, as selected by the Calculation Agent, to
         provide the Calculation Agent with its offered quotation for deposits
         in the Index Currency for the period of the Index Maturity specified on
         the face hereof, commencing on the applicable Interest Reset Date, to
         prime banks in the London interbank market at approximately 11:00 a.m.,
         London time, on such LIBOR Interest Determination Date and in a
         principal amount not less than $1,000,000 (or the equivalent in the
         Index Currency as applicable) that is representative for a single
         transaction in such Index Currency in such market at such time. If at
         least two quotations are so provided, then LIBOR on such LIBOR Interest
         Determination Date shall be the arithmetic mean of such quotations.

    -    If only one or no such quotations are so provided, then LIBOR on such
         LIBOR Interest Determination Date shall be the arithmetic mean of the
         rates quoted at approximately 11:00 a.m., in the applicable principal
         financial center for the country of the Index Currency, on such LIBOR
         Interest Determination Date by three major banks in such principal
         financial center selected by the Calculation Agent for loans in the
         Index Currency to leading European banks, having the Index Maturity
         specified on the face hereof and in a principal amount not less than
         $1,000,000 (or the equivalent in the Index Currency as applicable) that
         is representative for a single transaction in such Index Currency in
         such market at such time.

    -    If the banks so selected by the Calculation Agent are not quoting as
         mentioned immediately above, LIBOR in effect immediately prior to such
         LIBOR Interest Determination Date shall not change and shall remain the
         LIBOR in effect on such LIBOR Interest Determination Date.

         For purposes of the preceding discussion, the following capitalized
terms have the following meanings:

         "Index Currency" means the currency specified on the face hereof (which
may be a composite currency)

                                        8

<PAGE>

for which LIBOR shall be calculated. If no such currency is specified, the Index
Currency shall be U.S. dollars.

         "Designated LIBOR Page" means:

    -    if "LIBOR Reuters" is designated on the face hereof, the display on the
         Reuters Monitor Money Rates Service (or any successor service) on the
         page specified on the face hereof (or any other page as may replace
         such page or such service (or any successor service)) for the purpose
         of displaying the London interbank rates of major banks for the
         applicable Index Currency; or

    -    if "LIBOR Telerate" is designated on the face hereof or neither "LIBOR
         Reuters" nor "LIBOR Telerate" is designated on the face hereof as the
         method for calculating LIBOR, the display on Dow Jones Markets Limited
         (or any successor service) on page 3750 if the U.S. dollar is the Index
         Currency or with respect to any other Index Currency, on the page
         specified on the face hereof (or any other page as may replace such
         page or such service (or any successor service)) for the purpose of
         displaying the London interbank rates of major banks for the applicable
         Index Currency.

Determination of Prime Rate

         If the Base Rate specified on the face hereof is Prime Rate, the
interest rate per annum determined with respect to any Interest Determination
Date specified on the face hereof (each, a "Prime Interest Determination Date")
shall equal the rate on such date as published in H.15(519) under the heading
"Bank Prime Loan."

         The following procedures shall be followed if the Prime Rate cannot be
determined as described above:

    -    If the rate is not published prior to 9:00 a.m., New York City time, on
         the Calculation Date, then the Prime Rate shall be the rate on such
         Prime Interest Determination Date as published in H.15 Daily Update, or
         another recognized electronic source used for the purpose of displaying
         this rate, opposite the caption "Bank Prime Loan."

    -    If the rate is not published prior to 3:00 p.m., New York City time, on
         the Calculation Date, in either H.15(519) or H.15 Daily Update or
         another recognized electronic source, then the Calculation Agent shall
         determine the Prime Rate to be the arithmetic mean of the rates of
         interest publicly announced by each bank that appears on the Reuters
         Screen US Prime1 Page (as defined below) as such bank's prime rate or
         base lending rate as in effect for that Prime Interest Determination
         Date.

    -    If fewer than four rates appear on the Reuters Screen US Prime 1 Page
         on such Prime Rate Interest Determination Date, then the Calculation
         Agent shall determine the Prime Rate to be the arithmetic mean of the
         prime rates or base lending rates (quoted on the basis of the actual
         number of days in the year divided by 360) as of the close of business
         on such Prime Interest Determination Date by at least three major money
         center banks in New York City selected by the Calculation Agent.

