Document:

EX-4.20

Exhibit 4.20

DEPOSIT AGREEMENT

among

BANK OF AMERICA CORPORATION,

                                        , as Depository,

and

THE HOLDERS FROM TIME TO TIME OF

THE DEPOSITARY RECEIPTS DESCRIBED HEREIN

Dated as of                     , 20___

 

 

TABLE OF CONTENTS

	 	 	 	 	 	 	 
	 	 	 	 	Page
	ARTICLE I

	DEFINED TERMS

	 
	 	 	 	 	 	 
	Section 1.1.

	 	Definitions
	 	 	1	 
	 
	 	 	 	 	 	 
	ARTICLE II

	APPOINTMENT OF DEPOSITORY; BOOK-ENTRY SYSTEM; FORM OF RECEIPTS; DEPOSIT OF STOCK;

	EXECUTION AND DELIVERY; TRANSFER, SURRENDER AND REDEMPTION OF RECEIPTS

	 
	 	 	 	 	 	 
	Section 2.1.

	 	Appointment of Depository
	 	 	2	 
	Section 2.2.

	 	Book-Entry System; Form and Transfer of Receipts
	 	 	2	 
	Section 2.3.

	 	Deposit of Stock; Execution and Delivery of Receipts
	 	 	4	 
	Section 2.4.

	 	Registration of Transfer of Receipts
	 	 	5	 
	Section 2.5.

	 	Split-ups and Combinations of Receipts; Surrender of
Receipts and Withdrawal of Stock	 	 	5	 
	Section 2.6.

	 	Limitations on Execution and Delivery, Transfer, Surrender
and Exchange of Receipts
	 	 	6	 
	Section 2.7.

	 	Lost Receipts, etc
	 	 	6	 
	Section 2.8.

	 	Cancellation and Destruction of Surrendered Receipts
	 	 	7	 
	Section 2.9.

	 	Redemption of Stock
	 	 	7	 
	 
	 	 	 	 	 	 
	ARTICLE III

	CERTAIN OBLIGATIONS OF HOLDERS OF RECEIPTS AND THE CORPORATION

	 
	 	 	 	 	 	 
	Section 3.1.

	 	Filing Proofs; Certificates and Other Information
	 	 	8	 
	Section 3.2.

	 	Payment of Taxes or Other Governmental Charges
	 	 	8	 
	Section 3.3.

	 	Warranty as to Stock
	 	 	9	 
	Section 3.4.

	 	Warranty as to Receipts
	 	 	9	 
	 
	 	 	 	 	 	 
	ARTICLE IV

	THE DEPOSITED SECURITIES; NOTICES

	 
	 	 	 	 	 	 
	Section 4.1.

	 	Cash Distributions
	 	 	9	 
	Section 4.2.

	 	Distributions Other than Cash, Rights, Preferences or Privileges
	 	 	10	 
	Section 4.3.

	 	Subscription Rights, Preferences or Privileges
	 	 	10	 
	Section 4.4.

	 	Notice of Dividends, etc.; Fixing Record Date for Holders of Receipts
	 	 	11	 
	Section 4.5.

	 	Voting Rights
	 	 	11	 
	Section 4.6.

	 	Changes Affecting Deposited Securities and Reclassifications,
Recapitalizations, etc
	 	 	12	 
	Section 4.7.

	 	Delivery of Reports
	 	 	13	 
	Section 4.8.

	 	Lists of Receipt Holders
	 	 	13	 
	 
	 	 	 	 	 	 
	ARTICLE V

	THE DEPOSITORY, THE DEPOSITORY’S AGENTS, THE REGISTRAR AND THE CORPORATION

	 
	 	 	 	 	 	 
	Section 5.1.

	 	Maintenance of Offices, Agencies and Transfer Books by the Depository; Registrar; Depository’s
Agents
	 	 	13	 

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TABLE OF CONTENTS

(continued)

	 	 	 	 	 	 	 
	 	 	 	 	Page
	 
	 	 	 	 	 	 
	Section 5.2.

	 	Prevention of or Delay in Performance by the Depository, the Depository’s Agents, the
Registrar or the Corporation
	 	 	14	 
	Section 5.3.
Section 5.4.
Section 5.5.

	 	Obligations of the Depository, the Depository’s Agents, the
Registrar and the Corporation

Resignation and Removal of the Depository;
Appointment of Successor Depository 

Corporate Notices and Reports
	 	 	14

16

17	 
	Section 5.6.

	 	Indemnification by the Corporation
	 	 	17	 
	Section 5.7.

	 	Fees, Charges and Expenses
	 	 	18	 
	Section 5.8.

	 	Tax Compliance
	 	 	18	 
	 
	 	 	 	 	 	 
	ARTICLE VI

	AMENDMENT AND TERMINATION

	 
	 	 	 	 	 	 
	Section 6.1.

	 	Amendment
	 	 	18	 
	Section 6.2.

	 	Termination
	 	 	19	 
	 
	 	 	 	 	 	 
	ARTICLE VII

	MISCELLANEOUS

	 
	 	 	 	 	 	 
	Section 7.1.

	 	Counterparts
	 	 	19	 
	Section 7.2.

	 	Exclusive Benefit of Parties
	 	 	19	 
	Section 7.3.

	 	Invalidity of Provisions
	 	 	20	 
	Section 7.4.

	 	Notices
	 	 	20	 
	Section 7.5.

	 	Appointment of Registrar, Dividend
Disbursing Agent and Redemption Agent
	 	 	21	 
	Section 7.6.

	 	Holders of Receipts Are Parties
	 	 	21	 
	Section 7.7.

	 	Governing Law
	 	 	21	 
	Section 7.8.

	 	Headings
	 	 	21	 
	 
	Exhibit A

	 	Form of Receipt	 	 	 	 

-ii-

 

     THIS DEPOSIT AGREEMENT dated as of                     , 20___(this “Agreement”), among (i) BANK OF
AMERICA CORPORATION, a Delaware corporation (the “Corporation”), (ii)                                          (the
“Depository”), and (iii) the Holders from time to time of the Receipts described in this Agreement.

RECITALS

     WHEREAS, the parties desire to provide, as set forth in this Agreement, for the deposit of
shares of the Corporation’s [insert designation of preferred stock], from time to time with the
Depository for the purposes set forth in this Agreement and for the issuance hereunder of Receipts
(as defined herein) evidencing Depositary Shares (as defined herein) in respect of the Stock (as
defined herein) so deposited; and

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

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

ARTICLE I

DEFINED TERMS

          Section 1.1. Definitions.

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

     “Certificate” shall mean the Certificate of Designations filed with the Secretary of State of
the State of Delaware establishing the Stock as a series of preferred stock of the Corporation.

     “Corporation” shall mean Bank of America Corporation, a Delaware corporation, and its
successors.

     “Deposit Agreement” shall mean this Agreement, as amended or supplemented from time to time in
accordance with the terms hereof.

     “Depository” shall have the meaning set forth in the Preamble of this Agreement.

     “Depositary Shares” shall mean the depositary shares, each representing [specify fraction] of
a share of the Stock and evidenced by a Receipt.

     “Depository’s Agent” shall mean an agent appointed by the Depository pursuant to Section 5.1.

     “Depository’s Office” shall mean the principal office of the Depository in [New York, New
York], at which at any particular time its depositary receipt business shall be administered.

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     “Receipt” shall mean one of the depositary receipts issued hereunder, substantially in the
form set forth as Exhibit A hereto, whether in definitive or temporary form, and evidencing
the number of Depositary Shares held of record by the Record Holder of those Depositary Shares and
shall include the DTC Receipt, as defined in Section 2.2, where appropriate.

     “Record Holder” or “Holder” as applied to a Receipt shall mean the person in whose name that
Receipt is registered on the books of the Depository maintained for such purpose.

     “Registrar” shall mean any bank or trust company which shall be appointed by the Corporation
to register ownership and transfers of Receipts as herein provided.

     “Securities Act” shall mean the Securities Act of 1933, as amended.

     “Stock” shall mean the shares of the Corporation’s [insert designation of preferred stock],
designated in the Certificate.

ARTICLE II

APPOINTMENT OF DEPOSITORY; BOOK-ENTRY SYSTEM; FORM OF RECEIPTS; DEPOSIT OF STOCK; EXECUTION 
AND
DELIVERY; TRANSFER, SURRENDER AND REDEMPTION OF RECEIPTS

          Section 2.1. Appointment of Depository

     The Corporation hereby appoints                     , as depository for the Stock, and                     
hereby accepts such appointment as depository for the Stock, on the terms and conditions set forth
in this Agreement.

          Section 2.2. Book-Entry System; Form and Transfer of Receipts.

     The Corporation and the Depository shall make application to The Depository Trust Company
(“DTC”) for acceptance of all of the Receipts for its book-entry settlement system. The Corporation
hereby appoints the Depository acting through any authorized officer thereof as its
attorney-in-fact, with full power to delegate, for purposes of executing any agreements,
certifications or other instruments or documents necessary or desirable in order to effect the
acceptance of such Receipts for DTC eligibility. So long as the Receipts are eligible for
book-entry settlement with DTC, unless otherwise required by law, all Depositary Shares with
book-entry settlement through DTC shall be represented by a single receipt (the “DTC Receipt”),
which shall be deposited with DTC (or its designee) evidencing all such Depositary Shares and
registered in the name of the nominee of DTC (initially expected to be Cede & Co.). The Depository
or such other entity as is agreed to by DTC may hold the DTC Receipt as custodian for DTC.
Ownership of beneficial interests in the DTC Receipt shall be shown on, and the transfer of such
ownership shall be effected through, records maintained by (i) DTC or its nominee for such DTC
Receipt or (ii) institutions that have accounts with DTC. The DTC Receipt shall bear such legend
or legends as may be required by DTC in order for it to accept the Depositary Shares for its
book-entry settlement system.

     If DTC subsequently ceases to make its book-entry settlement system available for the
Receipts, the Corporation may instruct the Depository regarding making other arrangements for

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book-entry settlement. If the Receipts are not eligible for book-entry form, the Depository
shall provide written instructions to DTC to deliver the DTC Receipt to the Depository for
cancellation and the Corporation shall instruct the Depository to deliver to the beneficial owners
of the Depositary Shares previously evidenced by the DTC Receipt definitive Receipts in physical
form evidencing such Depositary Shares.

     Beneficial owners of Depositary Shares through DTC will not be entitled to receive Receipts in
physical, certificated form or have Depositary Shares registered in their name, except in the event
DTC ceases to make its book-entry settlement system available, as described in the preceding
paragraph.

     Receipts shall be in denominations of any number of whole Depositary Shares. The Corporation
shall deliver to the Depository from time to time such quantities of Receipts as the Depository may
request to enable the Depository to perform its obligations under this Agreement.

     The DTC Receipt and definitive Receipts, if any, shall be substantially in the form set forth
in Exhibit A annexed to this Agreement and incorporated herein by reference, with
appropriate insertions, modifications and omissions, as hereinafter provided and shall be engraved
or otherwise prepared so as to comply with applicable rules of any securities exchange on which the
Depositary Shares are then listed. In the event DTC ceases to make its book-entry system of
settlement available and the Corporation and the Depository are unable to make other arrangements
for book-entry settlement, the Depository, pending preparation of definitive Receipts and upon the
written order of the Corporation, delivered in compliance with Section 2.3, shall execute and
deliver temporary Receipts which may be printed, lithographed or otherwise substantially of the
tenor of the definitive Receipts in lieu of which they are issued and with such appropriate
insertions, omissions, substitutions and other variations as the persons executing such Receipts
may determine, as evidenced by their execution of such Receipts. If temporary Receipts are issued,
the Corporation and the Depository will cause definitive Receipts to be prepared without
unreasonable delay. After the preparation of definitive Receipts, the temporary Receipts shall be
exchangeable by the Holder for definitive Receipts upon surrender of the temporary Receipts at an
office described in the first paragraph of Section 2.3, without charge to the Holder. Upon
surrender for cancellation of any one or more temporary Receipts, the Depository shall execute and
deliver in exchange therefor definitive Receipts representing the same number of Depositary Shares
as represented by the surrendered temporary Receipt or Receipts. Such exchange shall be made at
the Corporation’s expense and without any charge therefor to the Holder or the Depository. Until
so exchanged, the temporary Receipts shall in all respects be entitled to the same benefits under
this Agreement as definitive Receipts.

     Receipts shall be executed by the Depository by the manual signature of a duly authorized
officer of the Depository; provided, that such signature may be a facsimile if a Registrar for the
Receipts (other than the Depository) shall have been appointed and such Receipts are countersigned
by manual signature by a duly authorized officer of the Registrar. No Receipt shall be entitled to
any benefits under this Agreement or be valid or obligatory for any purpose unless it shall have
been executed manually by a duly authorized officer of the Depository or, if a Registrar for the
Receipts (other than the Depository) shall have been appointed, by manual or facsimile signature of
a duly authorized officer of the Depository and

3

 

countersigned by manual signature by a duly authorized officer of such Registrar. The
Depository shall record on its books each Receipt so signed and delivered as hereinafter provided.

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

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

          Section 2.3. Deposit of Stock; Execution and Delivery of Receipts.

     Subject to the terms and conditions of this Agreement, the Corporation may from time to time
deposit shares of Stock under this Agreement by delivery to the Depository of a certificate or
certificates for such shares of Stock to be deposited, properly endorsed or accompanied, if
required by the Depository, by a duly executed instrument of transfer or endorsement, in form
satisfactory to the Depository, together with (i) all such certifications as may be required by the
Depository in accordance with the provisions of this Agreement, including the resolutions of the
Board of Directors of the Corporation or a committee of the Board of Directors, as certified by the
Secretary or any Assistant Secretary of the Corporation on the date thereof as being complete,
accurate and in effect, relating to issuance and sale of the Stock, (ii) a letter of counsel to the
Corporation authorizing reliance on such counsel’s opinions delivered to the underwriters named
therein relating to (A) the existence and good standing of the Corporation, (B) the due
authorization of the Depositary Shares and the status of the Depositary Shares as validly issued,
fully paid and non-assessable, and (C) the effectiveness of any registration statement under the
Securities Act relating to the Depositary Shares, and (iii) a written order of the Corporation,
directing the Depository to execute and deliver to, or upon the written order of, the person or
persons stated in such order a Receipt or Receipts for the number of Depositary Shares representing
such deposited Stock. Deposited Stock shall be held by the Depository at the Depository’s Office or
at such other place or places as the Depository shall determine.

     Upon receipt by the Depository of a certificate or certificates for Stock deposited in
accordance with the provisions of this Section 2.3, together with the other documents required as
above specified, and upon recordation of the Stock on the books of the Corporation (or its duly
appointed transfer agent) in the name of the Depository or its nominee, the Depository, subject to
the terms and conditions of this Agreement, shall execute and deliver to, or upon the order of, the
person or persons named in the written order delivered to the Depository referred to in the first

4

 

paragraph of this Section 2.3, a Receipt or Receipts evidencing in the aggregate the number of
Depositary Shares representing the Stock so deposited and registered in such name or names as may
be requested by such person or persons. The Depository shall execute and deliver such Receipt or
Receipts at the Depository’s Office or such other offices, if any, as the Depository may designate.
Delivery at other offices shall be at the risk and expense of the person requesting such delivery.

          Section 2.4. Registration of Transfer of Receipts.

     Subject to the terms and conditions of this Agreement, the Depository shall register on its
books from time to time transfers of Receipts upon any surrender thereof by the Holder in person or
by duly authorized attorney, properly endorsed or accompanied by a properly executed instrument of
transfer, including a guarantee of the signature thereon by a participant in a signature guarantee
medallion program approved by the Securities Transfer Association, Inc. (the “Signature
Guarantee”). Thereupon, the Depository shall execute a new Receipt or Receipts evidencing the same
aggregate number of Depositary Shares as those evidenced by the Receipt or Receipts surrendered and
deliver such new Receipt or Receipts to or upon the order of the person entitled thereto.

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

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

     In the event DTC ceases to make its book-entry system of settlement available, and the
Corporation and the Depository are unable to make other arrangements for book-entry settlement and
definitive Receipts have been issued, as further described in Section 2.2, any Holder of a Receipt
or Receipts may withdraw the number of whole shares of Stock and all money represented thereby by
surrendering such Receipt or Depositary Shares represented by the Receipts at the Depository’s
Office or at such other offices as the Depository may designate for such withdrawals. Thereafter,
without unreasonable delay, the Depository shall deliver to such Holder, or to the person or
persons designated by such Holder as hereinafter provided, the number of whole shares of Stock and
all money represented by the Receipt or Receipts, or Depositary Shares represented by such Receipt
or Receipts, so surrendered for withdrawal, but Holders of such whole shares of Stock will not
thereafter be entitled to deposit such Stock hereunder or to receive a Receipt evidencing
Depositary Shares therefor. If a Receipt delivered by the Holder to the Depository in connection
with such withdrawal shall evidence a number of Depositary Shares in excess of the number of
Depositary Shares representing the number of whole shares of Stock to be withdrawn, the Depository
shall at the same time, in addition to such number of whole shares of Stock and such money to be so
withdrawn, deliver to such Holder, or subject to Section 2.4 upon his order, a new Receipt
evidencing such excess number of

5

 

Depositary Shares; provided, however, that the Depository shall not issue any Receipt
evidencing a fractional Depositary Share.

     Delivery of the Stock and money being withdrawn may be made by the delivery of such
certificates, documents of title and other instruments as the Depository may deem appropriate,
which, if required by the Depository, shall be properly endorsed or accompanied by proper
instruments of transfer including, but not limited to, a Signature Guarantee.

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

     Delivery of the Stock and the money represented by Receipts surrendered for withdrawal shall
be made by the Depository at the Depository’s Office, except that, at the request, risk and expense
of the Holder surrendering such Receipt or Receipts and for the account of the Holder thereof, such
delivery may be made at such other place as may be designated by such Holder.

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

     As a condition precedent to the execution and delivery, registration of transfer, split-up,
combination, surrender or exchange of any Receipt, the Depository, any of the Depository’s Agents
or the Corporation may require payment to it of a sum sufficient for the payment (or, in the event
that the Depository or the Corporation shall have made such payment, the reimbursement to it) of
any charges or expenses payable by the Holder of a Receipt pursuant to Sections 3.2 and 5.7, may
require the production of evidence satisfactory to it as to the identity and genuineness of any
signature, including a Signature Guarantee, and may also require compliance with such regulations,
if any, as the Depository or the Corporation may establish consistent with the provisions of this
Agreement and applicable law.

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

          Section 2.7. Lost Receipts, etc.

     In case any Receipt shall be mutilated, destroyed, lost or stolen, the Depository in its
discretion may execute and deliver a Receipt of like form and tenor in exchange and substitution
for such mutilated Receipt upon cancellation thereof, or in lieu of and in substitution for such
destroyed, lost or stolen Receipt, upon (i) the filing by the Holder thereof with the Depository of
evidence satisfactory to the Depository of such destruction or loss or theft of such Receipt, of
the

6

 

authenticity thereof and of his or her ownership thereof; (ii) the Holder thereof furnishing
of the Depository with reasonable indemnification satisfactory to the Depository and the provision
of an open penalty surety bond satisfactory to the Depository and holding it and the Corporation
harmless; and (iii) the payment of any reasonable expense (including reasonable fees, charges and
expenses of the Depository) in connection with such execution and delivery.

          Section 2.8. Cancellation and Destruction of Surrendered Receipts.

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

          Section 2.9. Redemption of Stock.

     Whenever the Corporation shall be permitted and shall elect to redeem shares of Stock in
accordance with the terms of the Certificate, it shall (unless otherwise agreed to in writing with
the Depository) give or cause to be given to the Depository, not less than 30 days and not more
than 60 days prior to the Redemption Date (as defined below), notice of the date of such proposed
redemption of Stock and of the number of such shares held by the Depository to be so redeemed and
the applicable redemption price, which notice shall be accompanied by a certificate from the
Corporation stating that such redemption of Stock is in accordance with the provisions of the
Certificate. On the Redemption Date, provided that the Corporation shall then have paid or caused
to be paid in full to the Depository the redemption price of the Stock to be redeemed, plus an
amount equal to any declared and unpaid dividends thereon to the date fixed for redemption, in
accordance with the provisions of the Certificate, the Depository shall redeem the number of
Depositary Shares representing such Stock. The Depository shall mail notice of the Corporation’s
redemption of Stock and the proposed simultaneous redemption of the number of Depositary Shares
representing the Stock to be redeemed by first-class mail, postage prepaid, not less than 30 days
and not more than 60 days prior to the date fixed for redemption of such Stock and Depositary
Shares (the “Redemption Date”), to the Record Holders of the Receipts evidencing the Depositary
Shares to be so redeemed at their respective last addresses as they appear on the records of the
Depository; but neither failure to mail any notice of redemption of Depositary Shares to one or
more Holders nor any defect in any notice of redemption of Depositary Shares to one or more Holders
shall affect the sufficiency of the proceedings for redemption as to the other Holders. Each
notice shall be prepared by the Corporation and shall state: (i) the Redemption Date; (ii) the
number of Depositary Shares to be redeemed and, if less than all the Depositary Shares held by any
Holder are to be redeemed, the number of Depositary Shares held by such Holder to be so redeemed;
(iii) the redemption price; (iv) the place or places where Receipts evidencing such Depositary
Shares are to be surrendered for payment of the redemption price; and (v) that dividends in respect
of the Stock represented by the Depositary Shares to be redeemed will cease to accrue on such
Redemption Date. In case less than all the outstanding Depositary Shares are to be redeemed, the
Depositary Shares to be so redeemed shall be selected either pro rata or by lot or in such other
manner as the Board of Directors of the Corporation or any duly authorized committee of, or
appointed by, the Board of Directors of the Corporation may determine to be fair and equitable.

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     Notice having been mailed by the Depository as aforesaid, from and after the Redemption Date
(unless the Corporation shall have failed to provide the funds necessary to redeem the Stock
evidenced by the Depositary Shares called for redemption) (i) dividends on the shares of Stock so
called for Redemption shall cease to accrue from and after such date, (ii) the Depositary Shares
being redeemed from such proceeds shall be deemed no longer to be outstanding, (iii) all rights of
the Holders of Receipts evidencing such Depositary Shares (except the right to receive the
redemption price) shall, to the extent of such Depositary Shares, cease and terminate, and (iv)
upon surrender in accordance with such redemption notice of the Receipts evidencing any such
Depositary Shares called for redemption (properly endorsed or assigned for transfer, if the
Depository or applicable law shall so require), such Depositary Shares shall be redeemed by the
Depository at a redemption price per Depositary Share equal to [specify fraction] of the redemption
price per share of Stock so redeemed plus all money represented by such Depositary Shares,
including all amounts paid by the Corporation in respect of dividends which on the Redemption Date
have been declared on the shares of Stock to be so redeemed and have not theretofore been paid.

     If fewer than all of the Depositary Shares evidenced by a Receipt are called for redemption,
the Depository will deliver to the Holder of such Receipt upon its surrender to the Depository,
together with the redemption payment, a new Receipt evidencing the Depositary Shares evidenced by
such prior Receipt and not called for redemption; provided, however, that the Depository shall not
issue any Receipt evidencing a fractional Depositary Share.

     The Depository shall, to the extent permitted by law, release or repay to the Corporation any
funds deposited by or for the account of the Corporation for the purpose of redeeming any
Depositary Shares that remain unclaimed at the end of three years from the redemption date, without
further action necessary on the part of the Corporation.

ARTICLE III

CERTAIN OBLIGATIONS OF HOLDERS OF
RECEIPTS AND THE CORPORATION

          Section 3.1. Filing Proofs; Certificates and Other Information.

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

          Section 3.2. Payment of Taxes or Other Governmental Charges.

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

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

          Section 3.3. Warranty as to Stock.

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

          Section 3.4. Warranty as to Receipts.

     The Corporation hereby represents and warrants that the Receipts, when issued, will represent
legal and valid interests in the Stock. Such representation and warranty shall survive the deposit
of the Stock and the issuance of the Receipts.

ARTICLE IV

THE DEPOSITED SECURITIES; NOTICES

          Section 4.1. Cash Distributions.

