Document:

Unassociated Document

    Exhibit
      4.2

     

     

    THIS
      OBLIGATION IS NOT A DEPOSIT AND IS NOT INSURED BY, OR OTHERWISE PROTECTED BY,
      ANY FEDERAL AGENCY OR THE SECURITIES INVESTOR PROTECTION CORPORATION. THIS
      OBLIGATION IS SUBORDINATED TO THE SENIOR INDEBTEDNESS OF THE ISSUER AS SET
      FORTH
      HEREIN AND IS NOT SECURED.

     

    JUNIOR
      SUBORDINATED DEFERRABLE INTEREST DEBENTURE

     

    
      
        	
                REGISTERED
No.
                  1 

              	
                REGISTERED
US$825,010,000

                  CUSIP:
                    61753RAA9

                

              

      

    

     

    
 

    MORGAN
      STANLEY
JUNIOR
      SUBORDINATED DEFERRABLE INTEREST DEBENTURE

     

    Morgan
      Stanley, a Delaware corporation (together with its successors and assigns,
      the
“Issuer”),
      for
      value received, hereby promises to pay to The Bank of New York, as Property
      Trustee (the “Property
      Trustee,”
which
      term includes any successor Property Trustee for Morgan Stanley Capital Trust
      VIII) for Morgan Stanley Capital Trust VIII, a statutory trust formed under
      the
      laws of the State of Delaware (the “Issuer
      Trust”),
      or
      registered assignees, the principal sum of US$825,010,000 (UNITED STATES DOLLARS
      EIGHT HUNDRED TWENTY-FIVE MILLION TEN THOUSAND) on January 15, 2046 (the
“Scheduled
      Redemption Date”)
      or
      thereafter out of the net proceeds from the sale of certain Replacement
      Securities, as described on the reverse hereof, or, if the Issuer is unable
      to
      raise such proceeds, on April 15, 2067 (or if this day is not a business day,
      the following business day). The Issuer further promises to pay interest on
      said
      principal sum at the annual rate of 6.45% from and including April
      26,
      2007 to
      but
      excluding the date the principal hereof is paid or duly made available for
      payment (except as provided below). Interest is payable quarterly in arrears
      on
      January 15, April 15, July 15 and October 15 of each year (each an “Interest
      Payment Date”),
      commencing July 15, 2007.

     

    Interest
      on this Debenture shall accrue from and including the most recent Interest
      Payment Date on which interest has been paid or duly provided for, or, if no
      interest has been paid or duly provided for, from and including April 26, 2007
      to but excluding the date the principal hereof has been paid or duly made
      available for payment. The interest so payable, and punctually paid or duly
      provided for, on any Interest Payment Date shall, subject to certain exceptions
      described herein, be paid to the Person in whose name this Debenture (or one
      or
      more predecessor Debentures) is registered at the close of business on the
      15th
      calendar day (whether or not a Business Day) next preceding such Interest
      Payment Date (each such date a “Record
      Date”).
      “Business
      Day”
means
      any day, other than a Saturday or Sunday, that is not a day on which
      banking

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    institutions
      in The City of New York are authorized or required by law or executive order
      to
      remain closed. A Holder of US$1,000,000 or more in aggregate principal amount
      of
      Debentures having the same Interest Payment Date, the interest on which is
      payable in U.S. dollars, shall be entitled to receive payments of interest,
      other than interest due at maturity or on any date of redemption or repayment,
      by wire transfer of immediately available funds if appropriate wire transfer
      instructions have been received by the Paying Agent in writing not less than
      15
      calendar days prior to the applicable Interest Payment Date.

     

    Reference
      is hereby made to the further provisions of this Debenture set forth on the
      reverse hereof, which further provisions shall for all purposes have the same
      effect as if set forth at this place, including, without limitation, the
      provisions relating to the subordination of this Debenture to the Issuer’s
      Senior Indebtedness, the deferral of interest during Optional Deferral Periods,
      the Alternative Payment Mechanism to be used to pay any Deferred Interest and
      the right of the Issuer to redeem the Debentures prior to the Scheduled
      Redemption Date, each as defined on the reverse hereof.

     

    Unless
      the
      certificate of authentication hereon has been executed by the Trustee, this
      Debenture shall not be entitled to any benefit under the Junior Subordinated
      Indenture, as defined on the reverse hereof, or be valid or obligatory for
      any
      purpose.

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

    IN
      WITNESS
      WHEREOF, the Issuer has caused this Debenture to be duly executed.

     

    DATED:
      April 26, 2007

     

    
      	
              MORGAN
                STANLEY

               

            
	
              By:

            	/s/
              Jai Sooklal 
	 	
              Name: Jai
                Sooklal

            
	 	
              Title: Assistant
                Treasurer

            
	
            
	
               

            

    

     

    

     

    TRUSTEE’S
      CERTIFICATE OF AUTHENTICATION

    

    This
      is
      one of the Debentures referred to in the within-mentioned Junior Subordinated
      Indenture.

    

    DATED:
      April 26, 2007

    

    THE
      BANK
      OF NEW YORK,

    as
      Trustee

    

    

    By:
/s/
      Franca
      Ferrera               

          
      Authorized Signatory

     

     

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

    REVERSE
      OF SECURITY

     

    This
      debenture is one of a duly authorized issue of 6.45% Junior Subordinated
      Debentures due April 15, 2067 (the “Final
      Maturity Date”),
      and
      redeemable on such earlier date or dates as provided herein, of the Issuer
      (the
“Debentures”).
      The
      Debentures are issuable under the Junior Subordinated Indenture, dated as of
      October 12, 2006, between Morgan Stanley (the “Issuer”)
      and The
      Bank of New York, as Trustee (the “Trustee,”
which
      term includes any successor trustee under the Junior Subordinated Indenture)
      (the “Junior
      Subordinated Indenture”),
      to
      which Junior Subordinated Indenture reference is hereby made for a statement
      of
      the respective rights, limitations of rights, duties and immunities of the
      Issuer, the Trustee and holders of the Debentures and the terms upon which
      the
      Debentures are, and are to be, authenticated and delivered. The Issuer has
      appointed The Bank of New York at its corporate trust office in The City of
      New
      York as the paying agent (the “Paying
      Agent,”
which
      term includes any additional or successor Paying Agent appointed by the Issuer)
      with respect to the Debentures. To the extent not inconsistent herewith, the
      terms of the Junior Subordinated Indenture are hereby incorporated by reference
      herein. Capitalized terms not otherwise defined herein have the meaning given
      to
      such terms in the Junior Subordinated Indenture.

     

    This
      Debenture shall not be subject to any sinking fund, shall not be subject to
      repayment at the option of the holder and, except as provided below, shall
      not
      be redeemable prior to the Final Maturity Date.

     

    The
      Issuer
      covenants (the “Replacement
      Capital Obligation”)
      to
      redeem the Debentures on January 15, 2046 (the “Scheduled
      Redemption Date”),
      but
      only out of net proceeds raised from the sale to third party purchasers of
      one
      or more issuances of Replacement Securities in the amounts specified
      below.

     

    The
      Replacement Capital Obligation is limited. Except as described below, and
      subject to the occurrence of a Market Disruption Event, the Issuer shall use
      its
      Commercially Reasonable Efforts to raise sufficient net proceeds from the sale
      of Replacement Securities to redeem the Debentures in full on the Scheduled
      Redemption Date only to the extent that it has raised sufficient net proceeds
      within the 180-day period prior to the date on which the Issuer gives its notice
      of redemption pursuant to the Junior Subordinated Indenture, which shall be
      not
      more than 30 and not less than 15 days prior to the Scheduled Redemption Date.
      If the Issuer has not raised sufficient net proceeds to permit redemption in
      full of the Debentures on the Scheduled Redemption Date at their principal
      plus
      accrued and unpaid interest thereon, it shall apply any available proceeds
      so
      raised first to pay the accrued and unpaid installments of interest in
      chronological order and second to repay all principal outstanding on the
      Debentures. Except as described below, and subject to the occurrence of a Market
      Disruption Event, the Issuer shall continue using its Commercially Reasonable
      Efforts to raise sufficient

     

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

    proceeds
      to permit repayment of the balance of the amount due on the Debentures as soon
      as commercially practicable and shall use any proceeds raised on each Interest
      Payment Date following the Scheduled Redemption Date to reduce the balance
      outstanding on such Interest Payment Date until the Debentures are paid in
      full.
      The Issuer shall not otherwise redeem the Debentures on or after the Scheduled
      Redemption Date. The Replacement Capital Obligation shall continue to apply
      until (i) the Issuer has raised sufficient net proceeds from the sale of
      Replacement Securities to permit redemption in full in accordance with the
      Replacement Capital Obligation, (ii) the Debentures are otherwise paid in full
      on the Final Maturity Date or (iii) the occurrence of an Event of Default
      resulting in the acceleration of the principal amount of the Debentures.

     

    The
      Issuer
      shall only have the right to modify or terminate the Replacement Capital
      Obligation with the consent of the Holders of a majority in principal amount
      of
      the Debentures; provided
      that the
      Replacement Capital Obligation may be amended or supplemented from time to
      time
      by a written instrument signed only by the Issuer (and without the consent
      of
      the Holders) if: (i) such amendment eliminates Common Stock, Mandatorily
      Convertible Preferred Stock and/or Debt Exchangeable for Equity (but only to
      the
      extent exchangeable for Common Stock) as a type of security or securities
      qualifying as Replacement Securities and the Issuer has been advised in writing
      by a nationally recognized independent accounting firm that there is more than
      an insubstantial risk that the failure to do so would result in a reduction
      in
      the Issuer’s earnings per share as calculated for financial reporting purposes
      or (ii) such amendment or supplement is not adverse to the Holders then in
      effect or imposes additional restrictions on the types of securities qualifying
      as Replacement Securities, and, in either case described in this clause (ii),
      an
      officer of the Issuer has delivered to the Holders a written certificate stating
      that, in his or her determination, such amendment or supplement is not adverse
      to the Holders. In no event, however, shall the Issuer’s failure to obtain such
      consent be an Event of Default hereunder.

     

    Any
      principal amount of this Debenture remaining outstanding, together with accrued
      and unpaid interest, will be due and payable on the Final Maturity Date,
      regardless of the amount of Replacement Securities the Issuer has issued and
      sold by that time.

     

    “Commercially
      Reasonable Efforts”
to
      sell
      securities in accordance with the Replacement Capital Obligation or the
      Alternative Payment Mechanism means commercially reasonable efforts by the
      Issuer to complete the offer and sale of the Issuer’s securities to third
      parties that are not Subsidiaries of the Issuer in public offerings or private
      placements. The Issuer shall not be considered to have made commercially
      reasonable efforts to effect a sale of securities if it determines to not pursue
      or complete such sale due to pricing, coupon, dividend rate or dilution
      considerations. 

     

    
      
        
        

      

      
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    The
      Issuer
      shall not be required to redeem the Debentures on the Scheduled Redemption
      Date
      or any Interest Payment Date following the Scheduled Redemption Date, as the
      case may be (each a “Required
      Repayment Date”),
      to the
      extent it provides written certification to the Trustee no more than 30 and
      no
      less than 15 days in advance of the Required Repayment Date certifying that
      (i)
      a Market Disruption Event was existing during the 180-day period preceding
      the
      date of such certificate or, in the case of any required redemption after the
      Scheduled Redemption Date, the 90-day period preceding the date of such
      certificate and (ii) either (a) the Market Disruption Event continued for the
      entire 180-day period or 90-day period, as the case may be, or (b) the Market
      Disruption Event continued for only part of such period, but the Issuer was
      unable after Commercially Reasonable Efforts to raise sufficient net proceeds
      during the rest of such period to permit redemption of the Debentures in
      full.

     

    Net
      proceeds that the Issuer is permitted to apply to redemption of the Debentures
      on and after the Scheduled Redemption Date shall be applied first to pay
      Deferred Interest to the extent of eligible proceeds raised under the
      Alternative Payment Mechanism, second to pay current interest that the Issuer
      is
      not paying from other sources and third to redeem the principal of the
      Debentures, subject to a minimum principal amount of US$5,000,000 to be redeemed
      on any Required Repayment Date; provided
      that if
      the Issuer is obligated to sell Replacement Securities in accordance with the
      Replacement Capital Obligation and apply the net proceeds to payments of
      principal of or interest on any outstanding securities in addition to the
      Debentures (the “Other
      Securities”),
      then
      on any date and for any period the amount of net proceeds received by the Issuer
      from such sales and available for such payments shall be applied to the
      Debentures and the Other Securities having the same scheduled repayment date
      or
      scheduled redemption date as the Debentures pro rata in accordance with their
      respective outstanding principal amounts, and none of such net proceeds shall
      be
      applied to any Other Securities having a later scheduled repayment date or
      scheduled redemption date until the principal of and all accrued and unpaid
      interest on the Debentures has been paid in full.

     

    “Replacement
      Securities”
means
      securities that in the determination of the Issuer’s Board of Directors
      reasonably construing the definitions and other terms of the Replacement Capital
      Obligation meet one of the following criteria:

     

    
      	
            	(i)	
              Common
                Stock and Rights to Acquire Common
                Stock;

            

    

     

    
      	
            	(ii)	
              Mandatorily
                Convertible Preferred Stock;

            

    

     

    
      	
            	(iii)	
              Debt
                Exchangeable for Equity; and

            

    

     

    
      	
            	(iv)	
              Qualifying
                Capital Securities.

            

    

     

    
      
        
        

      

      
        6

        
          

        

      

      
        
        

      

    

    These
      terms are defined below.

     

    “Common
      Stock”
means
      any equity securities of the Issuer (including equity securities held as
      treasury shares and equity securities sold pursuant to the Issuer’s dividend
      reinvestment plan and employee benefit plans) that have no preference in the
      payment of dividends or amounts payable upon the liquidation, dissolution or
      winding up of the Issuer (including a security that tracks the performance
      of,
      or relates to the results of, a business, unit or division of the Issuer),
      and
      any securities that have no preference in the payment of dividends or amounts
      payable upon the liquidation, dissolution or winding up of the Issuer and are
      issued in exchange therefor in connection with a merger, consolidation, binding
      share exchange, business combination, recapitalization or other similar
      event.

     

    “Rights
      to Acquire Common Stock”
includes
      any right to acquire Common Stock, including any right to acquire Common Stock
      pursuant to a stock purchase plan or employee benefit plan.

     

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

     

    “Debt
      Exchangeable for Equity”
means
      Debt Exchangeable for Common Equity or Debt Exchangeable for Preferred Equity
      (each as defined below).

     

    “Qualifying
      Capital Securities”
means
      securities (other than Common Stock, Rights to Acquire Common Stock and
      securities convertible into or exchangeable for Common Stock) that in the
      determination of the Board of Directors of the Issuer, reasonably construing
      the
      definitions and other terms of the Replacement Capital Obligation, meet one
      of
      the following criteria:

     

    
      	 	
              (i)

            	
              securities
                issued by the Issuer or any of its Subsidiaries that (A) rank pari
                passu
                with or junior to the Debentures
                upon
                the liquidation, dissolution or winding up of the Issuer, (B) have
                no
                maturity or a maturity of at least 60 years and (C) (1) are Non-Cumulative
                and are subject to a Qualifying Replacement Capital Covenant or (2)
                have a
                Mandatory Trigger Provision and an Optional Deferral Provision and
                are
                subject to Intent-Based Replacement Disclosure;

            
	 	 	 
	 	(ii)	securities
              issued by the Issuer or any of its Subsidiaries that (A) rank pari
              passu
              with or junior to the Debentures upon the

    

     

    
      
        
        

      

      
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              liquidation,
                dissolution or winding up of the Issuer, (B) have no maturity or
                a
                maturity of at least 40 years, (C) are subject to a Qualifying Replacement
                Capital Covenant and (D) have a Mandatory Trigger Provision and an
                Optional Deferral Provision; 

            

    

     

    
      	 	
              (iii)

            	
              Qualifying
                Preferred Stock; 

            

    

     

    
      	 	
              (iv)

            	
              Non-Cumulative
                preferred stock issued by the Issuer that ranks junior to the Debentures
                upon a liquidation, dissolution or winding up of the Issuer, and
                (A) (1)
                has no maturity or a final maturity of at least 60 years and (2)
                is
                subject to Intent-Based Replacement Disclosure; or (B) (1) has no
                maturity
                or a final maturity of at least 40 years and is subject to a Qualifying
                Replacement Covenant or (2) is subject to Intent-Based Replacement
                Disclosure and has a Mandatory Trigger Provision; or (C) (1) has
                no
                maturity or a final maturity of at least 25 years, (2) is subject
                to a
                Qualifying Replacement Covenant and (3) has a Mandatory Trigger
                Provision;

            

    

     

    
      	 	
              (v)

            	
              preferred
                stock issued by the Issuer that ranks junior to the Debentures upon
                a
                liquidation, dissolution or winding up of the Issuer, and (A) has
                no
                prepayment obligation on the part of the issuer thereof, whether
                at the
                election of the holders or otherwise, and (B)(1) has no maturity
                or a
                maturity of at least 60 years and (2) is subject to a Qualifying
                Replacement Capital Covenant;

            

    

     

    
      	 	
              (vi)

            	
              securities
                issued by the Issuer or any of its Subsidiaries that (A) rank pari
                passu
                with or junior to the Debentures upon a liquidation, dissolution
                or
                winding up of the Issuer, (B) have no maturity or a maturity of at
                least
                60 years and an Optional Deferral Provision, and (C) are subject
                to a
                Qualifying Replacement Covenant;

            

    

     

    
      	 	
              (vii)

            	
              securities
                issued by the Issuer or any of its Subsidiaries that (A) rank pari
                passu with
                or junior to the Debentures upon a liquidation, dissolution or winding
                up
                of the Issuer, (B) are Non-Cumulative, (C) have no maturity or a
                maturity
                of at least 40 years and (D) either (1) are subject to a Qualifying
                Replacement Capital Covenant or (2) have a Mandatory Trigger Provision
                and
                an Optional Deferral Provision and are subject to Intent-Based Replacement
                Disclosure;

            

    

     

    
      	 	
              (viii)

            	
              securities
                issued by the Issuer or any of its Subsidiaries that (A) rank junior
                to
                all of the senior and subordinated debt of the Issuer other
                than the Debentures and securities ranking pari
                passu with
                the Debentures, (B) have an Optional Deferral Provision and a
                

            

    

     

    
      
        
        

      

      
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                  Mandatory
                    Trigger Provision and (C) have no maturity or a maturity of at
                    least 60
                    years and are subject to a Qualifying Replacement Capital Covenant;
                    

                

              

      

       

    

    
      	 	
              (ix)

            	
              other
                securities issued by the Issuer or any of its Subsidiaries that (A)
                rank
                upon a liquidation, dissolution or winding-up of the Issuer pari
                passu
                with or junior to the Debentures, (B) have no maturity or a maturity
                of at
                least 25 years and (C) are subject to a Qualifying Replacement Capital
                Covenant and have a Mandatory Trigger Provision and an Optional Deferral
                Provision; 

            

    

     

    
      	 	
              (x)

            	
              cumulative
                preferred stock issued by the Issuer or any of its Subsidiaries that
                (A)
                has no maturity or a maturity of at least 60 years and (B) is subject
                to
                Intent-Based Replacement
                Disclosure;

            

    

     

    
      	 	
              (xi)

            	
              Non-Cumulative
                preferred stock issued by the Issuer or any of its Subsidiaries that
                (A)
                has no maturity or a maturity of at least 60 years and (B) is subject
                to
                Intent-Based Replacement Disclosure;

            

    

     

    
      	 	
              (xii)

            	
              securities
                issued by the Issuer or any of its Subsidiaries that (A) rank pari
                passu
                with or junior to the Debentures upon a liquidation, dissolution
                or
                winding up of the Issuer, (B) either (1) have no maturity or a maturity
                of
                at least 60 years and are subject to Intent-Based Replacement Disclosure
                or (2) have no maturity or a maturity of at least 30 years and are
                subject
                to a Qualifying Replacement Capital Covenant and (C) have an Optional
                Deferral Provision; or 

            

    

     

    
      	 	
              (xiii)

            	
              securities
                issued by the Issuer or any of its Subsidiaries that (A) rank junior
                to
                all of the senior and subordinated debt of the Issuer other than
                the
                Debentures and securities ranking pari
                passu
                with the Debentures, (B) have a Mandatory Trigger Provision and an
                Optional Deferral Provision and (C) have no maturity or a maturity
                of at
                least 30 years and are subject to Intent-Based Replacement Disclosure.
                

            

    

     

    For
      purposes of the definitions of Common Stock, Rights to Acquire Common Stock,
      Mandatorily Convertible Preferred Stock, Debt Exchangeable for Equity and
      Qualifying Capital Securities, the following terms have the following
      meanings:

     

    “Alternative
      Payment Mechanism”
means,
      with respect to any Qualifying Capital Securities, provisions in the related
      transaction documents that require the issuer, in its discretion, to issue
      (or
      use commercially reasonable efforts to issue) one or more types of APM
      Qualifying Securities raising eligible proceeds at least equal to the deferred
      Distributions on such Qualifying Capital Securities and apply the proceeds
      to
      pay unpaid Distributions on such Qualifying Capital 

     

    
      
        
        

      

      
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      Securities
        and apply the proceeds to pay unpaid Distributions on such Qualifying Capital
        Securities, commencing on the earlier of (x) the first Distribution Date
        after
        commencement of a deferral period on which the issuer pays current Distributions
        on such Qualifying Capital Securities and (y) the fifth anniversary of the
        commencement of such deferral period, and that:

       

    

    (i) define
      “eligible
      proceeds”
to
      mean,
      for purposes of such Alternative Payment Mechanism, the net proceeds (after
      underwriters’ or placement agents’ fees, commissions or discounts and other
      expenses relating to the issuance or sale) that the issuer has received during
      the 180 days prior to the related Distribution Date from the issuance of APM
      Qualifying Securities to Persons other than the Issuer and its Subsidiaries,
      up
      to the Preferred Cap (as defined in (vi) below) in the case of APM Qualifying
      Securities that are Qualifying Preferred Stock or Mandatorily Convertible
      Preferred Stock;

     

    (ii) permit
      the
      issuer to pay current Distributions on any Distribution Date out of any source
      of funds but (x) require the issuer to pay deferred Distributions only out
      of
      eligible proceeds and (y) prohibit the issuer from paying deferred Distributions
      out of any source of funds other than eligible proceeds (other than following
      an
      acceleration of such securities or the occurrence of the final maturity
      thereof), unless (if the issuer elects to so provide in the terms of such
      securities) an Applicable Governmental Authority directs otherwise;

     

    (iii) if
      deferral of Distributions continues for more than one year, require the Issuer
      not to redeem or repurchase any securities that rank pari
      passu
      with or
      junior to any APM Qualifying Securities that the issuer has issued to settle
      deferred Distributions in respect to that deferral period until at least one
      year after all deferred Distributions have been paid (a “Repurchase
      Restriction”);

     

    (iv) notwithstanding
      the foregoing provision, if an Applicable Governmental Authority disapproves
      the
      sale of APM Qualifying Securities, may (if the issuer elects to so provide
      in
      the terms of such securities) permit the issuer to pay deferred Distributions
      from any source without a breach of its obligations under the related
      transaction documents;

     

    (v) if
      an
      Applicable Governmental Authority does not disapprove the issuance and sale
      of
      APM Qualifying Securities but disapproves the use of the proceeds thereof to
      pay
      deferred Distributions, may (if the issuer elects to so provide in the terms
      of
      such securities) permit the issuer to use such proceeds for other purposes
      and
      to continue to defer Distributions without a breach of its obligations under
      the
      related transaction documents;

     

    (vi) limit
      the
      obligation of the issuer to issue (or use commercially reasonable efforts to
      issue) APM Qualifying Securities to:

     

    
      
        
        

      

      
        10

        
          

        

      

      
        
        

      

    

    
       

    

    (A) in
      the
      case of APM Qualifying Securities that are Common Stock or Qualifying Warrants,
      an amount from the issuance thereof pursuant to the Alternative Payment
      Mechanism (including at any point in time from all prior issuances thereof
      during such deferral period pursuant to the Alternative Payment Mechanism)
      with
      respect to deferred Distributions attributable to the first five years of any
      deferral period equal to 2% of the total number of issued and outstanding shares
      of Common Stock as of the date of the Issuer’s then most recent publicly
      available consolidated financial statements (the “Common
      Cap”);
      provided
      (and it
      being understood) that the Common Cap shall cease to apply to such deferral
      period by a date (as specified in the related transaction documents) which
      shall
      be not later than the ninth anniversary of the commencement of such deferral
      period; and

     

    (B) in
      the
      case of APM Qualifying Securities that are Qualifying Preferred Stock or
      Mandatorily Convertible Preferred Stock, an amount from the issuance thereof
      pursuant to the related Alternative Payment Mechanism (including at any point
      in
      time from all prior issuances of Qualifying Preferred Stock and unconverted
      Mandatorily Convertible Preferred Stock pursuant to such Alternative Payment
      Mechanism) equal to 25% of the liquidation preference or principal amount of
      the
      Qualifying Capital Securities that are the subject of the related Alternative
      Payment Mechanism (the “Preferred
      Cap”);

     

    (vii) in
      the
      case of Qualifying Capital Securities other than Qualifying Preferred Stock,
      include a Bankruptcy Claim Limitation Provision; and

     

    (viii) permit
      the
      Issuer, at its option, to provide that if it is involved in a merger,
      consolidation, amalgamation, binding share exchange or conveyance, transfer
      or
      lease of assets substantially as an entirety to any other Person or a similar
      transaction (a “business
      combination”)
      where
      immediately after the consummation of the business combination more than 50%
      of
      the surviving or resulting entity’s voting stock is owned by the shareholders of
      the other party to the business combination, then clauses (i), (ii) and (iii)
      above will not apply to any deferral period that is terminated on the next
      Distribution Date following the date of consummation of the business
      combination;

     

    provided
      (and it
      being understood) that:

     

    (i) the
      Alternative Payment Mechanism may at the discretion of the Issuer include a
      share cap limiting the issuance of APM Qualifying Securities consisting of
      Common Stock and Qualifying Warrants in each case to a maximum issuance cap
      to
      be set at the discretion of the Issuer; provided
      that such
      maximum issuance cap will be subject to the Issuer’s agreement to use
      commercially reasonable efforts (A) to increase the maximum issuance cap when
      reached, if the 

     

    
      
        
        

      

      
        11

        
          

        

      

      
        
        

      

    

    Issuer
      can
      do so and still satisfy its future fixed or contingent obligations under the
      securities and derivative instruments that provide for settlement or payment
      in
      shares of Common Stock, and (B) if the Issuer cannot increase the maximum
      issuance cap as contemplated in the preceding clause, to request its Board
      of
      Directors to adopt a resolution for shareholder vote at the next occurring
      annual shareholders meeting to increase the number of shares of the Issuer’s
      authorized Common Stock for purposes of satisfying its obligations to pay
      deferred distributions;

     

    (ii) the
      issuer
      shall not be obligated to issue (or use commercially reasonable efforts to
      issue) APM Qualifying Securities for so long as a Market Disruption Event has
      occurred and is continuing;

     

    (iii) if,
      due to
      a Market Disruption Event or otherwise, the Issuer is able to raise and apply
      some, but not all, of the eligible proceeds necessary to pay all deferred
      Distributions on any Distribution Date, the Issuer will apply any available
      eligible proceeds to pay accrued and unpaid Distributions on the applicable
      Distribution Date in chronological order subject to the Common Cap, the
      Preferred Cap, and any maximum issuance cap referred to above, as applicable;
      and

     

    (iv) if
      the
      Issuer has outstanding more than one class or series of securities under which
      it is obligated to sell a type of APM Qualifying Securities and apply some
      part
      of the proceeds to the payment of deferred Distributions, then on any date
      and
      for any period the amount of net proceeds received by the Issuer from those
      sales and available for payment of deferred Distributions on such securities
      shall be applied to such securities on a pro rata basis up to the Common Cap,
      the Preferred Cap and any maximum issuance cap referred to above, as applicable,
      in proportion to the total amounts that are due on such securities, or on such
      other basis as an Applicable Governmental Authority may approve.

     

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

     

    (i) Common
      Stock;

     

    (ii) Qualifying
      Warrants;

    
 

    (iii) Mandatorily
      Convertible Preferred Stock; and

     

    (iv) Qualifying
      Preferred Stock;

     

    
      
        
        

      

      
        12

        
          

        

      

      
        
        

      

    

     

    provided
      that if
      the APM Qualifying Securities for any Alternative Payment Mechanism, any Debt
      Exchangeable for Preferred Equity or any Mandatory Trigger Provision include
      both Common Stock and Qualifying Warrants, such Alternative Payment Mechanism,
      Debt Exchangeable for Preferred Equity or Mandatory Trigger Provision may
      permit, but need not require, the issuer to issue Qualifying Warrants
or
      Qualifying Preferred Stock; provided
      further that if such Alternative Payment Mechanism, Mandatory Trigger Provision
      or Debt Exchangeable for Preferred Equity includes all of the securities
      included in (i) through (iv) above, it may allow for an amendment of the terms
      of such security to eliminate Common Stock and Qualifying Warrants as APM
      Qualifying Securities if
      the
      Issuer has been advised in writing by a nationally recognized independent
      accounting firm that there is more than an insubstantial risk that the failure
      to do so would result in a reduction in the Issuer’s earnings per share as
      calculated for financial reporting purposes.

     

    “Applicable
      Government Authority”
means
      the Commission, the Federal Reserve Board, the Office of the Comptroller of
      the
      Currency, the Office of Thrift Supervision or any other federal or state
      authority with regulatory oversight over the Issuer’s
      capitalization.

     

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

     

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

     

    (B) in
      the
      case of any other Qualifying Capital Securities, an amount not in excess of
      the
      sum of (1) the amount of accumulated and unpaid Distributions (including
      compounded amounts) that relate to the earliest two years of the portion of
      the
      deferral period for which Distributions have not been paid and (2) an amount
      equal to the excess, if any, of the Preferred Cap over the aggregate amount
      of
      net proceeds from the sale of Qualifying Preferred Stock and unconverted
      Mandatorily 

    
      
        
        

      

      
        13

        
          

        

      

      
        
        

      

    

    Convertible
      Preferred Stock that the issuer has applied to pay such Distributions pursuant
      to the Alternative Payment Mechanism or the Mandatory Trigger Provision,
provided
      that the
      holders of such securities are deemed to agree that, to the extent the remaining
      claim exceeds the amount set forth in subclause (1), the amount they receive
      in
      respect of such excess shall not exceed the amount they would have received
      had
      the claim for such excess ranked pari
      passu
      with the
      interests of the holders, if any, of Qualifying Preferred Stock.

     

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

     

    “Common
      Cap”
has
      the
      meaning specified in the definition of Alternative Payment
      Mechanism.

     

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

     

    (i) gives
      the
      holder a beneficial interest in (A) a fractional interest in a stock purchase
      contract for a share of Common Stock of the Issuer that will be settled in
      three
      years or less, with the number of shares of Common Stock purchasable pursuant
      to
      such stock purchase contract to be within a range established at the time of
      issuance of such debt securities, subject to customary anti-dilution adjustments
      and (B) debt securities of the Issuer that are not redeemable at the option
      of
      the Issuer or the holder thereof prior to the settlement of the stock purchase
      contracts;

     

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

     

    (iii) includes
      a
      remarketing feature pursuant to which the debt securities of the Issuer are
      remarketed to new investors commencing not later than 30 days prior to the
      settlement date of the purchase contract; and

     

    (iv) provides
      for the proceeds raised in the remarketing to be used to purchase Common Stock
      of the Issuer under the stock purchase contracts and, if there has not been
      a
      successful remarketing by the settlement date of the purchase contract, provides
      that the stock purchase contracts will be settled by the Issuer acquiring
      the debt securities or other collateral directly or indirectly pledged by
      investors in the Debt Exchangeable for Common Equity.
       

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

       

    

     

    
      
        
        

      

      
        14

        
          

        

      

      
        
        

      

    

    (i) gives
      the
      holder a beneficial interest in (A) subordinated debt securities of the Issuer
      that include a provision requiring the Issuer to issue (or use commercially
      reasonable efforts to issue) one or more types of APM Qualifying Securities
      raising proceeds at least equal to the deferred Distributions on such
      subordinated debt securities commencing not later than the second anniversary
      of
      the commencement of such deferral period and that are the most junior
      subordinated debt of the Issuer (or rank pari
      passu
      with the
      most junior subordinated debt of the Issuer) (in this definition, “subordinated
      debt”)
      and (B)
      a fractional interest in a stock purchase contract for a share of Qualifying
      Preferred Stock of the Issuer that ranks pari
      passu
      with or
      junior to all other preferred stock of the Issuer (in this definition,
“preferred
      stock”);

     

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

     

    (iii) includes
      a
      remarketing feature pursuant to which the subordinated debt of the Issuer is
      remarketed to new investors commencing not later than the first Distribution
      Date that is at least five years after the date of issuance of securities or
      earlier in the event of an early settlement event based on: (A) the dissolution
      of the issuer of such Debt Exchangeable for Preferred Equity or (B) one or
      more
      financial tests set forth in the terms of the instrument governing such Debt
      Exchangeable for Preferred Equity;

     

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

     

    (v) is
      subject
      to a Qualifying Replacement Capital Covenant that will apply to such securities
      and preferred stock of the Issuer, and will not include Debt Exchangeable for
      Equity as a Replacement Capital Security; and

    (vi) after
      the
      issuance of such preferred stock of the Issuer provides the holders of such
      securities with a beneficial interest in such preferred stock.

     

    “Distribution
      Date”
means,
      as to any securities or combination of securities, the dates on which periodic
      Distributions on such securities are scheduled to be made.

     

     

    
      
        
        

      

      
        15

        
          

        

      

      
        
        

      

    

     

     

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

     

    “Distributions”
means,
      as to a security or combination of securities, dividends, interest payments
      or
      other income distributions to the holders thereof that are not Subsidiaries
      of
      the Issuer.

     

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

     

    “Intent-Based
      Replacement Disclosure”
means,
      as to any security or combination of securities, that the Issuer has publicly
      stated its intention, either in the prospectus or other offering document under
      which such securities were initially offered for sale or in filings with the
      Commission made by the Issuer under the Exchange Act prior to or
      contemporaneously with the issuance of such securities, that the Issuer will
      redeem or purchase such securities only with the proceeds of replacement capital
      securities that have terms and provisions at the time of redemption or purchase
      that receive as much or more equity-like credit than the securities then being
      redeemed or purchased, raised within 180 days of the applicable redemption
      or
      purchase date.

