Document:

Exhibit 10.2

                                    XA, INC.

                                WARRANT AGREEMENT
                                -----------------

               Date:  Effective  November  2,  2006

To  Whom  It  May  Concern:

XA,  INC.  (the  "Company"),  for  value received, hereby agrees to issue common
stock  purchase warrants entitling David M. Loev, Attorney at Law, an individual
("Holder")  and  his  assigns  to  purchase an aggregate of 75,000 shares of the
Company's common stock ("Common Stock").  Such warrant is evidenced by a warrant
certificate  in  the  form  attached hereto as Schedule 1 (such instrument being
hereinafter  referred  to  as  a "Warrant," and such Warrant and all instruments
hereafter  issued  in  replacement,  substitution,  combination  or  subdivision
thereof  being  hereinafter  collectively  referred  to  as  the "Warrant"). The
Warrant  is  issued  in connection with a Debt Conversion Agreement entered into
between  the  Company  and  the  Holder.  The  number  of shares of Common Stock
purchasable upon exercise of the Warrant is subject to adjustment as provided in
Section  5  below.  The  Warrant  will  be exercisable by the Warrant Holder (as
defined  below) as to all or any lesser number of shares of Common Stock covered
thereby,  at  an  initial  purchase  price  of US $0.30 per share (the "Purchase
Price"),  subject to adjustment as provided in Section 5 below, for the exercise
period  defined  in Section 3(a) below.  The term "Warrant Holder" refers to the
person  whose  name  appears  on  the  signature  page of this agreement and any
transferee  or transferees of any of them permitted by Section 2(a) below.  This
Warrant  evidences  the  grant  of  the  Warrants to Holder on November 2, 2006,
pursuant  to  the  Debt Conversion Agreement entered into between the parties on
November  2,  2006  (the  "Effective  Date").

1.    REPRESENTATIONS  AND  WARRANTIES.
      --------------------------------

      The  Company represents and warrants  to  the Warrant Holder as follows:

     (a)  CORPORATE  AND  OTHER  ACTION.  The  Company  has  all requisite power
          -----------------------------
          and  authority  (corporate  and  other),  and  has taken all necessary
          corporate  action,  to  authorize,  execute,  deliver and perform this
          Warrant Agreement, to execute, issue, sell and deliver the Warrant and
          a certificate or certificates evidencing the Warrant, to authorize and
          reserve  for issue and, upon payment from time to time of the Purchase
          Price,  to  issue,  sell  and  deliver, the shares of the Common Stock
          issuable  upon  exercise of the Warrant ("Shares"), and to perform all
          of  its  obligations under this Warrant Agreement and the Warrant. The
          Shares, when issued in accordance with this Warrant Agreement, will be
          duly  authorized  and  validly  issued and outstanding, fully paid and
          nonassessable  and  free  of  all  liens,  claims,  encumbrances  and
          preemptive  rights.  This  Warrant  Agreement  and,  when issued, each
          Warrant  issued pursuant hereto, has been or will be duly executed and
          delivered  by the Company and is or will be a legal, valid and binding
          agreement of the Company, enforceable in accordance with its terms. No
          authorization,  approval,  consent  or other order of any governmental
          entity, regulatory authority or other third party is required for such
          authorization,  execution,  delivery,  performance,  issue  or  sale.

     (b)  NO VIOLATION.  The  execution  and  delivery  of  this  Warrant
          ------------
          Agreement,  the  consummation  of the transactions herein contemplated
          and  the  compliance  with  the  terms  and provisions of this Warrant
          Agreement  and  of  the Warrant will not conflict with, or result in a
          breach of, or constitute a default or an event permitting acceleration
          under,  any  statute,  the  Articles of Incorporation or Bylaws of the
          Company  or  any  indenture, mortgage, deed of trust, note, bank loan,
          credit  agreement,  franchise,  license,  lease,  permit, or any other
          agreement,  understanding,  instrument,  judgment,  decree,  order,
          statute,  rule  or  regulation  to  which the Company is a party or by
          which  it  is  bound.

     (c)  REGISTRATION.  The  Company  has  agreed  to  register  the  shares of
          ------------
          common  stock  which  this  Warrant  is  exercisable for on a Form S-8
          Registration  Statement  to  be filed with the Securities and Exchange
          Commission  within  sixty  (60)  days  of  the  Effective Date of this
          Warrant.

<PAGE>

2.    TRANSFER.
      --------

     (a)  TRANSFERABILITY  OF  WARRANT.  The  Warrant  Holder  agrees  that  the
          ----------------------------
          Warrant  is  being  acquired  as  an investment and not with a view to
          distribution  thereof  and  that;  the Warrant may not be transferred,
          sold,  assigned or hypothecated except as provided herein. The Warrant
          Holder  further  acknowledges that the Warrant may not be transferred,
          sold,  assigned  or  hypothecated  unless  pursuant  to a registration
          statement  that has become effective under the Securities Act of 1933,
          as  amended  (the "Act"), setting forth the terms of such offering and
          other  pertinent  data  with  respect  thereto,  or unless the Warrant
          Holder  has  provided  the  Company  with  an  acceptable opinion from
          acceptable  counsel  that  such  registration  is  not  required.
          Certificates  representing  the  Warrant  shall  bear  an  appropriate
          legend.  Notwithstanding  the  foregoing,  any request to transfer the
          Warrant  must  be  accompanied  by the Form of Assignment and Transfer
          attached  hereto  as  Schedule  2  executed  by  the  Warrant  Holder.

     (b)  REGISTRATION  OF  SHARES.  The  Warrant  Holder agrees not to make any
          ------------------------
          sale  or  other  disposition  of  the  Shares  except  pursuant  to  a
          registration  statement  which  has  become  effective  under the Act,
          setting  forth  the  terms of such offering, the underwriting discount
          and  commissions  and  any  other pertinent data with respect thereto,
          unless  the Warrant Holder has provided the Company with an acceptable
          opinion of counsel acceptable to the Company that such registration is
          not  required.  Certificates  representing  the  Shares, which are not
          registered  as  provided  in this Section 2, shall bear an appropriate
          legend  and  be  subject  to  a  "stop-transfer"  order.

3.    EXERCISE  OF  WARRANT,  PARTIAL  EXERCISE.
      -----------------------------------------

     (a)  EXERCISE  PERIOD.  This  Warrant  shall  vest  immediately  upon  its
          ----------------
          execution  by  the  Company below, and expire and all rights hereunder
          shall  be  extinguished  Five  (5)  years  from the date first written
          above.

     (b)  EXERCISE  IN  FULL.  Subject  to  Section  3(a),  a  Warrant  may  be
          ------------------
          exercised  in  full by the Warrant Holder by surrender of the Warrant,
          with  the  Form of Subscription attached hereto as Schedule 3 executed
          by  such  Warrant  Holder,  to  the Company, accompanied by payment as
          determined  by  3(d)  below, in the amount obtained by multiplying the
          number of Shares represented by the respective Warrant by the Purchase
          Price per share (after giving effect to any adjustments as provided in
          Section  5  below).

     (c)  PARTIAL  EXERCISE.  Subject  to  Section  3(a),  each  Warrant  may be
          -----------------
          exercised  in  part by the Warrant Holder by surrender of the Warrant,
          with the Form of Subscription attached hereto as Schedule 3 at the end
          thereof duly executed by such Warrant Holder, in the manner and at the
          place  provided  in  Section  3(b)  above,  accompanied  by payment as
          determined by 3(d) below, in amount obtained by multiplying the number
          of Shares designated by the Warrant Holder in the Form of Subscription
          attached hereto as Schedule 3 to the Warrant by the Purchase Price per
          share (after giving effect to any adjustments as provided in Section 5
          below).  Upon  any  such  partial exercise, the Company at its expense
          will  forthwith  issue and deliver to or upon the order of the Warrant
          Holder  a new Warrant of like tenor, in the name of the Warrant Holder
          subject  to Section 2(a), calling in the aggregate for the purchase of
          the  number of Shares equal to the number of such Shares called for on
          the  face  of  the  respective  Warrant  (after  giving  effect to any
          adjustment  herein as provided in Section 5 below) minus the number of
          such  Shares  designated  by  the Warrant Holder in the aforementioned
          form  of  subscription.

     (d)  PAYMENT  OF  PURCHASE  PRICE.  The  Purchase  Price may be made by any
          ----------------------------
          of  the  following  or  a  combination thereof, at the election of the
          Warrant  Holder:

          (i)  In cash,  by  wire  transfer,  by  certified  or cashier's check,
               or  by  money  order;  or

          (ii) By delivery  to  the  Company  of  an  exercise  notice  that
               requests  the  Company  to  issue  to the Warrant Holder the full
               number  of  shares  as  to which the Warrant is then exercisable,
               less  the  number  of  shares  that have an aggregate Fair Market
               Value,  as  determined by the Board in its sole discretion at the
               time  of  exercise,  equal to the aggregate purchase price of the
               shares  to  which such exercise relates. (This method of exercise
               allows the Warrant Holder to use a portion of the shares issuable
               at  the  time  of exercise as payment for the shares to which the
               Warrant  relates  and  is  often  referred  to  as  a  "cashless
               exercise."  For example, if the Warrant Holder elects to exercise

<PAGE>

               1,000  shares  at an exercise price of $0.25 and the current Fair
               Market  Value of the shares on the date of exercise is $1.00, the
               Warrant Holder can use 250 of the 1,000 shares at $1.00 per share
               to  pay  for  the  exercise  of the entire Warrant (250 x $1.00 =
               $250.00)  and  receive  only  the  remaining  750  shares).

          For  purposes  of  this  section,  "Fair  Market  Value"  shall  be
          defined  as  the  average closing price of the Common Stock (if actual
          sales  price  information  on  any  trading  day is not available, the
          closing  bid  price  shall be used) for the five trading days prior to
          the  date  of  exercise  of  this  Warrant  (the  "Average Closing Bid
          Price"), as reported by the National Association of Securities Dealers
          Automated  Quotation  System ("NASDAQ"), or if the Common Stock is not
          traded  on  NASDAQ,  the  Average  Closing  Bid  Price  in  the
          over-the-counter  market;  provided, however, that if the Common Stock
          is  listed  on  a  stock  exchange, the Fair Market Value shall be the
          Average  Closing  Bid  Price  on such exchange; and, provided further,
          that  if the Common Stock is not quoted or listed by any organization,
          the  fair  value  of  the  Common Stock, as determined by the Board of
          Directors  of  the  Company,  whose determination shall be conclusive,
          shall  be  used). In no event shall the Fair Market Value of any share
          of  Common  Stock  be  less  than  its  par  value.

4.    DELIVERY  OF  STOCK  CERTIFICATES  ON  EXERCISE.
      -----------------------------------------------

     Any  exercise  of  the  Warrant  pursuant  to  Section 3 shall be deemed to
     have  been  effected immediately prior to the close of business on the date
     on which the Warrant together with the Form of Subscription and the payment
     for  the  aggregate Purchase Price shall have been received by the Company.
     At  such time, the person or persons in whose name or names any certificate
     or  certificates  representing  the  Shares or Other Securities (as defined
     below)  shall be issuable upon such exercise shall be deemed to have become
     the  holder  or  holders  of  record  of  the Shares or Other Securities so
     purchased. As soon as practicable after the exercise of any Warrant in full
     or  in part, and in any event within Ten (10) business days thereafter, the
     Company at its expense (including the payment by it of any applicable issue
     taxes)  will  cause  to  be  issued  in  the  name of, and delivered to the
     purchasing  Warrant  Holder, a certificate or certificates representing the
     number  of  fully  paid  and  nonassessable shares of Common Stock or Other
     Securities  to  which  such  Warrant  Holder  shall  be  entitled upon such
     exercise, plus in lieu of any fractional share to which such Warrant Holder
     would  otherwise  be  entitled,  cash  in  an amount determined pursuant to
     Section  6(e).  The term "Other Securities" refers to any stock (other than
     Common  Stock),  other securities or assets (including cash) of the Company
     or  any  other  person (corporate or otherwise) which the Warrant Holder at
     any  time  shall  be  entitled to receive, or shall have received, upon the
     exercise  of  the  Warrant,  in  lieu of or in addition to Common Stock, or
     which  at  any time shall be issuable or shall have been issued in exchange
     for  or  in  replacement  of  Common  Stock or Other Securities pursuant to
     Section  5  below  or  otherwise.

5.    ADJUSTMENT  OF  PURCHASE  PRICE  AND  NUMBER  OF  SHARES  PURCHASABLE.
      ---------------------------------------------------------------------

     The  Purchase  Price  and  the  number  of Shares are subject to adjustment
     from  time  to  time  as  set  forth  in  this  Section  5.