     Whenever [name of distribution agent], as distribution agent, shall receive any cash dividend
or other cash distribution on the Stock, [name of distribution agent] shall, subject to Sections
3.1 and 3.2, distribute to Record Holders of Receipts on the record date fixed pursuant to Section
4.4 such amounts of such dividend or distribution as are, as nearly as practicable, in proportion
to the respective numbers of Depositary Shares evidenced by the Receipts held by such Holders;
provided, however, that in case the Corporation or [name of distribution agent] shall be required
to withhold, and shall withhold, from any cash dividend or other cash distribution in respect of
the Stock an amount on account of taxes, the amount made available for distribution or distributed
in respect of Depositary Shares shall be reduced accordingly. In the event that the calculation of
any such cash dividend or other cash distribution to be paid to any Record Holder on the aggregate
number of Depositary Shares held by such Record Holder results in an amount that is a fraction of a
cent and that fraction of a cent is equal to or greater than $0.005, the amount [name of
distribution agent] shall distribute to such record holder shall be rounded up to the next highest
whole cent; otherwise, such fractional amount shall be disregarded by the Depository; provided,
however, upon the Depository’s request, the Corporation shall pay the additional amount to the
Depository for distribution.

     Each Holder of a Receipt shall provide [name of distribution agent] with its certified tax
identification number on a properly completed Form W-8 or W-9, as may be applicable. Each Holder
of a Receipt acknowledges that, in the event of non-compliance with the preceding sentence, the
Internal Revenue Code of 1986, as amended, may require withholding by [name of distribution agent]
of a portion of any of the distributions to be made hereunder.

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

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

          Section 4.3. Subscription Rights, Preferences or Privileges.

     If the Corporation shall at any time offer or cause to be offered to the persons in whose
names the Stock is recorded on the books of the Corporation any rights, preferences or privileges
to subscribe for or to purchase any securities or any rights, preferences or privileges of any
other nature, such rights, preferences or privileges shall in each such instance be communicated to
the Depository and thereafter made available by the Depository to the Record Holders of Receipts in
such manner as the Depository may determine, either by the issue to such Record Holders of warrants
representing such rights, preferences or privileges or by such other method as may be approved by
the Depository in its discretion with the approval of the Corporation; provided, however, that (i)
if at the time of issue or offer of any such rights, preferences or privileges the Depository
determines that it is not lawful or (after consultation with the Corporation) not feasible to make
such rights, preferences or privileges available to Holders of Receipts by the issue of warrants or
otherwise, or (ii) if and to the extent so instructed by Holders of Receipts who do not desire to
exercise such rights, preferences or privileges, then [name of distribution agent], in its
discretion (with approval of the Corporation, in any case where the Depository has determined that
it is not feasible to make such rights, preferences or privileges available), may, if applicable
laws or the terms of such rights, preferences or privileges permit such transfer, sell such rights,
preferences or privileges at public or private sale, at such place or places and upon such terms as
it may deem proper. The net proceeds of any such sale shall, subject to Sections

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3.1 and 3.2, be distributed by [name of distribution agent] to the Record Holders of Receipts
entitled thereto as provided by Section 4.1 in the case of a distribution received in cash.

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

     The Corporation shall notify the Depository whether any other action under the laws of any
jurisdiction or any governmental or administrative authorization, consent or permit is required in
order for such rights, preferences or privileges to be made available to Holders of Receipts, and
the Corporation agrees with the Depository that the Corporation will use its reasonable best
efforts to take such action or obtain such authorization, consent or permit sufficiently in advance
of the expiration of such rights, preferences or privileges to enable such Holders to exercise such
rights, preferences or privileges.

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

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

          Section 4.5. Voting Rights.

     Subject to the provisions of the Certificate, upon receipt of notice of any meeting at which
the holders of the Stock are entitled to vote, the Depository shall, as soon as practicable
thereafter, mail to the Record Holders of Receipts, determined on the record date as set forth in
Section 4.4, a notice prepared by the Corporation which shall contain (i) such information as is
contained in such notice of meeting and (ii) a statement that the Holders may, subject to any

11

 

applicable restrictions, instruct the Depository as to the exercise of the voting rights
pertaining to the amount of Stock represented by their respective Depositary Shares (including an
express indication that instructions may be given to the Depository to give a discretionary proxy
to a person designated by the Corporation) and a brief statement as to the manner in which such
instructions may be given. Upon the written request of the Holders of Receipts on the relevant
record date, the Depository shall endeavor insofar as practicable to vote or cause to be voted, in
accordance with the instructions set forth in such requests, the maximum number of whole shares of
Stock represented by the Depositary Shares evidenced by all Receipts as to which any particular
voting instructions are received. The Corporation hereby agrees to take all reasonable action
which may be deemed necessary by the Depository in order to enable the Depository to vote such
Stock or cause such Stock to be voted. In the absence of specific instructions from Holders of
Receipts, the Depository will vote the Stock represented by the Depositary Shares evidenced by the
Receipts of such Holders proportionately with votes cast pursuant to instructions received from the
other Holders.

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

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

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          Section 4.7. Delivery of Reports.

     The Depository shall furnish to Holders of Receipts any reports and communications received
from the Corporation which are received by the Depository, as the holder of the Stock, and which
the Corporation is required to furnish to the holders of the Stock.

          Section 4.8. Lists of Receipt Holders.

     Reasonably promptly upon request from time to time by the Corporation, at the sole expense of
the Corporation, the Depository shall furnish to it a list, as of the most recent practicable date,
of the names, addresses and holdings of Depositary Shares of all registered Holders of Receipts.

ARTICLE V

THE DEPOSITORY, THE DEPOSITORY’S
AGENTS, THE REGISTRAR AND THE CORPORATION

			
	          Section 5.1.	 	Maintenance of Offices, Agencies and Transfer Books by the Depository;
Registrar; Depository’s Agents.

     Upon execution of this Agreement, the Depository shall maintain at the Depository’s Office,
facilities for the execution and delivery, registration and registration of transfer, surrender and
exchange of Receipts, and at the offices of the Depository’s Agents, if any, facilities for the
delivery, registration of transfer, surrender and exchange of Receipts, all in accordance with the
provisions of this Agreement; provided that, to the extent provisions of this Agreement regarding
transfer or registration functions performed by the Depository conflict with the terms of any
transfer agency agreement between the Corporation and the Depository, the terms of such transfer
agency agreement shall control.

     The Depository shall keep books at the Depository’s Office for the registration and transfer
of Receipts. Upon direction by the Corporation and with reasonable notice to the Depository, the
Depository shall open its books for inspection by the Record Holders of Receipts as directed by the
Corporation; provided that any Holder shall be granted such right by the Corporation only after
certifying that such inspection shall be for a proper purpose reasonably related to such person’s
interest as an owner of Depositary Shares evidenced by the Receipts.

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

     The Depository may, with the approval of the Corporation, appoint a Registrar for registration
of the Receipts or the Depositary Shares evidenced thereby. If the Receipts or the Depositary
Shares evidenced thereby or the Stock represented by such Depositary Shares shall be listed on one
or more national securities exchanges, the Depository will appoint a Registrar (acceptable to the
Corporation) for registration of the Receipts or Depositary Shares in accordance with any
requirements of such exchange. Such Registrar (which may be the Depository if so permitted by the
requirements of any such exchange) may be removed and a substitute registrar appointed by the
Depository upon the request or with the approval of the Corporation. If the Receipts, Depositary
Shares or Stock are listed on one or more other

13

 

securities exchanges, the Depository will, at the request of the Corporation, arrange such
facilities for the delivery, registration, registration of transfer, surrender and exchange of the
Receipts, Depositary Shares or Stock as may be required by law or applicable securities exchange
regulation.

     The Depository may from time to time appoint Depository’s Agents to act in any respect for the
Depository for the purposes of this Agreement and may from time to time appoint additional
Depository’s Agents and vary or terminate the appointment of such Depository’s Agents, provided
that the Depository will notify the Corporation of any such appointment or variation or termination
of such appointment.

			
	          Section 5.2.	 	Prevention of or Delay in Performance by the Depository, the
Depository’s Agents, the Registrar or the Corporation.

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

			
	          Section 5.3.	 	Obligations of the Depository, the Depository’s Agents, the Registrar
and the Corporation.

     Neither the Depository nor any Depository’s Agent nor any Registrar nor the Corporation
assumes any obligation or shall be subject to any liability under this Agreement to Holders of
Receipts other than for its gross negligence, willful misconduct or bad faith.

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

     Neither the Depository nor any Depository’s Agent nor any Registrar nor the Corporation shall
be liable for any action or any failure to act by it in reliance upon the written advice of legal

14

 

counsel or accountants, or information from any person presenting Stock for deposit, any
Holder of a Receipt or any other person believed by it in good faith to be competent to give such
information. The Depository, any Depository’s Agent, any Registrar and the Corporation may each
rely, and shall each be protected in acting upon or omitting to act upon any written notice,
request, direction or other document believed by it to be genuine and to have been signed or
presented by the proper party or parties.

     The Depository shall indemnify the Corporation against any liability which may directly arise
out of acts performed or omitted by the Depository or any Depository’s Agent due to its or their
gross negligence, willful misconduct or bad faith.

     The Depository shall not be responsible for any failure to carry out any instruction to vote
any of the shares of Stock or for the manner or effect of any such vote made, as long as any such
action or inaction is not taken or omitted to be taken in bad faith. The Depository undertakes,
and any Registrar shall be required to undertake, to perform such duties and only such duties as
are specifically set forth in this Agreement, and no implied covenants or obligations shall be read
into this Agreement against the Depository or any Registrar.

     The Depository, its parent, affiliates or subsidiaries, the Depository’s Agents and the
Registrar may own, buy, sell and deal in any class of securities of the Corporation and its
affiliates and in Receipts or Depositary Shares or become pecuniarily interested in any transaction
in which the Corporation or its affiliates may be interested or contract with or lend money to any
such person or otherwise act as fully or as freely as if it were not the Depository, the parent,
affiliate or subsidiary or the Depository’s Agent or the Registrar hereunder. The Depository may
also act as trustee, transfer agent or registrar of any of the securities of the Corporation and
its affiliates.

     It is intended that neither the Depository nor any Depository’s Agent nor the Registrar,
acting as the Depository’s Agent or Registrar, as the case may be, shall be deemed to be an
“issuer” of the securities under the federal securities laws or applicable state securities laws,
it being expressly understood and agreed that the Depository, any Depository’s Agent and the
Registrar are acting only in a ministerial capacity as Depository or Registrar for the Stock.

     Neither the Depository (or its officers, directors, employees or agents) nor any Depository’s
Agent nor the Registrar makes any representation or has any responsibility as to the validity of
the registration statement pursuant to which the Depositary Shares are registered under the
Securities Act, the Stock, the Depositary Shares or the Receipts (except for its counter-signatures
thereon) or any instruments referred to therein or herein, or as to the correctness of any
statement made therein or herein.

     The Depository assumes no responsibility for the correctness of the description that appears
in the Receipts. Notwithstanding any other provision herein or in the Receipts, the Depository
makes no warranties or representations as to the validity or genuineness of any Stock at any time
deposited with the Depository hereunder or of the Depositary Shares, as to the validity or
sufficiency of this Agreement, as to the value of the Depositary Shares or as to any right, title
or interest of the record holders of Receipts in and to the Depositary Shares. The

15

 

Depository shall not be accountable for the use or application by the Corporation of the
Depositary Shares or the Receipts or the proceeds thereof.

     Notwithstanding anything to the contrary herein, no party to this Agreement shall be liable
for any incidental, indirect, special or consequential damages of any nature whatsoever, including,
but not limited to, loss of anticipated profits, occasioned by breach of any provision of this
Agreement even if apprised of the possibility of such damages.

     The Depository shall not be under any liability for interest on any monies at any time
received by it pursuant to any of the provisions of this Agreement or of the Receipts, the
Depositary Shares or the Stock nor shall it be obligated to segregate such monies from other monies
held by it, except as required by law. The Depository shall not be responsible for advancing funds
on behalf of the Corporation and shall have no duty or obligation to make any payments if it has
not timely received sufficient funds to make timely payments.

     In the event the Depository believes any ambiguity or uncertainty exists hereunder or in any
notice, instruction, direction, request or other communication, paper or document received by the
Depository hereunder, or in the administration of any of the provisions of this Agreement, the
Depository shall deem it necessary or desirable that a matter be proved or established prior to
taking, omitting or suffering to take any action hereunder, the Depository may, in its sole
discretion upon written notice to the Corporation, refrain from taking any action and shall be
fully protected and shall not be liable in any way to the Corporation, any Holders of Receipts or
any other person or entity for refraining from taking such action, unless the Depository receives
written instructions or a certificate signed by the Corporation which eliminates such ambiguity or
uncertainty to the satisfaction of the Depository or which proves or establishes the applicable
matter to the satisfaction of the Depository.

     The Depository undertakes not to issue any Receipt other than to evidence the Depositary
Shares that have been delivered to and are then on deposit with the Depository. The Depository
also undertakes not to sell, except as provided herein, pledge or lend Depositary Shares by it as
Depository.

			
	           Section 5.4.	 	Resignation and Removal of the Depository; Appointment of Successor
Depository.

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

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

     In case at any time the Depository acting hereunder shall resign or be removed, the
Corporation shall, within 60 days after the delivery of the notice of resignation or removal, as
the case may be, appoint a successor Depository, which shall be a bank or trust company having its
principal office in the United States of America and having a combined capital and surplus of at
least $50,000,000. If no successor Depository shall have been so appointed and have accepted

16

 

appointment within 60 days after delivery of such notice, the resigning or removed Depository
may petition any court of competent jurisdiction for the appointment of a successor Depository.
Every successor Depository shall execute and deliver to its predecessor and to the Corporation an
instrument in writing accepting its appointment hereunder, and thereupon such successor Depository,
without any further act or deed, shall become fully vested with all the rights, powers, duties and
obligations of its predecessor and for all purposes shall be the Depository under this Agreement,
and such predecessor, upon payment of all sums due it and on the written request of the
Corporation, shall promptly execute and deliver an instrument transferring to such successor all
rights and powers of such predecessor hereunder, shall duly assign, transfer and deliver all right,
title and interest in the Stock and any moneys held hereunder to such successor, and shall deliver
to such successor a list of the Record Holders of all outstanding Receipts and such records, books
and other information in its possession relating thereto. Any successor Depository shall promptly
mail notice of its appointment to the Record Holders of Receipts.

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

          Section 5.5. Corporate Notices and Reports.

     The Corporation agrees that it will deliver to the Depository, and the Depository will,
promptly after receipt thereof, transmit to the Record Holders of Receipts, in each case at the
addresses recorded in the Depository’s books, copies of all notices and reports (including without
limitation financial statements) required by law, by the rules of any national securities exchange
upon which the Stock, the Depositary Shares or the Receipts are listed or by the Corporation’s
Amended and Restated Certificate of Incorporation (including the Certificate), to be furnished to
the Record Holders of Receipts. Such transmission will be at the Corporation’s expense and the
Corporation will provide the Depository with such number of copies of such documents as the
Depository may reasonably request. In addition, the Depository will transmit to the Record Holders
of Receipts at the Corporation’s expense, including applicable fees, such other documents as may be
requested by the Corporation.

          Section 5.6. Indemnification by the Corporation.

     Subject to Section 5.3, the Corporation shall indemnify the Depository, any Depository’s Agent
and any Registrar (including each of their officers, directors, agents and employees) against, and
hold each of them harmless from, any loss, damage, cost, penalty, liability or expense (including
the reasonable costs and expenses of defending itself) which may arise out of acts performed,
suffered or omitted to be taken in connection with this Agreement and the Receipts by the
Depository, any Registrar or any of their respective agents (including any Depository’s Agent) and
any transactions or documents contemplated hereby, except for any liability arising out of
negligence, willful misconduct or bad faith on the respective parts of any such person or persons.
The obligations of the Corporation set forth in this Section 5.6 shall survive any succession of
any Depository, Registrar or Depository’s Agent.

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          Section 5.7. Fees, Charges and Expenses.

     The Corporation agrees promptly to pay the Depository the compensation to be agreed upon with
the Corporation for all services rendered by the Depository hereunder and to reimburse the
Depository for its reasonable out-of-pocket expenses (including reasonable counsel fees and
expenses) incurred by the Depository without negligence, willful misconduct or bad faith on its
part (or on the part of any agent or Depository’s Agent) in connection with the services rendered
by it (or such agent or Depository’s Agent) hereunder. The Corporation shall pay all charges of
the Depository in connection with the initial deposit of the Stock and the initial issuance of the
Depositary Shares and any redemption or exchange of the Stock at the option of the Corporation.
The Corporation shall pay all transfer and other taxes and governmental charges arising solely from
the existence of the depository arrangements. All other transfer and other taxes and governmental
charges shall be at the expense of Holders of Depositary Shares evidenced by Receipts. If, at the
request of a Holder of Receipts, the Depository incurs charges or expenses for which the
Corporation is not otherwise liable hereunder, such Holder will be liable for such charges and
expenses; provided, however, that the Depository may, at its sole option, request that the
Corporation direct a Holder of a Receipt to prepay the Depository any charge or expense the
Depository has been asked to incur at the request of such Holder of Receipts. The Depository shall
present its statement for charges and expenses to the Corporation at such intervals as the
Corporation and the Depository may agree.

          Section 5.8. Tax Compliance.

     The Depository, on its own behalf and on behalf of the Corporation, will comply with all
applicable certification, information reporting and withholding (including “backup” withholding)
requirements imposed by applicable tax laws, regulations or administrative practice with respect to
(i) any payments made with respect to the Depositary Shares or (ii) the issuance, delivery,
holding, transfer, redemption or exercise of rights under the Depositary Receipts or the Depositary
Shares. Such compliance shall include, without limitation, the preparation and timely filing of
required returns and the timely payment of all amounts required to be withheld to the appropriate
taxing authority or its designated agent.

     The Depository shall comply with any direction received from the Corporation with respect to
the application of such requirements to particular payments or holders or in other particular
circumstances, and may for purposes of this Agreement rely on any such direction in accordance with
the provisions of Section 5.3 hereof.

     The Depository shall maintain all appropriate records documenting compliance with such
requirements, and shall make such records available on request to the Corporation or to its
authorized representatives.

ARTICLE VI

AMENDMENT AND TERMINATION

          Section 6.1. Amendment.

     The form of the Receipts and any provisions of this Agreement may at any time and from time to
time be amended by agreement between the Corporation and the Depository in any

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respect which they may deem necessary or desirable; provided, however, that no such amendment
(other than a change in fees) which shall materially and adversely alter the rights of the Holders
of Receipts shall be effective unless such amendment shall have been approved by the holders of at
least a majority of the Depositary Shares then outstanding. Every Holder of an outstanding Receipt
at the time any such amendment becomes effective shall be deemed, by continuing to hold such
Receipt, to consent and agree to such amendment and to be bound by this Agreement.

     Notwithstanding the foregoing, in no event shall the Corporation be required to execute any
amendment which may impair the right, subject to the provisions of Sections 2.6 and 2.7 and Article
III, of any owner of Depositary Shares to surrender any Receipt evidencing such Depositary Shares
to the Depository with instructions to deliver to the Holder the Stock and all money represented
thereby, except in order to comply with mandatory provisions of applicable law or the rules and
regulations of any governmental body, agency or commission, or any applicable securities exchange.

          Section 6.2. Termination.

     This Agreement may be terminated by the Corporation or the Depository only if (i) all
outstanding Depositary Shares issued hereunder have been redeemed pursuant to Section 2.9, or (ii)
there shall have been made a final distribution in respect of the Stock in connection with any
liquidation, dissolution or winding up of the Corporation and such distribution shall have been
distributed to the Holders of Receipts representing Depositary Shares pursuant to Section 4.1 or
4.2, as applicable.

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

ARTICLE VII

MISCELLANEOUS

          Section 7.1. Counterparts.

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

          Section 7.2. Exclusive Benefit of Parties.

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

19

 

          Section 7.3. Invalidity of Provisions.

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

          Section 7.4. Notices.

     Any and all notices to be given to the Corporation hereunder or under the Receipts shall be in
writing and shall be deemed to have been duly given if personally delivered or sent by mail, or by
facsimile transmission or electronic mail, confirmed by letter, addressed to the Corporation at

Bank of America Corporation

Bank of America Corporate Center

NC1-007-07-13

100 North Tryon Street

Charlotte, North Carolina 28255

Attn: Corporate Treasury — Securities Administration

Facsimile: 980-387-8794

Email: securities.administration@bankofamerica.com

or at any other addresses of which the Corporation shall have notified the Depository in writing.

     Any and all notices to be given to the Depository hereunder or under the Receipts shall be in
writing and shall be deemed to have been duly given if personally delivered or sent by mail, or by
facsimile transmission confirmed by letter, addressed to the Depository at the Depository’s Office
at

                                        

                                        

                                        

Attention:                        

Facsimile:                       

or at any other address of which the Depository shall have notified the Corporation in writing.

     The Depository shall give any and all notices directed to be given by the Corporation to any
Record Holder of a Receipt in writing, which notices shall be deemed to have been duly given if
personally delivered or sent by mail or facsimile transmission or confirmed by letter, addressed to
such Record Holder at the address of such Record Holder as it appears on the books of the
Depository.

     Delivery of a notice sent by mail or by facsimile transmission shall be deemed to be effected
at the time when a duly addressed letter containing the same (or a confirmation thereof in the case
of a facsimile transmission) is deposited, postage prepaid, in a post office letter box.

20

 

The Depository or the Corporation may, however, act upon any facsimile transmission received
by it from the other, notwithstanding that such facsimile transmission shall not subsequently be
confirmed by letter or as aforesaid.

			
	          Section 7.5.	 	[Appointment of Registrar, Dividend Disbursing Agent and Redemption
Agent.

     Unless otherwise set forth on a certificate duly executed by an authorized officer of the
Corporation, the Corporation hereby appoints [name of registrar] as registrar and [name of dividend
disbursing agent] as dividend disbursing agent and redemption agent in respect of the Stock
deposited with the Depository hereunder, and [name of registrar] and [name of dividend disbursing
agent] hereby accept their respective appointments. With respect to the appointments of [name of
registrar] as registrar and [name of dividend disbursing agent] as dividend disbursing agent and
redemption agent in respect of the Stock, each of the Corporation, [name of registrar] and [name of
dividend disbursing agent], in their respective capacities under such appointments, shall be
entitled to the same rights, indemnities, immunities and benefits as the Corporation and Depository
hereunder, respectively, as if explicitly named in each such provision.]

          Section 7.6. Holders of Receipts Are Parties.

     The Holders of Receipts from time to time shall be parties to this Agreement and shall be
bound by all of the terms and conditions hereof and of the Receipts. The provisions of this
Agreement are intended to benefit only the parties hereto and their respective permitted successors
and assigns, and no rights shall be granted to any other person by virtue of this Agreement.

          Section 7.7. Governing Law.

     This Agreement and the Receipts of each series and all rights hereunder and thereunder and
provisions hereof and thereof shall be governed by, and construed in accordance with, the laws of
the State of [New York] without giving effect to applicable conflicts of law principles.

          Section 7.8. Headings.

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

[Signature page follows.]

21

 

     IN WITNESS WHEREOF, the Corporation and the Depository have duly executed this Agreement as of
the day and year first above set forth.

	 	 	 	 	 	 	 
	 	 	BANK OF AMERICA CORPORATION	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	Name:
	 	 

	 	 
	 

	 	 	 	 	 	 
	 

	 	Title:	 	 	 	 
	 

	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 	 	[DEPOSITORY]	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	Name:	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	Title:	 	 	 	 
	 

	 	 	 	 	 	 

Deposit Agreement

Signature Page

 

 

EXHIBIT A

[FORM OF FACE OF RECEIPT]

THE DEPOSITARY SHARES REPRESENTED BY THIS RECEIPT ARE NOT SAVINGS ACCOUNTS, DEPOSITS OR OTHER
OBLIGATIONS OF A BANK AND ARE NOT INSURED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION OR ANY OTHER
GOVERNMENT AGENCY.

UNLESS THIS RECEIPT IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A
NEW YORK CORPORATION (“DTC”), TO
                                         (THE “DEPOSITORY”) OR ITS AGENT FOR REGISTRATION OF
TRANSFER, EXCHANGE, OR PAYMENT, AND ANY RECEIPT ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR
IN 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 ANY PERSON IS WRONGFUL
INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

	 	 	 
	Number DR-

	 	                     Shares
	 

	 	(CUSIP      )

DEPOSITARY RECEIPT FOR DEPOSITARY SHARES,

EACH REPRESENTING [specify fraction] OF ONE SHARE OF

                     PREFERRED STOCK, SERIES      , OF

BANK OF AMERICA CORPORATION

Incorporated under the laws of the State of Delaware

(See reverse for certain definitions.)