     

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

     

    (i) require,
      or at its option in the case of Qualifying Preferred Stock permit, the issuer
      of
      such Qualifying Capital Securities to make payment of Distributions on such
      securities only pursuant to the issue and sale of APM Qualifying Securities,
      within two years of a failure of the issuer to satisfy one or more financial
      tests set forth in the terms of such Qualifying Capital Securities or related
      transaction agreements, in an amount such that the net proceeds of such sale
      are
      at least equal to the amount of unpaid Distributions on such Qualifying Capital
      Securities (including without limitation all deferred and accumulated amounts),
      and in either case require the application of the net proceeds of such sale
      to
      pay such unpaid Distributions, provided
      that (A)
      such Mandatory Trigger Provision shall limit the issuance and sale of Common
      Stock and Qualifying Warrants the proceeds of which may be applied to pay such
      Distributions pursuant
      to such provision to the Common Cap, unless the Mandatory Trigger Provision
      requires such issuance and sale within one year of such failure, and (B) the
      amount of Qualifying Preferred Stock the net proceeds of which the issuer may
      apply to pay such Distributions pursuant to such provision may not exceed the
      Preferred Cap;
      

        
          
            
            

          

          
            16

            
              

            

          

          
            
            

          

        

      

       

    

    (ii) other
      than
      in the case of Qualifying Preferred Stock, if the provisions described in clause
      (i) do not require such issuance and sale within one year of such failure,
      prohibit the issuer from repurchasing any securities that are pari
      passu
      with or
      junior to its APM Qualifying Securities, the proceeds of which were used to
      pay
      deferred Distributions since such failure before the date six months after
      the
      Issuer applies the net proceeds of the sales described in clause (i) to pay
      such
      unpaid Distributions in full; and

     

    (iii) other
      than
      in the case of Qualifying Preferred Stock, include a Bankruptcy Claim Limitation
      Provision;

     

    provided
      (and it
      being understood) that:

     

    (i) the
      Issuer
      will not be obligated to issue (or use commercially reasonably efforts to issue)
      any such APM Qualifying Securities for so long as a Market Disruption Event
      has
      occurred and is continuing;

     

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

     

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

     

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

     

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

    
      
        
        

      

      
        17

        
          

        

      

      
        
        

      

    

    “Optional
      Deferral Provision”
means,
      as to any security or combination of securities, a provision in the terms
      thereof or of the related transaction agreements to the effect that
      either:

     

    (i) (A)
      the
      issuer of such securities may, in its sole discretion, defer in whole or in
      part
      payment of Distributions on such securities for one or more consecutive
      Distribution Periods of up to five years or, if a Market Disruption Event is
      continuing, ten years, without any remedy other than Permitted Remedies and
      (B)
      such securities are subject to an Alternative Payment Mechanism (provided
      that such
      Alternative Payment Mechanism need not apply during the first five years of
      any
      deferral period and need not include a Common Cap, Preferred Cap, Bankruptcy
      Claim Limitation Provision or Repurchase Restriction); or

     

    (ii) the
      issuer
      of such securities may, in its sole discretion, defer in whole or in part
      payment of Distributions on such securities for one or more consecutive
      Distribution Periods up to at least ten years, without any remedy other than
      Permitted Remedies.

     

    “Permitted
      Remedies”
means,
      with respect to any securities, one or more of the following
      remedies:

     

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

     

    (ii) complete
      or partial prohibitions on the issuer paying Distributions on or repurchasing
      Common Stock or other securities that rank pari
      passu
      with or
      junior as to Distributions to such securities for so long as Distributions
      on
      such securities, including unpaid Distributions, remain unpaid.

     

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

     

    “Preferred
      Cap”
has
      the
      meaning specified in the definition of Alternative Payment
      Mechanism.

     

    “Qualifying
      Preferred Stock”
means
      non-cumulative perpetual preferred stock issued by the Issuer or its
      Subsidiaries that (i) ranks pari
      passu with
      or
      junior to all other preferred stock of the Issuer, and contains no remedies
      other than Permitted Remedies and (ii) either (A) is subject to Intent-Based
      Replacement Disclosure and has a provision that prohibits the issuer from paying
      any dividends thereon upon its failure to satisfy one or more financial tests
      set forth therein or (B) is subject to a Qualifying Replacement Capital
      Covenant.

     

    
      
        
        

      

      
        18

        
          

        

      

      
        
        

      

    

     

    “Qualifying
      Replacement Capital Covenant”
means
      (i) a replacement capital covenant substantially similar to the Replacement
      Capital Covenant or (ii) a replacement capital covenant, as identified by the
      Board of Directors of the Issuer, acting in good faith and in its reasonable
      discretion and reasonably construing the definitions and other terms of the
      Replacement Capital Covenant, (a) entered into by an issuer that at the time
      it
      enters into such replacement capital covenant is a reporting company under
      the
      Exchange Act and (b) that restricts the issuer from redeeming or purchasing
      identified securities except to the extent of the applicable percentage of
      the
      net proceeds of specified Replacement Securities that have terms and provisions
      at the time of redemption, repurchase, defeasance or purchase that receive
      as
      much or more equity-like credit than the securities then being redeemed,
      repurchased or purchased, raised within the six-month period prior to the
      applicable redemption, repurchase, defeasance or purchase date.

     

    “Qualifying
      Warrants”
means
      net share settled warrants to purchase Common Stock that have an exercise price
      greater than the Current Stock Market Price of the Issuer’s Common Stock as of
      their date of issuance, that do not entitle the Issuer to redeem for cash and
      the holders of such warrants are not entitled to require the Issuer to
      repurchase for cash in any circumstance.

     

    “Replacement
      Capital Covenant”
means
      the replacement capital covenant dated the date hereof by the Issuer in favor
      of, and for the benefit of, each Covered Debtholder (as defined therein), a
      copy
      of which will be filed by the Issuer with the Commission as an exhibit to the
      registration statement pertaining to the offering of securities (the
“Capital
      Securities”)
      by the
      Issuer Trust to the public.

     

    “Repurchase
      Restriction”
has
      the
      meaning specified in the definition of Alternative Payment
      Mechanism.

     

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

    
 

    This
      Debenture may be redeemed at the option of the Issuer (i) on or after July
      15,
      2012, in whole at any time or in part from time to time, (ii) prior to July
      15,
      2012, (a) in whole (but not in part) at any time within 90 days following the
      occurrence and continuation of a Tax Event or an Investment Company Event (the
      “90-Day
      Period”)
      or (b)
      in whole or in part at any time following
      the occurrence of a Regulatory Capital Event for as long as such event is
      continuing.
      In each
      case, the Debentures shall be redeemed at a redemption price equal to the
      accrued

     

    
      
        
        

      

      
        19

        
          

        

      

      
        
        

      

    

     

     

    and
      unpaid
      interest on the Debentures so redeemed to but excluding the date fixed for
      redemption, plus 100% of the principal amount thereof (the “Redemption
      Price”).
      

     

    In
      addition, subject to obtaining any then required regulatory approval, the Issuer
      may redeem Debentures at the Early Redemption Price on any date (such date,
      the
“Early
      Redemption Date”)
      before
      July 15, 2012, in whole or in part, following the occurrence of a Rating Agency
      Event for as long as such event is continuing (such right to redeem, the
“Rating
      Agency Call”).

     

    “Early
      Redemption Price”
means,
      with respect to any Debentures to be redeemed in accordance with the Rating
      Agency Call, the greater of (1) 100% of the principal amount of the Debentures
      to be redeemed, and (2) the sum of the present values of the remaining scheduled
      payments of principal (discounted from July 15, 2012) and interest that would
      have been payable to and including July 15, 2012 (discounted from their
      respective Interest Payment Dates) on the Debentures to be redeemed (not
      including any portion of such payments of interest accrued to the Early
      Redemption Date) to the Early Redemption Date on a semiannual basis (assuming
      a
      360-day year consisting of twelve 30-day months) at the Treasury Rate, plus
      50
      basis points, as calculated by the Premium Calculation Agent; plus, in either
      case (1) or (2), accrued and unpaid interest on the principal amount being
      redeemed to the Early Redemption Date.

     

    “Treasury
      Rate”
means,
      with respect to any date of redemption, the yield, under the heading that
      represents the average for the immediately preceding week, appearing in the
      most
      recently published statistical release designated H.15(519) or any successor
      publication that is published weekly by the Board of Governors of the Federal
      Reserve System and that establishes yields on actively traded U.S. Treasury
      securities adjusted to constant maturity under the caption Treasury Constant
      Maturities, for the maturity corresponding to the comparable treasury issue
      (if
      no maturity is within three months before or after the Remaining Term, yields
      for the two published maturities most closely corresponding to the Comparable
      Treasury Issue will be determined and the Treasury Rate will be interpolated
      or
      extrapolated from such yields on a straight line basis, rounding to the nearest
      month); or if such release (or any successor release) is not published during
      the week preceding the calculation date or does not contain such yields, the
      rate per annum equal to the semiannual equivalent yield to maturity of the
      Comparable Treasury Issue, calculated using a price for the Comparable Treasury
      Issue
      (expressed as a percentage of its principal amount) equal to the Comparable
      Treasury Price for such date of redemption.
       

      The
        Treasury Rate will be calculated on the third Business Day preceding the
        Early
        Redemption Date.

    

     

    
      
        
        

      

      
        20

        
          

        

      

      
        
        

      

    

    
    

    “Premium
      Calculation Agent”
means
      Morgan Stanley & Co. Incorporated, or if that firm is unwilling or unable to
      select the Comparable Treasury Issue, an investment banking institution of
      national standing appointed by the Trustee after consultation with the
      Issuer.

     

    “Comparable
      Treasury Issue”
means
      the U.S. Treasury security selected by the Premium Calculation Agent as having
      a
      maturity comparable to the term remaining from the Early Redemption Date to
      July
      15, 2012 (the “Remaining
      Term”)
      that
      would be utilized, at the time of selection and in accordance with customary
      financial practice, in pricing new issues of corporate debt securities of
      comparable term.

     

    “Comparable
      Treasury Price”
means,
      with respect to an Early Redemption Date (i) the average of five Reference
      Treasury Dealer Quotations for such Early Redemption Date, after excluding
      the
      highest and lowest Reference Treasury Dealer Quotations, or (ii) if the Premium
      Calculation Agent obtains fewer than five such Reference Treasury Dealer
      Quotations, the average of all such quotations.

     

    “Reference
      Treasury Dealer”
means
      (i) Morgan Stanley & Co. Incorporated and its successors, provided, however,
      that if the foregoing shall cease to be a primary U.S. government securities
      dealer in New York City (a “Primary
      Treasury Dealer”)
      Morgan
      Stanley will substitute therefor another Primary Treasury Dealer and (ii) any
      other Primary Treasury Dealers selected by the Premium Calculation Agent after
      consultation with the Issuer. 

     

    “Reference
      Treasury Dealer Quotations”
means,
      with respect to each Reference Treasury Dealer and any Early Redemption Date,
      the average, as determined by the Premium Calculation Agent, of the bid and
      asked prices for the Comparable Treasury Issue (expressed in each case as a
      percentage of its principal amount) quoted in writing to the Premium Calculation
      Agent at 5:00 p.m., New York City time, on the third Business Day preceding
      such
      redemption date.

     

    The
      Issuer
      will notify the Issuer Trust of the Redemption Price or Early Redemption Price
      promptly after the calculation thereof and the Issuer Trust shall have no
      responsibility for calculating the Redemption Price or Early Redemption
      Price.

    
 

    Notice
      of
      redemption shall be mailed to the registered Holders of the Debentures
      designated for redemption at their addresses as the same shall appear on the
      Debenture register not less than 15 nor more than 30 days prior to the date
      fixed for redemption (the “Redemption
      Notice Period”),
      subject to all the conditions and provisions of the Junior Subordinated
      Indenture. In the event of redemption of this Debenture in part only, a new
      Debenture or Debentures for the 

     

    
      
        
        

      

      
        21

        
          

        

      

      
        
        

      

    

     

    amount
      of
      the unredeemed portion hereof shall be issued in the name of the holder hereof
      upon the cancellation hereof.

     

    The
      Issuer’s right to redeem the Debentures prior to July 15, 2012 as a consequence
      of a Tax Event or an Investment Company Event shall be subject to the condition
      that if at the time there is available to the Issuer or the Issuer Trust
      established pursuant to the Amended and Restated Trust Agreement dated as of
      April 26, 2007, among the Issuer, as depositor, The Bank of New York, as
      Property Trustee, The Bank of New York (Delaware), as Delaware Trustee, the
      Administrators and the several Holders party thereto (the “Trust
      Agreement”),
      the
      opportunity to eliminate, within the 90-Day Period, the Tax Event or Investment
      Company Event by taking some ministerial action (“Ministerial
      Action”),
      such
      as filing a form or making an election, or pursuing some other similar
      reasonable measure that shall have no adverse effect on the Issuer, the Issuer
      Trust or the holders of the Capital Securities and shall involve no material
      cost, the Issuer shall pursue such measures in lieu of redemption; provided
      further, that the Issuer shall have no right to redeem the Debentures while
      either it or the Issuer Trust is pursuing any Ministerial Action pursuant to
      the
      Trust Agreement. For the avoidance of doubt, the 90-Day Period shall not run
      during the undertaking of any such Ministerial Action by the Issuer or the
      Issuer Trust. 

     

    The
      Redemption Price or Early Redemption Price, as the case may be, shall be paid
      prior to 12:00 noon, New York time, on the date of such redemption or such
      earlier time as the Issuer determines; provided, that the Issuer shall deposit
      with the Trustee an amount sufficient to pay the Redemption Price prior to
      the
      redemption date or the Early Redemption Price prior to the Early Redemption
      Date, as the case may be.

     

    The
      term
“Tax
      Event”
means
      the receipt by the Issuer of an opinion of counsel to the Issuer experienced
      in
      such matters, who shall not be an officer or employee of the Issuer or any
      of
      its affiliates, to the effect that, as a result of any amendment to, or change
      (including any announced prospective change) in, the laws (or any regulations
      thereunder) of the United States or any political subdivision or taxing
      authority thereof or therein, or as a result of any official or administrative
      pronouncement or action or judicial decision interpreting or applying such
      laws
      or regulations, which amendment or change is effective or which pronouncement,
      action or decision is announced on or after April 19, 2007, there is more than
      an insubstantial risk that (i) the Issuer Trust is, or will be within 90 days
      of
      the delivery of such opinion, subject to United States federal income tax with
      respect to income received or accrued on the Debentures, (ii) interest
      payable by the Issuer to the Issuer Trust on the Debentures is not, or within
      90
      days of the delivery of such opinion will not be, deductible by the Issuer,
      in
      whole or in part, for United States federal income tax purposes or (iii) the
      Issuer Trust is, or shall be within 90 days of the delivery of the opinion,
      subject to more than a de
      minimis
      amount of
      other taxes, duties or other governmental charges.

    
      
        
        

      

      
        22

        
          

        

      

      
        
        

      

    

     

    “Investment
      Company Event”
means
      the receipt by the Issuer of an opinion of counsel to the Issuer experienced
      in
      such matters, who shall not be an officer or employee of the Issuer or any
      of
      its affiliates, to the effect that, as a result of the occurrence of a change
      in
      law or regulation or a written change (including any announced prospective
      change) in interpretation or application of law or regulation by any legislative
      body, court, governmental agency or regulatory authority, there is more than
      an
      insubstantial risk that the Issuer Trust is or will be considered an “investment
      company” that is required to be registered under the Investment Company Act of
      1940, as amended, which change or prospective change becomes effective or would
      become effective, as the case may be, on or after April 19, 2007.

     

    “Regulatory
      Capital Event”
means
      the determination by the Issuer, based on the opinion of counsel experienced
      in
      such matters, who may be an employee of the Issuer or any of its affiliates,
      that as a result of: (i) any amendment to, clarification of or change (including
      any announced prospective change) in applicable laws or regulations or official
      interpretations thereof or policies with respect thereto or (ii) any official
      administrative pronouncement or judicial decision interpreting or applying
      such
      laws or regulations, which amendment, clarification, change, pronouncement
      or
      decision is effective or announced on or after April 19, 2007, there is more
      than an insubstantial risk that the Capital Securities shall no longer
      constitute tier 1 (or its equivalent) capital of the Issuer or any holding
      company of which the Issuer is a subsidiary for the purposes of the capital
      adequacy guidelines or policies of the SEC or any applicable regulatory body
      or
      governmental authority. 

     

    “Rating
      Agency Event” means
      the
      determination by the Issuer that a change by any nationally recognized
      statistical rating organization within the meaning of Rule 15c3-1 under the
      Exchange Act that currently publishes a rating for Morgan Stanley (a
“Rating
      Agency”)
      in the
      equity credit criteria for securities such as the Capital Securities or the
      Debentures has occurred, resulting in a lower equity credit to the Issuer than
      the equity credit assigned by such Rating Agency to the Capital Securities
      or
      the Debentures on April 19, 2007.

     

    Interest
      payments on this Debenture shall include interest accrued to but excluding
      the
      Interest Payment Dates or the Final Maturity Date (or any earlier redemption
      or
      repayment date), as the case may be. Interest payments for this Debenture shall
      be computed and paid on the basis of a 360-day year of twelve 30-day months
      and the actual days elapsed in a partial month in such period. Accrued interest
      that is not paid on the applicable Interest Payment Date shall bear additional
      interest on the amount thereof at the rate per annum of 6.45% (the “Coupon
      Rate”),
      compounded quarterly and computed on the basis of a 360-day year of twelve
      30-day months and the actual days elapsed in a partial month in such period.
      The
      amount of any interest payable for any full interest period shall be computed
      by
      dividing the rate per annum by four. The term “interest” as used

     

    
      
        
        

      

      
        23

        
          

        

      

      
        
        

      

    

    herein
      includes quarterly interest payments, interest on quarterly interest payments
      not paid on the applicable Interest Payment Date and Additional Sums, as
      applicable.

     

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

     

    Section
      5.01 of the Junior Subordinated Indenture provides that (i) if an Event of
      Default due to the default in payment of interest on any series of debt
      securities issued under the Junior Subordinated Indenture, including the series
      of Debentures of which this Debenture forms a part, shall have occurred and
      be
      continuing, either the Trustee or the holders of not less than 25% in principal
      amount of the debt securities of each affected series (voting as a single class)
      may then declare the principal of all debt securities of all such series and
      interest accrued thereon to be due and payable immediately and (ii) if an Event
      of Default due to certain events of bankruptcy, insolvency and reorganization
      of
      the Issuer, shall have occurred and be continuing, either the Trustee or the
      holders of not less than 25% in principal amount of all debt securities issued
      under the Junior Subordinated Indenture then outstanding (treated as one class)
      may declare the principal of all such debt securities and interest accrued
      thereon to be due and payable immediately, but upon certain conditions such
      declarations may be annulled and past Defaults may be waived (except a
      continuing Default in payment of principal or interest on such debt securities)
      by the holders of a majority in principal amount of the debt securities of
      all
      affected series then outstanding. 

     

    So
      long as
      no Event of Default has occurred and is continuing, the Issuer shall have the
      right at any time, and from time to time, during the term of the Debentures
      to
      defer payments of interest for a period not exceeding 40 consecutive quarters
      (the “Optional
      Deferral Period”),
      during
      which Optional Deferral Period no interest shall be due and payable;
provided,
      that no
      Optional Deferral Period may extend beyond the Final Maturity Date or the
      acceleration of the principal of the Debentures following an Event of Default.
      Interest, the payment of which has been deferred because of an Optional Deferral
      Period, shall bear interest thereon at the Coupon Rate compounded quarterly
      for
      each quarter of the Optional Deferral Period and computed on the basis of a
      360-day year of twelve 30-day months and the actual days elapsed in a partial
      month in such period (“Additional
      Interest”).
      The
      Coupon Rate payable for any full interest period shall be computed by dividing
      the rate per annum by four. At the end of

     

    
      
        
        

      

      
        24

        
          

        

      

      
        
        

      

    

     the
      Optional Deferral Period, all interest accrued and unpaid on this Debenture,
      including any Additional Sums and Additional Interest (together, “Deferred
      Interest”)
      shall
      become due and payable, and the Issuer shall pay such Deferred Interest to
      the
      Holders of this Debenture in whose names this Debenture is registered in the
      Securities Register on the Record Date with respect to the first Interest
      Payment Date after the end of the Optional Deferral Period. Before the
      termination of any Optional Deferral Period, the Issuer may further extend
      such
      period; provided, that such period together with all such further extensions
      thereof shall not exceed 40 consecutive quarters, or extend beyond the Final
      Maturity Date or the acceleration of the principal of the Debentures following
      an Event of Default. In the event that any Debentures are called for redemption
      on a date prior to the end of an Optional Deferral Period, with respect to
      such
      Debentures, such Optional Deferral Period shall be deemed to end on such date
      or
      an earlier date determined by the Issuer, subject to the Issuer’s compliance
      with the Alternative Payment Mechanism. Upon the termination of any Optional
      Deferral Period and upon the payment of all Deferred Interest then due, the
      Issuer may commence a new Optional Deferral Period, subject to the foregoing
      requirements. No interest shall be due and payable during an Optional Deferral
      Period, except at the end thereof, but the Issuer may prepay at any time all
      or
      any portion of the interest accrued during an Optional Deferral
      Period.

     

    If
      the
      Property Trustee (as defined in the Trust Agreement) is the only Holder of
      the
      Debentures at the time the Issuer selects an Optional Deferral Period, the
      Issuer shall give written notice to the Issuer Trustees (as defined in the
      Trust
      Agreement) of its selection of such Optional Deferral Period at least
      15 Business Days prior to the date the Distributions (as defined in the
      Trust Agreement) on the Trust Securities (as defined in the Trust Agreement)
      would have been payable but for the election to begin such Optional Deferral
      Period.

     

    If
      the
      Property Trustee is not the only Holder, or is not itself the Holder, of the
      Debentures at the time the Issuer selects an Optional Deferral Period, the
      Issuer shall give the Holders of the Debentures and the Trustee written notice
      of its selection of such Optional Deferral Period at least 10 Business Days
      before the earlier of the next succeeding Interest Payment Date or the date
      the
      Issuer is required to give notice of the record or payment date of such interest
      payment to Holders of the Debentures.

     

    In
      the
      event of any bankruptcy, insolvency or similar proceedings described in Section
      5.01(b) or (c) of the Junior Subordinated Indenture prior to the redemption
      or
      repayment of the Debentures, Holders of the Debentures shall only have a claim
      for, or right to receive, distributions with respect to Deferred Interest,
      including accrued interest on the deferred payments, to the extent such interest
      (including accrued interest on the deferred payments) relates to the earliest
      two years of the portion of the Optional Deferral Period for which interest
      has
      not been paid.

    
      
        
        

      

      
        25

        
          

        

      

      
        
        

      

    

     

    The
      Issuer
      covenants that it shall not, nor will it permit any of its Subsidiaries to
      (i)
      declare or pay any dividends or distributions on, or redeem, purchase, acquire,
      or make a liquidation payment with respect to, any of the Issuer’s capital
      stock, (ii) make any payment of principal of, or interest or premium, if any,
      on, or repay, repurchase or redeem any debt securities of the Issuer that rank
      pari
      passu
      in all
      respects with or junior in interest to the Debentures or (iii) make any
      guarantee payments on any guarantee of debt securities of any of the Issuer’s
      Subsidiaries if the guarantee ranks equal or junior to the Debentures (other
      than (A) repurchases, redemptions or other acquisitions of shares of capital
      stock of the Issuer in connection with (1) any employment contract, benefit
      plan
      or other similar arrangement with or for the benefit of any one or more
      employees, officers, directors or consultants, (2) a dividend reinvestment
      or
      stockholder stock purchase plan or (3) the issuance of capital stock of the
      Issuer (or securities convertible into or exercisable for such capital stock)
      as
      consideration in an acquisition transaction entered into prior to the applicable
      Optional Deferral Period, (B) as a result of an exchange, redemption or
      conversion of any class or series of the Issuer’s capital stock (or any capital
      stock of a Subsidiary of the Issuer) for any class or series of the Issuer’s
      capital stock or of any class or series of the Issuer’s indebtedness for any
      class or series of the Issuer’s capital stock, (C) the purchase of fractional
      interests in shares of the Issuer’s capital stock pursuant to the conversion or
      exchange provisions of such capital stock or the security being converted or
      exchanged, (d) any declaration of a dividend in connection with any
      stockholder’s rights plan, or the issuance of rights, stock or other property
      under any stockholder’s rights plan, or the redemption or repurchase of rights
      pursuant thereto, (e) any dividend in the form of stock, warrants, options
      or
      other rights where the dividend stock or the stock issuable upon exercise of
      such warrants, options or other rights is the same stock as that on which the
      dividend is being paid or ranks pari
      passu
      with or
      junior to such stock, (f) payments under the Guarantee executed and delivered
      by
      the Issuer and The Bank of New York, as trustee, for the benefit of the holders
      of any Capital Securities, as amended from time to time (the “Guarantee”)
      or (g)
      any payments, purchases or acquisitions in connection with any market-making
      transactions in the Issuer’s capital stock in the ordinary course of the
      Issuer’s or any of the Issuer’s affiliate’s business), if at such time the
      Issuer has given notice of its election of an Optional Deferral Period as
      provided in the Junior Subordinated
      Indenture and has not rescinded such notice, or such Optional Deferral Period,
      or any extension thereof, is continuing.
       

      If
        any
        Optional Deferral Period lasts longer than one year, unless required to do
        so by
        any Applicable Government Authority and subject to the exceptions listed
        in the
        parenthetical in the preceding paragraph, the Issuer shall not repurchase
        any of
        its Common Stock for a one-year period following the payment of all Deferred
        Interest on the Debentures pursuant to the Alternative Payment
        Mechanism.

    

    
      
        
        

      

      
        26

        
          

        

      

      
        
        

      

    

    
    

    Subject
      to
      certain conditions and the exclusion described below, if the Issuer defers
      interest on the Debentures, the Issuer shall be required, not later than (i)
      the
      Business Day immediately following the first Interest Payment Date during an
      Optional Deferral Period on which it elects to pay current interest or (ii)
      if
      earlier, the Business Day following the fifth anniversary of the commencement
      of
      an Optional Deferral Period, to use its Commercially Reasonable Efforts to
      begin
      selling to persons that are not affiliates of the Issuer Qualifying Securities
      (the “Alternative
      Payment Mechanism”).
      The
      Issuer shall be required pursuant to the Alternative Payment Mechanism, with
      respect to any subsequent Interest Payment Date during an Optional Deferral
      Period until the Deferred Interest has been paid in full, to use its
      Commercially Reasonable Efforts to sell Qualifying Securities until it has
      raised an amount of net proceeds that, together with the net proceeds of any
      sales of Qualifying Securities within the 180 days preceding such Interest
      Payment Date, is sufficient to pay the Deferred Interest (including interest
      on
      the deferred payments) on such Interest Payment Date, provided that, if, due
      to
      a Market Disruption Event or otherwise, the Issuer is able to raise some, but
      not all, of the net proceeds from the sale of Qualifying Securities necessary
      to
      pay all Deferred Interest (including interest on the deferred payments) on
      any
      Interest Payment Date, the Issuer shall apply any such available net proceeds
      on
      such Interest Payment Date to pay accrued and unpaid installments of interest
      in
      chronological order. The Issuer shall not pay Deferred Interest (including
      interest on the deferred payments) on the Debentures from any source other
      than
      the net proceeds from the sale of Qualifying Securities, unless otherwise
      required at the time by any applicable regulatory authority. In addition, such
      applicable regulatory authority may prevent the Issuer from selling Qualifying
      Securities or may prevent the Issuer from using the proceeds of any sales of
      Qualifying Securities to pay any Deferred Interest. 

     

    “Qualifying
      Securities”
means
      (i) “Qualifying
      Warrants,”
which
      are net share settled warrants to purchase the Issuer’s Common Stock that have
      an exercise price greater than the Current Stock Market Price of the Issuer’s
      Common Stock as of their date of issuance, that the Issuer is not entitled
      to
      redeem for cash and that the holders of such warrants are not entitled to
      require the Issuer to repurchase for cash in any circumstance and (ii)
Qualifying
      Preferred Stock.

     

    The
      “Current
      Stock Market Price”
of
      the
      Issuer’s Common Stock on any date shall be the closing sale price per share (or
      if no closing sale price is reported, the average of the bid and ask prices
      or,
      if more than one in either case, the average of the average bid and the average
      ask prices) on that date as reported in composite transactions by the New York
      Stock Exchange or, if the Issuer’s Common Stock is not then listed on the New
      York Stock Exchange, as reported by the principal U.S. securities exchange
      on
      which the Issuer’s Common Stock is traded or quoted. If the Issuer’s Common
      Stock is not either listed or quoted on any U.S. securities exchange on the
      relevant date, the “Current Stock Market 

    
      
        
        

      

      
        27

        
          

        

      

      
        
        

      

    

     

    Price”
      shall be the last quoted bid price for the Issuer’s Common Stock in the
      over-the-counter market on the relevant date as reported by the National
      Quotation Bureau or similar organization. If the Issuer’s Common Stock is not so
      quoted, the “Current Stock Market Price” shall be the average of the mid-point
      of the last bid and ask prices for the Issuer’s Common Stock on the relevant
      date from each of at least three nationally recognized independent investment
      banking firms selected by the Issuer for this purpose.

     

    The
      Issuer
      shall not be required to issue Qualifying Warrants prior to the fifth
      anniversary of the commencement of any Optional Deferral Period pursuant to
      the
      Alternative Payment Mechanism to the extent that the number of shares of the
      Issuer’s Common Stock underlying any issuance of Qualifying Warrants applied to
      pay such interest, together with the shares underlying all prior issuances
      of
      Qualifying Warrants during such Optional Deferral Period so applied, would
      exceed 2% of the total number of issued and outstanding shares of the Issuer’s
      Common Stock as of the date of the Issuer’s then most recent publicly available
      consolidated financial statements (the “Warrant
      Issuance Cap”).
      In
      addition, the Issuer may not issue Perpetual Non-Cumulative Preferred Stock
      if
      the net proceeds of any issuance of Perpetual Non-Cumulative Preferred Stock
      applied to pay interest, together with the net proceeds of all prior issuances
      of Perpetual Non-Cumulative Preferred Stock so applied, would exceed 25% of
      the
      aggregate liquidation amount of the issuance of the Capital Securities (the
      “Preferred
      Stock Issuance Cap”).
      

     

    Once
      the
      Issuer reaches the Warrant Issuance Cap for any Optional Deferral Period, the
      Issuer shall not be required to issue more Qualifying Warrants prior to the
      fifth anniversary of the commencement of such Optional Deferral Period even
      if
      the number of underlying shares referred to above subsequently increases because
      of a subsequent increase in the number of outstanding shares of the Issuer’s
      Common Stock. The Warrant Issuance Cap shall cease to apply following the fifth
      anniversary of the commencement of any Optional Deferral Period, at which point
      the Issuer shall have the right to pay any Deferred Interest, regardless of
      the
      time at which it was deferred, using the Alternative Payment Mechanism, subject
      to the Preferred Stock Issuance Cap, the Share Cap and any Market Disruption
      Event. For the avoidance of doubt, if the Warrant Issuance Cap has been reached
      during an Optional Deferral Period and the
      Issuer
      subsequently pays all deferred payments (including accrued interest thereon),
      the Warrant Issuance Cap shall cease to apply, and shall only apply again once
      the Issuer starts a new Optional Deferral Period. The Preferred Stock Issuance
      Cap shall apply so long as the Debentures remain outstanding.
       

      The
        Issuer
        shall not be required to issue Qualifying Warrants pursuant to the Alternative
        Payment Mechanism to the extent that the total number of shares of the Issuer’s
        Common Stock underlying such Qualifying Warrants, together with all prior
        issuances of Qualifying Warrants, exceeds 40 million shares (the

    

    
      
        
        

      

      
        28

        
          

        

      

      
        
        

      

    

    “Share
      Cap”).
      The
      Issuer shall use its commercially reasonable efforts to increase the Share
      Cap
      from time to time to a number of shares that would allow the Issuer to satisfy
      its obligations with respect to the Alternative Payment Mechanism. The Share
      Cap
      shall be adjusted proportionately for any change in the number of outstanding
      shares of the Issuer’s Common Stock by reason of any stock split, reverse stock
      split, stock dividend, reclassification, recapitalization, split-up,
      combination, exchange of shares or other similar transaction, effective upon
      the
      effective date of any such transaction.

     

    If,
      due to
      a Market Disruption Event, the Warrant Issuance Cap, Preferred Stock Issuance
      Cap, Share Cap or otherwise, the Issuer was able to raise some, but not all,
      eligible proceeds necessary to pay all Deferred Interest (including compounded
      interest thereon) on any Interest Payment Date, the Issuer shall apply any
      available eligible proceeds to pay accrued and unpaid installments of interest
      on the applicable Interest Payment Date in chronological order. If the Issuer
      has outstanding securities in addition to, and that rank pari
      passu
      with, the
      Debentures under which the Issuer is obligated to sell Qualifying Securities
      and
      apply the net proceeds to the payment of deferred interest or distributions,
      then on any date and for any period the amount of net proceeds received by
      the
      Issuer from those sales and available for payment of the Deferred Interest
      and
      distributions shall be applied to the Debentures and such other securities
      on a
      pro rata basis in proportion to the total amounts that are due on the Debentures
      and such securities, or on such other basis as any regulator applicable to
      the
      Issuer may approve.

     

    The
      Issuer
      shall not be required to sell Qualifying Securities in accordance with the
      Alternative Payment Mechanism during any quarterly period preceding any Interest
      Payment Date to the extent it provides written certification to the Trustee
      (which the Trustee shall promptly forward upon receipt to each holder of record
      of Capital Securities) no more than 30 and no less than 15 days in advance
      of
      such Interest Payment Date certifying that (i) a Market Disruption Event was
      existing after the immediately preceding Interest Payment Date and (ii) either
      (a) the Market Disruption Event continued for the entire period from the
      Business Day immediately following the preceding Interest Payment Date to the
      Business Day immediately preceding the date on which that certification is
      provided or (b) the Market Disruption Event continued for only part of such
      period, but the Issuer was
      unable
      after Commercially Reasonable Efforts to raise sufficient eligible proceeds
      during the rest of such period to pay all accrued and unpaid
      interest.
       

      If
        the
        Issuer is involved in a business combination where immediately after its
        consummation more than 50% of the surviving entity’s voting stock is owned by
        the shareholders of the other party to the business combination, then the
        Alternative Payment Mechanism shall not apply to any deferral period that
        is
        terminated on the interest payment date immediately succeeding the date of
        consummation of the business combination.