     (a)  In case  the  Company  shall  at  any  time  after  the  date  of this
          Warrant Agreement (i) declare a dividend on the Common Stock in shares
          of  its  capital  stock,  (ii) subdivide the outstanding Common Stock,
          (iii)  combine  the  outstanding Common Stock into a smaller number of
          Common  Stock,  or  (iv)  issue  any  shares  of  its capital stock by
          reclassification  of  the  Common  Stock  (including  any  such
          reclassification in connection with a consolidation or merger in which
          the  Company  is  the  continuing  corporation), then in each case the
          Purchase  Price,  and  the  number  and kind of Shares receivable upon
          exercise,  in  effect at the time of the record date for such dividend
          or  of  the  effective  date  of  such  subdivision,  combination,  or
          reclassification  shall be proportionately adjusted so that the holder
          of  any Warrant exercised after such time shall be entitled to receive
          the  aggregate  number  and  kind of Shares which, if such Warrant had
          been  exercised  immediately  prior to such record date, he would have
          owned  upon  such  exercise  and been entitled to receive by virtue of
          such  dividend,  subdivision,  combination,  or reclassification. Such
          adjustment  shall be made successively whenever any event listed above
          shall  occur.

<PAGE>

     (b)  No adjustment  in  the  Purchase  Price  shall  be  required  if  such
          adjustment  is  less  than  US  $0.01;  provided,  however,  that  any
          adjustments which by reason of this subsection (b) are not required to
          be  made  shall  be  carried  forward  and  taken  into account in any
          subsequent  adjustment. All calculations under this Section 5 shall be
          made  to the nearest cent or to the nearest one-thousandth of a share,
          as  the  case  may  be.

     (c)  Upon each  adjustment  of  the  Purchase  Price  as  a  result  of the
          calculations  made  in  subsection  (a) of this Section 5, the Warrant
          outstanding  prior  to  the  making  of the adjustment in the Purchase
          Price shall thereafter evidence the right to purchase, at the adjusted
          Purchase  Price,  that  number  of  Shares  (calculated to the nearest
          thousandth)  obtained  by  (i)  multiplying  the  number  of  Shares
          purchasable  upon  exercise  of  the  Warrant  immediately  prior  to
          adjustment  of  the  number  of Shares by the Purchase Price in effect
          prior  to  adjustment  of  the  Purchase  Price  and (ii) dividing the
          product  so obtained by the Purchase Price in effect immediately after
          such  adjustment  of  the  Purchase  Price.

6.    FURTHER  COVENANTS  OF  THE  COMPANY.
      ------------------------------------

     (a)  DILUTION  OR  IMPAIRMENTS.  The  Company  will  not,  by  amendment of
          -------------------------
          its  certificate  of  incorporation  or  through  any  reorganization,
          transfer  of  assets,  consolidation,  merger or dissolution, avoid or
          seek to avoid the observance or performance of any of the terms of the
          Warrant  or  of  this Warrant Agreement, but will at all times in good
          faith  assist  in the carrying out of all such terms and in the taking
          of  all  such  action  as  may be necessary or appropriate in order to
          protect  the  rights  of  the Warrant Holder against dilution or other
          impairment.  Without  limiting  the  generality  of the foregoing, the
          Company:

          (i)  shall at  all  times  reserve  and  keep  available,  solely  for
               issuance  and  delivery  upon  the  exercise  of the Warrant, all
               shares  of  Common  Stock (or Other Securities) from time to time
               issuable  upon  the  exercise  of  the Warrant and shall take all
               necessary actions to ensure that the par value per share, if any,
               of  the  Common Stock (or Other Securities) is at all times equal
               to  or less than the then effective Purchase Price per share; and

          (ii) will take  all  such  action  as  may be necessary or appropriate
               in  order  that  the  Company may validly and legally issue fully
               paid and nonassessable shares of Common Stock or Other Securities
               upon  the  exercise of the Warrant from time to time outstanding.

     (b)  TITLE TO  STOCK.  All  Shares  delivered  upon  the  exercise  of  the
          ---------------
          Warrant  shall  be  validly issued, fully paid and nonassessable; each
          Warrant  Holder shall, upon such delivery, receive good and marketable
          title  to  the  Shares,  free  and clear of all voting and other trust
          arrangements, liens, encumbrances, equities and claims whatsoever; and
          the  Company  shall  have  paid  all  taxes, if any, in respect of the
          issuance  thereof.

     (c)  EXCHANGE  OF  WARRANT.  Subject  to  Section  2(a)  hereof,  upon
          ---------------------
          surrender  for  exchange of any Warrant to the Company, the Company at
          its  expense  will  promptly issue and deliver to or upon the order of
          the  holder  thereof  a new Warrant or like tenor, in the name of such
          holder  or  as such holder (upon payment by such Warrant holder of any
          applicable  transfer  taxes)  may direct, calling in the aggregate for
          the  purchase  of  the  number of Shares called for on the face of the
          Warrant  surrendered.  The  Warrant  and  all  rights  thereunder  are
          transferable  in whole or in part upon the books of the Company by the
          registered  holder thereof, subject to the provisions of Section 2(a),
          in  person  or  by  duly  authorized  attorney,  upon surrender of the
          Warrant,  duly  endorsed,  at  the  principal  office  of the Company.

     (d)  REPLACEMENT  OF  WARRANT.  Upon  receipt  of  evidence  reasonably
          ------------------------
          satisfactory  to  the  Company  of  the  loss,  theft,  destruction or
          mutilation  of any Warrant and, in the case of any such loss, theft or
          destruction,  upon  delivery  of  an  indemnity  agreement  reasonably
          satisfactory  in form and amount to the Company or, in the case of any
          such  mutilation, upon surrender and cancellation of such Warrant, the
          Company,  at  the  expense  of  the  Warrant  Holder, will execute and
          deliver,  in  lieu  thereof,  a  new  Warrant  of  like  tenor.

     (e)  FRACTIONAL  SHARES.  No  fractional  Shares  are to be issued upon the
          ------------------
          exercise of any Warrant, but the Company shall round any fraction of a
          share  to  the  nearest  whole  Share.

<PAGE>

7.    OTHER  WARRANT  HOLDERS:  HOLDERS  OF  SHARES.
      ---------------------------------------------

     The  Warrant  is  issued  upon  the  following  terms, to all of which each
     Warrant  Holder  by  the taking thereof consents and agrees: (a) any person
     who  shall  become a transferee, within the limitations on transfer imposed
     by  Section  2(a)  hereof,  of  a Warrant properly endorsed shall take such
     Warrant  subject  to  the  provisions  of Section 2(a) hereof and thereupon
     shall  be  authorized  to  represent himself, herself or itself as absolute
     owner  thereof  and,  subject to the restrictions contained in this Warrant
     Agreement, shall be empowered to transfer absolute title by endorsement and
     delivery  thereof  to  a  permitted  bona fide purchaser for value; (b) any
     person  who shall become a holder or owner of Shares shall take such shares
     subject  to  the provisions of Section 2(b) hereof; (c) each prior taker or
     owner waives and renounces all of his equities or rights in such Warrant in
     favor  of  each such permitted bona fide purchaser, and each such permitted
     bona  fide purchaser shall acquire absolute title thereto and to all rights
     presented  thereby;  and  (d)  until such time as the respective Warrant is
     transferred  on  the  books  of  the  Company,  the  Company  may treat the
     registered  holder  thereof as the absolute owner thereof for all purposes,
     notwithstanding  any  notice  to  the  contrary.

8.    MISCELLANEOUS.
      -------------

     All  notices,  certificates  and  other  communications  from  or  at  the
     request  of  the  Company  to  any  Warrant Holder shall be mailed by first
     class,  registered  or  certified mail, postage prepaid, to such address as
     may  have  been furnished to the Company in writing by such Warrant Holder,
     or,  until an address is so furnished, to the address of the last holder of
     such  Warrant  who  has  so  furnished an address to the Company, except as
     otherwise  provided  herein.  This  Warrant  Agreement and any of the terms
     hereof  may  be  changed,  waived,  discharged  or  terminated  only  by an
     instrument in writing signed by the party against which enforcement of such
     change,  waiver, discharge or termination is sought. This Warrant Agreement
     shall be construed and enforced in accordance with and governed by the laws
     of  the  State  of  Texas.  The  headings in this Warrant Agreement are for
     purposes  of  reference only and shall not limit or otherwise affect any of
     the  terms  hereof.  This  Warrant  Agreement,  together  with the forms of
     instruments  annexed hereto as schedules, constitutes the full and complete
     agreement  of the parties hereto with respect to the subject matter hereof.
     For  purposes of this Warrant Agreement, a faxed signature shall constitute
     an original signature. A photocopy or faxed copy of this Agreement shall be
     effective  as  an  original  for  all  purposes.

     IN  WITNESS  WHEREOF,  the  Company has caused this Warrant Agreement to be
executed  on this 2nd day of November, 2006, to be effective as of the Effective
Date  as  defined  above,  by  its  proper  corporate  officers,  thereunto duly
authorized.

                             XA,  INC.
                             ---------

                             By: /s/  Joseph  Wagner
                                 -------------------
                                 JOSEPH  WAGNER,
                                 Chief  Executive  Officer

<PAGE>

                                                                      SCHEDULE 1

                                     WARRANT
                                     -------

THIS  WARRANT  AND  THE  SECURITIES TO BE ISSUED UPON ITS EXERCISE HAVE NOT BEEN
REGISTERED  UNDER:  (A)  THE  SECURITIES ACT OF 1933, AS AMENDED (THE "ACT"), IN
RELIANCE  UPON  THE EXEMPTIONS FROM REGISTRATION PROVIDED IN SECTIONS 3 AND 4 OF
SUCH  ACT  AND  REGULATION S PROMULGATED THEREUNDER; OR (B) ANY STATE SECURITIES
LAWS IN RELIANCE UPON APPLICABLE EXEMPTIONS THEREUNDER.  THIS WARRANT MAY NOT BE
EXERCISED  BY OR ON BEHALF OF ANY U.S. PERSON UNLESS REGISTERED UNDER THE ACT OR
AN EXEMPTION FROM SUCH REGISTRATION IS AVAILABLE.  THIS WARRANT MUST BE ACQUIRED
FOR INVESTMENT ONLY FOR THE ACCOUNT OF THE INVESTOR, AND NEITHER THE WARRANT NOR
THE UNDERLYING STOCK MAY BE TRANSFERRED EXCEPT IN COMPLIANCE WITH THE PROVISIONS
OF  REGULATION  S AND OTHER LAWS OR PURSUANT TO REGISTRATION UNDER THE ACT OR AN
AVAILABLE  EXEMPTION  FROM  REGISTRATION.  HEDGING  TRANSACTIONS  INVOLVING THIS
WARRANT  OR  THE  SECURITIES TO BE ISSUED UPON ITS EXERCISE MAY NOT BE CONDUCTED
UNLESS  IN  COMPLIANCE  WITH  THE  ACT.

                                                       To Purchase 75,000 Shares
                                                                 of Common Stock
                                    XA, INC.

This certifies that, for value received, the hereafter named registered owner is
entitled,  subject  to  the  terms  and  conditions  of  this Warrant, until the
expiration date, to purchase the number of shares (the "Shares") set forth above
of  the  common  stock  ("Common  Stock"),  of XA, INC. (the "Company") from the
Company  at  the purchase price per share hereafter set forth below, on delivery
of  this Warrant to the Company with the exercise form duly executed and payment
of  the  purchase price (in cash or by certified or bank cashier's check payable
to  the  order of the Company) for each Share purchased. This Warrant is subject
to  the  terms  of the Warrant Agreement between the parties thereto dated as of
November  2,  2006, the terms of which are hereby incorporated herein. Reference
is  hereby  made to such Warrant Agreement for a further statement of the rights
of  the  holder  of  this  Warrant.

Registered  Owner:DAVID  M.  LOEV
                  ---------------
Date:     NOVEMBER  2,  2006
          ------------------

Purchase  Price
  Per  Share:          US  $0.30
                       ---------

Expiration Date:     Subject to Section 3(a) of the Warrant Agreement, 5:00 p.m.
Central  Standard  Time.

     WITNESS  the  signature  of  the  Company's  authorized  officer:

                                XA,  INC.
                                ---------

                                By:   /s/  Joseph  Wagner
                                      -------------------
                                      JOSEPH  WAGNER,
                                      Chief  Executive  Officer

<PAGE>

                                                                      SCHEDULE 2

                         FORM OF ASSIGNMENT AND TRANSFER
                         -------------------------------

For  value  received,  the  undersigned hereby sells, assigns and transfers unto
__________________________________ the right represented by the enclosed Warrant
to  purchase  _________________  shares of Common Stock of XA, INC. to which the
enclosed  Warrant relates, and appoints                     Attorney to transfer
such  right  on  the  books  of  XA, INC. with full power of substitution in the
premises.

The  undersigned  represents  and  warrants  that  the  transfer of the enclosed
Warrant is permitted by the terms of the Warrant Agreement pursuant to which the
enclosed  Warrant has been issued, and the transferee hereof, by his, her or its
acceptance  of  this  Agreement,  represents  and warrants that he, she or it is
familiar  with the terms of said Warrant Agreement and agrees to be bound by the
terms  thereof  with  the  same  force  and  effect  as  if a signatory thereto.