                                             , as Depository (the “Depository”), hereby certifies that CEDE & CO. is the
registered owner of
                                          (                    ) DEPOSITARY SHARES (“Depositary Shares”), each
Depositary Share representing [specify fraction] of one share of                      Preferred Stock,
Series ___, liquidation preference $  per share, par value $  per share (the “Stock”), of
BANK OF AMERICA CORPORATION, a Delaware corporation (the “Corporation”), on deposit with the
Depository, subject to the terms and entitled to the benefits of the Deposit Agreement dated as of
                    ,
20___ (the “Deposit Agreement”), among the Corporation, the Depository and the Holders (as
defined in the Deposit Agreement) from time to time of the Depositary Receipts. By accepting this
Depositary Receipt, the Holder hereof becomes a party to and agrees to be bound by all the terms
and conditions of the Deposit Agreement. [The Stock and Depositary Shares are redeemable on and
after                     , 20_. This Depositary Receipt shall not be valid or obligatory for any purpose or
entitled to any benefits under the Deposit Agreement unless it shall have been executed by the
Depository by the manual signature of a duly authorized officer or, if executed in facsimile by the
Depository, countersigned by a Registrar in respect of the Depositary Receipts by the manual
signature of a duly authorized officer thereof.

 

 

	 	 	 
	Dated:
	 	 
	 

	 	                                                                  
	 

	 	Depository
	 
	 	 
	 

	 	By:                                                            
	 

	 	                   Authorized Officer
	Countersigned and Registered:
	 	 
	 
	 	 
	                                                                   
	 	 
	Registrar
	 	 
	 
	 	 
	By:                                                             
	 	 
	                 Authorized Signatory
	 	 
	 
	 	 
	                                                                  
	 	 
	Transfer Agent
	 	 
	 
	 	 
	By:                                                             
	 	 
	                 Authorized Signatory
	 	 

 

 

[FORM OF REVERSE OF RECEIPT]

BANK OF AMERICA CORPORATION

     UPON REQUEST, BANK OF AMERICA CORPORATION WILL FURNISH WITHOUT CHARGE TO EACH HOLDER OF A
DEPOSITARY RECEIPT WHO SO REQUESTS A COPY OF THE DEPOSIT AGREEMENT AND A COPY OR SUMMARY OF THE
CERTIFICATE OF DESIGNATIONS OF THE                                         PREFERRED STOCK, SERIES ___, OF BANK OF
AMERICA CORPORATION. ANY SUCH REQUEST IS TO BE ADDRESSED TO THE DEPOSITORY NAMED ON THE FACE OF
THIS RECEIPT.

     The Corporation will furnish without charge to each holder of a depositary receipt who so
requests the powers, designations, preferences and relative, participating, optional or other
special rights of each class of stock or series thereof of the Corporation, and the qualifications,
limitations or restrictions of such preferences or rights. Such request may be made to the
Corporation or to the Registrar.

KEEP THIS RECEIPT IN A SAFE PLACE. IF IT IS LOST, STOLEN OR DESTROYED THE CORPORATION WILL REQUIRE
A BOND OF INDEMNITY AS A CONDITION TO THE ISSUANCE OF A REPLACEMENT RECEIPT.

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

	 	 	 	 	 	 	 
	 	 	TEN COM — as tenants in common	 	UNIF GIFT MIN ACT -
	 

	 	 	 	 	 	___Custodian                    
	 	 	TEN ENT — as tenants by the entireties	 	                               (Cust)
	 

	 	 	 	 	 	(Minor)
	 	 	JT TEN — as joint tenants with right of	 	                     Under Uniform Gifts to
	 

	 	 	 	 	 	Minors
	 

	 	 	 	survivorship and not
as tenants in
	 	                    Act                    
	 

	 	 	 	Common
	 	                               (State)
	 	 	 	 	Additional abbreviations may also be used though not in the above list.

	 	 	 	 	 	 	 
	 	 	For value received,                                                                    
              hereby sell, assign and
transfer unto
	 	 	PLEASE INSERT SOCIAL SECURITY OR OTHER
	 	 	 	 	IDENTIFYING NUMBER OF ASSIGNEE
	 

	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 

	 	 	 	 	 	 

 

(PLEASE PRINT OR TYPEWRITE NAME AND ADDRESS, INCLUDING ZIP CODE, OF ASSIGNEE)

 

 

 

 

                                        
Depositary Shares represented by the within receipt, and do hereby irrevocably constitute and
appoint
                                                             Attorney to transfer the Depositary Shares
on the books of the within named Depository with full power of substitution in the premises.

Dated                                                                   
             

	 	 	 	 	 
	 

	 	 	 	 
	 

	 	NOTICE:
	 	THE SIGNATURE TO THIS ASSIGNMENT MUST CORRESPOND
WITH THE NAME AS WRITTEN UPON THE FACE OF THE
RECEIPT IN EVERY PARTICULAR, WITHOUT ALTERATION
OR ENLARGEMENT OR ANY CHANGE WHATEVER.
	 
	 	 	 	 
	 

	 	 	 	 
	SIGNATURE(S) GUARANTEED:	 	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 14Ad-15.EX-4.41

Exhibit 4.41

FORM OF AMENDED & RESTATED DECLARATION OF TRUST

AMENDED AND RESTATED DECLARATION

OF TRUST

BAC CAPITAL TRUST [       ]

Dated as of [       ,       ]

 

 

CROSS-REFERENCE TABLE*

	 	 	 
	Section of	 	 
	Trust Indenture Act	 	Section of
	of 1939, as amended	 	Declaration
	310(a)
	 	5.3(a)
	310(c)
	 	Inapplicable
	311(c)
	 	Inapplicable
	312(a)
	 	2.2(a)
	312(b)
	 	2.2(b)
	313
	 	2.3
	314(a)
	 	2.4
	314(b)
	 	Inapplicable
	314(c)
	 	2.5
	314(d)
	 	Inapplicable
	314(f)
	 	Inapplicable
	315(a)
	 	3.9(b)
	315(c)
	 	3.9(a)
	315(d)
	 	3.9(b)
	316(a)
	 	Annex I
	316(c)
	 	3.6(e)

 

			
	*	 	This Cross-Reference Table does not constitute part of
the Declaration and shall not affect the interpretation of any of its terms or
provisions.

 

 

TABLE OF CONTENTS

	 	 	 	 	 
	ARTICLE 1 INTERPRETATION AND DEFINITIONS
	 	 	1	 
	 
	SECTION 1.1 Definitions
	 	 	1	 
	 
	ARTICLE 2 TRUST INDENTURE ACT
	 	 	9	 
	 
	SECTION 2.1 Trust Indenture Act; Application
	 	 	9	 
	 
	SECTION 2.2 Lists of Holders of Securities
	 	 	10	 
	 
	SECTION 2.3 Reports by the Property Trustee
	 	 	10	 
	 
	SECTION 2.4 Periodic Reports to Property Trustee
	 	 	10	 
	 
	SECTION 2.5 Evidence of Compliance with Conditions Precedent
	 	 	11	 
	 
	SECTION 2.6 Events of Default; Waiver
	 	 	11	 
	 
	SECTION 2.7 Event of Default or Nonpayment Notice
	 	 	12	 
	 
	ARTICLE 3 ORGANIZATION
	 	 	13	 
	 
	SECTION 3.1 Name
	 	 	13	 
	 
	SECTION 3.2 Office
	 	 	13	 
	 
	SECTION 3.3 Purpose
	 	 	13	 
	 
	SECTION 3.4 Authority
	 	 	13	 
	 
	SECTION 3.5 Title to Property of the Trust
	 	 	14	 
	 
	SECTION 3.6 Powers and Duties of the Regular Trustees
	 	 	14	 
	 
	SECTION 3.7 Prohibition of Actions by the Trust and the Trustees
	 	 	16	 
	 
	SECTION 3.8 Powers and Duties of the Property Trustee
	 	 	17	 
	 
	SECTION 3.9 Certain Duties and Responsibilities of the Property Trustee
	 	 	19	 
	 
	SECTION 3.10 Certain Rights of Property Trustee
	 	 	21	 
	 
	SECTION 3.11 Delaware Trustee
	 	 	23	 
	 
	SECTION 3.12 Execution of Documents
	 	 	23	 
	 
	SECTION 3.13 Not Responsible for Recitals or Issuance of Securities
	 	 	23	 
	 
	SECTION 3.14 Duration of Trust
	 	 	23	 
	 
	SECTION 3.15 Mergers
	 	 	24	 
	 
	ARTICLE 4 SPONSOR
	 	 	25	 
	 
	SECTION 4.1 Sponsor’s Purchase of Common Securities
	 	 	25	 
	 
	SECTION 4.2 Responsibilities of the Sponsor
	 	 	25	 
	 
	SECTION 4.3 Covenants of the Sponsor
	 	 	26	 
	 
	ARTICLE 5 TRUSTEES
	 	 	26	 

 i

 

 

	 	 	 	 	 
	SECTION 5.1 Number of Trustees
	 	 	26	 
	 
	SECTION 5.2 Qualifications of Delaware Trustee
	 	 	27	 
	 
	SECTION 5.3 Property Trustee; Eligibility
	 	 	27	 
	 
	SECTION 5.4 Certain Qualifications of Regular Trustees and Delaware Trustee
Generally
	 	 	28	 
	 
	SECTION 5.5 Regular Trustees
	 	 	28	 
	 
	SECTION 5.6 Appointment of Delaware Trustee
	 	 	29	 
	 
	SECTION 5.7 Appointment, Removal and Resignation of Trustees
	 	 	29	 
	 
	SECTION 5.8 Vacancies Among Trustees
	 	 	30	 
	 
	SECTION 5.9 Effect of Vacancies
	 	 	30	 
	 
	SECTION 5.10 Meetings
	 	 	31	 
	 
	SECTION 5.11 Delegation of Power
	 	 	31	 
	 
	SECTION 5.12 Merger, Conversion, Consolidation, Amalgamation or Succession to
Business
	 	 	31	 
	 
	ARTICLE 6 DISTRIBUTIONS
	 	 	32	 
	 
	ARTICLE 7 ISSUANCE OF SECURITIES
	 	 	32	 
	 
	SECTION 7.1 General Provisions Regarding Securities
	 	 	32	 
	 
	SECTION 7.2 Paying Agent
	 	 	33	 
	 
	ARTICLE 8 TERMINATION OF TRUST
	 	 	34	 
	 
	SECTION 8.1 Termination of Trust
	 	 	34	 
	 
	ARTICLE 9 TRANSFER OF INTERESTS; FORM OF SECURITIES; EXCHANGE BY NOTE ISSUER
	 	 	35	 
	 
	SECTION 9.1 Transfer of Securities
	 	 	35	 
	 
	SECTION 9.2 Transfer of Certificates
	 	 	35	 
	 
	SECTION 9.3 Deemed Security Holders
	 	 	35	 
	 
	SECTION 9.4 Book-Entry Interests
	 	 	36	 
	 
	SECTION 9.5 Notices to Clearing Agency
	 	 	36	 
	 
	SECTION 9.6 Appointment of Successor Clearing Agency
	 	 	37	 
	 
	SECTION 9.7 Definitive Capital Security Certificates
	 	 	37	 
	 
	SECTION 9.8 Mutilated, Destroyed, Lost or Stolen Certificates
	 	 	37	 
	 
	SECTION 9.9 Exchange by Note Issuer
	 	 	38	 
	 
	ARTICLE 10 LIMITATION OF LIABILITY OF HOLDERS OF SECURITIES, TRUSTEES OR OTHERS
	 	 	39	 
	 
	SECTION 10.1 Liability
	 	 	39	 

 ii

 

 

	 	 	 	 	 
	SECTION 10.2 Exculpation
	 	 	39	 
	 
	SECTION 10.3 Fiduciary Duty
	 	 	40	 
	 
	SECTION 10.4 Indemnification
	 	 	41	 
	 
	SECTION 10.5 Outside Businesses
	 	 	43	 
	 
	ARTICLE 11 ACCOUNTING
	 	 	44	 
	 
	SECTION 11.1 Fiscal Year
	 	 	44	 
	 
	SECTION 11.2 Certain Accounting Matters
	 	 	44	 
	 
	SECTION 11.3 Banking
	 	 	44	 
	 
	SECTION 11.4 Withholding
	 	 	45	 
	 
	ARTICLE 12 AMENDMENTS AND MEETINGS
	 	 	45	 
	 
	SECTION 12.1 Amendments
	 	 	45	 
	 
	SECTION 12.2 Meetings of the Holders of Securities; Action by Written Consent
	 	 	47	 
	 
	ARTICLE 13 REPRESENTATIONS OF PROPERTY TRUSTEE AND DELAWARE TRUSTEE
	 	 	48	 
	 
	SECTION 13.1 Representations and Warranties of Property Trustee
	 	 	48	 
	 
	SECTION 13.2 Representations and Warranties of Delaware Trustee
	 	 	49	 
	 
	ARTICLE 14 MISCELLANEOUS
	 	 	50	 
	 
	SECTION 14.1 Notices
	 	 	51	 
	 
	SECTION 14.2 Governing Law
	 	 	51	 
	 
	SECTION 14.3 Intention of the Parties
	 	 	51	 
	 
	SECTION 14.4 Headings
	 	 	51	 
	 
	SECTION 14.5 Successors and Assigns
	 	 	51	 
	 
	SECTION 14.6 Partial Enforceability
	 	 	51	 
	 
	SECTION 14.7 Counterparts; Acceptance
	 	 	52	 

 iii

 

 

AMENDED AND RESTATED

DECLARATION OF TRUST

OF

BAC CAPITAL TRUST [ ]

     THIS AMENDED AND RESTATED DECLARATION OF TRUST (“Declaration”) dated and effective as of [      
        ,       ] by the Trustees (as defined herein), the Sponsor (as defined herein) and by
the holders, from time to time, of undivided beneficial interests in the assets of the Trust to be
issued pursuant to this Declaration;

     WHEREAS, the Trustees and the Sponsor established BAC CAPITAL TRUST [       ] (the “Trust”),
a Delaware statutory trust under the Statutory Trust Act (as defined herein), pursuant to a
Declaration of Trust dated as of [       ,       ] (the “Original Declaration”), and an
accompanying Certificate of Trust filed with the Secretary of State of the State of Delaware, for
the sole purpose of issuing and selling securities representing undivided beneficial interests in
the assets of the Trust and investing the gross proceeds thereof in Notes of the Note Issuer (each
as defined herein);

     WHEREAS, as of the date hereof, no interests in the Trust have been issued;

     WHEREAS, all of the Trustees and the Sponsor, by this Declaration, amend and restate each and
every term and provision of the Original Declaration; and

     NOW, THEREFORE, it being the intention of the parties hereto to continue the Trust as a
statutory trust under the Statutory Trust Act and that this Declaration constitute the governing
instrument of such statutory trust, the Trustees declare that all assets contributed to the Trust
will be held in trust for the benefit of the holders, from time to time, of the securities
representing undivided beneficial interests in the assets of the Trust issued hereunder, subject to
the provisions of this Declaration.

ARTICLE 1

INTERPRETATION AND DEFINITIONS

     SECTION 1.1 Definitions. 

     Unless the context otherwise requires:

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

     (b) a term defined anywhere in this Declaration has the same meaning throughout;

     (c) all references to “the Declaration” or “this Declaration” are to this Declaration as
modified, supplemented or amended from time to time, and Annex I and Exhibits A-1 and A-2 shall be
a part of this Declaration;

 

 

     (d) all references in this Declaration to Articles and Sections and Annexes and Exhibits are
to Articles and Sections of and Annexes and Exhibits to this Declaration unless otherwise
specified;

     (e) a term defined in the Trust Indenture Act (as defined herein) has the same meaning when
used in this Declaration unless otherwise defined in this Declaration; and

     (f) a reference to the singular includes the plural and vice versa.

     [“Additional Securities” means any Capital Securities purchased by the Underwriters in
connection with the Option contained in the Underwriting Agreement and any additional Common
Securities purchased by the Sponsor in connection with the exercise of such Option.]

     “Affiliate” has the same meaning as given to that term in Rule 405 of the Securities Act or
any successor rule thereunder.

     “Authorized Officer” of a Person means the Chief Executive Officer, President, Chief Financial
Officer, any Senior or other Vice President, Treasurer, Assistant Treasurer or Deputy or Associate
General Counsel of a Person, a Regular Trustee or any other Person that is authorized to bind such
Person.

     “Book-Entry” means a book entry by a Clearing Agency as described in Section 9.4.

     “Book-Entry Interest” means a beneficial interest in a Global Security, ownership and
transfers of which shall be maintained and made through Book Entries by a Clearing Agency as
described in Section 9.4.

     “Business Day” means any day other than a day on which federal or state banking institutions
in New York, New York or Charlotte, North Carolina are authorized or obligated by law, executive
order or regulation to close [and that also is a London Banking Day].

     [“Calculation Agent” means The Bank of New York Mellon Trust Company, N.A., or its successor,
or any other calculation agent appointed by the Company.]

     “Capital Securities” shall mean the undivided preferred beneficial interests in the assets of
the Trust denominated as “BAC Capital Trust [       ] [      %] [Floating Rate] Capital
Securities” (liquidation amount $[       ] per Capital Security), the terms of which are further
described in Annex I hereto[, including those Capital Securities issued upon exercise of the
Option].

     “Capital Security Beneficial Owner” means, with respect to a Book-Entry Interest, a Person who
is the beneficial owner of such Book-Entry Interest, as reflected on the books of the Clearing
Agency, or on the books of a Person maintaining an account with such Clearing Agency (directly as a
Clearing Agency Participant or as an Indirect Participant, in each case in accordance with the
rules of such Clearing Agency).

2

 

     “Capital Security Certificate” means a certificate representing a Capital Security
substantially in the form of Exhibit A-1.

     “Capital Securities Guarantee” means the guarantee agreement to be dated as of [       ,
     ], of the Sponsor in respect of the Capital Securities.

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

     “Certificate” means a Common Security Certificate or a Capital Security Certificate.

     “Clearing Agency” means an organization registered as a “Clearing Agency” pursuant to Section
17A of the Exchange Act that is acting as depository for the Capital Securities and in whose name
or in the name of a nominee of that organization shall be registered a Global Security and which
shall undertake to effect Book-Entry transfers and pledges of the Capital Securities.

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

     “Closing Date” means the “Closing Time” under the Underwriting Agreement.

     “Code” means the Internal Revenue Code of 1986, as amended from time to time, or any successor
legislation.

     “Commission” means the Securities and Exchange Commission.

     “Common Securities” shall mean the undivided common beneficial interests in the assets of the
Trust denominated as “BAC Capital Trust [       ] [       %] [Floating Rate] Common Securities”
(having an aggregate liquidation amount equal to $[       ]), the terms of which are further
described in Annex I hereto [, including those Common Securities purchased by the Sponsor upon
exercise of the Option].

     “Common Securities Guarantee” means the guarantee agreement to be dated as of [       ,
     ], of the Sponsor in respect of the Common Securities.

3

 

     “Common Security Certificate” means a definitive certificate in fully registered form
representing a Common Security substantially in the form of Exhibit A-2 hereto.

     “Company” means Bank of America Corporation, a Delaware corporation, or any successor thereto.

     “Company Indemnified Person” means (a) any Regular Trustee; (b) any Affiliate of any Regular
Trustee; (c) any officers, directors, shareholders, members, partners, employees, representatives
or agents of any Regular Trustee; or (d) any officer, employee or agent of the Trust or its
Affiliates.

     “Corporate Trust Office” means the office of the Property Trustee at which the corporate trust
business of the Property Trustee shall, at any particular time, be principally administered, which
office at the date of execution of this Agreement is located at 101 Barclay Street, Floor 21 West,
New York, New York 10286.

     “Covered Person” means: (a) any officer, director, shareholder, partner, member,
representative, employee or agent of (i) the Trust or (ii) the Trust’s Affiliates; and (b) any
Holder of Securities.

     “Definitive Capital Security Certificates” has the meaning set forth in Section 9.4.

     “Delaware Trustee” has the meaning set forth in Section 5.1.

     “Depository” means The Depository Trust Company or any successor Clearing Agency.

     “Designation of Terms” has the meaning set forth in Section 7.1(a).

     “Direct Action” has the meaning specified in Section 3.8(e).

     “Distribution” means a distribution payable to Holders of Securities in accordance with
Section 6.1.

     “Distribution Payment Date” means [                    ],[                    ],[               
     ], and [                    ] of each year,
beginning on [                    ,                     ].

     “Distribution Period” means the period beginning on the original issue date of the Capital
Securities or a Distribution Payment Date, as applicable, and ending on the date immediately
preceding the next following Distribution Payment Date or the Maturity Date of the Notes, as
applicable; and the first Distribution Period will be [                    ,                     ] to, but excluding, [                    ,
                    ], and the final Distribution Period will be [                    ,                     ] through [   
                 ,                     ].

     “Event of Default” in respect of the Securities means an Event of Default (as defined in the
Indenture) has occurred and is continuing in respect of the Notes.

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     “Exchange Act” means the Securities Exchange Act of 1934, as amended from time to time, or any
successor legislation.

     “Fiduciary Indemnified Person” has the meaning set forth in Section 10.4(b).

     “Global Security” has the meaning set forth in Section 9.4.

     “Holder” means a Person in whose name a Security is registered (including, in the case of a
Book-Entry Security, the Depository), such Person being a beneficial owner within the meaning of
the Statutory Trust Act.

     “Indemnified Person” means a Company Indemnified Person or a Fiduciary Indemnified Person.

     “Indenture” means collectively the Restated Indenture dated as of November 1, 2001, between
the Note Issuer and the Note Trustee and the Supplemental Indenture and any board resolution
pursuant to which the Notes are to be issued.

     “Indirect Participant” has the meaning set forth in Section 2(c) of Annex I hereto.

     [“Interest Determination Date” means the date that is the second London Banking Day prior to
each Distribution Payment Date, beginning on [                    ].]

     “Investment Company” means an investment company as defined in the Investment Company Act.

     “Investment Company Act” means the Investment Company Act of 1940, as amended from time to
time, or any successor legislation.

     “Investment Company Event” means the receipt by the Trust of an opinion of counsel experienced
in such matters to the effect that, as a result of the occurrence of a change in law or regulation
or a change in interpretation or application of law or regulation by any legislative body, court,
governmental agency or regulatory authority (a “Change in 1940 Act Law”), the Trust is or will be
considered an investment company that is required to be registered under the Investment Company Act
of 1940, as amended, which Change in 1940 Act Law becomes effective on or after the date of
original issuance of the Capital Securities.

     “Legal Action” has the meaning set forth in Section 3.6(g).

     [“London Banking Day” means any day on which commercial banks are open for business (including
dealings in deposits of U.S. dollars) in London, England.]

     “Majority in liquidation amount of the Securities” means, except as provided in the terms of
the Capital Securities or by the Trust Indenture Act, Holders of outstanding Securities voting
together as a single class or, as the context may require, Holders of outstanding Capital
Securities or Holders of outstanding Common Securities voting separately as a class, who are the
record owners of more than 50% of the aggregate liquidation amount (including the stated

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amount that would be paid on redemption, liquidation or otherwise, plus accrued and unpaid
Distributions to the date upon which the voting percentages are determined) of all outstanding
Securities of the relevant class.

     “Maturity Redemption Price” shall mean, for a redemption of the Securities at the Stated
Maturity of the Notes, a redemption price equal to the principal amount of, plus accrued interest
on, the Notes.

     “Nonpayment” has the meaning set forth in Section 2.7(a).

     “Note Issuer” means Bank of America Corporation, a Delaware corporation, or any successor
entity in a merger or consolidation, in its capacity as issuer of the Notes under the Indenture.

     “Note Trustee” means The Bank of New York Mellon Trust Company, N.A., a national banking
association, formerly known as The Bank of New York Trust Company, N.A. (as successor trustee to
The Bank of New York) under the Indenture, or any successor appointed thereunder.

     “Notes” means the series of junior subordinated notes to be issued by the Note Issuer under
the Indenture to be held by the Property Trustee on behalf of the Trust.