    

    
      
        
        

      

      
        29

        
          

        

      

      
        
        

      

    

    
    

    A
      “Market
      Disruption Event”
means,
      for purposes of sales of Qualifying Securities pursuant to the Alternative
      Payment Mechanism or sales of Replacement Securities pursuant to the Replacement
      Capital Obligation, as applicable (collectively, the “Permitted
      Securities”),
      the
      occurrence or existence of any of the following events or sets of circumstances:
      

     

    
      	 	
              (i)

            	
              the
                Issuer would be required to obtain the consent or approval of its
                shareholders or a regulatory body (including, without limitation,
                any
                securities exchange) or governmental authority to issue or sell the
                Permitted Securities and such consent or approval has not yet been
                obtained notwithstanding the Issuer’s commercially reasonable efforts to
                obtain such consent or approval or an Applicable Government Authority
                instructs the Issuer not to sell or offer for sale the permitted
                securities at such time;

            

    

     

    
      	 	
              (ii)

            	
              trading
                in securities generally (or shares of the Issuer’s securities
                specifically) on the New York Stock Exchange or any other national
                securities exchange or over-the-counter market on which the Issuer’s
                Common Stock and/or preferred stock is then listed or traded shall
                have
                been suspended or its settlement generally shall have been materially
                disrupted or minimum prices shall have been established on any such
                market
                or exchange by the Commission, by the relevant exchange or any other
                regulatory body or governmental authority having jurisdiction, and
                the
                establishment of such minimum prices materially disrupts or otherwise
                has
                a material adverse effect on trading in, or the issuance and sale
                of, the
                Issuer’s Common Stock and/or preferred
                stock;

            

    

     

    
      	 	
              (iii)

            	
              a
                banking moratorium shall have been declared by the federal or state
                authorities of the United States and

            

    

    
       

      
        
          	 	
                   

                	
                  
                    such moratorium materially disrupts or
                      otherwise has a
                      material adverse effect on trading in, or the issuance and
                      sale of, the
                      Permitted Securities;

                  

                

        

         

      

      
        	 	
                (iv)

              	
                a
                  material disruption shall have occurred in commercial banking or
                  securities settlement or clearance services in the United States
                  and such
                  disruption materially disrupts or otherwise has a material adverse
                  effect
                  on trading in, or the issuance and sale of, the Permitted
                  Securities;

              

      

       

      
        	 	
                (v)

              	
                the
                  United States shall have become engaged in hostilities, there shall
                  have
                  been an escalation in hostilities involving the United States,
                  there shall
                  have been a declaration of a national emergency or war by the United
                  States or there shall have occurred any other national or international
                  calamity or crisis and such event 

              

      

      

        
          
            
            

          

          
            30

            
              

            

          

          
            
            

          

        

      

    

     

    
      	 	
               

            	
              materially
                disrupts or otherwise has a material adverse effect on trading in,
                or the
                issuance and sale of, the Permitted
                Securities;

            

    

     

    
      	 	
              (vi)

            	
              there
                shall have occurred such a material adverse change in general domestic
                or
                international economic, political or financial conditions, including
                without limitation as a result of terrorist activities, and such
                change
                materially disrupts or otherwise has a material adverse effect on
                trading
                in, or the issuance and sale of, the Permitted
                Securities;

            

    

     

    
      	 	
              (vii)

            	
              an
                event occurs and is continuing as a result of which the offering
                document
                for such offer and sale of the Permitted Securities would, in the
                Issuer’s
                reasonable judgment contain an untrue statement of a material fact
                or omit
                to state a material fact required to be stated therein or necessary
                to
                make the statements therein not misleading and either (A) the disclosure
                of that event at such time, in the Issuer’s reasonable judgment, is not
                otherwise required by law and would have a material adverse effect
                on the
                business of the Issuer or (B) the disclosure relates to a previously
                undisclosed proposed or pending material business transaction, the
                disclosure of which would impede the ability of the Issuer to consummate
                such transaction, provided
                that no single suspension period contemplated by this paragraph shall
                exceed 90 consecutive days and multiple suspension periods contemplated
                by
                this paragraph shall not exceed an aggregate of 180 days in any 360-day
                period; or

            

    

     

    
      	 	
              (viii)

            	
              the
                Issuer reasonably believes, for reasons other than those referred
                to in
                the paragraph
                directly
                above, that the offering document for such offer and sale of the
                Permitted
                Securities would not be in compliance with a rule or regulation of
                the SEC
                and the Issuer is unable to comply with such rule or regulation or
                such
                compliance is unduly burdensome, provided that no single suspension
                period
                contemplated by this paragraph shall exceed 90 consecutive days and
                multiple suspension periods contemplated by this paragraph shall
                not
                exceed an aggregate of 180 days in any 360-day
                period.

            

    

    
       

      If
        an
        Event of Default or a Default attributable to (i) the failure of the Issuer
        to
        pay any amounts payable in respect of the Debentures on the date such amounts
        are otherwise payable or (ii) a breach of the Alternative Payment Mechanism
        or
        the Replacement Capital Obligation has occurred and is continuing, a registered
        holder of Capital Securities may institute a legal proceeding directly against
        the Issuer for enforcement of payment to such registered holder of an amount
        equal to the amount payable in respect of Debentures having a principal amount
        equal to the aggregate Liquidation Amount 

    

    
      
        
        

      

      
        31

        
          

        

      

      
        
        

      

    

    (as
      defined in the Trust Agreement) of the Capital Securities held by such
      registered holder (a “Direct
      Action”).
      The
      Issuer shall have the right to set off any payment made to such registered
      holder of Capital Securities by the Issuer in connection with a Direct
      Action.

     

    As
      long as
      any Debentures are held by the Issuer Trust, the Issuer covenants (i) to
      continue to hold, directly or indirectly, 100% of the Common Securities (as
      defined in the Trust Agreement), provided that certain successors that are
      permitted pursuant to the Junior Subordinated Indenture may succeed to the
      Issuer’s ownership of the Common Securities, (ii) as holder of the Common
      Securities, not to voluntarily dissolve, windup or liquidate the Issuer Trust,
      other than (a) in connection with a distribution of Debentures to the holders
      of
      the Capital Securities in liquidation of the Issuer Trust or (b) in connection
      with certain mergers, consolidations or amalgamations permitted by the Trust
      Agreement and (iii) to use its reasonable efforts, consistent with the terms
      and
      provisions of the Trust Agreement, to cause the Issuer Trust to continue not
      to
      be taxable as a corporation for United States federal income tax
      purposes.

     

    If,
      and
      for so long as, (i) the Issuer Trust is the holder of all the Debentures and
      (ii) the Issuer Trust is required to pay any additional taxes, duties or other
      governmental charges as a result of a Tax Event, the Issuer shall pay as
      additional sums on the Debentures (“Additional
      Sums”)
      such
      amounts as may be required so that the Distributions (as defined in the Trust
      Agreement) paid by the Issuer Trust shall not be reduced as a result of any
      such
      additional taxes, duties or other governmental charges.

     

    The
      Issuer, as borrower, agrees to pay all debts and other obligations (other than
      with respect to the Capital Securities issued by the Issuer Trust) and all
      costs
      and expenses of the Issuer Trust (including costs and expenses relating to
      the
      organization of the Issuer Trust, the fees and expenses of the Issuer Trustees
      (as defined in the Trust Agreement) for the Issuer Trust and the costs and
      expenses relating to the operation of the Issuer Trust) and to pay any and
      all
      taxes and all costs and expenses with respect thereto (other than United States
      withholding taxes) to which the Issuer Trust might become subject. The foregoing
      obligations of the Issuer under the Debentures owned by the Issuer Trust are
      for
      the benefit of, and shall be enforceable by, any Person to whom any such debts,
      obligations, costs, expenses and taxes are owed (a “Creditor”)
      whether
      or not such Creditor has received notice thereof. Any such Creditor may enforce
      such obligations of the Issuer directly against the Issuer, and the Issuer
      irrevocably waives any right or remedy to require that any such Creditor take
      any action against the Issuer Trust or any other Person before proceeding
      against the Issuer. The Issuer agrees to execute any additional agreements
      as
      may be necessary or desirable to give full effect to the foregoing.

    
      
        
        

      

      
        32

        
          

        

      

      
        
        

      

    

     

    The
      provisions of Section 3.04 and Section 10.01 of the Junior Subordinated
      Indenture relating to discharge, defeasance and covenant defeasance are not
      applicable to this Debenture.

     

    This
      Debenture and all other obligations of the Issuer hereunder shall constitute
      part of the junior subordinated debt of the Issuer, shall be issued under the
      Junior Subordinated Indenture and shall be subordinate and junior in right
      of
      payment, to the extent and in the manner set forth in the Junior Subordinated
      Indenture, to all Senior Indebtedness (as defined in the Junior Subordinated
      Indenture) of the Issuer. For the avoidance of doubt, this Debenture will rank
      pari passu with the claims of the Issuer's trade
      creditors.

     

    This
      Debenture, and any Debenture or Debentures issued upon transfer or exchange
      hereof, is issuable only in fully registered form, without coupons, and is
      issuable only in denominations of US$25 and any integral multiple of US$25
      in
      excess thereof, unless otherwise indicated on the face thereof.

     

    The
      Bank
      of New York has been appointed registrar for the Debentures (the “Registrar,”
which
      term includes any successor registrar appointed by the Issuer), and the
      Registrar shall maintain at its office in The City of New York a register for
      the registration and transfer of Debentures. This Debenture may be transferred
      at the aforesaid office of the Registrar by surrendering this Debenture for
      cancellation, accompanied by a written instrument of transfer in form
      satisfactory to the Registrar and duly executed by the registered holder hereof
      in person or by the holder’s attorney duly authorized in writing, and thereupon
      the Registrar shall issue in the name of the transferee or transferees, in
      exchange herefor, a new Debenture or Debentures having identical terms and
      provisions and having a like aggregate principal amount in authorized
      denominations, subject to the terms and conditions set forth herein;
provided,
      however,
      that the
      Registrar shall not be required (i) to register the transfer of or exchange
      any
      Debenture that has been called for redemption in whole or in part, except the
      unredeemed portion of Debentures being redeemed in part or (ii) to register
      the
      transfer of or exchange Debentures to the extent and during the period so
      provided in the Junior Subordinated Indenture with respect to the redemption
      of
      Debentures. Debentures are exchangeable at said office for other Debentures
      of
      other authorized denominations of equal aggregate principal amount having
      identical terms and provisions. All such exchanges and transfers of Debentures
      shall be free of charge, but the Issuer may require payment of a sum sufficient
      to cover any tax or other governmental charge in connection therewith. All
      Debentures surrendered for exchange shall be accompanied by a written instrument
      of transfer in form satisfactory to the Registrar and executed by the registered
      holder in person or by the holder’s attorney duly authorized in writing. The
      date of registration of any Debenture delivered upon any exchange or transfer
      of
      Debentures shall be such that no gain or loss of interest results from such
      exchange or transfer. 

     

    
      
        
        

      

      
        33

        
          

        

      

      
        
        

      

    

     

    In
      case
      this Debenture shall at any time become mutilated, defaced or be destroyed,
      lost
      or stolen and this Debenture or evidence of the loss, theft or destruction
      thereof (together with the indemnity hereinafter referred to and such other
      documents or proof as may be required in the premises) shall be delivered to
      the
      Registrar, a new Debenture of like tenor shall be issued by the Issuer in
      exchange for this Debenture, but, if this Debenture has been destroyed, lost
      or
      stolen, only upon receipt of evidence satisfactory to the Registrar and the
      Issuer that such Debenture was destroyed or lost or stolen and, if required,
      upon receipt also of indemnity satisfactory to each of them. All expenses and
      reasonable charges associated with procuring such indemnity and with the
      preparation, authentication and delivery of a new Debenture shall be borne
      by
      the owner of the Debenture mutilated, defaced, destroyed, lost or
      stolen.

     

    The
      Junior
      Subordinated Indenture permits the Issuer and the Trustee, with the consent
      of
      the holders of not less than a majority in aggregate principal amount of the
      debt securities of all series issued under the Junior Subordinated Indenture
      then outstanding and affected (voting as one class), to execute supplemental
      indentures adding any provisions to or changing in any manner the rights of
      the
      holders of each series so affected; provided
      that the
      Issuer and the Trustee may not, without the consent of the holder of each
      outstanding debt security affected thereby and the prior written consent of
      each
      registered holder of Capital Securities, to the extent that the Debentures
      are
      held by any Morgan Stanley Capital Trust (including Morgan Stanley Capital
      Trust
      VIII), (i) extend the final maturity of any such debt security, or reduce the
      principal amount thereof, or reduce the rate or extend the time of payment
      of
      interest thereon, except as otherwise provided herein or in the Junior
      Subordinated Indenture, or reduce any amount payable on redemption or repayment
      thereof, or change the currency of payment thereof, or impair or affect the
      rights of any holder to institute suit for the payment thereof without the
      consent of the holder of each debt security so affected or (ii) reduce the
      aforesaid percentage in principal amount of debt securities the consent of
      the
      holders of which is required for any such supplemental indenture; provided,
      however, that neither this Debenture nor the Junior Subordinated Indenture
      may
      be amended to alter the subordination provisions hereof or thereof without
      the
      written consent of each holder of Senior Indebtedness then outstanding that
      would be adversely affected thereby. In addition, so long as any of the Capital
      Securities remain outstanding, no such modification may be made that adversely
      affects the holders of such Capital Securities in any material respect, and
      no
      termination of the Junior Subordinated Indenture may occur, and no waiver of
      any
      Event of Default or Default may be effective, without the prior consent of
      the
      holders of at least a majority of the aggregate Liquidation Amount of the
      outstanding Capital Securities unless and until the principal of (and premium,
      if any, on) the Debentures and all accrued and unpaid interest thereon have
      been
      paid in full and certain other conditions are satisfied. So long as the Issuer
      acts in accordance with the terms of the Debentures, the Issuer may defer
      interest payable on the Debentures in  

    
      
        
        

      

      
        34

        
          

        

      

      
        
        

      

    

    accordance
      with the terms hereof without the consent of the Issuer Trust or the holders
      of
      Capital Securities. However, the Issuer may not amend this Debenture or the
      Junior Subordinated Indenture to remove the rights of registered holders of
      Capital Securities to institute a Direct Action without the prior written
      consent of all the registered holders of Capital Securities of the
      Trust.

     

    So
      long as
      this Debenture shall be outstanding, the Issuer shall cause to be maintained
      an
      office or agency for the payment of the principal of and premium, if any, and
      interest on this Debenture as herein provided in the Borough of Manhattan,
      The
      City of New York, and an office or agency in said Borough of Manhattan for
      the
      registration, transfer and exchange as aforesaid of the Debentures. Under
      Section 3.02 of the Junior Subordinated Indenture, the Issuer has initially
      appointed the Corporate Trust Office of the Trustee in the Borough of Manhattan,
      The City of New York, as its agency for the foregoing purposes. The Issuer
      may
      subsequently designate other agencies for the payment of said principal, premium
      and interest at such place or places (subject to applicable laws and
      regulations) as the Issuer may decide. So long as there shall be such an agency,
      the Issuer shall keep the Trustee advised of the names and locations of such
      agencies, if any are so designated other than that of the Trustee.

     

    With
      respect to moneys paid by the Issuer and held by the Trustee or any Paying
      Agent
      for payment of the principal of or interest or premium, if any, on any
      Debentures that remain unclaimed at the end of two years after such principal,
      interest or premium shall have become due and payable (whether at maturity
      or
      upon call for redemption or otherwise), (i) the Trustee or such Paying Agent
      shall notify the holders of such Debentures that such moneys shall be repaid
      to
      the Issuer and any Person claiming such moneys shall thereafter look only to
      the
      Issuer for payment thereof and (ii) such moneys shall be so repaid to the
      Issuer. Upon such repayment all liability of the Trustee or such Paying Agent
      with respect to such moneys shall thereupon cease, without, however, limiting
      in
      any way any obligation that the Issuer may have to pay the principal of or
      interest or premium, if any, on this Debenture as the same shall become
      due.

     

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

       

      Prior
        to
        due presentment of this Debenture for registration of transfer, the Issuer,
        the
        Trustee and any agent of the Issuer or the Trustee may treat the holder in
        whose
        name this Debenture is registered as the owner hereof for all purposes, whether
        or not this Debenture be overdue, and none of the Issuer, the Trustee or
        any
        such agent shall be affected by notice to the contrary.

    

    
      
        
        

      

      
        35

        
          

        

      

      
        
        

      

    

     

    No
      recourse shall be had for the payment of the principal of, premium, if any,
      or
      the interest on this Debenture, for any claim based hereon, or otherwise in
      respect hereof, or based on or in respect of the Junior Subordinated Indenture
      or any indenture supplemental thereto, against any incorporator, shareholder,
      officer or director, as such, past, present or future, of the Issuer or of
      any
      successor corporation, either directly or through the Issuer or any successor
      corporation, 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 issue
      hereof, expressly waived and released.

     

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

     

    
      
        
        

      

      
        36

        
          

        

      

      
        
        

      

    

    ABBREVIATIONS

     

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

    TEN
      COM - as
      tenants
      in common

    TEN
      ENT - as
      tenants
      by the entireties

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

    

    

    UNIF
      GIFT
      MIN ACT - Custodian

    (Minor) (Cust)

    

    Under
      Uniform Gifts to Minors Act 

    (State)

    

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

    
      
        
        

      

      
        37

        
          

        

      

      
        
        

      

    

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

     

                                                                                           

    [PLEASE
      INSERT SOCIAL SECURITY OR OTHER

    IDENTIFYING
      NUMBER OF ASSIGNEE]

     

    
      
        
          

        

      

      
         

        
          

        

      

       

      
        

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

     

    the
      within
      Debenture and all rights thereunder, hereby irrevocably constituting and
      appointing such person attorney to transfer such Debenture on the books of
      the
      Issuer, with full power of substitution in the premises.

     

    Dated:
                                                  

     

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

    

    Signature
      Guaranty:                                              

     

    Signatures
      must be guaranteed by an “eligible guarantor institution” meeting the
      requirements of the Registrar, which requirements include membership or
      participation in the Security Transfer Agent Medallion Program (“STAMP”) or such
      other “signature guarantee program” as may be determined by the Registrar in
      addition to, or in substitution for, STAMP, all in accordance with the Exchange
      Act.

     

    38Unassociated Document

    

     

     

    Exhibit
      4.3

    
      

      

    

     

     

    MORGAN
      STANLEY CAPITAL TRUST VIII

     

    
AMENDED
      AND RESTATED TRUST AGREEMENT

    

    among

    

    MORGAN
      STANLEY, as Depositor,

    
 

    THE
      BANK
      OF NEW YORK, as Property Trustee,

    

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

    

    and

    

    the
      Administrators named herein

     

     

    

    
      

      

    

     

    April
      26,
      2007

    
       

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    MORGAN
      STANLEY CAPITAL TRUST VIII

     

    Certain
      Sections of this Trust Agreement relating to

    Sections
      310 through 318 of the Trust Indenture Act of 1939:

     

    

      

      
        	
                Trust
                  Indenture

              	
                Trust
                  Agreement

              
	
                Act
                  Section

              	
                Section

              
	
                310(a)(1)

              	
                8.7

              
	
                (a)(2)

              	
                8.7

              
	
                (a)(3)

              	
                8.9

              
	
                (a)(4)

              	
                2.7(a)(ii)

              
	
                (b)

              	
                8.8,
                  10.10(b)

              
	
                311(a)

              	
                8.13,
                  10.10(b)

              
	
                (b)

              	
                8.13,
                  10.10(b)

              
	
                312(a)

              	
                10.10(b)

              
	
                (b)

              	
                10.10(b)

              
	
                (c)

              	
                5.7

              
	
                313(a)

              	
                8.15(a)

              
	
                (b)

              	
                8.15(a),
                  8.15(b)

              
	
                (c)

              	
                8.15(a),
                  10.8

              
	
                (d)

              	
                8.15(a)

              
	
                314(a)

              	
                8.16

              
	
                (b)

              	
                Not
                  Applicable

              
	
                (c)(1)

              	
                8.16,
                  8.17

              
	
                (c)(2)

              	
                8.16,
                  8.17

              
	
                (c)(3)

              	
                8.16,
                  8.17

              
	
                (e)

              	
                8.17

              
	
                315(a)

              	
                8.1(d)

              
	
                (b)

              	
                8.2

              
	
                (c)

              	
                8.1(c)

              
	
                (d)

              	
                8.1(d)

              
	
                (e)

              	
                Not
                  Applicable

              
	
                316(a)

              	
                Not
                  Applicable

              
	
                (a)(1)(A)

              	
                Not
                  Applicable

              
	
                (a)(1)(B)

              	
                Not
                  Applicable

              
	
                (a)(2)

              	
                Not
                  Applicable

              
	
                (b)

              	
                5.13

              
	
                (c)

              	
                6.7

              
	
                317(a)(1)

              	
                Not
                  Applicable

              
	
                (a)(2)

              	
                8.14

              
	
                (b)

              	
                5.10

              
	
                318(a)

              	
                10.10(a)

              

      

      
 

    

    Note:
      This
      reconciliation and tie shall not, for any purpose, be deemed to be a part of
      the
      Trust Agreement.

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

      
        	 	
                Table
                  of Contents 

              	 
	 	
                 

              	
                Page

              
	 	 	 
	
                 

                 

              	 

                ARTICLE
                  I

              	 
	
                 

                 

              	
                DEFINED
                  TERMS

              	 
	
                SECTION
                  1.1. 

              	
                Definitions

              	
                1

              
	
                 

                 

              	
                
ARTICLE
                  II
 	 
	
                 

                 

              	
                CONTINUATION
                  OF THE ISSUER TRUST
 	 
	
                SECTION
                  2.1. 

              	
                Name

              	
                12

              
	
                SECTION
                  2.2. 

              	
                Office
                  of the Delaware Trustee; Principal Place of Business

              	
                12

              
	
                SECTION
                  2.3. 

              	
                Initial
                  Contribution of Trust Property; Organizational Expenses

              	
                12

              
	
                SECTION
                  2.4. 

              	
                Issuance
                  of the Trust Securities

              	
                12

              
	
                SECTION
                  2.5. 

              	
                Issuance
                  of the Common Securities; Subscription and Purchase of Junior Subordinated
                  Debentures

              	
                12

              
	
                SECTION
                  2.6. 

              	
                Declaration
                  of Trust

              	
                13

              
	
                SECTION
                  2.7. 

              	
                Authorization
                  to Enter into Certain Transactions

              	
                13

              
	
                SECTION
                  2.8. 

              	
                Assets
                  of Trust

              	
                16

              
	
                SECTION
                  2.9. 

              	
                Title
                  to Trust Property

              	
                16

              
	
                 

                 

              	
                
ARTICLE
                  III
 	
                 

              
	
                 

                 

              	
                PAYMENT
                  ACCOUNT
 	 
	
                SECTION
                  3.1. 

              	
                Payment
                  Account

              	
                17

              
	
                 

                 

              	
                
ARTICLE
                  IV
 	 
	
                 

                 

              	
                DISTRIBUTIONS;
                  REDEMPTION
 	 
	
                SECTION
                  4.1. 

              	
                Distributions

              	
                17

              
	
                SECTION
                  4.2. 

              	
                Redemption

              	
                19

              
	
                SECTION
                  4.3. 

              	
                Subordination
                  of Common Securities

              	
                21

              
	
                SECTION
                  4.4. 

              	
                Payment
                  Procedures

              	
                21

              
	
                SECTION
                  4.5. 

              	
                Tax
                  Returns and Reports

              	
                22

              
	
                SECTION
                  4.6. 

              	
                Payment
                  of Taxes, Duties, Etc. of the Issuer Trust

              	
                22

              
	
                SECTION
                  4.7. 

              	
                Payments
                  under Indenture or Pursuant to Direct Actions

              	
                22

              
	
                SECTION
                  4.8. 

              	
                Liability
                  of the Holder of Common Securities

              	
                23

              

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      
        	
              	
                
ARTICLE
                  V

              	
                 

              
	
              	
                 

                TRUST
                  SECURITIES CERTIFICATES

                
 

              	
                 

              
	
                SECTION
                  5.1. 

              	
                Initial
                  Ownership

              	
                23

              
	
                SECTION
                  5.2. 

              	
                The
                  Trust Securities Certificates

              	
                23

              
	
                SECTION
                  5.3. 

              	
                Execution
                  and Delivery of Trust Securities Certificates

              	
                23

              
	
                SECTION
                  5.4. 

              	
                Global
                  Capital Security

              	
                24

              
	
                SECTION
                  5.5. 

              	
                Registration
                  of Transfer and Exchange Generally; Certain Transfers and Exchanges;
                  Capital Securities Certificates

              	
                25

              
	
                SECTION
                  5.6. 

              	
                Mutilated,
                  Destroyed, Lost or Stolen Trust Securities Certificates

              	
                26

              
	
                SECTION
                  5.7. 

              	
                Persons
                  Deemed Holders

              	
                27

              
	
                SECTION
                  5.8. 

              	
                Access
                  to List of Holders’ Names and Addresses

              	
                27

              
	
                SECTION
                  5.9. 

              	
                Maintenance
                  of Office or Agency

              	
                27

              
	
                SECTION
                  5.10. 

              	
                Appointment
                  of Paying Agent

              	
                27

              
	
                SECTION
                  5.11. 

              	
                Ownership
                  of Common Securities by Depositor

              	
                28

              
	
                SECTION
                  5.12. 

              	
                Notices
                  to Clearing Agency

              	
                28

              
	
                SECTION
                  5.13. 

              	
                Rights
                  of Holders

              	
                28

              
	
                 

                 

              	
                
ARTICLE
                  VI
 	
                 

              
	
                 

                 

              	
                 ACTS
                  OF HOLDERS; MEETINGS; VOTING

              	
                 

              
	
                SECTION
                  6.1. 

              	
                Limitations
                  on Holder’s Voting Rights

              	
                31

              
	
                SECTION
                  6.2. 

              	
                Notice
                  of Meetings

              	
                32

              
	
                SECTION
                  6.3. 

              	
                Meetings
                  of Holders

              	
                32

              
	
                SECTION
                  6.4. 

              	
                Voting
                  Rights

              	
                32

              
	
                SECTION
                  6.5. 

              	
                Proxies,
                  etc.

              	
                32

              
	
                SECTION
                  6.6. 

              	
                Holder
                  Action by Written Consent

              	
                33

              
	
                SECTION
                  6.7. 

              	
                Record
                  Date for Voting and Other Purposes

              	
                33

              
	
                SECTION
                  6.8.

              	
                Acts
                  of Holders

              	
                33

              
	
                SECTION
                  6.9. 

              	
                Inspection
                  of Records

              	
                34

              
	
                 

                 

              	
                
ARTICLE
                  VII
 	
                 

              
	
                 

                 

              	
                 REPRESENTATIONS
                  AND WARRANTIES

              	
                 

              
	
                SECTION
                  7.1. 

              	
                Representations
                  and Warranties of the Property Trustee and the Delaware
                  Trustee.

              	
                34

              
	
                SECTION
                  7.2. 

              	
                Representations
                  and Warranties of Depositor.

              	
                35

              
	
                 

                 

              	
                
ARTICLE
                  VIII
 	
                 

              
	
                 

                 

              	
                THE
                  ISSUER TRUSTEES; THE ADMINISTRATORS
 	
                 

              
	
                SECTION
                  8.1. 

              	
                Certain
                  Duties and Responsibilities

              	
                35

              
	
                SECTION
                  8.2. 

              	
                Certain
                  Notices

              	
                38

              

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      
        	
                SECTION
                  8.3. 

              	
                Certain
                  Rights of Property Trustee

              	
                 

              
	
                SECTION
                  8.4. 

              	
                Not
                  Responsible for Recitals or Issuance of Securities

              	
                40

              
	
                SECTION
                  8.5. 

              	
                May
                  Hold Securities

              	
                40

              
	
                SECTION
                  8.6. 

              	
                Compensation;
                  Indemnity; Fees

              	
                40

              
	
                SECTION
                  8.7. 

              	
                Corporate
                  Property Trustee Required; Eligibility of Trustees and
                  Administrators

              	
                42

              
	
                SECTION
                  8.8. 

              	
                Conflicting
                  Interests

              	
                42

              
	
                SECTION
                  8.9. 

              	
                Co-Trustees
                  and Separate Trustee

              	
                42

              
	
                SECTION
                  8.10. 

              	
                Resignation
                  and Removal; Appointment of Successor

              	
                44

              
	
                SECTION
                  8.11. 

              	
                Acceptance
                  of Appointment by Successor

              	
                45

              
	
                SECTION
                  8.12. 

              	
                Merger,
                  Conversion, Consolidation or Succession to Business

              	
                46

              
	
                SECTION
                  8.13. 

              	
                Preferential
                  Collection of Claims Against Depositor or Issuer Trust

              	
                46

              
	
                SECTION
                  8.14. 

              	
                Trustee
                  May File Proofs of Claim

              	
                46

              
	
                SECTION
                  8.15. 

              	
                Reports
                  by Property Trustee

              	
                47

              
	
                SECTION
                  8.16. 

              	
                Reports
                  to the Property Trustee

              	
                47

              
	
                SECTION
                  8.17. 

              	
                Evidence
                  of Compliance with Conditions Precedent

              	
                47

              
	
                SECTION
                  8.18. 

              	
                Number
                  of Issuer Trustees

              	
                47

              
	
                SECTION
                  8.19. 

              	
                Delegation
                  of Power

              	
                48

              
	
                SECTION
                  8.20. 

              	
                Appointment
                  of Administrators

              	
                48

              
	
                 

                 

              	
                
ARTICLE
                  IX
 	
                 

              
	
                 

                 

              	
                 DISSOLUTION,
                  LIQUIDATION AND MERGER

              	
                 

              
	
                SECTION
                  9.1. 

              	
                Dissolution
                  Upon Expiration Date

              	
                49

              
	
                SECTION
                  9.2. 

              	
                Early
                  Termination

              	
                49

              
	
                SECTION
                  9.3. 

              	
                Termination

              	
                49

              
	
                SECTION
                  9.4. 

              	
                Liquidation

              	
                49

              
	
                SECTION
                  9.5. 

              	
                Mergers,
                  Consolidations, Amalgamations or Replacements of the Issuer
                  Trust

              	
                51

              
	
                 

                 

              	
                
ARTICLE
                  X
 	
                 

              
	
                 

                 

              	
                MISCELLANEOUS
                  PROVISIONS
 	
                 

              
	
                SECTION
                  10.1. 

              	
                Limitation
                  of Rights of Holders

              	
                52

              
	
                SECTION
                  10.2. 

              	
                Amendment

              	
                52

              
	
                SECTION
                  10.3. 

              	
                Separability

              	
                53

              
	
                SECTION
                  10.4. 

              	
                Governing
                  Law

              	
                54

              
	
                SECTION
                  10.5. 

              	
                Payments
                  Due on Non-Business Day

              	
                54

              
	
                SECTION
                  10.6. 

              	
                Successors

              	
                54

              
	
                SECTION
                  10.7. 

              	
                Headings

              	
                55

              
	
                SECTION
                  10.8. 

              	
                Reports,
                  Notices and Demands

              	
                55

              
	
                SECTION
                  10.9. 

              	
                Agreement
                  Not to Petition

              	
                55

              
	
                SECTION
                  10.10. 

              	
                Trust
                  Indenture Act; Conflict with Trust Indenture Act

              	
                56

              
	
                SECTION
                  10.11. 

              	
                Acceptance
                  of Terms of Trust Agreement, Guarantee and Indenture

              	
                57

              
	
                SECTION
                  10.12. 

              	
                Counterparts

              	
                57

              
	 	 	
                 

              

      

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    
      	
            	Exhibit
              A	
              Certificate
                of Trust

            

    

    
      	
            	ExhibitB 	
              Form
                of Certificate Depositary Agreement

            

    

    
      	
            	Exhibit
              C 	
              Form
                of Common Securities Certificate

            

    

    
      	
            	Exhibit
              D 	
              Form
                of Capital Securities Certificate

            

    

    
      	
            	Exhibit
              E 	
              Form
                of Expense Agreement

            

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    AGREEMENT

     

    Amended
      and Restated Trust Agreement, dated as of April 26, 2007, among (i) Morgan
      Stanley, formerly known as Morgan Stanley Dean Witter & Co., a Delaware
      corporation (including any successors or assigns, the “Depositor”), (ii) The
      Bank of New York, a New York banking corporation, as property trustee (in such
      capacity, the “Property Trustee”), (iii) The Bank of New York (Delaware), a
      Delaware banking corporation, as Delaware trustee (the “Delaware Trustee”) (the
      Property Trustee and the Delaware Trustee are referred to collectively herein
      as
      the “Issuer Trustees”), (iv) two individuals selected by the holders of the
      Common Securities (as defined herein) to act as administrators with respect
      to
      the Issuer Trust (the “Administrators”) and (v) the several Holders, as
      hereinafter defined.

     

    W
      I T N
      E S S E T H:

     

    WHEREAS,
      the Issuer Trust (as defined herein) has been established under the Delaware
      Statutory Trust Act pursuant to a certain Trust Agreement, dated as of
June
      17,
      2004
      (the
“Original Trust Agreement”), and by the filing of the Certificate of Trust of
      the Issuer Trust with the Secretary of State of the State of Delaware on June
      17, 2004 (the “Certificate of Trust”), which Certificate of Trust is attached as
      Exhibit A; and

     

    WHEREAS,
      the Depositor, the Property Trustee and the Delaware Trustee desire to amend
      and
      restate the Original Trust Agreement in its entirety as set forth herein to
      provide for, among other things, (i) the issuance and sale of the Common
      Securities by the Issuer Trust to the Depositor, (ii) the issuance and sale
      of
      the Capital Securities by the Issuer Trust pursuant to the Underwriting
      Agreement, (iii) the acquisition by the Issuer Trust from the Depositor of
      all
      of the right, title and interest in the Junior Subordinated Debentures and
      (iv)
      the appointment of the Administrators.

     

    NOW,
      THEREFORE, in consideration of the agreements and obligations set forth herein
      and for other good and valuable consideration, the receipt and sufficiency
      of
      which are hereby acknowledged, each party, for the benefit of the other parties
      and for the benefit of the Holders, hereby amends and restates the Original
      Trust Agreement in its entirety and agrees, intending to be legally bound,
      as
      follows:

     

    ARTICLE
      I 

     

    

     

    DEFINED
      TERMS

     

    SECTION
      1.1. Definitions. For all purposes of this Trust Agreement, except as otherwise
      expressly provided or unless the context otherwise requires:

     

    (a) The
      terms
      defined in this Article have the meanings assigned to them in this Article
      and
      include the plural as well as the singular;

     

    (b) All
      other
      terms used herein that are defined in the Trust Indenture Act, either directly
      or by reference therein, have the meanings assigned to them
      therein;

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    (c) The
      words
“include,” “includes” and “including” shall be deemed to be followed by the
      phrase “without limitation”;

     

    (d) All
      accounting terms used but not defined herein have the meanings assigned to
      them
      in accordance with United States generally accepted accounting principles as
      in
      effect at the time of computation;

     

    (e) Unless
      the
      context otherwise requires, any reference to an “Article” or a “Section” refers
      to an Article or a Section, as the case may be, of this Trust Agreement;
      and

     

    (f) The
      words
“herein,” “hereof” and “hereunder” and other words of similar import refer to
      this Trust Agreement as a whole and not to any particular Article, Section
      or
      other subdivision.

     

    “Act”
has
      the meaning specified in Section 6.8.

     

    “Additional
      Amount” means, with respect to Trust Securities of a given Liquidation Amount
      and a given period, the amount of Additional Interest (as defined in the Junior
      Subordinated Debt Indenture) paid by the Depositor on Junior Subordinated
      Debentures having a principal amount equal to such Liquidation Amount for such
      period.

     

    “Additional
      Sums” means any additional amounts paid by the Depositor as specified in
      Section 2.03(r) of the Junior Subordinated Debt Indenture.

     

    “Administrators”
      means each Person appointed in accordance with Section 8.20 solely in such
      Person’s capacity as Administrator of the Issuer Trust and not in such Person’s
      individual capacity, or any successor Administrator appointed as herein
      provided; with the initial Administrators being Jai Sooklal and Debra M.
      Aaron.

     

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

     

    “Applicable
      Procedures” means, with respect to any transfer or transaction involving a
      Global Capital Security or beneficial interest therein, the rules and procedures
      of the Depositary for such Capital Security, in each case to the extent
      applicable to such transaction and as in effect from time to time.

     

    “Bankruptcy
      Event” means, with respect to any Person:

     

    (a) the
      entry
      of a decree or order by a court having jurisdiction in the premises judging
      such
      Person a bankrupt or insolvent, or approving as properly filed a petition
      seeking reorganization, arrangement, adjudication or composition of or in
      respect of such Person under any applicable federal or State bankruptcy,
      insolvency, reorganization or other similar law, or appointing a receiver,
      liquidator, assignee, trustee, sequestrator (or other similar official) of
      such

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

    Person
      or
      of any substantial part of its property or ordering the winding up or
      liquidation of its affairs, and the continuance of any such decree or order
      unstayed and in effect for a period of 60 consecutive days; or

     

    (b) the
      institution by such Person of proceedings to be adjudicated a bankrupt or
      insolvent, or the consent by it to the institution of bankruptcy or insolvency
      proceedings against it, or the filing by it of a petition or answer or consent
      seeking reorganization or relief under any applicable federal or State
      bankruptcy, insolvency, reorganization or other similar law, or the consent
      by
      it to the filing of any such petition or to the appointment of a receiver,
      liquidator, assignee, trustee, sequestrator (or similar official) of such Person
      or of any substantial part of its property or the making by it of an assignment
      for the benefit of creditors, or the admission by it in writing of its inability
      to pay its debts generally as they become due and its willingness to be
      adjudicated a bankrupt, or the taking of corporate action by such Person in
      furtherance of any such action.