Dated:
      --------------------

             ------------------------------------------------------------------
             (Signature  must  conform  in  all  respects  to  name  of  holder
              as  specified  on  the  face  of  the  enclosed  Warrant)

             --------------------------------------------------
             (Printed  Name)

             --------------------------------------------------
             (Address)

Signed  in  the  presence  of:

--------------------------------

<PAGE>

                                                                      SCHEDULE 3

                              FORM OF SUBSCRIPTION
                              --------------------
     (To  be  signed  only  upon  exercise  of  Warrant)

To  XA,  INC.:

The  undersigned,  the holder of the enclosed Warrant, hereby irrevocably elects
to  exercise the purchase right represented by such Warrant for, and to purchase
thereunder,               *  shares  of  Common  Stock  of XA, INC. and herewith
makes payment of US $_______________(or elects to pay for the exercise in shares
of  common  stock  pursuant  to  Section  3(d)(ii)  of  the Warrant Agreement as
evidenced by the calculation below by checking this box ), and requests that the
certificate  or  certificates  for  such  shares  be  issued  in the name of and
delivered  to  the  undersigned.

Dated:
      ------------------

              ------------------------------------------------------------------
              (Signature  must  conform  in  all  respects  to  name  of  holder
               as  specified  on  the  face  of  the  enclosed  Warrant)

              ---------------------------------------------
              (Printed  Name)

              ---------------------------------------------
              (Address)

(*)  Insert  here the number of shares called for on the face of the Warrant or,
     in  the  case  of  a  partial exercise, the portion thereof as to which the
     Warrant  is  being  exercised, in either case without making any adjustment
     for  additional  Common  Stock  or  any  other stock or other securities or
     property  which,  pursuant  to  the  adjustment  provisions  of the Warrant
     Agreement  pursuant to which the Warrant was granted, may be delivered upon
     exercise.

--------------------------------------------------------------------------------

        CALCULATION PURSUANT TO SECTION 3(D)(II) OF THE WARRANT AGREEMENT
        -----------------------------------------------------------------

              =  TOTAL  SHARES  EXERCISED
-----------

------------  =  PURCHASE  PRICE  (as  defined  and  adjusted in the Warrant
                                   Agreement)

              =   FAIR MARKET VALUE - the average closing price of the Common
-----------
Stock  (if  actual  sales price information on any trading day is not available,
the closing bid price shall be used) for the five trading days prior to the date
of  exercise  of  this Warrant (the "Average Closing Bid Price"), as reported by
the  National  Association  of  Securities  Dealers  Automated  Quotation System
("NASDAQ"),  or if the Common Stock is not traded on NASDAQ, the Average Closing
Bid  Price in the over-the-counter market; provided, however, that if the Common
Stock  is listed on a stock exchange, the Fair Market Value shall be the Average
Closing  Bid  Price  on such exchange; and, provided further, that if the Common
Stock  is not quoted or listed by any organization, the fair value of the Common
Stock,  as  determined  by  the  Board  of  Directors  of  the  Company,  whose
determination  shall  be conclusive, shall be used).  In no event shall the Fair
Market  Value  of  any  share  of  Common  Stock  be  less  than  its par value.

                                         Total Shares Exercised x Purchase Price
                                         ---------------------------------------
   = Shares to be Issued = Total Shares Exercised   Fair  Market  Value
---

<PAGE>Exhibit 4.1 Fiscal and Paying Agency Agreement

    FISCAL
      AND PAYING AGENCY AGREEMENT

     

    Between

     

    TRUSTMARK
      NATIONAL BANK 

    Issuer

     

    and

     

    THE
      BANK
      OF NEW YORK TRUST COMPANY, N.A.

    Fiscal
      and Paying Agent

     

     

    ______________

     

    Dated
      as
      of December 13, 2006

    ______________

     

     

    5.673%
      Subordinated Notes Due December 15, 2016

     

    

    
      
        
        

      

      
        
        

        
          

        

      

       

    

    ______________

     

    TABLE
      OF
      CONTENTS

    ______________

     

    
      	
               

            	
               

            	
               

            	
              Page

            
	 	 	 	 
	
               ARTICLE
                I

            
	 	 	 	 
	
               APPOINTMENT

            
	 	 	 	 
	 Section 1.1.	 	 Appointment of Fiscal and Paying
              Agent	
               1

            
	 	 	 	 
	
               ARTICLE
                II

            
	 	 	 	 
	
               THE
                SUBORDINATED NOTES

            
	 	 	 	 
	 Section 2.1.	 	 Form of Subordinated
              Notes	
               1

            
	 Section
              2.2.	 	 Certifications
              of Authorized Representatives of the Bank	
               2

            
	 Section
              2.3.	 	 Completion,
              Authentication and Delivery	
               2

            
	 Section
              2.4.	 	 Denominations;
              Issuance of Certificated Securities	
               3

            
	 Section
              2.5.	 	 Proceeds
              of the Sale of Subordinated Notes	
               4

            
	 Section
              2.6.	 	 Security
              Register; Registration of Transfer and Exchange	
               4

            
	 Section
              2.7.	 	 Persons
              Deemed Owners	
               5

            
	 Section
              2.8.	 	 Cancellation
              of Unissued Global Subordinated Notes	
               5

            
	 Section
              2.9.	 	 Mutilated,
              Stolen or Destroyed Subordinated Notes	
               5

            
	 Section
              2.10.	 	 Redemption	
               5

            
	 	 	 	 
	
               ARTICLE
                III

            
	 	 	 	 
	
               THE
                FISCAL AND PAYING
                AGENT

            
	 	 	 	 
	 Section 3.1.	 	 Payment
              of Subordinated Notes	
               5

            
	 Section
              3.2.	 	 Information
              Regarding Amounts Payable	
               6

            
	 Section
              3.3.	 	 Deposit
              of Funds	
               6

            
	 Section
              3.4.	 	 Disposition
              of Funds Held for Payment of Subordinated Notes	
               6

            
	 Section
              3.5.	 	 Additional
              Responsibilities	
               7

            
	 Section
              3.6.	 	 Miscellaneous	
               7

            
	 	 	 	
               

            
	
               ARTICLE
                IV

            
	 	 	 	 
	
              LIABILITY
                AND INDEMNIFICATION

            
	 	 	 	 
	 Section 4.1.	 	 Liability	
               8

            
	 Section
              4.2.	 	 Indemnification	
               8

            

    

     

    
      i

      
        

      

    

    
    

    
      	 	 	 	 
	
               ARTICLE
                V

            
	 	 	 	 
	
              RESIGNATION
                OR REMOVAL

              OF
                FISCAL AND PAYING AGENT

            
	 	 	 	 
	 Section 5.1.	 	 Resignation
              or Removal	
               9

            
	 Section
              5.2.	 	 Successor
              Fiscal and Paying Agent	
               9

            
	 Section
              5.3.	 	 Successor
              by Merger, Etc.	
               9

            
	 	 	 	 
	
               ARTICLE
                VI

            
	 	 	 	 
	
               MISCELLANEOUS

            
	 	 	 	 
	 Section 6.1.	 	 Compensation
              of the Fiscal and Paying Agent	
               10

            
	 Section
              6.2.	 	 Reliance
              on Opinions of Counsel or Officer’s Certificate	
               10

            
	 Section
              6.3.	 	 Subordinated
              Notes Held by Fiscal and Paying Agent	
               10

            
	 Section
              6.4.	 	 Notices	
               10

            
	 Section
              6.5.	 	 Parties	
               11

            
	 Section
              6.6.	 	 Governing
              Law	
               11

            
	 Section
              6.7.	 	 Separability	
               11

            
	 Section
              6.8.	 	 Effect
              of Headings	
               11

            
	 Section
              6.9.	 	 Amendments	
               11

            
	 Section
              6.10.	 	 Events
              of Default; Rescission	
               12

            
	 Section
              6.11.	 	 Actions
              Due on Saturdays, Sundays and Holidays	
               13

            
	 Section
              6.12.	 	 Agreement
              To Pay Attorneys’ Fees and Other Expenses	
               13

            
	 Section
              6.13.	 	 Survival	
               13

            
	 Section
              6.14.	 	 No
              Implied Waivers	
               13

            
	 Section
              6.15.	 	 Counterparts	
               13

            
	 Section
              6.16.	 	 Term	
               14

            
	 Section
              6.17.	 	 Complete
              Agreement	
               14

            
	 Section
              6.18.	 	 Reopenings	
               14

            

    

     

    EXHIBIT
      A
— Form of Global Certificate

    
       

      
        ii

        
          

        

      

      
        
        

      

    

    This
      FISCAL AND PAYING AGENCY AGREEMENT is entered into as of December 13, 2006
      by
      and between Trustmark National Bank (the “Bank”), and The Bank of New York Trust
      Company, N.A., as Fiscal and Paying Agent (the “Fiscal and Paying
      Agent”).

     

    WITNESSETH:

     

    WHEREAS,
      the Bank proposes to issue and sell its 5.673% Subordinated Notes Due December
      15, 2016 (the “Subordinated Notes”) in an initial aggregate principal amount of
      $50,000,000 and in minimum denominations of $250,000 to certain institutional
      accredited
      investors in an offering that is exempt from registration with the Securities
      and Exchange Commission and will be made pursuant to Section 16.6 of the
      Securities Offering Regulations (12 C.F.R. § 16.6) of the Office of the
      Comptroller of the Currency (the “Comptroller”), and

     

    WHEREAS,
      the Bank desires to appoint the Fiscal and Paying Agent as fiscal and paying
      agent of the Bank with respect to the preparation, authentication, delivery,
      registration and payment of the Subordinated Notes;

     

    NOW,
      THEREFORE, in consideration of the mutual promises, covenants, conditions and
      agreements set forth herein, the parties hereby agree as follows:

     

    ARTICLE
      I

     

    APPOINTMENT

     

    Section
      1.1.  Appointment
      of Fiscal and Paying Agent.
      The
      Fiscal and Paying Agent is hereby appointed as fiscal and paying agent for
      the
      Subordinated Notes on the terms and conditions specified in this Agreement
      and
      the Subordinated Notes, and the Fiscal and Paying Agent hereby accepts such
      appointment. The Bank hereby appoints the Fiscal and Paying Agent as registrar
      for the Subordinated Notes.

     

    ARTICLE
      II

     

    THE
      SUBORDINATED NOTES

     

    Section
      2.1.  Form
      of Subordinated Notes.
      The
      Subordinated Notes will be represented by one or more global certificates,
      each
      such certificate hereinafter called a “Global Subordinated Note.” All Global
      Subordinated Notes shall be registered in the name of The Depository Trust
      Company (“DTC”), as depository, or its nominee or a successor depository or
      nominee. All Global Subordinated Notes shall be in substantially the form
      attached hereto as Exhibit A and may have such appropriate insertions,
      omissions, variations or substitutions as are required or permitted by, and
      not
      inconsistent with, this Agreement, and may also have such letters, numbers
      or
      other marks of identification and such legends or endorsements placed thereon
      as
      may be required to comply with any applicable law or with any applicable rules
      or regulations made pursuant thereto or with the rules or regulations of any
      securities exchange or governmental agency or as may, consistently herewith,
      be
      determined by the officers of the Bank executing such Global Subordinated Notes,
      as evidenced by their execution thereof. Beneficial interests in the Global
      Subordinated Notes will be shown on, and transfers thereof will be effected
      only
      through, records maintained by DTC or its nominee and its
      participants.

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    Section
      2.2.  Certifications
      of Authorized Representatives of the Bank.
      

     

    (a)     
      Any instruction given by the Bank to the Fiscal and Paying Agent under this
      Agreement shall be in the form of an Officer’s Certificate. For the purposes of
      this Agreement, “Officer’s Certificate” means a certificate signed by an
      Authorized Representative (defined below) and delivered to the Fiscal and Paying
      Agent.

     

    (b)  On
      an
      annual basis, the Bank shall furnish the Fiscal and Paying Agent with an
      Officer’s Certificate of the Bank certifying the incumbency and specimen
      signatures of the representatives of the Bank who are authorized to instruct
      the
      Fiscal and Paying Agent regarding the completion and delivery of the Global
      Subordinated Notes and take other actions hereunder (each an “Authorized
      Representative”). The Bank shall promptly provide the Fiscal and Paying Agent
      with an interim Officer’s Certificate of the Bank indicating any changes in the
      Bank’s Authorized Representatives and certifying the incumbency and specimen
      signatures of each Authorized Representative and any such change shall become
      effective on the Business Day (as hereinafter defined) on which the Fiscal
      and
      Paying Agent receives notice thereof.

     

    Section
      2.3.  Completion,
      Authentication and Delivery.
      