     “Officers’ Certificate” means, with respect to any Person, a certificate signed by two
Authorized Officers of such Person. Any Officers’ Certificate delivered with respect to compliance
with a condition or covenant provided for in this Declaration shall include:

     (a) a statement that each officer signing the certificate 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 each officer in rendering the certificate;

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

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

     [“Option” means the option to purchase up to [       ] additional Capital Securities
granted to the Underwriters named in an Underwriting Agreement.]

     “Optional Prepayment Price” shall mean with respect to the Notes, a prepayment price equal to
100% of the outstanding principal amount of the Notes to be prepaid, plus any accrued and unpaid
interest thereon up to, but excluding, the date of such prepayment.

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     “Optional Redemption Price” shall mean with respect to the Securities to be redeemed, a
redemption price equal to the Optional Prepayment Price.

     “Paying Agent” has the meaning specified in Section 7.2.

     “Payment Amount” has the meaning set forth in Section 6.1.

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

     “Property Trustee” means the Trustee with the powers described in Article 3 and elsewhere
herein and meeting the eligibility requirements set forth in Section 5.3.

     “Property Trustee Account” has the meaning set forth in Section 3.8(c).

     “Quorum” means a majority of the Regular Trustees or, if there are only two Regular Trustees,
both of them.

     “Redemption/Distribution Notice” means a notice of any redemption of, or a notice of any
distribution of, Notes in exchange for Securities.

     “Redemption Price” shall mean any or all of the Maturity Redemption Price, the Special Event
Redemption Price and the Optional Redemption Price.

     “Regular Trustee” has the meaning set forth in Section 5.1.

     “Related Party” means, with respect to the Sponsor, any direct or indirect wholly-owned
subsidiary of the Sponsor or any other Person that owns, directly or indirectly, 100% of the
outstanding voting securities of the Sponsor.

     “Responsible Officer” means, with respect to the Property Trustee, any officer within the
Corporate Trust Office of the Property Trustee, including any vice-president, any assistant
vice-president, any assistant treasurer or other officer of the Corporate Trust Office of the
Property Trustee customarily performing functions similar to those performed by any of the above
designated officers and also means, with respect to a particular corporate trust matter, any other
officer to whom such matter is referred because of that officer’s knowledge of and familiarity with
the particular subject.

     “Rule 3a-5” means Rule 3a-5 under the Investment Company Act.

     “Securities” means the Common Securities and the Capital Securities.

     “Securities Act” means the Securities Act of 1933, as amended from time to time, or any
successor legislation.

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     “Securities Guarantees” means the Common Securities Guarantee and the Capital Securities
Guarantee.

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

     “Special Event Prepayment Price” shall mean with respect to the Notes, a prepayment price
equal to 100% of the outstanding principal amount of the Notes to be prepaid, plus any accrued and
unpaid interest thereon up to, but excluding, the date of prepayment.

     “Special Event Redemption Price” shall mean with respect to the Securities, a redemption price
equal to the Special Event Prepayment Price.

     “Sponsor” means Bank of America Corporation, a Delaware corporation, or any successor entity
in a merger or consolidation, in its capacity as sponsor of the Trust.

     “Stated Maturity” shall mean [       ,       ], the date on which the Notes
shall mature, unless [(a)] previously prepaid or redeemed or [(b) that date has been extended].

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

     “Successor Delaware Trustee” has the meaning set forth in Section 5.7(b)(ii).

     “Successor Entity” has the meaning set forth in Section 3.15(b)(i).

     “Successor Property Trustee” has the meaning set forth in Section 5.7(b)(i).

     “Successor Securities” has the meaning set forth in Section 3.15(b)(i)(B).

     “Super Majority” has the meaning set forth in Section 2.6(a)(ii).

     “Supplemental Indenture” means the [                    ] supplemental indenture to the Indenture to be
dated as of [                    ,                     ] between the Company and the Note Trustee.

     “Tax Event” means that (i) the Company shall have received an opinion of a nationally
recognized independent tax counsel experienced in such matters to the effect that, as a result of
(a) any amendment to, or change (including any announced prospective change) in, the laws or any
regulations thereunder of the United States or any political subdivision or taxing authority
thereof or (b) any official administrative pronouncement or judicial decision interpreting or,
applying such laws or regulations, which amendment or change is effective or such pronouncement or
decision is announced on or after the date of original issuance of the Capital Securities, there is
more than an insubstantial risk that interest payable on the Notes is not, or within 90 days of the
date thereof, will not be deductible, in whole or in part, by the Company for United States federal
income tax purposes, or (ii) the Regular Trustees have been informed by a nationally recognized
independent tax counsel that a No Recognition Opinion cannot be delivered. “No Recognition Opinion”
means an opinion of a nationally recognized independent

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tax counsel experienced in such matters, which opinion may rely on published revenue rulings
of the Internal Revenue Service, to the effect that the holders of the Capital Securities and
Common Securities will not recognize any gain or loss for United States federal income tax purposes
as a result of the dissolution of the Trust and the distribution of the Notes.

     “10% in liquidation amount of the Securities” means, except as provided in the terms of the
Capital Securities or by the Trust Indenture Act, Holders of outstanding Securities voting together
as a single class or, as the context may require, Holders of outstanding Capital Securities or
Holders of outstanding Common Securities voting separately as a class, who are the record owners of
10% or more of the aggregate liquidation amount (including the stated amount that would be paid on
redemption, liquidation or otherwise, plus accrued and unpaid Distributions to the date upon which
the voting percentages are determined) of all outstanding Securities of the relevant class.

     “Treasury Regulations” means the income tax regulations, including temporary and proposed
regulations, promulgated under the Code by the United States Treasury, as such regulations may be
amended from time to time (including corresponding provisions of succeeding regulations).

     “Trustee” or “Trustees” means each Person who has signed this Declaration as a trustee
(including each Regular Trustee), so long as such Person shall continue in office in accordance
with the terms hereof, and all other Persons who may from time to time be duly appointed, qualified
and serving as Trustees in accordance with the provisions hereof, and references herein to a
Trustee or the Trustees shall refer to such Person or Persons solely in their capacity as trustees
hereunder.

     “Trust Indenture Act” means the Trust Indenture Act of 1939, as amended from time to time, or
any successor legislation.

     “Underwriting Agreement” means the Underwriting Agreement for the offering and sale of the
Capital Securities and related Capital Securities Guarantee among the Sponsor, the Trust and the
Underwriters named therein.

ARTICLE 2

TRUST INDENTURE ACT

     SECTION 2.1 Trust Indenture Act; Application. 

     (a) This Declaration is subject to the provisions of the Trust Indenture Act that are required
to be part of this Declaration and shall, to the extent applicable, be governed by such provisions.

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

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     (c) If and to the extent that any provision of this Declaration limits, qualifies or conflicts
with the duties imposed by Sections 310 to 317, inclusive, of the Trust Indenture Act, such imposed
duties shall control.

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

     SECTION 2.2 Lists of Holders of Securities. 

     (a) Each of the Sponsor and the Regular Trustees on behalf of the Trust shall provide the
Property Trustee (i) within 10 days after each record date for payment of Distributions, a list, in
such form as the Property Trustee may reasonably require, of the names and addresses of the Holders
of the Securities (“List of Holders”) as of such record date, provided that neither the Sponsor nor
the Regular Trustees on behalf of the Trust shall be obligated to provide such List of Holders at
any time the List of Holders does not differ from the most recent List of Holders given to the
Property Trustee by the Sponsor and the Regular Trustees on behalf of the Trust, and (ii) at any
other time, within 30 days of receipt by the Trust of a written request for a List of Holders as of
a date no more than 10 days before such List of Holders is given to the Property Trustee. The
Property Trustee shall preserve, in as current a form as is reasonably practicable, all information
contained in Lists of Holders given to it or which it receives in the capacity as Paying Agent (if
acting in such capacity) provided that the Property Trustee may destroy any List of Holders
previously given to it on receipt of a new List of Holders.

     (b) The Property Trustee shall comply with its obligations under Sections 311(a), 311(b) and
312(b) of the Trust Indenture Act.

     SECTION 2.3 Reports by the Property Trustee. 

     Within 60 days after [                    ] of each year, the Property Trustee shall provide to the
Holders of the Capital Securities such reports as are required by Section 313 of the Trust
Indenture Act, if any, in the form and in the manner provided by Section 313 of the Trust Indenture
Act. The Property Trustee shall also comply with the requirements of Section 313(d) of the Trust
Indenture Act.

     SECTION 2.4 Periodic Reports to Property Trustee. 

     Each of the Sponsor and the Regular Trustees on behalf of the Trust shall provide to the
Property Trustee such documents, reports and information as required by Section 314 (if any) and
the compliance certificate required by Section 314 of the Trust Indenture Act in the form, in the
manner and at the times required by Section 314 of the Trust Indenture Act, with such compliance
certificate of the Sponsor to be executed by the Sponsor’s principal executive officer, principal
financial officer or principal accounting officer, and such compliance certificate of the Trust to
be executed by any Regular Trustee.

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     SECTION 2.5 Evidence of Compliance with Conditions Precedent. 

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

     SECTION 2.6 Events of Default; Waiver. 

     (a) The Holders of a Majority in liquidation amount of Capital Securities, by vote, on
behalf of the Holders of all of the Capital Securities, may waive any past Event of Default
in respect of the Capital Securities and its consequences, provided that, if the underlying
Event of Default under the Indenture:

     (i) is not waivable under the Indenture, the Event of Default under the
Declaration shall not be waivable; or

     (ii) requires the consent or vote of greater than a majority in principal
amount of the holders of the Notes (a “Super Majority”) to be waived under the
Indenture, the Event of Default under the Declaration may only be waived by the vote
of the Holders of at least the proportion in liquidation amount of the Capital
Securities that the relevant Super Majority represents of the aggregate principal
amount of the Notes outstanding.

     The foregoing provisions of this Section 2.6(a) shall be in lieu of Section
316(a)(1)(B) of the Trust Indenture Act and such Section 316(a)(1)(B) of the Trust Indenture
Act is hereby expressly excluded from this Declaration and the Securities, as permitted by
the Trust Indenture Act. Upon such waiver, any such default shall cease to exist, and any
Event of Default with respect to the Capital Securities arising therefrom shall be deemed to
have been cured, for every purpose of this Declaration, but no such waiver shall extend to
any subsequent or other default or an Event of Default with respect to the Capital
Securities or impair any right consequent thereon. Any waiver by the Holders of the Capital
Securities of an Event of Default with respect to the Capital Securities also shall be
deemed to constitute a waiver by the Holders of the Common Securities of any such Event of
Default with respect to the Common Securities for all purposes of this Declaration without
any further act, vote or consent of the Holders of the Common Securities.

     (b) The Holders of a Majority in liquidation amount of the Common Securities, by vote,
on behalf of the Holders of all of the Common Securities, may waive any past Event of
Default with respect to the Common Securities and its consequences, provided that, if the
underlying Event of Default under the Indenture:

     (i) is not waivable under the Indenture, except where the Holders of the Common
Securities are deemed to have waived such Event of Default under

11

 

the Declaration as provided below in this Section 2.6(b), the Event of Default
under the Declaration shall also not be waivable; or

     (ii) requires the consent or vote of the holders of a Super Majority of the
Notes to be waived under the Indenture, except where the Holders of the Common
Securities are deemed to have waived such Event of Default under the Declaration as
provided below in this Section 2.6(b), the Event of Default under the Declaration
only may be waived by the vote of the Holders of at least the proportion in
liquidation amount of the Common Securities that the relevant Super Majority
represents of the aggregate principal amount of the Notes outstanding;

provided further, each Holder of Common Securities will be deemed to have waived any such
Event of Default and all Events of Default with respect to the Common Securities and its
consequences until all Events of Default with respect to the Capital Securities have been
cured, waived or otherwise eliminated, and until such Events of Default with respect to the
Capital Securities have been so cured, waived or otherwise eliminated, the Property Trustee
will be deemed to be acting solely on behalf of the Holders of the Capital Securities and
only the Holders of the Capital Securities will have the right to direct the Property
Trustee in accordance with the terms of the Securities. The foregoing provisions of this
Section 2.6(b) shall be in lieu of Sections 316(a)(1)(A) and 316(a)(1)(B) of the Trust
Indenture Act and such Sections 316(a)(1)(A) and 316(a)(1)(B) of the Trust Indenture Act are
hereby expressly excluded from this Declaration and the Securities, as permitted by the
Trust Indenture Act. Subject to the foregoing provisions of this Section 2.6(b), upon such
waiver by the Holders of the Common Securities, any such default shall cease to exist and
any Event of Default with respect to the Common Securities arising therefrom shall be deemed
to have been cured for every purpose of this Declaration, but no such waiver shall extend to
any subsequent or other default or Event of Default with respect to the Common Securities or
impair any right consequent thereon.

     (c) A waiver of an Event of Default under the Indenture by the Property Trustee at the
direction of the Holders of the Capital Securities constitutes a waiver of the corresponding
Event of Default under this Declaration. The foregoing provisions of this Section 2.6(c)
shall be in lieu of Section 316(a)(1)(B) of the Trust Indenture Act and such Section
316(a)(1)(B) of the Trust Indenture Act is hereby expressly excluded from this Declaration
and the Securities, as permitted by the Trust Indenture Act.

SECTION 2.7 Event of Default or Nonpayment Notice. 

     (a) The Property Trustee shall, within 90 days after the occurrence of an Event of
Default or a nonpayment of principal, premium, if any, or interest, when due, on the Notes
(“Nonpayment”) transmit by mail, first class postage prepaid, to the Holders of the
Securities, notices of all Events of Default or Nonpayments with respect to the Securities
actually known to a Responsible Officer of the Property Trustee, unless such Events of
Default or Nonpayments have been cured before the giving of such notice;

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     (b) The Property Trustee shall not be deemed to have knowledge of any default except:

     (i) an Event of Default under the Indenture or a Nonpayment; or

     (ii) any default as to which a Responsible Officer of the Property Trustee
shall have received written notice or of which a Responsible Officer of the Property
Trustee charged with the administration of the Declaration shall have actual
knowledge.

ARTICLE 3

ORGANIZATION

     SECTION 3.1 Name. 

     The Trust is named “BAC Capital Trust [                    ],” as such name may be modified from time to time by
the Regular Trustees following written notice to the Holders of Securities. The Trust’s activities
may be conducted under the name of the Trust or any other name deemed advisable by the Regular
Trustees.

     SECTION 3.2 Office. 

     The address of the principal office of the Trust is c/o Bank of America Corporation, Bank of
America Corporate Center, NC1-007-07-13, Attention: Corporate Treasury—Securities Administration,
100 North Tryon Street, Charlotte, North Carolina 28255. On 10 Business Days’ written notice to
the Holders of Securities, the Regular Trustees may designate another principal office.

     SECTION 3.3 Purpose. 

     The exclusive purposes and functions of the Trust are (a) to issue and sell Securities and use
the proceeds from such sale to acquire the Notes, and (b) except as otherwise limited herein, to
engage in only those other activities necessary or incidental thereto. The Trust shall not borrow
money, issue debt or reinvest proceeds derived from investments, pledge any of its assets or
otherwise undertake (or permit to be undertaken) any activity that would cause the Trust not to be
classified for United States federal income tax purposes as a grantor trust.

     SECTION 3.4 Authority. 

     Subject to the limitations provided in this Declaration and to the specific duties of the
Property Trustee, the Regular Trustees shall have exclusive and complete authority to carry out the
purposes of the Trust. An action taken by the Regular Trustees in accordance with their powers
shall constitute the act of and serve to bind the Trust, and an action taken by the Property
Trustee on behalf of the Trust in accordance with its powers shall constitute the act of and serve
to bind the Trust. In dealing with the Trustees acting on behalf of the Trust, no person shall be
required to inquire into the authority of the Trustees to bind the Trust. Persons dealing with the

13

 

Trust are entitled to rely conclusively on the power and authority of the Trustees as set
forth in this Declaration.

     SECTION 3.5 Title to Property of the Trust. 

     Except as provided in Section 3.8 with respect to the Notes and the Property Trustee Account
or as otherwise provided in this Declaration, legal title to all assets of the Trust shall be
vested in the Trust. The Holders shall not have legal title to any part of the assets of the
Trust, but shall have an undivided beneficial interest in the assets of the Trust.

     SECTION 3.6 Powers and Duties of the Regular Trustees. 

     The Regular Trustees shall have the exclusive power, duty and authority to cause the Trust to
engage in the following activities:

     (a) to issue and sell the Capital Securities and the Common Securities in accordance
with this Declaration; provided, however, that the Trust may issue no more than one series
of Capital Securities and no more than one series of Common Securities, and, provided
further, that there shall be no interests in the Trust other than the Securities, and the
issuance of Securities shall be limited to a simultaneous issuance of both Capital
Securities and Common Securities on the Closing Date;

     (b) in connection with the issue and sale of the Capital Securities, at the direction
of the Sponsor, to:

     (i) execute and file with the Commission one or more registration statements on
Form S-3 prepared by the Sponsor, including any amendments thereto, pertaining to
the Capital Securities;

     (ii) execute and file any documents prepared by the Sponsor, or take any acts
as determined by the Sponsor to be necessary in order to qualify or register all or
part of the Capital Securities in any state or jurisdiction in which the Sponsor has
determined to qualify or register such Capital Securities for sale;

     (iii) to determine whether to list Capital Securities and to execute and file
applications, prepared by the Sponsor, to any national or international securities
exchange for listing upon notice of issuance of any Capital Securities;

     (iv) (A) execute and file with the Commission registration statements on Form
8-A, if required, including any amendments thereto, prepared by the Sponsor,
relating to the registration of the Capital Securities under Section 12(b) or 12 (g)
of the Exchange Act and (B) execute and file with the Commission any other filings
which may be required under the Exchange Act; and

     (v) from time to time execute and enter into underwriting agreements providing
for the sale of the Capital Securities, including the Underwriting Agreement; [and]

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     [(vi) to enter into one or more agreements with the Calculation Agent for the
calculation of the distribution rate or rates for distributions payable to the
holders of the Capital Securities, as such distributions are more particularly
described in the Designation of Terms;]

     (c) to purchase the Notes with the proceeds of the sale of the Capital Securities and
the Common Securities;

     (d) to give the Sponsor and the Property Trustee prompt written notice of the
occurrence of a Special Event;

     (e) to establish a record date with respect to all actions to be taken hereunder that
require a record date be established, including and with respect to, for the purposes of
Section 316(c) of the Trust Indenture Act, Distributions, voting rights, redemptions and
exchanges, and to issue relevant notices to the Holders of Capital Securities and Holders of
Common Securities as to such actions and applicable record dates;

     (f) to take all actions and perform such duties as may be required of the Regular
Trustees pursuant to the terms of the Securities;

     (g) to bring or defend, pay, collect, compromise, arbitrate, resort to legal action, or
otherwise adjust claims or demands of or against the Trust (“Legal Action”);

     (h) to employ or otherwise engage employees and agents (who may be designated as
officers with titles) and managers, contractors, advisors and consultants and pay reasonable
compensation for such services;

     (i) to cause the Trust to comply with the Trust’s obligations under the Trust Indenture
Act;

     (j) to give the certificate required by Section 314(a)(4) of the Trust Indenture Act to
the Property Trustee, which certificate may be executed by any Regular Trustee;

     (k) to incur expenses that are necessary or incidental to carry out any of the purposes
of the Trust;

     (l) to act as, or appoint another Person to act as, registrar and transfer agent for
the Securities;

     (m) to give prompt written notice to the Holders of the Securities of any notice
received from the Note Issuer of its election to defer payments of interest on the Notes by
extending the interest payment period under the Indenture;

     (n) to execute all documents or instruments, perform all duties and powers, and do all
things for and on behalf of the Trust in all matters necessary or incidental to the
foregoing;

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     (o) to take all action that may be necessary or appropriate for the preservation and
the continuation of the Trust’s valid existence, rights, franchises and privileges as a
statutory trust under the laws of the State of Delaware and of each other jurisdiction in
which such existence is necessary to protect the limited liability of the Holders of the
Capital Securities or to enable the Trust to effect the purposes for which the Trust was
created;

     (p) to take any action, not inconsistent with this Declaration or with applicable law,
that the Regular Trustees determine in their discretion to be necessary or desirable in
carrying out the activities of the Trust as set out in this Section 3.6, including, but not
limited to:

     (i) causing the Trust not to be deemed to be an Investment Company required to
be registered under the Investment Company Act;

     (ii) causing the Trust to be classified for United States federal income tax
purposes as a grantor trust; and

     (iii) cooperating with the Note Issuer to ensure that the Notes will be treated
as indebtedness of the Note Issuer for United States federal income tax purposes,

provided that such action does not adversely affect the interests of Holders; and

     (q) to take all action necessary to cause all applicable tax returns and tax
information reports that are required to be filed with respect to the Trust to be duly
prepared and filed by the Regular Trustees, on behalf of the Trust.

     The Regular Trustees must exercise the powers set forth in this Section 3.6 in a manner that
is consistent with the purposes and functions of the Trust set out in Section 3.3, and the Regular
Trustees shall not take any action that is inconsistent with the purposes and functions of the
Trust set forth in Section 3.3.

     Subject to this Section 3.6, the Regular Trustees shall have none of the powers or the
authority of the Property Trustee set forth in Section 3.8.

     Any expenses incurred by the Regular Trustees pursuant to this Section 3.6 shall be reimbursed
by the Note Issuer.

     SECTION 3.7 Prohibition of Actions by the Trust and the Trustees. 

     (a) The Trust shall not, and the Trustees (including the Property Trustee) shall not,
engage in any activity other than as required or authorized by this Declaration. In
particular, the Trust shall not and the Trustees (including the Property Trustee) shall
cause the Trust not to:

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     (i) invest any proceeds received by the Trust from holding the Notes, but shall
distribute all such proceeds to Holders of Securities pursuant to the terms of this
Declaration and of the Securities;

     (ii) acquire any assets other than as expressly provided herein;

     (iii) possess Trust property for other than a Trust purpose;

     (iv) make any loans or incur any indebtedness other than loans represented by
the Notes;

     (v) possess any power or otherwise act in such a way as to vary the Trust
assets or the terms of the Securities in any way whatsoever;

     (vi) issue any securities or other evidences of beneficial ownership of, or
beneficial interest in, the Trust other than the Securities; or

     (vii) other than as provided in this Declaration, (A) direct the time, method
and place of exercising any trust or power conferred upon the Note Trustee with
respect to the Notes, (B) waive any past default that is waivable under the
Indenture, (C) exercise any right to rescind or annul any declaration that the
principal of all the Notes shall be due and payable, or (D) consent to any
amendment, modification or termination of the Indenture or the Notes where such
consent shall be required unless the Trust shall have received an opinion of counsel
to the effect that such modification will not cause more than an insubstantial risk
that for United States federal income tax purposes the Trust will not be classified
as a grantor trust.

SECTION 3.8 Powers and Duties of the Property Trustee. 

     (a) The legal title to the Notes shall be owned by and held of record in the name of
the Property Trustee in trust for the benefit of the Holders of the Securities. The right,
title and interest of the Property Trustee to the Notes shall vest automatically in each
Person who may hereafter be appointed as Property Trustee in accordance with Section 5.7.
Such vesting and cessation of title shall be effective whether or not conveyancing documents
with regard to the Notes have been executed and delivered.

     (b) The Property Trustee shall not transfer its right, title and interest in the Notes
to the Regular Trustees or to the Delaware Trustee (if the Property Trustee does not also
act as Delaware Trustee).

     (c) The Property Trustee shall:

     (i) establish and maintain a segregated non-interest bearing trust account (the
“Property Trustee Account”) in the name of and under the exclusive control of the
Property Trustee on behalf of the Holders of the Securities and, upon the receipt of
payments of funds made in respect of the Notes held by the

17

 

Property Trustee, deposit such funds into the Property Trustee Account and make
payments to the Holders of the Capital Securities and Holders of the Common
Securities from the Property Trustee Account in accordance with Section 6.1. Funds
in the Property Trustee Account shall be held uninvested until disbursed in
accordance with this Declaration. The Property Trustee Account shall be an account
that is maintained with a banking institution the rating of whose long-term
unsecured indebtedness is at least equal to the rating assigned to the Capital
Securities by a “nationally recognized statistical rating organization,” as that
term is defined for purposes of Rule 436(g)(2) under the Securities Act;

     (ii) engage in such ministerial activities as shall be necessary or appropriate
to effect the redemption of the Capital Securities and the Common Securities to the
extent the Notes are prepaid or mature; and

     (iii) upon written notice of distribution issued by the Regular Trustees in
accordance with the terms of the Securities, engage in such ministerial activities
as shall be necessary or appropriate to effect the distribution of the Notes to
Holders of Securities upon the occurrence of a Special Event or other specified
circumstances pursuant to the terms of the Securities.