    -    If the banks selected are not quoting as mentioned immediately above,
         the Prime Rate in effect immediately prior to such Prime Interest
         Determination Date shall not change and shall remain the Prime Rate in
         effect on such Prime Interest Determination Date.

         "Reuters Screen US Prime1 Page" means the display designated as page
"USPrime1" on the Reuters Monitor Money Rates Service (or such other page as may
replace the US Prime1 page on that service for the purpose of displaying prime
rates or base lending rates of major United States banks).

Determination of Treasury Rate

         If the Base Rate specified on the face hereof is Treasury Rate, the
interest rate per annum determined with respect to any Interest Determination
Date specified on the face hereof (each, a "Treasury Interest Determination
Date") shall equal the rate applicable to the auction held on such date of
direct obligations of the United States ("Treasury bills") having the Index
Maturity specified on the face hereof under the caption "Investment Rate" on the

                                        9

<PAGE>

display on Bridge Telerate, Inc. (or any successor service) on page 56 (or any
other page as may replace such page on such service ) ("Telerate Page 56") or
page 57 (or any other page as may replace such page on such service) ("Telerate
Page 57") or, if not so published by 3:00 p.m., New York City time, on the
related Calculation Date, the Bond Equivalent Yield (as hereinafter defined) of
the rate for such Treasury bills as published in H.15(519) Daily Update, or such
other recognized electronic source used for the purpose of displaying such rate,
under the heading "U.S. Government Securities/Treasury Bills/Auction High".

         The following procedures shall be followed if the Treasury Rate cannot
be determined as described above:

    -    If the above rate is not published by 3:00 p.m., New York City time, on
         the Calculation Date, the Treasury Rate shall be the Bond Equivalent
         Yield of the auction rate of such Treasury bills on such Treasury
         Interest Determination Date as announced by the United States
         Department of the Treasury.

    -    In the event that the auction rate of Treasury bills having the Index
         Maturity specified on the face hereof is not published or announced as
         provided above by 3:00 p.m., New York City time, on such Calculation
         Date, or if no such auction is held on such Treasury Interest
         Determination Date, then the Calculation Agent shall determine the
         Treasury Rate to be the Bond Equivalent Yield of the rate on such
         Treasury Rate Interest Determination Date of Treasury bills having the
         Index Maturity specified on the face hereof as published in H.15(519)
         under the caption "U.S. Government Securities/Treasury Bills/Secondary
         Market" or, if not yet published by 3:00 p.m., New York City time, on
         the related Calculation Date, the rate on such Treasury Rate Interest
         Determination Date of such Treasury bills as published in H.15 Daily
         Update, or such other recognized electronic source used for the purpose
         of displaying such rate, under the caption "U.S. Government
         Securities/Treasury Bills/Secondary Market." If such rate is not yet
         published in H.15(519), H.15 Daily Update or another recognized
         electronic source, then the Treasury Rate shall be calculated by the
         Calculation Agent and shall be the Bond Equivalent Yield of the
         arithmetic mean of the secondary market bid rates, as of approximately
         3:30 p.m., New York City time, on such Treasury Interest Determination
         Date, of three leading primary United States government securities
         dealers selected by the Calculation Agent for the issue of Treasury
         bills with a remaining maturity closest to the Index Maturity specified
         on the face hereof.

    -    If the dealers selected by the Calculation Agent are not quoting as
         mentioned immediately above, the Treasury Rate in effect immediately
         prior to such Treasury Interest Determination Date shall not change and
         shall remain the Treasury Rate in effect on such Treasury Interest
         Determination Date.

         "Bond Equivalent Yield" means a yield (expressed as a percentage)
calculated in accordance with the following formula:

                       Bond Equivalent Yield = D x N x 100
                                  -------------
                                  360 - (D x M)

where "D" refers to the applicable per annum rate for the security quoted on a
bank discount basis and expressed as a decimal, "N" refers to 365 or 366, as the
case may be, and "M" refers to the actual number of days in the interest period
for which interest is being calculated.