     

    (a)      
      All Subordinated Notes shall be issued and delivered in accordance with the
      terms of this Agreement, the Global Subordinated Notes and the Letter of
      Representations from the Bank and the Fiscal and Paying Agent to DTC dated
      December 13, 2006, pursuant to an authentication order (“Authentication Order”).
      The Authentication Order shall be given by an Authorized Representative by
      telex, telecopy or other means acceptable to the Fiscal and Paying Agent. Upon
      receipt of the Authentication Order, the Fiscal and Paying Agent
      shall:

     

    (i)  complete
      a Global Subordinated Note or Global Subordinated Notes representing the
      Subordinated Notes in accordance with such order;

     

    (ii)  manually
      authenticate such Global Subordinated Note or Global Subordinated Notes by
      any
      one of the officers of the Fiscal and Paying Agent duly authorized and
      designated by it for such purpose; and

     

    (iii)  deliver
      such Global Subordinated Note or Global Subordinated Notes to DTC or its
      nominees pursuant to the Authentication Order.

     

    (b)  Each
      Subordinated Note shall bear an original issue date which shall remain the
      same
      for all Subordinated Notes subsequently issued upon transfer, exchange or
      substitution of such original Subordinated Note regardless of the date of
      issuance of any such subsequently issued Subordinated Note.

     

    (c)  All
      instructions given by the Bank pursuant to this Section 2.3 must be
      received by the Fiscal and Paying Agent by 11 a.m., Central Standard Time,
      on the Business Day preceding the original issue date for the Global
      Subordinated Notes. For all purposes under this Agreement (except as indicated
      in Sections 3.1(b) and 6.11), the term “Business Day” shall mean any day that is
      not a Saturday or Sunday and that, in the City of New York, New York is not
      a
      day on which banking institutions are generally authorized or required by law
      to
      be closed. The Fiscal and Paying Agent shall not be required to perform any
      duties on any day that is not a Business Day.

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

    (d)  The
      Fiscal and Paying Agent shall have no responsibility to the Bank to determine
      by
      whom or by what means a facsimile signature of the Bank may have been affixed
      on
      the Global Subordinated Notes, or whether a signature of an Authorized
      Representative is genuine, if such signature resembles the specimen signature
      of
      such Authorized Representative on the Officer’s Certificate delivered pursuant
      to Section 2.2(b). The Fiscal and Paying Agent shall incur no liability to
      the Bank in acting or refraining from taking any action hereunder upon
      instructions contemplated hereby which the recipient thereof believed in good
      faith to have been given by an Authorized Representative. In the event a
      discrepancy exists between the instructions as originally received by the Fiscal
      and Paying Agent and any subsequent instruction relating to the same subject
      matter, the original instructions will be deemed controlling if action has
      already been taken in reliance thereon, provided that the Fiscal and Paying
      Agent gives notice to the Bank of such discrepancy promptly upon the receipt
      of
      such subsequent instructions.

     

    (e)  Each
      instruction given to the Fiscal and Paying Agent in accordance with this
      Section 2.3 shall constitute a representation and warranty to the Fiscal
      and Paying Agent by the Bank that (i) the issuance and delivery of the
Global
      Subordinated Notes to which the instruction relates have been duly and validly
      authorized by the Bank, (ii) such Global Subordinated Notes, when
      completed, countersigned, authenticated and delivered pursuant hereto, will
      constitute valid and legally binding obligations of the Bank and (iii) the
      Fiscal and Paying Agent’s appointment to act for the Bank hereunder has been
      duly authorized by all necessary corporate action of the Bank.

     

    (f)  The
      Bank
      further represents and warrants to the Fiscal and Paying Agent that the Bank
      is
      free to enter into this Agreement and to perform the terms hereof.

     

    Section
      2.4.  Denominations;
      Issuance of Certificated Securities.
      

     

    (a)     
      Except as provided in paragraph (b) of this Section 2.4, the Subordinated
      Notes shall be issuable only in book-entry form, without coupons, in
      denominations of $250,000 and any amount in excess thereof which is an integral
      multiple of $1,000.

     

    (b)  If
      at any
      time (i) DTC notifies the Bank in writing that it is unwilling or unable to
      act as depository for the Subordinated Notes or if DTC ceases to be a clearing
      agency registered pursuant to Section 17A of the Securities Exchange Act of
      1934, as amended, and a successor depository is not appointed by the Bank within
      90 days after the effective date of DTC’s ceasing to act as depository for the
      Subordinated Notes, (ii) the Bank, at its option, notifies the Fiscal and
      Paying Agent in writing that it elects to cause the issuance of Subordinated
      Notes in definitive form or (iii) any event shall have happened and be
      continuing which, after notice or lapse of time, or both, would constitute
      an
      Event of Default as defined in the Subordinated Notes, the Bank will execute,
      and the Fiscal and Paying Agent will, upon the execution of the then standard
      form of the Fiscal and Paying Agent’s agreement for certificated securities and
      upon receipt of instructions in writing from the Bank, authenticate and deliver
      Subordinated Notes of like tenor and terms in definitive form in an aggregate
      principal amount equal to the principal amount of the Global Subordinated Notes
      then outstanding in exchange for such Global Subordinated Notes. Any such
      certificated Subordinated Notes will be issued in fully registered form to
      the
      persons identified by DTC as the beneficial owners thereof, without coupons,
      in
      denominations of $250,000 or any amount in excess thereof which is an integral
      multiple of $1,000. Such certificated Subordinated Notes may not subsequently
      be
      exchanged by a holder for Subordinated Notes in denominations of less than
      $250,000. If Subordinated Notes are issued in definitive form hereunder, payment
      and other terms related to such Subordinated Notes will be as set forth on
      the
      face thereof.

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

    Section
      2.5.  Proceeds
      of the Sale of Subordinated Notes.
      Any
      funds representing proceeds from the offering and sale of the Subordinated
      Notes
      that are received by the Fiscal and Paying Agent shall be held in trust by
      the
      Fiscal and Paying Agent for the benefit of the Bank and promptly credited to
      one
      or more accounts designated in writing by the Bank.

     

    Section
      2.6.  Security
      Register; Registration of Transfer and Exchange.
      

     

    (a)     
      The Fiscal and Paying Agent shall, so long as any of the Subordinated Notes
      remain outstanding, maintain all records as may be customary, including all
      forms of transfer for the Subordinated Notes and shall: (i) keep at its
      corporate trust office or the office of its agent in The City of New York,
      a
      register (the “Security Register”) in such form as the Fiscal and Paying Agent
      may determine, in which, subject to such reasonable requirements as it may
      prescribe, it shall provide for the registration of the Global Subordinated
      Notes and of any exchanges or transfers thereof and (ii) maintain records
      showing for each outstanding Subordinated Note issued in definitive form under
      Section 2.4(b), the principal amount, maturity date, interest rate and
      other terms thereof; the date of original issue and all subsequent transfers
      and
      consolidations or exchanges.

     

    (b)  All
      Subordinated Notes presented for transfer shall be duly endorsed or be
      accompanied by a written instrument of transfer with such evidence of due
      authorization and guarantee of signature as may reasonably be required by the
      Fiscal and Paying Agent. Upon receipt by the Bank of a Subordinated Note
      submitted for transfer, the Bank will execute, and
      the
      Fiscal and Paying Agent will countersign and authenticate, one or more new
      Subordinated Notes of like tenor and terms in an aggregate principal amount
      equal to the principal amount of the Subordinated Note presented for transfer
      in
      accordance with the transfer instructions accompanying same. The Fiscal and
      Paying Agent shall date its signature on the date it signs such Subordinated
      Notes. No service charge (other than any cost of delivery) shall be imposed
      by
      the Fiscal or Paying Agent for any exchange or registration of transfer of
      a
      Subordinated Note but the Bank or Fiscal and Paying Agent may require the
      payment of a sum sufficient to cover any stamp or other tax or governmental
      charge that may be imposed in connection therewith or presentation of evidence
      that such tax or charge has been paid. Notwithstanding anything to the contrary
      set forth herein, no registration or transfer shall be made on or after the
      fifteenth day immediately preceding the Date of Maturity (as defined in the
      Subordinated Note).

     

    (c)  Notwithstanding
      anything in this Agreement to the contrary, unless Subordinated Notes are issued
      in definitive form under Section 2.4(b) hereof, beneficial ownership of the
      Subordinated Notes will only be shown on, and transfers thereof will be effected
      only through, records maintained by DTC, its nominees or its participants (as
      defined in the Offering Circular). The Fiscal and Paying Agent shall have no
      responsibility or liability for any aspect of the records relating to or
      payments made on account of beneficial ownership interests in a Global
      Subordinated Note or for maintaining, supervising or reviewing any records
      relating to such beneficial ownership interests, and it shall be fully protected
      in acting or refraining from acting on any such information provided by DTC
      with
      respect thereto.

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

     

    Section
      2.7.  Persons
      Deemed Owners.
      Prior
      to due presentment of a Subordinated Note for registration or transfer, the
      Bank, the Fiscal and Paying Agent and any agent of the Bank or the Fiscal and
      Paying Agent may treat the person in whose name such Subordinated Note is
      registered as the owner of such Subordinated Note for the purpose of receiving
      payments of principal and interest, if any, and for all other purposes
      whatsoever, whether or not such Subordinated Note be overdue, and neither the
      Bank nor the Fiscal and Paying Agent shall be affected by notice to the
      contrary.

     

    Section
      2.8.  Cancellation
      of Subordinated Notes.
      Any
      Subordinated Note paid in accordance with this Agreement, and each Subordinated
      Note in lieu of which a replacement Subordinated Note or Subordinated Notes
      are
      authenticated and delivered in accordance with Section 2.6 or 2.9 hereof, shall
      be canceled and disposed of in accordance with the Fiscal and Paying Agent’s
      policy for disposal. The Fiscal and Paying Agent shall upon written request
      furnish the Bank with certificates of disposal of such Subordinated
      Note(s).

     

    Section
      2.9.  Mutilated,
      Stolen or Destroyed Subordinated Notes.
      In case
      a Subordinated Note shall at any time become mutilated, destroyed, lost or
      stolen and such Subordinated Note or evidence satisfactory to the Bank or the
      Fiscal and Paying Agent of the loss, theft, or destruction thereof (together
      with indemnity satisfactory to the Bank and the Fiscal and Paying Agent and
      such
      other documents of proof as may be required by them) shall be delivered to
      the
      Bank, a new Subordinated Note of like tenor will be issued by the Bank in
      exchange for the Subordinated Note so mutilated, or in lieu of the Subordinated
      Note so destroyed or lost or stolen. The Fiscal and Paying Agent will
      authenticate any such substituted Subordinated Note and deliver the same on
      the
      written request or authorization of an Authorized Representative. All expenses
      and reasonable charges associated with procuring the indemnity referred to
      above
      and with the preparation, authentication and delivery of a new Subordinated
      Note
      shall be borne by the holder of the Subordinated Note so mutilated, destroyed,
      lost or stolen. If any Subordinated Note which has matured or is about to mature
      shall become mutilated, destroyed, lost or stolen, the Bank may, instead of
      issuing a substitute Subordinated Note, pay or authorize the payment of the
      same
      (without surrender thereof except in the case of a mutilated Subordinated Note)
      upon compliance by the holder thereof with the provisions of this
      Section 2.9.

     

    Section
      2.10.  Redemption.
      The
      Subordinated Notes may not be redeemed prior to the Date of Maturity and no
      sinking fund will be provided for the Subordinated Notes.

     

    ARTICLE
      III

     

    THE
      FISCAL AND PAYING AGENT

     

    Section
      3.1.  Payment
      of Subordinated Notes.
      

     

    (a)     
      Payments of principal, premium, if any, and interest payable at the Date of
      Maturity will be made by wire transfer in immediately available funds to the
      bank accounts in the United States designated by the holders of the Subordinated
      Notes, provided that the Subordinated Notes are presented to the Fiscal and
      Paying Agent at its corporate trust office in The City of New York (or at such
      other place or places as the Fiscal and Paying Agent shall designate by notice
      to the holders of the Subordinated Notes) in time for the Fiscal and Paying
      Agent to make such payments in such funds in accordance with its normal
      procedures.

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

     

    (b)  Payments
      of interest (other than interest payable at Date of Maturity) will be made
      on
      June 15 and December 15 of each year, commencing on June 15, 2007 to the holders
      of the Subordinated Notes entitled thereto as of the close of business on June
      1
      and December 1, as the case may be (whether or not such day is a “Business Day”
(as that term is defined in the Form of Global Subordinated Note attached as
      Exhibit A hereto)) (each such date, a “Regular Record Date” next preceding each
      such interest payment date, by wire transfer of immediately available funds
      to
      the bank accounts in the United States designated by such holders in a written
      notice received by the Fiscal and Paying Agent not later than the applicable
      Regular Record Date.

     

    (c)  The
      Fiscal and Paying Agent is authorized and will pay any Subordinated Note duly
      presented for payment as provided in paragraph (a) of this Section 3.1
      as long as the Global Subordinated Note representing such Subordinated Note
      has
      been authenticated by one of the Fiscal and Paying Agent’s officers who was duly
      designated and authorized for such purpose at the time of such authentication,
      notwithstanding that said officer is no longer so designated or the authority
      of
      said officer has been terminated between the time of execution and the time
      of
      payment.

