Document:

Exhibit 4.1

Exhibit 4.1

SECOND
SUPPLEMENTAL INDENTURE

BB&T
CORPORATION

to

U.S. BANK
NATIONAL ASSOCIATION

as
Trustee

Dated
as of June 7, 2006

TABLE OF
CONTENTS

                                                                          Page

ARTICLE 1  DEFINITIONS.......................................................2

      SECTION 1.1    Definitions of Terms....................................2

ARTICLE 2  GENERAL TERMS AND CONDITIONS OF THE DEBENTURES....................4

      SECTION 2.1    Designation and Principal Amount........................4

      SECTION 2.2    Maturity................................................4

      SECTION 2.3    Form and Payment........................................4

      SECTION 2.4    Global Form.............................................5

      SECTION 2.5    Interest................................................6

ARTICLE 3  PREPAYMENT OF THE DEBENTURES......................................7

      SECTION 3.1    Special Event Prepayment................................7

      SECTION 3.2    Optional Prepayment by Corporation......................7

      SECTION 3.3    Deposit of Special Event Prepayment Price or Optional
      Repayment Price........................................................7

      SECTION 3.4    No Sinking Fund.........................................7

ARTICLE 4  EXTENSION OF INTEREST PAYMENT PERIOD..............................8

      SECTION 4.1    Extension of Interest Payment Period....................8

      SECTION 4.2    Notice of Extension.....................................8

      SECTION 4.3    Limitation of Transactions..............................9

ARTICLE 5  EXPENSES..........................................................9

ARTICLE 6  FORM OF DEBENTURE.................................................9

ARTICLE 7  ORIGINAL ISSUE OF DEBENTURES......................................9

ARTICLE 8  MISCELLANEOUS....................................................10

      SECTION 8.1    Ratification of Indenture..............................10

      SECTION 8.2    Trustee Not Responsible for Recitals...................10

      SECTION 8.3    Governing Law..........................................10

      SECTION 8.4    Severability...........................................10

      SECTION 8.5    Counterparts...........................................10

SECOND
SUPPLEMENTAL INDENTURE

          THIS
SECOND SUPPLEMENTAL INDENTURE, dated as of June 7, 2006 (this “Second
Supplemental Indenture”), between BB&T CORPORATION, a North
Carolina corporation (the “Corporation”), and U.S. BANK
NATIONAL ASSOCIATION, a national banking association, as trustee (the
“Trustee”), under the Junior Subordinated Indenture, dated as
of August 18, 2005, between the Corporation and the Trustee (the
“Indenture”). 

          WHEREAS,
the Corporation desires to establish, under the terms of the Indenture, a series
of its securities to be known as its 6.75% Junior Subordinated Debentures
due 2036 (the “Debentures”), the form and substance of such
Debentures and the terms, provisions and conditions thereof to be set forth as
provided in the Indenture and this Second Supplemental Indenture; and 

          WHEREAS,
under the terms of an Underwriting Agreement, dated as of May 31, 2006 (the
“Underwriting Agreement”), among the Corporation, BB&T
Capital Trust II (the “Trust”) and the Underwriters named
therein (the “Underwriters”), the Trust has agreed to sell to
the Underwriters $600,000,000 aggregate liquidation amount of its 6.75%
Cumulative Capital Securities (the “Capital Securities”);
and 

          WHEREAS,
under the terms of Section 2.5 of the Trust Agreement (as defined herein), the
Corporation has committed to purchase all of the Trust’s 6.75% Cumulative
Common Securities (the “Common Securities”) with an aggregate
liquidation amount of $10,000; and 

          WHEREAS,
the Trust proposes to invest the gross proceeds from such offering of Capital
Securities, together with the gross proceeds from the issuance and sale by the
Trust of the Common Securities, in the Debentures, as a result of which the
Trust will purchase initially $600,010,000 aggregate principal amount of
the Debentures; and 

          WHEREAS,
the Corporation has requested that the Trustee execute  and deliver this Second
Supplemental Indenture; and 

          WHEREAS,
all requirements necessary to make this Second Supplemental Indenture a valid
instrument in accordance with its terms and to make the Debentures, when
executed by the Corporation and authenticated and delivered by the Trustee, the
valid obligations of the Corporation, have been performed, and the execution and
delivery of this Second Supplemental Indenture have been duly authorized in all
respects. 

          NOW
THEREFORE, in consideration of the purchase and acceptance of the Debentures by
the Holders thereof, and for the purpose of setting forth, as provided in the
Indenture, the form and substance of the Debentures and the terms, provisions
and conditions thereof, the Corporation covenants and agrees with the Trustee as
follows: 

ARTICLE 1

DEFINITIONS

SECTION
1.1    Definitions of Terms

          Unless
the context otherwise requires: 

          (a)      a
term defined in the Indenture has the same meaning when used in this Second  Supplemental
Indenture unless otherwise provided herein;

          (b)       a
term defined anywhere in this Second Supplemental Indenture has the  same meaning
throughout;

          (c)       the
singular includes the plural and vice versa;

          (d)       a
reference to a Section or Article is to a Section or Article of this  Second Supplemental
Indenture unless otherwise provided herein;

          (e)       headings
are for convenience of reference only and do not affect  interpretation;

          (f)       the
following terms have the meanings given to them in the Trust  Agreement: (i) Business
Day; (ii) Clearing Agency; (iii) Capital Security  Certificate; (iv) Property Trustee;
and (v) Administrative Trustees;

          (g)       the
following terms have the meanings given to them in this Section 1.1:

          “Calculation
Agent” means any entity or any successor entity that is a primary U.S.
Government securities dealer in New York City (a “Primary Treasury
Dealer”) appointed by the Corporation; provided, however, that if the
foregoing shall cease to be a Primary Treasury Dealer, the Corporation shall
substitute therefor another Primary Treasury Dealer. 

          “Comparable
Treasury Issue” means with respect to any redemption date, the U.S.
Treasury security selected by the Calculation Agent as having a maturity
comparable to the time period from the redemption date to June 7, 2036 that
would be utilized, at the time of selection and in accordance with customary
financial practice, in pricing new issues of corporate debt securities of
comparable maturity to this time period. 

          “Comparable
Treasury Price” means (a) the average of five Reference Treasury
Dealer Quotations for the applicable redemption date, after excluding the
highest and lowest of such Reference Treasury Dealer Quotations, or (b) if
the Calculation Agent obtains fewer than five such Reference Treasury Dealer
Quotations, the average of all such quotations. 

          “Coupon
Rate” shall have the meaning set forth in Section 2.5. 

          “Dissolution
Election” means the election, at any time, by the Holders of the Common
Securities given in writing to the Property Trustee, to dissolve the Trust and
to distribute the Debentures to holders of the Capital Securities in exchange
for the Capital Securities (which election is optional and wholly within the
discretion of the Holders of the Common Securities, subject to the prior
approval of the Federal Reserve, if required). 

2

          “Extension
Period” shall have the meaning set forth in Section 4.1. 

          “Holder”
means any person in whose name the Debentures are registered in the Securities
Register. 

          “Interest
Payment Date” shall have the meaning set forth in Section 2.5. 

          “Maturity Date”
means the date on which the Debentures mature and on which the principal shall
be due and payable together with all accrued and unpaid interest thereon,
including Additional Interest, if any. 

          “Non-Book-Entry
Capital Securities” shall have the meaning set forth in
Section 2.4(a)(ii). 

          “Optional
Prepayment Price” shall mean with respect to the Debentures, a
prepayment price equal to the greater of (a) 100% of the principal amount
of the Debentures to be prepaid, or (b) as determined by the Calculation
Agent, the present value of scheduled payments of principal and interest from
the date of prepayment to June 7, 2036, on the Debentures being prepaid,
discounted to the date of prepayment on a semi-annual basis (assuming a 360-day
year consisting of twelve 30-day months) at a discount rate equal to the
Treasury Rate plus a spread of 0.25% and, in the case of (a) or (b), any accrued
and unpaid interest thereon up (including Additional Interest, if any) to but
excluding the date of such prepayment. 

          “Reference
Treasury Dealer” means (1) the Calculation Agent and (2) any
other Primary Treasury Dealer selected by the Property Trustee after
consultation with the Corporation. 

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

          “Special
Event” means a Tax Event, Capital Treatment Event or an Investment
Company Event. 

          “Special
Event Prepayment” means a prepayment of the Debentures, in whole but
not in part, pursuant to the occurrence of a Special Event. 

          “Special
Event Prepayment Price” shall mean with respect to the Debentures, a
prepayment price equal to 100% of the principal amount thereof, together with
accrued interest, including any Additional Interest, to but excluding the date
of such Special Event Prepayment. 

3

          “Treasury
Rate” means (1) the yield, under the heading which represents the
average for the week immediately prior to the date of calculation, appearing in
the most recently published statistical release designated “H.15(519)”
or any successor publication which is published weekly by the Federal Reserve
and which establishes the yield on actively traded U.S. Treasury securities
adjusted to constant maturity under the caption “Treasury Constant
Maturities,” for the maturity corresponding to the time period from the
redemption date to June 7, 2036, or if no maturity is within three months before
or after this time period, yields for the two published maturities most closely
corresponding to this time period will be determined and the Treasury Rate will
be interpolated or extrapolated from those yields on a straight-line basis,
rounding to the nearest month, or (2) if the release or any successor
release is not published during the week preceding the calculation date or does
not contain such yields, the annual rate equal to the semi-annual equivalent
yield to maturity of the Comparable Treasury Issue, calculated using a price for
the Comparable Treasury Issue, expressed as a percentage of its principal
amount, equal to the Comparable Treasury Price for the redemption date. 

          “Trust
Agreement” means the Amended and Restated Trust Agreement of BB&T
Capital Trust II, a Delaware statutory trust, dated as of June 7, 2006. 

ARTICLE 2

GENERAL TERMS AND CONDITIONS OF THE DEBENTURES

SECTION 2.1     
Designation and Principal Amount. 

          There
is hereby authorized and established under the terms of the Indenture a series  of the
Corporation’s securities designated the “6.75% Junior  Subordinated
Debentures due 2036” limited in aggregate principal amount to  no more than
$600,010,000, which amount shall be as set forth in one or more  written orders of the
Corporation for the authentication and delivery of the  Debentures pursuant to Section
3.3 of the Indenture. 

SECTION 2.2     Maturity. 

          The
Maturity Date for the Debentures is June 7, 2036. 

SECTION
2.3      Form and Payment.

          Except
as provided in Section 2.4, the Debentures shall be issued in fully
registered certificated form without interest coupons. The transfer of
Debentures issued in certificated form will be registrable and such Debentures
will be exchangeable for other junior subordinated debentures of the same issue
and series of any authorized denomination, of a like principal amount, of the
same original issue date and stated maturity and bearing the same interest rate
at the Corporate Trust Office of the Trustee. Principal and interest on such
Debentures will be payable at the Corporate Trust Office of the Trustee or at
the office of any Paying Agent designated by the Corporation from time to time;
provided, however, that payment of interest may be made at the option of
the Corporation by check mailed to the Holder at such address or by transfer to
an account maintained by the Holder, as specified in the Securities Register. 

4

SECTION
2.4      Global Form.

          (a)       In
connection with a Dissolution Election,

	(i)	 	the
Debentures in certificated form shall be presented to the Trustee by the Property
Trustee to be exchanged for one or more fully registered securities representing the
aggregate principal amount of all then outstanding Debentures as a Global Security to be
registered in the name of the Depositary, or its nominee and delivered by the Trustee to
the Depositary for crediting to the accounts of its participants pursuant to the
instructions of the Administrative Trustees. Upon any such presentation, the Corporation
shall execute a Global Security in such aggregate principal amount and deliver the same
to  the Trustee for authentication and delivery in accordance with the Indenture and this
Second Supplemental Indenture. Payments on the Debentures issued as a Global Security
will  be made to the Depositary; and  

	(ii)	 	if
any Capital Securities are held in certificated form and not in book-entry form, the
Debentures in certificated form may be presented to the Trustee by the Property Trustee
and any Capital Security Certificate which represents Capital Securities other than
Capital Securities held by the Clearing Agency or its nominee (“Non-Book-Entry
Capital Securities”) will be deemed to represent beneficial interests in
Debentures presented to the Trustee by the Property Trustee having an aggregate principal
amount equal to the aggregate liquidation amount of the Non-Book-Entry Capital Securities
until such Capital Security Certificates are presented to the Securities Registrar for
transfer or reissuance, at which time such Capital Security Certificates will be canceled
and a Debenture, registered in the name of the holder of the Capital Security Certificate
or the transferee of the holder of such Capital Security Certificate, as the case may be,
with an aggregate principal amount equal to the aggregate liquidation amount of the
Capital Security Certificate canceled, will be executed by the Corporation and delivered
to the Trustee for authentication and delivery in accordance with the Indenture and this
Second Supplemental Indenture. On issue of such Debentures, Debentures with an equivalent
aggregate principal amount that were presented by the Property Trustee to the Trustee
will  be deemed to have been canceled. 

          (b)      A
Global Security may be transferred, in whole but not in part, only to another  nominee of
the Depositary, or to a successor Depositary selected or approved by  the Corporation or
to a nominee of such successor Depositary.

5

          (c)      If
at  any time the Depositary notifies the Corporation that it is unwilling or unable  to
continue as Depositary or if at any time the Depositary shall no longer be  registered or
in good standing under the Exchange Act or other applicable  statute or regulation, and a
successor Depositary for such series is not  appointed by the Corporation within 90 days
after the Corporation receives such  notice or becomes aware of such condition, as the
case may be, the Corporation  will execute, and, subject to Article III of the Indenture,
the Trustee, upon  written notice from the Corporation, will authenticate and make
available for  delivery the Debentures in definitive registered form without coupons, in
authorized denominations, and in an aggregate principal amount equal to the  principal
amount of the Global Security in exchange for such Global Security. In  addition, the
Corporation may at any time determine that the Debentures shall no  longer be represented
by a Global Security. In such event the Corporation will  execute, and subject to Article
III of the Indenture, the Trustee will  authenticate and deliver the Debentures in
definitive registered form without  coupons, in authorized denominations, and in an
aggregate principal amount equal  to the principal amount of the Global Security in
exchange for such Global  Security. Upon the exchange of the Global Security for such
Debentures in  definitive registered form without coupons, in authorized denominations,
the  Global Security shall be canceled by the Trustee. Such Debentures in definitive
registered form issued in exchange for the Global Security shall be registered  in such
names and in such authorized denominations as the Depositary, pursuant  to instructions
from its direct or indirect participants or otherwise, shall  instruct the Trustee. The
Trustee shall deliver such Debentures to the  Depositary for delivery to the Persons in
whose names such Securities are so  registered.

SECTION 2.5      Interest.

          (a)      Each
Debenture will bear interest at the rate of 6.75% per annum (the “Coupon  Rate”)
from June 7, 2006 until the principal thereof becomes due and  payable, on any principal
and (to the extent that payment of such interest is  enforceable under applicable law) on
any overdue installment of interest,  compounded semi-annually, payable (subject to the
provisions of Article 4)  semi-annually in arrears on June 7 and December 7 of each
year (each, an  “Interest Payment Date”), commencing on December 7,
2006, to  the Person in whose name such Debenture or any predecessor Debenture is
registered at the close of business on the Regular Record Date for such interest
installment.

          (b)      The
amount of interest payable for any period will be computed on the basis of a  360-day
year of twelve 30-day months. Except as provided in the following  sentence, the amount
of interest payable for any period less than a full  interest period will be computed on
the basis of the actual number of days  elapsed in a partial month in such period. In the
event that any date on which  interest is payable on the Debentures is not a Business
Day, then payment of  interest payable on such date need not be made on such date, but
may be made on  the next succeeding day which is a Business Day (and no interest shall
accrue in  respect of the amounts whose payment is so delayed for the period from and
after  such date the amount was payable until such next succeeding Business Day),  except
that, if such Business Day is in the next succeeding calendar year, such  payment shall
be made on the immediately preceding Business Day, in each case  with the same force and
effect as if made on the date such payment was  originally payable.

6

          (c)      So
long as no Event of Default has occurred and is continuing and the Trust is the  Holder
of the Debentures, if a Tax Event has occurred and is continuing in  respect of the
Trust, then the Corporation shall pay to the Trust (and its  permitted successors or
assigns under the Trust Agreement) for so long as the  Trust (or its permitted successor
or assignee) is the registered holder of the  Debentures, Additional Sums pursuant to
Section 10.6 of the Indenture.

ARTICLE 3

PREPAYMENT OF THE DEBENTURES

SECTION 3.1      Special Event Prepayment.

          Subject
to Article XI of the Indenture and any required approval of the Federal
Reserve, upon the occurrence and during the continuation of a Special Event in
respect of the Trust, the Corporation may, at its option, at any time within
90 days of the occurrence and during the continuation of such Special
Event, prepay the Debentures, in whole but not in part, at the Special Event
Prepayment Price. 

SECTION
3.2      Optional Prepayment by Corporation.

          Subject
to the provisions of Article XI of the Indenture, the Corporation shall
have the right to prepay the Debentures, in whole or in part, at any time and
from time to time, at a prepayment price equal to the Optional Prepayment Price. 

          If
the Debentures are only partially prepaid pursuant to this Section 3.2, the
particular Debentures to be prepaid shall be selected not more than 60 days
prior to the Prepayment Date by the Trustee by lot or by such other method as
the Trustee shall deem fair and appropriate and which may provide for the
selection for prepayment of a portion of the principal amount of any Debenture,
provided that the portion of the principal amount that has not been prepaid in
respect of any Debenture that shall be in the amount of $1,000 or any integral
multiples thereof. 

          Notice
of prepayment under this Section 3.2 shall be given in accordance with
Section 11.4 of the Indenture. 

SECTION 3.3      Deposit of Special Event Prepayment Price or Optional Repayment
Price.

          Prior
to 10:00 a.m., New York City time, on the prepayment date specified in
the notice of prepayment given as provided in Section 11.4 of the
Indenture, the Corporation will deposit with the Trustee or with one or more
Paying Agents (or if the Corporation is acting as its own Paying Agent, the
Corporation will segregate and hold in trust as provided in Section 10.3 of
the Indenture) an amount of money sufficient to pay the Special Event Prepayment
Price or Optional Prepayment Price, as applicable, of, and any accrued interest
(including any Additional Interest) on, all the Debentures (or portions thereof)
that are to be prepaid on that date. 

SECTION 3.4      No Sinking Fund.

          The
Debentures are not entitled to the benefit of any sinking fund. 

7

ARTICLE 4

EXTENSION OF INTEREST PAYMENT PERIOD

SECTION 4.1      Extension of Interest Payment Period.

          So
long as no Acceleration Event of Default has occurred and is continuing, the
Corporation shall have the right, at any time and from time to time during the
term of the Debentures, to defer payments of interest by extending the interest
payment period of such Debentures for a period not exceeding 10 consecutive
semi-annual periods (the “Extension Period”), during which
Extension Period no interest shall be due and payable; provided the Corporation
shall have the right to make partial payments of interest on any Interest
Payment Date and provided, further, that no Extension Period may extend beyond
the Maturity of the principal of the Debentures or the Redemption Date
applicable to the Debentures, and no such Extension Period (except with respect
to a Redemption Date) may end on a date other than an Interest Payment Date. At
the end of the Extension Period, the Corporation shall pay all interest accrued
and unpaid on the Debentures (including any Additional Interest, if any) that
shall be payable to the Holders of the Debentures. 