Determination of CMT Rate

         If the Base Rate specified on the face hereof is CMT Rate, the interest
rate per annum determined with respect to any Interest Determination Date
specified on the face hereof (each, a "CMT Interest Determination Date") shall
equal the rate displayed on the Designated CMT Telerate Page (as defined below)
under the caption "Treasury Constant Maturities . . . Federal Reserve Board
Release H.15 . . . Mondays Approximately 3:45 p.m.," under the column for the
Designated CMT Maturity Index (as defined below) for:

         (i) if the Designated CMT Telerate Page is 7051, such CMT Interest
Determination Date; and

                                       10

<PAGE>

         (ii) if the Designated CMT Telerate Page is 7052, the week or the
month, as applicable, ended immediately before the week in which the related CMT
Interest Determination Date occurs.

         The following procedures shall be used if the CMT Rate cannot be
determined as described above:

    -    If such rate is no longer displayed on the relevant page, or if not
         displayed by 3:00 p.m., New York City time, on the related Calculation
         Date, then the CMT Rate shall be such treasury constant maturity rate
         for the Designated CMT Maturity Index (as defined below) as published
         in H.15(519).

    -    If that rate is no longer published, or if not published by 3:00 p.m.,
         New York City time, on the related Calculation Date, then the CMT Rate
         shall be such treasury constant maturity rate for the Designated CMT
         Maturity Index (or other United States Treasury rate for the Designated
         CMT Maturity Index) for the CMT Interest Determination Date with
         respect to such Interest Reset Date as may then be published by either
         the Board of Governors of the Federal Reserve System or the United
         States Department of the Treasury that the Calculation Agent determines
         to be comparable to the rate formerly displayed on the Designated CMT
         Telerate Page and published in H.15(519).

    -    If such information is not provided by 3:00 p.m., New York City time,
         on the related Calculation Date, then the Calculation Agent shall
         determine the CMT Rate to be a yield to maturity, based on the
         arithmetic mean of the secondary market closing offer side prices as of
         approximately 3:30 p.m., New York City time, on the CMT Interest
         Determination Date reported, according to their written records, by
         three leading primary United States government securities dealers
         (each, a "Reference Dealer") in New York City selected by the
         Calculation Agent as described in the following sentence. The
         Calculation Agent shall select five Reference Dealers and shall
         eliminate the highest quotation (or, in the event of overlap, one of
         the highest) and the lowest quotation (or, in the event of overlap, one
         of the lowest), for the most recently issued direct noncallable fixed
         rate obligations of the United States ("Treasury notes") with an
         original maturity of approximately the Designated CMT Maturity Index
         and a remaining term to maturity of not less than such Designated CMT
         Maturity Index minus one year.

    -    If the Calculation Agent cannot obtain three such Treasury notes
         quotations, the Calculation Agent shall determine the CMT Rate to be a
         yield to maturity based on the arithmetic mean of the secondary market
         offer side prices as of approximately 3:30 p.m., New York City time, on
         the CMT Interest Determination Date of three Reference Dealers in New
         York City (selected using the same method described above) for Treasury
         notes with an original maturity of the number of years that is the next
         highest to the Designated CMT Maturity Index and a remaining term to
         maturity closest to the Designated CMT Maturity Index and in an amount
         of at least $100,000,000. If two Treasury notes with an original
         maturity as described above have remaining terms to maturity equally
         close to the Designated CMT Maturity Index, the Calculation Agent shall
         obtain quotations for the Treasury note with the shorter remaining term
         to maturity.

    -    If three or four (but not five) of such Reference Dealers are quoting
         as described above, then the CMT Rate shall be based on the arithmetic
         mean of the offer prices obtained and neither the highest nor the
         lowest of such quotes shall be eliminated.

    -    If fewer than three Reference Dealers selected by the Calculation Agent
         are quoting as mentioned immediately above, the CMT Rate in effect
         immediately prior to such CMT Interest Determination Date shall not
         change and shall remain the CMT Rate in effect on such CMT Interest
         Determination Date.