     

    “Bankruptcy
      Laws” has the meaning specified in Section 10.9.

     

    “Board
      of
      Directors” means the board of directors of the Depositor or the Executive
      Committee of the board of directors of the Depositor (or any other committee
      of
      the board of directors of the Depositor performing similar functions) or a
      committee designated by the board of directors of the Depositor (or any such
      committee), comprised of two or more members of the board of directors of the
      Depositor or officers of the Depositor, or both.

     

    “Board
      Resolution” means a copy of a resolution certified by the Secretary or an
      Assistant Secretary of the Depositor to have been duly adopted by the
      Depositor’s Board of Directors, or such committee of the Board of Directors or
      officers of the Depositor to which authority to act on behalf of the Board
      of
      Directors has been delegated, and to be in full force and effect on the date
      of
      such certification, and delivered to the Issuer Trustees.

     

    “Business
      Day” means a day other than (a) a Saturday or Sunday and (b) a day on which
      banking institutions in The City of New York are authorized or required by
      law
      or executive order to remain closed.

     

    “Capital
      Securities Certificate” means a certificate evidencing ownership of Capital
      Securities, substantially in the form attached as Exhibit D.

     

    “Capital
      Security” means a preferred undivided beneficial interest in the assets of the
      Issuer Trust, having a Liquidation Amount of $25 and having the rights provided
      therefor in this Trust Agreement, including the right to receive Distributions
      and a Liquidation Distribution as provided herein.

     

    “Certificate
      Depositary Agreement” means the agreement between the Issuer Trust and the
      Depositary, as the initial Clearing Agency, dated as of April 26, 2007,
      substantially in the form attached as Exhibit B, as the same may be amended
      and
      supplemented from time to time.

     

    “Certificate
      of Trust” has the meaning specified in the preamble to this Trust
      Agreement.

     

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

    “Clearing
      Agency” means an organization registered as a “clearing agency” pursuant to
      Section 17A of the Exchange Act. The Depositary shall be the initial Clearing
      Agency.

     

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

     

    “Closing
      Date” has the meaning specified in the Underwriting Agreement.

     

    “Code”
      means the Internal Revenue Code of 1986, as amended.

     

    “Commission”
      means the Securities and Exchange Commission, as from time to time constituted,
      created under the Exchange Act, or, if at any time after the execution of this
      instrument such Commission is not existing and performing the duties now
      assigned to it under the Trust Indenture Act, then the body performing such
      duties at such time.

     

    “Common
      Securities Certificate” means a certificate evidencing ownership of Common
      Securities, substantially in the form attached as Exhibit C.

     

    “Common
      Securities Subscription Agreement” means the common securities subscription
      agreement between the Issuer Trust and the Depositor dated April 26,
      2007.

     

    “Common
      Security” means an undivided beneficial interest in the assets of the Issuer
      Trust, having a Liquidation Amount of $25 and having the rights provided
      therefor in this Trust Agreement, including the right to receive Distributions
      and a Liquidation Distribution as provided herein.

     

    “Corporate
      Trust Office” means the principal office of the Property Trustee located in the
      City of New York which at the time of the execution of this Trust Agreement
      is
      located at 101 Barclay Street, Floor 8 West, New York, New York 10286;
      Attention: Corporate Trust Administration, or such other address as the Property
      Trustee may designate from time to time by notice to the Holders and the
      Depositor, or the principal corporate trust office of any successor Property
      Trustee (or such other address as such successor Trustee may designate from
      time
      to time by notice to the Holders and the Depositor).

     

    “Debenture
      Default” means a “Default” as defined in the Indenture.

     

    “Debenture
      Event of Default” means an “Event of Default” as defined in the
      Indenture.

     

    “Debenture
      Redemption Date” means, with respect to any Junior Subordinated Debentures to be
      redeemed under the Indenture, the date fixed for redemption of such Junior
      Subordinated Debentures under the Indenture, including the date of any early
      redemption pursuant to the terms thereof, and the Scheduled Redemption
      Date.

     

    “Debt
      Securities Trustee” means The Bank of New York, a New York banking corporation,
      as Trustee under the Indenture and any successor.

     

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

    “Delaware
      Statutory Trust Act” means Chapter 38 of Title 12 of the Delaware Code, 12 Del.
      C. §3801, et seq., as it may be amended from time to time.

     

    “Delaware
      Trustee” means the corporation identified as the “Delaware Trustee” in the
      preamble to this Trust Agreement solely in its capacity as Delaware Trustee
      of
      the Issuer Trust and not in its individual capacity, or its successor in
      interest in such capacity, or any successor trustee appointed as herein
      provided.

     

    “Depositor”
      has the meaning specified in the preamble to this Trust Agreement.

     

    “Depositary”
      means The Depository Trust Company or any successor thereto.

     

    “Direct
      Action” has the meaning specified in Section 5.13.

     

    “Distribution
      Date” has the meaning specified in Section 4.1(a).

     

    “Distribution
      Period” means, with respect to the Trust Securities, the period from one
      Distribution Date to the immediately following Distribution Date.

     

    “Distributions”
      means amounts payable in respect of the Trust Securities as provided in Section
      4.1.

     

    “Early
      Termination Event” has the meaning specified in Section 9.2.

     

    “Event
      of
      Default” means any one of the following events (whatever the reason for such
      Event of Default and whether it shall be voluntary or involuntary or be effected
      by operation of law or pursuant to any judgment, decree or order of any court
      or
      any order, rule or regulation of any administrative or governmental
      body):

     

    (a) the
      occurrence of a Debenture Default; or

     

    (b) default
      by
      the Issuer Trust or the Property Trustee in the payment of any Distribution
      when
      it becomes due and payable, and continuation of such default for a period of
      30
      days; or

     

    (c) default
      by
      the Issuer Trust or the Property Trustee in the payment of any Redemption Price
      of any Trust Security when it becomes due and payable; or

     

    (d) default
      in
      the performance, or breach, in any material respect, of any covenant or warranty
      of the Issuer Trustees in this Trust Agreement (other than a covenant or
      warranty, a default in the performance of which or the breach of which is dealt
      with in clause (b) or (c) above) and continuation of such default or breach
      for
      a period of 60 days after there has been given, by registered or certified
      mail,
      to the Issuer Trustees and the Depositor by the Holders of at least 25% in
      aggregate Liquidation Amount of the Outstanding Capital Securities, a written
      notice specifying such default or breach and requiring it to be remedied and
      stating that such notice is a “Notice of Default” hereunder; or

     

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

    (e) the
      occurrence of any Bankruptcy Event with respect to the Property Trustee or
      all
      or substantially all of its property if a successor Property Trustee has not
      been appointed within a period of 90 days thereof.

     

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

     

    “Expense
      Agreement” means the Agreement as to Expenses and Liabilities, dated as of the
      Closing Date, between the Depositor, in its capacity as holder of the Common
      Securities, and the Issuer Trust, substantially in the form attached as Exhibit
      E, as amended from time to time.

     

    “Expiration
      Date” has the meaning specified in Section 9.1.

     

    “Final
      Maturity Date” means, with respect to the Junior Subordinated Debentures, April
      15, 2067.

     

    “Global
      Capital Securities Certificate” means a Capital Securities Certificate
      evidencing ownership of Global Capital Securities.

     

    “Global
      Capital Security” means a Capital Security, the ownership and transfers of which
      shall be made through book entries by a Clearing Agency as described in Section
      5.4.

     

    “Guarantee
      Agreement” means the Capital Securities Guarantee Agreement executed and
      delivered by the Depositor and The Bank of New York, as Guarantee Trustee,
      contemporaneously with the execution and delivery of this Trust Agreement,
      for
      the benefit of the holders of the Capital Securities, as amended from time
      to
      time.

     

    “Holder”
      means a Person in whose name a Trust Security or Trust Securities is registered
      in the Securities Register; any such Person shall be a beneficial owner within
      the meaning of the Delaware Statutory Trust Act.

     

    “Indenture”
      means the Junior Subordinated Indenture, dated as of October 12, 2006, between
      the Depositor and the Debt Securities Trustee (as amended or supplemented from
      time to time and including the forms and terms of the Junior Subordinated
      Debentures established as contemplated thereunder) relating to the issuance
      of
      the Junior Subordinated Debentures.

     

    “Investment
      Company Act” means the Investment Company Act of 1940, as amended.

     

    “Investment
      Company Event” means the receipt by the Depositor of an Opinion of Counsel
      experienced in such matters, who shall not be an officer or employee of the
      Depositor or any of its Affiliates, to the effect that, as a result of the
      occurrence of a change in law or regulation or a written change (including
      any
      announced prospective change) in interpretation or application of law or
      regulation by any legislative body, court, governmental agency or regulatory
      authority, there is more than an insubstantial risk that the Issuer Trust is
      or
      will be considered an “investment company” that is required to be registered
      under the Investment Company Act, which change or prospective change becomes
      effective or would become effective, as the case may be, on or after April
      19,
      2007.

     

    
      
        
        

      

      
        6

        
          

        

      

      
        
        

      

    

    “Issuer
      Trust” means Morgan Stanley Capital Trust VIII.

     

    “Issuer
      Trustees” means, collectively, the Property Trustee and the Delaware
      Trustee.

     

    “Junior
      Subordinated Debentures” means the aggregate principal amount of the Depositor’s
      6.45% Junior Subordinated Deferrable Interest Debentures maturing on April
      15,
      2067 issued pursuant to the Indenture.

     

    “Junior
      Subordinated Debenture Subscription Agreement” means the junior subordinated
      debenture subscription agreement between the Issuer Trust and the Depositor
      dated April 26, 2007.

     

    “Lien”
      means any lien, pledge, charge, encumbrance, mortgage, deed of trust, adverse
      ownership interest, hypothecation, assignment, security interest or preference,
      priority or other security agreement or preferential arrangement of any kind
      or
      nature whatsoever.

     

    “Like
      Amount” means (a) with respect to a redemption of Trust Securities, Trust
      Securities having a Liquidation Amount equal to that portion of the principal
      amount of Junior Subordinated Debentures to be contemporaneously redeemed in
      accordance with the Indenture, allocated to the Common Securities and to the
      Capital Securities based upon the relative Liquidation Amounts of such classes
      and (b) with respect to a distribution of Junior Subordinated Debentures to
      Holders of Trust Securities in connection with a dissolution or liquidation
      of
      the Issuer Trust, Junior Subordinated Debentures having a principal amount
      equal
      to the Liquidation Amount of the Trust Securities of the Holder to whom such
      Junior Subordinated Debentures are distributed.

     

    “Liquidation
      Amount” means the stated amount of $25 per Trust Security.

     

    “Liquidation
      Date” means the date on which Junior Subordinated Debentures are to be
      distributed to Holders of Trust Securities in connection with a dissolution
      and
      liquidation of the Issuer Trust pursuant to Section 9.4.

     

    “Liquidation
      Distribution” has the meaning specified in Section 9.4(d).

     

    “Majority
      in Liquidation Amount of the Capital Securities” or “Majority in Liquidation
      Amount of the Common Securities” means, except as provided by the Trust
      Indenture Act, Capital Securities or Common Securities, as the case may be,
      representing more than 50% of the aggregate Liquidation Amount of all then
      Outstanding Capital Securities or Common Securities, as the case may
      be.

     

    “Officer’s
      Certificate” means a certificate signed by the Chairman of the Board, the
      President, the Chief Financial Officer, the Chief Administrative Officer, the
      Chief Legal Officer, any Executive Vice President, the Treasurer and any
      Assistant Treasurer of the Depositor, or any other person authorized by the
      Board of Directors of the Depositor to execute any such written statement,
      and
      delivered to the party provided herein. Any Officer’s Certificate delivered with
      respect to compliance with a condition or covenant provided for in this Trust
      Agreement shall include:

     

    
      
        
        

      

      
        7

        
          

        

      

      
        
        

      

    

    (a) a
      statement by the officer signing the Officer’s Certificate that such officer has
      read the covenant or condition and the definitions relating
      thereto;

     

    (b) a
      brief
      statement of the nature and scope of the examination or investigation undertaken
      by such officer in rendering the Officer’s Certificate;

     

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

     

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

     

    “Opinion
      of Counsel” means a written opinion of counsel, who may, unless otherwise
      specified herein, be counsel for, or an officer or employee of, the Depositor
      or
      any Affiliate of the Depositor.

     

    “Optional
      Deferral Period” has the meaning specified in Section 4.1(a)(iii).

     

    “Original
      Trust Agreement” has the meaning specified in the preamble to this Trust
      Agreement.

     

    “Outstanding,”
      with respect to Trust Securities, means, as of the date of determination, all
      Trust Securities theretofore executed and delivered under this Trust Agreement,
      except:

     

    (a) Trust
      Securities theretofore canceled by the Property Trustee or delivered to the
      Property Trustee for cancellation;

     

    (b) Trust
      Securities for whose payment or redemption money in the necessary amount has
      been theretofore deposited with the Property Trustee or any Paying Agent for
      the
      Holders of such Trust Securities, provided that if such Trust Securities are
      to
      be redeemed, notice of such redemption has been duly given pursuant to this
      Trust Agreement; and

     

    (c) Trust
      Securities which have been paid or in exchange for or in lieu of which other
      Trust Securities have been executed and delivered pursuant to Sections 5.4,
      5.5,
      5.6 and 5.13; provided, however, that in determining whether the Holders of
      the
      requisite Liquidation Amount of the Outstanding Capital Securities have given
      any request, demand, authorization, direction, notice, consent or waiver
      hereunder, Capital Securities owned by the Depositor, or any Issuer Trustee,
      any
      Administrator or any Affiliate of the Depositor or any Issuer Trustee shall
      be
      disregarded and deemed not to be Outstanding, except that (a) in determining
      whether any Issuer Trustee shall be protected in relying upon any such request,
      demand, authorization, direction, notice, consent or waiver, only Capital
      Securities that such Issuer Trustee or such Administrator, as the case may
      be,
      actually knows to be so owned shall be so disregarded and (b) the foregoing
      shall not apply at any time when all of the outstanding Capital Securities
      are
      owned by the Depositor, one or more of the Issuer Trustees, one or more of
      the
      Administrators and/or any such Affiliate. Capital Securities so owned which
      have
      been pledged in good faith may be regarded as Outstanding if the pledgee
      establishes to the satisfaction of the Administrators the pledgee’s
      right

     

    
      
        
        

      

      
        8

        
          

        

      

      
        
        

      

    

    so
      to act
      with respect to such Capital Securities and that the pledgee is not the
      Depositor or any Affiliate of the Depositor.

     

    “Owner”
      means each Person who is the beneficial owner of Global Capital Securities
      as
      reflected in the records of the Clearing Agency or, if a Clearing Agency
      Participant is not the Owner, then as reflected in the records of a Person
      maintaining an account with such Clearing Agency (directly or indirectly),
      in
      accordance with the rules of such Clearing Agency.

     

    “Paying
      Agent” means any paying agent or co-paying agent appointed pursuant to Section
      5.10 and shall initially be the Property Trustee.

     

    “Payment
      Account” means a segregated non-interest-bearing corporate trust account
      maintained with the Property Trustee in its trust department for the benefit
      of
      the Holders in which all amounts paid in respect of the Junior Subordinated
      Debentures will be held and from which the Property Trustee, through the Paying
      Agent, shall make payments to the Holders in accordance with Sections 4.1 and
      4.2.

     

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

     

    “Property
      Trustee” means the Person identified as the “Property Trustee” in the preamble
      to this Trust Agreement solely in its capacity as Property Trustee of the Issuer
      Trust and not in its individual capacity, or its successor in interest in such
      capacity, or any successor property trustee appointed as herein
      provided.

     

    “Rating
      Agency Event” means the determination by the Depositor of a change by any
      nationally recognized statistical rating organization within the meaning of
      Rule
      15c3-1 under the Exchange Act that publishes, as of April 19, 2007, a rating
      for
      the Depositor in the equity credit criteria for securities such as the Capital
      Securities or the underlying Junior Subordinated Debentures resulting in a
      lower
      equity credit to the Depositor than the equity credit assigned by such rating
      agency to the Capital Securities or the Junior Subordinated Debentures as of
      April 19, 2007.

     

    “Redemption
      Date” means, with respect to any Trust Security to be redeemed, the date fixed
      for such redemption by or pursuant to this Trust Agreement including the date
      of
      any early redemption pursuant to the terms of the Indenture, and the Scheduled
      Maturity Date; provided that each Debenture Redemption Date and the Final
      Maturity Date of the Junior Subordinated Debentures shall be a Redemption Date
      for a Like Amount of Trust Securities, including but not limited to any date
      of
      redemption pursuant to the occurrence of any Special Event of which the
      Depositor shall notify the Issuer Trust promptly after the Depositor’s
      determination of such Special Event.

     

    “Redemption
      Price” means, with respect to any Trust Security, the Liquidation Amount of such
      Trust Security, plus accumulated and unpaid Distributions to but excluding
      the
      Redemption Date; provided, that, in the case of an early Redemption Date
      resulting from the

     

    
      
        
        

      

      
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    occurrence
      of a Rating Agency Event, the Redemption Price will equal the Early Redemption
      Price as defined in the Indenture.

     

    “Regulatory
      Capital Event” means the determination of the Depositor, based on the receipt by
      the Depositor of an Opinion of Counsel experienced in such matters, that as
      a
      result of any amendment to, clarification of or change (including any announced
      prospective change) in applicable laws or regulations or official
      interpretations thereof or policies with respect thereto or any official
      administrative pronouncement or judicial decision interpreting or applying
      such
      laws or regulations, which amendment, clarification, change, pronouncement
      or
      decision is effective or announced on or after April 19, 2007 there is more
      than
      an insubstantial risk that the Capital Securities will no longer constitute
      tier
      1 capital of the Depositor or any holding company of which the Depositor is
      a
      subsidiary for the purposes of the capital adequacy guidelines or policies
      of
      the Commission or any applicable regulatory body or governmental
      authority.

     

    “Relevant
      Trustee” has the meaning specified in Section 8.10.

     

    “Responsible
      Officer” when used with respect to the Property Trustee means any officer
      assigned to the Corporate Trust Office, including any vice president, assistant
      vice president, assistant treasurer, assistant secretary, trust officer or
      any
      other officer of the Property Trustee customarily performing functions similar
      to those performed by any of the above designated officers and having direct
      responsibility for the administration of this Trust Agreement, and also, with
      respect to a particular matter, any other officer to whom such matter is
      referred because of such officer’s knowledge of and familiarity with the
      particular subject.

     

    “Scheduled
      Redemption Date” means, with respect to the Junior Subordinated Debentures,
      January 15, 2046.

     

    “Securities
      Act” means the Securities Act of 1933, as amended, and any successor statute
      thereto, in each case as amended from time to time.

     

    “Securities
      Register” and “Securities Registrar” have the respective meanings specified in
      Section 5.5.

     

    “Senior
      Indebtedness” has the meaning specified in the Indenture.

     

    “Special
      Event” means any Tax Event, Investment Company Event, Rating Agency Event or
      Regulatory Capital Event.

     

    “Tax
      Event” means the receipt by the Depositor of an Opinion of Counsel experienced
      in such matters, who shall not be an officer or employee of the Depositor or
      any
      of its Affiliates, to the effect that, as a result of any amendment to, or
      change (including any announced prospective change), in the laws (or any
      regulations thereunder) of the United States or any political subdivision or
      taxing authority thereof or therein affecting taxation or as a result of any
      official or administrative pronouncement or action or judicial decision
      interpreting or applying such laws or regulations, which amendment or change
      is
      effective or which pronouncement, action or 

    
      
        
        

      

      
        10

        
          

        

      

      
        
        

      

    

    decision
      is announced on or after April 19, 2007, there is more than an insubstantial
      risk that (i) the Issuer Trust is, or will be within 90 days of the delivery
      of
      such Opinion of Counsel, subject to United States Federal income tax with
      respect to income received or accrued on the Junior Subordinated Debentures,
      (ii) interest payable by the Depositor to the Issuer Trust on the Junior
      Subordinated Debentures is not, or within 90 days of the delivery of such
      Opinion of Counsel will not be, deductible by the Depositor, in whole or in
      part, for United States Federal income tax purposes, or (iii) the Issuer Trust
      is, or will be within 90 days of the delivery of such Opinion of Counsel,
      subject to more than a de
      minimis
      amount of
      other taxes, duties or other governmental charges.

     

    “Trust
      Agreement” means this Amended and Restated Trust Agreement, as the same may be
      modified, amended or supplemented in accordance with the applicable provisions
      hereof, including (i) all Exhibits hereto, and (ii) for all purposes of this
      Amended and Restated Trust Agreement any such modification, amendment or
      supplement, the provisions of the Trust Indenture Act that are deemed to be
      a
      part of and govern this Amended and Restated Trust Agreement and any
      modification, amendment or supplement, respectively.

     

    “Trust
      Indenture Act” means the Trust Indenture Act of 1939 or any successor statute,
      in each case as amended from time to time.

     

    “Trust
      Property” means (a) the Junior Subordinated Debentures, (b) any cash on deposit
      in, or owing to, the Payment Account, and (c) all proceeds and rights in respect
      of the foregoing or any other property and assets for the time being held or
      deemed to be held by the Property Trustee pursuant to the terms of this Trust
      Agreement.

     

    “Trust
      Securities Certificate” means any one of the Common Securities Certificates or
      the Capital Securities Certificates.

     

    “Trust
      Security” means any one of the Common Securities or the Capital
      Securities.

     

    “Underwriters”
      has the meaning specified in the Underwriting Agreement.

     

    “Underwriting
      Agreement” means the Underwriting Agreement, dated as of April 19, 2007, among
      the Issuer Trust, the Depositor and the Underwriters, as the same may be amended
      from time to time.

     

    
      
        
        

      

      
        11

        
          

        

      

      
        
        

      

    

    ARTICLE
      II

     

    CONTINUATION
      OF THE ISSUER TRUST

     

    SECTION
      2.1. Name. The Issuer Trust continued hereby shall be known as “Morgan Stanley
      Capital Trust VIII,” as such name may be modified from time to time by the
      Administrators following written notice to the Holders of Trust Securities
      and
      the Issuer Trustees, in which name the Administrators and the Issuer Trustees
      may engage in the transactions contemplated hereby, make and execute contracts
      and other instruments on behalf of the Issuer Trust and sue and be
      sued.

     

    SECTION
      2.2. Office of the Delaware Trustee; Principal Place of Business. 

     

    The
      address of the Delaware Trustee in the State of Delaware is White Clay Center,
      Route 273, Newark, DE 19711, Attention: Corporate Trust Administration, or
      such
      other address in the State of Delaware as the Delaware Trustee may designate
      by
      written notice to the Holders and the Depositor. The principal executive office
      of the Issuer Trust is in care of Morgan Stanley, 1585 Broadway, New York,
      NY
      10036, Attention: Office of the Secretary.

     

    SECTION
      2.3. Initial Contribution of Trust Property; Organizational Expenses. 

     

    The
      Issuer
      Trust acknowledges receipt in trust from the Depositor in connection with this
      Trust Agreement of the sum of $10, which constitutes the initial Trust Property.
      The Depositor shall pay all organizational expenses of the Issuer Trust as
      they
      arise or shall, upon request of any Issuer Trustee, promptly reimburse such
      Issuer Trustee for any such expenses paid by such Issuer Trustee. The Depositor
      shall make no claim upon the Trust Property for the payment of such
      expenses.

     

    SECTION
      2.4. Issuance of the Trust Securities. 

     

    The
      Depositor, both on its own behalf and on behalf of the Issuer Trust pursuant
      to
      the Original Trust Agreement, executed and delivered the Underwriting Agreement.
      Contemporaneously with the execution and delivery of this Trust Agreement,
      an
      Administrator, on behalf of the Issuer Trust, shall execute, manually or by
      facsimile, in accordance with Section 5.3, the Property Trustee shall
      authenticate in accordance with Section 5.3, and the Issuer Trust shall deliver
      to the Underwriters, Capital Securities Certificates, registered in the names
      requested by the Underwriters, in an aggregate amount of 33,000,000 Capital
      Securities having an aggregate Liquidation Amount of $825,000,000, against
      receipt of the aggregate purchase price of such Capital Securities of
      $825,000,000 by the Issuer Trust.

     

    SECTION
      2.5. Issuance of the Common Securities; Subscription and Purchase of Junior
      Subordinated Debentures. 

     

    Contemporaneously
      with the execution and delivery of this Trust Agreement, an Administrator,
      on
      behalf of the Issuer Trust, shall execute or cause to be executed in accordance
      with Section 5.2 and deliver to the Depositor a Common Securities Certificate,
      registered in the name of the Depositor, in an aggregate amount of 400 Common
      Securities having an aggregate

     

    
      
        
        

      

      
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    Liquidation
      Amount of $10,000 against receipt of the aggregate purchase price of such Common
      Securities of $10,000 by the Issuer Trust. Contemporaneously therewith, an
      Administrator, on behalf of the Issuer Trust, shall subscribe for and purchase
      from the Depositor the Junior Subordinated Debentures, registered in the name
      of
      the Issuer Trust and having an aggregate principal amount equal to $10,000
      and,
      in satisfaction of the purchase price for such Junior Subordinated Debentures,
      the Property Trustee, on behalf of the Issuer Trust, shall deliver to the
      Depositor the sum of $825,010,000 (being the sum of the amounts delivered to
      the
      Property Trustee pursuant to (i) the second sentence of Section 2.4, and (ii)
      the first sentence of this Section 2.5) and receive on behalf of the Issuer
      Trust the Junior Subordinated Debentures.

     

    SECTION
      2.6. Declaration of Trust. 

     

    The
      exclusive purposes and functions of the Issuer Trust are to (a) issue and sell
      Trust Securities and use the proceeds from such sale to acquire the Junior
      Subordinated Debentures, and (b) engage in only those other activities
      necessary, convenient or incidental thereto. The Depositor hereby appoints
      the
      Issuer Trustees as trustees of the Issuer Trust, to have all the rights, powers
      and duties to the extent set forth herein, and the Issuer Trustees hereby accept
      such appointment. The Property Trustee hereby declares that it will hold the
      Trust Property in trust upon and subject to the conditions set forth herein
      for
      the benefit of the Issuer Trust and the Holders. The Depositor hereby appoints
      the Administrators, with such Administrators having all rights, powers and
      duties set forth herein with respect to accomplishing the purposes of the Issuer
      Trust, and the Administrators hereby accept such appointment, provided, however,
      that it is the intent of the parties hereto that such Administrators shall
      not
      be trustees with respect to the Issuer Trust and this Trust Agreement shall
      be
      construed in a manner consistent with such intent. The Property Trustee shall
      have the right and power to perform those duties assigned to the Administrators.
      The Delaware Trustee shall not be entitled to exercise any powers, nor shall
      the
      Delaware Trustee have any of the duties and responsibilities, of the Property
      Trustee or the Administrators set forth herein. The Delaware Trustee shall
      be
      one of the trustees of the Issuer Trust for the sole and limited purpose of
      fulfilling the requirements of Section 3807 of the Delaware Statutory Trust
      Act
      and for taking such actions as are required to be taken by a Delaware trustee
      under the Delaware Statutory Trust Act.

     

    SECTION
      2.7. Authorization to Enter into Certain Transactions. 

     

    (a) The
      Issuer
      Trustees and the Administrators shall conduct the affairs of the Issuer Trust
      in
      accordance with the terms of this Trust Agreement. Subject to the limitations
      set forth in paragraph (b) of this Section and in accordance with the following
      provisions (i), (ii) and (iii), the Issuer Trustees and the Administrators
      shall
      act as follows:

     

    (i) Each
      Administrator, acting singly or jointly, is authorized, on behalf of the Trust,
      to:

     

    (A) comply
      with the Underwriting Agreement regarding the issuance and sale of the Capital
      Securities;

     

    (B) assist
      in
      compliance with the Securities Act, applicable state securities or blue sky
      laws, and the Trust Indenture Act;

     

    
      
        
        

      

      
        13

        
          

        

      

      
        
        

      

    

    (C) assist
      in
      the listing of the Capital Securities upon such securities exchange or exchanges
      as shall be determined by the Depositor, with the registration of the Capital
      Securities under the Exchange Act, if required, and the preparation and filing
      of all periodic and other reports and other documents pursuant to the
      foregoing;

     

    (D) execute
      the Trust Securities on behalf of the Issuer Trust in accordance with this
      Trust
      Agreement;

     

    (E) execute
      and deliver an application for a taxpayer identification number for the Issuer
      Trust;

     

    (F) execute
      on
      behalf of the Issuer Trust any documents that the Administrators have the power
      to execute pursuant to this Trust Agreement, including without limitation Junior
      Subordinated Debenture Subscription Agreements, Common Securities Subscription
      Agreements, a Certificate Depositary Agreement and an Expense Agreement, all
      by
      and between the Issuer Trust and the Depositor; and

     

    (G) take
      any
      action incidental to the foregoing as necessary or advisable to give effect
      to
      the terms of this Trust Agreement (and any actions taken in furtherance of
      the
      above prior to the date of this Trust Agreement by the Administrators are hereby
      ratified and confirmed in all respects).

     

    (ii) The
      Property Trustee shall have the power and authority to act on behalf of the
      Issuer Trust with respect to the following matters:

     

    (A) the
      establishment of the Payment Account;

     

    (B) the
      receipt of the Junior Subordinated Debentures;

     

    (C) the
      receipt and collection of interest, principal and any other payments made in
      respect of the Junior Subordinated Debentures in the Payment
      Account;

     

    (D) the
      distribution of amounts owed to the Holders in respect of the Trust
      Securities;

     

    (E) the
      exercise of all of the rights, powers and privileges of a holder of the Junior
      Subordinated Debentures;

     

    (F) the
      sending of notices of default and other information regarding the Trust
      Securities and the Junior Subordinated Debentures to the Holders in accordance
      with this Trust Agreement;

     

    (G) the
      distribution of the Trust Property in accordance with the terms of this Trust
      Agreement;

     

    
      
        
        

      

      
        14

        
          

        

      

      
        
        

      

    

    (H) to
      the
      extent provided in this Trust Agreement, the winding up of the affairs of and
      liquidation of the Issuer Trust and the execution of the certificate of
      cancellation with the Secretary of State of the State of Delaware;
      and

     

    (I) after
      an
      Event of Default (other than under the definition of such term if such Event
      of
      Default is by or with respect to the Property Trustee), compliance with the
      provisions of this Trust Agreement and the taking of any action to give effect
      to the terms of this Trust Agreement and protect and conserve the Trust Property
      for the benefit of the Holders (without consideration of the effect of any
      such
      action on any particular Holder);

     

    provided,
      however, that nothing in this Section 2.7(a)(ii) shall require the Property
      Trustee to take any action that is not otherwise required in this Trust
      Agreement.

     

    (b) So
      long as
      this Trust Agreement remains in effect, the Issuer Trust (or the Issuer Trustees
      or Administrators acting on behalf of the Issuer Trust) shall not undertake
      any
      business, activities or transaction except as expressly provided herein or
      contemplated hereby. In particular, neither the Issuer Trustees nor the
      Administrators shall (i) acquire any investments, reinvest the proceeds derived
      from investments, or engage in any activities not authorized by this Trust
      Agreement, (ii) sell, assign, transfer, exchange, mortgage, pledge, set-off or
      otherwise dispose of any of the Trust Property or interests therein, including
      to Holders, except as expressly provided herein, (iii) take any action that
      would reasonably be expected to cause the Issuer Trust to fail or cease to
      qualify as a grantor trust for United States Federal income tax purposes or
      to
      cause the Issuer Trust to become taxable as a corporation or a partnership
      for
      United States Federal income tax purposes, (iv) incur any indebtedness for
      borrowed money or issue any other debt, (v) issue any securities or other
      evidences of beneficial ownership of, or beneficial interests in, the Issuer
      Trust other than the Trust Securities or (vi) take or consent to any action
      that
      would result in the placement of a Lien on any of the Trust Property. The
      Property Trustee shall defend all claims and demands of all Persons at any
      time
      claiming any Lien on any of the Trust Property adverse to the interest of the
      Issuer Trust or the Holders in their capacity as Holders.

     

    (c) In
      connection with the issue and sale of the Capital Securities, the Depositor
      shall have the right and responsibility to assist the Issuer Trust with respect
      to, or effect on behalf of the Issuer Trust, the following (and any actions
      taken by the Depositor in furtherance of the following prior to the date of
      this
      Trust Agreement are hereby ratified and confirmed in all respects):

     

    (i) the
      preparation and filing by the Issuer Trust, and execution on behalf of the
      Issuer Trust, of a registration statement, a free writing prospectus and a
      prospectus in relation to the Capital Securities, including any amendments
      thereto and the taking of any action necessary or desirable to sell the Capital
      Securities in a transaction or a series of transactions not exempt from the
      registration requirements of the Securities Act;

     

    (ii) the
      determination of the States in which to take appropriate action to qualify
      or
      register for sale all or part of the Capital Securities and the determination
      of
      any and all such acts, other than actions that must be taken by or on behalf
      of
      the Issuer

     

    
      
        
        

      

      
        15

        
          

        

      

      
        
        

      

    

    Trust,
      and
      the advice to the Issuer Trustees of actions they must take on behalf of the
      Issuer Trust, and the preparation for execution and filing of any documents
      to
      be executed and filed by the Issuer Trust or on behalf of the Issuer Trust,
      as
      the Depositor deems necessary or advisable in order to comply with the
      applicable laws of any such States in connection with the sale of the Capital
      Securities;

     

    (iii) the
      negotiation of the terms of, and the execution and delivery of, the Underwriting
      Agreement providing for the sale of the Capital Securities;

     

    (iv) compliance
      with the listing requirements of the Capital Securities upon such securities
      exchange or exchanges as shall be determined by the Depositor, the registration
      of the Capital Securities under the Exchange Act, if required, and the
      preparation and filing of all periodic and other reports and other documents
      pursuant to the foregoing; and

     

    (v) the
      taking
      of any other actions necessary or desirable to carry out any of the foregoing
      activities.

     

    (d) Notwithstanding
      anything herein to the contrary, the Administrators and the Property Trustee
      are
      authorized and directed to conduct the affairs of the Issuer Trust and to
      operate the Issuer Trust so that the Issuer Trust will not be deemed to be
      an
“investment company” required to be registered under the Investment Company Act,
      and will not be taxable as a corporation, a partnership or any other arrangement
      other than as a grantor trust for United States Federal income tax purposes
      and
      so that the Junior Subordinated Debentures will be treated as indebtedness
      of
      the Depositor for United States Federal income tax purposes. In this connection,
      the Property Trustee and the Holders of Common Securities are authorized to
      take
      any action, not inconsistent with applicable law, the Certificate of Trust
      or
      this Trust Agreement, that the Property Trustee and Holders of Common Securities
      determine in their discretion to be necessary or desirable for such purposes,
      as
      long as such action does not adversely affect in any material respect the
      interests of the Holders of the Outstanding Capital Securities. In no event
      shall the Administrators or the Issuer Trustees be liable to the Issuer Trust
      or
      the Holders for any failure to comply with this section that results from a
      change in law or regulations or in the interpretation thereof.

     

    SECTION
      2.8. Assets of Trust. 