     

    (d)  The
      Fiscal and Paying Agent shall have no obligation to use its own funds for any
      payment of principal, premium, if any, or interest on the Subordinated Notes
      or
      for any other purpose pursuant to this Agreement.

     

    Section
      3.2.  Information
      Regarding Amounts Payable.
      The
      Fiscal and Paying Agent shall, as soon as practicable after each record date
      for
      the payment of interest on the Subordinated Notes (other than interest payable
      on the Date of Maturity), but not later than five days preceding the related
      interest payment date, notify the Bank of the amount of interest to be paid
      on
      the Subordinated Notes on the related interest payment date.

     

    Section
      3.3.  Deposit
      of Funds.
      The
      Bank shall deposit with the Fiscal and Paying Agent by 10 a.m., New York
      City time (i) on each interest payment date (other than the Date of
      Maturity) an amount in immediately available funds sufficient to pay the
      interest due on the Subordinated Notes on such date and (ii) on the Date of
      Maturity an amount in immediately available funds sufficient to pay the full
      principal amount of the Subordinated Notes, the premium due thereon, if any,
      and
      all unpaid interest accrued thereon to the Date of Maturity.

     

    Section
      3.4.  Disposition
      of Funds Held for Payment of Subordinated Notes.
      

     

    (a)     
      In acting under this Agreement and in connection with the Subordinated Notes,
      the Fiscal and Paying Agent is acting solely as agent of the Bank and does
      not
      have any fiduciary duties to, and does not assume any obligation or relationship
      of agency or trust with, the holders of the Subordinated Notes or the beneficial
      owners of the Global Subordinated Notes, except that, subject to the provisions
      of subsection (b) of this Section 3.4, all money deposited with the
      Fiscal and Paying Agent pursuant to Section 3.3 shall be held by it on
      behalf of the holders of the Subordinated Notes and the beneficial holders
      of
      the Global Subordinated Notes entitled thereto until such money is disbursed
      to
      the holders of the Subordinated
      Notes (subject to escheat and other unclaimed property laws) in accordance
      with
      the provisions of the Subordinated Notes and this Agreement or otherwise. Money
      deposited with the Fiscal and Paying Agent need not be segregated from other
      funds of the Fiscal and Paying Agent, except to the extent required by
      law.

    
      
        
        

      

      
        6

        
          

        

      

      
        
        

      

    

     

    (b)  Subject
      to applicable escheat laws, any money deposited with the Fiscal and Paying
      Agent
      for the payment of the principal of, premium, if any, or interest on any
      Subordinated Note that remains unclaimed for two years after such principal,
      premium, if any, or interest has become due and payable shall be remitted by
      the
      Fiscal and Paying Agent to the Bank and the holders of the Subordinated Notes
      entitled thereto shall thereafter, as unsecured general creditors, look only
      to
      the Bank for payment thereof as successor fiscal and paying agent, and all
      liability of the Fiscal and Paying Agent with respect to such money shall
      thereupon cease.

     

    Section
      3.5.  Additional
      Responsibilities.
      If the
      Bank shall ask the Fiscal and Paying Agent to perform any duties not
      specifically set forth in this Agreement as duties of the Fiscal and Paying
      Agent (the “Additional Responsibilities”) and the Fiscal and Paying Agent
      chooses to perform such Additional Responsibilities, the Fiscal and Paying
      Agent
      shall be held to the same standard of care and shall be entitled to all the
      protective provisions (including, but not limited to, indemnification) set
      forth
      herein with respect to such Additional Responsibilities unless the Fiscal and
      Paying Agent has entered into a separate written agreement which specifically
      addresses the standard of care with respect to such Additional
      Responsibilities.

     

    Section
      3.6.  Miscellaneous.
      Notwithstanding anything to the contrary herein:

     

    (a)  in
      paying
      principal, premium, if any, and interest on the Subordinated Notes hereunder,
      the Fiscal and Paying Agent shall be acting as a conduit and shall not be paying
      such principal, premium, if any, or interest for its own account. In the absence
      of written notice from the Bank to the contrary, the Fiscal and Paying Agent
      shall be entitled to assume that any Subordinated Note presented to it, or
      deemed presented to it, for payment, is entitled to be so paid;

     

    (b)  the
      Fiscal and Paying Agent shall not be required to invest any moneys delivered
      to
      it pursuant to this Agreement and shall have no liability for interest on any
      moneys received or held by it hereunder;

     

    (c)  the
      Fiscal and Paying Agent shall not be responsible for the accuracy of any recital
      of any party (other than the Fiscal and Paying Agent) that is stated herein
      or
      in the Subordinated Notes or in any offering materials relating thereto and
      makes no representations as to the validity or enforceability of the
      Subordinated Notes and shall incur no responsibility in respect
      thereto;

     

    (d)  the
      Fiscal and Paying Agent shall be protected in acting or refraining from acting
      upon any notice, order, requisition, request, consent, certificate, order,
      opinion (including an opinion of counsel, Officer’s Certificate or both),
      affidavit, letter, telegram or other paper or document deemed by it in good
      faith to be genuine and correct and to have been signed or sent by the proper
      person or persons; and

     

    (e)  any
      action taken by the Fiscal and Paying Agent pursuant to this Agreement upon
      the
      request or authority or consent of any person who at the time of making such
      request or giving such authority or consent is the holder of a Subordinated
      Note
      shall be conclusive and binding upon (i) all future holders of the same
      Subordinated Note and any Subordinated Note issued in exchange therefor or
      in
      place thereof, (ii) all beneficial owners of the same Subordinated Note and
      (iii) all holders of the same Subordinated Note issued in definitive form
      pursuant to Section 2.4(b) hereof.

    
      
        
        

      

      
        7

        
          

        

      

      
        
        

      

    

    ARTICLE
      IV

     

    LIABILITY
      AND INDEMNIFICATION

     

    Section
      4.1.  Liability.
      

     

    (a)     
      The duties and obligations of the Fiscal and Paying Agent are ministerial in
      nature and such duties and obligations shall be determined solely by the express
      provisions of this Agreement. The Fiscal and Paying Agent shall not be liable
      to
      the Bank, the holder of Subordinated Notes or the beneficial owners of the
      Global Subordinated Notes except for the performance of such duties and
      obligations as are specifically set forth herein and no implied covenants shall
      be read into this Agreement against it.

     

    (b)  The
      Fiscal and Paying Agent may refuse to perform any duty or exercise any right
      or
      power hereunder unless it receives indemnity satisfactory to it against any
      related loss, liability or expense. The Fiscal and Paying Agent shall not be
      required to ascertain whether any action taken by the Bank hereunder, including
      (i) the offering and sale of Subordinated Notes, (ii) the issuance of
      such Subordinated Notes or (iii) any amendment or termination of this
      Agreement, has been duly authorized by the Bank or is in compliance with any
      other agreement to which the Bank is a party (whether or not the Fiscal and
      Paying Agent is also a party to such other agreements) or any law or
      governmental regulation to which the Bank is subject. The Fiscal and Paying
      Agent shall have no responsibility in the case of any default by the Bank in
      the
      performance of the covenants contained herein or in the Subordinated
      Notes.

     

    (c)  The
      Fiscal and Paying Agent shall not have any liability hereunder except in the
      case of its gross negligence, willful misconduct or failure to perform in
      accordance with this Agreement. Notwithstanding anything to the contrary herein,
      the Fiscal and Paying Agent shall not be liable for any losses, damages or
      expenses resulting from the willful misconduct or negligence of any of its
      agents, correspondents, attorneys or receivers as long as the Fiscal and Paying
      Agent exercised due care in connection with the appointment
      thereof.

     

    Section
      4.2.  Indemnification.
      The
      Bank agrees to indemnify and hold harmless the Fiscal and Paying Agent, its
      officers, directors, employees and agents from and against all losses,
      liabilities, obligations, claims, damages, costs and expenses of any kind or
      nature whatsoever (including, without limitation, reasonable legal fees and
      expenses) relating to or arising out of the performance of its duties under
      this
      Agreement, except to the extent they are caused by the gross negligence or
      willful misconduct of the Fiscal and Paying Agent or failure of the Fiscal
      and
      Paying Agent to perform in accordance with this Agreement. In the event of
      resignation or removal of the Fiscal and Paying Agent, any successor to the
      performance of the obligations of the Fiscal and Paying Agent as specified
      in
      this Agreement shall be entitled to rely upon this indemnity and said successor,
      the Bank or DTC shall not be entitled to a separate indemnity from the Fiscal
      and Paying Agent. These indemnification obligations shall survive the
      termination of this Agreement, including any termination pursuant to any
      applicable federal or state bankruptcy law, to the extent enforceable under
      applicable law, and shall survive the resignation or removal of the Fiscal
      and
      Paying Agent while remaining applicable to any action taken or omitted by the
      Fiscal and Paying Agent while acting pursuant to this Agreement.

    
      
        
        

      

      
        8

        
          

        

      

      
        
        

      

    

     

    ARTICLE
      V

     

    RESIGNATION
      OR REMOVAL OF FISCAL AND PAYING AGENT

     

    Section
      5.1.  Resignation
      or Removal.
      The
      Fiscal and Paying Agent may at any time resign from its duties hereunder by
      giving written notice of resignation to the Bank specifying the date on which
      such resignation shall become effective; provided, however, that such date
      shall
      not be less than 30 Business Days after such notice is given to the Bank. The
      Bank may at any time remove the Fiscal and Paying Agent by giving written notice
      of removal to the Fiscal and Paying Agent specifying the date on which such
      removal shall be effective; provided, however, that such date shall be not
      less
      than 30 Business Days after such notice is given to the Fiscal and Paying Agent.
      Any termination or resignation hereunder
      shall not affect the Fiscal and Paying Agent’s right to the payment of fees
      earned or charges incurred through the effective date of such termination or
      resignation, as the case may be.

     

    Section
      5.2.  Successor
      Fiscal and Paying Agent.
      Upon
      the effective date of such resignation or removal, the Fiscal and Paying Agent
      shall deliver any money then held by it pursuant to Section 3.4(a) to the
      successor appointed by the Bank to serve as fiscal and paying agent for the
      Subordinated Notes and all liability of the Fiscal and Paying Agent with respect
      to such money shall thereupon cease. The Fiscal and Paying Agent shall also
      provide such successor with a copy of its records relating to the Subordinated
      Notes as such successor shall reasonably request. However, the Fiscal and Paying
      Agent may retain copies of any records turned over for archival purposes. If
      such successor has not been appointed by the effective date of such resignation
      or removal, the Fiscal and Paying Agent shall pay such money and deliver such
      records to the Bank with the same effect as though such payment were made
      pursuant to Section 3.4(b); it being understood and agreed that the Bank
      may undertake to perform any of the functions of the Fiscal and Paying Agent.
      The delivery, transfer and assignment of such moneys and records by the Fiscal
      and Paying Agent to its successor or the Bank, as the case may be, shall be
      sufficient, without the requirement of any additional act or the requirement
      of
      any indemnity to be given by the Fiscal and Paying Agent, to relieve the Fiscal
      and Paying Agent of all further responsibility for the exercise of the rights
      or
      the performance of the obligations vested in the Fiscal and Paying Agent
      pursuant to this Agreement. The Bank shall notify, or cause the Fiscal and
      Paying Agent to notify, each holder of Global Subordinated Notes of the
      appointment of any successor Fiscal and Paying Agent or the undertaking of
      the
      Bank to perform the functions of the Fiscal and Paying Agent.

     

    Section
      5.3.  Successor
      by Merger, Etc.
      Any
      corporation or association into which the Fiscal and Paying Agent may be
      converted or merged, or with which it may be consolidated, or to which it may
      sell or transfer its corporate trust and agency business as a whole, or any
      corporation or association resulting from any such conversion, sale, merger,
      consolidation or transfer to which it is a party, shall be and become successor
      Fiscal and Paying Agent hereunder and shall be invested with all of the rights,
      powers, trusts, duties and obligations of the Fiscal and Paying Agent hereunder,
      without the execution or filing of any instrument or any further act. The Fiscal
      and Paying Agent shall provide notice to the Bank of any such conversion,
      merger, consolidation, sale or transfer as soon as practicable after the Fiscal
      and Paying Agent obtains knowledge that such event will occur or has
      occurred.

    
      
        
        

      

      
        9

        
          

        

      

      
        
        

      

    

     

    ARTICLE
      VI

     

    MISCELLANEOUS

     

    Section
      6.1.  Compensation
      of the Fiscal and Paying Agent.
      The
      Bank agrees to pay the Fiscal and Paying Agent compensation for all services
      rendered by the Fiscal and Paying Agent hereunder in such amounts as set forth
      in the Fee Schedule attached hereto and payable at such times as the Bank and
      the Fiscal and Paying Agent may agree to and to promptly reimburse the Fiscal
      and Paying Agent for all reasonable out-of-pocket expenses (including reasonable
      attorneys fees), disbursements and advances incurred or made by the Fiscal
      and
      Paying Agent in the performance of its duties hereunder. The obligation of
      the
      Bank pursuant to this Section 6.1 shall survive the termination of this
      Agreement, including any termination pursuant to any federal or state bankruptcy
      law, to the extent enforceable under applicable law.