          Prior
to the termination of any Extension Period, the Corporation may further defer
the payment of interest, provided that no Acceleration Event of Default has
occurred and is continuing and provided, further, that no Extension Period shall
exceed 10 consecutive semi-annual interest payment periods, extend beyond
the Stated Maturity of the principal of the Debentures or Redemption Date
applicable to the Debentures, or (except with respect to a Redemption Date) end
on a date other than an Interest Payment Date. Upon the termination of any such
Extension Period and upon the payment of all accrued and unpaid interest and any
Additional Interest then due on any Interest Payment Date, the Corporation may
elect to begin a new Extension Period, subject to the above conditions. No
interest or Additional Interest shall be due and payable during an Extension
Period, except at the end thereof, but each installment of interest that would
otherwise have been due and payable during such Extension Period shall bear
Additional Interest (to the extent that the payment of such interest shall be
legally enforceable) at the Coupon Rate, compounded semi-annually and calculated
as set forth in Section 2.5, from the dates on which amounts would
otherwise have been due and payable until paid or made available for payment. 

SECTION
4.2      Notice of Extension.

                    (a)      The
Corporation  shall give the Holders of the Debentures and the Trustee notice of its
election  to begin any such Extension Period at least one Business Day and in no case
more  than 15 Business Days prior to the next succeeding Interest Payment Date on
which interest on the Debentures would be payable but for such deferral.

                    (b)      The
semi-annual period in which any notice is given pursuant to paragraph (a)  of this
Section 4.2 shall be counted as one of the 10 semi-annual  periods permitted in
computing the maximum length of an Extension Period  permitted under Section 4.1.

8

SECTION
4.3      Limitation of Transactions.

          If
the Corporation shall exercise its right to defer payment of interest as
provided in Section 4.1 and such Extension Period is continuing, the
Corporation shall not (a) make any payment of principal of or interest or
premium, if any, on or repay, repurchase or redeem any Debt of the Corporation
that ranks pari passu in all respects with or junior in interest to the
Debentures, or (b) declare or pay any dividends or distributions on, or
redeem, purchase, acquire or make a liquidation payment with respect to, any of
the Corporation’s capital stock (other than (1) repurchases,
redemptions or other acquisitions of shares of capital stock of the Corporation
in connection with any employment contract, benefit plan or other similar
arrangement with or for the benefit of any one or more employees, officers,
directors or consultants, in connection with a dividend reinvestment or
stockholder stock purchase plan or in connection with the issuance of capital
stock of the Corporation (or securities convertible into or exercisable for such
capital stock) as consideration in an acquisition transaction entered into prior
to the applicable Extension Period, (2) as a result of an exchange or
conversion of any class or series of the Corporation’s capital stock (or
any capital stock of a Subsidiary of the Corporation) for any class or series of
the Corporation’s capital stock or of any class or series of the
Corporation’s indebtedness for any class or series of the
Corporation’s capital stock, (3) the purchase of fractional interests
in shares of the Corporation’s capital stock pursuant to the conversion or
exchange provisions of such capital stock or the security being converted or
exchanged, (4) any declaration of a dividend in connection with any Rights
Plan, or the issuance of rights, stock or other property under any Rights Plan,
or the redemption or repurchase of rights pursuant thereto, or (5) any
dividend in the form of stock, warrants, options or other rights where the
dividend stock or the stock issuable upon exercise of such warrants, options or
other rights is the same stock as that on which the dividend is being paid or
ranks pari passu with or junior to such stock). 

ARTICLE 5

EXPENSES

          In
connection with the offering, sale and issuance of the Debentures to the Trust
and in connection with the sale of the Trust Securities by the Trust, the
Corporation shall pay certain amounts to the Trust pursuant to the Indenture and
the Trust Agreement. 

ARTICLE 6

FORM OF DEBENTURE

          The
Debentures and the Trustee’s Certificate of Authentication to be endorsed
thereon are to be substantially in the forms set forth on Exhibit A hereto. 

ARTICLE 7

ORIGINAL ISSUE OF DEBENTURES

          Debentures
in the aggregate principal amount of $600,010,000 may, upon execution of this
Second Supplemental Indenture, be executed by the Corporation and delivered to
the Trustee for authentication in accordance with Section 3.3. of the
Indenture. 

9

ARTICLE 8

MISCELLANEOUS

SECTION
8.1      Ratification of Indenture.

          The
Indenture, as supplemented by this Second Supplemental Indenture, is in all
respects ratified and confirmed, and this Second Supplemental Indenture shall be
deemed part of the Indenture in the manner and to the extent herein and therein
provided. 

SECTION 8.2      Trustee Not Responsible for Recitals.

          The
recitals herein contained are made by the Corporation and not by the Trustee,
and the Trustee assumes no responsibility for the correctness thereof. The
Trustee makes no representation as to the validity or sufficiency of this Second
Supplemental Indenture. 

SECTION
8.3      Governing Law.

          This
Second Supplemental Indenture and each Debenture shall be deemed to be a
contract made under the internal laws of the State of New York, and for all
purposes shall be construed in accordance with the laws of said State. 

SECTION 8.4      Severability.

          In
case any one or more of the provisions contained in this Second Supplemental
Indenture or in the Debentures shall for any reason be held to be invalid,
illegal or unenforceable in any respect, such invalidity, illegality or
unenforceability shall not affect any other provisions of this Second
Supplemental Indenture or of the Debentures, but this Second Supplemental
Indenture and the Debentures shall be construed as if such invalid or illegal or
unenforceable provision had never been contained herein or therein. 

SECTION 8.5      Counterparts.

          This
Second Supplemental Indenture may be executed in any number of counterparts each
of which shall be an original; but such counterparts shall together constitute
but one and the same instrument. 

10

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

		
	 	BB&T Corporation
	 	 
	 	By:  /s/ M. Patricia Oliver   
	 	Name: M. Patricia Oliver
	 	Title: Executive Vice President, General Counsel,
	 	 Secretary and Chief Corporate Governance Officer
	 	 
	 	U.S. Bank National Association,
	 	as Trustee
	 	 
	 	By:  /s/ Rachel M. Sylvia   
	 	Name: Rachel M. Sylvia
	 	Title: Officer
	 	

11

STATE OF North Carolina )

                                           ) ss.:

COUNTY OF Forsyth       )

          On
June 7, 2006 before me, the undersigned, a Notary Public in and for the
State of NC, personally appeared M. Patricia Oliver, personally
known to me (or proved to me on the basis of satisfactory evidence) to be the
person whose name is subscribed to the within instrument, and acknowledged to me
that he/she executed the same in his/her authorized capacity, and that the
foregoing instrument is the free act and deed of the entity upon behalf of which
such person acted. 

       
   WITNESS
my hand and official seal. 

                 
     SIGNATURE:  /s/ Nancy K. Johnson    (This area for official notarial seal)

                                  Name:  Nancy K. Johnson

                                  Address: 

12

Commonwealth of Massachusetts)

                                                   ) ss.:

COUNTY OF SUFFOLK         )

          On
June 5, 2006 before me, the undersigned, a Notary Public in and for the
Commonwealth of Massachusetts, personally appeared Rachel M. Sylvia, Officer, personally known to me (or proved to me on the basis of satisfactory
evidence) to be the person whose name is subscribed to the within instrument,
and acknowledged to me that he/she executed the same in his/her authorized
capacity, and that the foregoing instrument is the free act and deed of the
entity upon behalf of which such person acted. 

          WITNESS
my hand and official seal. 

                 
     SIGNATURE:  /s/ David W. Doucette    (This area for official notarial seal)

                                  Name:  David W. Doucette

                                  Address: 

13

Junior
Subordinated Debenture.

Face
of Debenture

This
Security is not a deposit or other obligation of a depository institution and is
not insured by the Federal Deposit Insurance Corporation, the Bank Insurance
Fund or any other governmental agency.

                               BB&T CORPORATION

            6.75% Junior Subordinated Debentures Due June 7, 2036

		
	Registration Number:	Principal Amount: $600,010,000 

          BB&T
CORPORATION, a corporation organized and existing under the laws of North
Carolina (hereinafter called the “Corporation”, which term includes
any successor Person under the Indenture hereinafter referred to), for value
received, hereby promises to pay to U.S. Bank National Association, as property
trustee of BB&T Capital Trust II, or registered assigns, the principal sum
of SIX HUNDRED MILLION AND TEN THOUSAND Dollars ($610,010,000) on June 7, 2036,
or such other principal amount represented hereby as may be set forth in the
records of the Securities Registrar hereinafter referred to in accordance with
the Indenture. The Corporation further promises to pay interest on said
principal sum from June 7, 2006 or from the most recent Interest Payment Date to
which interest has been paid or duly provided for, semi-annually (subject to
deferral as set forth herein) in arrears on June 7 and December 7 of each year,
commencing December 7, 2006, at the rate of 6.75% per annum, together with
Additional Sums, if any, as provided in Section 10.6 of the Indenture until
the principal hereof is paid or duly provided for or made available for payment;
provided that any overdue principal, premium or Additional Sums and any overdue
installment of interest shall bear Additional Interest at the rate of 6.75% per
annum (to the extent that the payment of such interest shall be legally
enforceable), compounded semi-annually, from the dates such amounts are due
until they are paid or made available for payment, and such interest shall be
payable on demand. The amount of interest payable for any period less than a
full interest period shall be computed on the basis of a 360-day year of twelve
30-day months and the actual days elapsed in a partial month in such period. The
amount of interest payable for any full interest period shall be computed by
dividing the applicable rate per annum by two. The interest so payable, and
punctually paid or duly provided for, on any Interest Payment Date will, as
provided in the Indenture, be paid to the Person in whose name this Security (or
one or more Predecessor Securities) is registered at the close of business on
the Regular Record Date for such interest installment which shall be the date
that is 15 days next preceding the Interest Payment Date. If an Interest
Payment Date is not a Business Day, interest on this Security shall be payable
on the next day that is a Business Day, with the same force and effect as if
made on such Interest Payment Date, and without any interest or other payment
with respect to the delay. “Business Day” as used hereinabove is a day
other than a Saturday, a Sunday or any other day on which banking institutions
in Winston-Salem, North Carolina, Wilmington, Delaware or New York, New
York are authorized or required by law or executive order to remain closed), as
the case may be, next preceding such Interest Payment Date. Any such interest
not so punctually paid or duly provided for shall forthwith cease to be payable
to the Holder on such Regular Record Date and may either be paid to the Person
in whose name this Security (or one or more Predecessor Securities) is
registered at the close of business on a Special Record Date for the payment of
such Defaulted Interest to be fixed by the Trustee, notice whereof shall be
given to Holders of Securities of this series not less than 15 days prior
to such Special Record Date, or be paid at any time in any other lawful manner
not inconsistent with the requirements of any securities exchange on which the
Securities of this series may be listed, and upon such notice as may be required
by such exchange, all as more fully provided in said Indenture. 

14

          So
long as no Acceleration Event of Default has occurred and is continuing, the
Corporation shall have the right, at any time during the term of this Security,
from time to time to defer the payment of interest on this Security for up to
10 consecutive semi-annual interest payment periods with respect to each
deferral period (each an “Extension Period”), during which Extension
Periods the Corporation shall have the right to make partial payments of
interest on any Interest Payment Date, and at the end of which the Corporation
shall pay all interest then accrued and unpaid including any Additional
Interest, as provided below; provided, however, that no Extension Period shall
extend beyond the Stated Maturity of the principal of this Security or
Redemption Date applicable to this Security, and no such Extension Period may
end on a date other than an Interest Payment Date; and provided, further,
however, that during any such Extension Period, the Corporation shall not
(i) make any payment of principal of or interest or premium, if any, on or
repay, repurchase or redeem any Debt that ranks pari passu in all respects with
or junior in interest to this Security, or (ii) declare or pay any
dividends or distributions on, or redeem, purchase, acquire or make a
liquidation payment with respect to, any of the Corporation’s capital stock
(other than (a) repurchases, redemptions or other acquisitions of shares of
capital stock of the Corporation in connection with any employment contract,
benefit plan or other similar arrangement with or for the benefit of any one or
more employees, officers, directors or consultants, in connection with a
dividend reinvestment or stockholder stock purchase plan or in connection with
the issuance of capital stock of the Corporation (or securities convertible into
or exercisable for such capital stock) as consideration in an acquisition
transaction entered into prior to the applicable Extension Period, (b) as a
result of an exchange or conversion of any class or series of the
Corporation’s capital stock (or any capital stock of a Subsidiary of the
Corporation) for any class or series of the Corporation’s capital stock or
of any class or series of the Corporation’s indebtedness for any class or
series of the Corporation’s capital stock, (c) the purchase of
fractional interests in shares of the Corporation’s capital stock pursuant
to the conversion or exchange provisions of such capital stock or the security
being converted or exchanged, (d) any declaration of a dividend in
connection with any Rights Plan, or the issuance of rights, stock or other
property under any Rights Plan, or the redemption or repurchase of rights
pursuant thereto, or (e) any dividend in the form of stock, warrants,
options or other rights where the dividend stock or the stock issuable upon
exercise of such warrants, options or other rights is the same stock as that on
which the dividend is being paid or ranks pari passu with or junior to such
stock). Prior to the termination of any such Extension Period, the Corporation
may further defer the payment of interest, provided that no Extension Period
shall exceed 10 consecutive semi-annual interest payment periods, extend
beyond the Stated Maturity of the principal of this Security or Redemption Date
applicable to this Security, or (except with respect to a Redemption Date) end
on a date other than an Interest Payment Date. Upon the termination of any such
Extension Period and upon the payment of all accrued and unpaid interest and any
Additional Interest then due on any Interest Payment Date, the Corporation may
elect to begin a new Extension Period, subject to the above conditions. No
interest shall be due and payable during an Extension Period, except at the end
thereof, but each installment of interest that would otherwise have been due and
payable during such Extension shall bear Additional Interest (to the extent that
the payment of such interest shall be legally enforceable) at the rate of 6.75%
per annum, compounded semi-annually and calculated as set forth in the first
paragraph of this section, from the dates on which amounts would otherwise have
been due and payable until paid or made available for payment. The Corporation
shall give the Holder of this Security and the Trustee notice of its election to
begin any Extension Period no less than one and in no case more than
15 Business Days prior to the next succeeding Interest Payment Date on
which interest on this Security would be payable but for such deferral. 

15

          Payment
of the principal of (and premium, if any) and interest on this Security will be
made at the office or agency of the Corporation maintained for that purpose in
the City of Winston-Salem, North Carolina, in such coin or currency of the
United States of America as at the time of payment is legal tender for payment
of public and private debts; provided, however, that at the option
of the Corporation payment of interest may be made (i) by check mailed to
the address of the Person entitled thereto as such address shall appear in the
Securities Register, or (ii) by wire transfer in immediately available
funds at such place and to such account as may be designated by the Person
entitled thereto as specified in the Securities Register. 

          The
indebtedness evidenced by this Security is, to the extent provided in the
Indenture, subordinate and junior in right of payment to the prior payment in
full of all Senior Indebtedness, and this Security is issued subject to the
provisions of the Indenture with respect thereto. Each Holder of this Security,
by accepting the same, (a) agrees to and shall be bound by such provisions,
(b) authorizes and directs the Trustee on his or her behalf to take such
actions as may be necessary or appropriate to effectuate the subordination so
provided, and (c) appoints the Trustee his or her attorney-in-fact for any
and all such purposes. Each Holder hereof, by his or her acceptance hereof,
waives all notice of the acceptance of the subordination provisions contained
herein and in the Indenture by each holder of Senior Indebtedness, whether now
outstanding or hereafter incurred, and waives reliance by each such holder upon
said provisions. 

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

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

16

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

                                   		
	 	BB&T Corporation
	 	 
	 	 
	 	 
	 	 
	 	By:     
	 	Name: 
	 	Title: 
	 	 

Attest:

___________________________________

Assistant Secretary

TRUSTEE’S CERTIFICATE OF

AUTHENTICATION

This is
one of the Securities of the series

 designated therein referred to in the within

mentioned Indenture.

U.S. BANK NATIONAL ASSOCIATION, as Trustee

By:__________________________________

        Name:

        Title

Dated:  June 7, 2006

17

Reverse
of Debenture

BB&T Corporation

6.75% Junior Subordinated Debentures Due June 7, 2036

          This
Security is one of a duly authorized issue of securities of the Corporation
(herein called the “Securities”), issued and to be issued in one or
more series under the Junior Subordinated Indenture, dated as of August 18,
2005, as supplemented by the Second Supplemental Indenture, dated as of June 7,
2006 (herein together called the “Indenture”), between the Corporation
and U.S. BANK NATIONAL ASSOCIATION, a national banking association, as Trustee
(herein called the “Trustee”, which term includes any successor
trustee under the Indenture), to which Indenture and all indentures supplemental
thereto reference is hereby made for a statement of the respective rights,
limitations of rights, duties and immunities thereunder of the Corporation, the
Trustee, the holders of Senior Indebtedness and the Holders of the Securities,
and of the terms upon which the Securities are, and are to be, authenticated and
delivered. This Security is one of the series designated on the face hereof,
limited in aggregate principal amount to $600,010,000. 

          All
terms used in this Security that are defined in the Indenture, shall have the
meanings assigned to them in the Indenture unless otherwise defined in this
Security. 

          Subject
to any required approval of the Board of Governors of the Federal Reserve
System, upon the occurrence and during the continuation of a Tax Event, an
Investment Company Event or a Capital Treatment Event in respect of the Issuer
Trust, the Corporation may, at its option, at any time within 90 days of the
occurrence and during the continuation of such Tax Event, Investment Company
Event or Capital Treatment Event, as the case may be, redeem this Security, in
whole but not in part, subject to the terms and conditions of Article XI of the
Indenture, at a redemption price equal to 100% of the principal amount hereof,
together, in the case of any such redemption, with accrued interest, including
any Additional Interest, to but excluding the date of redemption. 

          At
any time, the Corporation will have the right to redeem some or all of this
Security at a Redemption Price equal to the greater of: (i) 100% of the
principal amount of the Junior Subordinated Debentures being redeemed (plus
Additional Interest); or (ii) the present value of scheduled payments of
principal and interest from the prepayment date to June 7, 2036, on the Junior
Subordinated Debentures being prepaid, discounted to the prepayment date on a
semi-annual basis (assuming a 360-day year consisting of twelve 30-day months)
at a discount rate equal to the sum of (A) the Treasury Rate plus
(B) 0.25%, as determined by a Calculation Agent appointed by the
Corporation in accordance with the Indenture prior to exercising its right to
redeem the Junior Subordinated Debentures. 

          The
Securities of this series are not subject to repayment at the option of the
Holder hereof. The Securities of this series will not be entitled to any sinking
fund. 

18

          The
Indenture contains provisions for satisfaction and discharge of the entire
indebtedness of this Security upon compliance by the Corporation with certain
conditions set forth in the Indenture. 

          The
Indenture permits, with certain exceptions as therein provided, the Corporation
and the Trustee at any time to enter into a supplemental indenture or indentures
for the purpose of modifying in any manner the rights and obligations of the
Corporation and of the Holders of the Securities, with the consent of the
Holders of not less than a majority in principal amount of the Outstanding
Securities of each series to be affected by such supplemental indenture. The
Indenture also contains provisions permitting Holders of specified percentages
in principal amount of the Securities of each series at the time Outstanding, on
behalf of the Holders of all Securities of such series, to waive compliance by
the Corporation with certain provisions of the Indenture and certain past
defaults under the Indenture and their consequences. Any such consent or waiver
by the Holder of this Security shall be conclusive and binding upon such Holder
and upon all future Holders of this Security and of any Security issued upon the
registration of transfer hereof or in exchange herefor or in lieu hereof,
whether or not notation of such consent or waiver is made upon this Security. 