     

    The
      assets
      of the Issuer Trust shall consist solely of the Trust Property.

     

    SECTION
      2.9. Title to Trust Property. 

     

    Legal
      title to all Trust Property shall be vested at all times in the Property Trustee
      (in its capacity as such) and shall be held and administered by the Property
      Trustee for the benefit of the Issuer Trust and the Holders in accordance with
      this Trust Agreement.

     

    
      
        
        

      

      
        16

        
          

        

      

      
        
        

      

    

    ARTICLE
      III 

     

    PAYMENT
      ACCOUNT

     

    SECTION
      3.1. Payment Account. 

     

    (a) On
      or
      prior to the Closing Date, the Property Trustee shall establish the Payment
      Account. The Property Trustee and its agents shall have exclusive control and
      sole right of withdrawal with respect to the Payment Account for the purpose
      of
      making deposits in and withdrawals from the Payment Account in accordance with
      this Trust Agreement. All monies and other property deposited or held from
      time
      to time in the Payment Account shall be held by the Property Trustee in the
      Payment Account for the exclusive benefit of the Holders and for distribution
      as
      herein provided, including (and subject to) any priority of payments provided
      for herein.

     

    (b) The
      Property Trustee shall deposit in the Payment Account, promptly upon receipt,
      all payments of principal of or interest on, and any other payments or proceeds
      with respect to, the Junior Subordinated Debentures. Amounts held in the Payment
      Account shall not be invested by the Property Trustee pending distribution
      thereof.

     

    ARTICLE
      IV 

     

    DISTRIBUTIONS;
      REDEMPTION

     

    SECTION
      4.1. Distributions. 

     

    (a) The
      Trust
      Securities represent undivided beneficial interests in the Trust Property,
      and
      Distributions (including of Additional Amounts) will be made on the Trust
      Securities at the rate and on the dates that payments of interest (including
      of
      Additional Interest, as defined in the Indenture) are made on the Junior
      Subordinated Debentures. Accordingly:

     

    (i) Distributions
      on the Trust Securities shall be cumulative and will accumulate whether or
      not
      there are funds of the Issuer Trust available for the payment of Distributions.
      Distributions shall accumulate from and including April 26, 2007, and, except
      in
      the event (and to the extent) that the Depositor exercises its right to defer
      the payment of interest on the Junior Subordinated Debentures pursuant to the
      Indenture, shall be payable quarterly in arrears not later than 10:00 a.m.
      (New
      York City time) on January 15, April 15, July 15 and October 15 of each year,
      commencing on July 15 2007. If any date on which a Distribution is otherwise
      payable on the Trust Securities is not a Business Day, then the payment of
      such
      Distribution shall be made on the next succeeding day that is a Business Day
      (without any interest or other payment in respect of any such delay), with
      the
      same force and effect as if made on the date on which such payment was
      originally payable (each date on which distributions are payable in accordance
      with this Section 4.1(a), a “Distribution Date”).

     

    (ii) The
      Trust
      Securities shall be entitled to Distributions payable at a rate of 6.45% per
      annum of the Liquidation Amount of the Trust Securities. The amount
      of

     

    
      
        
        

      

      
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    Distributions
      payable for any period less than a full Distribution Period shall be computed
      on
      the basis of a 360-day year of twelve 30-day months and the actual number of
      days elapsed in a partial month in a period. Distributions on the Trust
      Securities will accumulate from and including the most recent Distribution
      Date
      to which Distributions have been paid or duly provided for, or, if no
      Distributions have been paid or duly provided for, from and including April
      26,
      2007 to but excluding the date the Liquidation Amount has been paid or duly
      made
      available for payment. Distributions payable for each full Distribution Period
      will be computed by dividing the rate per annum by four (4). The amount of
      Distributions payable for any period shall include any Additional Amounts in
      respect of such period.

     

    (iii) So
      long as
      no Debenture Event of Default has occurred and is continuing, the Depositor
      has
      the right under the Indenture to defer the payment of interest on the Junior
      Subordinated Debentures at any time and from time to time for a period not
      exceeding 40 consecutive quarterly periods (an “Optional Deferral Period”),
      provided that no Optional Deferral Period may extend beyond the Final Maturity
      Date or the acceleration of the Junior Subordinated Debentures following a
      Debenture Event of Default. As a consequence of any such deferral, quarterly
      Distributions on the Trust Securities by the Issuer Trust will also be deferred
      to the extent and except as provided in the Junior Subordinated Debentures,
      and
      the amount of Distributions to which Holders of the Trust Securities are
      entitled that have been so deferred will accumulate additional Distributions
      thereon at the rate per annum of 6.45%, compounded quarterly from and including
      the most recent Distribution payment date on which Distributions were paid,
      computed on the basis of a 360-day year of twelve 30-day months and the actual
      number of days elapsed in a partial month in such period. Additional
      Distributions payable for each full Distribution Period will be computed by
      dividing the rate per annum by four (4). The term “Distributions” as used in
      Section 4.1 shall include any such additional Distributions provided pursuant
      to
      this Section 4.1(a)(iii).

     

    (iv) In
      the
      event of any bankruptcy, insolvency or similar proceedings in respect of the
      Depositor, as described in Section 5.01(b) or (c) of the Indenture, prior to
      the
      redemption or repayment of the Junior Subordinated Debentures, Holders of the
      Junior Subordinated Debentures shall only have a claim for, or right to receive,
      distributions with respect to deferred interest, including accrued interest
      on
      the deferred payments, to the extent such interest (including accrued interest
      on the deferred payments) relates to the first two years of the Optional
      Deferral Period and, consequently, Holders of the Trust Securities shall only
      have a claim for, or right to receive, Distributions as so reduced.

     

    (v) Distributions
      on the Trust Securities shall be made by the Property Trustee from the Payment
      Account and shall be payable not later than 10:00 a.m. (New York City time)
      on
      each Distribution Date only to the extent that the Issuer Trust has funds then
      on hand and available in the Payment Account for the payment of such
      Distributions.

     

    (b) Distributions
      on the Trust Securities with respect to a Distribution Date shall be payable
      to
      the Holders thereof as they appear on the Securities Register for the Trust
      Securities at

     

    
      
        
        

      

      
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    the
      close
      of business on the relevant record date, which shall be at the close of business
      on the 15th calendar day next preceding the relevant Distribution Date, whether
      or not a Business Day.

     

    SECTION
      4.2. Redemption. 

     

    (a) On
      each
      Debenture Redemption Date and on the Final Maturity Date of the Junior
      Subordinated Debentures, the Issuer Trust will be required to redeem a Like
      Amount of Trust Securities at the Redemption Price.

     

    (b) Notice
      of
      redemption shall be given by the Property Trustee by first-class mail, postage
      prepaid, mailed not less than 15 nor more than 30 days prior to the Redemption
      Date to each Holder of Trust Securities to be redeemed, at such Holder’s address
      appearing in the Security Register. All notices of redemption shall
      state:

     

    (i) the
      Redemption Date;

     

    (ii) the
      Redemption Price or, if the Redemption Price cannot be calculated prior to
      the
      time the notice is required to be sent, the manner of calculation of the
      Redemption Price provided pursuant to the Indenture together with a statement
      that the Redemption Price will be calculated on the third Business Day prior
      to
      the Redemption Date (and if the manner of calculation of the Redemption Price
      is
      provided, a further notice shall be sent of the Redemption Price on the date,
      or
      as soon as practicable thereafter, that notice of such Redemption Price is
      received pursuant to the Indenture);

     

    (iii) the
      CUSIP
      number or CUSIP numbers of the Capital Securities affected;

     

    (iv) if
      less
      than all the Outstanding Trust Securities are to be redeemed, the identification
      and the total Liquidation Amount of the particular Trust Securities to be
      redeemed;

     

    (v) that,
      on
      the Redemption Date, the Redemption Price will become due and payable upon
      each
      such Trust Security to be redeemed and that Distributions thereon will cease
      to
      accumulate on and after said date, except as provided in Section 4.2(d) below;
      and

     

    (vi) the
      place
      or places where Trust Securities are to be surrendered for the payment of the
      Redemption Price.

     

    The
      Issuer
      Trust in issuing the Trust Securities shall use “CUSIP” numbers, and the
      Property Trustee shall indicate the “CUSIP” numbers of the Trust Securities in
      notices of redemption and related materials as a convenience to Holders;
      provided that any such notice may state that no representation is made as to
      the
      correctness of such numbers either as printed on the Trust Securities or as
      contained in any notice of redemption and related material.

     

    (c) The
      Trust
      Securities redeemed on each Redemption Date shall be redeemed at the Redemption
      Price with the applicable proceeds from the contemporaneous redemption of Junior
      Subordinated Debentures. Redemptions of the Trust Securities shall be made
      and
      the Redemption Price shall be payable on each Redemption Date only to the extent
      that the Issuer

     

    
      
        
        

      

      
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     Trust
      has funds then on hand and legally available in the Payment Account for the
      payment of such Redemption Price.

     

    (d) If
      the
      Issuer Trust gives a notice of redemption in respect of any Capital Securities,
      then, by 12:00 noon, New York City time, on the Redemption Date, subject to
      Section 4.2(c), the Property Trustee will, with respect to Capital Securities
      held in book-entry form, irrevocably deposit with the Clearing Agency for such
      Capital Securities, to the extent available therefor, funds sufficient to pay
      the applicable Redemption Price and will give such Clearing Agency irrevocable
      instructions and authority to pay the Redemption Price to the Holders of the
      Capital Securities. With respect to Capital Securities that are not held in
      book-entry form, the Property Trustee, subject to Section 4.2(c), will
      irrevocably deposit with the Paying Agent, to the extent available therefor,
      funds sufficient to pay the applicable Redemption Price and will give the Paying
      Agent irrevocable instructions and authority to pay the Redemption Price to
      the
      Holder of the Capital Securities upon surrender of their Capital Securities
      Certificates. Notwithstanding the foregoing, Distributions payable on or prior
      to the Redemption Date for any Trust Securities called for redemption shall
      be
      payable to the Holders of such Trust Securities as they appear on the Securities
      Register for the Trust Securities on the relevant record dates for the related
      Distribution Dates. If notice of redemption shall have been given and funds
      deposited as required, then, upon the date of such deposit, all rights of
      Holders holding Trust Securities so called for redemption will cease, except
      the
      right of such Holders to receive the Redemption Price and any Distribution
      payable in respect of the Trust Securities on or prior to the Redemption Date,
      but without interest, and such Securities will cease to be Outstanding. In
      the
      event that any date on which any applicable Redemption Price is payable is
      not a
      Business Day, then payment of the applicable Redemption Price payable on such
      date will be made on the next succeeding day that is a Business Day (and without
      any interest or other payment in respect of any such delay) with the same force
      and effect as if made on such date. In the event that payment of the Redemption
      Price in respect of any Trust Securities called for redemption is improperly
      withheld or refused and not paid either by the Issuer Trust or by the Depositor
      pursuant to the Guarantee Agreement, Distributions on such Trust Securities
      will
      continue to accumulate, as set forth in Section 4.1, from and including the
      Redemption Date originally established by the Issuer Trust for such Trust
      Securities to but excluding the date such applicable Redemption Price is
      actually paid, in which case the actual payment date will be the date fixed
      for
      redemption for purposes of calculating the applicable Redemption
      Price.

     

    (e) Subject
      to
      Section 4.3(a), if less than all the Outstanding Trust Securities are to be
      redeemed on a Redemption Date, then the aggregate Liquidation Amount of such
      Trust Securities to be redeemed shall be allocated pro rata to the Common
      Securities and the Capital Securities based on the relative aggregate
      Liquidation Amounts of such classes. The particular Capital Securities to be
      redeemed shall be selected on a pro rata basis based on their respective
      Liquidation Amounts not more than 30 days prior to the Redemption Date by the
      Property Trustee from the Outstanding Capital Securities not previously called
      for redemption by any method the Property Trustee deems fair and appropriate,
      or
      if the Capital Securities are then held in the form of a Global Capital Security
      in accordance with the customary procedures for the Clearing Agency. The
      Property Trustee shall promptly notify the Securities Registrar in writing
      of
      the Capital Securities selected for redemption and, in the case of any Capital
      Securities selected for partial redemption, the Liquidation Amount thereof
      to be
      redeemed. For all purposes 

     

    
      
        
        

      

      
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    of
      this
      Trust Agreement, unless the context otherwise requires, all provisions relating
      to the redemption of Capital Securities shall relate, in the case of any Capital
      Securities redeemed or to be redeemed only in part, to the portion of the
      aggregate Liquidation Amount of Capital Securities that has been or is to be
      redeemed.

     

    SECTION
      4.3. Subordination of Common Securities. 

     

    (a) Payment
      of
      Distributions (including Additional Amounts, if applicable) on, the Redemption
      Price of, and the Liquidation Distribution in respect of, the Trust Securities,
      as applicable, shall be made, subject to Section 4.2(e), pro rata among the
      Common Securities and the Capital Securities based on the Liquidation Amount
      of
      such Trust Securities; provided, however, that if on any Distribution Date
      or
      Redemption Date any Event of Default resulting from a Debenture Event of Default
      specified in Section 5.01(a) or a Debenture Default specified in Section 5.06(a)
      or 5.06(b) of the Indenture shall have occurred and be continuing, no payment
      of
      any Distribution (including any Additional Amounts) on, Redemption Price of,
      or
      Liquidation Distribution in respect of, any Common Security, and no other
      payment on account of the redemption, liquidation or other acquisition of Common
      Securities, shall be made unless payment in full in cash of all accumulated
      and
      unpaid Distributions (including any Additional Amounts) on all Outstanding
      Capital Securities for all Distribution Periods terminating on or prior thereto,
      or, in the case of payment of the Redemption Price, the full amount of such
      Redemption Price on all Outstanding Capital Securities then called for
      redemption, or in the case of payment of the Liquidation Distribution the full
      amount of such Liquidation Distribution on all Outstanding Capital Securities,
      shall have been made or provided for, and all funds immediately available to
      the
      Property Trustee shall first be applied to the payment in full in cash of all
      Distributions (including any Additional Amounts) on, the Redemption Price of,
      or
      the Liquidation Distribution in respect of Capital Securities then due and
      payable. The existence of an Event of Default does not entitle the Holders
      of
      Trust Securities to accelerate the maturity thereof.

     

    (b) In
      the
      case of the occurrence of any Event of Default resulting from a Debenture Event
      of Default specified in Section 5.01(a) of the Indenture or any Debenture
      Default specified in Section 5.06(a) or 5.06(b) of the Indenture, the Holder
      of
      the Common Securities shall have no right to act with respect to any such Event
      of Default under this Trust Agreement until the effects of all such Events
      of
      Default with respect to the Capital Securities have been cured, waived or
      otherwise eliminated. Until all such Events of Default under this Trust
      Agreement with respect to the Capital Securities have been so cured, waived
      or
      otherwise eliminated, the Property Trustee shall act solely on behalf of the
      Holders of the Capital Securities and not on behalf of the Holder of the Common
      Securities, and only the Holders of the Capital Securities will have the right
      to direct the Property Trustee to act on their behalf.

     

    SECTION
      4.4. Payment Procedures. 

     

    Payments
      of Distributions (including any Additional Amounts) in respect of the Capital
      Securities shall be made by check mailed to the address of the Person entitled
      thereto as such address shall appear on the Securities Register or, if the
      Capital Securities are held by a Clearing Agency, such Distributions shall
      be
      made to the Clearing Agency in immediately available funds, which will credit
      the relevant accounts on the applicable Distribution Dates. Payments of

     

    
      
        
        

      

      
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    Distributions,
      other than Distributions payable at maturity, to Holders of $1,000,000 or more
      in aggregate Liquidation Amount of Capital Securities may be made by wire
      transfer of immediately available funds upon written request of such Holder
      to
      the Securities Registrar not later than 15 calendar days prior to the date
      on
      which the Distribution is payable. Payments in respect of the Common Securities
      shall be made in such manner as shall be mutually agreed between the Property
      Trustee and the Holder of the Common Securities.

     

    SECTION
      4.5. Tax Returns and Reports.

     

    The
      Administrators shall prepare (or cause to be prepared), at the Depositor’s
      expense, and file all United States Federal, state and local tax and information
      returns and reports required to be filed by or in respect of the Issuer Trust.
      In this regard, the Administrators shall (a) prepare and file (or cause to
      be
      prepared and filed) all Internal Revenue Service forms required to be filed
      in
      respect of the Issuer Trust in each taxable year of the Issuer Trust and (b)
      prepare and furnish (or cause to be prepared and furnished) to each Holder
      all
      Internal Revenue Service forms required to be provided by the Issuer Trust.
      The
      Administrators shall provide the Depositor and the Property Trustee with a
      copy
      of all such returns and reports promptly after such filing or furnishing. The
      Issuer Trustees shall comply with United States Federal withholding and backup
      withholding tax laws and information reporting requirements with respect to
      any
      payments to Holders under the Trust Securities.

     

    On
      or
      before December 15 of each year during which any Capital Securities are
      Outstanding, the Administrators shall furnish to the Property Trustee such
      information as may be reasonably requested by the Property Trustee in order
      that
      the Property Trustee may prepare the information which it is required to report
      for such year on Internal Revenue Service Forms 1096 and 1099 pursuant to
      Section 6049 of the Code. Such information shall include the amount of original
      issue discount includible in income for each Outstanding Capital Security during
      such year.

     

    SECTION
      4.6. Payment of Taxes, Duties, Etc. of the Issuer Trust. 

     

    Upon
      receipt under the Junior Subordinated Debentures of Additional Sums, the
      Property Trustee shall promptly pay, or cause the Administrators to pay in
      connection with the filing of any tax returns or reports pursuant to Section
      4.5, any taxes, duties or governmental charges of whatsoever nature (other
      than
      withholding taxes) imposed on the Issuer Trust by the United States or any
      other
      taxing authority.

     

    SECTION
      4.7. Payments under Indenture or Pursuant to Direct Actions. 

     

    Any
      amount
      payable hereunder to any Holder of Capital Securities shall be reduced by the
      amount of any corresponding payment such Holder has directly received pursuant
      to Section 5.01 of the Indenture or Section 5.13 of this Trust
      Agreement.

     

    
      
        
        

      

      
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    SECTION
      4.8. Liability of the Holder of Common Securities. 

     

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

     

    ARTICLE
      V 

     

    TRUST
      SECURITIES CERTIFICATES

     

    SECTION
      5.1. Initial Ownership. 

     

    Upon
      the
      creation of the Issuer Trust and the contribution by the Depositor pursuant
      to
      Section 2.3 and until the issuance of the Trust Securities, and at any time
      during which no Trust Securities are Outstanding, the Depositor shall be the
      sole beneficial owner of the Issuer Trust.

     

    SECTION
      5.2. The Trust Securities Certificates. 

     

    (a) The
      Trust
      Securities Certificates shall be issued in multiples of $25 and shall be
      executed on behalf of the Issuer Trust by manual or facsimile signature of
      at
      least one Administrator. Trust Securities Certificates bearing the manual
      signatures of individuals who were, at the time when such signatures shall
      have
      been affixed, authorized to sign on behalf of the Issuer Trust, shall be validly
      issued and entitled to the benefits of this Trust Agreement, notwithstanding
      that such individuals or any of them shall have ceased to be so authorized
      prior
      to the delivery of such Trust Securities Certificates or did not hold such
      offices at the date of delivery of such Trust Securities Certificates. A
      transferee of a Trust Securities Certificate shall become a Holder, and shall
      be
      entitled to the rights and subject to the obligations of a Holder hereunder,
      upon due registration of such Trust Securities Certificate in such transferee’s
      name pursuant to Section 5.5.

     

    (b) Upon
      their
      original issuance, Capital Securities Certificates shall be issued in the form
      of one or more fully registered Global Capital Securities Certificates which
      will be deposited with or on behalf of the Depositary and registered in the
      name
      of the Depositary’s nominee. Unless and until it is exchangeable in whole or in
      part for the Capital Securities in definitive form, a global 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 such
      Depositary or a nominee of such successor.

     

    (c) Common
      Securities Certificates representing the Common Securities shall be issued
      to
      the Depositor in the form of one or more definitive Common Securities
      Certificates.

     

    SECTION
      5.3. Execution and Delivery of Trust Securities Certificates. 

     

    At
      the
      Closing Date, at least one of the Administrators shall cause Trust Securities
      Certificates, in an aggregate Liquidation Amount as provided in Sections 2.4
      and
      2.5, to be executed on behalf of the Issuer Trust by manual or facsimile
      signature. The Capital Securities so

     

    
      
        
        

      

      
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    executed
      shall be delivered to the Property Trustee and upon such delivery the Property
      Trustee shall manually authenticate upon the written order of the Depositor
      such
      Capital Securities Certificates and deliver such Capital Securities Certificates
      upon the written order of the Depositor, executed by an authorized officer
      thereof, without further corporate action by the Depositor, in authorized
      denominations.

     

    SECTION
      5.4. Global Capital Security. 

     

    (a) Any
      Global
      Capital Security issued under this Trust Agreement shall be registered in the
      name of the nominee of the Clearing Agency and delivered to such custodian
      therefor, and such Global Capital Security shall constitute a single Capital
      Security for all purposes of this Trust Agreement.

     

    (b) Notwithstanding
      any other provision in this Trust Agreement, a Global Capital Security may
      not
      be exchanged in whole or in part for Capital Securities registered, and no
      transfer of the Global Capital Security in whole or in part may be registered,
      in the name of any Person other than the Clearing Agency for such Global Capital
      Security, or its nominee thereof unless (i) such Clearing Agency advises the
      Property Trustee in writing that such Clearing Agency is no longer willing
      or
      able to properly discharge its responsibilities as Clearing Agency with respect
      to such Global Capital Security or if it ceases to be a Clearing Agency under
      the Exchange Act, and the Depositor is unable to locate a qualified successor
      within 90 days after receiving such notice or becoming aware that the Depositary
      is no longer so registered, or (ii) the Issuer Trust at its option advises
      the
      Depositary in writing that it elects to terminate the book-entry system through
      the Clearing Agency.

     

    (c) If
      a
      Capital Security is to be exchanged in whole or in part for a beneficial
      interest in a Global Capital Security, then either (i) such Global Capital
      Security shall be so surrendered for exchange or cancellation as provided in
      this Article V or (ii) the aggregate Liquidation Amount thereof shall be reduced
      or increased by an amount equal to the portion thereof to be so exchanged or
      cancelled or equal to the Liquidation Amount of such other Capital Security
      to
      be so exchanged for a beneficial interest therein, as the case may be, by means
      of an appropriate adjustment made on the records of the Security Registrar,
      whereupon the Property Trustee, in accordance with the Applicable Procedures,
      shall instruct the Clearing Agency or its authorized representative to make
      a
      corresponding adjustment to its records. Upon any such surrender or adjustment
      of a Global Capital Security by the Clearing Agency, accompanied by registration
      instructions, the Property Trustee shall, subject to Section 5.4(b) and as
      otherwise provided in this Article V, authenticate and deliver any Capital
      Securities issuable in exchange for such Global Capital Security (or any portion
      thereof) in accordance with the instructions of the Clearing Agency. The
      Property Trustee shall not be liable for any delay in delivery of such
      instructions and may conclusively rely on, and shall be fully protected in
      relying on, such instructions.

     

    (d) Every
      Capital Security authenticated and delivered upon registration of transfer
      of,
      or in exchange for or in lieu of, a Global Capital Security or any portion
      thereof, whether pursuant to this Article V or Article IV or otherwise, shall
      be
      authenticated and delivered in the form of, and shall be, a Global Capital
      Security, unless such Global Capital Security is registered

     

    
      
        
        

      

      
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    in
      the
      name of a Person other than the Clearing Agency for such Global Capital Security
      or a nominee thereof.

     

    (e) The
      Clearing Agency or its nominee, as the registered owner of a Global Capital
      Security, shall be considered the Holder of the Capital Securities represented
      by such Global Capital Security for all purposes under this Trust Agreement
      and
      the Capital Securities, and owners of beneficial interests in such Global
      Capital Security shall hold such interests pursuant to the Applicable Procedures
      and, except as otherwise provided herein, shall not be entitled to receive
      physical delivery of any such Capital Securities in definitive form and shall
      not be considered the Holders thereof under this Trust Agreement. Accordingly,
      any such owner’s beneficial interest in the Global Capital Security shall be
      shown only on, and the transfer of such interest shall be effected only through,
      records maintained by the Clearing Agency or its nominee. Neither the Property
      Trustee nor the Securities Registrar shall have any liability in respect of
      any
      transfers effected by the Clearing Agency.

     

    (f) The
      rights
      of owners of beneficial interests in a Global Capital Security shall be
      exercised only through the Clearing Agency and shall be limited to those
      established by law and agreements between such owners and the Clearing
      Agency.

     

    SECTION
      5.5. Registration of Transfer and Exchange Generally; Certain Transfers and
      Exchanges; Capital Securities Certificates. 

     

    (a) The
      Property Trustee shall keep or cause to be kept at its Corporate Trust Office
      a
      register or registers for the purpose of registering Capital Securities
      Certificates and transfers and exchanges of Capital Securities Certificates
      in
      which the registrar and transfer agent with respect to the Capital Securities
      (the “Securities Registrar”), subject to such reasonable regulations as it may
      prescribe, shall provide for the registration of Capital Securities Certificates
      and Common Securities Certificates (subject to Section 5.11 in the case of
      Common Securities Certificates) and registration of transfers and exchanges
      of
      Capital Securities Certificates as herein provided. Such register is herein
      sometimes referred to as the “Securities Register.” The Property Trustee is
      hereby appointed “Securities Registrar” for the purpose of registering Capital
      Securities and transfers of Capital Securities as herein provided.

     

    Upon
      surrender for registration of transfer of any Capital Security at the offices
      or
      agencies of the Property Trustee designated for that purpose an Administrator
      shall execute, and the Property Trustee shall authenticate and deliver, in
      the
      name of the designated transferee or transferees, one or more new Capital
      Securities of the same series of any authorized denominations of like tenor
      and
      aggregate Liquidation Amount and bearing such legends as may be required by
      this
      Trust Agreement.

     

    At
      the
      option of the Holder, Capital Securities may be exchanged for other Capital
      Securities of any authorized denominations, of like tenor and aggregate
      Liquidation Amount and bearing such legends as may be required by this Trust
      Agreement, upon surrender of the Capital Securities to be exchanged at such
      office or agency. Whenever any securities are so surrendered for exchange,
      an
      Administrator shall execute and the Property Trustee shall authenticate and
      deliver the Capital Securities that the Holder making the exchange is entitled
      to receive.

     

    
      
        
        

      

      
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    All
      Capital Securities issued upon any transfer or exchange of Capital Securities
      shall be the valid obligations of the Issuer Trust, evidencing the same debt,
      and entitled to the same benefits under this Trust Agreement, as the Capital
      Securities surrendered upon such transfer or exchange.

     

    Every
      Capital Security presented or surrendered for transfer or exchange shall (if
      so
      required by the Property Trustee) be duly endorsed, or be accompanied by a
      written instrument of transfer in form satisfactory to the Property Trustee
      and
      the Securities Registrar, duly executed by the Holder thereof or such Holder’s
      attorney duly authorized in writing.

     

    No
      service
      charge shall be made to a Holder for any transfer or exchange of Capital
      Securities, but the Property Trustee may require payment of a sum sufficient
      to
      cover any tax or other governmental charge that may be imposed in connection
      with any transfer or exchange of Capital Securities.

     

    Neither
      the Issuer Trust nor the Property Trustee shall be required, pursuant to the
      provisions of this Section, (i) to issue, register the transfer of or exchange
      any Capital Security during a period beginning at the opening of business 15
      days before the first mailing of the notice of redemption, or (ii) to register
      the transfer of or exchange any Capital Security so selected for redemption
      in
      whole or in part, except, in the case of any such Capital Security to be
      redeemed in part, any portion thereof not to be redeemed.

     

    (b) Certain
      Transfers and Exchanges. Trust Securities may only be transferred, in whole
      or
      in part, in accordance with the terms and conditions set forth in this Trust
      Agreement. To the fullest extent permitted by law, any transfer or purported
      transfer of any Trust Security not made in accordance with this Trust Agreement
      shall be null and void.

     

    (i) Non-Global
      Security to Non-Global Security. A Capital Security that is not a Global Capital
      Security may be transferred, in whole or in part, to a Person who takes delivery
      in the form of another Trust Security that is not a Global Security as provided
      in Section 5.5(a).

     

    (ii) Free
      Transferability. Subject to this Section 5.5, Capital Securities shall be freely
      transferable.

     

    (iii) Exchanges
      Between Global Capital Security and Non-Global Capital Security. A beneficial
      interest in a Global Capital Security may be exchanged for a Capital Security
      that is not a Global Capital Security as provided in Section 5.4.

     

    SECTION
      5.6. Mutilated, Destroyed, Lost or Stolen Trust Securities
      Certificates. 

     

    If
      (a) any
      mutilated Trust Securities Certificate shall be surrendered to the Securities
      Registrar, or if the Securities Registrar shall receive evidence to its
      satisfaction of the destruction, loss or theft of any Trust Securities
      Certificate and (b) there shall be delivered to the Securities Registrar and
      the
      Administrators such security or indemnity as may be required by them to save
      each of them harmless, then in the absence of notice that such Trust Securities
      Certificate shall have been acquired by a bona fide purchaser, the
      Administrators, or any one of

     

    
      
        
        

      

      
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    them,
      on
      behalf of the Issuer Trust shall execute and make available for delivery, and
      the Property Trustee shall authenticate, in exchange for or in lieu of any
      such
      mutilated, destroyed, lost or stolen Trust Securities Certificate, a new Trust
      Securities Certificate of like class, tenor and denomination. In connection
      with
      the issuance of any new Trust Securities Certificate under this Section, the
      Administrators or the Securities Registrar may require the payment of a sum
      sufficient to cover any tax or other governmental charge that may be imposed
      in
      connection therewith. Any duplicate Trust Securities Certificate issued pursuant
      to this Section shall constitute conclusive evidence of an undivided beneficial
      interest in the assets of the Issuer Trust corresponding to that evidenced
      by
      the lost, stolen or destroyed Trust Certificate, as if originally issued,
      whether or not the lost, stolen or destroyed Trust Securities Certificate shall
      be found at any time.

     

    SECTION
      5.7. Persons Deemed Holders. 

     

    The
      Issuer
      Trustees or the Securities Registrar shall treat the Person in whose name any
      Trust Securities are issued as the owner of such Trust Securities for the
      purpose of receiving Distributions and for all other purposes whatsoever, and
      none of the Issuer Trustees, the Administrators nor the Securities Registrar
      shall be bound by any notice to the contrary.

     

    SECTION
      5.8. Access to List of Holders’ Names and Addresses. 

     

    Each
      Holder and each Owner shall be deemed to have agreed not to hold the Depositor,
      the Property Trustee, or the Administrators accountable by reason of the
      disclosure of its name and address, regardless of the source from which such
      information was derived.

     

    SECTION
      5.9. Maintenance of Office or Agency. 

     

    The
      Property Trustee shall designate, with the consent of the Administrators, which
      consent shall not be unreasonably withheld, an office or offices or agency
      or
      agencies where Capital Securities Certificates may be surrendered for
      registration of transfer or exchange and where notices and demands to or upon
      the Issuer Trustees in respect of the Trust Securities Certificates may be
      served. The Property Trustee initially designates its Corporate Trust Office
      at
      101 Barclay Street, Floor 8 West, New York, NY 10286, Attention: Corporate
      Trust
      Administration, as its corporate trust office for such purposes. The Property
      Trustee shall give prompt written notice to the Depositor, the Administrators
      and to the Holders of any change in the location of the Securities Register
      or
      any such office or agency.

     

    SECTION
      5.10. Appointment of Paying Agent. 

     

    The
      Paying
      Agent shall make Distributions to Holders from the Payment Account and shall
      report the amounts of such Distributions to the Property Trustee and the
      Administrators. Any Paying Agent shall have the revocable power to withdraw
      funds from the Payment Account solely for the purpose of making the
      Distributions referred to above. The Property Trustee may revoke such power
      and
      remove any Paying Agent in its sole discretion. The Paying Agent shall initially
      be the Property Trustee. Any Person acting as Paying Agent shall be permitted
      to
      resign as Paying Agent upon 30 days’ written notice to the Administrators and
      the Property Trustee. In the event that the Property Trustee shall no longer
      be
      the Paying Agent or a successor Paying

     

    
      
        
        

      

      
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    Agent
      shall resign or its authority to act be revoked, the Property Trustee shall
      appoint a successor (which shall be a bank or trust company) that is reasonably
      acceptable to the Administrators to act as Paying Agent. Such successor Paying
      Agent or any additional Paying Agent appointed by the Property Trustee shall
      execute and deliver to the Issuer Trustees an instrument in which such successor
      Paying Agent or additional Paying Agent shall agree with the Issuer Trustees
      that as Paying Agent, such successor Paying Agent or additional Paying Agent
      will hold all sums, if any, held by it for payment to the Holders in trust
      for
      the benefit of the Holders entitled thereto until such sums shall be paid to
      such Holders. The Paying Agent shall return all unclaimed funds to the Property
      Trustee and upon removal of a Paying Agent such Paying Agent shall also return
      all funds in its possession to the Property Trustee. The provisions of Sections
      8.1, 8.3 and 8.6 herein shall apply to the Bank also in its role as Paying
      Agent, for so long as the Bank shall act as Paying Agent and, to the extent
      applicable, to any other paying agent appointed hereunder. Any reference in
      this
      Trust Agreement to the Paying Agent shall include any co-paying agent chosen
      by
      the Property Trustee unless the context requires otherwise.

     

    SECTION
      5.11. Ownership of Common Securities by Depositor. 

     

    At
      the
      Closing Date, the Depositor shall acquire and retain beneficial and record
      ownership of the Common Securities. Neither the Depositor nor any successor
      Holder of the Common Securities may transfer less than all the Common
      Securities, and the Depositor or any such successor Holder may transfer the
      Common Securities only (i) in connection with a consolidation or merger of
      the
      Depositor into another Person or any conveyance, transfer or lease by the
      Depositor of its properties and assets substantially as an entirety to any
      Person, pursuant to Section 9.01 of the Indenture, or (ii) to an Affiliate
      of
      the Depositor in compliance with applicable law (including the Securities Act
      and applicable state securities and blue sky laws). To the fullest extent
      permitted by law, any attempted transfer of the Common Securities, other than
      as
      set forth in the immediately preceding sentence, shall be void. The
      Administrators shall cause each Common Securities Certificate issued to the
      Depositor to contain a legend stating “THIS CERTIFICATE IS NOT TRANSFERABLE
      EXCEPT TO THE DEPOSITOR OR AN AFFILIATE OF THE DEPOSITOR IN COMPLIANCE WITH
      APPLICABLE LAW AND SECTION 5.11 OF THE TRUST AGREEMENT.”

     

    SECTION
      5.12. Notices to Clearing Agency. 

     

    To
      the
      extent that a notice or other communication to the Holders is required under
      this Trust Agreement, for so long as Capital Securities are represented by
      a
      Global Capital Securities Certificate, the Administrators and the Issuer
      Trustees shall give all such notices and communications specified herein to
      be
      given to the Clearing Agency, and shall have no obligations to the
      Owners.

     

    SECTION
      5.13. Rights of Holders. 