     (d) The Property Trustee shall take all actions and perform such duties as may be
specifically required of the Property Trustee pursuant to the terms of the Securities.

     (e) The Property Trustee shall take any Legal Action which arises out of or in
connection with an Event of Default of which a Responsible Officer of the Property Trustee
has actual knowledge or the Property Trustee’s duties and obligations under this Declaration
or the Trust Indenture Act; provided however, that if a Nonpayment has occurred and is
continuing, a Holder of Capital Securities may institute directly a proceeding for
enforcement of payment to such Holder of the principal of, premium, if any, or interest on
the Notes having a principal amount equal to the aggregate liquidation amount of the Capital
Securities of such Holder (a “Direct Action”) after the respective due date specified in the
Notes. In connection with such Direct Action, the rights of the Holders of the Common
Securities will be subrogated to the rights of such Holder of Capital Securities to the
extent of any payment made by the Note Issuer to such Holder of Capital Securities in such
Direct Action.

     (f) The Property Trustee shall not resign as a Trustee unless either:

     (i) the Trust has been completely liquidated and the proceeds of the
liquidation distributed to the Holders of Securities pursuant to the terms of the
Securities; or

     (ii) a Successor Property Trustee has been appointed and has accepted that
appointment in accordance with Section 5.7.

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     (g) The Property Trustee shall have the legal power to exercise all of the rights,
powers and privileges of a holder of Notes under the Indenture and, if an Event of Default
actually known to a Responsible Officer of the Property Trustee occurs and is continuing,
the Property Trustee shall, for the benefit of Holders of the Securities, enforce its rights
as holder of the Notes subject to the rights of the Holders pursuant to the terms of such
Securities.

     (h) The Property Trustee may authorize one or more Paying Agents to pay Distributions,
redemption payments or liquidation payments on behalf of the Trust with respect to all
Securities and any such Paying Agent shall comply with Section 317(b) of the Trust Indenture
Act. Any Paying Agent may be removed by the Property Trustee at any time and a successor
Paying Agent or additional Paying Agents may be appointed at any time by the Property
Trustee.

     (i) Subject to this Section 3.8, the Property Trustee shall have none of the duties,
liabilities, powers or the authority of the Regular Trustees set forth in Section 3.6.

     The Property Trustee must exercise the powers set forth in this Section 3.8 in a manner that
is consistent with the purposes and functions of the Trust set out in Section 3.3, and the Property
Trustee shall not take any action that is inconsistent with the purposes and functions of the Trust
set out in Section 3.3.

     SECTION 3.9 Certain Duties and Responsibilities of the Property Trustee. 

     (a) 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 Declaration and no implied covenants shall be
read into this Declaration against the Property Trustee. In case an Event of Default has
occurred (that has not been cured or waived pursuant to Section 2.6) of which a Responsible
Officer of the Property Trustee has actual knowledge, the Property Trustee shall exercise
such of the rights and powers vested in it by this Declaration, and use the same degree of
care and skill in their exercise, as a prudent person would exercise or use under the
circumstances in the conduct of his or her own affairs.

     (b) No provision of this Declaration 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 an 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 Declaration and the
Property Trustee shall not be liable except for the performance of such
duties and obligations as are specifically set forth in this Declaration,
and

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no implied covenants or obligations shall be read into this Declaration
against the Property Trustee; 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 Declaration; but in the case of any such
certificates or opinions that by any provision hereof 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 Declaration;

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

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

     (iv) no provision of this Declaration 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 it 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 Declaration or
indemnity reasonably satisfactory to the Property Trustee against such risk or
liability is not reasonably assured to it;

     (v) the Property Trustee’s sole duty with respect to the custody, safekeeping
and physical preservation of the Notes and the Property Trustee 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 Declaration and the Trust
Indenture Act;

     (vi) the Property Trustee shall have no duty or liability for or with respect
to the value, genuineness, existence or sufficiency of the Notes or the payment of
any taxes or assessments levied thereon or in connection therewith;

     (vii) the Property Trustee shall not be liable for any interest on any money
received by it except as it may otherwise agree in writing with the

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Sponsor. Money held by the Property Trustee need not be segregated from other
funds held by it except in relation to the Property Trustee Account maintained by
the Property Trustee pursuant to Section 3.8(c)(i) and except to the extent
otherwise required by law; and

     (viii) the Property Trustee shall not be responsible for monitoring the
compliance by the Regular Trustees or the Sponsor with their respective duties under
this Declaration, nor shall the Property Trustee be liable for any default or
misconduct of the Regular Trustees or the Sponsor.

     SECTION 3.10 Certain Rights of Property Trustee. 

(a) Subject to the provisions of Section 3.9:

     (i) the Property Trustee may conclusively rely and shall be fully protected in
acting or refraining from acting upon any resolution, certificate, statement,
instrument, opinion, report, notice, request, direction, consent, order, bond,
debenture, note, other evidence of indebtedness or other paper or document believed
by it to be genuine and to have been signed, sent or presented by the proper party
or parties;

     (ii) any direction or act of the Sponsor or the Regular Trustees contemplated
by this Declaration shall be sufficiently evidenced by an Officers’ Certificate;

     (iii) whenever, in the administration of this Declaration, the Property Trustee
shall deem it desirable that a matter be proved or established before taking,
suffering or omitting any action hereunder, the Property Trustee (unless other
evidence is herein specifically prescribed) may, in the absence of bad faith on its
part, request and conclusively rely upon an Officers’ Certificate which, upon
receipt of such request, shall be promptly delivered by the Sponsor or the Regular
Trustees;

     (iv) 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
registration thereof;

     (v) the Property Trustee may consult with counsel or other experts of its
selection and the advice or opinion of such counsel and experts with respect to
legal matters or advice within the scope of such experts’ area of expertise shall be
full and complete authorization and protection in respect of any action taken,
suffered or omitted by it hereunder in good faith and in accordance with such advice
or opinion, and such counsel may be counsel to the Sponsor or any of its Affiliates,
and may include any of its employees. The Property Trustee shall have

21

 

the right at any time to seek instructions concerning the administration of
this Declaration from any court of competent jurisdiction;

     (vi) the Property Trustee shall be under no obligation to exercise any of the
rights or powers vested in it by this Declaration at the request or direction of any
Holder, unless such Holder shall have provided to the Property Trustee security and
indemnity, reasonably satisfactory to the Property Trustee, against the costs,
expenses (including attorneys’ fees and expenses and the expenses of the Property
Trustee’s agents, nominees or custodians) and liabilities that might be incurred by
it in complying with such request or direction, including such reasonable advances
as may be requested by the Property Trustee, provided, that, nothing contained in
this Section 3.10(a)(vi) 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 Declaration;

     (vii) 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, direction, consent, order, bond, debenture, note,
other evidence of indebtedness or other paper or document, but the Property Trustee,
in its discretion, may make such further inquiry or investigation into such facts or
matters as it may see fit;

     (viii) the Property Trustee may execute any of the trusts or powers hereunder
or perform any duties hereunder either directly or by or through agents, custodians,
nominees or attorneys;

     (ix) any action taken by the Property Trustee or its agents hereunder shall
bind the Trust and the Holders of the Securities, and the signature of the Property
Trustee or its agents alone shall be sufficient and effective to perform any such
action and no third party shall be required to inquire as to the authority of the
Property Trustee to so act or as to its compliance with any of the terms and
provisions of this Declaration, both of which shall be conclusively evidenced by the
Property Trustee’s or its agent’s taking such action;

     (x) whenever in the administration of this Declaration 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 of the Securities which instructions may only be given
by the Holders of the same proportion in liquidation amount of the Securities as
would be entitled to direct the Property Trustee under the terms of the 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 conclusively relying on or acting in accordance with
such instructions;

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     (xi) except as otherwise expressly provided by this Declaration, the Property
Trustee shall not be under any obligation to take any action that is discretionary
under the provisions of this Declaration; and

     (xii) the Property Trustee shall not be liable for any action taken, suffered
or omitted to be taken by it in good faith and reasonably believed by it to be
authorized or within the discretion or rights or powers conferred upon it by this
Declaration.

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

     SECTION 3.11 Delaware Trustee. 

     Notwithstanding any other provision of this Declaration other than Section 5.2, 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 Regular Trustees or the Property Trustee described in this
Declaration. Except as set forth in Section 5.2, the Delaware Trustee shall be a Trustee for the
sole and limited purpose of fulfilling the requirements of Section 3807 of the Statutory Trust Act.

     SECTION 3.12 Execution of Documents. 

     Unless otherwise determined by the Regular Trustees, and except as otherwise required by the
Statutory Trust Act, any Regular Trustee is authorized to execute on behalf of the Trust any
documents that the Regular Trustees have the power and authority to execute pursuant to Section
3.6; provided that, any registration statement referred to in Section 3.6(b), including any
amendments thereto, shall be signed by a majority of the Regular Trustees holding office at the
time of such signing.

     SECTION 3.13 Not Responsible for Recitals or Issuance of Securities. 

     The recitals contained in this Declaration and the Securities shall be taken as the statements
of the Sponsor, and the Trustees do not assume any responsibility for their correctness. The
Trustees make no representations as to the value or condition of the property of the Trust or any
part thereof. The Trustees make no representations as to the validity or sufficiency of this
Declaration or the Securities.

     SECTION 3.14 Duration of Trust. 

     The Trust, unless terminated pursuant to the provisions of Article 8, shall have existence
until [                                        ].

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     SECTION 3.15 Mergers. 

     (a) The Trust may not consolidate, amalgamate or merge with or into, or be replaced by,
or convey, transfer or lease its properties and assets substantially as an entirety to any
corporation or other body, except as described in Section 3.15(b) and (c).

     (b) The Trust may, with the consent of a majority of the Regular Trustees and without
the consent of the Holders of the Securities, the Delaware Trustee or the Property Trustee,
consolidate, amalgamate, merge with or into, or be replaced by a trust organized as such
under the laws of any state; provided that:

     (i) if the Trust is not the survivor, such successor entity (the “Successor
Entity”) either:

     (A) expressly assumes all of the obligations of the Trust under the
Securities; or

     (B) substitutes for the Securities other securities having
substantially the same terms as the Securities (the “Successor Securities”)
so long as the Successor Securities rank the same as the Securities rank
with respect to Distributions and payments upon liquidation, redemption and
otherwise;

     (ii) the Note Issuer expressly acknowledges a trustee of the Successor Entity
that possesses the same powers and duties as the Property Trustee as the Holder of
the Notes;

     (iii) the Capital Securities or any Successor Securities which are Capital
Securities are listed, or any Successor Securities of the Capital Securities will be
listed upon notification of issuance, on any national or international securities
exchange or with another organization, if any, on which the Capital Securities are
then listed or quoted;

     (iv) such merger, consolidation, amalgamation or replacement does not cause the
Capital Securities (including any Successor Securities of the Capital Securities) to
be downgraded by any nationally recognized statistical rating organization;

     (v) such merger, consolidation, amalgamation or replacement does not adversely
affect the rights, preferences and privileges of the Holders of the Securities
(including any Successor Securities) in any material respect (other than with
respect to any dilution of such Holders’ interests in the new or successor entity as
a result of such merger, consolidation or replacement);

     (vi) such Successor Entity has a purpose identical to that of the Trust;

24

 

     (vii) prior to such merger, consolidation, amalgamation or replacement, the
Sponsor has received an opinion of a nationally recognized independent counsel to
the Trust experienced in such matters to the effect that:

     (A) such merger, consolidation, amalgamation or replacement does not
adversely affect the rights, preferences and privileges of the Holders of
the Securities (including any Successor Securities) in any material respect
(other than with respect to any dilution of the Holders’ interest in the new
entity);

     (B) following such merger, consolidation, amalgamation or replacement,
neither the Trust nor the Successor Entity will be required to register as
an Investment Company; and

     (C) following such merger, consolidation, amalgamation or replacement,
the Trust (or the Successor Entity) will continue to be classified as a
grantor trust for United States federal income tax purposes; and

     (viii) the Sponsor guarantees the obligations of such Successor Entity under
the Successor Securities at least to the extent provided by the Capital Securities
Guarantee and the Common Securities Guarantee.

     (c) Notwithstanding Section 3.15(b), the Trust shall not, except with the consent of
Holders of 100% in liquidation amount of the Securities, consolidate, amalgamate, merge with
or into, or be replaced by, any other entity or permit any other entity to consolidate,
amalgamate, merge with or into or replace it if such consolidation, merger, amalgamation or
replacement would cause the Trust or Successor Entity to be classified as other than a
grantor trust for United States federal income tax purposes.

ARTICLE 4

SPONSOR

     SECTION 4.1 Sponsor’s Purchase of Common Securities. 

     On the Closing Date [(including the Closing Date upon exercise of the Option)] the Trust will
issue, and the Sponsor will purchase, the Common Securities issued by the Trust with an aggregate
liquidation amount equal to $[                    ] at the same time as any Capital Securities are sold.

     SECTION 4.2 Responsibilities of the Sponsor. 

     In connection with the issuance and sale of the Capital Securities, the Sponsor shall have the
exclusive right and responsibility to engage in the following activities:

25

 

     (a) to prepare for filing by the Trust with the Commission one or more registration
statements on Form S-3 in relation to the Capital Securities, including any amendments
thereto;

     (b) to determine the states in which to take appropriate action to qualify or register
for sale all or part of the Capital Securities and to do any and all such acts, other than
actions which must be taken by the Trust, and advise the Trust of actions it must take, and
prepare for execution and filing any documents to be executed and filed by the Trust, as the
Sponsor deems necessary or advisable in order to comply with the applicable laws of any such
states;

     (c) to prepare for filing when required by the Trust applications to any national or
international securities exchange for listing upon notice of issuance of any Capital
Securities if the Capital Securities are to be listed;

     (d) to prepare for filing by the Trust with the Commission (i) any required
registration statements on Form 8-A relating to the registration of the Capital Securities
under Section 12(b) or 12 (g) of the Exchange Act, including any amendments thereto and (ii)
any other filings required under the Exchange Act; and

     (e) to negotiate the terms of the Underwriting Agreement providing for the sale of the
Capital Securities and the Capital Securities Guarantee.

     In addition, the Sponsor shall have the right at any time to cause the Trust to be dissolved
and the Notes held by the Trust to be distributed to Holders of the Securities.

     SECTION 4.3 Covenants of the Sponsor. 

     For so long as the Capital Securities remain outstanding, the Sponsor will covenant (a) to
maintain 100% direct or indirect ownership of the Common Securities, (b) to use its reasonable best
efforts to cause the Trust (i) to remain a statutory trust, except as permitted by this Declaration
in connection with the Trust’s liquidation, merger or consolidation, and (ii) to not be classified
as an association taxable as a corporation or a publicly traded partnership taxable as a
corporation for United States federal income tax purposes and (c) to use its reasonable best
efforts to cause each Holder of Securities to be treated as owning an undivided beneficial
ownership interest in the assets of the Trust.

ARTICLE 5

TRUSTEES

     SECTION 5.1 Number of Trustees. 

     The number of Trustees of this Trust shall be five, and:

     (a) at any time before the issuance of any Securities, the Sponsor may, by written instrument,
increase or decrease the number of Trustees; and

26

 

     (b) after the issuance of any Securities, the number of Trustees may be increased or decreased
by vote of the Holders of a majority in liquidation amount of the Common Securities voting as a
class at a meeting of the Holders of the Common Securities; provided, however, that, the number of
Trustees shall in no event be less than two; provided further that (i) one Trustee, in the case of
a natural person, shall be a person who is a resident of the State of Delaware or that, if not a
natural person, is an entity which has its principal place of business in the State of Delaware
(the “Delaware Trustee”); (ii) there shall be at least one Trustee who is an employee or officer
of, or is affiliated with the Sponsor (a “Regular Trustee”); and (iii) one Trustee shall be the
Property Trustee for so long as this Declaration is required to qualify as an indenture under the
Trust Indenture Act, and such Trustee may also serve as Delaware Trustee if it meets the applicable
requirements.

     SECTION 5.2 Qualifications of Delaware Trustee. 

     If required by the Statutory Trust Act, the Delaware Trustee shall be:

     (a) a natural person who is a resident of the State of Delaware; or

     (b) if not a natural person, an entity which has its principal place of business in the
State of Delaware, and otherwise meets the requirements of applicable law,

     provided that, if the Property Trustee has its principal place of business in the
State of Delaware and otherwise meets the requirements of applicable law, then the Property Trustee
shall also be the Delaware Trustee and Section 3.11 shall have no application.

     SECTION 5.3 Property Trustee; Eligibility. 

     (a) There shall at all times be one Trustee which shall act as Property Trustee which
shall:

     (i) not be an Affiliate of the Sponsor; and

     (ii) be a corporation organized and doing business under the laws of the United
States of America or any state or territory thereof or of the District of Columbia,
or a corporation or Person permitted by the Commission to act as a Property Trustee
under the Trust Indenture Act, authorized under such laws to exercise corporate
trust powers, having a combined capital and surplus of at least $50,000,000, and
subject to supervision or examination by Federal, state, territorial or District of
Columbia authority. If such corporation publishes reports of condition at least
annually, pursuant to law or to the requirements of the supervising or examining
authority referred to above, then for the purposes of this Section 5.3(a)(ii), the
combined capital and surplus of such corporation shall be deemed to be its combined
capital and surplus as set forth in its most recent report of condition so
published.

27

 

     (b) If at any time the Property Trustee shall cease to be eligible to so act under
Section 5.3(a), the Property Trustee shall immediately resign in the manner and with the
effect set forth in Section 5.7(c).

     (c) If the Property Trustee has or shall acquire any “conflicting interest” within the
meaning of Section 310(b) of the Trust Indenture Act, the Property Trustee and the Holder of
the Common Securities (as if it were the obligor referred to in Section 310(b) of the Trust
Indenture Act) shall in all respects comply with the provisions of Section 310(b) of the
Trust Indenture Act.

     (d) The Capital Securities Guarantee shall be deemed to be specifically described in
this Declaration for purposes of clause (i) of the first provision contained in Section
310(b) of the Trust Indenture Act.

     (e) The initial Property Trustee shall be The Bank of New York Mellon Trust Company,
N.A.

     SECTION 5.4 Certain Qualifications of Regular Trustees and Delaware Trustee Generally.

     Each Regular Trustee and the Delaware Trustee (unless the Property Trustee also acts as
Delaware Trustee) shall either be a natural person who is at least 21 years of age or a legal
entity that shall act through one or more Authorized Officers.

     SECTION 5.5 Regular Trustees. 

     As of the date of this Declaration, the Regular Trustees shall be [                    ], [                    ] and
[                    ].

     (a) Except as expressly set forth in this Declaration and except if a meeting of the Regular
Trustees is called with respect to any matter over which the Regular Trustees have power to act,
any power of the Regular Trustees may be exercised by, or with the consent of, any one such Regular
Trustee.

     (b) Unless otherwise determined by the Regular Trustees, and except as otherwise required by
the Statutory Trust Act or applicable law, any Regular Trustee is authorized to execute on behalf
of the Trust any documents which the Regular Trustees have the power and authority to cause the
Trust to execute pursuant to Section 3.6, provided, that, the registration statement referred to in
Section 3.6, including any amendments thereto, shall be signed by a majority of the Regular
Trustees (or, if there are only two Regular Trustees, by each such Regular Trustee); and

     (c) A Regular 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 purposes of signing any
documents which the Regular Trustees have power and authority to cause the Trust to execute
pursuant to Section 3.6.

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     SECTION 5.6 Appointment of Delaware Trustee. 

     The initial Delaware Trustee shall be BNY Mellon Trust of Delaware.

     SECTION 5.7 Appointment, Removal and Resignation of Trustees.

     (a) Subject to Section 5.7(b), Trustees may be appointed or removed without cause at
any time:

     (i) until the issuance of any Securities, by written instrument executed by the
Sponsor; and

     (ii) after the issuance of any Securities, by vote of the Holders of a Majority
in liquidation amount of the Common Securities voting as a class at a meeting of the
Holders of the Common Securities or by unanimous written consent of the Holders of
the Common Securities or, in the case of the Regular Trustees, by other document or
instrument in form and content acceptable to the remaining Regular Trustees and
executed and delivered by the Sponsor (provided that the Sponsor is the Holder of a
Majority in liquidation amount of the Common Securities).

     (b) (i) the Property Trustee shall not be removed in accordance with Section 5.7(a)
until a successor trustee possessing the qualifications to act as Property Trustee under
Section 5.3 (a “Successor Property Trustee”) has been appointed and has accepted such
appointment by written instrument executed by such Successor Property Trustee and delivered
to the Regular Trustees and the Sponsor; and

     (ii) the Delaware Trustee shall not be removed in accordance with Section
5.7(a) until a successor Trustee possessing the qualifications to act as Delaware
Trustee under Sections 5.2 and 5.4 (a “Successor Delaware Trustee”) has been
appointed and has accepted such appointment by written instrument executed by such
Successor Delaware Trustee and delivered to the Regular Trustees and the Sponsor.

     (c) A Trustee appointed to office shall hold office until his successor shall have been
appointed or until his death, removal or resignation. Any Trustee may resign from office
(without need for prior or subsequent accounting) by an instrument in writing signed by the
Trustee and delivered to the Sponsor and the Trust, which resignation shall take effect upon
such delivery or upon such later date as is specified therein; provided, however, that:

     (i) no such resignation of the Property Trustee shall be effective:

     (A) until a Successor Property Trustee has been appointed and has
accepted such appointment by instrument executed by such Successor Property
Trustee and delivered to the Trust, the Sponsor and the resigning Property
Trustee; or

29

 

     (B) until the assets of the Trust have been completely liquidated and
the proceeds thereof distributed to the holders of the Securities; and

     (ii) no such resignation of the Delaware Trustee shall be effective until a
Successor Delaware Trustee has been appointed and has accepted such appointment by
instrument executed by such Successor Delaware Trustee and delivered to the Trust,
the Sponsor and the resigning Delaware Trustee.

     (d) The Holders of the Common Securities shall use their best efforts to promptly
appoint a Successor Delaware Trustee or Successor Property Trustee as the case may be if the
Property Trustee or the Delaware Trustee delivers an instrument of resignation in accordance
with this Section 5.7.

     (e) If no Successor Property Trustee or Successor Delaware Trustee shall have been
appointed and accepted appointment as provided in this Section 5.7 within 60 days after
delivery of an instrument of resignation or removal, the Property Trustee or Delaware
Trustee resigning or being removed, as applicable, may petition any court of competent
jurisdiction for appointment of a Successor Property Trustee or Successor Delaware Trustee.
Such court may thereupon, after prescribing such notice, if any, as it may deem proper and
prescribe, appoint a Successor Property Trustee or Successor Delaware Trustee, as the case
may be.

     (f) No Property Trustee or Delaware Trustee shall be liable for the acts or omissions
to act of any Successor Property Trustee or successor Delaware Trustee, as the case may be.

     (g) All Trustees shall at all times be “United States Persons” within the meaning of
Section 7701(a)(30) of the Code.

     SECTION 5.8 Vacancies Among Trustees. 

     If a Trustee ceases to hold office for any reason and the number of Trustees is not reduced
pursuant to Section 5.1, or if the number of Trustees is increased pursuant to Section 5.1, a
vacancy shall occur. A resolution certifying the existence of such vacancy by the Regular Trustees
or, if there are more than two, a majority of the Regular Trustees shall be conclusive evidence of
the existence of such vacancy. The vacancy shall be filled with a Trustee appointed in accordance
with Section 5.7.

     SECTION 5.9 Effect of Vacancies. 

     The death, resignation, retirement, removal, bankruptcy, dissolution, liquidation,
incompetence or incapacity to perform the duties of a Trustee shall not operate to annul the Trust.
Whenever a vacancy in the number of Regular Trustees shall occur, until such vacancy is filled by
the appointment of a Regular Trustee in accordance with Section 5.7, the Regular Trustees in
office, regardless of their number, shall have all the powers granted to the Regular

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Trustees and shall discharge all the duties imposed upon the Regular Trustees by this
Declaration.