          If
an Acceleration Event of Default, as defined in the Indenture, with respect to
the Securities of this series at the time Outstanding occurs and is continuing,
the principal of the Securities of this series shall become or may be declared
due and payable to the extent, in the manner and with the effect provided in the
Indenture. 

          No
reference herein to the Indenture and no provision of this Security or of the
Indenture shall alter or impair the obligation of the Corporation, which is
absolute and unconditional, to pay the principal of (and premium, if any) and
interest, including any Additional Interest, on this Security at the times,
place and rate, and in the coin or currency, herein prescribed. 

          As
provided in the Indenture and subject to certain limitations therein set forth,
the transfer of this Security is registrable in the Securities Register, upon
surrender of this Security for registration of transfer at the office or agency
of the Corporation maintained under Section 10.2 of the Indenture for such
purpose, duly endorsed by, or accompanied by a written instrument of transfer in
form satisfactory to the Corporation and the Securities Registrar duly executed
by, the Holder hereof or such Holder’s attorney duly authorized in writing,
and thereupon one or more new Securities of this series, of like tenor, of
authorized denominations and for the same aggregate principal amount, will be
issued to the designated transferee or transferees. 

          The
Securities of this series are issuable only in registered form without coupons
in denominations of $1,000 and any integral multiple of $1,000 in excess
thereof. As provided in the Indenture and subject to certain limitations therein
set forth, Securities of this series are exchangeable for a like aggregate
principal amount of Securities of this series and of like tenor of a different
authorized denomination, as requested by the Holder surrendering the same. 

19

          No
service charge shall be made for any such registration of transfer or exchange,
but the Corporation may require payment of a sum sufficient to cover any tax or
other governmental charge payable in connection therewith. 

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

          The
Corporation and, by its acceptance of this Security or a beneficial interest
therein, the Holder of, and any Person that acquires a beneficial interest in,
this Security agree that for United States Federal, state and local tax purposes
it is intended that this Security constitute indebtedness. 

          THE
INDENTURE AND THIS SECURITY SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE
WITH THE LAWS OF THE STATE OF NEW YORK. 

          This
is one of the Securities referred to in the mentioned Indenture. 

U.S. BANK NATIONAL ASSOCIATION, as Trustee

By:__________________________________

        Name:

        Title

Dated:  June 7, 2006

20Exhibit 4.2

Exhibit 4.2

AMENDED
AND RESTATED TRUST AGREEMENT

among

BB&T CORPORATION,

as Depositor

U. S. BANK NATIONAL ASSOCIATION,

as Property Trustee

WILMINGTON TRUST COMPANY,

as Delaware Trustee

and the
several Holders of the Trust Securities

Dated as
of June 7, 2006

BB&T
CAPITAL TRUST II

                               CROSS REFERENCE TABLE 1

Section of Trust
Indenture Act of                                                 Section of
1939, as amended                                                  Agreement
----------------                                                  ---------

310(a)(1)...............................................................8.7
      (a)(2)............................................................8.7
      (a)(3)............................................................8.9
      (a)(4)..................................................2.7(a)(ii)(E)
      (b)........................................................8.8; 10.10
      (c)......................................................Inapplicable
311(a).................................................................8.13
      (b)..............................................................8.13
      (c)......................................................Inapplicable
312(a)...........................................................5.6; 10.10
      (b)........................................................5.6; 10.10
      (c)...............................................................5.7
313(a)..............................................................8.15(a)
      (b)...........................................................8.15(b)
      (c)..............................................................10.8
      (d)......................................................Inapplicable
314(a).................................................................8.16
      (b)......................................................Inapplicable
      (c)(1)...........................................................8.17
      (c)(2)...........................................................8.17
      (c)(3)...................................................Inapplicable
      (d)......................................................Inapplicable
      (e).........................................................1.1; 8.17
      (f)......................................................Inapplicable
315(a)...............................................8.1(a); 8.1(d); 8.3(a)
      (b).........................................................8.2; 10.8
      (c)...............................................8.1(a); 8.1(e)(iii)
      (d)..........................................................8.1; 8.3
      (e)......................................................Inapplicable
316(a)(1)...........................................................5.14(b)
      (a)(2)...................................................Inapplicable
      (b)...........................................................5.14(c)
      (c)...............................................................6.7
317(a).................................................................8.14
      (b)...............................................................5.9
318(a)................................................................10.10

______________________________
1     This Cross-Reference Table does not constitute part of the Agreement
      and shall not have any bearing upon the interpretation of any of its
      terms or provisions.

                                        i

                              Table of Contents
                                                                          Page

ARTICLE 1   DEFINED TERMS....................................................1

            SECTION 1.1.  Definitions........................................1

ARTICLE 2   CONTINUATION OF THE ISSUER TRUST................................10

            SECTION 2.1.  Name..............................................10

            SECTION 2.2.  Office of the Delaware Trustee; Principal Place of
                          Business..........................................10

            SECTION 2.3.  Initial Contribution of Trust Property;
                          Organizational Expenses...........................10

            SECTION 2.4.  Issuance of the Capital Securities................10

            SECTION 2.5.  Issuance of the Common Securities; Subscription and
                          Purchase of Debentures............................10

            SECTION 2.6.  Declaration of Trust..............................11

            SECTION 2.7.  Authorization to Enter into Certain Transactions..11

            SECTION 2.8.  Assets of Trust...................................14

            SECTION 2.9.  Title to Trust Property...........................14

ARTICLE 3   PAYMENT ACCOUNT.................................................14

            SECTION 3.1.  Payment Account...................................14

ARTICLE 4   DISTRIBUTIONS; REDEMPTION.......................................15

            SECTION 4.1.  Distributions.....................................15

            SECTION 4.2.  Redemption........................................16

            SECTION 4.3.  Subordination of Common Securities................17

            SECTION 4.4.  Payment Procedures................................18

            SECTION 4.5.  Tax Returns and Reports...........................18

            SECTION 4.6.  Payment of Expenses of the Issuer Trust...........18

            SECTION 4.7.  Payments under Indenture or Pursuant to Direct
                          Actions...........................................18

ARTICLE 5   TRUST SECURITIES CERTIFICATES...................................19

            SECTION 5.1.  Initial Ownership.................................19

            SECTION 5.2.  The Trust Securities Certificates.................19

            SECTION 5.3.  Execution and Delivery of Trust Securities
                          Certificates......................................19

                                         ii

            SECTION 5.4.  Registration of Transfer and Exchange of Capital
                          Securities Certificates...........................19

            SECTION 5.5.  Mutilated, Destroyed, Lost or Stolen Trust
                          Securities Certificates...........................20

            SECTION 5.6.  Persons Deemed Holders............................20

            SECTION 5.7.  Access to List of Holders' Names and Addresses....21

            SECTION 5.8.  Maintenance of Office or Agency...................21

            SECTION 5.9.  Appointment of Paying Agent.......................21

            SECTION 5.10. Ownership of Common Securities by Depositor.......21

            SECTION 5.11. Book-Entry Capital Securities Certificates; Common
                          Securities Certificate............................22

            SECTION 5.12. Notices to Clearing Agency........................22

            SECTION 5.13. Definitive Capital Securities Certificates........22

            SECTION 5.14. Rights of Holders; Waivers of Past Defaults.......23

            SECTION 5.15. CUSIP Numbers.....................................25

ARTICLE 6   ACTS OF HOLDERS; MEETINGS; VOTING...............................25

            SECTION 6.1.  Limitations on Voting Rights......................25

            SECTION 6.2.  Notice of Meetings................................26

            SECTION 6.3.  Meetings of Holders of the Capital Securities.....26

            SECTION 6.4.  Voting Rights.....................................26

            SECTION 6.5.  Proxies, etc......................................26

            SECTION 6.6.  Holder Action by Written Consent..................27

            SECTION 6.8.  Acts of Holders...................................27

            SECTION 6.9.  Inspection of Records.............................28

ARTICLE 7   REPRESENTATIONS AND WARRANTIES..................................28

            SECTION 7.1.  Representations and Warranties of the Property
                          Trustee and the Delaware Trustee..................28

            SECTION 7.2.  Representations and Warranties of Depositor.......29

ARTICLE 8   THE ISSUER TRUSTEES.............................................30

            SECTION 8.1.  Certain Duties and Responsibilities...............30

            SECTION 8.2.  Certain Notices...................................32

                                          iii

            SECTION 8.3.  Certain Rights of Property Trustee................32

            SECTION 8.4.  Not Responsible for Recitals or Issuance of
                          Securities........................................34

            SECTION 8.5.  May Hold Securities...............................34

            SECTION 8.6.  Compensation; Indemnity; Fees.....................34

            SECTION 8.7.  Corporate Property Trustee Required; Eligibility of
                          Issuer Trustees and Administrative Trustees.......35

            SECTION 8.8.  Conflicting Interests.............................35

            SECTION 8.9.  Co-Trustees and Separate Trustee..................36

            SECTION 8.10. Resignation and Removal; Appointment of Successor.37

            SECTION 8.11. Acceptance of Appointment by Successor............38

            SECTION 8.12. Merger, Conversion, Consolidation or Succession to
                          Business..........................................38

            SECTION 8.13. Preferential Collection of Claims Against Depositor
                          or Issuer Trust...................................39

            SECTION 8.14. Trustee May File Proofs of Claim..................39

            SECTION 8.15. Reports by Property Trustee.......................39

            SECTION 8.16. Reports to the Property Trustee...................40

            SECTION 8.17. Evidence of Compliance with Conditions Precedent..40

            SECTION 8.18. Number of Issuer Trustees.........................40

            SECTION 8.19. Delegation of Power...............................40

ARTICLE 9   DISSOLUTION, LIQUIDATION AND MERGER.............................41

            SECTION 9.1.  Dissolution Upon Expiration Date..................41

            SECTION 9.2.  Early Dissolution.................................41

            SECTION 9.3.  Dissolution.......................................41

            SECTION 9.4.  Liquidation.......................................42

            SECTION 9.5.  Mergers, Consolidations, Amalgamations or
                          Replacements of Issuer Trust......................43

ARTICLE 10  MISCELLANEOUS PROVISIONS........................................44

            SECTION 10.1. Limitation of Rights of Holders...................44

            SECTION 10.2. Amendment.........................................44

            SECTION 10.3. Separability......................................45

            SECTION 10.4. Governing Law.....................................45

                                           iv

            SECTION 10.5.  Payments Due on Non-Business Day..................45

            SECTION 10.6.  Successors........................................45

            SECTION 10.7.  Headings..........................................45

            SECTION 10.8.  Reports, Notices and Demands......................46

            SECTION 10.9.  Agreement Not to Petition.........................47

            SECTION 10.10. Trust Indenture Act; Conflict with Trust
                           Indenture Act.....................................47

            SECTION 10.11. Acceptance of Terms of Trust Agreement,
                           Guarantee Agreement and Indenture.................47

            SECTION 10.12  Counterparts......................................48

Exhibit A   CERTIFICATE OF TRUST OF BB&T CAPITAL TRUST II...................A-1

Exhibit B   FORM OF COMMON SECURITIES CERTIFICATE...........................B-1

Exhibit C   FORM OF GLOBAL CAPITAL SECURITIES CERTIFICATE...................C-1

                                        v

AMENDED
AND RESTATED TRUST AGREEMENT

          AMENDED
AND RESTATED TRUST AGREEMENT, dated as of June 7, 2006 among (i) BB&T  Corporation, a
North Carolina corporation (including any successors or assigns,  the “Depositor”),
(ii) U.S. Bank National Association, a national  banking association, as property trustee
(in such capacity, the “Property  Trustee” and, in its separate corporate
capacity and not in its capacity as  Property Trustee, the “Bank” or “U.S.
Bank”), (iii)  Wilmington Trust Company, a Delaware banking corporation, as Delaware
trustee  (in such capacity, the “Delaware Trustee”), (iv) M. Patricia Oliver,
an individual, and Christopher L. Henson, an individual, each of whose address  is c/o BB&T
Corporation, 200 West Second Street, Winston-Salem, NC 27101  (each, an “Administrative
Trustee,” and collectively, the  “Administrative Trustees”) (the Property
Trustee, the Delaware  Trustee, and the Administrative Trustees being referred to
collectively as the  “Issuer Trustees”), and (v) the several Holders, as
hereinafter  defined. 

WITNESSETH

          WHEREAS,
the Depositor and certain of the Issuer Trustees have heretofore duly declared  and
established a statutory trust pursuant to the Delaware Statutory Trust Act  (the “Issuer
Trust”) by entering into that certain Trust Agreement,  dated as of May 12, 2006
(the “Original Trust Agreement”), and by the  execution and filing by the
Delaware Trustee with the Secretary of State of the  State of Delaware of the Certificate
of Trust, filed on May 12, 2006, attached  as Exhibit A; and 

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

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

ARTICLE 1
 DEFINED
TERMS

          SECTION
1.1.  Definitions.

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

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

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

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

          All
accounting terms used but not defined herein have the  meanings assigned to them in
accordance with United States generally accepted  accounting principles; 

          Unless
the context otherwise requires, any reference to an  “Article,” a “Section” or
an “Exhibit” refers to  an Article, a Section or an Exhibit, as the case may
be, of or to this Trust  Agreement; and The words “hereby,” “herein,” “hereof” and
“hereunder” and other words of similar import  refer to this Trust Agreement as
a whole and not to any particular Article,  Section or other subdivision; 

          “Acceleration
Event of Default” means any “Event  of Default” specified in Sections
5.1(4)-(6) of the Indenture. 

          “Act” has
the meaning specified in Section  6.8. 

          “Additional
Amount” means, with respect to  Trust Securities of a given Liquidation Amount
and/or a given period, the amount  of Additional Interest (as defined in the Indenture)
paid by the Depositor on a  Like Amount of Debentures for such period. 

          “Additional
Sums” has the meaning specified  in Section 10.6 of the Indenture. 

          “Administrative
Trustee” means each of the  individuals identified as an “Administrative Trustee” in
the preamble  to this Trust Agreement solely in such individual’s capacity as
Administrative Trustee of the Trust formed and continued hereunder and not in  such
individual’s individual capacity, or such Administrative  Trustee’s successor
in interest in such capacity, or any successor trustee  appointed as herein provided. 

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

          “Applicable
Procedures” means, with respect to any transfer or transaction involving a
Book-Entry Capital Security, the rules and procedures of the Clearing Agency for  such
Book-Entry Capital Security, in each case to the extent applicable to such  transaction
and as in effect from time to time. 

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

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

	(a)	 	  the
entry of a decree or order by a court having jurisdiction in the premises  judging such
Person a bankrupt or insolvent, or approving as properly filed a  petition seeking
reorganization, arrangement, adjudication or composition of or  in respect of such Person
under any applicable Federal or State bankruptcy,  insolvency, reorganization or other
similar law, or appointing a receiver,  liquidator, assignee, trustee, sequestrator (or
other similar official) of such  Person or of any substantial part of its property or
ordering the winding up or  liquidation of its affairs, and the continuance of any such
decree or order  unstayed and in effect for a period of 60 consecutive days; or

2

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

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

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

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

          “Book-Entry
Capital Securities Certificate” means a Capital Securities  Certificate evidencing
ownership of Book-Entry Capital Securities. 

          “Book-Entry
Capital Security” means a Capital Security, the ownership  and transfers of which
shall be made through book entries by a Clearing Agency  as described in Section 5.11. 

          “Business
Day” means a day other than (a) a Saturday  or Sunday, (b) a day on which banking
institutions in The City of New York are  authorized or required by law or executive
order to remain closed, or (c) a day  on which the Property Trustee’s Corporate
Trust Office or the Corporate  Trust Office of the Debenture Trustee is closed for
business. 

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

          “Capital
Security” means an undivided beneficial  interest in the assets of the Issuer Trust,
having a Liquidation Amount of  $1,000 and having the rights provided therefor in this
Trust Agreement,  including the right to receive Distributions and a Liquidation
Distribution as  provided herein. 

          “Capital
Treatment Event” means the reasonable  determination by the Depositor that, as a
result of any amendment to, or change  (including any proposed change) in, the laws (or
any regulations thereunder) of  the United States or any political subdivision thereof or
therein, or as a  result of any official or administrative pronouncement or action or
judicial  decision interpreting or applying such laws or regulations, which amendment or
change is effective or such proposed change, pronouncement, action or decision  is
announced on or after the date of issuance of the Capital Securities  hereunder, there is
more than an insubstantial risk that the Depositor will not  be entitled to treat an
amount equal to the Liquidation Amount of the Capital  Securities as “Tier 1 Capital” (or
the then equivalent thereof) for  purposes of the capital adequacy guidelines of the
Federal Reserve, as then in  effect and applicable to the Depositor. 

3

          “Certificate
of Trust” has the meaning  specified in the recitals hereof, as amended from time to
time. 

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

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

          “Closing
Date” means the Time of Delivery, which date is also the date of execution  and
delivery of this Trust Agreement. 

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

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

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

          “Common
Security” means an undivided beneficial interest in the assets of the  Issuer Trust,
having a Liquidation Amount of $1,000 and having the rights  provided therefor in this
Trust Agreement, including the right to receive  Distributions and a Liquidation
Distribution as provided herein. 

          “Corporate
Trust Office” means (i) when used with respect to the Property Trustee, the  office
of the Property Trustee located in Boston, Massachusetts, and (ii) when  used with
respect to the Debenture Trustee, the office of the Debenture Trustee  located in Boston,
Massachusetts. 

          “Debenture
Event of Default” means any “Event of Default” specified in  Section 5.1
of the Indenture. 

          “Debenture
Redemption Date” means, with respect to any Debentures to be redeemed under  the
Indenture, the date fixed for redemption of such Debentures under the  Indenture. 

          “Debenture
Tax Event” means a “Tax Event” as defined in the Indenture. 

          “Debenture
Trustee” means U.S. Bank, solely in its capacity as trustee pursuant to the
Indenture and  not in its individual capacity, or its successor in interest in such
capacity,  or any successor trustee appointed as provided in the Indenture. 

          “Debentures” means
the Depositor’s 6.75% Junior Subordinated Debentures due 2036, issued  pursuant to
the Indenture. 

          “Definitive
Capital Securities  Certificates” means either or both (as the context requires) of
(i) 

          Capital
Securities Certificates issued as Book-Entry Capital Securities Certificates as  provided
in Section 5.11, and (ii) Capital Securities Certificates issued in  certificated, fully
registered form as provided in Section 5.13. 

4

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

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

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

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

          “Distribution
Period” means the period of time  beginning on any Distribution Date and ending on
the day immediately preceding  the next succeeding Distribution Date. 

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

          “DTC” means
The Depository Trust Company. 

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

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

                    (a)        the
occurrence of a Debenture Event of Default; or

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

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

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

                    (e)        the
occurrence  of a  Bankruptcy  Event with  respect  to the  Property  Trustee if a
successor  Property Trustee has not been appointed within 90 days  thereof.

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

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

5

          “Federal
Reserve” means the Board of Governors of the Federal Reserve System, as  from time
to time constituted, or if at any time after the execution of this  Trust Agreement the
Federal Reserve is not existing and performing the duties  now assigned to it, then the
body performing such duties at such time. 

          “Guarantee” means
the Guarantee Agreement executed and delivered by the Depositor and U.S.  Bank, as
guarantee trustee, contemporaneously with the execution and delivery of  this Trust
Agreement, for the benefit of the holders of the Trust Securities, as  amended from time
to time. 