         "Designated CMT Telerate Page" means the display on the Telerate (or
any successor service) on the page specified on the face hereof (or any other
page as may replace such page on that service for the purpose of displaying
Treasury Constant Maturities as reported in H.15(519)). If no such page is
specified, the Designated CMT Telerate Page shall be 7052, for the most recent
week.

         "Designated CMT Maturity Index" means the original period to maturity
of the U.S. Treasury securities (either 1, 2, 3, 5, 7, 10, 20 or 30 years)
specified on the face hereof with respect to which the CMT Rate shall be
calculated.

                                       11

<PAGE>

Events of Default

         If an Event of Default, as defined in the Indenture, with respect to
Securities of this series shall occur and be continuing, the principal of the
Securities of this series may be declared due and payable in the manner and with
the effect provided in the Indenture.

Modification and Waivers; Obligation of the Company Absolute

         The Indenture permits, with certain exceptions as therein provided, the
amendment thereof and the modification of the rights and obligations of the
Company and the rights of the Holders of the Securities of each series to be
affected under the Indenture at any time by the Company and the Trustee with the
consent of the Holders of a majority in principal amount of the Securities at
the time Outstanding of all series to be affected, acting together as a class.
The Indenture also contains provisions permitting the Holders of a majority in
principal amount of the Securities of all series at the time Outstanding
affected by certain provisions of the Indenture, acting together as a class, on
behalf of the Holders of all Securities of such series, to waive compliance by
the Company with those provisions of the Indenture. Certain past defaults under
the Indenture and their consequences may be waived under the Indenture by the
Holders of a majority in principal amount of the Securities of each series at
the time Outstanding, on behalf of the Holders of all Securities of such series.
Any such consent or waiver by the Holder of this Security shall be conclusive
and binding upon such Holder and upon all future Holders of this Security and of
any Security issued upon the registration of transfer hereof or in exchange
herefor or in lieu hereof, whether or not notation of such consent or waiver is
made upon this Security.

         No reference herein to the Indenture and no provision of this Security
or of the Indenture shall alter or impair the obligation of the Company, which
is absolute and unconditional, to pay the principal of and interest on this
Security at the times, place and rate, and in the coin or currency, herein
prescribed, except that in the event the Company deposits money or Government
Obligations as provided in Section 1404 of the Indenture, such payments shall be
made only from proceeds of such money or Government Obligations.

Defeasance and Covenant Defeasance

         The Indenture contains provisions for defeasance at any time of (a) the
entire indebtedness on this Security and (b) certain restrictive covenants and
certain Events of Default, upon compliance by the Company with certain
conditions set forth therein, which provisions apply to this Security.

Redemption

         If so provided on the face hereof, the Company may at its option redeem
this Security in whole or from time to time in part in increments of $1,000
(provided that any remaining principal amount of this Security shall not be less
than the minimum authorized denomination hereof) on or after the date designated
as the Initial Redemption Date on the face hereof at 100% of the unpaid
principal amount hereof or the portion thereof redeemed multiplied by a
percentage (the "Redemption Percentage"), together with accrued interest, if
any, to the Redemption Date. The Redemption Percentage shall initially be equal
to the Initial Redemption Percentage specified on the face hereof and shall
decline at each anniversary of the Initial Redemption Date by the amount of the
Annual Redemption Percentage Reduction specified on the face hereof, until the
Redemption Percentage is equal to 100%. The Company may exercise such option by
causing the Trustee to mail a notice of such redemption at least 30 but not more
than 60 days prior to the applicable Redemption Date to each Holder of the
Securities of this series to be redeemed. In the event of redemption of this
Security in part only, the Company shall issue a new Security or Securities for
the unredeemed portion hereof in the name of the Holder hereof upon the
cancellation hereof. If less than all of the Securities of this series with like
tenor and terms are to be redeemed, the Securities to be redeemed shall be
selected by the Trustee by such method as the Trustee shall deem fair and
appropriate.

Sinking Fund

         Unless otherwise specified on the face hereof, this Security shall not
be entitled to any sinking fund.