     SECTION 5.10 Meetings. 

     If there is more than one Regular Trustee, meetings of the Regular Trustees shall be held from
time to time upon the call of any Regular Trustee. Regular meetings of the Regular Trustees may be
held at a time and place fixed by resolution of the Regular Trustees. Notice of any in-person
meetings of the Regular Trustees shall be hand delivered or otherwise delivered in writing
(including by facsimile, with a hard copy by overnight courier) not less than 48 hours before such
meeting. Notice of any telephonic meetings of the Regular Trustees or any committee thereof shall
be hand delivered or otherwise delivered in writing (including by facsimile, with a hard copy by
overnight courier) not less than 24 hours before a meeting. Notices shall contain a brief
statement of the time, place and anticipated purposes of the meeting. The presence (whether in
person or by telephone) of a Regular Trustee at a meeting shall constitute a waiver of notice of
such meeting except where a Regular Trustee attends a meeting for the express purpose of objecting
to the transaction of any activity on the ground that the meeting has not been lawfully called or
convened. Unless provided otherwise in this Declaration, any action of the Regular Trustees may be
taken at a meeting by vote of a majority of the Regular Trustees present (whether in person or by
telephone) and eligible to vote with respect to such matter, provided that a Quorum is present, or
without a meeting by the unanimous written consent of the Regular Trustees. Any and all actions of
the Regular Trustees also may be evidenced by a written consent of such Regular Trustee.

     SECTION 5.11 Delegation of Power. 

     (a) Any Regular 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 3.6, including any registration statement or
amendment thereto filed with the Commission, or making any other governmental filing; and

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

     SECTION 5.12 Merger, Conversion, Consolidation, Amalgamation or Succession to Business.

     Any Person into which the Property Trustee or the Delaware Trustee, as the case may be, may be
merged or converted or with which either may be consolidated, or any Person resulting from any
merger, conversion, consolidation or amalgamation to which the Property Trustee or the Delaware
Trustee, as the case may be, shall be a party, or any Person succeeding to all or

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substantially all the corporate trust business of the Property Trustee or the Delaware
Trustee, as the case may be, shall be the successor of the Property Trustee or the Delaware
Trustee, as the case may be, hereunder, provided such Person shall be otherwise qualified and
eligible under this Article, without the execution or filing of any paper or any further act on the
part of any of the parties hereto.

ARTICLE 6

DISTRIBUTIONS

     Holders shall receive Distributions at the times and in accordance with the applicable terms
of the relevant Holder’s Securities. If and to the extent that the Note Issuer makes a payment of
interest (including Compounded Interest, as defined in the Indenture) and Additional Interest (as
defined in the Indenture), premium or principal on the Notes held by the Property Trustee (the
amount of any such payment being a “Payment Amount”), the Property Trustee shall and is directed,
to the extent funds are available for that purpose and without further action by the Regular
Trustees, to make a Distribution of the Payment Amount to Holders. The term “Distributions” as used
herein includes such cash distributions and any such interest payable unless otherwise stated.
Distributions shall be made on the Capital Securities and the Common Securities in accordance with
the preferences set forth in their respective terms.

ARTICLE 7

ISSUANCE OF SECURITIES

     SECTION 7.1 General Provisions Regarding Securities. 

     (a) The Regular Trustees shall on behalf of the Trust issue the Capital Securities
which shall have such terms as are set forth in a completed Designation of Terms in the form
attached hereto as Annex I, in the amounts, at the times and with such additions, deletions,
modifications and completions as may be approved by the Regular Trustees (the “Designation
of Terms”), and one class of Common Securities representing undivided beneficial interests
in the assets of the Trust in the amounts, at the times and having such terms as are set
forth in a completed Designation of Terms. The Trust shall issue no securities or other
interests in the assets of the Trust other than the Capital Securities and the Common
Securities.

     (b) The Regular Trustees shall negotiate the terms of the Underwriting Agreement
relating to the Capital Securities.

     (c) The Securities are subject to redemption as provided in the Designation of Terms.

     (d) In certain circumstances, the Securities may be exchanged by the Note Issuer (or
any of its Affiliates) for Notes as provided in Section 9.9.

     (e) The Certificates shall be signed on behalf of the Trust by a Regular Trustee. Such
signature shall be the manual signature of any present or any future Regular Trustee. In
case any Regular Trustee of the Trust who shall have signed any of

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the Certificates shall cease to be such Regular Trustee before the Certificates so
signed shall be delivered by the Trust, such Certificates nevertheless may be delivered as
though the person who signed such Certificates had not ceased to be such Regular Trustee.
Any Certificate may be signed on behalf of the Trust by such persons who, at the actual date
of execution of such Security, shall be the Regular Trustees of the Trust, although at the
date of the execution and delivery of the Declaration any such person was not such a Regular
Trustee. Certificates shall be typed, printed, lithographed or engraved or may be produced
in any other manner as is reasonably acceptable to the Regular Trustees, as evidenced by
their execution thereof, and may have such letters, numbers or other marks of identification
or designation and such legends or endorsements as the Regular Trustees may deem
appropriate, or as may be required to comply with any law or with any rule or regulation of
any stock exchange on which Securities may be listed, or to conform to usage.

     (f) The consideration received by the Trust for the issuance of the Securities shall
constitute a contribution to the capital of the Trust and shall not constitute a loan to the
Trust.

     (g) Upon issuance of the Securities as provided in this Declaration, the Securities so
issued shall be deemed to be validly issued, fully paid and non-assessable.

     (h) Every Person, by virtue of having become a Holder or a Capital Security Beneficial
Owner in accordance with the terms of this Declaration, shall be deemed to have expressly
assented and agreed to the terms of, and shall be bound by, this Declaration, including the
Designation of Terms.

     (i) The Securities are not, and shall not be deemed to be, savings accounts or bank
deposits or an obligation of or guaranteed by any banking affiliate of the Note Issuer and
are not insured by the Federal Deposit Insurance Corporation or any other governmental
agency.

     SECTION 7.2 Paying Agent. 

     In the event that the Capital Securities are not in Book-Entry only form, the Trust shall
maintain in New York, New York, an office or agency where the Capital Securities may be presented
for payment (“Paying Agent”). The Trust may appoint the Paying Agent and may appoint one or more
additional paying agents in such other locations as it shall determine and shall make such
appointment in any other location required by law or the rules of any securities exchange on which
the Capital Securities may be listed. The term “Paying Agent” includes any additional paying
agent. The Trust may change any Paying Agent without prior notice to any Holder. The Trust shall
notify the Property Trustee of the name and address of any Paying Agent not a party to this
Declaration. If the Trust fails to appoint or maintain another entity as Paying Agent, the
Property Trustee shall act as such. The Trust or any of its Affiliates may act as Paying Agent.
The Property Trustee shall initially act as Paying Agent for the Capital Securities and the Trust
shall initially act as Paying Agent for the Common Securities.

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ARTICLE 8

TERMINATION OF TRUST

     SECTION 8.1 Termination of Trust. 

     (a) The Trust shall dissolve:

     (i) upon the bankruptcy of the Sponsor;

     (ii) upon the filing of a certificate of dissolution or its equivalent with
respect to the Sponsor; upon the consent of a Majority in liquidation amount of the
Securities voting together as a single class to dissolve the Trust; or upon the
revocation of the Sponsor’s charter and the expiration of 90 days after the date of
revocation without a reinstatement thereof;

     (iii) upon the entry of a decree of judicial dissolution of the Holder of the
Common Securities, the Sponsor or the Trust;

     (iv) when all of the Securities shall have been called for redemption and the
amounts necessary for redemption thereof shall have been paid to the Holders in
accordance with the terms of the Securities;

     (v) at the election of the Sponsor at any time pursuant to which the Trust
shall have been dissolved in accordance with the terms of the Securities and all of
the Notes shall have been distributed to the Holders of Securities in exchange for
all of the Securities;

     (vi) before the issuance of any Securities, with the consent of all of the
Regular Trustees and the Sponsor; or

     (vii) when all of the Securities shall have been exchanged for Notes in
accordance with Section 9.9.

     (b) As soon as is practicable after the occurrence of an event referred to in Section
8.1(a), the Trustees shall, after satisfaction of all obligations of the Trust, file a
certificate of cancellation with the Secretary of State of the State of Delaware and the
Trust shall terminate.

     (c) The provisions of Section 3.9 and Article 10 shall survive the termination of the
Trust.

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ARTICLE 9

TRANSFER OF INTERESTS; FORM OF SECURITIES; EXCHANGE BY NOTE
ISSUER

     SECTION 9.1 Transfer of Securities. 

     (a) Securities may only be transferred, in whole or in part, in accordance with the
terms and conditions set forth in this Declaration and in the terms of the Securities. Any
transfer or purported transfer of any Security not made in accordance with this Declaration
shall be null and void.

     (b) Subject to this Article 9 and Section 4.3, the Sponsor and any Related Party may
only transfer Common Securities to the Sponsor or a Related Party of the Sponsor; provided
that any such transfer is subject to the condition precedent that the transferor obtain the
written opinion of a nationally recognized independent counsel experienced in such matters
that such transfer would not cause more than an insubstantial risk that:

     (i) the Trust would not be classified for United States federal income tax
purposes as an association or a publicly traded partnership taxable as a
corporation; and

     (ii) the Trust would be an Investment Company or the transferee would become an
Investment Company.

     SECTION 9.2 Transfer of Certificates. 

     The Regular Trustees shall provide for the registration of Certificates and of transfers of
Certificates, which will be effected without charge but only upon payment (with such indemnity as
the Regular Trustees may require) in respect of any tax or other government charges that may be
imposed in relation to it. Upon surrender for registration of transfer of any Certificate, the
Regular Trustees shall cause one or more new Certificates to be issued in the name of the
designated transferee or transferees. Every Certificate surrendered for registration of transfer
shall be accompanied by a written instrument of transfer in form satisfactory to the Regular
Trustees duly executed by the Holder or such Holder’s attorney duly authorized in writing. Each
Certificate surrendered for registration of transfer shall be canceled by the Regular Trustees. A
transferee of a Certificate shall be entitled to the rights and subject to the obligations of a
Holder hereunder upon the receipt by such transferee of a Certificate. By acceptance of a
Certificate, each transferee shall be deemed to have agreed to be bound by this Declaration.

     SECTION 9.3 Deemed Security Holders. 

     The Trustees may treat the Person in whose name any Certificate shall be registered on the
books and records of the Trust as the sole holder of such Certificate and of the Securities
represented by such Certificate for purposes of receiving Distributions and for all other purposes
whatsoever and, accordingly, shall not be bound to recognize any equitable or other claim to or

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interest in such Certificate or in the Securities represented by such Certificate on the part
of any Person, whether or not the Trust shall have actual or other notice thereof.

     SECTION 9.4 Book-Entry Interests. 

     Unless otherwise specified in the terms of the Capital Securities, the Capital Securities
Certificates, on original issuance, will be issued in the form of one or more fully registered,
global Capital Security Certificates (each a “Global Security”), to be delivered to the Depository,
which also shall be the initial Clearing Agency, by, or on behalf of, the Trust. Such Global
Securities shall initially be registered on the books and records of the Trust in the name of Cede
& Co., the nominee of the Depository, and no Capital Security Beneficial Owner will receive a
definitive Capital Security Certificate representing such Capital Security Beneficial Owner’s
interests in such Global Securities, except as provided in Section 9.7. Unless and until
definitive, fully registered Capital Security Certificates (the “Definitive Capital Security
Certificates”) have been issued to the Capital Security Beneficial Owners pursuant to Section 9.7:

     (a) the provisions of this Section 9.4 shall be in full force and effect;

     (b) the Trust and the Trustees shall be entitled to deal with the Clearing Agency for
all purposes of this Declaration (including the payment of Distributions on the Global
Securities and receiving approvals, votes or consents hereunder) as the sole Holder of the
Capital Securities and shall have no obligation to the Capital Security Beneficial Owners;

     (c) to the extent that the provisions of this Section 9.4 conflict with any other
provisions of this Declaration, the provisions of this Section 9.4 shall control; and

     (d) the rights of the Capital Security Beneficial Owners shall be exercised only
through the Clearing Agency and shall be limited to those established by law and agreements
between such Capital Security Beneficial Owners and the Clearing Agency and/or the Clearing
Agency Participants. The Depository will make Book-Entry transfers among the Clearing
Agency Participants and receive and transmit payments of Distributions on the Global
Securities to such Clearing Agency Participants.

     SECTION 9.5 Notices to Clearing Agency. 

     Whenever a notice or other communication to the Capital Security Holders is required under
this Declaration, unless and until Definitive Capital Security Certificates shall have been issued
to the Capital Security Beneficial Owners pursuant to Section 9.7, the Regular Trustees shall give
all such notices and communications specified herein to be given to the Capital Security Holders to
the Clearing Agency, and shall have no notice obligations to the Capital Security Beneficial
Owners.

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     SECTION 9.6 Appointment of Successor Clearing Agency. 

     If any Clearing Agency elects to discontinue its services as securities depository with
respect to the Capital Securities, the Regular Trustees may, in their sole discretion, appoint a
successor Clearing Agency with respect to such Capital Securities.

     SECTION 9.7 Definitive Capital Security Certificates. 

If:

     (a) a Clearing Agency elects to discontinue its services as securities depositary with
respect to the Capital Securities and a successor Clearing Agency is not appointed within 90
days after such discontinuance pursuant to Section 9.6; or

     (b) the Regular Trustees elect after consultation with the Sponsor to terminate the
Book-Entry system through the Clearing Agency with respect to the Capital Securities;

     then:

     (c) Definitive Capital Security Certificates shall be prepared by the Regular Trustees
on behalf of the Trust with respect to such Capital Securities; and

     (d) upon surrender of the Global Securities by the Clearing Agency, accompanied by
registration instructions, the Regular Trustees shall cause Definitive Capital Security
Certificates to be delivered to Capital Security Beneficial Owners in accordance with the
instructions of the Clearing Agency. Neither the Trustees nor the Trust shall be liable for
any delay in delivery of such instructions and each of them may conclusively rely on and
shall be protected in relying on, said instructions of the Clearing Agency. The Definitive
Capital Security Certificates shall be typed, printed, lithographed or engraved or may be
produced in any other manner as is reasonably acceptable to the Regular Trustees, as
evidenced by their execution thereof, and may have such letters, numbers or other marks of
identification or designation and such legends or endorsements as the Regular Trustees may
deem appropriate, or as may be required to comply with any law or with any rule or
regulation made pursuant thereto or with any rule or regulation of any stock exchange on
which Capital Securities may be listed, or to conform to usage.

     Otherwise, Definitive Capital Security Certificates will not be issued.

     SECTION
9.8 Mutilated, Destroyed, Lost or Stolen Certificates.

     If:

     (a) any mutilated Certificates should be surrendered to the Regular Trustees, or if the
Regular Trustees shall receive evidence to their satisfaction of the destruction, loss or
theft of any Certificate; and

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     (b) there shall be delivered to the Regular Trustees such security or indemnity as may
be required by them to keep each of them harmless,

then, in the absence of notice that such Certificate shall have been acquired by a bona fide
purchaser, any Regular Trustee on behalf of the Trust shall execute and deliver, in exchange for or
in lieu of any such mutilated, destroyed, lost or stolen Certificate, a new Certificate of like
denomination. In connection with the issuance of any new Certificate under this Section 9.8, the
Regular Trustees 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 Certificate issued pursuant to
this Section shall constitute conclusive evidence of an ownership interest in the relevant
Securities, as if originally issued, whether or not the lost, stolen or destroyed Certificate shall
be found at any time.

     SECTION 9.9 Exchange by Note Issuer.

     (a) If at any time the Note Issuer or any of its Affiliates (in either case, an “Issuer
Affiliated Holder”) is the Holder of any Capital Securities, such Issuer Affiliated Holder shall
have the right to deliver to the Property Trustee all or such portion of its Capital Securities as
it elects and receive, in exchange therefor, Notes in an aggregate principal amount equal to the
aggregate liquidation amount of, with accrued and unpaid interest equal to any accumulated and
unpaid Distributions on, such Capital Securities. Such election (i) shall be exercisable effective
on any Distribution Payment Date by such Issuer Affiliated Holder delivering to the Property
Trustee a written notice of such election specifying the aggregate liquidation amount of the
Capital Securities with respect to which such election is being made and the Distribution Payment
Date on which such exchange shall occur, which Distribution Payment Date shall be not less than 10
Business Days after the date of receipt by the Property Trustee of such election notice and (ii)
shall be conditioned upon such Issuer Affiliated Holder having delivered or caused to be delivered
to the Property Trustee or its designee the Capital Securities which are the subject of such
election by 10:00 a.m. New York City time on the Distribution Payment Date on which such exchange
is to occur. After the exchange, such Capital Securities will be canceled and will no longer be
deemed to be outstanding, and all rights of the Note Issuer or its Affiliate(s) with respect to
such Capital Securities will cease.

     (b) In the case of an exchange described in Section 9.9(a) above, the Trust will, on the date
of such exchange, exchange Notes having a principal amount equal to a proportional amount of the
aggregate liquidation amount of the outstanding Common Securities based on the ratio of the
aggregate liquidation amount of the Capital Securities exchanged pursuant to Section 9.9(a) above
divided by the aggregate liquidation amount of the Capital Securities outstanding immediately prior
to such exchange, for such proportional amount of Common Securities held by the Note Issuer;
provided that the Note Issuer delivers or causes to be delivered to the Property Trustee or its
designee the required amount of Common Securities to be exchanged by 10:00 a.m., New York City
time, on the Distribution Payment Date on which such exchange is to occur. After the exchange,
such Common Securities will be canceled and will no longer be deemed to be outstanding, and all
rights of the Note Issuer or its Affiliate(s) with respect to such Common Securities will cease.

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ARTICLE 10

LIMITATION OF LIABILITY OF

HOLDERS OF SECURITIES, TRUSTEES OR OTHERS

     SECTION 10.1 Liability. 

     (a) Except as expressly set forth in this Declaration, the Securities Guarantees and
the terms of the Securities, the Sponsor shall not:

     (i) be personally liable for the return of any portion of the capital
contributions (or any return thereon) of the Holders of the Securities which shall
be made solely from assets of the Trust; and

     (ii) be required to pay to the Trust or to any Holder of Securities any deficit
upon dissolution of the Trust or otherwise.

     (b) Pursuant to Section 3803(a) of the Statutory Trust Act, the Holders of the Capital
Securities shall be entitled to the same limitation of personal liability extended to
stockholders of private corporations organized for profit under the General Corporation Law
of the State of Delaware.

     SECTION 10.2 Exculpation. 

     (a) No Indemnified Person shall be liable, responsible or accountable in damages or
otherwise to the Trust or any Covered Person for any loss, damage or claim incurred by
reason of any act or omission performed or omitted by such Indemnified Person in good faith
on behalf of the Trust and in a manner such Indemnified Person reasonably believed to be
within the scope of the authority conferred on such Indemnified Person by this Declaration
or by law, except that an Indemnified Person shall be liable for any such loss, damage or
claim incurred by reason of such Indemnified Person’s gross negligence (or negligence in the
case of the Property Trustee) or willful misconduct with respect to such acts or omissions.

     (b) An Indemnified Person shall be fully protected in relying in good faith upon the
records of the Trust and upon such information, opinions, reports or statements presented to
the Trust by any Person as to matters the Indemnified Person reasonably believes are within
such other Person’s professional or expert competence and who has been selected with
reasonable care by or on behalf of the Trust, including information, opinions, reports or
statements as to the value and amount of the assets, liabilities, profits, losses, or any
other facts pertinent to the existence and amount of assets from which Distributions to
Holders of Securities might properly be paid.

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     SECTION 10.3 Fiduciary Duty. 

     (a) To the extent that, at law or in equity, an Indemnified Person has duties
(including fiduciary duties) and liabilities relating thereto to the Trust or to any other
Covered Person, an Indemnified Person acting under this Declaration shall not be liable to
the Trust or to any other Covered Person for its good faith reliance on the provisions of
this Declaration. The provisions of this Declaration, to the extent that they restrict or
eliminate the duties and liabilities of an Indemnified Person otherwise existing at law or
in equity (other than the duties imposed on the Property Trustee under the Trust Indenture
Act), are agreed by the parties hereto to replace such other duties and liabilities of such
Indemnified Person.

     (b) Unless otherwise expressly provided herein:

     (i) whenever a conflict of interest exists or arises between any Covered
Persons; or

     (ii) whenever this Declaration or any other agreement contemplated herein or
therein provides that an Indemnified Person shall act in a manner that is, or
provides terms that are, fair and reasonable to the Trust or any Holder of
Securities;

the Indemnified Person shall resolve such conflict of interest, take such action or provide such
terms, considering in each case the relative interest of each party (including its own interest) to
such conflict, agreement, transaction or situation and the benefits and burdens relating to such
interests, any customary or accepted industry practices, and any applicable generally accepted
accounting practices or principles. In the absence of bad faith by the Indemnified Person, the
resolution, action or term so made, taken or provided by the Indemnified Person shall not
constitute a breach of this Declaration or any other agreement contemplated herein or of any duty
or obligation of the Indemnified Person at law or in equity or otherwise.

     (c) Whenever in this Declaration an Indemnified Person is permitted or required to make
a decision:

     (i) in its “discretion” or under a grant of similar authority, the Indemnified
Person shall be entitled to consider such interests and factors as it desires,
including its own interests, and shall have no duty or obligation to give any
consideration to any interest of or factors affecting the Trust or any other Person;
or

     (ii) in its “good faith” or under another express standard, the Indemnified
Person shall act under such express standard and shall not be subject to any other
or different standard imposed by this Declaration or by applicable law.

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     SECTION 10.4 Indemnification. 

     (a) (i) The Note Issuer shall indemnify, to the full extent permitted by law, any
Company Indemnified Person who was or is a party or is threatened to be made a party to any
threatened, pending or completed action, suit or proceeding, whether civil, criminal,
administrative or investigative (other than an action by or in the right of the Trust) by
reason of the fact that he is or was a Company Indemnified Person against expenses
(including attorneys’ fees and expenses), judgments, fines and amounts paid in settlement
actually and reasonably incurred by him in connection with such action, suit or proceeding
if he acted in good faith and in a manner he reasonably believed to be in or not opposed to
the best interests of the Trust, and, with respect to any criminal action or proceeding, had
no reasonable cause to believe his conduct was unlawful. The termination of any action, suit
or proceeding by judgment, order, settlement, conviction, or upon a plea of nolo contendere
or its equivalent, shall not, of itself, create a presumption that the Company Indemnified
Person did not act in good faith and in a manner which he reasonably believed to be in or
not opposed to the best interests of the Trust, and, with respect to any criminal action or
proceeding, had reasonable cause to believe that his conduct was unlawful.

     (ii) The Note Issuer shall indemnify, to the full extent permitted by law, any
Company Indemnified Person who was or is a party or is threatened to be made a party
to any threatened, pending or completed action or suit by or in the right of the
Trust to procure a judgment in its favor by reason of the fact that he is or was a
Company Indemnified Person against expenses (including attorneys’ fees and expenses)
actually and reasonably incurred by him in connection with the defense or settlement
of such action or suit if he acted in good faith and in a manner he reasonably
believed to be in or not opposed to the best interests of the Trust and except that
no such indemnification shall be made in respect of any claim, issue or matter as to
which such Company Indemnified Person shall have been adjudged to be liable to the
Trust unless and only to the extent that the Court of Chancery of Delaware or the
court in which such action or suit was brought shall determine upon application
that, despite the adjudication of liability but in view of all the circumstances of
the case, such person is fairly and reasonably entitled to indemnity for such
expenses which such Court of Chancery or such other court shall deem proper.

     (iii) To the extent that a Company Indemnified Person shall be successful on
the merits or otherwise (including dismissal of an action without prejudice or the
settlement of an action without admission of liability) in defense of any action,
suit or proceeding referred to in paragraphs (i) and (ii) of this Section 10.4(a),
or in defense of any claim, issue or matter therein, he shall be indemnified, to the
full extent permitted by law, against expenses (including attorneys’ fees) actually
and reasonably incurred by him in connection therewith.