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

          “Indenture” means
the Junior Subordinated Indenture, dated as of August 18, 2005, between  the Depositor
and the Debenture Trustee, as trustee, as amended or supplemented  from time to time. 

          “Investment
Company Act” means the Investment Company Act of 1940, or any successor  statute
thereto, in each case as amended from time to time. 

          “Issuer
Letter of Representations” means the agreement among the Issuer Trust and  DTC, as
the initial Clearing Agency, dated as of the Closing Date or such other  agreement as may
be entered into from time to time among the Issuer Trust, the  Depositor and DTC, as the
same be amended or supplemented from time to time. 

          “Issuer
Trust” means the Delaware statutory trust known as “BB&T Capital  Trust II” which
was created on May 12, 2006 under the Delaware Statutory  Trust Act pursuant to the
Original Trust Agreement and the filing of the  Certificate of Trust, and continued
pursuant to this Trust Agreement. 

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

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

          “Like
Amount” means (a) with respect to a redemption of any Trust  Securities, Trust
Securities having a Liquidation Amount equal to the principal  amount of Debentures to be
contemporaneously redeemed in accordance with the  Indenture, the proceeds of which will
be used to pay the Redemption Price of  such Trust Securities, (b) with respect to a
distribution of Debentures to  Holders of Trust Securities in connection with a
dissolution or liquidation of  the Issuer Trust, Debentures having a principal amount
equal to the Liquidation  Amount of the Trust Securities of the Holder to whom such
Debentures are  distributed, and (c) with respect to any distribution of Additional
Amounts to  Holders of Trust Securities, Debentures having a principal amount equal to
the  Liquidation Amount of the Trust Securities in respect of which such distribution  is
made. 

          “Liquidation
Amount” means the stated amount of $1,000 per Trust  Security. 

          “Liquidation
Date” means the date of the dissolution,  winding-up or dissolution of the Issuer
Trust pursuant to Section 9.4. 

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

6

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

          “Officers
Certificate” means, with respect to any  Person, a certificate signed by the
Chairman of the Board of Directors of such  Person, a Vice Chairman of the Board of
Directors of such Person, the President  or a Vice President, and by the Treasurer, an
Assistant Treasurer, the Secretary  or an Assistant Secretary, of such Person. Any
Officers’ Certificate  delivered with respect to compliance with a condition or
covenant provided for  in this Trust Agreement shall include: 

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

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

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

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

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

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

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

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

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

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

7

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

          “Paying
Agent” means any paying agent or co-paying agent appointed pursuant to  Section 5.9
and shall initially be the Branch Banking and Trust Company  (“BB&T”). 

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

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

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

          “Redemption
Date” means, with respect to any Trust Security to be  redeemed, the date fixed for
such redemption by or pursuant to this Trust  Agreement; provided that each Debenture
Redemption Date and the stated maturity  of the Debentures shall be a Redemption Date for
a Like Amount of Trust  Securities. 

          “Redemption
Price” means, with respect to any Trust  Security, the Liquidation Amount of such
Trust Security, plus accumulated and  unpaid Distributions to the Redemption Date, plus
the related amount of the  premium, if any, paid by the Depositor upon the concurrent
redemption of a Like  Amount of Debentures. 

          “Relevant
Trustee” shall have the meaning specified in  Section 8.10. 

          “Responsible
Offer” means, with respect to any Issuer  Trustee any officer in the Corporate Trust
Department of such Issuer Trustee, in  each case with direct responsibility for the
administration of the Trust. 

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

          “Securities
Register” and “Securities  Registrar” have the respective meanings
specified in Section 5.4. 

          “Successor
Capital Securities” of any particular  Capital Securities Certificate means every
Capital Securities Certificate issued  after, and evidencing all or a portion of the same
beneficial interest in the  Issuer Trust as that evidenced by, such particular Capital
Securities  Certificate; and, for the purposes of this definition, any Capital Securities
Certificate executed and delivered under Section 5.5 in exchange for or in lieu  of a
mutilated, destroyed, lost or stolen Capital Securities Certificate shall  be deemed to
evidence the same beneficial interest in the Issuer Trust as the  mutilated, destroyed,
lost or stolen Capital Securities Certificate. 

8

          “Tax
Event” means the receipt by the Trust  of an Opinion of Counsel experienced in such
matters to the effect that, as a  result of any amendment to, or change (including any
announced proposed change)  in, the laws (or any regulations thereunder) of the United
States or any  political subdivision or taxing authority thereof or therein, or as a
result of  any official administrative pronouncement or judicial decision interpreting or
applying such laws or regulations, which amendment or change is effective or  which
proposed change, pronouncement or decision is announced on or after the  date of issuance
of the Capital Securities under this Trust Agreement, there is  more than an
insubstantial risk that (i) the Trust is, or will be within 90 days  after the date of
such Opinion of Counsel, subject to United States federal  income tax with respect to
income received or accrued on the Debentures, (ii)  interest payable by the Depositor on
the Debentures is not, or within 90 days  after the date of such Opinion of Counsel, will
not be, deductible by the  Depositor, in whole or in part, for United States federal
income tax purposes or  (iii) the Trust is, or will be within 90 days after the date of
such Opinion of  Counsel, subject to more than a de minimis amount of other taxes, duties
or  other governmental charges. 

          “Time
of Delivery” means June 7, 2006. 

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

          “Trust
Indenture Act” means the Trust Indenture Act of 1939 as in force at the  date as of
which this instrument was executed; provided, however, that in the  event the Trust
Indenture Act of 1939 is amended after such date, “Trust  Indenture Act” means,
to the extent required by any such amendment, the  Trust Indenture Act of 1939 as so
amended. 

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

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

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

          “Underwriting
Agreement” means the Underwriting Agreement, dated as of May 31, 2006,  among the
Trust, the Depositor and BB&T Capital Markets, a division of Scott  & Stringfellow,
Inc., as representative of the underwriters named therein,  and shall also include any
related pricing agreement. 

          “Vice
President,” when used with respect to the Depositor, means any duly  appointed vice
president, whether or not designated by a number or a word or  words added before or
after the title “vice president.” 

9

ARTICLE 2

CONTINUATION OF THE ISSUER TRUST

          SECTION
2.1.  Name.

          The
trust  continued hereby shall be known as “BB&T Capital Trust II,” as  such
name may be modified from time to time by the Administrative Trustees  following written
notice to the Holders and the other Issuer Trustees, in which  name the Administrative
Trustees and the other Issuer Trustees may conduct the  business of the Issuer Trust,
make and execute contracts and other instruments  on behalf of the Issuer Trust and sue
and be sued. 

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

          The
address of the Delaware Trustee in the State of Delaware is Rodney Square  North, 1100
North Market Street, Wilmington, Delaware 19890-0001, Attention:  Corporate Trust
Administration, or such other address in the State of Delaware  as the Delaware Trustee
may designate by written notice to the Depositor, the  Property Trustee and the
Administrative Trustees. The principal executive office  of the Issuer Trust is 200 West
Second Street, Winston-Salem, NC 27101. 

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

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

          SECTION
2.4.  Issuance of the Capital Securities.

          On
May 31, 2006, the Depositor, both on its own behalf and on  behalf of the Issuer Trust
pursuant to the Original Trust Agreement, executed  and delivered the Underwriting
Agreement. Contemporaneously with the execution  and delivery of this Trust Agreement, an
Administrative Trustee, on behalf of  the Trust, shall execute in accordance with Section
5.3 and deliver to the  Underwriters named in the Underwriting Agreement a Capital
Securities  Certificate, registered in the name of the nominee of the initial Clearing
Agency, in an aggregate amount of 600,000 Capital Securities having an aggregate
Liquidation Amount of $600,000,000, against payment of the purchase price  therefor in
immediately available funds, which funds such Administrative Trustee  shall promptly
deliver to the Property Trustee. 

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

          Contemporaneously
with the execution and delivery of  this Trust Agreement, an Administrative Trustee, on
behalf of the Issuer Trust,  shall execute in accordance with Section 5.3 and deliver to
the Depositor Common  Securities Certificates, registered in the name of the Depositor,
in an  aggregate amount of 10 Common Securities having an aggregate Liquidation Amount
of $10,000 against payment by the Depositor of the purchase price therefor in
immediately available funds, which amount such Administrative Trustee shall  promptly
deliver to the Property Trustee. Contemporaneously therewith, an  Administrative Trustee,
on behalf the Issuer Trust, shall subscribe to and  purchase from the Depositor
Debentures registered in the name of the Issuer  Trust and having an aggregate principal
amount equal to $600,010,000 and shall  deliver to the Depositor the purchase price
therefore (being the sum of the  amounts delivered to the Property Trustee pursuant to
(i) the second sentence of  Section 2.4 and (ii) the first sentence of this Section 2.5). 

10

          SECTION
2.6.  Declaration of Trust.

          The
exclusive purposes and functions of the Issuer Trust are (a) to issue and sell  Trust
Securities, (b) use the proceeds from such sale to acquire the Debentures,  and (c) to
engage in those activities necessary, convenient or incidental  thereto. The Depositor
hereby appoints the Issuer Trustees as trustees of the  Issuer Trust, to have all the
rights, powers and duties to the extent set forth  herein, and the Issuer Trustees hereby
accept such appointment. The Property  Trustee hereby declares that it will hold the
Trust Property upon and subject to  the conditions set forth herein for the benefit of
the Issuer Trust and the  Holders. The Administrative Trustees shall have all rights,
powers and duties  set forth herein and in accordance with applicable law with respect to
accomplishing the purposes of the Issuer Trust. The Delaware Trustee shall not  be
entitled to exercise any powers, nor shall the Delaware Trustee have any of  the duties
and responsibilities of the Property Trustee or the Administrative  Trustees, or any of
the duties and responsibilities of the Issuer Trustees  generally, set forth herein. The
Delaware Trustee shall be one of the trustees  of the Issuer Trust for the sole and
limited purpose of fulfilling the  requirements of Section 3807 of the Delaware Statutory
Trust Act and for taking  such actions as are required to be taken by a Delaware trustee
under the  Delaware Statutory Trust Act. 

          SECTION
2.7.  Authorization to Enter into Certain Transactions.

                    (a)      The
Issuer Trustees shall  conduct the affairs of the Issuer Trust in accordance with  the
terms of this Trust  Agreement. Subject to the limitations set forth in  paragraph (b) of
this Section, and  in accordance with the following provisions  (i) and (ii), the Issuer
Trustees shall  have the authority to enter into all  transactions and agreements
determined by the  Issuer Trustees to be appropriate  in exercising the authority,
express  or implied,  otherwise granted to the Issuer  Trustees under this Trust
Agreement, and to  perform all  acts in furtherance  thereof, including the following:

                              (i)      As
among the Issuer Trustees, the Administrative Trustees shall have the power and
authority to act on behalf of the Issuer Trust with respect to the following  matters:

                                        (A)      the
issuance and sale of the Trust Securities;

                                        (B)      to
cause the Issuer Trust to enter into, and to execute, deliver and perform on  behalf of
the Issuer Trust, the Underwriting Agreement and the Issuer Letter of  Representations
and such other agreements as may be necessary or desirable in  connection with the
purposes and function of the Issuer Trust;

                                        (C)       assisting
in the registration of the Capital Securities under the Securities Act  and under state
securities or blue sky laws, and the qualification of this Trust  Agreement under the
Trust Indenture Act;

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

                                        (E)       assisting
in the sending of notices (other than notices of default) and other  information
regarding the Trust Securities and the Debentures to the Holders in  accordance with this
Trust Agreement;

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                                        (F)       the
appointment  of  a  Paying  Agent  and  Securities  Registrar  in  accordance with this
Trust Agreement;

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

                                        (H)       execution
of the Trust  Securities  on behalf of the Trust in accordance  with this Trust Agreement;

                                        (I)       execution
and delivery of closing certificates, if any, pursuant to the  Underwriting Agreement and
application for a taxpayer identification number for  the Issuer Trust;

                                        (J)       unless
otherwise determined by the Depositor, the Property Trustee, or the  Administrative
Trustees or as otherwise required by the Delaware Statutory Trust  Act or the Trust
Indenture Act, to execute on behalf of the Issuer Trust (either  acting alone or together
with any or all of the Administrative Trustees) any  documents that the Administrative
Trustees have the power to execute pursuant to  this Trust Agreement; and

                                        (K)       the
taking of any action incidental to the foregoing as the Issuer Trustees may  from time to
time determine is necessary or advisable to give effect to the  terms of this Trust
Agreement.

                              (ii)       As
among the Issuer Trustees, the Property Trustee shall have the power, duty  and authority
to act on behalf of the Issuer Trust with respect to the following  matters:

                                        (A)       the
establishment of the Payment Account;

                                        (B)       the
receipt of the Debentures;

                                        (C)       the
collection of interest, principal and any other payments made in respect of  the
Debentures and the holding of such amounts in the Payment Account;

                                        (D)       the
distribution  through the Paying Agent of amounts  distributable to  the Holders in
respect of the Trust Securities;

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

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

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

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

                                        (I)      after
an Event of Default (other than under paragraph (b),(c), (d) or (e) of the  definition of
such term if such Event of Default is by or with respect to the  Property Trustee) the
taking of any action incidental to the foregoing as the  Property Trustee may from time
to time determine is necessary or advisable to  give effect to the terms of this Trust
Agreement and protect and conserve the  Trust Property for the benefit of the Holders
(without consideration of the  effect of any such action on any particular Holder); and

12

                                        (J)      except
as otherwise provided in this Section 2.7(a)(ii), the Property Trustee shall  have none
of the duties, liabilities, powers or the authority of the  Administrative Trustees set
forth in Section 2.7(a)(i).

                    (b)      So
long as this Trust Agreement remains in effect, the Issuer Trust (or the Issuer  Trustees
acting on behalf of the Issuer Trust) shall not undertake any business,  activities or
transactions except as expressly provided herein or contemplated  hereby. In particular,
the Issuer Trustees (acting on behalf of the Issuer  Trust) shall not (i) acquire any
investments or engage in any activities not  authorized by this Trust Agreement, (ii)
sell, assign, transfer, exchange,  mortgage, pledge, set-off or otherwise dispose of any
of the Trust Property or  interests therein, including to Holders, except as expressly
provided herein,  (iii) take any action that would reasonably be expected to cause the
Issuer  Trust to become taxable as a corporation or classified as other than a grantor
trust for United States Federal income tax purposes, (iv) incur any indebtedness  for
borrowed money or issue any other debt, (v) take or consent to any action  that would
result in the placement of a Lien on any of the Trust Property, (vi)  invest any proceeds
received by the Issuer Trust from holding the Debentures,  but shall distribute all such
proceeds to Holders of Trust Securities pursuant  to the terms of this Trust Agreement
and of the Trust Securities, (vii) acquire  any assets other than the Trust Property,
(viii) possess any power or otherwise  act in such a way as to vary the Trust Property,
(ix) possess any power or  otherwise act in such a way as to vary the terms of the Trust
Securities in any  way whatsoever (except to the extent expressly authorized in this
Trust  Agreement or by the terms of the Trust Securities) or (x) issue any securities  or
other evidences of beneficial ownership of, or beneficial interest in, the  Issuer Trust
other than the Trust Securities. The Property Trustee shall defend  all claims and
demands of all Persons at any time claiming any Lien on any of  the Trust Property
adverse to the interest of the Issuer Trust or the Holders in  their capacity as Holders.

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

                              (i)       the
preparation and filing by the Issuer Trust with the Commission of and the  execution on
behalf of the Issuer Trust of a registration statement on the  appropriate form in
relation to the Capital Securities, including any amendments  thereto; 

                              (ii)      the
determination of the states in which to take appropriate  action to qualify or register
for sale all or part of the Capital Securities and  the determination of any and all such
acts, other than actions that must be  taken by or on behalf of the Issuer Trust, and the
advice to the Issuer Trust of  actions they must take on behalf of the Issuer Trust, and
the preparation for  execution and filing of any documents to be executed and filed by
the Issuer  Trust or on behalf of the Issuer Trust, as the Depositor deems necessary or
advisable in order to comply with the applicable laws of any such states;

                              (iii)       the
preparation for filing by the Issuer Trust and execution on behalf of the  Issuer Trust
of an application to the New York Stock Exchange or any other  national stock exchange or
the Nasdaq National Market or any other automated  quotation system for listing upon
notice of issuance of any Capital Securities  and filing with such exchange or
self-regulatory organization such notification  and documents as may be necessary from
time to time to maintain such listing;

13

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

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

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

          SECTION
2.8.  Assets of Trust.

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

          SECTION
2.9.  Title to Trust Property.

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

ARTICLE 3

PAYMENT ACCOUNT

          SECTION
3.1.  Payment Account.

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

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

14

ARTICLE 4

DISTRIBUTIONS; REDEMPTION

          SECTION
4.1.  Distributions.

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

                              (i)      Distributions
on the Trust Securities shall be cumulative, and will accumulate  whether or not there
are funds of the Trust available for the payment of  Distributions.

    
                
                
Distributions shall
accumulate from June 7, 2006 and, except in the event (and to the extent)  that the
Depositor exercises its right to defer the payment of interest on the  Debentures
pursuant to the Indenture, shall be payable semi-annually in arrears  on June 7 and
December 7 of each year, commencing on December 7, 2006. If any  date on which a
Distribution is otherwise payable on the Trust Securities is not  a Business Day, then
the payment of such Distribution shall be made on the next  succeeding day that is a
Business Day (and without any interest or other payment  in respect of any such delay),
with the same force and effect as if made on the  date on which such payment was
originally payable (each date on which  distributions are payable in accordance with this
Section 4.1(a), a  “Distribution Date”).

     
                 
        (ii)      In
the event (and to the extent) that the Depositor exercises its  right under the Indenture
to defer the payment of interest on the Debentures,  Distributions on the Capital
Securities shall be deferred but shall continue to  accumulate. Distributions on the
Trust Securities shall be payable at a rate of  6.75% per annum of the Liquidation Amount
of the Trust Securities. The amount of  Distributions payable for any full period shall
be computed on the basis of a  360-day year of twelve 30-day months. The amount of
Distributions for any  partial period shall be computed on the basis of the actual number
of days  elapsed in a 360-day year of twelve 30-day months. The amount of Distributions
payable for any period shall include the Additional Amounts, if any.

                              (iii)      Distributions
on the Trust Securities shall be made by the  Property Trustee from the Payment Account
and shall be payable on each  Distribution Date only to the extent that the Issuer Trust
has funds then on  hand and available in the Payment Account for the payment of such
Distributions.

                    (b)      Distributions
on the Trust Securities with respect to a  Distribution Date shall be payable to the
Holders thereof as they appear on the  Securities Register for the Trust Securities at
the close of business on the  relevant record date for such Distribution Date, which
shall be one Business Day  prior to such Distribution Date; provided, however, that in
the event that the  Capital Securities do not remain in book-entry-only form, the
relevant record  date for a Distribution Date shall be the date 15 days prior to such
Distribution Date. Distributions payable on any Trust Securities that are not  punctually
paid on any Distribution Date as a result of the Depositor having  failed to make an
interest payment under the Debentures will cease to be payable  to the Person in whose
name such Trust Securities are registered on the relevant  record date, and such
defaulted Distribution will instead be payable to the  Person in whose name such Trust
Securities are registered on the special record  date or other specified date for
determining Holders entitled to such defaulted  interest established in accordance with
the Indenture.

15

          SECTION
4.2.  Redemption.