                                       12

<PAGE>

Repayment

         If so provided on the face hereof, this Security will be repayable
prior to the Stated Maturity Date at the option of the Holder, in whole or in
part and in increments of $1,000 (provided that any remaining principal amount
of this Security surrendered for partial repayment shall not be less than the
minimum authorized denomination hereof), on or after the date designated as an
Optional Repayment Date on the face hereof at 100% of the principal amount to be
repaid, plus accrued interest, if any, to the Repayment Date. In order for this
Security to be repaid, the Company must receive at the applicable address of the
Paying Agent set forth below or at such other place or places of which the
Company shall from time to time notify the Holder of the within Security, at
least 30 but not more than 45 days prior to an Optional Repayment Date, either
(i) this Security, with the form below entitled "Option to Elect Repayment" duly
completed, or (ii) a telegram, telex, facsimile transmission, or letter from a
member of a national securities exchange or the National Association of
Securities Dealers, Inc. or a commercial bank or a trust company in the United
States of America setting forth (a) the name, address and telephone number of
the Holder of this Security, (b) the principal amount of this Security and the
amount of this Security to be repaid, (c) a statement that the option to elect
repayment is being exercised thereby, and (d) a guarantee stating that the
Company will receive this Security, with the form below entitled "Option to
Elect Repayment" duly completed, not later than five Business Days after the
date of such telegram, telex, facsimile transmission or letter (and this
Security and form duly completed are received by the Company by such fifth
Business Day). Any such election shall be irrevocable. The address to which such
deliveries to ____________ are to be made is __________ (or, at such other place
as the Company shall notify the Holders of the Securities of this series). All
questions as to the validity, eligibility (including time of receipt) and
acceptance of any Security for repayment will be determined by the Company,
whose determination will be final and binding. Upon any partial repayment, this
Security shall be cancelled and a new Security or Securities for the remaining
principal amount hereof shall be issued in the name of the Holder of this
Security.

Authorized Denominations

         Unless otherwise provided on the face hereof, this Security is issuable
only in registered form without coupons in denominations of $1,000 or any amount
in excess thereof which is an integral multiple of $1,000.

Registration of Transfer

         Upon due presentment for registration of transfer of this Security at
the office or agency of the Company maintained in _____________ or __________, a
new Security or Securities of this series in authorized denominations for an
equal aggregate principal amount will be issued to the transferee in exchange
herefor, as provided in the Indenture and subject to the limitations provided
therein and to the limitations described below, without charge except for any
tax or other governmental charge imposed in connection therewith.

         If this Security is a Global Security (as specified above), this
Security is exchangeable for definitive Securities in registered form only if
(x) the Depositary notifies the Company that it is unwilling or unable to
continue as Depositary for this Security or if at any time the Depositary ceases
to be a clearing agency registered under the Securities Exchange Act of 1934, as
amended, and the Company does not appoint a successor Depositary within 90 days
after receiving such notice or after becoming aware that the Depositary has
ceased to be so registered as a clearing agency, (y) the Company in its sole
discretion determines that this Security shall be exchangeable for definitive
Securities in registered form and notifies the Trustee thereof or (z) an Event
of Default with respect to the Securities represented hereby has occurred and is
continuing. If this Security is exchangeable pursuant to the preceding sentence,
it shall be exchangeable for definitive Securities in registered form, bearing
interest at the same rate, having the same date of issuance, redemption
provisions, Stated Maturity Date and other terms and of authorized denominations
aggregating a like amount.

         If this Security is a Global Security (as specified above), this
Security may not be transferred except as a whole by the Depositary to a nominee
of the Depositary or by a nominee of the Depositary to the Depositary or another
nominee of the Depositary or by the Depositary or any such nominee to a
successor of the Depositary or a nominee of such successor. Except as provided
above, owners of beneficial interests in this Global Security will not be
entitled to receive physical delivery of Securities in definitive form and will
not be considered the Holders hereof for any purpose under the Indenture.

                                       13

<PAGE>

         Prior to due presentment of this Security for registration of transfer,
the Company, the Trustee and any agent of the Company or the Trustee may treat
the Person in whose name this Security is registered as the owner hereof for all
purposes, whether or not this Security be overdue, and neither the Company, the
Trustee nor any such agent shall be affected by notice to the contrary.