     (iv) Any indemnification under paragraphs (i) and (ii) of this Section 10.4(a)
(unless ordered by a court) shall be made by the Note Issuer only as

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authorized in the specific case upon a determination that indemnification of
the Company Indemnified Person is proper in the circumstances because he has met the
applicable standard of conduct set forth in paragraphs (i) and (ii). Such
determination shall be made (A) by the Regular Trustees by a majority vote of a
quorum consisting of such Regular Trustees who were not parties to such action, suit
or proceeding, (B) if such a quorum is not obtainable, or, even if obtainable, if a
quorum of disinterested Regular Trustees so directs, by independent legal counsel in
a written opinion, or (C) by the Holders of the Common Securities.

     (v) Expenses (including reasonable attorneys’ fees and expenses) incurred by a
Company Indemnified Person in defending a civil, criminal, administrative or
investigative action, suit or proceeding referred to in paragraphs (i) and (ii) of
this Section 10.4(a) shall be paid by the Note Issuer in advance of the final
disposition of such action, suit or proceeding upon receipt of an undertaking by or
on behalf of such Company Indemnified Person to repay such amount if it shall
ultimately be determined that he is not entitled to be indemnified by the Note
Issuer as authorized in this Section 10.4(a). Notwithstanding the foregoing, no
advance shall be made by the Note Issuer if a determination is reasonably and
promptly made (A) by the Regular Trustees by a majority vote of a quorum of
disinterested Regular Trustees, (B) if such a quorum is not obtainable, or, even if
obtainable, if a quorum of disinterested Regular Trustees so directs, by independent
legal counsel in a written opinion or (C) the Common Security Holder of the Trust,
that, based upon the facts known to the Regular Trustees, counsel or the Common
Security Holder at the time such determination is made, such Company Indemnified
Person acted in bad faith or in a manner that such person did not believe to be in
or not opposed to the best interests of the Trust, or, with respect to any criminal
proceeding, that such Company Indemnified Person believed or had reasonable cause to
believe his conduct was unlawful. In no event shall any advance be made in instances
where the Regular Trustees, independent legal counsel or Common Security Holder
reasonably determine that such person deliberately breached his duty to the Trust or
to the Holders of the Common or Capital Securities.

     (vi) The indemnification and advancement of expenses provided by, or granted
pursuant to, the other paragraphs of this Section 10.4(a) shall not be deemed
exclusive of any other rights to which those seeking indemnification and advancement
of expenses may be entitled under any agreement, vote of stockholders or
disinterested directors of the Note Issuer or Capital Security Holders of the Trust
or otherwise, both as to action in his official capacity and as to action in another
capacity while holding such office. All rights to indemnification under this Section
10.4(a) shall be deemed to be provided by a contract between the Note Issuer and
each Company Indemnified Person who serves in such capacity at any time while this
Section 10.4(a) is in effect. Any repeal or modification of this Section 10.4(a)
shall not affect any rights or obligations then existing.

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     (vii) The Note Issuer or the Trust may purchase and maintain insurance on
behalf of any person who is or was a Company Indemnified Person against any
liability asserted against him and incurred by him in any such capacity, or arising
out of his status as such, whether or not the Note Issuer would have the power to
indemnify him against such liability under the provisions of this Section 10.4(a).

     (viii) For purposes of this Section 10.4(a), references to “the Trust” shall
include, in addition to the resulting or surviving entity, any constituent entity
(including any constituent of a constituent) absorbed in a consolidation or merger,
so that any person who is or was a director, trustee, officer or employee of such
constituent entity, or is or was serving at the request of such constituent entity
as a director, trustee, officer, employee or agent of another entity, shall stand in
the same position under the provisions of this Section 10.4(a) with respect to the
resulting or surviving entity as he would have with respect to such constituent
entity if its separate existence had continued.

     (ix) The indemnification and advancement of expenses provided by, or granted
pursuant to, this Section 10.4(a) shall, unless otherwise provided when authorized
or ratified, continue as to a person who has ceased to be a Company Indemnified
Person and shall inure to the benefit of the heirs, executors and administrators of
such a person.

     (b) The Note Issuer agrees to indemnify the (i) Property Trustee, (ii) the Delaware
Trustee, (iii) any Affiliate of the Property Trustee or the Delaware Trustee, and (iv) any
officers, directors, shareholders, members, partners, employees, representatives,
custodians, nominees or agents of the Property Trustee or the Delaware Trustee (each of the
Persons in (i) through (iv) being referred to as a “Fiduciary Indemnified Person”) for, and
to hold each Fiduciary Indemnified Person harmless against, any and all loss, liability,
damage, claim or expense including taxes (other than taxes based on the income of such
Fiduciary Indemnified Person) incurred without negligence or bad faith on its part, arising
out of or in connection with the acceptance or administration of the trust or trusts
hereunder, including the costs and expenses (including reasonable legal fees and expenses)
of defending itself against or investigating any claim or liability in connection with the
exercise or performance of any of its powers or duties hereunder. The obligation to
indemnify as set forth in this Section 10.4(b) shall survive the satisfaction and discharge
of this Declaration.

     SECTION 10.5 Outside Businesses. 

     Any Covered Person, the Sponsor, the Delaware Trustee and the Property 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 Trust, and the Trust and the Holders of
Securities shall have no rights by virtue of this Declaration 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 Trust, shall not be deemed wrongful or improper. No Covered
Person, the Sponsor, the Delaware Trustee, or the Property Trustee shall

43

 

be obligated to present any particular investment or other opportunity to the Trust even if
such opportunity is of a character that, if presented to the Trust, could be taken by the Trust,
and any Covered Person, the Sponsor, the Delaware Trustee and the Property 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 Covered Person, the Delaware
Trustee and the Property Trustee may engage or be interested in any financial or other transaction
with the Sponsor or any Affiliate of the Sponsor, or may act as depositary for, trustee or agent
for, or act on any committee or body of holders of, securities or other obligations of the Sponsor
or its Affiliates.

ARTICLE 11

ACCOUNTING

     SECTION 11.1 Fiscal Year. 

     The fiscal year (“Fiscal Year”) of the Trust shall be the calendar year or such other year as
is required by the Code.

     SECTION 11.2 Certain Accounting Matters. 

     (a) At all times during the existence of the Trust, the Regular Trustees shall keep, or
cause to be kept, full books of account, records and supporting documents, which shall
reflect in reasonable detail each transaction of the Trust.

     (b) The Regular Trustees shall cause to be duly prepared and delivered to each of the
Holders of Securities any annual United States federal income tax information statement,
required by the Code, containing such information with regard to the Securities held by each
Holder as is required by the Code and the Treasury Regulations. The Regular Trustees shall
endeavor to deliver all such statements within such period after the end of each Fiscal Year
of the Trust as required by the Treasury Regulations; and

     (c) The Regular Trustees shall cause to be duly prepared and filed with the appropriate
taxing authority, an annual United States federal income tax return, on a Form 1041 or such
other form required by United States federal income tax law, and any other annual income tax
returns required to be filed by the Regular Trustees on behalf of the Trust with any state
or local taxing authority.

     SECTION 11.3 Banking. 

     The Trust shall maintain one or more bank accounts in the name and for the sole benefit of the
Trust; provided, however, that all payments of funds in respect of the Notes held by the Property
Trustee shall be made directly to the Property Trustee Account and no other funds of the Trust
shall be deposited in the Property Trustee Account. The sole signatories for such accounts shall
be designated by the Regular Trustees; provided, however, that the Property Trustee shall designate
the signatories for the Property Trustee Account.

44

 

     SECTION 11.4 Withholding. 

     The Trust and the Regular Trustees shall comply with all withholding requirements under United
States federal, state and local law. The Trust shall request, and the Holders shall provide to the
Trust, such forms or certificates as are necessary to establish an exemption from withholding with
respect to each Holder, and any representations and forms as shall reasonably be requested by the
Trust to assist it in determining the extent of, and in fulfilling, its withholding obligations.
The Regular Trustees shall file required forms with applicable jurisdictions and, unless an
exemption from withholding is properly established by a Holder, shall remit amounts withheld with
respect to the Holder to applicable jurisdictions. To the extent that the Trust is required to
withhold and pay over any amounts to any authority with respect to distributions or allocations to
any Holder, the amount withheld shall be deemed to be a distribution in the amount of the
withholding to the Holder. In the event of any claim over withholding, the Holders shall be
limited to an action against the applicable jurisdiction. If the amount required to be withheld
was not withheld from actual Distributions made, the Trust may reduce subsequent Distributions by
the amount of such withholding.

ARTICLE 12

AMENDMENTS AND MEETINGS

     SECTION 12.1 Amendments. 

     (a) Except as otherwise provided in this Declaration or by any applicable terms of the
Securities, this Declaration may only be amended by a written instrument approved and
executed by:

     (i) the Regular Trustees (or, if there are more than two Regular Trustees a
majority of the Regular Trustees);

     (ii) if the amendment affects the rights, powers, duties, obligations or
immunities of the Property Trustee, the Property Trustee; and

     (iii) if the amendment affects the rights, powers, duties, obligations or
immunities of the Delaware Trustee, the Delaware Trustee.

     (b) No amendment shall be made, and any such purported amendment shall be void and
ineffective:

     (i) unless, in the case of any proposed amendment, the Property Trustee shall
have first received an Officers’ Certificate from each of the Trust and the Sponsor
that such amendment is permitted by, and conforms to, the terms of this Declaration
(including the terms of the Securities);

     (ii) unless, in the case of any proposed amendment which affects the rights,
powers, duties, obligations or immunities of the Property Trustee, the Property
Trustee shall have first received:

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     (A) an Officers’ Certificate from each of the Trust and the Sponsor
that such amendment is permitted by, and conforms to, the terms of this
Declaration (including the terms of the Securities); and

     (B) an opinion of counsel (who may be counsel to the Sponsor or the
Trust) that such amendment is permitted by, and conforms to, the terms of
this Declaration (including the terms of the Securities); and

     (iii) to the extent the result of such amendment would be to:

     (A) cause the Trust to fail to continue to be classified for purposes
of United States federal income taxation as a grantor trust;

     (B) reduce or otherwise adversely affect the powers of the Property
Trustee in contravention of the Trust Indenture Act; or

     (C) cause the Trust to be deemed to be an Investment Company required
to be registered under the Investment Company Act.

     (c) At such time after the Trust has issued any Securities that remain outstanding, any
amendment that would adversely affect the rights, privileges or preferences of any Holder of
Securities may be effected only with such additional requirements as may be set forth in the
terms of such Securities.

     (d) Section 10.1(b) and this Section 12.1 shall not be amended without the consent of
all of the Holders of the Securities.

     (e) Article 4 shall not be amended without the consent of the Holders of a Majority in
liquidation amount of the Common Securities.

     (f) The rights of the holders of the Common Securities under Article 5 to increase or
decrease the number of, and appoint and remove Trustees, shall not be amended without the
consent of the Holders of a Majority in liquidation amount of the Common Securities.

     (g) Notwithstanding Section 12.1(c), this Declaration may be amended without the
consent of the Holders of the Securities to:

     (i) cure any ambiguity;

     (ii) correct or supplement any provision in this Declaration that may be
defective or inconsistent with any other provision of this Declaration;

     (iii) add to the covenants, restrictions or obligations of the Sponsor;

     (iv) conform to any change in Rule 3a-5 or any written change in interpretation
or application of Rule 3a-5 by any legislative body, court,

46

 

government agency or regulatory authority which amendment does not have a
material adverse effect on the right, preferences or privileges of the Holders;

     (v) modify, eliminate and add to any provision of the Declaration to such
extent as may be necessary to carry out its provisions, including making any
redemption of the Notes or dissolution of the Trust and distribution of the Notes to
the Holders of the Securities in exchange for all of the Securities; and

     (vi) evidence and provide for the appointment of Successor Trustees hereunder.

     SECTION 12.2 Meetings of the Holders of Securities; Action by Written Consent. 

     (a) Meetings of the Holders of any class of Securities may be called at any time by the
Regular Trustees (or as provided in the terms of the Securities) to consider and act on any
matter on which Holders of such class of Securities are entitled to act under the terms of
this Declaration, the terms of the Securities or the rules of any stock exchange on which
the Capital Securities are listed or admitted for trading. The Regular Trustees shall call
a meeting of the Holders of such class if directed to do so by the Holders of at least 10%
in liquidation amount of such class of Securities. Such direction shall be given by
delivering to the Regular Trustees one or more calls in a writing stating that the signing
Holders of Securities wish to call a meeting and indicating the general or specific purpose
for which the meeting is to be called. Any Holders of Securities calling a meeting shall
specify in writing the Security Certificates held by the Holders of Securities exercising
the right to call a meeting and only those Securities specified shall be counted for
purposes of determining whether the required percentage set forth in the second sentence of
this paragraph has been met.

     (b) Except to the extent otherwise provided in the terms of the Securities, the
following provisions shall apply to meetings of Holders of Securities:

     (i) notice of any such meeting shall be given to all the Holders of Securities
having a right to vote thereat at least seven days and not more than 60 days before
the date of such meeting. Whenever a vote, consent or approval of the Holders of
Securities is permitted or required under this Declaration or the rules of any stock
exchange on which the Capital Securities are listed or admitted for trading, such
vote, consent or approval may be given at a meeting of the Holders of Securities.
Any action that may be taken at a meeting of the Holders of Securities may be taken
without a meeting if a consent in writing setting forth the action so taken is
signed by the Holders of Securities owning not less than the minimum amount of
Securities in liquidation amount that would be necessary to authorize or take such
action at a meeting at which all Holders of Securities having a right to vote
thereon were present and voting. Prompt notice of the taking of action without a
meeting shall be given to the Holders of Securities entitled to vote who have not
consented in writing. The Regular Trustees may specify that any written ballot
submitted to the Security Holder for the purpose of

47

 

taking any action without a meeting shall be returned to the Trust within the
time specified by the Regular Trustees;

     (ii) each Holder of a Security may authorize any Person to act for it by proxy
on all matters in which a Holder of Securities is entitled to participate, including
waiving notice of any meeting, or voting or participating at a meeting. No proxy
shall be valid after the expiration of 11 months from the date thereof unless
otherwise provided in the proxy. Every proxy shall be revocable at the pleasure of
the Holder of Securities executing it. Except as otherwise provided herein, all
matters relating to the giving, voting or validity of proxies shall be governed by
the General Corporation Law of the State of Delaware relating to proxies, and
judicial interpretations thereunder, as if the Trust were a Delaware corporation and
the Holders of the Securities were stockholders of a Delaware corporation;

     (iii) each meeting of the Holders of the Securities shall be conducted by the
Regular Trustees or by such other Person that the Regular Trustees may designate;
and

     (iv) unless the Statutory Trust Act, this Declaration, the terms of the
Securities, the Trust Indenture Act or the listing rules of any stock exchange on
which the Capital Securities are then listed or trading otherwise provide, the
Regular Trustees, in their sole discretion, shall establish all other provisions
relating to meetings of Holders of Securities, including notice of the time, place
or purpose of any meeting at which any matter is to be voted on by any Holders of
Securities, waiver of any such notice, action by consent without a meeting, the
establishment of a record date, quorum requirements, voting in person or by proxy or
any other matter with respect to the exercise of any such right to vote.

ARTICLE 13

REPRESENTATIONS OF PROPERTY TRUSTEE

AND DELAWARE TRUSTEE

     SECTION 13.1 Representations and Warranties of Property Trustee. 

     The Trustee that acts as initial Property Trustee represents and warrants to the Trust and to
the Sponsor at the date of this Declaration, and each Successor Property Trustee represents and
warrants to the Trust and the Sponsor at the time of the Successor Property Trustee’s acceptance of
its appointment as Property Trustee, that:

     (a) the Property Trustee is a state or federal banking corporation with trust powers
and the authority to execute and deliver, and to carry out and perform its obligations under
the terms of, this Declaration;

     (b) the execution, delivery and performance by the Property Trustee of the Declaration
has been duly authorized by all necessary corporate action on the part of the

48

 

Property Trustee. The Declaration has been duly executed and delivered by the Property
Trustee, and it constitutes a legal, valid and binding obligation of the Property Trustee,
enforceable against it in accordance with its terms, subject to applicable bankruptcy,
reorganization, moratorium, insolvency, and other similar laws affecting creditors’ rights
generally and to general principles of equity and the discretion of the court (regardless of
whether the enforcement of such remedies is considered in a proceeding in equity or at law);

     (c) the execution, delivery and performance of this Declaration by the Property Trustee
does not conflict with or constitute a breach of the charter or by-laws of the Property
Trustee; and

     (d) no consent, approval or authorization of, or registration with or notice to, any
New York State or federal banking authority is required for the execution, delivery or
performance by the Property Trustee of this Declaration.

     SECTION 13.2 Representations and Warranties of Delaware Trustee. 

     The Trustee that acts as initial Delaware Trustee represents and warrants to the Trust and to
the Sponsor at the date of this Declaration, and each Successor Delaware Trustee represents and
warrants to the Trust and the Sponsor at the time of the Successor Delaware Trustee’s acceptance of
its appointment as Delaware Trustee, that:

     (a) the Delaware Trustee is duly organized, validly existing and in good standing under
the laws of the State of Delaware, with trust powers and the authority to execute and
deliver, and to carry out and perform its obligations under the terms of, this Declaration;

     (b) the Delaware Trustee has been authorized to perform its obligations under the
Certificate of Trust and the Declaration. The Declaration under Delaware law constitutes a
legal, valid and binding obligation of the Delaware Trustee, enforceable against it in
accordance with its terms, subject to applicable bankruptcy, reorganization, moratorium,
insolvency, and other similar laws affecting creditors’ rights generally and to general
principles of equity and the discretion of the court (regardless of whether the enforcement
of such remedies is considered in a proceeding in equity or at law);

     (c) no consent, approval or authorization of, or registration with or notice to, any
federal banking authority is required for the execution, delivery or performance by the
Delaware Trustee of this Declaration; and

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

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ARTICLE 14

MISCELLANEOUS

     SECTION 14.1 Notices. 

     All notices provided for in this Declaration shall be in writing, duly signed by the party
giving such notice, and shall be delivered, faxed or mailed by first class mail, as follows:

          (a) if given to the Trust, in care of the Regular Trustees at the Trust’s mailing
address set forth below (or such other address as the Trust may give notice of to the
Holders of the Securities):

BAC Capital Trust [          ]

c/o Bank of America Corporation

Bank of America Corporate Center

NC1-007-07-13

100 North Tryon Street

Charlotte, North Carolina 28255

Facsimile: (704) 386-0270

Attention: Corporate Treasury–Securities Administration

          (b) if given to the Delaware Trustee, at the mailing address set forth below (or such
other address as the Delaware Trustee may give notice of to the Holders of the Securities):

BNY Mellon Trust of Delaware

502 White Clay Center, Route 273

Newark, Delaware 19711

Attention: Corporate Trust Trustee Administration

          (c) if given to the Property Trustee, at the Property Trustee’s mailing address set
forth below (or such other address as the Property Trustee may give notice of to the Holders
of the Securities):

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

10161 Centurion Parkway

Jacksonville, Florida 32256

Attention: Corporate Trust Administration

          (d) if given to the Holder of the Common Securities, at the mailing address of the
Sponsor set forth below (or such other address as the Holder of the Common Securities may
give notice to the Trust):

Bank of America Corporation

Bank of America Corporate Center

50

 

NC1-007-07-13

100 North Tryon Street

Charlotte, North Carolina 28255

Attention: Corporate Treasury—Securities Administration

          (e) if given to any other Holder, at the address set forth on the books and records of
the Trust.

     All such notices shall be deemed to have been given when received in person, faxed with
receipt confirmed, or mailed by first class mail, postage prepaid except that if a notice or other
document is refused delivery or cannot be delivered because of a changed address of which no notice
was given, such notice or other document shall be deemed to have been delivered on the date of such
refusal or inability to deliver.

     SECTION 14.2 Governing Law. 

     This Declaration and the rights of the parties hereunder shall be governed by and interpreted
in accordance with the laws of the State of Delaware and all rights and remedies shall be governed
by such laws without regard to principles of conflict of laws.

     SECTION 14.3 Intention of the Parties. 

     It is the intention of the parties hereto that the Trust be classified for United States
federal income tax purposes as a grantor trust. The provisions of this Declaration shall be
interpreted to further this intention of the parties.

     SECTION 14.4 Headings. 

     Headings contained in this Declaration are inserted for convenience of reference only and do
not affect the interpretation of this Declaration or any provision hereof.

     SECTION 14.5 Successors and Assigns. 

     Whenever in this Declaration any of the parties hereto is named or referred to, the successors
and assigns of such party shall be deemed to be included, and all covenants and agreements in this
Declaration by the Sponsor and the Trustees shall bind and inure to the benefit of their respective
successors and assigns, whether so expressed.

     SECTION 14.6 Partial Enforceability. 

     If any provision of this Declaration, or the application of such provision to any Person or
circumstance, shall be held invalid, the remainder of this Declaration, or the application of such
provision to persons or circumstances other than those to which it is held invalid, shall not be
affected thereby.

51

 

     SECTION 14.7 Counterparts; Acceptance. 

     This Declaration may contain more than one counterpart of the signature page and this
Declaration 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.

     Each Trustee, by its execution of a counterpart of this Declaration, acknowledges and accepts
its appointment as Trustee.

52

 

     IN WITNESS WHEREOF, the undersigned has caused these presents to be executed as of the day and
year first above written.

	 	 	 	 	 	 	 
	 	 	 	 	 
	 	 	[                    ], as Regular Trustee	 	 
	 
	 	 	 	 	 	 
	 
	 	 	 	 	 
	 	 	[                    ], as Regular Trustee	 	 
	 
	 	 	 	 	 	 
	 
	 	 	 	 	 
	 	 	[                    ], as Regular Trustee	 	 
	 
	 	 	 	 	 	 
	 	 	BNY MELLON TRUST OF DELAWARE, as	 	 
	 	 	Delaware Trustee	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	Name:	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	Title:	 	 	 	 
	 

	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 	 	THE BANK OF NEW YORK MELLON TRUST 

COMPANY, N.A., as Property Trustee	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	
Name:	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	
Title:	 	 	 	 
	 

	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 	 	BANK OF AMERICA CORPORATION, as Sponsor	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	
Name:	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	
Title:	 	 	 	 
	 

	 	 	 	 	 	 

53

 

ANNEX I

BAC CAPITAL TRUST [          ]

DESIGNATION OF TERMS OF

[     %] [FLOATING RATE] CAPITAL SECURITIES AND

[     %] [FLOATING RATE] COMMON SECURITIES

     Pursuant to Section 7.1 of the Amended and Restated Declaration of Trust, dated as of
[     ,     ] (as amended from time to time, the “Declaration”), the designation, rights,
privileges, restrictions, preferences and other terms and provisions of the Capital Securities and
the Common Securities are set out below (each capitalized term used but not defined herein has the
meaning set forth in the Declaration);

     1. Designation and Number.

     (a) Capital Securities. The Capital Securities of the Trust (liquidation amount
$[          ] per Capital Security) are hereby designated for purposes of identification only as
“BAC Capital Trust [          ] [          ] [Floating Rate] Capital Securities” (the “Capital
Securities”). [Initially,] the Trust shall issue [          ] Capital Securities with an
aggregate liquidation amount of $[          ]. The Capital Security Certificates evidencing the
Capital Securities shall be substantially in the form of Exhibit A-1 to the Declaration, with such
changes and additions thereto or deletions therefrom as may be required by ordinary usage, custom
or practice or to conform to the rules of any stock exchange on which the Capital Securities are
listed.

     (b) Common Securities. The Common Securities of the Trust are hereby designated for
purposes of identification only as “BAC Capital Trust [          ] [          ] [Floating Rate] Common
Securities” (the “Common Securities”). The Common Securities shall have an aggregate liquidation
amount of $[          ]. The Common Security Certificate evidencing the Common Securities shall be
substantially in the form of Exhibit A-2 to the Declaration, with such changes and additions
thereto or deletions therefrom as may be required by ordinary usage, custom or practice.

     [(c) Upon exercise of the Option by the Underwriters, the Trust may issue up to an additional
[          ] Capital Securities and up to an additional [          ] Common Securities.
References in this Designation of Terms or in the Declaration to Securities, Capital Securities or
Common Securities shall include the Securities so issued. At the time of the issue of Additional
Securities, the Trust and the Sponsor shall execute a certificate in the form of Annex A-I to the
Declaration.]