     

    Section
      6.2.  Reliance
      on Opinions of Counsel or Officer’s Certificate.
      

     

    (a)     
      The Fiscal and Paying Agent may, at any time, request and receive an opinion
      of
      its counsel concerning its duties hereunder. The Fiscal and Paying Agent shall
      be free to act upon the advice contained in such opinion and shall have no
      liability to the Bank, the holders of the Subordinated Notes or the beneficial
      owners of the Global Subordinated Notes in respect of an action taken or omitted
      by the Fiscal and Paying Agent in good faith in reliance on a written opinion
      of
      such counsel.

     

    (b)  The
      Fiscal and Paying Agent shall have no liability to the Bank, the holders of
      the
      Subordinated Notes or the beneficial owners of the Global Subordinated Notes
      in
      respect of an action taken or omitted by the Fiscal and Paying Agent in good
      faith in reliance on an Officer’s Certificate.

     

    Section
      6.3.  Subordinated
      Notes Held by Fiscal and Paying Agent.
      The
      Fiscal and Paying Agent, in its individual or other capacity, may become a
      purchaser, holder, transferor, pledgee or may otherwise own, hold or transfer
      any beneficial interest in any Subordinated Notes and may commence or join
      in
      any action which a beneficial owner of a Subordinated Note is entitled to take
      without any conflict with its responsibilities pursuant to this
      Agreement.

     

    Section
      6.4.  Notices.
      Notices
      and other communications hereunder shall (except to the extent otherwise
      expressly provided) be in writing or given via electronic media and shall be
      addressed as follows, or to such other addresses as the parties hereto shall
      specify from time to time.

    
      
        
        

      

      
        10

        
          

        

      

      
        
        

      

    

     

    
      	
               If to the Bank:

               

               

               

               

               

               

               

            	
              Trustmark National Bank

              248 East Capitol Street

              Jackson, Mississippi 39201

              Attention: Jonathan
                Rogers, Chief Investment Officer

              Telephone: (601)
                208-6561

              Telecopy: (601)
                208-6670

               

            
	 If to the Fiscal	 
	
               and Paying Agent:

               

               

               

               

               

               

               

               

            	
              The Bank of New York Trust Company, N.A.

              Corporate Trust Department

              Plaza of the Americas

              600 North Pearl Street, Suite 420

              Dallas, Texas 75210

              Attention: John
                C. Stohlman

              Telephone: (214)
                880-8238

              Telecopy: (214)
                880-8253

            

    

     

    All
      notices shall be deemed given when received. All notices required to be given
      to
      the holders of Subordinated Notes shall be in writing and sent by first-class
      mail to such holders at their respective addresses shown in the Security
      Register.

     

    Section
      6.5.  Parties.
      Except
      for rights arising under Section 3.4(a), this Agreement is solely for the
      benefit of the parties hereto and their successors and assigns and nothing
      herein, express or implied, shall grant any benefit or any legal or equitable
      right, remedy or claim under this Agreement to any other person including,
      without limitation, any holder of a Subordinated Note or any beneficial owner
      of
      a Global Subordinated Note.

     

    Section
      6.6.  Governing
      Law.
      THIS
      AGREEMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HERETO SHALL BE GOVERNED
      BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW
      YORK.

     

    Section
      6.7.  Separability.
      In case
      any provision in this Agreement shall be held to be invalid, illegal or
      unenforceable, the validity, legality and enforceability of the remaining
      provisions shall not in any way be affected or impaired thereby.

     

    Section
      6.8.  Effect
      of Headings.
      The
      article and section headings herein are for convenience of reference only and
      shall not affect the construction hereof.

     

    Section
      6.9.  Amendments.
      

     

    (a)     
      Without the consent of the holders of the Subordinated Notes, the Bank and
      the
      Fiscal and Paying Agent, at any time and from time to time, may amend the terms
      of this Agreement, including amendments to the terms of the Subordinated Notes
      designed to cure ambiguities, defects or inconsistencies; except, however,
      that
      the consent of all holders of Subordinated Notes is required in order
      to:

    
      
        
        

      

      
        11

        
          

        

      

      
        
        

      

    

    (i)  change
      the Date of Maturity of any Subordinated Note, extend the time of payment on
      any
      overdue principal amount, change the coin or currency in which any Subordinated
      Note or the interest thereon is payable, change the definition of interest
      payment date contained in the Subordinated Notes, reduce the principal amount
      of
      or the rate of interest on any Subordinated Note, change the method of payment
      specified in the Subordinated Notes to other than wire transfer in immediately
      available funds, impair the right of a holder of the Subordinated Notes to
      institute suit for the enforcement of any payments of principal of or interest
      or other amounts on such Subordinated Notes or modify the subordination
      provisions of the Subordinated Notes in any manner adverse to the holders
      thereof;

     

    (ii)  reduce
      the percentage in principal amount of Subordinated Notes outstanding, the
      consent of whose holders is required for any such amendment to this Agreement
      or
      the Subordinated Notes or;

     

    (iii)  modify
      any of the provisions of this Section 6.9, except to increase any such
      percentage or to provide that certain other provisions of this Agreement or
      the
      Subordinated Notes cannot be modified or waived without the consent of the
      holder of each outstanding Subordinated Note.

     

    If
      the
      consent of the holders of the Subordinated Notes is required hereunder, the
      Bank
      and the Fiscal and Paying Agent shall request such consent and will deliver
      to
      each holder of Subordinated Notes an explanation of such amendment and the
      terms
      thereof. It shall not be necessary under this Section 6.9 for the holders
      of the Subordinated Notes to approve the precise form of any proposed
      amendment.

     

    (b)  Upon
      the
      execution of any amendment to this Agreement under this Section 6.9 by the
      Bank and the Fiscal and Paying Agent, this Agreement shall be modified in
      accordance therewith, such amendment shall form a part of this Agreement for
      all
      purposes and each holder of Subordinated Notes theretofore or thereafter
      authenticated and delivered hereunder shall be bound thereby. The Bank shall
      promptly transmit by mail to each holder of Subordinated Notes a notice setting
      forth the general terms of any amendment to this Agreement executed under this
      Section 6.9.

     

    (c)  Before
      entering into any amendment to this Agreement, the Fiscal and Paying Agent
      shall
      receive and be fully protected in relying upon an Officer’s Certificate and an
      opinion from counsel to the Bank that such amendment has been duly authorized,
      executed and delivered by the Bank and that all conditions precedent in
      connection with the execution of such amendment have been
      satisfied.

     

    Section
      6.10.  Events
      of Default; Rescission.
      

     

    (a)     
      Upon the occurrence of an Event of Default (as defined in the Subordinated
      Notes) or the curing of an Event of Default, the Bank will promptly give the
      Fiscal and Paying Agent written notice thereof, and the Fiscal and Paying Agent
      will promptly notify, by first-class mail, postage prepaid, the holders of
      the
      Subordinated Notes thereof. If an Event of Default shall occur and be
      continuing, the holder of a Subordinated Note, upon written notice to the Bank
      and the Fiscal and Paying Agent, may, at its option, declare such Subordinated
      Note to be, and, on the day such declaration shall have been delivered to the
      Bank and the Fiscal and Paying Agent, unless the Fiscal and Paying Agent shall
      have received written notice from the Bank that all Events of Default have
      been
      cured by the Bank prior to receipt by the Fiscal and Paying Agent of such
      declaration, such Subordinated Note shall become, immediately due and payable
      at
      its principal amount, together with accrued
      and unpaid interest thereon to the date of payment; provided,
      however,
      that to the extent then required under or pursuant to applicable regulations
      of
      the Comptroller (including, without limitation, 12 C.F.R. § 5.47) no accelerated
      payment may be made without the prior written approval of the
      Comptroller.

    
      
        
        

      

      
        12

        
          

        

      

      
        
        

      

    

    (b)  At
      any
      time after the delivery to the Fiscal and Paying Agent of a declaration of
      an
      Event of Default and acceleration pursuant to the provisions of a Subordinated
      Note, the holder a Subordinated Note, by written notice evidencing its ownership
      interest to the Bank and the Fiscal and Paying Agent, may rescind and annul
      such
      declaration of an Event of Default and its consequences with respect to such
      Subordinated Note. No such rescission shall affect any subsequent Event of
      Default or impair any right consequent thereto.

     

    (c)  The
      holder of a Subordinated Note may waive any past Event of Default and its
      consequences with respect to such Subordinated Note. No such waiver shall affect
      any subsequent Event of Default or impair any right consequent
      thereto.

     

    Section
      6.11.  Actions
      Due on Saturdays, Sundays and Holidays.
      If any
      date on which a payment, notice or other action required by this Agreement
      falls
      is other than a Business Day, then that action or payment need not be taken
      or
      made on such date, but may be taken or made on the next succeeding Business Day
      on which the Fiscal and Paying Agent is open for business with the same force
      and effect as if made on such date; provided,
      however,
      that
      for the purposes of any such payment, the term "Business Day" shall have the
      meaning ascribed thereto in the Form of Global Subordinated Note attached as
      Exhibit A hereto.

     

    Section
      6.12.  Agreement
      To Pay Attorneys’ Fees and Other Expenses.
      In the
      event the Bank shall default under any of the provisions of this Agreement
      and
      the Fiscal and Paying Agent shall employ attorneys or incur other expenses
      for
      the enforcement of performance or observance or any such obligation or
      agreement, the Bank agrees that it will on demand pay to the Fiscal and Paying
      Agent the reasonable fees and expenses of such attorneys and such other
      reasonable expenses incurred by the Fiscal and Paying Agent.

     

    Section
      6.13.  Survival.
      The
      Fiscal and Paying Agent’s rights to compensation, reimbursement and
      indemnification shall survive the termination of this Agreement, including
      any
      termination pursuant to any federal or state bankruptcy law, to the extent
      enforceable under applicable law.

     

    Section
      6.14.  No
      Implied Waivers.
      The
      right of any party under any provision of this Agreement shall not be affected
      by its prior failure to require the performance by any other party under such
      provision or any other provision of this Agreement, nor shall the waiver by
      any
      party of a breach of any provision hereof constitute a waiver of any succeeding
      breach of the same or any other provision or constitute a waiver of the
      provision itself or any other provision.

     

    Section
      6.15.  Counterparts.
      This
      Agreement may be executed in two or more counterparts, each of which shall
      constitute an original but both or all of which, when taken together, shall
      constitute but one instrument, and shall become effective when copies hereof
      which, when taken together, bear the signatures of each of the parties hereto,
      shall be delivered to each of the parties hereto.

    
      
        
        

      

      
        13

        
          

        

      

      
        
        

      

    

     

    Section
      6.16.  Term.
      This
      Agreement shall remain in full force and effect until the earlier to occur
      of
      (i) such time as the principal of and premium, if any, and interest on all
      the Subordinated Notes shall have been paid, (ii) the effective date of the
      resignation or removal of the Fiscal and Paying Agent or (iii) the payment
      of funds to the Bank in accordance with Section 3.4(b).

     

    Section
      6.17.  Complete
      Agreement.
      This
      Agreement and any appendix hereto contain the entire understanding of the
      parties with respect to the subject hereof, and no waiver, alteration or
      modification of any of the provisions hereof, shall be binding unless in writing
      and signed by a duly authorized representative of all parties
      hereto.

     

    Section
      6.18.  Reopenings.
      The
      Bank, without the consent of the holders of Subordinated Notes, may issue
      additional Subordinated Notes on the same terms and conditions (except for
      issue
      date and offering price) and with the same CUSIP number as the Subordinated
      Notes. As used herein, the term “Subordinated Notes” includes any such
      additional Subordinated Notes.

    
      
        
        

      

      
        14

        
          

        

      

      
        
        

        
          

        

      

    

    IN
      WITNESS WHEREOF, the undersigned have executed this Agreement on the date first
      set forth above.

     

    TRUSTMARK
      NATIONAL BANK

     

    By:
       /s/
      Jonathan Rogers 

    Name: Jonathan
      Rogers

    Title: Chief
      Investment Officer

    

    THE
      BANK
      OF NEW YORK TRUST 

    COMPANY,
      N.A., as Fiscal and Paying Agent

     

    By:
       /s/
      John C. Stohlman 

    Name: John
      C.
      Stohlman

    Title: Vice
      President

     

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

        
          

        

      

    

    EXHIBIT
      A

     

    FORM
      OF GLOBAL CERTIFICATE

     

    THIS
      NOTE
      IS NOT REQUIRED TO BE, AND IS NOT, REGISTERED UNDER THE
      SECURITIES ACT OF 1933, AS AMENDED.

     

    THIS
      OBLIGATION IS NOT A DEPOSIT AND IS NOT INSURED BY THE FEDERAL DEPOSIT INSURANCE
      CORPORATION OR ANY OTHER GOVERNMENTAL AGENCY OR INSTRUMENTALITY. THIS OBLIGATION
      IS SUBORDINATED TO THE CLAIMS OF DEPOSITORS AND GENERAL CREDITORS OF THE BANK,
      IS INELIGIBLE AS COLLATERAL FOR A LOAN BY THE BANK AND IS NOT
      SECURED.