     

    (a) The
      legal
      title to the Trust Property is vested exclusively in the Property Trustee (in
      its capacity as such) in accordance with Section 2.9, and the Holders shall
      not
      have any right or title therein other than the undivided beneficial interest
      in
      the assets of the Issuer Trust conferred by their Trust Securities and they
      shall have no right to call for any partition or

     

    
      
        
        

      

      
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    division
      of property, profits or rights of the Issuer Trust except as described below.
      The Trust Securities shall be personal property giving only the rights
      specifically set forth therein and in this Trust Agreement. The Trust Securities
      shall have no preemptive or similar rights and when issued and delivered to
      Holders against payment of the purchase price therefor, as provided herein,
      will
      be fully paid and nonassessable by the Issuer Trust. Except as otherwise
      provided in Section 4.8, the Holders of the Trust Securities, in their
      capacities as such, shall be entitled to the same limitation of personal
      liability extended to stockholders of private corporations for profit organized
      under the General Corporation Law of the State of Delaware.

     

    (b) For
      so
      long as any Capital Securities remain Outstanding, if, upon a Debenture Event
      of
      Default, the Debt Securities Trustee fails or the holders of not less than
      25%
      in principal amount of the outstanding Junior Subordinated Debentures fail
      to
      declare the principal of all of the Junior Subordinated Debentures to be
      immediately due and payable, the Holders of at least 25% in Liquidation Amount
      of the Capital Securities then Outstanding shall have such right to make such
      declaration by a notice in writing to the Property Trustee, the Depositor and
      the Debt Securities Trustee.

     

    At
      any
      time after such a declaration of acceleration with respect to the Junior
      Subordinated Debentures has been made and before a judgment or decree for
      payment of the money due has been obtained by the Debt Securities Trustee as
      provided in the Indenture, the Holders of a Majority in Liquidation Amount
      of
      the Capital Securities, by written notice to the Property Trustee, the Depositor
      and the Debt Securities Trustee, may waive all defaults and rescind and annul
      such declaration and its consequences if:

     

    (i) the
      Depositor has paid or deposited with the Debt Securities Trustee a sum
      sufficient to pay

     

    (A) all
      overdue installments of interest on all of the Junior Subordinated
      Debentures,

     

    (B) any
      accrued Additional Interest (as defined in the Indenture) on all of the Junior
      Subordinated Debentures,

     

    (C) the
      principal of (and premium, if any, on) any Junior Subordinated Debentures which
      have become due otherwise than by such declaration of acceleration and interest
      and Additional Interest thereon at the rate borne by the Junior Subordinated
      Debentures, and

     

    (D) all
      sums
      paid or advanced by the Debt Securities Trustee under the Indenture and the
      reasonable compensation, expenses, disbursements and advances of the Debt
      Securities Trustee and the Property Trustee, their agents and counsel;
      and

     

    (ii) all
      Debenture Defaults with respect to the Junior Subordinated Debentures, other
      than the non-payment of the principal of the Junior Subordinated Debentures
      which has become due solely by such acceleration, have been cured or waived
      as
      provided in Section 5.10 of the Indenture.

     

    
      
        
        

      

      
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    If
      the
      Property Trustee fails to annul any such declaration and waive such default,
      the
      Holders of at least a Majority in Liquidation Amount of the Capital Securities
      shall also have the right to rescind and annul such declaration and its
      consequences by written notice to the Depositor, the Property Trustee and the
      Debt Securities Trustee, subject to the satisfaction of the conditions set
      forth
      in Clause (i) and (ii) of this Section 5.13(b).

     

    The
      Holders of at least a Majority in Liquidation Amount of the Capital Securities
      may, on behalf of the Holders of all the Capital Securities, waive any past
      Debenture Default, except a default in the payment of principal or interest
      (unless such default has been cured and a sum sufficient to pay all matured
      installments of interest and principal due otherwise than by acceleration has
      been deposited with the Debt Securities Trustee) or a default in respect of
      a
      covenant or provision which under the Indenture cannot be modified or amended
      without the consent of the holder of each outstanding Junior Subordinated
      Debentures. No such rescission shall affect any subsequent default or impair
      any
      right consequent thereon. 

     

    Upon
      receipt by the Property Trustee of written notice declaring such an
      acceleration, or rescission and annulment thereof, by Holders of the Capital
      Securities all or part of which is represented by Global Capital Securities,
      a
      record date shall be established for determining Holders of Outstanding Capital
      Securities entitled to join in such notice, which record date shall be at the
      close of business on the day the Property Trustee receives such notice. The
      Holders on such record date, or their duly designated proxies, and only such
      Persons, shall be entitled to join in such notice, whether or not such Holders
      remain Holders after such record date; provided, that, unless such declaration
      of acceleration, or rescission and annulment, as the case may be, shall have
      become effective by virtue of the requisite percentage having joined in such
      notice prior to the day which is 90 days after such record date, such notice
      of
      declaration of acceleration, or rescission and annulment, as the case may be,
      shall automatically and without further action by any Holder be canceled and
      of
      no further effect. Nothing in this paragraph shall prevent a Holder, or a proxy
      of a Holder, from giving, after expiration of such 90-day period, a new written
      notice of declaration of acceleration, or rescission and annulment thereof,
      as
      the case may be, that is identical to a written notice which has been canceled
      pursuant to the proviso to the preceding sentence, in which event a new record
      date shall be established pursuant to the provisions of this Section
      5.13(b).

     

    (c) For
      so
      long as any Capital Securities remain Outstanding, to the fullest extent
      permitted by law and subject to the terms of this Trust Agreement and the
      Indenture, upon a Debenture Event of Default specified in Section 5.01(a) or
      a
      Debenture Default specified in Section 5.06(a) or 5.06(b) of the Indenture
      or a
      failure to comply with the Alternative Payment Mechanism or the Replacement
      Capital Obligation (each as defined in the Junior Subordinated Debentures),
      any
      Holder of Capital Securities shall have the right to institute a proceeding
      directly against the Depositor, pursuant to Section 5.01 of the Indenture,
      for
      enforcement of payment to such Holder of the principal amount of or interest
      on
      Junior Subordinated Debentures having an aggregate principal amount equal to
      the
      aggregate Liquidation Amount of the Capital Securities of such Holder (a “Direct
      Action”). Except as set forth in Sections 5.13(b) and 5.13(c), the Holders of
      Capital Securities shall have no right to exercise directly any right or remedy
      available to the holders of, or in respect of, the Junior Subordinated
      Debentures.

     

    
      
        
        

      

      
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    ARTICLE
      VI

     

    ACTS
      OF
      HOLDERS; MEETINGS; VOTING

     

    SECTION
      6.1. Limitations on Holder’s Voting Rights. 

     

    (a) Except
      as
      provided in this Trust Agreement and in the Indenture and as otherwise required
      by law, no Holder of Capital Securities shall have any right to vote or in
      any
      manner otherwise control the administration, operation and management of the
      Issuer Trust or the obligations of the parties hereto, nor shall anything herein
      set forth or contained in the terms of the Trust Securities Certificates be
      construed so as to constitute the Holders from time to time as members of an
      association.

     

    (b) So
      long as
      any Junior Subordinated Debentures are held by the Property Trustee on behalf
      of
      the Issuer Trust, the Property Trustee shall not (i) direct the time, method
      and
      place of conducting any proceeding for any remedy available to the Debt
      Securities Trustee, or executing any trust or power conferred on the Property
      Trustee with respect to such Junior Subordinated Debentures, (ii) waive any
      past
      default that may be waived under Section 5.10 of the Indenture, (iii) exercise
      any right to rescind or annul a declaration that the principal of all the Junior
      Subordinated Debentures shall be due and payable or (iv) consent to any
      amendment, modification or termination of the Indenture or the Junior
      Subordinated Debentures, where such consent shall be required, without, in
      each
      case, obtaining the prior approval of the Holders of at least a Majority in
      Liquidation Amount of the Capital Securities, provided, however, that where
      a
      consent under the Indenture would require the consent of each Holder of Junior
      Subordinated Debentures affected thereby, no such consent shall be given by
      the
      Property Trustee without the prior written consent of each Holder of Capital
      Securities. The Property Trustee shall not revoke any action previously
      authorized or approved by a vote of the Holders of Capital Securities, except
      by
      a subsequent vote of the Holders of Capital Securities. The Property Trustee
      shall notify all Holders of the Capital Securities of any notice of default
      received with respect to the Junior Subordinated Debentures. In addition to
      obtaining the foregoing approvals of the Holders of the Capital Securities,
      prior to taking any of the foregoing actions, the Property Trustee shall, at
      the
      expense of the Depositor, obtain an Opinion of Counsel experienced in such
      matters to the effect that such action will not cause the Issuer Trust to be
      taxable as a corporation, a partnership or any other arrangement other than
      as a
      grantor trust for United States Federal income tax purposes.

     

    (c) If
      any
      proposed amendment to the Trust Agreement provides for, or the Issuer Trust
      otherwise proposes to effect, (i) any action that would adversely affect in
      any
      material respect the interests, powers, preferences or special rights of the
      Capital Securities, whether by way of amendment to the Trust Agreement or
      otherwise, or (ii) the dissolution, winding-up or termination of the Issuer
      Trust, other than pursuant to the terms of this Trust Agreement, then the
      Holders of Outstanding Capital Securities as a class will be entitled to vote
      on
      such amendment or proposal and such amendment or proposal shall not be effective
      except with the approval of the Holders of at least a Majority in Liquidation
      Amount of the Capital Securities.

     

    
      
        
        

      

      
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    SECTION
      6.2. Notice of Meetings. 

     

    Notice
      of
      all meetings of the Holders, stating the time, place and purpose of the meeting,
      shall be given by the Property Trustee pursuant to Section 10.8 to each Holder
      of record, at his registered address, at least 15 days and not more than 90
      days
      before the meeting. At any such meeting, any business properly before the
      meeting may be so considered whether or not stated in the notice of the meeting.
      Any adjourned meeting may be held as adjourned without further
      notice.

     

    SECTION
      6.3. Meetings of Holders. 

     

    No
      annual
      meeting of Holders is required to be held. The Property Trustee, however, shall
      call a meeting of Holders to vote on any matter upon the written request of
      the
      Holders of record of 25% of the aggregate Liquidation Amount of the Capital
      Securities and the Administrators or the Property Trustee may, at any time
      in
      their discretion, call a meeting of Holders of Capital Securities to vote on
      any
      matters as to which Holders are entitled to vote.

     

    Holders
      of
      at least a Majority in Liquidation Amount of the Capital Securities, present
      in
      person or represented by proxy, shall constitute a quorum at any meeting of
      Holders of the Capital Securities.

     

    If
      a
      quorum is present at a meeting, an affirmative vote by the Holders of record
      present, in person or by proxy, holding Capital Securities representing at
      least
      a Majority in Liquidation Amount of the Capital Securities held by the Holders
      present, either in person or by proxy, at such meeting shall constitute the
      action of the Holders of Capital Securities, unless this Trust Agreement
      requires a greater number of affirmative votes.

     

    SECTION
      6.4. Voting Rights. 

     

    Holders
      shall be entitled to one vote for each $25 of Liquidation Amount represented
      by
      their Outstanding Trust Securities in respect of any matter as to which such
      Holders are entitled to vote.

     

    SECTION
      6.5. Proxies, etc. 

     

    At
      any
      meeting of Holders, any Holder entitled to vote thereat may vote by proxy,
      provided that no proxy shall be voted at any meeting unless it shall have been
      placed on file with the Property Trustee, or with such other officer or agent
      of
      the Issuer Trust as the Property Trustee may direct, for verification prior
      to
      the time at which such vote shall be taken. Pursuant to a resolution of the
      Property Trustee, proxies may be solicited in the name of the Property Trustee
      or one or more officers of the Property Trustee. Only Holders of record shall
      be
      entitled to vote. When Trust Securities are held jointly by several Persons,
      any
      one of them may vote at any meeting in person or by proxy in respect of such
      Trust Securities, but if more than one of them shall be present at such meeting
      in person or by proxy, and such joint owners or their proxies so present
      disagree as to any vote to be cast, such vote shall not be received in respect
      of such Trust Securities. A proxy purporting to be executed by or on behalf
      of a
      Holder shall be deemed valid unless challenged at or prior to its exercise,
      and
      the burden of proving invalidity

     

    
      
        
        

      

      
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    shall
      rest
      on the challenger. No proxy shall be valid more than three years after its
      date
      of execution.

     

    SECTION
      6.6. Holder Action by Written Consent. 

     

    Any
      action
      which may be taken by Holders at a meeting may be taken without a meeting if
      Holders holding at least a Majority in Liquidation Amount of all Trust
      Securities entitled to vote in respect of such action (or such larger proportion
      thereof as shall be required by any other provision of this Trust Agreement)
      shall consent to the action in writing.

     

    SECTION
      6.7. Record Date for Voting and Other Purposes. 

     

    For
      the
      purposes of determining the Holders who are entitled to notice of and to vote
      at
      any meeting or by written consent, or to participate in any distribution on
      the
      Trust Securities in respect of which a record date is not otherwise provided
      for
      in this Trust Agreement, or for the purpose of any other action, the
      Administrators or Property Trustee may from time to time fix a date, not more
      than 90 days prior to the date of any meeting of Holders or the payment of
      a
      distribution or other action, as the case may be, as a record date for the
      determination of the identity of the Holders of record for such
      purposes.

     

    SECTION
      6.8. Acts of Holders. 

     

    Any
      request, demand, authorization, direction, notice, consent, waiver or other
      action provided or permitted by this Trust Agreement to be given, made or taken
      by Holders may be embodied in and evidenced by one or more instruments of
      substantially similar tenor signed by such Holders in person or by an agent
      duly
      appointed in writing; and, except as otherwise expressly provided herein, such
      action shall become effective when such instrument or instruments are delivered
      to the Property Trustee. Such instrument or instruments (and the action embodied
      therein and evidenced thereby) are herein sometimes referred to as the “Act” of
      the Holders signing such instrument or instruments. Proof of execution of any
      such instrument or of a writing appointing any such agent shall be sufficient
      for any purpose of this Trust Agreement and (subject to Section 8.1) conclusive
      in favor of the Issuer Trustees, if made in the manner provided in this
      Section.

     

    The
      fact
      and date of the execution by any Person of any such instrument or writing may
      be
      proved by the affidavit of a witness of such execution or by a certificate
      of a
      notary public or other officer authorized by law to take acknowledgments of
      deeds, certifying that the individual signing such instrument or writing
      acknowledged to him the execution thereof. Where such execution is by a signer
      acting in a capacity other than his individual capacity, such certificate or
      affidavit shall also constitute sufficient proof of his authority. The fact
      and
      date of the execution of any such instrument or writing, or the authority of
      the
      Person executing the same, may also be proved in any other manner which any
      Issuer Trustee or Administrator receiving the same deems
      sufficient.

     

    The
      ownership of Trust Securities shall be proved by the Securities
      Register.

     

    
      
        
        

      

      
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    Any
      request, demand, authorization, direction, notice, consent, waiver or other
      Act
      of the Holder of any Trust Security shall bind every future Holder of the same
      Trust Security and the Holder of every Trust Security issued upon the
      registration of transfer thereof or in exchange therefor or in lieu thereof
      in
      respect of anything done, omitted or suffered to be done by the Issuer Trustees,
      the Administrators or the Issuer Trust in reliance thereon, whether or not
      notation of such action is made upon such Trust Security.

     

    Without
      limiting the foregoing, a Holder entitled hereunder to take any action hereunder
      with regard to any particular Trust Security may do so with regard to all or
      any
      part of the Liquidation Amount of such Trust Security or by one or more duly
      appointed agents each of which may do so pursuant to such appointment with
      regard to all or any part of such Liquidation Amount.

     

    If
      any
      dispute shall arise among the Holders, the Administrators or the Issuer Trustees
      with respect to the authenticity, validity or binding nature of any request,
      demand, authorization, direction, consent, waiver or other Act of such Holder
      or
      Issuer Trustee under this Article VI, then the determination of such matter
      by
      the Property Trustee shall be conclusive with respect to such
      matter.

     

    SECTION
      6.9. Inspection of Records. 

     

    Upon
      reasonable notice to the Administrators and the Property Trustee, the records
      of
      the Issuer Trust shall be open to inspection by Holders during normal business
      hours for any purpose reasonably related to such Holder’s interest as a
      Holder.

     

    ARTICLE
      VII 

     

    REPRESENTATIONS
      AND WARRANTIES

     

    SECTION
      7.1. Representations and Warranties of the Property Trustee and the Delaware
      Trustee. 

     

    The
      Property Trustee and the Delaware Trustee, each severally on behalf of and
      as to
      itself, hereby represents and warrants for the benefit of the Depositor and
      the
      Holders that:

     

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

     

    (b) The
      execution, delivery and performance by the Property Trustee of this Trust
      Agreement have been duly authorized by all necessary corporate action on the
      part of the Property Trustee; and this Trust Agreement has been duly executed
      and delivered by the Property Trustee, and constitutes a legal, valid and
      binding obligation of the Property Trustee, enforceable against it in accordance
      with its terms, subject to applicable bankruptcy, reorganization, moratorium,
      insolvency, and other similar laws affecting creditors’ rights

     

    
      
        
        

      

      
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    generally
      and to general principles of equity and the discretion of the court (regardless
      of whether the enforcement of such remedies is considered in a proceeding in
      equity or at law).

     

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

     

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

     

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

     

    (f) The
      Property Trustee is a national- or state-chartered bank and has capital and
      surplus of at least $50,000,000.

     

    SECTION
      7.2. Representations and Warranties of Depositor.

     

    The
      Depositor hereby represents and warrants for the benefit of the Holders
      that:

     

    (a) the
      Trust
      Securities Certificates issued at the Closing Date on behalf of the Issuer
      Trust
      have been duly authorized and will have been duly and validly executed, issued
      and delivered by the Issuer Trustees pursuant to the terms and provisions of,
      and in accordance with the requirements of, this Trust Agreement, and the
      Holders will be, as of each such date, entitled to the benefits of this Trust
      Agreement; and

     

    (b) there
      are
      no taxes, fees or other governmental charges payable by the Issuer Trust (or
      the
      Issuer Trustees on behalf of the Issuer Trust) under the laws of the State
      of
      Delaware or any political subdivision thereof in connection with the execution,
      delivery and performance by either the Property Trustee or the Delaware Trustee,
      as the case may be, of this Trust Agreement.

     

    ARTICLE
      VIII 

     

    THE
      ISSUER
      TRUSTEES; THE ADMINISTRATORS

     

    SECTION
      8.1. Certain Duties and Responsibilities. 

     

    (a) The
      duties
      and responsibilities of the Issuer Trustees and the Administrators shall be
      as
      provided by this Trust Agreement and, in the case of the Property Trustee,
      by
      the Trust Indenture Act. Notwithstanding the foregoing, no provision of this
      Trust Agreement shall require the Issuer Trustees or the Administrators to
      expend or risk their own funds or otherwise incur

     

    
      
        
        

      

      
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    any
      financial liability in the performance of any of their duties hereunder, or
      in
      the exercise of any of their rights or powers, if they shall have reasonable
      grounds for believing that repayment of such funds or adequate indemnity against
      such risk or liability is not reasonably assured to it. Whether or not therein
      expressly so provided, every provision of this Trust Agreement relating to
      the
      conduct or affecting the liability of or affording protection to the Issuer
      Trustees or the Administrators shall be subject to the provisions of this
      Section. Nothing in this Trust Agreement shall be construed to release an
      Administrator from liability for its own grossly negligent action, its own
      grossly negligent failure to act, or its own willful misconduct. To the extent
      that, at law or in equity, an Issuer Trustee or Administrator has duties and
      liabilities relating to the Issuer Trust or to the Holders, such Issuer Trustee
      or Administrator shall not be liable to the Issuer Trust or to any Holder for
      such Issuer Trustee’s or Administrator’s good faith reliance on the provisions
      of this Trust Agreement. The provisions of this Trust Agreement, to the extent
      that they restrict the duties and liabilities of the Issuer Trustees and
      Administrators otherwise existing at law or in equity, are agreed by the
      Depositor and the Holders to replace such other duties and liabilities of the
      Issuer Trustees and Administrators.

     

    (b) All
      payments made by the Property Trustee or a Paying Agent in respect of the Trust
      Securities shall be made only from the revenue and proceeds from the Trust
      Property and only to the extent that there shall be sufficient revenue or
      proceeds from the Trust Property to enable the Property Trustee or a Paying
      Agent to make payments in accordance with the terms hereof. Each Holder, by
      its
      acceptance of a Trust Security, agrees that it will look solely to the revenue
      and proceeds from the Trust Property to the extent legally available for
      distribution to it as herein provided and that neither the Issuer Trustees
      nor
      the Administrators are personally liable to it for any amount distributable
      in
      respect of any Trust Security or for any other liability in respect of any
      Trust
      Security. This Section 8.1(b) does not limit the liability of the Issuer
      Trustees expressly set forth elsewhere in this Trust Agreement or, in the case
      of the Property Trustee, in the Trust Indenture Act.

     

    (c) The
      Property Trustee, before the occurrence of any Event of Default and after the
      curing of all Events of Default that may have occurred, shall undertake to
      perform only such duties as are specifically set forth in this Trust Agreement
      (including pursuant to Section 10.10), and no implied covenants shall be read
      into this Trust Agreement against the Property Trustee. If an Event of Default
      has occurred (that has not been cured or waived pursuant to Article V of the
      Indenture), the Property Trustee shall enforce this Trust Agreement for the
      benefit of the Holders and shall exercise such of the rights and powers vested
      in it by this Trust Agreement, and use the same degree of care and skill in
      its
      exercise thereof, as a prudent person would exercise or use under the
      circumstances in the conduct of his or her own affairs.

     

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

     

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

     

    (A) the
      duties
      and obligations of the Property Trustee shall be determined solely by the
      express provisions of this Trust Agreement (including

     

    
      
        
        

      

      
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    pursuant
      to Section 10.10), and the Property Trustee shall not be liable except for
      the
      performance of such duties and obligations as are specifically set forth in
      this
      Trust Agreement (including pursuant to Section 10.10); and

     

    (B) in
      the
      absence of bad faith on the part of the Property Trustee, the Property Trustee
      may conclusively rely, as to the truth of the statements and the correctness
      of
      the opinions expressed therein, upon any certificates or opinions furnished
      to
      the Property Trustee and conforming to the requirements of this Trust Agreement;
      but in the case of any such certificates or opinions that by any provision
      hereof or of the Trust Indenture Act are specifically required to be furnished
      to the Property Trustee, the Property Trustee shall be under a duty to examine
      the same to determine whether or not they conform to the requirements of this
      Trust Agreement;

     

    (ii) the
      Property Trustee shall not be liable for any error of judgment made in good
      faith by an authorized officer of the Property Trustee, unless it shall be
      proved that the Property Trustee was negligent in ascertaining the pertinent
      facts;

     

    (iii) the
      Property Trustee shall not be liable with respect to any action taken or omitted
      to be taken by it in good faith in accordance with the direction of the Holders
      of at least a Majority in Liquidation Amount of the Capital Securities relating
      to the time, method and place of conducting any proceeding for any remedy
      available to the Property Trustee, or exercising any trust or power conferred
      upon the Property Trustee under this Trust Agreement;

     

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

     

    (v) the
      Property Trustee shall not be liable for any interest on any money received
      by
      it except as it may otherwise agree with the Depositor; and money held by the
      Property Trustee need not be segregated from other funds held by it except
      in
      relation to the Payment Account maintained by the Property Trustee pursuant
      to
      Section 3.1 and except to the extent otherwise required by law;

     

    (vi) the
      Property Trustee shall not be responsible for monitoring the compliance by
      the
      Administrators or the Depositor with their respective duties under this Trust
      Agreement, nor shall the Property Trustee be liable for the default or
      misconduct of any other Issuer Trustee, the Administrators or the Depositor;
      and

     

    (vii) no
      provision of this Trust Agreement shall require the Property Trustee to expend
      or risk its own funds or otherwise incur personal financial liability in the
      performance of any of its duties or in the exercise of any of its rights or
      powers, if the Property Trustee shall have reasonable grounds for believing
      that
      the repayment of such

     

    
      
        
        

      

      
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    funds
      or
      liability is not reasonably assured to it under the terms of this Trust
      Agreement or adequate indemnity against such risk or liability is not reasonably
      assured to it.

     

    (e) The
      Administrators shall not be responsible for monitoring the compliance by the
      Issuer Trustees or the Depositor with their respective duties under this Trust
      Agreement, nor shall either Administrator be liable for the default or
      misconduct of any other Administrator, the Issuer Trustees or the
      Depositor.

     

    SECTION
      8.2. Certain Notices. 

     

    Within
      ten
      Business Days after the occurrence of any Event of Default actually known to
      a
      Responsible Officer of the Property Trustee, the Property Trustee shall
      transmit, in the manner and to the extent provided in Section 10.8, notice
      of
      such Event of Default to the Holders and the Administrators, unless such Event
      of Default shall have been cured or waived.

     

    Within
      ten
      Business Days after the receipt of notice of the Depositor’s exercise of its
      right to defer the payment of interest on the Junior Subordinated Debentures
      pursuant to the Indenture, the Property Trustee shall transmit, in the manner
      and to the extent provided in Section 10.8, notice of such exercise to the
      Holders and the Administrators, unless such exercise shall have been
      revoked.

     

    SECTION
      8.3. Certain Rights of Property Trustee. 

     

    Subject
      to
      the provisions of Section 8.1:

     

    (a) the
      Property Trustee may conclusively rely and shall be fully protected in acting
      or
      refraining from acting in good faith upon any resolution, Opinion of Counsel,
      certificate, written representation of a Holder or transferee, certificate
      of
      auditors or any other certificate, statement, instrument, opinion, report,
      notice, request, consent, order, appraisal, bond, debenture, note, other
      evidence of indebtedness or other paper or document believed by it to be genuine
      and to have been signed or presented by the proper party or
      parties;

     

    (b) any
      direction or act of the Depositor contemplated by this Trust Agreement shall
      be
      sufficiently evidenced by an Officer’s Certificate;

     

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

     

    (d) the
      Property Trustee may consult with counsel of its own choosing (which counsel
      may
      be counsel to the Depositor or any of its Affiliates, and may include any of
      its
      employees) and the advice of such counsel shall be full and complete
      authorization and protection in respect of any action taken, suffered or omitted
      by it hereunder in good faith and in reliance thereon and in accordance with
      such advice; the Property Trustee shall have the right at any time to seek
      instructions concerning the administration of this Trust Agreement from any
      court of competent jurisdiction;

     

    
      
        
        

      

      
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    (e) the
      Property Trustee shall be under no obligation to exercise any of the rights
      or
      powers vested in it by this Trust Agreement at the request or direction of
      any
      of the Holders pursuant to this Trust Agreement, unless such Holders shall
      have
      offered to the Property Trustee security or indemnity satisfactory to it against
      the costs, expenses and liabilities which might be incurred by it in compliance
      with such request or direction; provided, that nothing contained in this Section
      8.3(e) shall be taken to relieve the Property Trustee, upon the occurrence
      of an
      Event of Default, of its obligation to exercise the rights and powers vested
      in
      it by this Trust Agreement;

     

    (f) the
      Property Trustee shall not be bound to make any investigation into the facts
      or
      matters stated in any resolution, certificate, statement, instrument, opinion,
      report, notice, request, consent, order, approval, bond, debenture, note or
      other evidence of indebtedness or other paper or document, unless requested
      in
      writing to do so by one or more Holders, but the Property Trustee may make
      such
      further inquiry or investigation into such facts or matters as it may see
      fit;

     

    (g) the
      Property Trustee may execute any of the trusts or powers hereunder or perform
      any of its duties hereunder either directly or by or through its agents or
      attorneys, provided that the Property Trustee shall not be responsible for
      any
      misconduct or negligence on the part of any agent or attorney appointed with
      due
      care by it hereunder;

     

    (h) whenever
      in the administration of this Trust Agreement the Property Trustee shall deem
      it
      desirable to receive instructions with respect to enforcing any remedy or right
      or taking any other action hereunder, the Property Trustee (i) may request
      instructions from the Holders (which instructions may only be given by the
      Holders of the same proportion in Liquidation Amount of the Trust Securities
      as
      would be entitled to direct the Property Trustee under the terms of the Trust
      Securities in respect of such remedy, right or action), (ii) may refrain from
      enforcing such remedy or right or taking such other action until such
      instructions are received, and (iii) shall be fully protected in acting in
      accordance with such instructions;

     

    (i) except
      as
      otherwise expressly provided by this Trust Agreement, the Property Trustee
      shall
      not be under any obligation to take any action that is discretionary under
      the
      provisions of this Trust Agreement. No provision of this Trust Agreement shall
      be deemed to impose any duty or obligation on any Issuer Trustee or
      Administrator to perform any act or acts or exercise any right, power, duty
      or
      obligation conferred or imposed on it, in any jurisdiction in which it shall
      be
      illegal, or in which the Property Trustee shall be unqualified or incompetent
      in
      accordance with applicable law, to perform any such act or acts, or to exercise
      any such right, power, duty or obligation. No permissive power or authority
      available to any Issuer Trustee or Administrator shall be construed to be a
      duty;

     

    (j) if
      (i) in
      performing its duties under this Trust Agreement the Property Trustee is
      required to decide between alternative courses of action or (ii) in construing
      any of the provisions of this Trust Agreement the Property Trustee finds the
      same ambiguous or inconsistent with any other provisions contained herein or
      (iii) the Property Trustee is unsure of the application of any provision of
      this
      Trust Agreement, then, except as to any matter as to which the Holders are
      entitled to vote under the terms of this Trust Agreement, the Property Trustee
      shall deliver a notice to the Depositor requesting written instructions of
      the
      Depositor as

     

    
      
        
        

      

      
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    to
      the
      course of action to be taken and the Property Trustee shall take such action,
      or
      refrain from taking such action, as the Property Trustee shall be instructed
      in
      writing to take, or to refrain from taking, by the Depositor; provided, however,
      that if the Property Trustee does not receive such instructions of the Depositor
      within ten Business Days after it has delivered such notice, or such reasonably
      shorter period of time set forth in such notice (which to the extent practicable
      shall not be less than two Business Days), it may, but shall be under no duty
      to, take or refrain from taking such action not inconsistent with this Trust
      Agreement as it shall deem advisable and in the best interests of the Holders,
      in which event the Property Trustee shall have no liability except for its
      own
      bad faith, negligence or willful misconduct;

     

    (k) whenever
      in the administration of this Trust Agreement, the Property Trustee shall deem
      it desirable that a matter be established before undertaking, suffering or
      omitting any action hereunder, the Property Trustee (unless other evidence
      is
      herein specifically prescribed) may, in the absence of bad faith on its part,
      request and conclusively rely upon an Officer’s Certificate which, upon receipt
      of such request, shall be promptly delivered by the Depositor or the
      Administrator;

     

    (l) when
      the
      Property Trustee incurs expenses or renders services in connection with a
      Bankruptcy Event, such expenses (including the fees and expenses of its counsel)
      and the compensation for such services are intended to constitute expenses
      of
      administration under any bankruptcy law or law relating to creditors’ rights
      generally; and

     

    (m) the
      Property Trustee shall not be charged with knowledge of an Event of Default
      unless such Event of Default has occurred as a result of the act or failure
      to
      act of the Property Trustee, a Responsible Officer of the Property Trustee
      obtains actual knowledge of such event or the Property Trustee receives written
      notice of such event from Holders of at least 25% of the Outstanding Trust
      Securities (based upon Liquidation Amount).

     

    SECTION
      8.4. Not Responsible for Recitals or Issuance of Securities. 

     

    The
      recitals contained herein and in the Trust Securities Certificates shall be
      taken as the statements of the Issuer Trust, and the Issuer Trustees and the
      Administrators do not assume any responsibility for their correctness. The
      Issuer Trustees and the Administrators shall not be accountable for the use
      or
      application by the Depositor of the proceeds of the Junior Subordinated
      Debentures.

     

    SECTION
      8.5. May Hold Securities. 

     

    The
      Administrators, any Issuer Trustee or any other agent of any Issuer Trustee
      or
      the Issuer Trust, in its individual or any other capacity, may become the owner
      or pledgee of Trust Securities and, subject to Sections 8.8 and 8.13, and except
      as provided in the definition of the term “Outstanding” in Article I, may
      otherwise deal with the Issuer Trust with the same rights it would have if
      it
      were not an Administrator, Issuer Trustee or such other agent.

     

    SECTION
      8.6. Compensation; Indemnity; Fees. 

     

    The
      Depositor, as borrower, agrees:

     

    
      
        
        

      

      
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    (a) to
      pay to
      the Issuer Trustees from time to time such reasonable compensation for all
      services rendered by them hereunder as the parties shall agree from time to
      time
      (which compensation shall not be limited by any provision of law in regard
      to
      the compensation of a trustee of an express trust);

     

    (b) to
      reimburse the Issuer Trustees upon request for all reasonable expenses,
      disbursements and advances incurred or made by the Issuer Trustees in accordance
      with any provision of this Trust Agreement (including the reasonable
      compensation and the expenses and disbursements of its agents and counsel),
      except any such expense, disbursement or advance as may be attributable to
      their
      negligence or willful misconduct; and

     

    (c) to
      the
      fullest extent permitted by applicable law, to indemnify and hold harmless
      (i)
      each Issuer Trustee, (ii) each Administrator, (iii) any Affiliate of any Issuer
      Trustee, (iv) any officer, director, shareholder, employee, representative
      or
      agent of any Issuer Trustee, and (v) any employee or agent of the Issuer Trust
      (referred to herein as an “Indemnified Person”) from and against any loss,
      damage, liability, tax, penalty, expense or claim of any kind or nature
      whatsoever incurred by such Indemnified Person arising out of or in connection
      with the creation, operation or dissolution of the Issuer Trust or any act
      or
      omission performed or omitted by such Indemnified Person in good faith on behalf
      of the Issuer Trust and in a manner such Indemnified Person reasonably believed
      to be within the scope of authority conferred on such Indemnified Person by
      this
      Trust Agreement, except that no Indemnified Person (other than an Administrator)
      shall be entitled to be indemnified in respect of any loss, damage or claim
      incurred by such Indemnified Person by reason of negligence or willful
      misconduct with respect to such acts or omissions, and further provided that
      no
      Administrator shall be entitled to be indemnified in respect of any loss, damage
      or claim incurred by such Administrator by reason of gross negligence or willful
      misconduct with respect to such acts or omissions.

     

    The
      provisions of this Section 8.6 shall survive the termination of this Trust
      Agreement or the earlier resignation or removal of any Issuer
      Trustee.

     

    No
      Issuer
      Trustee may claim any lien or charge on any Trust Property as a result of any
      amount due pursuant to this Section 8.6.

     

    The
      Depositor, any Administrator and any Issuer Trustee (subject to Section 8.8)
      may
      engage in or possess an interest in other business ventures of any nature or
      description, independently or with others, similar or dissimilar to the business
      of the Issuer Trust, and the Issuer Trust and the Holders of Trust Securities
      shall have no rights by virtue of this Trust Agreement in and to such
      independent ventures or the income or profits derived therefrom, and the pursuit
      of any such venture, even if competitive with the business of the Issuer Trust,
      shall not be deemed wrongful or improper. Neither the Depositor, any
      Administrator, nor any Issuer Trustee shall be obligated to present any
      particular investment or other opportunity to the Issuer Trust even if such
      opportunity is of a character that, if presented to the Issuer Trust, could
      be
      taken by the Issuer Trust, and the Depositor, any Administrator or any Issuer
      Trustee shall have the right to take for its own account (individually or as
      a
      partner or fiduciary) or to recommend to others any such particular investment
      or other opportunity. Any Issuer Trustee may engage or be interested in any
      financial or other transaction with the Depositor or any Affiliate of
      the

     

    
      
        
        

      

      
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    Depositor,
      or may act as depository for, trustee or agent for, or act on any committee
      or
      body of holders of, securities or other obligations of the Depositor or its
      Affiliates.