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

                    (b)       Notice
of redemption shall be given by the Property Trustee by first-class mail,  postage
prepaid, mailed not less than 30 nor more than 60 days prior to the  Redemption Date to
each Holder of Trust Securities to be redeemed, at such  Holder’s address appearing
in the Security Register. All notices of  redemption shall state:

                              (i)       the
Redemption Date;

                              (ii)       the
Redemption Price or if the Redemption Price cannot be calculated prior to  the time the
notice is required to be sent, the estimate of the Redemption Price  together with a
statement that it is an estimate and that the actual Redemption  Price will be calculated
on the third Business Day prior to the Redemption Date  (and if an estimate is provided,
a further notice shall be sent of the actual  Redemption Price on the date that such
Redemption Price is calculated);

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

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

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

                              (vi)      if
the Capital Securities are no longer in book-entry-only form, the place or  places where
the Capital Securities Certificates are to be surrendered for the  payment of the
Redemption Price.

                    (c)      The
Trust Securities redeemed on each Redemption Date shall be redeemed at the  Redemption
Price with the proceeds from the contemporaneous redemption of  Debentures. Redemptions
of the Trust Securities shall be made and the Redemption  Price shall be payable on each
Redemption Date only to the extent that the  Issuer Trust has funds then on hand and
available in the Payment Account for the  payment of such Redemption Price.

16

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

                    (e)       Subject
to Section 4.3(a), if less than all the Outstanding Trust Securities are  to be redeemed
on a Redemption Date, then the aggregate Liquidation Amount of  Trust Securities to be
redeemed shall be allocated pro rata to the Common  Securities and the Capital Securities
based upon the relative Liquidation  Amounts of such classes. The particular Capital
Securities to be redeemed shall  be selected on a pro rata basis based upon their
respective Liquidation Amounts  not more than 60 days prior to the Redemption Date by the
Property Trustee from  the Outstanding Capital Securities not previously called for
redemption,  provided that so long as the Capital Securities are in book-entry-only form,
such selection shall be made in accordance with the customary procedures for the
Clearing Agency for the Capital Securities. The Property Trustee shall promptly  notify
the Securities Registrar in writing of the Capital Securities selected  for redemption
and, in the case of any Capital Securities selected for partial  redemption, the
Liquidation Amount thereof to be redeemed. For all purposes of  this Trust Agreement,
unless the context otherwise requires, all provisions  relating to the redemption of
Capital Securities shall relate, in the case of  any Capital Securities redeemed or to be
redeemed only in part, to the portion  of the aggregate Liquidation Amount of Capital
Securities that has been or is to  be redeemed.

          SECTION
4.3.  Subordination of Common Securities.

                    (a)      Payment
of Distributions (including any Additional Amounts)  on, the Redemption Price of, and the
Liquidation Distribution in respect of the  Trust Securities, as applicable, shall be
made, subject to Section 4.2(e), pro  rata among the Common Securities and the Capital
Securities based on the  Liquidation Amount of the Trust Securities; provided, however,
that if on any  Distribution Date, Redemption Date or Liquidation Date any Event of
Default  resulting from a Debenture Event of Default specified in Section 5.1(1) or
5.1(2) of the Indenture shall have occurred and be continuing, no payment of any
Distribution (including any Additional Amounts) on, Redemption Price of, or  Liquidation
Distribution in respect of any Common Security, and no other payment  on account of the
redemption, liquidation or other acquisition of Common  Securities, shall be made unless
payment in full in cash of all accumulated and  unpaid Distributions (including any
Additional Amounts) on all Outstanding  Capital Securities for all Distribution Periods
terminating on or prior thereto,  or in the case of payment of the Redemption Price the
full amount of such  Redemption Price on all Outstanding Capital Securities then called
for  redemption, or in the case of payment of the Liquidation Distribution the full
amount of such Liquidation Distribution on all Outstanding Capital Securities,  shall
have been made or provided for, and all funds immediately available to the  Property
Trustee shall first be applied to the payment in full in cash of all  Distributions
(including any Additional Amounts) on, or the Redemption Price of,  the Capital
Securities then due and payable.

17

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

          SECTION
4.4.  Payment Procedures.

          Payments
of Distributions (including any Additional Amounts) in respect of the Capital  Securities
shall be made by check mailed to the address of the Person entitled  thereto as such
address shall appear on the Securities Register or, if the  Capital Securities are held
by a Clearing Agency, such Distributions shall be  made to the Clearing Agency in
immediately available funds. Payments in respect  of the Common Securities shall be made
in such manner as shall be mutually  agreed between the Property Trustee and the Holders
of the Common Securities. 

          SECTION
4.5.  Tax Returns and Reports.

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

          SECTION
4.6.  Payment of Expenses of the Issuer Trust.

          The
Depositor shall pay to the Issuer Trust, and reimburse the Issuer Trust for, the  full
amount of any costs, expenses or liabilities of the Issuer Trust (other  than obligations
of the Issuer Trust to pay the Holders of any Capital  Securities or other similar
interests in the Issuer Trust the amounts due such  Holders pursuant to the terms of the
Capital Securities or such other similar  interests, as the case may be), including,
without limitation, any taxes, duties  or other governmental charges of whatever nature
(other than withholding taxes)  imposed on the Issuer Trust by the United States or any
other taxing authority.  Such payment obligation includes any such costs, expenses or
liabilities of the  Issuer Trust that are required by applicable law to be satisfied in
connection  with a dissolution of the Issuer Trust. 

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

          Any
amount payable hereunder to any Holder of Capital Securities (or any Owner with  respect
thereto) shall be reduced by the amount of any corresponding payment  such Holder (or
Owner) has directly received pursuant to Section 5.8 of the  Indenture or Section 5.14 of
this Trust Agreement. 

18

ARTICLE 5

TRUST SECURITIES CERTIFICATES

          SECTION
5.1.  Initial Ownership.

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

          SECTION
5.2.  The Trust Securities Certificates.

          The
Capital Securities Certificates shall be issued in minimum  denominations of $1,000
Liquidation Amount and integral multiples of $1,000 in  excess thereof, and the Common
Securities Certificates shall be issued in  denominations of $1,000 Liquidation Amount
and integral multiples thereof. The  Trust Securities Certificates shall be (i) executed
on behalf of the Issuer  Trust by manual or facsimile signature of at least one
Administrative Trustee  and, if executed on behalf of the Issuer Trust by facsimile,
countersigned by a  transfer agent or its agent and (ii) authenticated by the Property
Trustee by  manual or facsimile signature of an authorized signatory thereof and, if
executed by such authorized signatory of the Property Trustee by facsimile,
countersigned by a transfer agent or its agent. Trust Securities Certificates  bearing
the manual signatures of individuals who were, at the time when such  signatures shall
have been affixed, authorized to sign on behalf of the Issuer  Trust or the Property
Trustee or, if executed on behalf of the Issuer Trust or  the Property Trustee by
facsimile, countersigned by a transfer agent or its  agent, shall be validly issued and
entitled to the benefits of this Trust  Agreement, notwithstanding that such individuals
or any of them shall have  ceased to be so authorized prior to the delivery of such Trust
Securities  Certificates or did not hold such offices at the date of delivery of such
Trust  Securities Certificates. A transferee of a Trust Securities Certificate shall
become a Holder, and shall be entitled to the rights and subject to the  obligations of a
Holder hereunder, upon due registration of such Trust  Securities Certificate in such
transferee’s name pursuant to Sections 5.4,  5.11 and 5.13. 

          SECTION
5.3.  Execution  and  Delivery  of  Trust  Securities Certificates.

          At
the Time of Delivery, the Administrative Trustees  shall cause Trust Securities
Certificates, in an aggregate Liquidation Amount as  provided in Sections 2.4 and 2.5, to
be executed on behalf of the Issuer Trust  and delivered to or upon the written order of
the Depositor, executed by one  authorized officer thereof, without further corporate
action by the Depositor,  in authorized denominations. 

          SECTION
5.4.  Registration  of  Transfer  and  Exchange  of  Capital Securities Certificates.

          The
Depositor shall keep or cause to be kept, at the  office or agency maintained pursuant to
Section 5.8, a register or registers for  the purpose of registering Trust Securities
Certificates and transfers and  exchanges of Capital Securities Certificates (the “Securities
Register”) in which the transfer agent and registrar designated by the  Depositor
(the “Securities Registrar”), subject to such reasonable  regulations as it may
prescribe, shall provide for the registration of Capital  Securities Certificates and
Common Securities Certificates (subject to Section  5.10 in the case of the Common
Securities Certificates) and registration of  transfers and exchanges of Capital
Securities Certificates as herein provided.  The Bank shall be the initial Securities
Registrar. 

          Upon
surrender for registration of transfer of any Capital Securities Certificate at  the
office or agency maintained pursuant to Section 5.8, the Administrative  Trustees or any
one of them shall execute on behalf of the Issuer Trust (and if  executed on behalf of
the Issuer Trust by a facsimile signature, such  certificate shall be countersigned by a
transfer agent or its agent) and  deliver, in the name of the designated transferee or
transferees, one or more  new Capital Securities Certificates in authorized denominations
of a like  aggregate Liquidation Amount dated the date of execution by such
Administrative  Trustee or Trustees. The Securities Registrar shall not be required to
register  the transfer of any Capital Securities that have been called for redemption
during a period beginning at the opening of business 15 days before the day of  selection
for such redemption. 

19

          At
the  option of a Holder, Capital Securities Certificates may be exchanged for other
Capital Securities Certificates in authorized denominations of the same class  and of a
like aggregate Liquidation Amount upon surrender of the Capital  Securities Certificates
to be exchanged at the office or agency maintained  pursuant to Section 5.8. 

          Every
Capital Securities Certificate presented or surrendered for registration of  transfer or
exchange shall be accompanied by a written instrument of transfer in  form satisfactory
to an Administrative Trustee and the Securities Registrar duly  executed by the Holder of
his attorney duly authorized in writing. Each Capital  Securities Certificate surrendered
for registration of transfer or exchange  shall be canceled and subsequently disposed of
by an Administrative Trustee or  the Securities Registrar in accordance with such Person’s
customary  practice. 

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

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

          If
(a)  any mutilated Trust Securities Certificate shall be surrendered to the  Securities
Registrar, or if the Securities Registrar shall receive evidence to  its satisfaction of
the destruction, loss or theft of any Trust Securities  Certificate, and (b) there shall
be delivered to the Securities Registrar and  the Administrative Trustees such security
or indemnity as may be required by  them to save each of them harmless, then in the
absence of notice that such  Trust Securities Certificate shall have been acquired by a
bona fide purchaser,  the Administrative Trustees, or any one of them, on behalf of the
Issuer Trust  shall execute and make available for delivery, in exchange for or in lieu
of any  such mutilated, destroyed, lost or stolen Trust Securities Certificate, a new
Trust Securities Certificate of like class, tenor and denomination. In  connection with
the issuance of any new Trust Securities Certificate under this  Section 5.5, the
Administrative Trustees or the Securities Registrar may require  the payment of a sum
sufficient to cover any tax or other governmental charge  that may be imposed in
connection therewith. Any duplicate Trust Securities  Certificate issued pursuant to this
Section shall constitute conclusive evidence  of an undivided beneficial interest in the
assets of the Issuer Trust  corresponding to that evidenced by the lost, stolen or
destroyed Trust  Securities Certificate, as if originally issued, whether or not the
lost, stolen  or destroyed Trust Securities Certificate shall be found at any time. 

          SECTION
5.6.  Persons Deemed Holders.

          The
Issuer Trustees and the Securities Registrar shall each treat the Person in  whose name
any Trust Securities Certificate shall be registered in the  Securities Register as the
owner of such Trust Securities Certificate for the  purpose of receiving Distributions
and for all other purposes whatsoever, and  none of the Issuer Trustees, the
Administrative Trustees and the Securities  Registrar shall be bound by any notice to the
contrary. 

20

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

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

          SECTION
5.8.  Maintenance of Office or Agency.

          The
Administrative Trustees shall designate an office or offices or agency or  agencies where
Capital Securities Certificates may be surrendered for  registration of transfer or
exchange and where notices and demands to or upon  the Issuer Trustees in respect of the
Trust Securities Certificates may be  served. The Administrative Trustees initially
designate U.S. Bank National  Association, Attention: Corporate Trust Services, as its
office and agency for  such purposes, located at One Federal Street, 3rd Floor, Boston,
Massachusetts  02110. The Administrative Trustee shall give prompt written notice to the
Depositor, the Property Trustees and to the Holders of any change in the  location of the
Securities Register or any such office or agency. 

          SECTION
5.9.  Appointment of Paying Agent.

          The
Paying Agent shall make Distributions to Holders from the  Payment Account and shall
report the amounts of such Distributions to the  Property Trustee and the Administrative
Trustees. Any Paying Agent shall have  the revocable power to withdraw funds from the
Payment Account solely for the  purpose of making the Distributions referred to above.
The Property Trustee may  revoke such power and remove the Paying Agent in its sole
discretion. The Paying  Agent shall initially be BB&T. Any Person acting as Paying
Agent shall be  permitted to resign as Paying Agent upon 30 days’ written notice to
the  Administrative Trustees and the Property Trustee. 

          If
BB&T shall no longer be the Paying Agent or a successor Paying Agent shall  resign or
its authority to act be revoked, the Property Trustee shall appoint a  successor (which
shall be a bank or trust company) that is reasonably acceptable  to the Administrative
Trustees to act as Paying Agent. Such successor Paying  Agent or any additional Paying
Agent shall execute and deliver to the Issuer  Trustees an instrument in which such
successor Paying Agent or additional Paying  Agent shall agree with the Issuer Trustees
that as Paying Agent, such successor  Paying Agent or additional Paying Agent will hold
all sums, if any, held by it  for payment to the Holders in trust for the benefit of the
Holders entitled  thereto until such sums shall be paid to such Holders. The Paying Agent
shall  return all unclaimed funds to the Property Trustee and upon removal of a Paying
Agent such Paying Agent shall also return all funds in its possession to the  Property
Trustee. The provisions of Sections 8.1, 8.3 and 8.6 herein shall apply  to BB&T in
its role as Paying Agent, for so long as BB&T shall act as  Paying Agent and, to the
extent applicable, to any other paying agent appointed  hereunder. Any reference in this
Agreement to the Paying Agent shall include any  co-paying agent unless the context
requires otherwise. 

          SECTION
5.10.  Ownership of Common Securities by Depositor.

          At
the  Time of Delivery, the Depositor shall acquire, and thereafter shall retain,
beneficial and record ownership of the Common Securities. To the fullest extent
permitted by law, other than a transfer in connection with a consolidation or  merger of
the Depositor into another Person, or any conveyance, transfer or  lease by the Depositor
of its properties and assets substantially as an entirety  to any Person, pursuant to
Section 8.1 of the Indenture, any attempted transfer  of the Common Securities shall be
void. The Administrative Trustees shall cause  each Common Securities Certificate issued
to the Depositor to contain a legend  stated “THIS CERTIFICATE IS NOT TRANSFERABLE
TO ANY PERSON”. 

21

          SECTION
5.11. Book-Entry  Capital  Securities  Certificates;  Common Securities Certificate.

          (a)
The  Capital Securities Certificates, upon original issuance, will be issued in the  form
of a typewritten Capital Securities Certificate or Certificates  representing Book-Entry
Capital Securities Certificates, to be delivered to DTC,  the initial Clearing Agency,
by, or on behalf of, the Issuer Trust. Such Capital  Securities Certificate or
Certificates shall initially be registered on the  Securities Register in the name of
Cede & Co., the nominee of the initial  Clearing Agency, and no Owner will receive a
Definitive Capital Securities  Certificate representing such Owner’s interest in
such Capital Securities,  except as provided in Section 5.13. Unless and until Definitive
Capital  Securities Certificates have been issued to Owners pursuant to Section 5.13; 

                              (i)      the
provisions of this Section 5.11(a) shall be in full force and effect;

                              (ii)      the
Securities Registrar and the Trustees shall be entitled to deal with the  Clearing Agency
for all purposes of this Trust Agreement relating to the  Book-Entry Capital Securities
Certificates (including the payment of the  Liquidation Amount of an Distributions on the
Capital Securities evidenced by  Book-Entry Capital Securities Certificates and the
giving of instructions or  directions to Owners of Capital Securities evidenced by
Book-Entry Capital  Securities Certificates) as the sole Holder of Capital Securities
evidenced by  Book-Entry Capital Securities Certificates and shall have no obligations to
the  Owners thereof;

                              (iii)      to
the extent that the provisions of this Section 5.11 conflict with any other  provisions
of this Trust Agreement, the provisions of this Section 5.11 shall  control; and

                              (iv)      the
rights of the Owners of the Book-Entry Capital Securities Certificate shall be  exercised
only through the Clearing Agency and shall be limited to those  established by law and
agreements between such Owners and the Clearing Agency  and/or the Clearing Agency
Participants.

      
                  
             
Pursuant to
the Issuer Letter of Representations, unless and until Definitive Capital  Securities
Certificates are issued pursuant to Section 5.13, the initial  Clearing Agency will make
book-entry transfers among the Clearing Agency  Participants and receive and transmit
payments on the Capital Securities to such  Clearing Agency Participants.

                    (b)     
A single Common Securities Certificate representing the Common Securities shall  be
issued to the Depositor in the form of a definitive Common Securities  Certificate.

          SECTION
5.12.  Notices to Clearing Agency.

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

          SECTION
5.13.  Definitive Capital Securities Certificates.

22

          If
(a) the Depositor advises the Issuer Trustees in writing that the Clearing  Agency is no
longer willing or able to properly discharge its responsibilities  with respect to the
Capital Securities Certificates, and the Depositor is unable  to locate a qualified
successor, (b) the Depositor at its option advises the  Issuer Trustees in writing that
it elects to terminate the book-entry system  through the Clearing Agency or (c) after
the occurrence of a Debenture Event of  Default, Owners of Capital Securities
Certificates representing beneficial  interests aggregating at least a majority of the
Liquidation Amount advise the  Administrative Trustees in writing that the continuation
of a book-entry system  through the Clearing Agency is no longer in the best interest of
the Owners of  Capital Securities Certificates, then the Administrative Trustees shall
notify  the other Issuer Trustees and the Clearing Agency, and the Clearing Agency, in
accordance with its customary rules and procedures, shall notify all Clearing  Agency
Participants for whom it holds Capital Securities of the occurrence of  any such event
and of the availability of the Definitive Capital Securities  Certificates to Owners of
such class or classes, as applicable, requesting the  same. Upon surrender to the
Administrative Trustees of the typewritten Capital  Securities Certificate or
Certificates representing the Book-Entry Capital  Securities Certificates by the Clearing
Agency, accompanied by registration  instructions, the Administrative Trustees, or any
one of them, shall execute the  Definitive Capital Securities Certificates in accordance
with the instructions  of the Clearing Agency, if executed on behalf of the Trust by
facsimile,  countersigned by a transfer agent or its agent. Neither the Securities
Registrar  nor the Trustees shall be liable for any delay in delivery of such
instructions  and may conclusively rely on, and shall be protected in relying on, such
instructions. Upon the issuance of Definitive Capital Securities Certificates,  the
Issuer Trustees shall recognize the Holders of the Definitive Capital  Securities
Certificates as Trust Security holders. The Definitive Capital  Securities Certificates
shall be typewritten, printed, lithographed or engraved  or may be produced in any other
manner as is reasonably acceptable to the  Administrative Trustees that meets the
requirements of any stock exchange or  automated quotation system on which the Capital
Securities are then listed or  approved for trading, as evidenced by the execution
thereof by the  Administrative Trustees or any one of them. 

          SECTION
5.14.  Rights of Holders; Waivers of Past Defaults.