     

    THIS
      NOTE
      IS ISSUABLE ONLY IN FULLY REGISTERED FORM IN MINIMUM DENOMINATIONS OF $250,000
      AND INTEGRAL MULTIPLES OF $1,000 IN EXCESS THEREOF. EACH OWNER OF A BENEFICIAL
      INTEREST IN THIS NOTE MUST BE AN INSTITUTIONAL INVESTOR WHO IS AN “ACCREDITED
      INVESTOR” WITHIN THE MEANING OF RULE 501 UNDER THE SECURITIES ACT OF 1933, AS
      AMENDED, AND IS REQUIRED TO HOLD A BENEFICIAL INTEREST IN A $250,000 PRINCIPAL
      AMOUNT OR ANY INTEGRAL MULTIPLE OF $1,000 IN EXCESS THEREOF OF THIS NOTE AT
      ALL
      TIMES.

     

    ANY
      PURCHASER, TRANSFEREE OR HOLDER OF THIS NOTE (OR ANY INTEREST HEREIN) WILL
      BE
      DEEMED TO HAVE REPRESENTED BY ITS PURCHASE AND HOLDING OF THIS NOTE THAT EITHER
      (A) IT IS NOT AN EMPLOYEE BENEFIT PLAN SUBJECT TO THE EMPLOYEE RETIREMENT INCOME
      SECURITY ACT OF 1974, AS AMENDED (“ERISA”), A PLAN SUBJECT TO SECTION 4975 OF
      THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”), OR AN ENTITY WHOSE
      UNDERLYING ASSETS INCLUDE ASSETS OF SUCH AN EMPLOYEE BENEFIT PLAN OR PLAN BY
      REASON OF AN EMPLOYEE BENEFIT PLAN’S OR PLAN’S INVESTMENT IN THE ENTITY
      (COLLECTIVELY, A “PLAN”), AND IS NOT PURCHASING THIS NOTE ON BEHALF OF OR WITH
      PLAN ASSETS OF ANY PLAN OR WITH ANY ASSETS OF A GOVERNMENTAL OR CHURCH PLAN
      THAT
      IS SUBJECT TO ANY FEDERAL, STATE OR LOCAL LAW THAT IS SUBSTANTIALLY SIMILAR
      TO
      THE PROVISIONS OF SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE OR (B) ITS
      PURCHASE, HOLDING AND DISPOSITION OF THIS NOTE ARE ELIGIBLE FOR EXEMPTIVE RELIEF
      OR SUCH PURCHASE, HOLDING AND DISPOSITION ARE NOT PROHIBITED BY ERISA OR SECTION
      4975 OF THE CODE (OR, IN THE CASE OF A GOVERNMENTAL OR CHURCH PLAN, ANY
      SUBSTANTIALLY SIMILAR FEDERAL, STATE OR LOCAL LAW).

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    Registered
      Principal Amount: $50,000,000

    No. R-1
      CUSIP: 898401CJ1

     

    TRUSTMARK
      NATIONAL BANK

    5.673%
      Subordinated Note Due December 15, 2016

     

    This
      5.673% Subordinated Note Due December 15, 2016 (the “Security”) is registered in
      the name of CEDE & CO., the nominee of The Depository Trust Company
      (the “Depositary”), 55 Water Street, New York, New York, and may not be
      transferred except as a whole by the nominee of the Depositary to another
      nominee of the Depositary or to the Depositary or by the Depositary or any
      such
      nominee to a successor Depositary or a nominee of such successor Depositary
      unless and until this Security is exchanged in whole or in part for Securities
      in definitive form. Unless this certificate is presented by an authorized
      representative of the Depositary to the Corporate Trust Department of The Bank
      of New York Trust Company, N.A., as Fiscal and Paying Agent or any duly
      appointed successor Fiscal and Paying Agent (the “Fiscal and Paying Agent”), and
      any certificate issued is registered in the name of Cede & Co. or such
      other name as is requested in writing by an authorized representative of the
      Depositary (and any payment is made to Cede & Co. or to such other
      entity as is requested in writing by an authorized representative of the
      Depositary), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE
      OR
      TO ANY PERSON IS WRONGFUL, inasmuch as the registered owner hereof,
      Cede & Co., has an interest herein.

     

    Trustmark
      National Bank (the “Bank”), for value received, hereby promises to pay to
      CEDE & CO., or registered assigns, the principal amount of FIFTY
      MILLION DOLLARS ($50,000,000) on December 15, 2016 (the “Date of Maturity”) and
      to pay interest from December 13, 2006, or from the most recent Interest Payment
      Date to which interest has been paid or duly provided for, at the rate of 5.673%
      per annum (calculated on the basis of a 360-day year of twelve 30-day months),
      on the unpaid principal hereof until said principal amount has been paid in
      full
      or duly made available for payment, semiannually in arrears on June 15 and
      December 15 of each year, commencing June 15, 2007, and on the Date of Maturity
      (each, an “Interest Payment Date”). Payments will include interest accrued to
      (but excluding) the relevant Interest Payment Date. All payments on this
      Security shall be applied first to accrued interest and the balance, if any,
      to
      principal.

     

    If
      the
      Date of Maturity or any other Interest Payment Date falls on a day that is
      not a
      Business Day (as defined below), the related payment shall be made on the next
      succeeding Business Day with the same force and effect as if made when such
      payment was due and no interest shall accrue on the amount so payable for the
      period from and after such Date of Maturity or Interest Payment Date, as the
      case may be. The term “Business Day” means any day that is not a Saturday or
      Sunday and that is not a day on which banks in the City of New York, New York,
      are generally authorized or required by law to be closed.

     

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

    
      
        
        

      

      
        A-2

        
          

        

      

      
        
        

      

    

     

    Unless
      the certificate of authentication hereon has been executed by the Fiscal and
      Paying Agent by the manual signature of one of its authorized signatories,
      this
      Security shall not be valid or obligatory for any purpose.

    
       

      
        A-3

        
          

        

      

      
        
        

      

    

    

     

    IN
      WITNESS WHEREOF, the Bank has caused this Security to be duly executed and
      its
      corporate seal to be hereunto affixed and attested.

     

    TRUSTMARK
      NATIONAL BANK

     

    By: 
      ___________________________________

     

     

     

    Attest:

    ______________________________

     

     

    

     

    This
      is
      one of the Securities referred to

    in
      the
      within-mentioned Fiscal and

    Paying
      Agency Agreement:

     

    THE
      BANK
      OF NEW YORK TRUST

    COMPANY,
      N.A.

    as
      Fiscal
      and Paying Agent

     

    By: 
      _________________________________

     

    Dated:
      December 13, 2006

     

    
      
        
        

      

      
        A-4

        
          

        

      

      
        
        

      

    

    [Form
      of
      Reverse Side of Note]

     

    1. This
      Security is one of a duly authorized issue of Securities of the Bank, designated
      as its “5.673% Subordinated Notes Due December 15, 2016” (each a “Security”, and
      collectively, the “Securities”), initially limited in aggregate principal to
      $50,000,000. The Bank, without the consent of the Holders (as defined below)
      hereof, may issue additional Securities and thereby increase such aggregate
      principal amount in the future, on the same terms and conditions (except for
      issue date and offering price) and with the same CUSIP number as this Security.
      The Bank, for the benefit of the holders from time to time of the Securities
      (collectively, the “Holders”), has entered into a Fiscal and Paying Agency
      Agreement, dated as of December 13, 2006 (as the same may be amended,
      supplemented or otherwise modified from time to time, the “Fiscal and Paying
      Agency Agreement”), between the Bank and the Fiscal and Paying Agent. Reference
      is hereby made to the Fiscal and Paying Agency Agreement (copies of which are
      on
      file and available for inspection during normal business hours at the offices
      of
      the Fiscal and Paying Agent at The Bank of New York Trust Company, N.A., Plaza
      of the Americas, 600 North Pearl Street, Suite 420, Dallas, Texas 75201,
      telephone: (214) 880-8238, telecopy: (214) 880-8253, Attention: Corporate Trust
      Department, or at such other place or places as the Fiscal and Paying Agent
      shall designate by notice to the Holder in whose name this Security is
      registered on the Security Register (as defined in Section 3 of this
      Security)), for a statement of the further rights of the Holders and the further
      rights, limitations of rights, duties and indemnities thereunder of the Bank
      and
      the Fiscal and Paying Agent and of the terms upon which the Securities are,
      and
      are to be, authenticated and delivered.

     

    Payment
      of the principal, premium, if any, and interest payable on the Date of Maturity
      will be made by wire transfer in immediately available funds to a bank account
      in the United States designated by the Holder, upon presentation and surrender
      of this Security at the office of the Fiscal and Paying Agent in New York,
      New
      York or at such other place or places as the Fiscal and Paying Agent shall
      designate by notice to the Holder, provided that this Security is presented
      to
      the Fiscal and Paying Agent in time for the Fiscal and Paying Agent to make
      such
      payments in such funds in accordance with its normal procedures. Payments of
      interest (other than interest payable on the Date of Maturity) shall be made
      by
      wire transfer in immediately available funds to a bank account in the United
      States designated by the Holder in a written notice received by the Fiscal
      and
      Paying Agent not later than the applicable Record Date (as defined below).
      Interest payable on any Interest Payment Date shall be payable to the Holder
      in
      whose name this Security is registered at the close of business on June 1 or
      December 1, as the case may be (whether or not a Business Day), next preceding
      such Interest Payment Date (each such date being referred to herein as a
“Regular Record Date”), notwithstanding the subsequent cancellation of this
      Security prior to or on such Interest Payment Date, except that interest not
      so
      punctually paid or duly made available to the Fiscal and Paying Agent for
      payment, if any, will be paid to the Holder in whose name this Security is
      registered at the close of business on a Special Record Date fixed by the Bank
      (a “Special Record Date”) notice of which shall be given to the Holder not less
      than 10 calendar days prior to such Special Record Date. (The Regular Record
      Date and Special Record Date are referred to herein collectively as “Record
      Date”.) To the extent permitted by applicable law, interest shall accrue, at the
      rate at which interest accrues on the principal of this Security, on any amount
      of principal of or interest on this Security not paid when due. All payments
      on
      this Security shall be applied first to accrued interest and the balance, if
      any, to principal.

    
      
        
        

      

      
        A-5

        
          

        

      

      
        
        

      

    

     

    2. Payments
      of principal of and interest on this Security shall be made in such coin or
      currency of the United States of America as at the time of payment shall be
      legal tender for the payment of public and private debts. Until the date on
      which all of the Securities shall have been surrendered or delivered to the
      Fiscal and Paying Agent for cancellation or destruction, or become due and
      payable and a sum sufficient to pay the principal of and interest on all of
      the
      Securities shall have been made available for payment and either paid or
      returned to the Bank as provided herein and in the Fiscal and Paying Agency
      Agreement, the Fiscal and Paying Agent shall at all times maintain an office
      or
      agency in New York, New York, where Securities may be presented or surrendered
      for payment; provided that, any successor Fiscal and Paying Agent appointed
      by
      the Bank as permitted by Section 9 of this Security, or the Bank upon
      undertaking the performance of the functions of Fiscal and Paying Agent, shall
      not be required to maintain an office in New York, New York but shall be
      required to maintain an office or agency the location of which shall be
      communicated promptly to the Holder of this Security.

     

    3. Except
      as
      otherwise provided on the face of this Security, this Security is transferable
      in whole or in part, and may be exchanged for a like aggregate principal amount
      of Securities of other authorized denominations, by the Holder in person,
      or by his attorney duly authorized in writing, at the office of the Fiscal
      and
      Paying Agent in New York, New York. The Fiscal and Paying Agent shall maintain
      a
      register providing for the registration of the Securities and any exchange
      or
      transfer thereof (the “Security Register”). Upon surrender or presentation of
      this Security for exchange or registration of transfer, the Bank shall execute
      and the Fiscal and Paying Agent shall authenticate and deliver in exchange
      therefor a Security or Securities, each in a denomination of $250,000 or any
      amount in excess thereof which is an integral multiple of $1,000 which has
      or
      have an aggregate denomination equal to the denomination of this Security and
      is
      or are registered in such name or names requested by the Holder. Any Security
      presented or surrendered for registration of transfer or for exchange shall
      (if
      so required by the Fiscal and Paying Agent) be duly endorsed, or accompanied
      by
      a written instrument of transfer with such evidence of due authorization and
      guarantee of signature as may reasonably be required by the Fiscal and Paying
      Agent in form satisfactory to the Fiscal and Paying Agent, duly executed by
      the
      Holder or his attorney duly authorized in writing, and with such tax
      identification number or other information for each person in whose name a
      Security is to be issued as the Fiscal and Paying Agent may reasonably request
      to comply with applicable law. No exchange or registration of transfer of this
      Security shall be made on or after the fifteenth day immediately preceding
      the
      Date of Maturity.