     

    In
      the
      event that the Property Trustee is also acting as Paying Agent or Securities
      Registrar hereunder, the rights and protections afforded to the Property Trustee
      pursuant to this Article VIII shall also be afforded to such Paying Agent or
      Securities Registrar.

     

    SECTION
      8.7. Corporate Property Trustee Required; Eligibility of Trustees and
      Administrators. 

     

    (a) There
      shall at all times be a Property Trustee hereunder with respect to the Trust
      Securities. The Property Trustee shall be a Person that is a national- or
      state-chartered bank and eligible pursuant to the Trust Indenture Act to act
      as
      such and has a combined capital and surplus of at least $50,000,000. If any
      such
      Person publishes reports of condition at least annually, pursuant to law or
      to
      the requirements of its supervising or examining authority, then for the
      purposes of this Section, the combined capital and surplus of such Person shall
      be deemed to be its combined capital and surplus as set forth in its most recent
      report of condition so published. If at any time the Property Trustee with
      respect to the Trust Securities shall cease to be eligible in accordance with
      the provisions of this Section, it shall resign immediately in the manner and
      with the effect hereinafter specified in this Article.

     

    (b) There
      shall at all times be one or more Administrators hereunder. Each Administrator
      shall be either a natural person who is at least 21 years of age or a legal
      entity that shall act through one or more persons authorized to bind that
      entity. An employee, officer or Affiliate of the Depositor may serve as an
      Administrator.

     

    (c) There
      shall at all times be a Delaware Trustee. The Delaware Trustee shall either
      be
      (i) a natural person who is at least 21 years of age and a resident of the
      State
      of Delaware or (ii) a legal entity with its principal place of business in
      the
      State of Delaware and that otherwise meets the requirements of applicable
      Delaware law that shall act through one or more persons authorized to bind
      such
      entity.

     

    SECTION
      8.8. Conflicting Interests. 

     

    (a) If
      the
      Property Trustee has or shall acquire a conflicting interest within the meaning
      of the Trust Indenture Act, the Property Trustee shall either eliminate such
      interest or resign, to the extent and in the manner provided by, and subject
      to
      the provisions of, the Trust Indenture Act and this Trust
      Agreement.

     

    (b) The
      Guarantee Agreement and the Indenture shall be deemed to be sufficiently
      described in this Trust Agreement for the purposes of clause (i) of the first
      proviso contained in Section 310(b) of the Trust Indenture Act.

     

    SECTION
      8.9. Co-Trustees and Separate Trustee. 

     

    Unless
      an
      Event of Default shall have occurred and be continuing, at any time or times,
      for the purpose of meeting the legal requirements of the Trust Indenture Act
      or
      of any

     

    
      
        
        

      

      
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    jurisdiction
      in which any part of the Trust Property may at the time be located, the Property
      Trustee shall have power to appoint, and upon the written request of the
      Property Trustee, the Depositor and the Administrators shall for such purpose
      join with the Property Trustee in the execution, delivery, and performance
      of
      all instruments and agreements necessary or proper to appoint, one or more
      Persons approved by the Property Trustee either to act as co-trustee, jointly
      with the Property Trustee, of all or any part of such Trust Property, or to
      the
      extent required by law to act as separate trustee of any such property, in
      either case with such powers as may be provided in the instrument of
      appointment, and to vest in such Person or Persons in the capacity aforesaid,
      any property, title, right or power deemed necessary or desirable, subject
      to
      the other provisions of this Section. Any co-trustee or separate trustee
      appointed pursuant to this Section shall either be (i) a natural person who
      is
      at least 21 years of age and a resident of the United States or (ii) a legal
      entity with its principal place of business in the United States that shall
      act
      through one or more persons authorized to bind such entity.

     

    Should
      any
      written instrument from the Depositor be required by any co-trustee or separate
      trustee so appointed for more fully confirming to such co-trustee or separate
      trustee such property, title, right, or power, any and all such instruments
      shall, on request, be executed, acknowledged and delivered by the
      Depositor.

     

    Every
      co-trustee or separate trustee shall, to the extent permitted by law, but to
      such extent only, be appointed subject to the following terms,
      namely:

     

    (a) The
      Trust
      Securities shall be executed by one or more Administrators, and the Capital
      Securities shall be authenticated by the manual signature of the Property
      Trustee and delivered and all rights, powers, duties, and obligations hereunder
      in respect of the custody of securities, cash and other personal property held
      by, or required to be deposited or pledged with, the Property Trustees specified
      hereunder, shall be exercised, solely by the Property Trustee and not by such
      co-trustee or separate trustee.

     

    (b) The
      rights, powers, duties, and obligations hereby conferred or imposed upon the
      Property Trustee in respect of any property covered by such appointment shall
      be
      conferred or imposed upon and exercised or performed by the Property Trustee
      and
      such co-trustee or separate trustee jointly, as shall be provided in the
      instrument appointing such co-trustee or separate trustee, except to the extent
      that under any law of any jurisdiction in which any particular act is to be
      performed, the Property Trustee shall be incompetent or unqualified to perform
      such act, in which event such rights, powers, duties and obligations shall
      be
      exercised and performed by such co-trustee or separate trustee.

     

    (c) The
      Property Trustee at any time, by an instrument in writing executed by it, with
      the written concurrence of the Depositor, may accept the resignation of or
      remove any co-trustee or separate trustee appointed under this Section, and,
      in
      case a Debenture Default has occurred and is continuing, the Property Trustee
      shall have power to accept the resignation of, or remove, any such co-trustee
      or
      separate trustee without the concurrence of the Depositor. Upon the written
      request of the Property Trustee, the Depositor shall join with the Property
      Trustee in the execution, delivery and performance of all instruments and
      agreements necessary or proper to effectuate such resignation or removal. A
      successor to any co-trustee or separate trustee so resigned or removed may
      be
      appointed in the manner provided in this Section.

     

    
      
        
        

      

      
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    (d) No
      co-trustee or separate trustee hereunder shall be personally liable by reason
      of
      any act or omission of the Property Trustee or any other trustee
      hereunder.

     

    (e) The
      Property Trustee shall not be liable by reason of any act of a co-trustee or
      separate trustee or any employees or agents of a co-trustee and separate trustee
      nor shall it be liable for the supervision of a co-trustee or separate trustee
      or employees or agents of a co-trustee and separate trustee.

     

    (f) Any
      Act of
      Holders delivered to the Property Trustee shall be deemed to have been delivered
      to each such co-trustee and separate trustee.

     

    SECTION
      8.10. Resignation and Removal; Appointment of Successor. 

     

    No
      resignation or removal of any Issuer Trustee (the “Relevant Trustee”) and no
      appointment of a successor Issuer Trustee pursuant to this Article shall become
      effective until the acceptance of appointment by the successor Issuer Trustee
      in
      accordance with the applicable requirements of Section 8.11.

     

    Subject
      to
      the immediately preceding paragraph, a Relevant Trustee may resign at any time
      by giving written notice thereof to the Holders. The Relevant Trustee shall
      appoint a successor by requesting from at least three Persons meeting the
      eligibility requirements its expenses and charges to serve as the Relevant
      Trustee on a form provided by the Administrators, and selecting the Person
      who
      agrees to the lowest expenses and charges. If the instrument of acceptance
      by
      the successor Issuer Trustee required by Section 8.11 shall not have been
      delivered to the Relevant Trustee within 60 days after the giving of such notice
      of resignation, the Relevant Trustee may petition, at the expense of the Issuer
      Trust, any court of competent jurisdiction for the appointment of a successor
      Relevant Trustee.

     

    Unless
      a
      Debenture Default shall have occurred and be continuing, the Property Trustee
      or
      the Delaware Trustee may be removed at any time by an Act of the Holders of
      a
      Majority in Liquidation Amount of the Common Securities. The Property Trustee
      or
      the Delaware Trustee may be removed at any time by Act of the Holders of at
      least a Majority in Liquidation Amount of the Capital Securities, delivered
      to
      the Relevant Trustee (in its individual capacity and on behalf of the Issuer
      Trust) (i) for cause, or (ii) if a Debenture Default shall have occurred and
      be
      continuing at any time. If the instrument of such removal shall not have been
      delivered to the Relevant Trustee within 60 days after such Act, the Relevant
      Trustee may petition, at the expense of the Issuer Trust, any court of competent
      jurisdiction for appointment of a successor Relevant Trustee.

     

    If
      any
      Issuer Trustee shall resign, it shall appoint its successor. If a resigning
      Issuer Trustee shall fail to appoint a successor, or if an Issuer Trustee shall
      be removed or become incapable of acting as Issuer Trustee, or if any vacancy
      shall occur in the office of any Issuer Trustee for any cause, the Holders
      of
      the Capital Securities, by Act of the Holders of record of not less than 25%
      in
      aggregate Liquidation Amount of the Capital Securities then Outstanding
      delivered to such Relevant Trustee, shall promptly appoint a successor Relevant
      Trustee or Trustees, and such successor Issuer Trustee shall comply with the
      applicable requirements of Section 8.11. If no successor Relevant Trustee shall
      have been so appointed by the Holders of the

     

    
      
        
        

      

      
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    Capital
      Securities and accepted appointment in the manner required by Section 8.11,
      any
      Holder, on behalf of himself and all others similarly situated, or any other
      Issuer Trustee, may petition any court of competent jurisdiction for the
      appointment of a successor Relevant Trustee.

     

    The
      Property Trustee shall give notice of each resignation and each removal of
      an
      Issuer Trustee and each appointment of a successor Issuer Trustee to all Holders
      in the manner provided in Section 10.8 and shall give notice to the Depositor
      and to the Administrators. Each notice shall include the name of the successor
      Relevant Trustee and the address of its Corporate Trust Office if it is the
      Property Trustee.

     

    Notwithstanding
      the foregoing or any other provision of this Trust Agreement, in the event
      any
      Delaware Trustee who is a natural person dies or becomes, in the opinion of
      the
      Holders of the Common Securities, incompetent or incapacitated, the vacancy
      created by such death, incompetence or incapacity may be filled by the Property
      Trustee following the procedures regarding expenses and charges set forth above
      (with the successor in each case being a Person who satisfies the eligibility
      requirements for Administrators or Delaware Trustee, as the case may be, set
      forth in Section 8.7).

     

    SECTION
      8.11. Acceptance of Appointment by Successor. 

     

    In
      case of
      the appointment hereunder of a successor Relevant Trustee, the retiring Relevant
      Trustee and each such successor Relevant Trustee with respect to the Trust
      Securities shall execute, acknowledge and deliver an amendment hereto wherein
      each successor Relevant Trustee shall accept such appointment and which (a)
      shall contain such provisions as shall be necessary or desirable to transfer
      and
      confirm to, and to vest in, each successor Relevant Trustee all the rights,
      powers, trusts and duties of the retiring Relevant Trustee with respect to
      the
      Trust Securities and the Issuer Trust, and (b) shall add to or change any of
      the
      provisions of this Trust Agreement as shall be necessary to provide for or
      facilitate the administration of the Issuer Trust by more than one Relevant
      Trustee and upon the execution and delivery of such amendment the resignation
      or
      removal of the retiring Relevant Trustee shall become effective to the extent
      provided therein and each such successor Relevant Trustee, without any further
      act, deed or conveyance, shall become vested with all the rights, powers, trusts
      and duties of the retiring Relevant Trustee; but, on request of the Issuer
      Trust
      or any successor Relevant Trustee such retiring Relevant Trustee shall, upon
      payment of its charges, duly assign, transfer and deliver to such successor
      Relevant Trustee all Trust Property, all proceeds thereof and money held by
      such
      retiring Relevant Trustee hereunder with respect to the Trust Securities and
      the
      Issuer Trust.

     

    Upon
      request of any such successor Relevant Trustee, the Issuer Trust shall execute
      any and all instruments for more fully and certainly vesting in and confirming
      to such successor Relevant Trustee all such rights, powers and trusts referred
      to in the first or second preceding paragraph, as the case may be.

     

    No
      successor Relevant Trustee shall accept its appointment unless at the time
      of
      such acceptance such successor Relevant Trustee shall be qualified and eligible
      under this Article.

     

    
      
        
        

      

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

     

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

     

    SECTION
      8.13. Preferential Collection of Claims Against Depositor or Issuer
      Trust. 

     

    If
      and
      when the Property Trustee shall be or become a creditor of the Depositor (or
      any
      other obligor upon the Trust Securities), the Property Trustee shall be subject
      to the provisions of the Trust Indenture Act regarding the collection of claims
      against the Depositor (or any such other obligor) as is required by the Trust
      Indenture Act.

     

    SECTION
      8.14. Trustee May File Proofs of Claim. 

     

    In
      case of
      any receivership, insolvency, liquidation, bankruptcy, reorganization,
      arrangement, adjustment, composition or other similar judicial proceeding
      relative to the Issuer Trust or any other obligor upon the Trust Securities
      or
      the property of the Issuer Trust or of such other obligor, the Property Trustee
      (irrespective of whether any Distributions on the Trust Securities shall then
      be
      due and payable and irrespective of whether the Property Trustee shall have
      made
      any demand on the Issuer Trust for the payment of any past due Distributions)
      shall be entitled and empowered, to the fullest extent permitted by law, by
      intervention in such proceeding or otherwise:

     

    (a) to
      file
      and prove a claim for the whole amount of any Distributions owing and unpaid
      in
      respect of the Trust Securities and to file such other papers or documents
      as
      may be necessary or advisable in order to have the claims of the Property
      Trustee (including any claim for the reasonable compensation, expenses,
      disbursements and advances of the Property Trustee, its agents and counsel)
      and
      of the Holders allowed in such judicial proceeding, and

     

    (b) to
      collect
      and receive any monies or other property payable or deliverable on any such
      claims and to distribute the same; and any custodian, receiver, assignee,
      trustee, liquidator, sequestrator or other similar official in any such judicial
      proceeding is hereby authorized by each Holder to make such payments to the
      Property Trustee and, in the event the Property Trustee shall consent to the
      making of such payments directly to the Holders, to pay to the Property Trustee
      any amount due it for the reasonable compensation, expenses, disbursements
      and
      advances of the Property Trustee, its agents and counsel, and any other amounts
      due the Property Trustee.

     

    Nothing
      herein contained shall be deemed to authorize the Property Trustee to authorize
      or consent to or accept or adopt on behalf of any Holder any plan of
      reorganization, arrangement, adjustment or compensation affecting the Trust
      Securities or the rights of any Holder thereof or

     

    
      
        
        

      

      
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    to
      authorize the Property Trustee to vote in respect of the claim of any Holder
      in
      any such proceeding.

     

    SECTION
      8.15. Reports by Property Trustee. 

     

    (a) Not
      later
      than May 15 of each year commencing with May 15, 2007, the Property Trustee
      shall provide to the Holders of the Trust Securities such reports as are
      required by Section 313 of the Trust Indenture Act, if any, in the form, in
      the
      manner and at the times provided by Section 313 of the Trust Indenture Act.
      The
      Property Trustee shall also comply with the requirements of Section 313(d)
      of
      the Trust Indenture Act.

     

    (b) A
      copy of
      each such report shall, at the time of such transmission to Holders, be filed
      by
      the Property Trustee with the Depositor.

     

    SECTION
      8.16. Reports to the Property Trustee. 

     

    Each
      of
      the Depositor and the Administrators on behalf of the Issuer Trust shall provide
      to the Property Trustee, the Commission and the Holders of the Trust Securities,
      as applicable, such documents, reports and information as required by Section
      314(a)(1) - (3) (if any) of the Trust Indenture Act and the compliance
      certificates required by Section 314(a)(4) and (c) of the Trust Indenture Act
      (provided that any certificate to be provided pursuant to Section 314(a)(4)
      of
      the Trust Indenture Act shall be provided within 120 days of the end of each
      fiscal year of the Issuer Trust).

     

    SECTION
      8.17. Evidence of Compliance with Conditions Precedent. 

     

    Each
      of
      the Depositor and the Administrators on behalf of the Issuer Trust shall provide
      to the Property Trustee such evidence of compliance with any conditions
      precedent, if any, provided for in this Trust Agreement which relate to any
      of
      the matters set forth in Section 314(c) of the Trust Indenture Act. Any
      certificate or opinion required to be given pursuant to Section 314(c) shall
      comply with Section 314(e) of the Trust Indenture Act.

     

    SECTION
      8.18. Number of Issuer Trustees. 

     

    (a) The
      number
      of Issuer Trustees shall be two. The Property Trustee and the Delaware Trustee
      may be the same Person, in which case the number of Issuer Trustees may be
      one.

     

    (b) If
      an
      Issuer Trustee ceases to hold office for any reason, a vacancy shall occur.
      The
      vacancy shall be filled with an Issuer Trustee appointed in accordance with
      Section 8.10.

     

    (c) The
      death,
      resignation, retirement, removal, bankruptcy, dissolution, termination,
      incompetence or incapacity to perform the duties of an Issuer Trustee shall
      not
      operate to dissolve, terminate or annul the Issuer Trust or terminate this
      Trust
      Agreement.

     

    
      
        
        

      

      
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    SECTION
      8.19. Delegation of Power. 

     

    (a) Any
      Administrator may, by power of attorney consistent with applicable law, delegate
      to any other natural person over the age of 21 his or her power for the purpose
      of executing any documents contemplated in Section 2.7(a) or making any
      governmental filing; and

     

    (b) The
      Administrators shall have power to delegate from time to time to such of their
      number the doing of such things and the execution of such instruments either
      in
      the name of the Issuer Trust or the names of the Administrators or otherwise
      as
      the Administrators may deem expedient, to the extent such delegation is not
      prohibited by applicable law or contrary to the provisions of this Trust
      Agreement.

     

    SECTION
      8.20. Appointment of Administrators. 

     

    (a) The
      number
      of Administrators shall be such number as shall be fixed from time to time
      by
      the Holders of a Majority in Liquidation Amount of the Common Securities. The
      Administrators shall be appointed by the Holders of a Majority in Liquidation
      Amount of the Common Securities and may be removed by the Holders of a Majority
      in Liquidation Amount of the Common Securities or may resign at any time. Upon
      any resignation or removal, the Depositor shall appoint a successor
      Administrator. Each Administrator shall execute this Trust Agreement thereby
      agreeing to comply with, and be legally bound by, all of the terms, conditions
      and provisions of this Trust Agreement. If at any time there is no
      Administrator, the Property Trustee or any Holder who has been a Holder of
      Trust
      Securities for at least six months may petition any court of competent
      jurisdiction for the appointment of one or more Administrators.

     

    (b) Whenever
      a
      vacancy in the number of Administrators shall occur, until such vacancy is
      filled by the appointment of an Administrator in accordance with this Section
      8.20, the Administrators in office, regardless of their number (and
      notwithstanding any other provision of this Trust Agreement), shall have all
      the
      powers granted to the Administrators and shall discharge all the duties imposed
      upon the Administrators by this Trust Agreement.

     

    (c) Notwithstanding
      the foregoing, or any other provision of this Trust Agreement, in the event
      any
      Administrator or a Delaware Trustee who is a natural person dies or becomes,
      in
      the opinion of the Holders of a Majority in Liquidation Amount of the Common
      Securities, incompetent, or incapacitated, the vacancy created by such death,
      incompetence or incapacity may be filled by the remaining Administrators, if
      there were at least two of them prior to such vacancy, and by the Depositor,
      if
      there were not two such Administrators immediately prior to such vacancy (with
      the successor in each case being a Person who satisfies the eligibility
      requirement for Administrators or Delaware Trustee, as the case may be, set
      forth in Section 8.7).

     

    
      
        
        

      

      
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    ARTICLE
      IX

     

    DISSOLUTION,
      LIQUIDATION AND MERGER

     

    SECTION
      9.1. Dissolution Upon Expiration Date. 

     

    Unless
      earlier dissolved, the Issuer Trust shall automatically dissolve on April 15,
      2067 (the “Expiration Date”), and thereafter the Trust Property shall be
      distributed in accordance with Section 9.4.

     

    SECTION
      9.2. Early Termination. 

     

    The
      first
      to occur of any of the following events is an “Early Termination Event” and the
      occurrence of which shall cause the dissolution of the Issuer
      Trust:

     

    (a) the
      occurrence of the appointment of a receiver or other similar official in any
      liquidation, insolvency or similar proceeding with respect to the Depositor
      or
      all or substantially all of its property, or a court or other governmental
      agency shall enter a decree or order and such decree or order shall remain
      unstayed and undischarged for a period of 60 days, unless the Depositor shall
      transfer the Common Securities as provided by Section 5.11, in which case this
      provision shall refer instead to any such successor Holder of the Common
      Securities;

     

    (b) the
      written direction to the Property Trustee from the Holder of the Common
      Securities at any time to dissolve the Issuer Trust and to distribute a Like
      Amount of the Junior Subordinated Debentures to Holders in exchange for the
      Capital Securities (which direction, subject to Section 9.4(a) and to obtaining
      any required regulatory approval, is optional and wholly within the discretion
      of the Holders of the Common Securities);

     

    (c) the
      redemption of all of the Capital Securities in connection with the redemption
      of
      all the Junior Subordinated Debentures or the maturity of the Junior
      Subordinated Debentures; and

     

    (d) the
      entry
      of an order for dissolution of the Issuer Trust by a court of competent
      jurisdiction.

     

    SECTION
      9.3. Termination. 

     

    As
      soon as
      is practicable after the occurrence of an event referred to in Section 9.1
      or
      9.2, and upon the completion of the winding up and liquidation of the Issuer
      Trust, the Administrators or the Issuer Trustees (each of whom is hereby
      authorized to take such action) shall file a certificate of cancellation with
      the Secretary of State of the State of Delaware terminating the Trust and,
      upon
      such filing, the respective obligations and responsibilities of the Issuer
      Trustees, the Administrators and the Issuer Trust shall terminate.

     

    SECTION
      9.4. Liquidation. 

     

    (a) If
      an
      Early Termination Event specified in clause (a), (b) or (d) of Section 9.2
      occurs or upon the Expiration Date, the Issuer Trust shall be wound up and
      liquidated by the

     

    
      
        
        

      

      
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    Property
      Trustee as expeditiously as the Property Trustee determines to be possible
      by
      distributing, after paying or making reasonable provision to pay all claims
      and
      obligations of the Issuer Trust in accordance with Section 3808(e) of the
      Delaware Statutory Trust Act, to each Holder a Like Amount of Junior
      Subordinated Debentures, subject to Section 9.4(d). Notice of liquidation shall
      be given by the Property Trustee by first-class mail, postage prepaid, mailed
      not later than 15 nor more than 45 days prior to the Liquidation Date to each
      Holder of Trust Securities at such Holder’s address appearing in the Securities
      Register. All notices of liquidation shall:

     

    (i) state
      the
      Liquidation Date;

     

    (ii) state
      that, from and after the Liquidation Date, the Trust Securities will no longer
      be deemed to be Outstanding and any Trust Securities Certificates not
      surrendered for exchange will be deemed to represent a Like Amount of Junior
      Subordinated Debentures; and

     

    (iii) provide
      such information with respect to the mechanics by which Holders may exchange
      Trust Securities Certificates for Junior Subordinated Debentures, or if Section
      9.4(d) applies, receive a Liquidation Distribution, as the Administrators or
      the
      Property Trustee shall deem appropriate.

     

    (b) Except
      where Section 9.2(c) or 9.4(d) applies, in order to effect the liquidation
      of
      the Issuer Trust and distribution of the Junior Subordinated Debentures to
      Holders, the Property Trustee shall establish a record date for such
      distribution (which shall be not more than 30 days prior to the Liquidation
      Date) and, either itself acting as exchange agent or through the appointment
      of
      a separate exchange agent, shall establish such procedures as it shall deem
      appropriate to effect the distribution of Junior Subordinated Debentures in
      exchange for the Outstanding Trust Securities Certificates.

     

    (c) Except
      where Section 9.2(c) or 9.4(d) applies, after the Liquidation Date, (i) the
      Capital Securities and Common Securities will no longer be deemed to be
      Outstanding, (ii) the Clearing Agency for the Capital Securities or its nominee,
      as the registered holder of the Global Capital Securities Certificate, shall
      receive a registered global certificate or certificates representing the Junior
      Subordinated Debentures to be delivered upon such distribution with respect
      to
      Capital Securities held by the Clearing Agency or its nominee, and, (iii) any
      Capital Securities Certificates not held by the Clearing Agency for the Capital
      Securities or its nominee as specified in clause (ii) above will be deemed
      to
      represent Junior Subordinated Debentures having a principal amount equal to
      the
      stated Liquidation Amount of the Capital Securities represented thereby and
      bearing accrued and unpaid interest in an amount equal to the accumulated and
      unpaid Distributions on such Capital Securities until such certificates are
      presented to the Securities Registrar for transfer or reissuance.

     

    (d) If,
      notwithstanding the other provisions of this Section 9.4, whether because of
      an
      order for dissolution entered by a court of competent jurisdiction or otherwise,
      distribution of the Junior Subordinated Debentures is not practical, or if
      any
      Early Termination Event specified in clause (c) of Section 9.2 occurs, the
      Issuer Trust shall be dissolved and wound up and the Trust Property shall be
      liquidated by the Property Trustee in such manner as the Property
      Trustee

     

    
      
        
        

      

      
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    determines.
      In such event, on the date of the dissolution of the Issuer Trust, unless the
      Trust Securities have been redeemed or are to be redeemed on such date pursuant
      to Article IV, Holders will be entitled to receive out of the assets of the
      Issuer Trust available for distribution to Holders, after paying or making
      reasonable provision to pay all claims and obligations of the Issuer Trust
      in
      accordance with Section 3808(e) of the Delaware Statutory Trust Act, an amount
      equal to the aggregate of Liquidation Amount per Trust Security plus accumulated
      and unpaid Distributions thereon to but excluding the date of payment (such
      amount being the “Liquidation Distribution”). If, upon any such dissolution, the
      Liquidation Distribution can be paid only in part because the Issuer Trust
      has
      insufficient assets available to pay in full the aggregate Liquidation
      Distribution, then, subject to the next succeeding sentence, the amounts payable
      by the Issuer Trust on the Trust Securities shall be paid on a pro
      rata basis
      (based upon Liquidation Amounts). The Holders of the Common Securities will
      be
      entitled to receive Liquidation Distributions upon any such dissolution
pro
      rata (determined
      as aforesaid) with Holders of Capital Securities, except that, if a Debenture
      Event of Default or Debenture Default specified in Section 5.06(a) or 5.06(b)
      of
      the Indenture has occurred and is continuing, the Capital Securities shall
      have
      a priority over the Common Securities as provided in Section 4.3.

     

    SECTION
      9.5. Mergers, Consolidations, Amalgamations or Replacements of the Issuer
      Trust. 

     

    The
      Issuer
      Trust may not merge with or into, consolidate, amalgamate, or be replaced by,
      or
      convey, transfer or lease its properties and assets substantially as an entirety
      to, any entity, except pursuant to this Section 9.5 or Section 9.4. At the
      request of the Holders of the Common Securities, and with the consent of the
      Holders of at least a Majority in Liquidation Amount of the Capital Securities,
      the Issuer Trust may merge with or into, consolidate, amalgamate, or be replaced
      by or convey, transfer or lease its properties and assets substantially as
      an
      entirety to a trust organized as such under the laws of any State; provided,
      however, that (i) such successor entity either (a) expressly assumes all of
      the
      obligations of the Issuer Trust with respect to the Capital Securities or (b)
      substitutes for the Capital Securities other securities having substantially
      the
      same terms as the Capital Securities (the “Successor Securities”) so long as the
      Successor Securities have the same priority as the Capital Securities with
      respect to distributions and payments upon liquidation, redemption and
      otherwise, (ii) a trustee of such successor entity possessing the same powers
      and duties as the Property Trustee is appointed to hold the Junior Subordinated
      Debentures, (iii) such merger, consolidation, amalgamation, replacement,
      conveyance, transfer or lease does not cause the Capital Securities (including
      any Successor Securities) to be downgraded by any nationally recognized
      statistical rating organization, (iv) such merger, consolidation,
      amalgamation, replacement, conveyance, transfer or lease does not adversely
      affect the rights, preferences and privileges of the Holders of the Capital
      Securities (including any Successor Securities) in any material respect, (v)
      such successor entity has a purpose substantially identical to that of the
      Issuer Trust, (vi) prior to such merger, consolidation, amalgamation,
      replacement, conveyance, transfer or lease, the Issuer Trustee has received
      an
      Opinion of Counsel from independent counsel experienced in such matters to
      the
      effect that (a) such merger, consolidation, amalgamation, replacement,
      conveyance, transfer or lease does not adversely affect the rights, preferences
      and privileges of the Holders of the Capital Securities (including any Successor
      Securities) in any material respect, and (b) following such merger,
      consolidation, amalgamation, replacement, conveyance, transfer or lease, neither
      the Issuer Trust

     

    
      
        
        

      

      
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    nor
      such
      successor entity will be required to register as an “investment company” under
      the Investment Company Act and (vii) the Depositor or any permitted transferee
      to whom it has transferred the Common Securities hereunder own all of the common
      securities of such successor entity and guarantees the obligations of such
      successor entity under the Successor Securities at least to the extent provided
      by the Guarantee Agreement. Notwithstanding the foregoing, the Issuer Trust
      shall not, except with the consent of Holders of 100% in Liquidation Amount
      of
      the Capital Securities, consolidate, amalgamate, merge with or into, or be
      replaced by or convey, transfer or lease its properties and assets substantially
      as an entirety to any other entity or permit any other entity to consolidate,
      amalgamate, merge with or into, or replace it if such consolidation,
      amalgamation, merger, replacement, conveyance, transfer or lease would cause
      the
      Issuer Trust or the successor entity to be taxable as a corporation, a
      partnership or any other arrangement other than as a grantor trust for United
      States Federal income tax purposes.

     

    ARTICLE
      X 

     

    MISCELLANEOUS
      PROVISIONS

     

    SECTION
      10.1. Limitation of Rights of Holders. 

     

    Except
      as
      set forth in Section 9.2, the death, incapacity, dissolution, termination or
      bankruptcy of any Person having an interest, beneficial or otherwise, in Trust
      Securities shall not operate to terminate this Trust Agreement, nor dissolve
      or
      terminate the Issuer Trust, nor entitle the legal representatives, successors
      or
      heirs of such Person or any Holder for such Person, to claim an accounting,
      take
      any action or bring any proceeding in any court for a partition or winding-up
      of
      the arrangements contemplated hereby, nor otherwise affect the rights,
      obligations and liabilities of the parties hereto or any of them. Any merger
      or
      similar agreement authorized in accordance with this Trust Agreement shall
      be
      executed by one or more of the Administrators on behalf of the Issuer
      Trust.

     

    SECTION
      10.2. Amendment. 

     

    (a) This
      Trust
      Agreement may be amended from time to time by the Property Trustee and the
      Holders of a Majority in Liquidation Amount of the Common Securities, without
      the consent of any Holder of the Capital Securities (i) to cure any ambiguity,
      correct or supplement any provision herein which may be inconsistent with any
      other provision herein, or to make any other provisions with respect to matters
      or questions arising under this Trust Agreement, provided, however, that such
      amendment shall not adversely affect in any material respect the interests
      of
      any Holder or (ii) to modify, eliminate or add to any provisions of this Trust
      Agreement to such extent as shall be necessary to ensure that the Issuer Trust
      will not be taxable as a corporation, a partnership or any other arrangement
      other than as a grantor trust for United States Federal income tax purposes
      at
      any time that any Trust Securities are Outstanding or to ensure that the Issuer
      Trust will not be required to register as an investment company under the
      Investment Company Act.

     

    (b) Except
      as
      provided in Section 10.2(c) hereof, any provision of this Trust Agreement may
      be
      amended by the Property Trustee and the Holders of a Majority in Liquidation
      Amount of the Common Securities with (i) the consent of Holders of at least
      a

     

    
      
        
        

      

      
        52

        
          

        

      

      
        
        

      

    

    Majority
      in Liquidation Amount of the Capital Securities and (ii) receipt by the Issuer
      Trustees of an Opinion of Counsel to the effect that such amendment or the
      exercise of any power granted to the Issuer Trustees in accordance with such
      amendment will not cause the Issuer Trust to be taxable as a corporation, a
      partnership or any other arrangement other than as a grantor trust for United
      States Federal income tax purposes or affect the Issuer Trust’s exemption from
      status of an “investment company” under the Investment Company Act.

     

    (c) In
      addition to and notwithstanding any other provision in this Trust Agreement,
      without the consent of each affected Holder, this Trust Agreement may not be
      amended to (i) change the amount or timing of any Distribution on the Trust
      Securities or otherwise adversely affect the amount of any Distribution required
      to be made in respect of the Trust Securities as of a specified date or (ii)
      restrict the right of a Holder to institute suit for the enforcement of any
      such
      payment on or after such date.

     

    (d) Notwithstanding
      any other provisions of this Trust Agreement, no Issuer Trustee shall enter
      into
      or consent to any amendment to this Trust Agreement which would cause the Issuer
      Trust to fail or cease to qualify for the exemption from status as an
“investment company” under the Investment Company Act or to fail or cease to
      qualify as a grantor trust for United States Federal income tax
      purposes.

     

    (e) Notwithstanding
      anything in this Trust Agreement to the contrary, without the consent of the
      Depositor and the Administrators, this Trust Agreement may not be amended in
      a
      manner which imposes any additional obligation on the Depositor or the
      Administrators.

     

    (f) In
      the
      event that any amendment to this Trust Agreement is made, the Administrators
      or
      the Property Trustee shall promptly provide to the Depositor a copy of such
      amendment.

     

    (g) Neither
      the Property Trustee nor the Delaware Trustee shall be required to enter into
      any amendment to this Trust Agreement which affects its own rights, duties
      or
      immunities under this Trust Agreement. The Property Trustee shall be entitled
      to
      receive an Opinion of Counsel and an Officer’s Certificate stating that any
      amendment to this Trust Agreement is in compliance with this Trust
      Agreement.

     

    (h) Any
      amendments to this Trust Agreement, pursuant to Section 10.2(a), shall become
      effective when notice of such amendment is given to the Holders of the Trust
      Securities.

     

    (i) Notwithstanding
      any other provision of this Trust Agreement, no amendment to this Trust
      Agreement may be made if, as a result of such amendment, it would cause the
      Issuer Trust to be taxable as a corporation, a partnership or any other
      arrangement other than as a grantor trust for United States Federal income
      tax
      purposes.

     

    SECTION
      10.3. Separability. 

     

    In
      case
      any provision in this Trust Agreement or in the Trust Securities Certificates
      shall be invalid, illegal or unenforceable, the validity, legality and
      enforceability of the remaining provisions shall not in any way be affected
      or
      impaired thereby.

     

    
      
        
        

      

      
        53

        
          

        

      

      
        
        

      

    

    SECTION
      10.4. Governing Law. 