                              (a)      The
legal title to the Trust Property is vested exclusively in the Property Trustee  (in its
capacity as such) in accordance with Section 2.9, and the Holders shall  not have any
right or title therein other than the undivided beneficial interest  in the assets of the
Issuer Trust conferred by their Trust Securities and they  shall have no right to call
for any partition or division of property, profits  or rights of the Issuer Trust except
as described below. The Trust Securities  shall be personal property giving only the
rights specifically set forth therein  and in this Trust Agreement. The Trust Securities
shall have no preemptive or  similar rights and when issued and delivered to Holders
against payment of the  purchase price therefor will be fully paid and nonassessable by
the Issuer  Trust. The Holders of the Trust Securities, in their capacities as such,
shall  be entitled to the same limitation of personal liability extended to  stockholders
of private corporations for profit organized under the General  Corporation Law of the
State of Delaware.

                              (b)      For
so  long as any Capital Securities remain Outstanding, if, upon an Acceleration  Event of
Default under Section 5.1(6) of the Indenture, the Debenture Trustee  fails or the
holders of not less than 25% in principal amount of the outstanding  Debentures fail to
declare the principal of all of the Debentures to be  immediately due and payable, the
Holders of at least 25% in Liquidation Amount  of the Capital Securities then Outstanding
shall have the right to make such  declaration by a notice in writing to the Property
Trustee, the Depositor and  the Debenture Trustee.

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

23

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

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

                                        (B)       any
accrued Additional Interest on all of the Debentures,

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

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

                              (ii)       the
applicable Acceleration Event of Default with respect to the Debentures,  other than the
non-payment of the principal of the Debentures that has become  due solely by such
acceleration, have been cured or waived as provided in  Section 5.13 of the Indenture.

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

                              (iv)       Upon
receipt by the Property Trustee of written notice declaring such an  acceleration, or
rescission and annulment thereof, by Holders of any part of the  Capital Securities, a
record date shall be established for determining Holders  of Outstanding Capital
Securities entitled to join in such notice, which record  date shall be at the close of
business on the day the Property Trustee receives  such notice. The Holders on such
record date, or their duly designated proxies,  and only such Persons, shall be entitled
to join in such notice, whether or not  such Holders remain Holders after such record
date; provided that, unless such  declaration of acceleration, or rescission and
annulment, as the case may be,  shall have become effective by virtue of the requisite
percentage having joined  in such notice prior to the day that is 90 days after such
record date, such  notice of declaration of acceleration, or rescission and annulment, as
the case  may be, shall automatically and without further action by any Holder be
canceled  and of no further effect. Nothing in this paragraph shall prevent a Holder, or
a  proxy of a Holder, from giving, after expiration of such 90-day period, a new  written
notice of declaration of acceleration, or rescission and annulment  thereof, as the case
may be, that is identical to a written notice that has been  canceled pursuant to the
proviso to the preceding sentence, in which event a new  record date shall be established
pursuant to the provisions of this Section  5.14(b).

                    (c)       For
so long as any Capital Securities remain Outstanding, to the fullest extent  permitted by
law and subject to the terms of this Trust Agreement and the  Indenture, upon a Debenture
Event of Default specified in Section 5.1(1) or  5.1(2) of the Indenture, any Holder of
Capital Securities shall have the right  to institute a proceeding directly against the
Depositor, pursuant to Section  5.8 of the Indenture, for enforcement of payment to such
Holder of any amounts  payable in respect of Debentures having an aggregate principal
amount equal to  the aggregate Liquidation Amount of the Capital Securities of such
Holder (a  “Direct Action”). Except as set forth in Section 5.14(b) and this
Section 5.14(c), the Holders of Capital Securities shall have no right to  exercise
directly any right or remedy available to the holders of, or in respect  of, the
Debentures.

24

                    (d)      Except
as otherwise provided in paragraphs (a), (b) and (c) of this Section 5.14, the  Holders
of at least a Majority in Liquidation Amount of the Capital Securities  may, on behalf of
the Holders of all the Capital Securities, waive any past  default or Event of Default
and its consequences. Upon such waiver, any such  default or Event of Default shall cease
to exist, and any default or Event of  Default arising there from shall be deemed to have
been cured, for every purpose  of this Trust Agreement, but no such waiver shall extend
to any subsequent or  other default or Event of Default or impair any right consequent
thereon.

          SECTION
5.15.  CUSIP Numbers.

          The
Administrative Trustees in issuing the Capital Securities may use  “CUSIP” numbers
(if then generally in use), and, if so, the Property  Trustee shall use “CUSIP” numbers
in notices of redemption as a  convenience to Holders; provided that any such notice may
state that no  representation is made as to the correctness of such numbers either as
printed  on the Capital Securities or as contained in any notice of a redemption and that
reliance may be placed only on the other identification numbers printed on the  Capital
Securities, and any such redemption shall not be affected by any defect  in or omission
of such numbers. The Administrative Trustees will promptly notify  the Property Trustee
of any change in the CUSIP numbers. 

ARTICLE 6
ACTS OF HOLDERS; MEETINGS; VOTING

          SECTION
6.1.  Limitations on Voting Rights.

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

                    (b)      So
long as any Debentures are held by the Property Trustee on behalf of the Issuer  Trust,
the Issuer Trustees shall not (i) direct the time, method and place of  conducting any
proceeding for any remedy available to the Debenture Trustee, or  execute any trust or
power conferred on the Debenture Trustee with respect to  the Debentures, (ii) waive any
past default that may be waived under Section  5.13 of the Indenture, (iii) exercise any
right to rescind or annul a  declaration that the principal of all the Debentures shall
be due and payable,  or (iv) consent to any amendment, modification or termination of the
Indenture  or the Debentures, where such consent shall be required, without, in each
case,  obtaining the prior approval of the Holders of at least a Majority in  Liquidation
Amount of the Capital Securities, provided, however, that where a  consent under the
Indenture would require the consent of each holder of  Debentures affected thereby, no
such consent shall be given by the Property  Trustee without the prior written consent of
each Holder of Capital Securities.  The Property Trustee shall not revoke any action
previously authorized or  approved by a vote of the Holders of the Capital Securities,
except by a  subsequent vote of the Holders of the Capital Securities. The Property
Trustee  shall notify all Holders of the Capital Securities of any notice of default
received with respect to the Debentures. In addition to obtaining the foregoing
approvals of the Holders of the Capital Securities, prior to taking any of the  foregoing
actions, the Issuer Trustees shall, at the expense of the Depositor,  obtain an Opinion
of Counsel experienced in such matters to the effect that such  action shall not cause
the Issuer Trust to be taxable as a corporation or  classified as other than a grantor
trust for United States Federal income tax  purposes.

25

                    (c)       If
any proposed amendment to the Trust Agreement provides for, or the Issuer  Trustees
otherwise propose to effect, (i) any action that would adversely affect  in any material
respect the powers, preferences or special rights of the Capital  Securities, whether by
way of amendment to the Trust Agreement or otherwise, or  (ii) the dissolution and
winding-up of the Issuer Trust, other than pursuant to  the terms of this Trust
Agreement, then the Holders of Outstanding Capital  Securities as a class will be
entitled to vote on such amendment or proposal and  such amendment or proposal shall not
be effective except with the approval of  the Holders of at least a Majority in
Liquidation Amount of the Capital  Securities. Notwithstanding any other provision of
this Trust Agreement, no  amendment to this Trust Agreement may be made if, as a result
of such amendment,  it would cause the Issuer Trust to be taxable as a corporation or
classified as  other than a grantor trust for United States Federal income tax purposes.

          SECTION
6.2.  Notice of Meetings.

          Notice
of all meetings of the Holders of the Capital Securities,  stating the time, place and
purpose of the meeting, shall be given by the  Property Trustee pursuant to Section 10.8
to each Holder of Capital Securities,  at such Holder’s registered address, at least
15 days and not more than 90  days before the meeting. 

          At
any such meeting, any business properly before the meeting  may be so considered whether
or not stated in the notice of the meeting. Any  adjourned meeting may be held as
adjourned without further notice. 

          SECTION
6.3.  Meetings of Holders of the Capital Securities.

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

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

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

          SECTION
6.4.  Voting Rights.

          Holders
shall be entitled to one vote for each $1,000 of Liquidation Amount represented  by their
Outstanding Trust Securities in respect of any matter as to which such  Holders are
entitled to vote. 

          SECTION
6.5.  Proxies, etc.

26

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

          SECTION
6.6.  Holder Action by Written Consent.

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

          SECTION
6.7.  Record Date for Voting and Other Purposes.

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

          SECTION
6.8.  Acts of Holders.

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

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

          The
fact and date of the execution of any such  instrument or writing, or the authority of
the Person executing the same, may  also be proved in any other manner that any Issuer
Trustee receiving the same  deems sufficient. 

27

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

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

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

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

          A
Holder may institute a legal proceeding  directly against the Depositor under the
Guarantee to enforce its rights under  the Guarantee without first instituting a legal
proceeding against the Guarantee  Trustee (as defined in the Guarantee), the Issuer
Trust, any Issuer Trustee, or  any person or entity. 

          SECTION
6.9.  Inspection of Records.

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

ARTICLE 7

REPRESENTATIONS AND WARRANTIES

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

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

                    (a)      the
Property Trustee is a national banking association, duly organized, validly  existing and
in good standing under the laws of the United States;

                    (b)      the
Property Trustee has full corporate power, authority and legal right to execute,  deliver
and perform its obligations under this Trust Agreement and has taken all  necessary
action to authorize the execution, delivery and performance by it of  this Trust
Agreement;

                    (c)      the
Delaware Trustee is a Delaware banking corporation;

                    (d)      the
Delaware  Trustee has full corporate power, authority and legal right to execute, deliver
and perform its obligations under this Trust Agreement and has taken all  necessary
action to authorize the execution, delivery and performance by it of  this Trust
Agreement;

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                    (e)      this
Trust Agreement has been duly authorized, executed and delivered by the Property  Trustee
and the Delaware Trustee and constitutes the valid and legally binding  agreement of each
of the Property Trustee and the Delaware Trustee enforceable  against each of them in
accordance with its terms, subject to bankruptcy,  insolvency, fraudulent transfer,
reorganization, moratorium and similar laws of  general applicability relating to or
affecting creditors’ rights and to  general equity principles;

                    (f)      the
execution, delivery and performance of this Trust Agreement have been duly  authorized by
all necessary corporate or other action on the part of the  Property Trustee and the
Delaware Trustee and do not require any approval of  stockholders of the Property Trustee
and the Delaware Trustee and such  execution, delivery and performance will not (i)
violate the Charter or By-laws  of the Property Trustee or the Delaware Trustee, (ii)
violate any provision of,  or constitute, with or without notice or lapse of time, a
default under, or  result in the creation or imposition of, any Lien on any properties
included in  the Trust Property pursuant to the provisions of, any indenture, mortgage,
credit agreement, license or other agreement or instrument to which the Property  Trustee
or the Delaware Trustee is a party or by which it is bound, or (iii)  violate any law,
governmental rule or regulation of the United States or the  State of Delaware, as the
case may be, governing the banking, trust or general  powers of the Property Trustee or
the Delaware Trustee (as appropriate in  context) or any order, judgment or decree
applicable to the Property Trustee or  the Delaware Trustee;

                    (g)       neither
the authorization, execution or delivery by the Property Trustee or the  Delaware Trustee
of this Trust Agreement nor the consummation of any of the  transactions by the Property
Trustee or the Delaware Trustee (as the case may  be) contemplated herein requires the
consent or approval of, the giving of  notice to, the registration with or the taking of
any other action with respect  to any governmental authority or agency under any existing
law of the United  States or the State of Delaware governing the banking, trust or
general powers  of the Property Trustee or the Delaware Trustee (as appropriate in
context); and

                    (h)       there
are no proceedings pending or, to the best of each of the Property  Trustee’s and
the Delaware Trustee’s knowledge, threatened against or  affecting the Property
Trustee or the Delaware Trustee in any court or before  any governmental authority,
agency or arbitration board or tribunal that,  individually or in the aggregate, would
materially and adversely affect the  Issuer Trust or would question the right, power and
authority of the Property  Trustee or the Delaware Trustee, as the case may be, to enter
into or perform  its obligations as one of the Trustees under this Trust Agreement.

          SECTION
7.2.  Representations and Warranties of Depositor.

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

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

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

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ARTICLE 8

THE ISSUER TRUSTEES

          SECTION
8.1.  Certain Duties and Responsibilities.

                    (a)       The
duties and responsibilities of the Issuer Trustees shall be as provided by  this Trust
Agreement, subject to Section 10.10 hereof. Notwithstanding the  foregoing, but subject
to Section 8.1(c), no provision of this Trust Agreement  shall require any of the Issuer
Trustees to expend or risk its or their own  funds or otherwise incur any financial
liability in the performance of any of  its or their duties hereunder, or in the exercise
of any of its or their rights  or powers, if it or they shall have reasonable grounds for
believing that  repayment of such funds or adequate indemnity against such risk or
liability is  not reasonably assured to it.

       
                   
    Whether or
not therein expressly so  provided, every provision of this Trust Agreement relating to
the conduct or  affecting the liability of or affording protection to the Issuer Trustees
shall  be subject to the provisions of this Section 8.1. Nothing in this Trust  Agreement
shall be construed to release an Administrative Trustee or the  Delaware Trustee from
liability for his or her own negligent action, its own  negligent failure to act, or his
or her own willful misconduct. To the extent  that, at law or in equity, an
Administrative Trustee or the Delaware Trustee has  duties and liabilities relating to
the Issuer Trust or to the Holders, such  Administrative Trustee or the Delaware Trustee
shall not be liable to the Issuer  Trust or to any Holder for such Administrative Trustee’s
or Delaware  Trustee’s good faith reliance on the provisions of this Trust
Agreement.  The provisions of this Trust Agreement, to the extent that they restrict the
duties and liabilities of the Administrative Trustees or the Delaware Trustee  otherwise
existing at law or in equity, are agreed by the Depositor and the  Holders to replace
such other duties and liabilities of the Administrative  Trustees or the Delaware Trustee.

                    (b)      All
payments made by the Property Trustee or a Paying Agent in respect of the Trust
Securities shall be made only from the revenue and proceeds from the Trust  Property and
only to the extent that there shall be sufficient revenue or  proceeds from the Trust
Property to enable the Property Trustee or a Paying  Agent to make payments in accordance
with the terms hereof. Each Holder, by its  acceptance of a Trust Security, agrees that
it will look solely to the revenue  and proceeds from the Trust Property to the extent
legally available for  distribution to it as herein provided and that the Issuer Trustees
are not  personally liable to such Holder for any amount distributable in respect of any
Trust Security or for any other liability in respect of any Trust Security. This  Section
8.1(b) does not limit the liability of the Issuer Trustees expressly set  forth elsewhere
in this Trust Agreement or, in the case of the Property Trustee,  in the Trust Indenture
Act.

                    (c)      If
an  Event of Default has occurred and is continuing, the Property Trustee shall  enforce
this Trust Agreement for the benefit of the Holders in accordance with  Section 8.1(d).

                    (d)      The
Property Trustee, before the occurrence of any Event of Default and after the  curing of
all Events of Default that may have occurred, shall undertake to  perform only such
duties as are specifically set forth in this Trust Agreement  (including pursuant to
Section 10.10), and no implied covenants shall be read  into this Trust Agreement against
the Property Trustee. If an Event of Default  has occurred (that has not been cured or
waived pursuant to Section 5.14), the  Property Trustee shall exercise such of the rights
and powers vested in it by  this Trust Agreement, and use the same degree of care and
skill in its exercise  thereof, as a prudent person would exercise or use under the
circumstances in  the conduct of his or her own affairs.

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

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

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

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

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

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

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

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

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

                              (viii)      Subject
to Section 8.1(d), no provision of this Trust Agreement shall require the  Property
Trustee to expend or risk its own funds or otherwise incur personal  financial liability
in the performance of any of its duties or in the exercise  of any of its rights or
powers, if the Property Trustee shall have reasonable  grounds for believing that the
repayment of such funds or liability is not  reasonably assured to it under the terms of
this Trust Agreement or adequate  indemnity against such risk or liability is not
reasonably assured to it.

31

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

          SECTION
8.2.  Certain Notices.

          Within
ninety days after the occurrence of any Event of Default actually known to the  Property
Trustee, the Property Trustee shall transmit, in the manner and to the  extent provided
in Section 10.8, notice of such Event of Default to the Holders  and the Administrative
Trustees, unless such Event of Default shall have been  cured or waived. 

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

          The
Property Trustee shall not be deemed to have knowledge of any Event of Default  unless
the Property Trustee shall have received written notice or a Responsible  Officer of the
Property Trustee charged with the administration of this Trust  Agreement shall have
obtained actual knowledge of such Event of Default. 

          SECTION
8.3.  Certain Rights of Property Trustee.

          Subject
to the provisions of Section 8.1: 

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

                    (b)      if
(i)  in performing its duties under this Trust Agreement the Property Trustee is
required to decide between alternative courses of action, (ii) in construing any  of the
provisions of this Trust Agreement the Property Trustee finds the same  ambiguous or
inconsistent with any other provisions contained herein, or (iii)  the Property Trustee
is unsure of the application of any provision of this Trust  Agreement, then, except as
to any matter as to which the Holders of the Capital  Securities are entitled to vote
under the terms of this Trust Agreement, the  Property Trustee shall deliver a notice to
the Depositor requesting the  Depositor’s opinion as to the course of action to be
taken and the Property  Trustee shall take such action, or refrain from taking such
action, as the  Property Trustee shall deem advisable and in the best interests of the
Holders,  in which event the Property Trustee shall have no liability except for its own
bad faith, negligence or willful misconduct;

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

32

                    (d)      any
direction or act of an Administrative Trustee contemplated by this Trust  Agreement shall
be sufficiently evidenced by a certificate executed by such  Administrative Trustee and
setting forth such direction or act;

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

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

                    (g)       the
Property Trustee shall be under no obligation to exercise any of the rights  or powers
vested in it by this Trust Agreement at the request or direction of  any of the Holders
pursuant to this Trust Agreement, unless such Holders shall  have offered to the Property
Trustee reasonable security or indemnity against  the costs, expenses and liabilities
that might be incurred by it in compliance  with such request or direction; provided
that, nothing contained in this Section  8.3(g) shall be taken to relieve the Property
Trustee, upon the occurrence of an  Event of Default, of its obligation to exercise the
rights and powers vested in  it by this Trust Agreement as provided in Section 8.1(d);

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

                    (i)       the
Property Trustee may execute any of the trusts or powers hereunder or  perform any duties
hereunder either directly or by or through its agents or  attorneys, provided that the
Property Trustee shall be responsible for its own  negligence or misconduct with respect
to selection of any agent or attorney  appointed by it hereunder;

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

                    (k)       except
as otherwise expressly provided by this Trust Agreement, the Property  Trustee shall not
be under any obligation to take any action that is  discretionary under the provisions of
this Trust Agreement.

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

33

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

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

          SECTION
8.5.  May Hold Securities.

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

          SECTION
8.6.  Compensation; Indemnity; Fees.

          The
Depositor agrees:

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

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

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

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

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

34

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

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

                    (a)       There
shall at all times be a Property Trustee hereunder with respect to the  Trust Securities.
The Property Trustee shall be a Person that is a national or  state chartered bank and
eligible pursuant to the Trust Indenture Act to act as  such and that has a combined
capital and surplus of at least $50,000,000. If any  such Person publishes reports of
condition at least annually, pursuant to law or  to the requirements of its supervising
or examining authority, then for the  purposes of this Section 8.7 and to the extent
permitted by the Trust Indenture  Act, the combined capital and surplus of such Person
shall be deemed to be its  combined capital and surplus as set forth in its most recent
report of condition  so published. If at any time the Property Trustee with respect to
the Trust  Securities shall cease to be eligible in accordance with the provisions of
this  Section 8.7, it shall resign immediately in the manner and with the effect
hereinafter specified in this Article VIII. At the time of appointment, the  Property
Trustee must have securities rated in one of the three highest rating  categories by a
nationally recognized statistical rating organization.