No Personal Recourse

         No recourse shall be had for the payment of the principal of or the
interest on this Security, or for any claim based hereon, or otherwise in
respect hereof, or based on or in respect of the Indenture or any indenture
supplemental thereto, against any incorporator, stockholder, officer or
director, as such, past, present or future, of the Company or any 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.

Defined Terms

         All terms used in this Security which are defined in the Indenture
shall have the meanings assigned to them in the Indenture.

Governing Law

         This Security shall be governed by and construed in accordance with the
law of the State of New York, without regard to principles of conflicts of laws.

                                       14

<PAGE>

                            OPTION TO ELECT REPAYMENT

               TO BE COMPLETED ONLY IF THIS SECURITY IS REPAYABLE
                   AT THE OPTION OF THE HOLDER AND THE HOLDER
                          ELECTS TO EXERCISE SUCH RIGHT

         The undersigned hereby irrevocably requests and instructs the Company
to repay the within Security (or the portion thereof specified below), pursuant
to its terms, on the Optional Repayment Date first occurring after the date of
receipt by the Company of the within Security as specified below (the "Repayment
Date"), at a Repayment Price equal to 100% of the principal amount thereof,
together with interest to the Repayment Date, to the undersigned, _____________,
at __________________ (please print or typewrite name and address of the
undersigned).

         For this option to elect repayment to be effective, the Company must
receive, at the applicable address of the Paying Agent set forth in the within
Security or at such other place or places of which the Company shall from time
to time notify the Holder of the within Security, at least 30 but not more than
45 days prior to an Optional Repayment Date, either (i) this Security, with this
"Option to Elect Repayment" form duly completed, or (ii) a telegram, telex,
facsimile transmission, or letter from a member of a national securities
exchange or the National Association of Securities Dealers, Inc. or a commercial
bank or a trust company in the United States of America setting forth (a) the
name, address and telephone number of the Holder of the Security, (b) the
principal amount of the Security and the amount of the Security to be repaid,
(c) a statement that the option to elect repayment is being irrevocably
exercised thereby, and (d) a guarantee stating that the Security to be repaid
with the form entitled "Option to Elect Repayment" on the addendum to the
Security duly completed will be received by the Company not later than five
Business Days after the date of such telegram, telex, facsimile transmission or
letter (and such Security and form duly completed are received by the Company by
such fifth Business Day).

         If less than the entire principal amount of the within Security is to
be repaid, specify the portion thereof (which shall be an integral multiple of
$1,000) which the Holder elects to have repaid: $__________.

         If less than the entire principal amount of the within Security is to
be repaid, specify the denomination or denominations (which shall be $1,000 or
an integral multiple thereof) of the Security or Securities to be issued to the
Holder for the portion of the within Securities not being repaid (in the absence
of any specification, one such Security will be issued for the portion not being
repaid): $______________.

Date: _________________               _________________________________________
                                      Notice: The signature to this Option to
                                      Elect Repayment must correspond with the
                                      name as written upon page 2 of the within
                                      Security in every particular without
                                      alteration or enlargement or any change
                                      whatsoever.

                                       15

<PAGE>

                                  ABBREVIATIONS

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

TEN COM -                            as tenants in common

UNIF GIFT MIN ACT -                  Custodian
                                     _______________________________________

                                     (cust)                          (minor)

                                     Under Uniform Gifts to Minors Act

                                     ________________________________________
                                                       (State)

TEN ENT -                            as tenants by the entireties

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

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

                                       16

<PAGE>

                                   ASSIGNMENT

FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s)
unto
________________________________________________________________________________
________________________________________________________________________________

(Please insert Social Security or Taxpayer I.D. or other Identifying Number of
Assignee)
________________________________________________________________________________
________________________________________________________________________________
________________________________________________________________________________

(Please Print or Type Name and Address Including Postal Zip Code of Assignee)

the within Security of UNION PLANTERS CORPORATION and all rights thereunder and
does hereby irrevocably constitute and appoint __________________ attorney to
transfer the said Security on the books of the within-named Company, with full
power of substitution in the premises.

Dated:_____________________        Signature: __________________________________

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

Signature Guarantee: _________________________

                                       17

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