     

    THIS
      TRUST
      AGREEMENT AND THE RIGHTS AND OBLIGATIONS OF EACH OF THE HOLDERS, THE ISSUER
      TRUST, THE DEPOSITOR, THE ISSUER TRUSTEES AND THE ADMINISTRATORS SHALL BE
      GOVERNED BY AND INTERPRETED IN ACCORDANCE WITH THE LAWS OF THE STATE OF DELAWARE
      AND ALL RIGHTS AND REMEDIES SHALL BE GOVERNED BY SUCH LAWS WITHOUT REGARD TO
      THE
      PRINCIPLES OF CONFLICT OF LAWS OF THE STATE OF DELAWARE OR ANY OTHER
      JURISDICTION THAT WOULD CALL FOR THE APPLICATION OF THE LAW OF ANY JURISDICTION
      OTHER THAN THE STATE OF DELAWARE; PROVIDED, HOWEVER, THAT THERE SHALL NOT BE
      APPLICABLE TO THE HOLDERS, THE ISSUER TRUST, THE DEPOSITOR, THE ISSUER TRUSTEES,
      THE ADMINISTRATORS OR THIS TRUST AGREEMENT ANY PROVISION OF THE LAWS (STATUTORY
      OR COMMON) OF THE STATE OF DELAWARE PERTAINING TO TRUSTS THAT RELATE TO OR
      REGULATE, IN A MANNER INCONSISTENT WITH THE TERMS HEREOF (A) THE FILING WITH
      ANY
      COURT OR GOVERNMENTAL BODY OR AGENCY OF TRUSTEE ACCOUNTS OR SCHEDULES OF TRUSTEE
      FEES AND CHARGES, (B) AFFIRMATIVE REQUIREMENTS TO POST BONDS FOR TRUSTEES,
      OFFICERS, AGENTS OR EMPLOYEES OF A TRUST, (C) THE NECESSITY FOR OBTAINING COURT
      OR OTHER GOVERNMENTAL APPROVAL CONCERNING THE ACQUISITION, HOLDING OR
      DISPOSITION OF REAL OR PERSONAL PROPERTY, (D) FEES OR OTHER SUMS PAYABLE TO
      TRUSTEES, OFFICERS, AGENTS OR EMPLOYEES OF A TRUST, (E) THE ALLOCATION OF
      RECEIPTS AND EXPENDITURES TO INCOME OR PRINCIPAL, (F) RESTRICTIONS OR
      LIMITATIONS ON THE PERMISSIBLE NATURE, AMOUNT OR CONCENTRATION OF TRUST
      INVESTMENTS OR REQUIREMENTS RELATING TO THE TITLING, STORAGE OR OTHER MANNER
      OF
      HOLDING OR INVESTING TRUST ASSETS OR (G) THE ESTABLISHMENT OF FIDUCIARY OR
      OTHER
      STANDARDS OF RESPONSIBILITY OR LIMITATIONS ON THE ACTS OR POWERS OF TRUSTEES
      THAT ARE INCONSISTENT WITH THE LIMITATIONS OR LIABILITIES OR AUTHORITIES AND
      POWERS OF THE ISSUER TRUSTEES OR THE ADMINISTRATORS AS SET FORTH OR REFERENCED
      IN THIS TRUST AGREEMENT. SECTION 3540 OF TITLE 12 OF THE DELAWARE CODE SHALL
      NOT
      APPLY TO THE ISSUER TRUST.

     

    SECTION
      10.5. Payments Due on Non-Business Day. 

     

    If
      the
      date fixed for any payment on any Trust Security shall be a day that is not
      a
      Business Day, then such payment need not be made on such date but may be made
      on
      the next succeeding day that is a Business Day, with the same force and effect
      as though made on the date fixed for such payment, and no Distributions shall
      accumulate on such unpaid amount for the period after such date.

     

    SECTION
      10.6. Successors. 

     

    This
      Trust
      Agreement shall be binding upon and shall inure to the benefit of any successor
      to the Depositor, the Issuer Trust, the Administrators and any Issuer Trustee,
      including any successor by operation of law. Except in connection with a
      consolidation, merger or sale

     

    
      
        
        

      

      
        54

        
          

        

      

      
        
        

      

    

    involving
      the Depositor that is permitted under Article IX of the Indenture and pursuant
      to which the assignee agrees in writing to perform the Depositor’s obligations
      hereunder, the Depositor shall not assign its obligations
      hereunder.

     

    SECTION
      10.7. Headings. 

     

    The
      Article and Section headings are for convenience only and shall not affect
      the
      construction of this Trust Agreement.

     

    SECTION
      10.8. Reports, Notices and Demands. 

     

    Any
      report, notice, demand or other communication that by any provision of this
      Trust Agreement is required or permitted to be given or served to or upon any
      Holder or the Depositor may be given or served in writing by deposit thereof,
      first-class postage prepaid, in the United States mail, hand delivery or
      facsimile transmission, in each case, addressed, (a) in the case of a Holder
      of
      Capital Securities, to such Holder as such Holder’s name and address may appear
      on the Securities Register; and (b) in the case of the Holder of Common
      Securities or the Depositor, to Morgan Stanley, 1585 Broadway, New York, NY
      10036, Attention: Office of the Secretary, facsimile no.: (212) 761-0331 or
      to
      such other address as may be specified in a written notice by the Depositor
      to
      the Property Trustee. Such notice, demand or other communication to or upon
      a
      Holder shall be deemed to have been sufficiently given or made, for all
      purposes, upon hand delivery, mailing or transmission. Such notice, demand
      or
      other communication to or upon the Depositor shall be deemed to have been
      sufficiently given or made only upon actual receipt of the writing by the
      Depositor.

     

    Any
      notice, demand or other communication which by any provision of this Trust
      Agreement is required or permitted to be given or served to or upon the Property
      Trustee, the Delaware Trustee, the Administrators, or the Issuer Trust shall
      be
      given in writing addressed (until another address is published by the Issuer
      Trust) as follows: (a) with respect to the Property Trustee to The Bank of
      New
      York, 101 Barclay Street, Floor 8 West, New York, NY 10286, Attention: Corporate
      Trust Administration; (b) with respect to the Delaware Trustee to The Bank
      of
      New York (Delaware), White Clay Center, Route 273, Newark, Delaware 19711,
      Attention: Corporate Trust Administration; and (c) with respect to the
      Administrators, to them at the address above for notices to the Depositor,
      marked “Attention: Office of the Secretary.” Such notice, demand or other
      communication to or upon the Issuer Trust, the Property Trustee or the
      Administrators shall be deemed to have been sufficiently given or made only
      upon
      actual receipt of the writing by the Issuer Trust, the Property Trustee, or
      such
      Administrator.

     

    SECTION
      10.9. Agreement Not to Petition. 

     

    Each
      of
      the Issuer Trustees, the Administrators and the Depositor agree for the benefit
      of the Holders that, until at least one year and one day after the Issuer Trust
      has been terminated in accordance with Article IX, they shall not file, or
      join
      in the filing of, a petition against the Issuer Trust under any bankruptcy,
      insolvency, reorganization or other similar law (including, without limitation,
      the United States Bankruptcy Code) (collectively, “Bankruptcy Laws”) or
      otherwise join in the commencement of any proceeding against the Issuer Trust
      under any Bankruptcy Law. In the event the Depositor takes action in violation
      of this Section 10.9, the Property

     

    
      
        
        

      

      
        55

        
          

        

      

      
        
        

      

    

    Trustee
      agrees, for the benefit of Holders, that at the expense of the Depositor, it
      shall file an answer with the bankruptcy court or otherwise properly contest
      the
      filing of such petition by the Depositor against the Issuer Trust or the
      commencement of such action and raise the defense that the Depositor has agreed
      in writing not to take such action and should be estopped and precluded
      therefrom and such other defenses, if any, as counsel for the Issuer Trustee
      or
      the Issuer Trust may assert. If any Issuer Trustee or Administrator takes action
      in violation of this Section 10.9, the Depositor agrees, for the benefit of
      the
      Holders, that at the expense of the Depositor, it shall file an answer with
      the
      bankruptcy court or otherwise properly contest the filing of such petition
      by
      such Person against the Depositor or the commencement of such action and raise
      the defense that such Person has agreed in writing not to take such action
      and
      should be estopped and precluded therefrom and such other defenses, if any,
      as
      counsel for the Issuer Trustee or the Issuer Trust may assert. The provisions
      of
      this Section 10.9 shall survive the termination of this Trust
      Agreement.

     

    SECTION
      10.10. Trust Indenture Act; Conflict with Trust Indenture Act. 

     

    (a) Trust
      Indenture Act; Application. (i) This Trust Agreement is subject to the
      provisions of the Trust Indenture Act that are required to be a part of this
      Trust Agreement and shall, to the extent applicable, be governed by such
      provisions; (ii) if and to the extent that any provision of this Trust Agreement
      limits, qualifies or conflicts with the duties imposed by Sections 310 to 317,
      inclusive, of the Trust Indenture Act, such imposed duties shall control; (iii)
      for purposes of this Trust Agreement, the Property Trustee, to the extent
      permitted by applicable law and/or the rules and regulations of the Commission,
      shall be the only Issuer Trustee which is a trustee for the purposes of the
      Trust Indenture Act; and (iv) the application of the Trust Indenture Act to
      this
      Trust Agreement shall not affect the nature of the Capital Securities and the
      Common Securities as equity securities representing undivided beneficial
      interests in the assets of the Issuer Trust.

     

    Lists
      of
      Holders of Capital Securities. (i) Each of the Depositor and the Administrators
      on behalf of the Trust shall provide the Property Trustee with such information
      as is required under Section 312(a) of the Trust Indenture Act at the times
      and
      in the manner provided in Section 312(a) and (ii) the Property Trustee shall
      comply with its obligations under Sections 310(b), 311 and 312(b) of the Trust
      Indenture Act. In no event, however, shall the Depositor’s or Administrators’
failure to comply with any section of the Trust Indenture Act give rise to
      a
      right to accelerate the Junior Subordinated Debentures.

     

    (b) Disclosure
      of Information. The disclosure of information as to the names and addresses
      of
      the Holders of Trust Securities in accordance with Section 312 of the Trust
      Indenture Act, regardless of the source from which such information was derived,
      shall not be deemed to be a violation of any existing law or any law hereafter
      enacted which does not specifically refer to Section 312 of the Trust Indenture
      Act, nor shall the Property Trustee be held accountable by reason of mailing
      any
      material pursuant to a request made under Section 312(b) of the Trust Indenture
      Act.

     

    
      
        
        

      

      
        56

        
          

        

      

      
        
        

      

    

    SECTION
      10.11. Acceptance of Terms of Trust Agreement, Guarantee and
      Indenture. 

     

    THE
      RECEIPT AND ACCEPTANCE OF A TRUST SECURITY OR ANY INTEREST THEREIN BY OR ON
      BEHALF OF A HOLDER OR ANY BENEFICIAL OWNER, WITHOUT ANY SIGNATURE OR FURTHER
      MANIFESTATION OF ASSENT, SHALL CONSTITUTE THE UNCONDITIONAL ACCEPTANCE BY THE
      HOLDER AND ALL OTHERS HAVING A BENEFICIAL INTEREST IN SUCH TRUST SECURITY OF
      ALL
      THE TERMS AND PROVISIONS OF THIS TRUST AGREEMENT, THE GUARANTEE AGREEMENT AND
      THE INDENTURE, AND THE AGREEMENT TO THE SUBORDINA-TION PROVISIONS AND OTHER
      TERMS OF THE GUARANTEE AGREEMENT AND THE INDENTURE, AND SHALL CONSTITUTE THE
      AGREEMENT OF THE ISSUER TRUST, SUCH HOLDER AND SUCH OTHERS THAT THE TERMS AND
      PROVISIONS OF THIS TRUST AGREEMENT SHALL BE BINDING, OPERATIVE AND EFFECTIVE
      AS
      BETWEEN THE ISSUER TRUST AND SUCH HOLDER AND SUCH OTHERS.

     

    SECTION
      10.12. Counterparts. 

     

    This
      instrument may be executed in any number of counterparts, each of which so
      executed shall be deemed to be an original, but all such counterparts shall
      together constitute but one and the same instrument.

     

    

    
      
        
          

          

        

        
        

      

      
        57

        
          

        

      

      
        
        

        
        

      

    

     

    

      
        	 	/s/ 
Jai
                Sooklal
	 	
                Jai
                  Sooklal, as Administrator

              
	 	 
	 	 
	 	/s/
Debra
                M. Aaron
	 	
                Debra
                  M. Aaron, as Administrator

              
	 	 	 
	 	 
	 	
                MORGAN
                  STANLEY,

                as
                  Depositor 

              
	 	 	 
	 	
                By:

              	/s/
Jai
                Sooklal
	 	 	
                Name:
                  Jai Sooklal

                Title:  
                  Assistant Treasurer

              
	 	 	 
	 	 
	 	
                THE
                  BANK OF NEW YORK,

                as
                  Property Trustee, and

                not
                  in its individual capacity

              
	 	 	 
	 	
                By:

              	/s/
                Franca Ferrera
	 	 	
                Name:
                  Franca Ferrera

                Title:   
                  Assistant Vice President 

              
	 	 
	 	 
	 	
                THE
                  BANK OF NEW YORK (DELAWARE),

                as
                  Delaware Trustee, and not

                in
                  its individual capacity

              
	 	 	 
	 	
                By:

              	/s/
                Kristine K. Gullo
	 	 	
                Name:
                  Kristine K. Gullo

                Title:   
                  Vice President

              
	 	 	 

      

    

     

    

    
      
        
          Amended
            and Restated Trust Agreement

          

        

        
        

      

      
        
        

        
          

        

      

      
        
        

        
        

      

    

     

    

      Exhibit
        A

      

      

      CERTIFICATE
        OF TRUST

       

       

      
        
          
          

        

        
          A-1

          
            

          

        

        
          
          

        

      

    

    Exhibit
      B

    

    

    FORM
      OF
      CERTIFICATE DEPOSITARY AGREEMENT

    

    
      
        
          B-1

        

        
        

      

      
        
        

        
          

        

      

      
        
        

        
        

      

    

    

    Exhibit
      C

    

    

    FORM
      OF
      COMMON SECURITIES CERTIFICATE

    

    

    THIS
      CERTIFICATE IS NOT TRANSFERABLE EXCEPT TO THE DEPOSITOR OR AN AFFILIATE OF
      THE
      DEPOSITOR IN COMPLIANCE WITH APPLICABLE LAW AND SECTION 5.11 OF THE TRUST
      AGREEMENT.

    

    Certificate
      Number: C- 

     

    Number
      of
      Common Securities: 

     

    Certificate
      Evidencing Common Securities

    of

    Morgan
      Stanley Capital Trust VIII

    6.45%
      Common
      Securities

    (liquidation
      amount $25 per Common Security)

     

    Morgan
      Stanley Capital Trust VIII, a statutory trust created under the laws of the
      State of Delaware (the “Issuer Trust”), hereby certifies that Morgan Stanley
      (the “Holder”) is the registered owner of     (    
)
      common securities
      of the Issuer Trust representing undivided beneficial interests in assets of
      the
      Issuer Trust and designated the 6.45% Common Securities (liquidation amount
      $25
      per Common Security) (the “Common Securities”). Except in accordance with
      Section 5.11 of the Trust Agreement (as defined below), the Common Securities
      are not transferable and any attempted transfer hereof other than in accordance
      therewith shall be void. The designations, rights, privileges, restrictions,
      preferences and other terms and provisions of the Common Securities are set
      forth in, and this certificate and the Common Securities represented hereby
      are
      issued and shall in all respects be subject to the terms and provisions of,
      the
      Amended and Restated Trust Agreement of the Issuer Trust, dated as of April
      26,
      2007, as the same may be amended from time to time (the “Trust Agreement”),
      among Morgan Stanley, as Depositor, The Bank of New York, as Property Trustee,
      The Bank of New York (Delaware), as Delaware Trustee, two individuals selected
      by the holders of the Common Securities to act as administrators with respect
      to
      the Issuer Trust (the “Administrators”), and the holders of Trust Securities,
      including the designation of the terms of the Common Securities as set forth
      therein. The Holder is entitled to the benefits of a Common Securities Guarantee
      Agreement entered into by Morgan Stanley, as Guarantor, dated as of April 26,
      2007 (the “Guarantee Agreement”), to the extent provided therein. The Issuer
      Trust will furnish a copy of the Trust Agreement and the Guarantee Agreement
      to
      the Holder without charge upon written request to the Issuer Trust at its
      principal place of business or registered office.

     

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

     

    
      
        
        

      

      
        C-1

        
          

        

      

      
        
        

      

    

    The
      Issuer
      Trust, and by acceptance of a beneficial interest in the Common Securities,
      each
      beneficial owner of the Common Securities will be deemed to have agreed to
      treat, for United States Federal income tax purposes, the Junior Subordinated
      Debentures as indebtedness of the Depositor and to treat the Common Securities
      as evidence of a beneficial ownership interest in the Junior Subordinated
      Debentures through a grantor trust.

     

    Terms
      used
      but not defined herein have the meanings set forth in the Trust
      Agreement.

     

    IN
      WITNESS
      WHEREOF, one of the Administrators of the Issuer Trust has executed this
      certificate this  
      day of
  ,
      200
      .

     

    
      	
            	 
	 	
              MORGAN
                STANLEY CAPITAL TRUST
                VIII

            
	 	 	 
	 	
              By:

            	 
	 	 	
              Name:
                

              Title:
                Administrator

            
	 	 	 

       

       

    

    

    
      
        
          C-2

        

        
        

      

      
        
        

        
          

        

      

      
        
        

        
        

      

    

    Exhibit
      D

     

    FORM
      OF
      CAPITAL SECURITIES CERTIFICATE

    

    

    [THIS
      CAPITAL SECURITIES CERTIFICATE IS A GLOBAL CAPITAL SECURITIES CERTIFICATE WITHIN
      THE MEANING OF THE TRUST AGREEMENT HEREINAFTER REFERRED TO AND IS REGISTERED
      IN
      THE NAME OF A DEPOSITARY OR A NOMINEE OF A DEPOSITARY. THIS CAPITAL SECURITIES
      CERTIFICATE IS EXCHANGEABLE FOR CAPITAL SECURITIES CERTIFICATES REGISTERED
      IN
      THE NAME OF A PERSON OTHER THAN THE DEPOSITARY OR ITS NOMINEE ONLY IN THE
      LIMITED CIRCUMSTANCES DESCRIBED IN THE TRUST AGREEMENT AND 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, EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE TRUST
      AGREEMENT.]

     

    THE
      ISSUER
      TRUST, AND BY ACCEPTANCE OF A BENEFICIAL INTEREST IN THE CAPITAL SECURITIES,
      EACH BENEFICIAL OWNER OF THE CAPITAL SECURITIES WILL BE DEEMED TO HAVE AGREED
      TO
      TREAT, FOR UNITED STATES FEDERAL INCOME TAX PURPOSES, THE JUNIOR SUBORDINATED
      DEBENTURES AS INDEBTEDNESS OF THE DEPOSITOR AND TO TREAT THE CAPITAL SECURITIES
      AS EVIDENCE OF A BENEFICIAL OWNERSHIP INTEREST IN THE JUNIOR SUBORDINATED
      DEBENTURES THROUGH A GRANTOR TRUST.

     

    [UNLESS
      THIS CAPITAL SECURITIES CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE
      OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO MORGAN
      STANLEY CAPITAL TRUST VIII OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE
      OR PAYMENT, AND ANY CAPITAL SECURITIES CERTIFICATE ISSUED IS REGISTERED IN
      THE
      NAME OF SUCH NOMINEE AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC
      (AND
      ANY PAYMENT IS MADE TO SUCH ENTITY AS IS REQUESTED BY AN AUTHORIZED
      REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE
      OR
      OTHERWISE BY OR TO A PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF,
      HAS AN INTEREST HEREIN.]

     

    NO
      EMPLOYEE BENEFIT SUBJECT TO TITLE I OF THE EMPLOYEE RETIREMENT INCOME SECURITY
      ACT OF 1974, AS AMENDED (“ERISA”), OTHER PLAN OR INDIVIDUAL RETIREMENT ACCOUNT
      SUBJECT TO SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE
      “CODE”), OR EMPLOYEE BENEFIT PLAN THAT IS A GOVERNMENTAL PLAN, AS DEFINED IN
      SECTION 3(32) OF ERISA, A CHURCH PLAN, AS DEFINED IN SECTION 3(33) OF ERISA,
      OR
      A NON-U.S. PLAN, AS DESCRIBED IN SECTION 4(B)(4) OF ERISA, SUBJECT TO SIMILAR
      RULES UNDER OTHER APPLICABLE LAWS OR DOCUMENTS (“SIMILAR LAW”) (EACH, A “PLAN”),
      NO ENTITY WHOSE UNDERLYING ASSETS INCLUDE “PLAN ASSETS” BY REASON OF ANY PLAN’S
      INVESTMENT IN THE ENTITY (A “PLAN ASSET ENTITY”), AND NO PERSON INVESTING “PLAN
      ASSETS” OF ANY PLAN, MAY ACQUIRE OR HOLD THIS CAPITAL SECURITIES CERTIFICATE OR
      ANY INTEREST HEREIN, UNLESS SUCH PURCHASE AND HOLDING IS COVERED BY
      THE

     

    
      
        
        

      

      
        D-1

        
          

        

      

      
        
        

      

    

    EXEMPTIVE
      RELIEF AVAILABLE UNDER U.S. DEPARTMENT OF LABOR PROHIBITED TRANSACTION CLASS
      EXEMPTION (“PTCE”) 96 23, 95 60, 91 38, 90 1 OR 84 14, OR THE STATUTORY
      EXEMPTION UNDER NEW SECTION 408(B)(17)(A) OF ERISA (THE “STATUTORY EXEMPTION”),
      OR SIMILAR LAW, OR THERE IS NO BASIS ON WHICH THE PURCHASE AND HOLDING COULD
      CONSTITUTE A PROHIBITED TRANSACTION UNDER SECTION 406 OF ERISA, SECTION 4975
      OF
      THE CODE OR ANY SIMILAR LAW. ANY PURCHASER OR HOLDER OF THE CAPITAL SECURITIES
      CERTIFICATE OR ANY INTEREST THEREIN WILL BE DEEMED TO HAVE REPRESENTED BY ITS
      PURCHASE AND HOLDING HEREOF THAT EITHER (A) THE PURCHASER AND HOLDER ARE NOT
      A
      PLAN OR A PLAN ASSET ENTITY AND ARE NOT PURCHASING SUCH SECURITIES ON BEHALF
      OF
      OR WITH “PLAN ASSETS” OF ANY PLAN, OR (B) THE PURCHASE AND HOLDING OF THE
      CAPITAL SECURITIES ARE COVERED BY THE EXEMPTIVE RELIEF PROVIDED BY PTCE 96
      23,
      95 60, 91 38, 90 1 OR 84 14, OR THE STATUTORY EXEMPTION, OR SIMILAR LAW, OR
      THERE IS NO BASIS ON WHICH THE PURCHASE AND HOLDING COULD CONSTITUTE A
      PROHIBITED TRANSACTION UNDER SECTION 406 OF ERISA, SECTION 4975 OF THE CODE
      OR
      SIMILAR LAW. 

     

    
      
        
        

      

      
        D-2

        
          

        

      

      
        
        

      

    

    
      
        	CERTIFICATE NUMBER: C- 	
                 CUSIP
                  NO. 61753R200

              
	 	
                 Capital
                  Securities

              

      
      

    CERTIFICATE
      EVIDENCING CAPITAL SECURITIES OF

    MORGAN
      STANLEY CAPITAL TRUST VIII

    6.45%
      CAPITAL SECURITIES

    (LIQUIDATION
      AMOUNT $25 PER CAPITAL SECURITY)

     

    Morgan
      Stanley Capital Trust VIII, a statutory trust created under the laws of the
      State of Delaware (the “Issuer Trust”), hereby certifies that     (the “Holder”) is
      the registered owner of $     in aggregate
      liquidation amount of capital securities of the Issuer Trust representing a
      preferred undivided beneficial interest in the assets of the Issuer Trust and
      designated the Morgan Stanley Capital Trust VIII 6.45% Capital Securities
      (liquidation amount $25 per Capital Security) (the “Capital Securities”). The
      Capital Securities are transferable on the books and records of the Issuer
      Trust, in person or by a duly authorized attorney, upon surrender of this
      certificate duly endorsed and in proper form for transfer as provided in Section
      5.5 of the Trust Agreement (as defined below). The designations, rights,
      privileges, restrictions, preferences and other terms and provisions of the
      Capital Securities are set forth in, and this certificate and the Capital
      Securities represented hereby are issued and shall in all respects be subject
      to
      the terms and provisions of, the Amended and Restated Trust Agreement of the
      Issuer Trust, dated as of April 26, 2007 as the same may be amended from time
      to
      time (the “Trust Agreement”), among Morgan Stanley, as Depositor, The Bank of
      New York, as Property Trustee, The Bank of New York (Delaware), as Delaware
      Trustee, two individuals selected by the holders of the Common Securities to
      act
      as administrators with respect to the Issuer Trust (the “Administrators”) and
      the holders of Trust Securities, including the designation of the terms of
      the
      Capital Securities as set forth therein. The Holder is entitled to the benefits
      of the Capital Securities Guarantee Agreement entered into by Morgan Stanley,
      as
      Guarantor, and The Bank of New York, as Guarantee Trustee, dated as of April
      26,
      2007 (the “Guarantee Agreement”), to the extent provided therein. The Issuer
      Trust will furnish a copy of the Trust Agreement and the Guarantee Agreement
      to
      the Holder without charge upon written request to the Issuer Trust at its
      principal place of business or registered office.

     

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

     

    Terms
      used
      but not defined herein have the meanings set forth in the Trust
      Agreement.

     

    
      
        
        

      

      
        D-3

        
          

        

      

      
        
        

      

    

    

    IN
      WITNESS
      WHEREOF, one of the Administrators of the Issuer Trust has executed this
      certificate this  
      day
      of  ,
      200
      .

     

    
       

      
        	
              	 
	 	
                MORGAN
                  STANLEY CAPITAL TRUST
                  VIII

              
	 	 	 
	 	
                By:

              	 
	 	 	
                Name:
                  

                Title:
                  Administrator

              
	 	 	 

         

      

    

     

    AUTHENTICATED,
      COUNTERSIGNED AND 

    REGISTERED:

     

    The
      Bank
      of New York, 

    as
      Property Trustee

     

    

    By:  
      _____________________________________        

    Authorized
      Signatory

     

    Dated:
      _______________________

    
      
        
        

      

      
        D-4

        
          

        

      

      
        
        

      

    

    ASSIGNMENT

    

    

    

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

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

    _____________________________________________________________________________________________

    (Insert
      address and zip code of assignee)

     

    and
      irrevocably appoints ______________________________________________________
      agent to transfer this Capital Securities Certificate on the books of the Issuer
      Trust. The agent may substitute another to act for him or her.

     

    

    

    

    Date:__________________       Signature:
      _________________________________________________

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

            

    

     

    

    

    

    

    

    Signature
      Guarantee:________________________________________

     

    

    

    

    SIGNATURE
      GUARANTEE

     

    Signatures
      must be guaranteed by an “eligible guarantor institution” meeting the
      requirements of the Property Trustee, which requirements include membership
      or
      participation in the Security Transfer Agent medallion Program (“STAMP”) or such
      other “signature guarantee program” as may be determined by the Property Trustee
      in addition to, or in substitution for, STAMP, all in accordance with the
      Securities Exchange Act of 1934, as amended.

     

    

    
      
        
          D-5

          

        

        
        

      

      
        
        

        
          

        

      

      
        
        

        
        

      

    

    Exhibit
      E

     

    FORM
      OF
      EXPENSE AGREEMENT

     

    AGREEMENT
      AS TO EXPENSES AND LIABILITIES, dated as of April 26, 2007, between Morgan
      Stanley, a Delaware corporation, as Depositor (the “Depositor”), and Morgan
      Stanley Capital Trust VIII, a Delaware statutory trust (the “Issuer
      Trust”).

     

    WHEREAS,
      the Issuer Trust intends to issue its Common Securities (the “Common
      Securities”) to and acquire 6.45% Junior Subordinated Debentures (the
“Debentures”) from the Depositor, and to issue and sell 6.45% Capital Securities
      (the “Capital Securities”) with such powers, preferences and special rights and
      restrictions as are set forth in the Amended and Restated Trust Agreement of
      the
      Issuer Trust, dated as of April 26, 2007, among Morgan Stanley, as Depositor,
      The Bank of New York, as Property Trustee, The Bank of New York (Delaware),
      as
      Delaware Trustee, two individuals selected by the holders of the Common
      Securities to act as administrators with respect to the Issuer Trust (the
“Administrators”), and the holders of Trust Securities, as the same may be
      amended from time to time (the “Trust Agreement”);

     

    WHEREAS,
      the Depositor will own all of the Common Securities of the Trust;

     

    WHEREAS,
      capitalized terms used but not defined herein have the meanings set forth in
      the
      Trust Agreement;

     

    NOW,
      THEREFORE, for good and valuable consideration, the receipt and sufficiency
      of
      which are hereby acknowledged, the parties hereto hereby agree as
      follows:

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    ARTICLE
      I.

     

    Section
      1.01. Guarantee
      by the Depositor. Subject to the terms and conditions hereof, the Depositor
      hereby irrevocably and unconditionally guarantees to each person or entity
      to
      whom the Issuer Trust is now or hereafter becomes indebted or liable (the
“Beneficiaries”) the full payment, when and as due, of any and all Obligations
      (as hereinafter defined) to such Beneficiaries. As used herein, “Obligations”
means any costs, expenses or liabilities of the Issuer Trust, other than
      obligations of the Issuer Trust to pay to holders of any Trust Securities the
      amounts due such holders pursuant to the terms of the Trust Securities. This
      Agreement is intended to be for the benefit of, and to be enforceable by, all
      such Beneficiaries, whether or not such Beneficiaries have received notice
      hereof.

     

    Section
      1.02. Subordination
      of Guarantee. The guarantee and other liabilities and obligations of the
      Depositor under this Agreement shall constitute unsecured obligations of the
      Depositor and shall rank subordinate and junior in right of payment to all
      Senior Indebtedness (as defined in the Indenture) of the Depositor to the extent
      and in the manner set forth in the Indenture with respect to the Debentures,
      and
      the provisions of Article XIII of the Indenture will apply, mutatis
      mutandis,
      to the
      obligations of the Depositor hereunder. The obligations of the Depositor
      hereunder do not constitute Senior Indebtedness (as defined in the Indenture)
      of
      the Depositor.

     

    Section
      1.03. Term
      of
      Agreement. This Agreement shall terminate and be of no further force and effect
      upon the dissolution or termination of the Issuer Trust, provided, however,
      that
      this Agreement shall continue to be effective or shall be reinstated, as the
      case may be, if at any time any holder of Capital Securities or any Beneficiary
      is required to repay any sums paid under the Capital Securities, under any
      Obligation, under the Guarantee Agreement dated the date hereof by the Depositor
      and The Bank of New York, as guarantee trustee, or under this Agreement for
      any
      reason whatsoever. This Agreement is continuing, irrevocable, unconditional
      and
      absolute.

     

    Section
      1.04. Waiver
      of
      Notice. The Depositor hereby waives notice of acceptance of this Agreement
      and
      of any Obligation to which it applies or may apply, and the Depositor hereby
      waives presentment, demand for payment, protest, notice of nonpayment, notice
      of
      dishonor, notice of redemption and all other notices and demands.

     

    Section
      1.05. No
      Impairment. The obligations, covenants, agreements and duties of the Depositor
      under this Agreement shall in no way be affected or impaired by reason of the
      happening from time to time of any of the following:

     

    (a) the
      extension of time for the payment by the Issuer Trust of all or any portion
      of
      the Obligations or for the performance of any other obligation under, arising
      out of, or in connection with, the Obligations;

     

    (b) any
      failure, omission, delay or lack of diligence on the part of the Beneficiaries
      to enforce, assert or exercise any right, privilege, power or remedy conferred
      on the Beneficiaries with respect to the Obligations or any action on the part
      of the Issuer Trust granting indulgence or extension of any kind;
      or

     

    
      
        
        

      

      
        E-2

        
          

        

      

      
        
        

      

    

    (c) the
      voluntary or involuntary liquidation, dissolution, sale of any collateral,
      receivership, insolvency, bankruptcy, assignment for the benefit of creditors,
      reorganization, arrangement, composition or readjustment of debt of, or other
      similar proceedings affecting, the Issuer Trust or any of the assets of the
      Issuer Trust (other than the dissolution of the Issuer Trust in accordance
      with
      the terms thereof).

     

    There
      shall be no obligation of the Beneficiaries to give notice to, or obtain the
      consent of, the Depositor with respect to the happening or any of the
      foregoing.

     

    Section
      1.06. Enforcement.
      A Beneficiary may enforce this Agreement directly against the Depositor and
      the
      Depositor waives any right or remedy to require that any action be brought
      against the Issuer Trust or any other person or entity before proceeding against
      the Depositor.

     

    Section
      1.07. Subrogation.
      The Depositor shall be subrogated to all rights (if any) of any Beneficiary
      against the Issuer Trust in respect of any amounts paid to the Beneficiaries
      by
      the Depositor under this Agreement; provided, however, that the Depositor shall
      not (except to the extent required by mandatory provisions of law) be entitled
      to enforce or exercise any rights that it may acquire by way of subrogation
      or
      any indemnity, reimbursement or other agreement, in all cases as a result of
      payment under this Agreement, if, at the time of any such payment, any amounts
      are due and unpaid under this Agreement or any payments are due to the holders
      of Capital Securities under the Trust Agreement.

     

    ARTICLE
      II.

     

    Section
      2.01. Assignment.
      This Agreement may not be assigned by either party hereto without the consent
      of
      the other, and any purported assignment without such consent shall be void;
      except that upon any transfer of the Common Securities, this Agreement shall
      be
      assigned and delegated by the Depositor to its successor with such transfer
      without any action by either party hereto.

     

    Section
      2.02. Binding
      Effect. All guarantees and agreements contained in this Agreement shall bind
      the
      successors, assigns, receivers, trustees and representatives of the Depositor
      and shall inure to the benefit of the Beneficiaries.

     

    Section
      2.03. Amendment.
      So long as there remains any Beneficiary or any Capital Securities are
      outstanding, this Agreement shall not be modified or amended in any manner
      adverse to such Beneficiary or to the holders of the Capital Securities without
      the consent of such Beneficiary or the holders of the Capital Securities, as
      the
      case may be.

     

    Section
      2.04. Notices.
      Any notice, request or other communication required or permitted to be given
      hereunder shall be given in writing by delivering the same against receipt
      therefor by facsimile transmission (confirmed by mail), telex or by registered
      or certified mail, addressed as follows (and if so given, shall be deemed given
      when mailed or upon receipt of an answer-back, if sent by telex):

     

    Morgan
      Stanley Capital Trust VIII

    c/o
      The Bank of New York

    101
      Barclay Street, Floor 8 West

    
      
        
        

      

      
        E-3

        
          

        

      

      
        
        

      

    

    New
      York, NY 10286

    Attention:
      Corporate Trust Administration

     

    With
      a copy to:

     

    Morgan
      Stanley

    1585
      Broadway

    New
      York, NY 10036

    Attention:
      Office of the Secretary

     

    Section
      2.05. THIS
      AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED AND INTERPRETED IN ACCORDANCE
      WITH
      THE LAWS OF THE STATE OF NEW YORK.

     

    
      
        
        

      

      
        E-4

        
          

        

      

      
        
        

      

    

    

    THIS
      AGREEMENT is executed as of the day and year first above written.

     

    
       

      
        	
              	 
	 	
                MORGAN
                  STANLEY
                  

              
	 	 	 
	 	
                By:

              	 
	 	 	
                Name:
                  

                Title:
                  

              
	 	 	 

      

       

      
         

        
          	
                	 
	 	
                  MORGAN
                    STANLEY CAPITAL TRUST VIII
                    

                
	 	 	 
	 	
                  By:

                	 
	 	 	
                  Name:
                    

                  Title:
                    

                
	 	 	 

        

      

       

    

     

    

    
      
        E-5

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