                    (b)      There
shall at all times be one or more  Administrative Trustees hereunder with respect to the
Trust Securities. Each  Administrative Trustee shall be either a natural person who is at
least 21 years  of age or a legal entity that shall act through one or more persons
authorized  to bind that entity.

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

          SECTION
8.8.  Conflicting Interests.

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

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

35

          SECTION
8.9.  Co-Trustees and Separate Trustee.

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

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

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

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

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

                    (c)       The
Property Trustee at any time, by an instrument in writing executed by it,  with the
written concurrence of the Depositor, may accept the resignation of or  remove any
co-trustee or separate trustee appointed under this Section 8.9, and,  in case a
Debenture Event of Default has occurred and is continuing, the  Property Trustee shall
have power to accept the resignation of, or remove, any  such co-trustee or separate
trustee without the concurrence of the Depositor.  Upon the written request of the
Property Trustee, the Depositor shall join with  the Property Trustee in the execution,
delivery and performance of all  instruments and agreements necessary or proper to
effectuate such resignation or  removal. A successor to any co-trustee or separate
trustee so resigning or  removed may be appointed in the manner provided in this Section
8.9.

36

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

                    (e)       The
Property Trustee shall not be liable by reason of any act of a co-trustee or  separate
trustee.

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

          SECTION
8.10.  Resignation and Removal; Appointment of Successor.

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

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

          The
Administrative Trustees, or any of them, may be appointed, removed or replaced  by Act of
the Holders of Common Securities delivered to the Relevant Trustee. 

          The
Property Trustee or the Delaware Trustee, or both of them, may be appointed,  removed or
replaced by Act of the Holders of at least a Majority in Liquidation  Amount of the
Capital Securities, delivered to the Relevant Trustee (in its  individual capacity and,
in the case of the Property Trustee, on behalf of the  Issuer Trust) (i) for cause
(including upon the occurrence of an Event of  Default described in subparagraph (d) of
the definition thereof with respect to  the Relevant Trustee), or (ii) if a Debenture
Event of Default shall have  occurred and be continuing at any time. Unless and until an
event described in  clauses (i) or (ii) of the previous sentence shall have occurred and
be  continuing, the Property Trustee or the Delaware Trustee, or both of them, may  be
appointed, removed or replaced at any time by Act of the Holders of the  Common
Securities. 

          If
a  resigning Issuer Trustee shall fail to appoint a successor, or if an Issuer  Trustee
shall be removed or become incapable of acting as Issuer Trustee, or if  a vacancy shall
occur in the office of any Issuer Trustee for any cause, the  Holders of the Capital
Securities, by Act of the Holders of not less than 25% in  aggregate Liquidation Amount
of the Capital Securities then Outstanding  delivered to such Relevant Trustee, may
appoint a successor Relevant Trustee or  Trustees, and such successor Issuer Trustee
shall comply with the applicable  requirements of Section 8.11. If no successor Relevant
Trustee shall have been  so appointed by the Holders of the Capital Securities and
accepted appointment  in the manner required by Section 8.11, any Holder, on behalf of
such Holder and  all others similarly situated, or any other Issuer Trustee, may petition
any  court of competent jurisdiction for the appointment of a successor Relevant  Trustee. 

37

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

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

          SECTION
8.11.  Acceptance of Appointment by Successor.

          In
case  of the appointment hereunder of a successor Relevant Trustee, the retiring
Relevant Trustee and each successor Relevant Trustee with respect to the Trust
Securities shall execute and deliver an amendment hereto wherein each successor  Relevant
Trustee shall accept such appointment and which (a) shall contain such  provisions as
shall be necessary or desirable to transfer and confirm to, and to  vest in, each
successor Relevant Trustee all the rights, powers, trusts and  duties of the retiring
Relevant Trustee with respect to the Trust Securities and  the Issuer Trust, and (b)
shall add to or change any of the provisions of this  Trust Agreement as shall be
necessary to provide for or facilitate the  administration of the Issuer Trust by more
than one Relevant Trustee, it being  understood that nothing herein or in such amendment
shall constitute such  Relevant Trustees co- trustees and upon the execution and delivery
of such  amendment the resignation or removal of the retiring Relevant Trustee shall
become effective to the extent provided therein and each such successor Relevant
Trustee, without any further act, deed or conveyance, shall become vested with  all the
rights, powers, trusts and duties of the retiring Relevant Trustee; but,  on request of
the Issuer Trust or any successor Relevant Trustee such retiring  Relevant Trustee shall
duly assign, transfer and deliver to such successor  Relevant Trustee all Trust Property,
all proceeds thereof and money held by such  retiring Relevant Trustee hereunder with
respect to the Trust Securities and the  Trust. 

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

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

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

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

38

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

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

          SECTION
8.14.  Trustee May File Proofs of Claim.

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

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

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

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

          SECTION
8.15.  Reports by Property Trustee.

                    (a)      Within
60 days after May 15 of each year commencing with May 15, 2007, to the extent  required
by the Trust Indenture Act, the Property Trustee shall transmit to all  Holders in
accordance with Section 10.8, and to the Depositor, a brief report  dated as of the
immediately preceding May 15 with respect to:

                              (i)      its
eligibility under Section 8.7 or, in lieu thereof, if to the best of its  knowledge it
has continued to be eligible under said Section, a written  statement to such effect;

                              (ii)      a
statement that the Property Trustee has complied with all of its obligations  under this
Trust Agreement during the twelve-month period (or, in the case of  the initial report,
the period since the Closing Date) ending with such May 15  or, if the Property Trustee
has not complied in any material respect with such  obligations, a description of such
noncompliance; and

39

                              (iii)      any
change in the property and funds in its possession as Property Trustee since the  date of
its last report and any action taken by the Property Trustee in the  performance of its
duties hereunder which it has not previously reported and  which in its opinion
materially affects the Trust Securities.

                    (b)       In
addition, the Property Trustee shall transmit to Holders such reports  concerning the
Property Trustee and its actions under this Trust Agreement as  may be required pursuant
to the Trust Indenture Act at the times and in the  manner provided pursuant thereto.

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

          SECTION
8.16. Reports to the Property Trustee.

          Each
of the Depositor and the Administrative Trustees  shall provide to the Property Trustee
such documents, reports and information as  required by Section 314 of the Trust
Indenture Act (if any) and the compliance  certificate required by Section 314(a) of the
Trust Indenture Act in the form,  in the manner and at the times required by Section 314
of the Trust Indenture  Act. The Depositor and the Administrative Trustees shall annually
file with the  Property Trustee a certificate specifying whether such Person is in
compliance  with all of the terms and covenants applicable to such Person hereunder. 

          SECTION
8.17. Evidence of Compliance with Conditions Precedent.

          Each
of the Depositor and the Administrative Trustees  shall provide to the Property Trustee
such evidence of compliance with any  conditions precedent, if any, provided for in this
Trust Agreement that relate  to any of the matters set forth in Section 314(c) of the
Trust Indenture Act.  Any certificate or opinion required to be given by an officer
pursuant to  Section 314(c)(1) of the Trust Indenture Act shall be given in the form of
an  Officers’ Certificate. 

          SECTION
8.18. Number of Issuer Trustees.

                    (a)       The
number of Issuer Trustees shall be four, unless the Property Trustee also  acts as the
Delaware Trustee, in which case the number of Issuer Trustees may be  three.

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

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

          SECTION
8.19. Delegation of Power.

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

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

40

ARTICLE 9

DISSOLUTION, LIQUIDATION AND MERGER

          SECTION
9.1.  Dissolution Upon Expiration Date.

          Unless
earlier dissolved, the Issuer Trust shall automatically dissolve, and its  affairs be
wound up, on December 31, 2056 (the “Expiration Date”),  following the
distribution of the Trust Property in accordance with Section 9.4. 

          SECTION
9.2.  Early Dissolution.

          The
first  to occur of any of the following events is an “Early Dissolution  Event”: 

                    (a)      the
occurrence of a Bankruptcy Event in respect of, or the dissolution or  liquidation of,
the Depositor, in its capacity as the Holder of the Common  Securities, unless the
Depositor shall transfer the Common Securities as  provided by Section 5.10, in which
case this provision shall refer instead to  any such successor Holder of the Common
Securities;

                    (b)      the
written direction to the Property Trustee from all of the Holders of the Common
Securities at any time to dissolve the Issuer Trust and to distribute the  Debentures to
Holders in exchange for the Capital Securities (which direction is  optional and wholly
within the discretion of the Holders of the Common  Securities);

                    (c)      the
redemption of all of the Capital Securities in connection with the redemption of  all the
Debentures; and

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

          SECTION
9.3.  Dissolution.

          The
respective obligations and responsibilities of the Issuer Trustees, the  Administrative
Trustees and the Issuer Trust created and continued hereby shall  terminate upon the
latest to occur of the following: (a) the distribution by the  Property Trustee to
Holders of all amounts required to be distributed hereunder  upon the liquidation of the
Issuer Trust pursuant to Section 9.4, or upon the  redemption of all of the Trust
Securities pursuant to Section 4.2; (b) the  payment of any expenses owed by the Issuer
Trust; (c) the discharge of all  administrative duties of the Administrative Trustees,
including the performance  of any tax reporting obligations with respect to the Issuer
Trust or the  Holders; and (d) the filing of a certificate of cancellation with the
Delaware  Secretary of State in accordance with the Delaware Statutory Trust Act.
Promptly  after the latest to occur of the foregoing, the Property Trustee will notify
the  Delaware Trustee in writing that the Delaware Trustee’s obligations and
responsibilities with respect to the Issuer Trust have terminated. 

41

          SECTION
9.4.  Liquidation.

                    (a)       If
an Early Dissolution Event specified in clause (a), (b) or (d) of Section 9.2  occurs or
upon the Expiration Date, the Issuer Trust shall be liquidated by the  Property Trustee
as expeditiously as the Property Trustee determines to be  possible by distributing,
after satisfaction of liabilities to creditors of the  Issuer Trust as provided by
applicable law, to each Holder a Like Amount of  Debentures, subject to Section 9.4(d).

       
                   
    Notice of
liquidation shall be given by the Property  Trustee by first-class mail, postage prepaid,
mailed not less than 30 nor more  than 60 days prior to the Liquidation Date to each
Holder of Trust Securities at  such Holder’s address appearing in the Securities
Register. All such  notices of liquidation shall:

                              (i)       state
the CUSIP Number of the Trust Securities;

                              (ii)       state
the Liquidation Date;

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

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

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

                    (c)       Except
where Section 9.2(c) or 9.4(d) applies, after the Liquidation Date, (i)  the Trust
Securities will no longer be deemed to be Outstanding, (ii)  certificates representing a
Like Amount of Debentures will be issued to Holders  of Trust Securities Certificates,
upon surrender of such Certificates to the  exchange agent for exchange, (iii) any Trust
Securities Certificates not so  surrendered for exchange will be deemed to represent a
Like Amount of Debentures  bearing accrued and unpaid interest in an amount equal to the
accumulated and  unpaid Distributions on such Trust Securities Certificates until such
certificates are so surrendered (and until such certificates are so surrendered,  no
payments of interest or principal will be made to Holders of Trust Securities
Certificates with respect to such Debentures) and (iv) all rights of Holders  holding
Trust Securities will cease, except the right of such Holders to receive  Debentures upon
surrender of Trust Securities Certificates.

42

                    (d)      If,
notwithstanding the other provisions of this Section 9.4, whether because of an  order
for dissolution entered by a court of competent jurisdiction or otherwise,  distribution
of the Debentures in the manner provided herein is determined by  the Property Trustee
not to be practical, or if an Early Dissolution Event  specified in clause (c) of Section
9.2 occurs, the Trust Property shall be  liquidated, and the Issuer Trust shall be
dissolved and its affairs wound-up, by  the Property Trustee in such manner as the
Property Trustee determines. In such  event, on the date of the dissolution, winding-up
or other termination of the  Issuer Trust, Holders will be entitled to receive out of the
assets of the  Issuer Trust available for distribution to Holders, after satisfaction of
liabilities to creditors of the Issuer Trust as provided by applicable law, an  amount
equal to the Liquidation Amount per Trust Security plus accumulated and  unpaid
Distributions thereon to the date of payment (such amount being the  “Liquidation
Distribution”). If, upon any such dissolution, winding up  or termination, the
Liquidation Distribution can be paid only in part because  the Issuer Trust has
insufficient assets available to pay in full the aggregate  Liquidation Distribution,
then, subject to the next succeeding sentence, the  amounts payable by the Issuer Trust
on the Trust Securities shall be paid on a  pro rata basis (based upon Liquidation
Amounts). The Holders of the Common  Securities will be entitled to receive Liquidation
Distributions upon any such  dissolution, winding-up or termination pro rata (determined
as aforesaid) with  Holders of Capital Securities, except that, if a Debenture Event of
Default  specified in Section 5.1(1) or 5.1(2) of the Indenture has occurred and is
continuing, the Capital Securities shall have a priority over the Common  Securities as
provided in Section 4.3.

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

          The
Issuer Trust may not merge with or into, consolidate, amalgamate, or be replaced  by, or
convey, transfer or lease its properties and assets substantially as an  entirety to any
corporation or other body, except pursuant to this Section 9.5.  At the request of the
Holders of the Common Securities, with the consent of the  Administrative Trustees, and
without the consent of the other Issuer Trustees or  the Holder of the Capital
Securities, the Issuer Trust may merge with or into,  consolidate, amalgamate, or be
replaced by or convey, transfer or lease its  properties and assets substantially as an
entirety to a trust organized as such  under the laws of any state; provided, that (i)
such successor entity either (a)  expressly assumes all of the obligations of the Issuer
Trust with respect to the  Capital Securities, or (b) substitutes for the Capital
Securities other  securities having substantially the same terms as the Capital
Securities (the  “Successor Securities”) so long as the Successor Securities
have the  same priority as the Capital Securities with respect to distributions and
payments upon liquidation, redemption and otherwise, (ii) a trustee of such  successor
entity possessing the same powers and duties as the Property Trustee  is appointed to
hold the Debentures, (iii) such merger, consolidation,  amalgamation, replacement,
conveyance, transfer or lease does not cause the  Capital Securities (including any
Successor Securities) to be downgraded by any  nationally recognized statistical rating
organization, (iv) such merger,  consolidation, amalgamation, replacement, conveyance,
transfer or lease does not  adversely affect the rights, preferences and privileges of
the holders of the  Capital Securities (including any Successor Securities) in any
material respect,  (v) such successor entity has a purpose substantially identical to
that of the  Issuer Trust, (vi) prior to such merger, consolidation, amalgamation,
replacement, conveyance, transfer or lease, the Property Trustee has received an  Opinion
of Counsel to the effect that (a) such merger, consolidation,  amalgamation, replacement,
conveyance, transfer or lease does not adversely  affect the rights, preferences and
privileges of the Holders of the Capital  Securities (including any Successor Securities)
in any material respect, and (b)  following such merger, consolidation, amalgamation,
replacement, conveyance,  transfer or lease, neither the Issuer Trust nor such successor
entity will be  required to register as an “investment company” under the
Investment  Company Act, (vii) the Depositor or its permitted transferee owns all of the
Common Securities of such successor entity and guarantees the obligations of  such
successor entity under the Successor Securities at least to the extent  provided by the
Guarantee Agreement, and (viii) the Successor Securities are  listed, or any Successor
Securities will be listed on notification of issuance,  on any national securities
exchange or other organization on which the Capital  Securities are then listed, if any.
Notwithstanding the foregoing, the Issuer  Trust shall not, except with the consent of
Holders of all of the Capital  Securities, consolidate, amalgamate, merge with or into,
or be replaced by or  convey, transfer or lease its properties and assets substantially
as an entirety  to any other entity or permit any other entity to consolidate,
amalgamate, merge  with or into, or replace it if such consolidation, amalgamation,
merger,  replacement, conveyance, transfer or lease would cause the Issuer Trust or the
successor entity to be taxable as a corporation or classified as other than a  grantor
trust for United States Federal income tax purposes. 

43

ARTICLE
10  MISCELLANEOUS PROVISIONS

          SECTION
10.1. Limitation of Rights of Holders.

          Except
as set forth in Section 9.2, the death or  incapacity of any person having an interest,
beneficial or otherwise, in Trust  Securities shall not operate to terminate this Trust
Agreement, nor entitle the  legal representatives or heirs of such person or any Holder
for such person, to  claim an accounting, take any action or bring any proceeding in any
court for a  partition or winding up of the arrangements contemplated hereby, nor
otherwise  affect the rights, obligations and liabilities of the parties hereto or any of
them. 

          SECTION
10.2.  Amendment.

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

                    (b)      Except
as provided in Section 10.2(c), any provision of this Trust Agreement may be  amended by
the Administrative Trustees, the Property Trustee, and the Holders of  all of the Common
Securities and with (i) the consent of Holders of at least a  Majority in Liquidation
Amount of the Capital Securities, and (ii) receipt by  the Issuer Trustees of an Opinion
of Counsel to the effect that such amendment  or the exercise of any power granted to the
Trustees or the Administrative  Trustees in accordance with such amendment will not
affect the Trust’s  status as a grantor trust or cause the Issuer Trust to be
taxable as a  corporation or as other than a grantor trust for United States Federal
income  tax purposes or affect the Issuer Trust’s exemption from status as an  “investment
company” under the Investment Company Act.

                    (c)      In
addition to and notwithstanding any other provision in this Trust Agreement,  without the
consent of each affected Holder (such consent being obtained in  accordance with Section
6.3 or 6.6 hereof), this Trust Agreement may not be  amended to (i) change the amount or
timing of any Distribution on the Trust  Securities or otherwise adversely affect the
amount of any Distribution required  to be made in respect of the Trust Securities as of
a specified date, or (ii)  restrict the right of a Holder to institute suit for the
enforcement of any such  payment on or after such date; and notwithstanding any other
provision herein,  without the unanimous consent of the Holders (such consent being
obtained in  accordance with Section 6.3 or 6.6 hereof), this paragraph (c) of this
Section  10.2 may not be amended.

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

44

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

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

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

          SECTION
10.3.  Separability.

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

          SECTION
10.4.  Governing Law.

          This
Trust Agreement and the rights and obligations of each of  the Holders, the Issuer Trust,
the Depositor, and the Issuer Trustees with  respect to this Trust Agreement and the
Trust Securities shall be construed in  accordance with and governed by the laws of the
State of Delaware without  reference to its conflicts of laws provisions. 

          SECTION
10.5.  Payments Due on Non-Business Day.

          If
the date fixed for any payment on any Trust  Security shall be a day that is not a
Business Day, then such payment need not  be made on such date but may be made on the
next succeeding day that is a  Business Day (except as otherwise provided in Sections
4.1(a) and 4.2(d)), with  the same force and effect as though made on the date fixed for
such payment, and  no Distributions shall accumulate on such unpaid amount for the period
after  such date. 

          SECTION
10.6.  Successors.

          This
Trust Agreement shall be binding upon and shall  inure to the benefit of any successor to
the Depositor, the Issuer Trust, and  any Issuer Trustee, including any successor by
operation of law. Except in  connection with a consolidation, merger or sale involving
the Depositor that is  permitted under Article Eight of the Indenture and pursuant to
which the  assignee agrees in writing to perform the Depositor’s obligations
hereunder, the Depositor shall not assign its obligations hereunder. 