     

    No
      service charge (other than any cost of delivery) shall be imposed for any
      exchange or registration of transfer of this Security, but the Bank or Fiscal
      and Paying Agent may require the payment of a sum sufficient to cover any stamp
      or other tax or governmental charge that may be imposed in connection therewith
      (or presentation of evidence that such tax or charge has been
      paid).

     

    Prior
      to
      due presentment of this Security for registration of transfer, the Bank, the
      Fiscal and Paying Agent and their respective agents may treat the Holder in
      whose name this Security is registered in the Security Register as the absolute
      owner of this Security for the purpose of receiving payments of principal of
      and
      interest on this Security and for all other purposes whatsoever, whether or
      not
      this Security be overdue, and the Bank and the Fiscal and Paying Agent shall
      not
      be affected by any notice to the contrary.

    
      
        
        

      

      
        A-6

        
          

        

      

      
        
        

      

    

     

    4. ANYTHING
      TO THE CONTRARY HEREIN NOTWITHSTANDING, THIS SECURITY IS NOT SUBJECT TO
      REDEMPTION PRIOR TO MATURITY AND IS NOT SUBJECT TO ANY SINKING
      FUND.

     

    5. The
      Securities rank pari
      passu
      among
      themselves and pari
      passu,
      in the
      event of a liquidation or similar proceeding with respect to the Bank, with
      all
      other present or future unsecured subordinated debt obligations of the Bank,
      except any unsecured subordinated debt which may be expressly stated to be
      subordinated to the Securities.

     

    6. The
      indebtedness of the Bank evidenced by this Security, including principal and
      interest, is unsecured and subordinate and junior in right of payment to the
      Bank’s obligations to its depositors, its obligations under bankers’ acceptances
      and letters of credit, its obligations to any Federal Reserve Bank or the
      Federal Deposit Insurance Corporation (“FDIC”) and its obligations to its other
      creditors, and to any rights acquired by the FDIC as a result of loans made
      by
      the FDIC to the Bank or the purchase or guarantee of any of its assets by the
      FDIC pursuant to the provisions of 12 U.S.C. Section 1823(c), (d) or
      (e), in each case whether outstanding at the date of this Security or hereafter
      incurred (except any obligations which expressly rank on a parity with or junior
      to this Security). In the case of any insolvency proceedings, receivership,
      conservatorship, reorganization, readjustment of debt, marshalling of assets
      and
      liabilities or similar proceedings or any liquidation, dissolution or winding-up
      of the Bank, whether voluntary or involuntary, all such obligations, except
      obligations which expressly rank on a parity with or junior to this Security,
      shall be entitled to be paid in full before any payment shall be made on account
      of the principal of, or interest on, this Security. In the event of any such
      proceeding, after payment in full of all sums owing with respect to such prior
      obligations, the Holder of this Security, together with the holders of any
      obligations of the Bank ranking on a parity with this Security, shall be
      entitled to be paid from the remaining assets of the Bank, the unpaid principal
      of, and the unpaid interest on, this Security or such other obligations before
      any payment or other distributions whether in cash, property or otherwise shall
      be made on account of any capital stock or any obligations of the Bank ranking
      junior to this Security. Nothing herein shall impair the obligation of the
      Bank,
      which is absolute and unconditional, to pay the principal of and any interest
      on
      this Security in accordance with its terms.

     

    7. Notwithstanding
      any other provisions of this Security, including specifically those set forth
      in
      the sections relating to subordination, events of default and covenants of
      the
      Bank, it is expressly understood and agreed that the Office of the Comptroller
      of the Currency (the “Comptroller”) or any receiver or conservator of the Bank
      appointed by the Comptroller shall have the right in the performance of his
      legal duties, and as part of any transaction or plan of reorganization or
      liquidation designed to protect or further the continued existence of the Bank
      or the rights of any parties or agencies with an interest in, or claim against,
      the Bank or its assets, to transfer or direct the transfer of the obligations
      of
      this Security to any national banking association, state bank or bank holding
      company selected by such official which shall expressly assume the obligation
      of
      the due and punctual payment of the unpaid principal, interest and premium,
      if
      any, on this Security and the due and punctual performance of all covenants
      and
      conditions hereof; and that the completion of such transfer and assumption
      shall
      serve to supersede and void any default, acceleration or subordination which
      may
      have occurred, or which may occur due or related to such transaction, plan,
      transfer or assumption, pursuant to the provisions of this Security, and shall
      serve to return the Holder to the same position, other than for substitution
      of
      the obligor, it would have occupied had no default, acceleration or
      subordination occurred; except that any interest and principal previously due,
      other than by reason of acceleration, and not paid shall, in the absence of
      a
      contrary agreement by the Holder of this Security, be deemed to be immediately
      due and payable as of the date of such transfer and assumption, together with
      the interest from its original due date at the rate provided for
      herein.

    
      
        
        

      

      
        A-7

        
          

        

      

      
        
        

      

    

     

    8. All
      notices to the Bank under this Security shall be in writing and addressed to
      the
      Bank at 248 East Capitol Street, Jackson, Mississippi 39201, Attention: Chief
      Investment Officer, or to such other address as the Bank may notify to the
      Holder. All notices to the Fiscal and Paying Agent shall be in writing and
      addressed to the Fiscal and Paying Agent at the office of the Fiscal and Paying
      Agent at The Bank of New York Trust Company, N.A., Plaza of the Americas, 600
      North Pearl Street, Suite 420, Dallas, Texas 75201, telephone: (214) 880-8238,
      telecopy: (214) 880-8253, Attention: Corporate Trust Department. All notices
      to
      the Holder shall be in writing and sent by first-class mail to the Holder at
      his
      or its address as set forth in the Security Register.

     

    9. In
      acting
      under the Fiscal and Paying Agency Agreement, the Fiscal and Paying Agent is
      acting solely as the agent of the Bank and does not have any fiduciary duties
      to, and does not assume any obligation or relationship of agency or trust,
      with
      the Holder except money deposited with the Fiscal and Paying Agent will be
      held
      on behalf of the Holders until disbursed to the Holders, except as provided
      in
      the Fiscal and Paying Agency Agreement. Under the terms of the Fiscal and Paying
      Agency Agreement, the Bank may remove any Fiscal and Paying Agent and appoint
      a
      new Fiscal and Paying Agent in respect of the Securities, or may remove any
      Fiscal and Paying Agent and undertake to perform at the Bank any or all of
      the
      functions of the Fiscal and Paying Agent under the Fiscal and Paying Agency
      Agreement. The Bank shall notify, or cause the Fiscal and Paying Agent to
      notify, the Holder of this Security of the appointment of any successor Fiscal
      and Paying Agent or the undertaking of the Bank to perform at the Bank the
      functions of the Fiscal and Paying Agent.

     

    10. The
      Securities are issuable only as fully registered Securities without interest
      coupons in denominations of $250,000 or any amount in excess thereof which
      is an
      integral multiple of $1,000.

     

    11. The
      term
“Event of Default,” as used in this Security, means any of the following events
      (whatever the reason for such event 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 decree, order, rule or regulation of any
      governmental agency or body):

     

    (i)     
      the
      Bank
      shall consent to the appointment of a receiver, liquidator, trustee or other
      similar official in any receivership, liquidation, insolvency or similar
      proceeding with respect to the Bank or all or substantially all of the property
      of the Bank; or

     

    (ii)     
      a
      court
      or other governmental agency or body having jurisdiction in the premises shall
      enter a decree or order for the appointment of a receiver, liquidator, trustee
      or other similar official of the Bank in any receivership, liquidation,
      insolvency or similar proceeding with respect to the Bank or all or
      substantially all of the property of the Bank, or for the winding up or
      liquidation of the affairs or business of the Bank.

    
      
        
        

      

      
        A-8

        
          

        

      

      
        
        

      

    

    The
      Fiscal and Paying Agency Agreement provides that the Bank will promptly notify
      the Fiscal and Paying Agent, and the Fiscal and Paying Agent will promptly
      notify by first-class mail, postage prepaid, the Holders of the Securities,
      upon
      the occurrence of an Event of Default.

     

    12. If
      an
      Event of Default shall occur and be continuing, the Holder may, at its option,
      by written notice to the Bank and the Fiscal and Paying Agent, declare this
      Security to be, and on the day such declaration shall have been delivered to
      the
      Bank and the Fiscal and Paying Agent, unless the Fiscal and Paying Agent shall
      have received notice from the Bank that all Events of Default have been cured
      by
      the Bank prior to receipt by the Fiscal and Paying Agent of such declaration,
      such Security shall become, immediately due and payable at its principal amount,
      together with accrued and unpaid interest thereon to the date of payment;
provided,
      however,
      that to the extent then required under or pursuant to applicable regulations
      of
      the Comptroller (including, without limitation, 12 C.F.R. § 5.47) no accelerated
      payment may be made without the prior written approval of the
      Comptroller.

     

    The
      Fiscal and Paying Agency Agreement provides that the Holder of this Security
      may
      rescind a declaration of an Event of Default and acceleration with respect
      to
      this Security under certain circumstances and may waive any past Event of
      Default and its consequences.

     

    13. There
      is
      no right of acceleration in the case of a default in the payment of the
      principal of or interest on the Securities or the performance of any other
      obligation of the Bank under the Fiscal and Paying Agency Agreement or the
      Securities. However, any Holder of Securities may bring a legal action to
      enforce such payment of principal or interest or such other
      obligation.

     

    14. The
      Bank
      shall not consolidate with or merge into any other person or convey, transfer
      or
      lease its properties and assets substantially as an entirety to any person,
      unless (a) the person formed by such consolidation or into which the Bank
      is merged or the person which acquires by conveyance or transfer, or which
      leases, the properties and assets of the Bank substantially as an entirety
      shall
      be a corporation, partnership or other entity organized and validly existing
      under the laws of the United States of America, any State thereof or the
      District of Columbia and shall expressly assume, by a supplement to this
      Security, the due and punctual payment of the principal of and any premium
      and
      interest on this Security and the performance or observance of every provision
      of this Security on the part of the Bank to be performed or observed and
      (b) immediately after giving effect to such transaction, no Event of
      Default or nonpayment as described in Section 13 of this Security, and no
      event which, after notice or lapse of time or both, would become such an Event
      of Default or nonpayment, shall have happened and be continuing.

     

    15. The
      Fiscal and Paying Agency Agreement provides that the Bank and the Fiscal and
      Paying Agent may amend the Fiscal and Paying Agency Agreement, including
      amendments to the terms of the Securities designed to cure ambiguities, defects
      or inconsistencies, without the consent of the Holders of the Securities, except
      that the consent of all Holders of Securities is required in order to change
      the
      Date of Maturity of any Security, to extend the time of payment on any overdue
      principal amount, to change the coin or currency in which any Security or the
      interest thereon is payable, to change the definition of Interest Payment Date,
      to reduce the principal amount of or rate of interest on any Security, to change
      the method of payment to other than wire transfer in immediately available
      funds, to impair the right of the Holder of this Security to institute suit
      for
      the enforcement of payments of principal of or interest or other amounts on
      the
      Securities, to modify the subordination provisions of the Securities in any
      manner adverse to the Holders of Securities, to reduce the percentage in
      principal amount of Securities outstanding the consent of whose Holders is
      required to amend the Fiscal and Paying Agency Agreement or the Securities
      or to
      modify the provisions of the Fiscal and Paying Agency Agreement governing the
      amendment thereof and of the Securities. If the consent of the Holders of
      Securities is required, the Bank and the Fiscal and Paying Agent shall request
      such consent and will deliver to each Holder of Securities an explanation of
      such amendment and the terms thereof. It shall not be necessary for the Holders
      of Securities to approve the precise form of any proposed
      amendment.

    
      A-9

    

    
    

     

    Any
      consent or waiver given by the Holder of this Security shall be conclusive
      and
      binding upon such Holder and upon all future Holders of this Security and of
      any
      Security issued upon the registration of transfer hereof or in exchange

    therefor
      or in lieu hereof, whether or not notation of such consent or waiver is made
      upon this Security.

     

    16. No
      reference herein to the Fiscal and Paying Agency Agreement and no provision
      of
      this Security shall alter or impair the obligation of the Bank, which is
      absolute and unconditional, to pay the principal of and interest on this
      Security at the times, place and rate, and in the coin or currency, herein
      prescribed. No failure or delay on the part of the Holder in exercising any
      right under this Security shall operate as a waiver of, or impair, any such
      right. No waiver of any such rights shall be effective unless given in
      writing.

     

    17. The
      Securities constitute subordinated debt which qualifies as capital under
      12 C.F.R. Part 3, Appendix A.

     

    18. This
      Security is a debt of the Bank only and is not an obligation of Trustmark
      Corporation or any of its affiliates other than the Bank.

     

    19. THIS
      SECURITY SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE
      WITH,
      THE LAWS OF THE STATE OF NEW YORK AND, WHERE APPROPRIATE, THE LAWS OF THE UNITED
      STATES.

     

    A-10

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