          SECTION
10.7.  Headings.

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

45

          SECTION
10.8.  Reports, Notices and Demands.

          Any
report, notice, demand or other  communication that by any provision of this Trust
Agreement is required or  permitted to be given or served to or upon any Holder or the
Depositor may be  given or served in writing by deposit thereof, first-class postage
prepaid, in  the United States mail, hand delivery or facsimile transmission, in each
case,  addressed, (a) in the case of a Holder of Capital Securities, to such Holder as
such Holder’s name and address may appear on the Securities Register; and  (b) in
the case of the Holder of the Common Securities or the Depositor, to  BB&T
Corporation, Attention: Secretary, facsimile no.: (617) 664-4006, or to  such other
address as may be specified in a written notice by the Holder of the  Common Securities
or the Depositor, as the case may be, to the Property Trustee.  Such notice, demand or
other communication to or upon a Holder shall be deemed  to have been sufficiently given
or made, for all purposes, upon hand delivery,  mailing or transmission. 

          Such
notice, demand or other communication to or upon the Depositor shall be deemed  to have
been sufficiently given or made only upon actual receipt of the writing  by the Depositor. 

          Any
notice, demand or other communication that by any provision of this Trust  Agreement is
required or permitted to be given or served to or upon the Issuer  Trust, the Property
Trustee, the Delaware Trustee, the Administrative Trustees  or the Issuer Trust shall be
given in writing addressed to such Person as  follows: 

	(a) 	 	 with
respect to the Property Trustee, to

U.S. Bank National Association

One Federal Street, 3rd Floor

Boston, Massachusetts 02110,

Attention:  Corporate Trust Services

	(b) 	 	 with
respect to the Delaware Trustee, to

Wilmington Trust Company

Rodney Square North

1100 North Market Street

Wilmington, Delaware 19890-0001

Attention: Corporate Trust
Administration

	(c) 	 	 with
respect to the Administrative Trustees, to them at

200 West Second Street

Winston-Salem, NC 27101

Attention: Administrative Trustees of BB&T Capital Trust II

and

                    (d)       with
respect to the Issuer Trust, to its principal office specified in Section 2.2,  with a
copy to the Property Trustee. Such notice, demand or other communication  to or upon the
Issuer Trust, the Property Trustee or the Administrative Trustees  shall be deemed to
have been sufficiently given or made only upon actual receipt  of the writing by the
Issuer Trust, the Property Trustee or such Administrative  Trustee.

46

          SECTION
10.9. Agreement Not to Petition.

          Each
of  the Issuer Trustees and the Depositor agree for the benefit of the Holders that,
until at least one year and one day after the Issuer Trust has been dissolved in
accordance with Article IX, they shall not file, or join in the filing of, a  petition
against the Issuer Trust under any bankruptcy, insolvency,  reorganization or other
similar law (including the United States Bankruptcy  Code) (collectively, “Bankruptcy
Laws”) or otherwise join in the  commencement of any proceeding against the Issuer
Trust under any Bankruptcy  Law. 

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

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

                    (a)       Except
as otherwise expressly provided herein, the Trust Indenture Act shall  apply as a matter
of contract to this Trust Agreement for purposes of  interpretation, construction and
defining the rights and obligations hereunder,  and this Trust Agreement, the Depositor
and the Property Trustee shall be deemed  for all purposes hereof to be subject to and
governed by the Trust Indenture Act  to the same extent as would be the case if this
Trust Agreement were qualified  under that Act on the date hereof. Except as otherwise
expressly provided  herein, if and to the extent that any provision of this Trust
Agreement limits,  qualifies or conflicts with the duties imposed by Sections 310 to 317,
inclusive, of the Trust Indenture Act, such imposed duties shall control.

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

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

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

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

47

          SECTION
10.12.  Counterparts.

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

[Remainder
of this page intentionally left blank.]

48

IN
WITNESS WHEREOF, the parties hereto have executed this Amended and Restated
Trust Agreement.

		
	 	BB&T CORPORATION
	 	as Depositor
	 	 
	 	 
	 	By: /s/ Christopher L. Henson   
	 	Name: Christopher L. Henson
	 	Title: Senior Executive Vice President and
	 	Chief Financial Officer
	 	 
	 	 
	 	U.S. BANK NATIONAL ASSOCIATION
	 	as Property Trustee
	 	 
	 	 
	 	By: /s/ Rachel M. Sylvia   
	 	Name: Rachel M. Sylvia
	 	Title: Officer
	 	 
	 	 
	 	WILMINGTON TRUST COMPANY
	 	as Delaware Trustee
	 	 
	 	 
	 	By: /s/ Christopher J. Slaybaugh   
	 	Name: Christopher J. Slaybaugh
	 	Title: Senior Financial Services Officer
	 	 
	 	 
	 	M. PATRICIA OLIVER
	 	as Administrative Trustee
	 	 
	 	/s/ M. Patricia Oliver   
	 	 
	 	 
	 	CHRISTOPHER L. HENSON
	 	as Administrative Trustee
	 	 
	 	/s/ Christopher L. Henson   

          STATE
OF  North Carolina  )  ) ss:

          COUNTY
OF Forsyth        )  )

          On
June 2, 2006 before me, the undersigned, a Notary  Public in and for the State
of North Carolina, personally appeared Christopher  L. Henson, personally known to me (or
proved to me on the basis of satisfactory  evidence) to be the person whose name is
subscribed to the within instrument,  and acknowledged to me that he/she executed the
same in his/her authorized  capacity, and that the foregoing instrument is the free act
and deed of the  entity upon behalf of which such person acted. 

          WITNESS
my hand and official seal

          (This
area for official notarial seal)                SIGNATURE: /s/ Cherie B. Welch   

          Commonwealth
of Massachusetts  )  ) ss:

          COUNTY
OF  SUFFOLK           )  )

          On
June 5, 2006 before me, the undersigned,  a Notary Public in and for the
Commonwealth of Massachusetts, personally  appeared Rachel M. Sylvia, Officer, personally
known to me (or proved to me on  the basis of satisfactory evidence) to be the person
whose name is subscribed to  the within instrument, and acknowledged to me that he/she
executed the same in  his/her authorized capacity, and that the foregoing instrument is
the free act  and deed of the entity upon behalf of which such person acted. 

          WITNESS
my hand and official seal

          (This
area for official notarial seal)                SIGNATURE:  /s/ David W Doucette   

          STATE
OF  DELAWARE         )  ) ss:

          COUNTY
OF  NEW CASTLE  )  )

          On
June 5, 2006 before me, the undersigned, a Notary Public in and for the  State
of Delaware, personally appeared Christopher Slaybaugh, personally  known to me (or
proved to me on the basis of satisfactory evidence) to be the  person whose name is
subscribed to the within instrument, and acknowledged to me  that he/she executed the
same in his/her authorized capacity, and that the  foregoing instrument is the free act
and deed of the entity upon behalf of which  such person acted. 

          WITNESS
my hand and official seal

          (This
area for official notarial seal)                SIGNATURE:  /s/ Janet Louise Frantz   

          STATE
OF  North Carolina  )  ) ss:

          COUNTY
OF  Forsyth  )  )

          On
June 7, 2006 before me, the undersigned, a Notary Public in and for the  County
of Forsyth, personally appeared M. Patricia Oliver, personally known to  me (or proved
to me on the basis of satisfactory evidence) to be the person  whose name is subscribed
to the within instrument, and acknowledged to me that  he/she executed the same in
his/her authorized capacity, and that the foregoing  instrument is the free act and deed
of the entity upon behalf of which such  person acted. 

          WITNESS
my hand and official seal

          (This
area for official notarial seal)                SIGNATURE:  /s/ Nancy K. Johnson   

Exhibit A

CERTIFICATE OF TRUST OF BB&T CAPITAL TRUST
II 

THIS CERTIFICATE OF TRUST OF BB&T CAPITAL
TRUST II (the “Trust”) is being duly executed and filed by Wilmington Trust
Company, a Delaware banking corporation, and M. Patricia Oliver and Christopher
L. Henson, each an individual, as trustees, to form a statutory trust under the
Delaware Statutory Trust Act (12 Del. C. Section 3801 et seq.) (the “Act”).

1. NAME. The name of the statutory trust formed
hereby is BB&T Capital Trust II. 

 2. DELAWARE TRUSTEE. The name and business address
of the trustee of the Trust in the State of Delaware is Wilmington Trust
Company, 1100 North Market Street, Wilmington, Delaware 19890-0001, Attention:
Corporate Trust Administration. 

3. EFFECTIVE DATE. This Certificate of Trust shall
be effective upon filing. 

IN WITNESS WHEREOF, the undersigned have executed
this Certificate of Trust in accordance with Section 3811(a)(l) of the Act.

 

			
	
      WILMINGTON TRUST COMPANY, as
      Trustee

		
	By:	 	
      /s/ Joann A. Rozell

	
      Name:
	 	
      Joann A. Rozell

	
      Title:
	 	
      Assistant Vice President

	
	
      /s/ M. Patricia Oliver

	
      M. Patricia Oliver, as
  Trustee

	
	
      /s/ Christopher L. Henson

	
      Christopher L. Henson, as
    Trustee

 

			
	State of Delaware	  	
	Secretary of State	  	
	Division of Corporations	  	
	Delivered 03:46 PM 05/12/2006	  	
	FILED 03:46 PM 05/12/2006	  	
	SRV 060452708 - 4158431 FILE	  	

A-1

Exhibit B

                    FORM OF COMMON SECURITIES CERTIFICATE

          THIS
CERTIFICATE  IS NOT  TRANSFERABLE  EXCEPT TO THE  DEPOSITOR  OR AN  AFFILIATE OF THE
DEPOSITOR IN COMPLIANCE  WITH APPLICABLE LAW AND SECTION 5.10  OF THE TRUST AGREEMENT 

		
	Certificate Number	Number of Common Securities
	[C-1]	   [____]
	 	

Certificate Evidencing Common Securities

of

BB&T Capital Trust II

6.75% Common Securities

(liquidation amount $1,000 per Common Security)

          Certificate
Evidencing Common Securities of BB&T  Capital Trust II [__%] Cumulative Common
Securities (liquidation amount $1,000  per Common Security) BB&T Capital Trust II, a
statutory trust created under  the laws of the State of Delaware (the “Issuer Trust”),
hereby  certifies that BB&T Corporation (the “Holder”) is the registered
owner of [_______________ (____)] Common Securities of the Issuer Trust  representing
undivided common beneficial interests in the assets of the Issuer  Trust and designated
the BB&T Capital Trust II [__%] Cumulative Common  Securities (liquidation amount
$_______ per Common Security) (the “Common  Securities”). Except in accordance
with Section 5.10 of the Trust Agreement  (as defined below) the Common Securities are
not transferable and any attempted  transfer hereof other than in accordance therewith
shall be void. The  designations, rights, privileges, restrictions, preferences and other
terms and  provisions of the Common Securities are set forth in, and this certificate and
the Common Securities represented hereby are issued and shall in all respects be  subject
to the terms and provisions of, the Amended and Restated Trust Agreement  of the Issuer
Trust, dated as of _________, 20__, as the same may be amended  from time to time (the
“Trust Agreement”), among BB&T Corporation,  as Depositor, U.S. Bank
National Association, a national banking association  (“U.S. Bank”), as
Property Trustee, Wilmington Trust Company, as  Delaware Trustee, and the Holders of
Trust Securities, including the designation  of the terms of the Common Securities as set
forth therein. The Issuer Trust  will furnish a copy of the Trust Agreement to the Holder
without charge upon  written request to the Issuer Trust at its principal place of
business or  registered office. 

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

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

          IN
WITNESS WHEREOF, one of the Administrative Trustees of the Issuer Trust has  executed
this certificate this ____ day of _________, 20__. 

		
	 	BB&T CAPITAL TRUST II
	 	 
	 	 
	 	By:___________________________________
	 	Name:
	 	Title: Administrative Trustee

B-1

PROPERTY TRUSTEE’S CERTIFICATE OF AUTHENTICATION

This is
one of the Common Securities referred to in the above mentioned Trust Agreement.

      Dated:__________________________

		
	 	U.S. BANK NATIONAL ASSOCIATION,
	 	as Property Trustee
	 	 
	 	 
	 	By:____________________________
	 	Name:
	 	Title:

B-2

Exhibit
C

FORM OF GLOBAL CAPITAL SECURITIES CERTIFICATE

          This
Capital Securities Certificate is a Book-Entry Capital Securities  Certificate within the
meaning of the Trust Agreement hereinafter referred to  and is registered in the name of
a Depositary or a nominee of a Depositary. This  Capital Securities Certificate is
exchangeable for Capital Securities  Certificates registered in the name of a person
other than the Depositary or its  nominee only in the limited circumstances described in
the Trust Agreement and  may not be transferred except as a whole by the Depositary to a
nominee of the  Depositary or by a nominee of the Depositary to the Depositary or another
nominee of the Depositary, except in the limited circumstances described in the  Trust
Agreement. 

          Unless
this Capital Security Certificate is presented by an  authorized representative of The
Depository Trust Company, a New York  Corporation (“DTC”), to BB&T Capital
Trust II or its agent for  registration of transfer, exchange or payment, and any Capital
Security  Certificate issued is registered in the name of Cede & Co. or such other
name as is requested by an authorized representative of DTC (and any payment is  made to
Cede & Co. or to such other entity as is requested by an authorized  representative
of DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR  OTHERWISE BY OR TO A
PERSON IS WRONGFUL inasmuch as the registered owner hereof,  Cede & Co., has an
interest herein. 

          [NO
EMPLOYEE BENEFIT OR OTHER PLAN SUBJECT TO TITLE I OF THE  EMPLOYEE RETIREMENT INCOME
SECURITY ACT OF1974, AS AMENDED (“ERISA”),  OR SECTION 4975 OF THE INTERNAL
REVENUE CODE OF 1986, AS AMENDED (THE  “CODE”) (EACH,A “PLAN”), NO
ENTITY WHOSE UNDERLYING ASSETS  INCLUDE “PLAN ASSETS” BY REASON OF ANY PLAN’S
INVESTMENT IN THE  ENTITY (A “PLAN ASSET ENTITY”), AND NO PERSON INVESTING
“PLAN  ASSETS” OF ANY PLAN, MAY ACQUIRE OR HOLD THIS CAPITAL SECURITIES
CERTIFICATE OR ANY INTEREST HEREIN, UNLESS SUCH PURCHASER OR HOLDER IS ELIGIBLE  FOR THE
EXEMPTIVE RELIEF AVAILABLE UNDER U.S. DEPARTMENT OF LABOR PROHIBITED  TRANSACTION CLASS
EXEMPTION (“PTCE”) 96-23, 95-60, 91-38, 90-1 OR  84-14 OR ANOTHER APPLICABLE
EXEMPTION WITH RESPECT TO SUCH PURCHASE OR HOLDING  AND, IN THE CASE OF ANY PURCHASER OR
HOLDER RELYING ON ANY EXEMPTION OTHER THAN  PTCE 96-23, 95-60, 91-38, 90-1 OR 84-14, HAS
COMPLIED WITH ANY REQUEST BY THE  DEPOSITOR OR THE ISSUER TRUST FOR AN OPINION OF COUNSEL
OR OTHER EVIDENCE WITH  RESPECT TO THE AVAILABILITY OF SUCH EXEMPTION. ANY PURCHASER OR
HOLDER OF THIS  CAPITAL SECURITIES CERTIFICATE OR ANY INTEREST HEREIN WILL BE DEEMED TO
HAVE  REPRESENTED BY ITS PURCHASE AND HOLDING HEREOF THAT IT EITHER (A) IS NOT A PLAN  OR
A PLAN ASSET ENTITY AND IS NOT PURCHASING SUCH SECURITIES ON BEHALF OF OR  WITH “PLAN
ASSETS” OF ANY PLAN, OR (B) IS ELIGIBLE FOR THE EXEMPTIVE  RELIEF AVAILABLE UNDER
PTCE 96-23, 95-60, 91-38, 90-1 OR 84-14 OR ANOTHER  APPLICABLE EXEMPTION WITH RESPECT TO
SUCH PURCHASE OR HOLDING.] 

C-1

		
	Certificate Number___________________________	Number of Capital Securities___________________________
	CUSIP NO___________________________	

Certificate Evidencing Capital Securities

of

BB&T Capital Trust II

[__%] Cumulative Capital Securities, Series __

(liquidation amount $1,000 per Capital Security)

          BB&T
Capital Trust II, a statutory trust created under the laws of the State of  Delaware (the
“Issuer Trust”), hereby certifies that Cede & Co.  (the “Holder”)
is the registered owner of __________________  (___________) Capital Securities of the
Issuer Trust representing an undivided  preferred beneficial interest in the assets of
the Issuer Trust and designated  the BB&T Capital Trust II [__%] Cumulative Capital
Securities, Series __  (liquidation amount $________ per Capital Security) (the “Capital
Securities”). The Capital Securities are transferable on the books and  records of
the Issuer Trust, in person or by a duly authorized attorney, upon  surrender of this
certificate duly endorsed and in proper form for transfer as  provided in Section 5.4 of
the Trust Agreement (as defined below). The  designations, rights, privileges,
restrictions, preferences and other terms and  provisions of the Capital Securities are
set forth in, and this certificate and  the Capital Securities represented hereby are
issued and shall in all respects  be subject to the terms and provisions of, the Amended
and Restated Trust  Agreement of the Issuer Trust, dated as of _________, 2006, as the
same may be  amended from time to time (the “Trust Agreement”), among BB&T
Corporation, as Depositor, U.S. Bank National Association, a national banking
association (“U.S. Bank”), as Property Trustee, Wilmington Trust  Company, as
Delaware Trustee, and the Holders of Trust Securities, including the  designation of the
terms of the Capital Securities as set forth therein. The  Holder is entitled to the
benefits of the Guarantee Agreement, dated as of  _________, 2006, (the “Guarantee
Agreement”), by and between BB&T  Corporation, as Guarantor, and U.S. Bank, as
Guarantee Trustee, to the extent  provided therein. The Issuer Trust will furnish a copy
of the Trust Agreement  and the Guarantee Agreement to the Holder without charge upon
written request to  the Issuer Trust at its principal place of business or registered
office. 

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

          IN
WITNESS  WHEREOF,  one of the  Administrative  Trustees of the Issuer  Trust  has
executed  this  certificate  this  ________  day  of _________________  

		
	 	BB&T CAPITAL TRUST II
	 	 
	 	 
	 	By:____________________________
	 	Name:
	 	Title:  Administrative Trustee

C-2

PROPERTY TRUSTEE’S CERTIFICATE OF AUTHENTICATION

          This
is one of the Capital Securities referred to in the above mentioned Trust  Agreement. 

Dated:___________________________________

		
	 	U.S. BANK NATIONAL ASSOCIATION
	 	as Property Trustee
	 	 
	 	 
	 	By:____________________________
	 	Name:
	 	Title:

C-3

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

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

       ___________________________________________________________________________________

       ___________________________________________________________________________________
       (Insert address and zip code of assignee)

       and irrevocably appoints
       ___________________________________________________________________________________

       ___________________________________________________________________________________

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

Date: ___________________________

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

      The  signature(s)   should  be  guaranteed  by  an  eligible   guarantor
institution  (banks,  stockbrokers,  savings and loan  associations and credit
unions  with  membership  in  an  approved   signature   guarantee   medallion
program), pursuant to SEC Rule 17Ad-15.

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