     2. Distributions.

     (a) Distributions on the Securities will be payable at [an annual rate of [                    ]% (the “Coupon
Rate”)] [an annual floating rate equal to Three-Month LIBOR (as defined in the Supplemental
Indenture) plus a spread of [                    ]% (the “Coupon Rate”)] of the stated liquidation amount of
$[                    ] per Capital Security and of the aggregate liquidation amount of $[                    ] for the Common
Securities, such rate being the interest rate payable on the Notes to be held by

I-1

 

the Property Trustee. Distributions in arrears for more than one [quarter] [semi-annual
period] will bear interest thereon at the Coupon Rate compounded [quarterly] [semi-annually] (to
the extent permitted by applicable law). A Distribution is payable only to the extent that
payments are made in respect of the Notes held by the Property Trustee and to the extent the
Property Trustee has funds available therefor. The amount of Distributions payable for any period
will be calculated on the basis of [a 360-day year of twelve 30-day months] [the actual number of
days elapsed in a period and a 360-day year]. [For Fixed Rate Securities: The amount of
Distributions payable for any period shorter than a full Distribution Period will be calculated 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 full Distribution Period will be calculated by dividing the
annual Coupon Rate by [four] [two].] The Coupon Rate and the amount of accumulated distributions
payable for each Distribution Period will correspond to the interest rate and the amount of accrued
interest payable on the Notes for each interest payment period, as determined in accordance with
the Supplemental Indenture.

     (b) Distributions on the Securities will be cumulative, will accumulate from [                    , ___]
and will be payable [quarterly] [semi-annually] in arrears, [January 15, April 15, July 15 October
15] [January 15 and July 15] of each year, commencing on January 15, [                    ], except as otherwise
described below. The Note Issuer has the right under the Indenture to defer payments of interest
on the Notes by extending the interest payment period on the Notes from time to time for a period
selected by the Note Issuer not exceeding [20] [10] consecutive [quarters] [semi-annual periods]
(each, an “Extension Period”), during which Extension Period no interest shall be due and payable
on the Notes, provided that no Extension Period may extend beyond the Stated Maturity. As a
consequence of such deferral, Distributions also will be deferred on the Capital Securities for the
same period. Despite such deferral, [quarterly] [semi-annual] Distributions will continue to
accumulate with interest thereon (to the extent permitted by applicable law) at the Coupon Rate
compounded [quarterly] [semi-annually] during any such Extension Period. Prior to the termination
of any such Extension Period, the Note Issuer may extend further such Extension Period; provided
that such Extension Period together with all such previous and further extensions thereof may not
exceed [20] [10] consecutive [quarters] [semi-annual periods] or extend beyond the Stated Maturity.
Payments of accumulated Distributions will be payable to Holders as they appear on the books and
records of the Trust or the Clearing Agency, as the case may be, on the first record date after the
end of the Extension Period. Upon the termination of any Extension Period and the payment of all
amounts then due, the Note Issuer may commence a new Extension Period, subject to the above
requirements. No interest or corresponding Distributions shall be due and payable during an
Extension Period, except at the end thereof, but the Note Issuer may repay at any time all or any
portion of the interest accrued during an Extension Period.

     (c) Distributions on the Securities will be payable to the Holders thereof as they appear on
the books and records of the Trust on the relevant record dates. While the Capital Securities
remain in Book-Entry only form, the relevant record dates shall be one Business Day prior to the
relevant Distribution Payment Dates, which Distribution Payment Dates correspond to the interest
payment dates on the Notes. Payment of Distributions on the Securities held in Book-Entry only
form will be made to the Depository in immediately available funds. The Depository’s practice is
to credit Clearing Agency Participants’ accounts on the relevant

I-2

 

Distribution Payment Date in accordance with their respective holdings shown on the
Depository’s records unless the Depository has reason to believe that it will not receive payments
on such Distribution Payment Date. Payments by (i) Clearing Agency Participants and (ii)
securities brokers and dealers, banks and trust companies and other entities that clear
transactions through or maintain a direct or indirect custodial relationship with a Clearing Agency
Participant (an “Indirect Participant”) to Capital Security Beneficial Owners will be governed by
standing instructions and customary practices and will be the responsibility of such Clearing
Agency Participants and Indirect Participants and not of the Depository, the Trust or the Company,
subject to any statutory or regulatory requirements as may be in effect from time to time. Payment
of distributions to the Depository is the responsibility of the Trust, disbursement of such
payments to Clearing Agency Participants is the responsibility of the Depository, and disbursement
of such payments to the Capital Security Beneficial Owners is the responsibility of the Clearing
Agency Participants and Indirect Participants. The relevant record dates for the Common Securities
shall be the same record dates as for the Capital Securities. If the Capital Securities shall no
longer remain in Book-Entry only form, the regular record dates for the Capital Securities shall be
the close of business on the [January 1, April 1, July 1 and October 1] [January 1 and July 1]
prior to the relevant Distribution Payment Dates, which Distribution Payment Dates correspond to
the interest payment dates on the Notes. Distributions payable on any Securities that are not
punctually paid on any Distribution Payment Date, as a result of the Note Issuer having failed to
make a payment under the Notes, will cease to be payable to the Person in whose name such
Securities are registered on the relevant record date, and such defaulted Distribution will instead
be payable to the Person in whose name such Securities are registered on the special record date or
other specified date determined in accordance with the Indenture. If any date on which
Distributions are payable on the Securities is not a Business Day, then payment of the Distribution
payable on such date will be made on the next succeeding day that is a Business Day as if it were
the date of payment, except that, if such Business Day is in the next succeeding calendar [year]
[month], such payment shall be made on the immediately preceding Business Day [, in each case with
the same force and effect as if made on such date]. [For Floating Rate Securities: In each such
case, except for the Distribution Payment Date falling on the maturity date of the notes, the
Distribution Periods will be adjusted accordingly to calculate the amount of distributions payable
on the Capital Securities.]

     (d) In the event that there is any money or other property held by or for the Trust that is
not accounted for hereunder, such property shall be distributed Pro Rata (as defined herein) among
the Holders of the Securities.

     3. Liquidation Distribution Upon Dissolution.

     In the event of any voluntary or involuntary dissolution, winding-up or termination of the
Trust, the Holders on the date of the dissolution, winding-up or termination, as the case may be,
will be entitled to receive out of the assets of the Trust available for distribution to Holders
after satisfaction of liabilities of creditors an amount equal to the aggregate of the stated
liquidation amount of $[                    ] per Capital Security and the aggregate liquidation amount of
$[                    ] for the Common Securities plus accumulated and unpaid Distributions thereon to the date
of payment (such amount being the “Liquidation Distribution”), unless, in connection with such
dissolution, winding-up or termination, Notes in an aggregate stated principal amount equal to

I-3

 

the aggregate liquidation amount of such Securities, with an interest rate equal to the Coupon
Rate of, and bearing accrued and unpaid interest in an amount equal to the accumulated and unpaid
Distributions on, such Securities, shall be distributed on a Pro Rata basis to the Holders of the
Securities in exchange for such Securities.

     If, upon any such dissolution, the Liquidation Distribution can be paid only in part because
the Trust has insufficient assets available to pay in full the aggregate Liquidation Distribution,
then the amounts payable directly by the Trust on the Securities shall be paid on a Pro Rata basis.
Holders of the Common Securities will be entitled to receive distributions upon any such
dissolution Pro Rata with Holders of the Capital Securities, except that if an Event of Default has
occurred and is continuing, the Capital Securities shall have a preference over the Common
Securities with respect to such distributions.

     4. Redemption and Distribution.

     (a) The Securities are subject to redemption at the Stated Maturity, at any time on or after
[                    , ___] and in certain circumstances, following the occurrence of a Special Event as
follows:

     (i) Upon payment of the Notes at a payment price equal to the principal amount of the
Notes, plus any accrued and unpaid interest thereon at the Stated Maturity, including any
deferred interest payments on the Notes, the proceeds from such payment shall be applied
simultaneously to redeem the Securities at the Maturity Redemption Price.

     (ii) In the event of a Special Event Prepayment (as defined in the Supplemental
Indenture), the proceeds from such Special Event Prepayment shall be applied simultaneously
to redeem the Securities at the Special Event Redemption Price.

     (iii) The Securities also may be redeemed in whole or in part on or after [                    ,
___], contemporaneously with an optional prepayment of the Notes, at a redemption price
equal to the Optional Redemption Price. If fewer than all the outstanding Securities are to
be so redeemed, the Common Securities and the Capital Securities will be redeemed Pro Rata,
and the Capital Securities to be redeemed will be as described in Section 4(d)(ii) below.

     (b) If the Sponsor has given a notice of its election to terminate the Trust, the Regular
Trustees shall dissolve the Trust and, after satisfaction of creditors, cause Notes held by the
Property Trustee, having an aggregate principal amount equal to the aggregate stated liquidation
amount of the Securities, with an interest rate equal to the Coupon Rate of, and bearing accrued
and unpaid interest in an amount equal to the accrued and unpaid Distributions on, and having the
same record date for payment as, the Securities, to be distributed to the Holders of the Securities
in liquidation of such Holders’ interests in the Securities within 90 days following receipt of the
Sponsor’s notice of election.

I-4

 

     (c) On and from the date fixed by the Regular Trustees for any distribution of Notes and
dissolution of the Trust: (i) the Securities will no longer be deemed to be outstanding, (ii) the
Depository or its nominee, as the record Holder of the Capital Securities, will receive a
registered Global Security or Securities representing the Notes to be delivered upon such
distribution and any certificates representing Securities, except for certificates representing
Capital Securities held by the Depository or its nominee (or any successor Clearing Agency or its
nominee), will be deemed to represent beneficial interests in the Notes having an aggregate
principal amount equal to the aggregate stated liquidation amount of, with an identical interest
rate, and accrued and unpaid interest equal to accrued and unpaid Distributions on such Securities
until such certificates are presented to the Note Issuer or its agent for transfer or reissue. The
Trust may not redeem fewer than all the outstanding Securities unless all accrued and unpaid
Distributions have been paid on all Securities for all [quarterly] [semi-annual] Distribution
Periods terminating on or before the date of redemption. If the Notes are distributed to holders
of the Securities, pursuant to the terms of the Indenture, the Note Issuer will use its best
efforts to have the Notes listed on the securities exchange, if any, on which the Capital
Securities were listed immediately prior to the distribution of the Notes.

     (d) Redemption or Distribution Procedures shall be as follows:

     (i) A Redemption/Distribution Notice for the Securities to be redeemed or exchanged
will be given by the Trust by mail to each Holder not fewer than 15 nor more than 60 days
before the redemption date or exchange date which, in the case of a redemption, will be the
date fixed for redemption of the Notes. For purposes of the calculation of the redemption
date or exchange date and the dates on which notices are given pursuant to this Section
4(d)(i), a Redemption/ Distribution Notice shall be deemed to be given on the day such
notice is first mailed by first-class mail, postage prepaid, to Holders of Securities. Each
Redemption/Distribution Notice shall be addressed to the Holders of Securities at the
address of each such Holder appearing in the books and records of the Trust. No defect in
the Redemption/Distribution Notice or in the mailing of either with respect to any Holder
shall affect the validity of the redemption or exchange proceedings with respect to any
other Holder.

     (ii) In the event that fewer than all the outstanding Securities are to be redeemed,
the Securities to be redeemed shall be redeemed Pro Rata from each Holder of Capital
Securities, it being understood that, in respect of Capital Securities registered in the
name of and held of record by the Depository or its nominee (or any successor Clearing
Agency or its nominee) or any nominee, the distribution of the redemption proceeds will be
made to each Clearing Agency Participant (or Person on whose behalf such nominee holds such
securities) in accordance with the procedures applied by such agency or nominee.

     (iii) If Securities are to be redeemed and the Trust gives a Redemption/Distribution
Notice, which notice may only be issued if the Notes are repaid as set out in this Section 4
(which notice will be irrevocable), then (A) while the Capital Securities are in Book-Entry
only form, with respect to the Capital Securities, by 12:00 noon, New York City time, on the
redemption date, provided that the Note Issuer has

I-5

 

paid the Property Trustee a sufficient amount of cash in connection with the related
prepayment or maturity of the Notes, the Property Trustee will deposit irrevocably with the
Depository or its nominee (or successor Clearing Agency or its nominee) funds sufficient to
pay the applicable Redemption Price with respect to the Capital Securities and will give the
Depository irrevocable instructions and authority to pay the Redemption Price to the Holders
of the Capital Securities, and (B) with respect to Capital Securities issued in definitive
form and Common Securities, provided that the Note Issuer has paid the Property Trustee a
sufficient amount of cash in connection with the related prepayment or maturity of the
Notes, the Property Trustee will pay the relevant Redemption Price to the Holders of such
Securities by check mailed to the address of the relevant Holder appearing on the books and
records of the Trust on the redemption date. If a Redemption/Distribution Notice shall have
been given and funds deposited as required, if applicable, then immediately prior to the
close of business on the date of such deposit, or on the redemption date, as applicable,
Distributions will cease to accumulate on the Securities so called for redemption and all
rights of Holders of such Securities so called for redemption will cease, except the right
of the Holders of such Securities to receive the Redemption Price, but without interest on
such Redemption Price. Neither the Regular Trustees nor the Trust shall be required to
register or cause to be registered the transfer of any Securities that have been so called
for redemption. If any date fixed for redemption of Securities 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 (and without any interest or other payment in respect of any such
delay) except that, if such Business Day falls in the next calendar [year] [month], 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 fixed for redemption. If payment of the Redemption
Price in respect of any Securities is improperly withheld or refused and not paid either by
the Property Trustee or by the Sponsor as guarantor pursuant to the relevant Securities
Guarantee, Distributions on such Securities will continue to accumulate from the original
redemption date to the actual date of payment, in which case the actual payment date will be
considered the date fixed for redemption for purposes of calculating the Redemption Price.

     (iv) Redemption/Distribution Notices shall be sent by the Regular Trustees on behalf of
the Trust to (A) in respect of the Capital Securities, the Depository or its nominee (or any
successor Clearing Agency or its nominee) if the Global Securities have been issued or, if
Definitive Capital Security Certificates have been issued, to the Holder thereof, and (B) in
respect of the Common Securities to the Holder thereof.

     (v) Subject to the foregoing and applicable law (including, without limitation, United
States federal securities laws), the Sponsor or any of its subsidiaries may at
any time and from time to time purchase outstanding Capital Securities by tender, in the
open market or by private agreement.

I-6

 

     (vi) In certain circumstances, the Capital Securities and the Common Securities may be
exchanged by the Sponsor (or any of its Affiliates) for Notes as provided in Section 9.9 of
the Declaration.

     5. Voting Rights—Capital Securities.

     (a) Except as provided under Sections 5(b) and 7 of this Designation of Terms and as otherwise
required by law and the Declaration, the Holders of the Capital Securities will have no voting
rights.

     (b) Subject to the requirements set forth in this paragraph, the Holders of a Majority in
aggregate liquidation amount of the Capital Securities, voting separately as a class may direct 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 the
Declaration, including the right to direct the Property Trustee, as holder of the Notes, to (i)
exercise the remedies available under the Indenture by conducting any proceeding for any remedy
available to the Note Trustee, or exercising any trust or power conferred on the Note Trustee with
respect to the Notes, (ii) waive any past Event of Default and its consequences that is waivable
under Section 5.01 of the Indenture, (iii) exercise any right to rescind or annul a declaration
that the principal of all the Notes shall be due and payable or (iv) consent to any amendment,
modification or termination of the Indenture as a holder of the Notes provided, however, that,
where a consent or action under the Indenture would require the consent or act of the Holders of a
Super Majority affected thereby the Property Trustee may only give such consent or take such action
at the written direction of the Holders of at least the proportion in liquidation amount of the
Capital Securities which the relevant Super Majority represents of the aggregate principal amount
of the Notes outstanding. The Property Trustee shall not revoke any action previously authorized or
approved by a vote of the Holders of the Capital Securities. Other than with respect to directing
the time, method and place of conducting any remedy available to the Property Trustee or the Note
Trustee as set forth above, the Property Trustee shall not take any action in accordance with the
directions of the Holders of the Capital Securities under this paragraph unless the Property
Trustee has obtained an opinion of tax counsel to the effect that for the purposes of United States
federal income tax the Trust will not be classified as other than a grantor trust on account of
such action. If a Nonpayment occurs on the date such interest or principal is otherwise payable
(or in the case of redemption, on the redemption date), and such Nonpayment is continuing, a Holder
of Capital Securities may institute a Direct Action after the respective due date specified in the
Notes. In connection with such Direct Action, the rights of the Holders of the Common Securities
will be subrogated to the rights of such Holder of Capital Securities to the extent of any payment
made by the Note Issuer to such Holder of Capital Securities in such Direct Action. If the
Property Trustee fails to enforce its rights under the Declaration, any Holder of Capital
Securities may, to the extent permitted by applicable law, institute a legal proceeding directly
against any Person to enforce the Property Trustee’s rights under the Declaration, without first
instituting a legal proceeding against the Property Trustee or any other Person.

     Except as provided in this Section, the Holders of Capital Securities will not be able to
exercise directly any other remedy available to the holders of the Notes.

I-7

 

     Any approval or direction of Holders of Capital Securities may be given at a separate meeting
of Holders of Capital Securities convened for such purpose, at a meeting of all of the Holders of
Securities or pursuant to written consent. The Regular Trustees will cause a notice of any meeting
at which Holders of Capital Securities are entitled to vote, or of any matter upon which action by
written consent of such Holders is to be taken, to be mailed to each Holder of record of Capital
Securities. Each such notice will include a statement setting forth (i) the date of such meeting
or the date by which such action is to be taken, (ii) a description of any resolution proposed for
adoption at such meeting on which such Holders are entitled to vote or of such matter upon which
written consent is sought and (iii) instructions for the delivery of proxies or consents.

     No vote or consent of the Holders of the Capital Securities will be required for the Trust to
redeem and cancel Capital Securities or to distribute the Notes in accordance with the Declaration
and the terms of the Securities.

     Notwithstanding that Holders of Capital Securities are entitled to vote or consent under any
of the circumstances described above, any of the Capital Securities that are owned by the Sponsor
or any Affiliate of the Sponsor shall not be entitled to vote or consent and shall, for purposes of
such vote or consent, be treated as if they were not outstanding.

     6. Voting Rights—Common Securities.

     (a) Except as provided under Sections 6(b) and (c), 7(a) and (b) and 8 of this Designation of
Terms or as otherwise required by law and the Declaration, the Holders of the Common Securities
will have no voting rights.

     (b) The Holders of the Common Securities are entitled, in accordance with Article 5 of the
Declaration, to vote to appoint, remove or replace any Trustee or to increase or decrease the
number of Trustees.

     (c) Subject to Section 2.6 of the Declaration and only after the Event of Default with respect
to the Capital Securities has been cured, waived or otherwise eliminated and subject to the
requirements of the second to last sentence of this paragraph, the Holders of a Majority in
liquidation amount of the Common Securities, voting separately as a class, may direct 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 the Declaration, including
(i) directing the time, method and place of conducting any proceeding for any remedy available to
the Note Trustee, or exercising any trust or power conferred on the Note Trustee with respect to
the Notes, (ii) waive any past default and its consequences that is waivable under Section 5.01 of
the Indenture or (iii) exercise any right to rescind or annul a declaration that the principal of
all the Notes shall be due and payable, provided that, where a consent or action under the
Indenture would require the consent or act of the Holders of a Super Majority, the Property Trustee
only may give such consent or take such action at the written direction of the Holders of at least
the proportion in liquidation amount of the Common Securities which the relevant Super Majority
represents of the aggregate principal amount of the Notes outstanding. Pursuant to this Section
6(c), the Property Trustee shall not revoke any action

I-8

 

previously authorized or approved by a vote of the Holders of the Capital Securities. Other
than with respect to directing the time, method and place of conducting any remedy available to the
Property Trustee or the Note Trustee as set forth above, the Property Trustee shall not take any
action in accordance with the directions of the Holders of the Common Securities under this
paragraph unless the Property Trustee has obtained an opinion of tax counsel to the effect that for
purposes of United States federal income tax the Trust will not be classified as other than a
grantor trust on account of such action. If the Property Trustee fails to enforce its rights under
the Declaration, any Holder of Common Securities may, to the extent permitted by applicable law,
institute a legal proceeding directly against any Person to enforce the Property Trustee’s rights
under the Declaration, without first instituting a legal proceeding against the Property Trustee or
any other Person.

     Any approval or direction of Holders of Common Securities may be given at a separate meeting
of Holders of Common Securities convened for such purpose, at a meeting of all of the Holders in
the Trust or pursuant to written consent. The Regular Trustees will cause a notice of any meeting
at which Holders of Common Securities are entitled to vote, or of any matter upon which action by
written consent of such Holders is to be taken, to be mailed to each Holder of record of Common
Securities. Each such notice will include a statement setting forth (i) the date of such meeting
or the date by which such action is to be taken, (ii) a description of any resolution proposed for
adoption at such meeting on which such Holders are entitled to vote or of such matter upon which
written consent is sought and (iii) instructions for the delivery of proxies or consents.

     No vote or consent of the Holders of the Common Securities will be required for the Trust to
redeem and cancel Common Securities or to distribute the Notes in accordance with the Declaration
and the terms of the Securities.

     7. Amendments to Declaration and Indenture.

     (a) In addition to any requirements under Section 12.1 of the Declaration, if any proposed
amendment to the Declaration provides for, or the Regular Trustees otherwise propose to effect, (i)
any action that would adversely affect the powers, preferences or special rights of the Securities,
whether by way of amendment to the Declaration or otherwise, or (ii) the dissolution, winding-up or
termination of the Trust, other than as described in Section 8.1 of the Declaration, then the
Holders of outstanding Securities voting together as a single class, will be entitled to vote on
such amendment or proposal (but not on any other 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 Securities, affected thereby, provided, however, if any amendment or
proposal referred to in clause (i) above would adversely affect only the Capital Securities or only
the Common Securities, then only the affected 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 a
Majority in liquidation amount of such class of Securities.

     (b) In the event the consent of the Property Trustee as the holder of the Notes is required
under the Indenture with respect to any amendment, modification or termination of the Indenture or
the Notes, the Property Trustee shall request the written direction of the Holders of

I-9

 

the Securities with respect to such amendment, modification or termination and shall vote with
respect to such amendment, modification or termination as directed by a Majority in liquidation
amount of the Securities voting together as a single class; provided, however, that where a consent
under the Indenture would require the consent of the holders of a Super Majority, the Property
Trustee may only give such consent at the direction of the Holders of at least the proportion in
liquidation amount of the Securities which the relevant Super Majority represents of the aggregate
principal amount of the Notes outstanding; provided further, that the Property Trustee shall not
take any action in accordance with the directions of the Holders of the Securities under this
Section 7(b) unless the Property Trustee has obtained an opinion of tax counsel to the effect that
for the purposes of United States federal income tax the Trust will not be classified as other than
a grantor trust on account of such action.

     8. Pro Rata.

     A reference in these terms of the Securities to any payment, distribution or treatment as
being “Pro Rata” shall mean pro rata to each Holder according to the aggregate liquidation amount
of the Securities held by the relevant Holder in relation to the aggregate liquidation amount of
all Securities outstanding unless, in relation to a payment, an Event of Default has occurred and
is continuing, in which case any funds available to make such payment shall be paid first to each
Holder of the Capital Securities pro rata according to the aggregate liquidation amount of Capital
Securities held by the relevant Holder relative to the aggregate liquidation amount of all Capital
Securities outstanding, and, only after satisfaction of all amounts owed to the Holders of the
Capital Securities, to each Holder of Common Securities pro rata according to the aggregate
liquidation amount of Common Securities held by the relevant Holder relative to the aggregate
liquidation amount of all Common Securities outstanding.

     9. Ranking.

     The Capital Securities rank pari passu and payment thereon shall be made pro rata with the
Common Securities except that, where an Event of Default occurs and is continuing, the rights of
Holders of the Common Securities to payment in respect of Distributions and payments upon
liquidation, redemption and otherwise are subordinated to the rights to payment of the Holders of
the Capital Securities.

     [10. Listing.

     Unless otherwise determined by the Regular Trustees, the Capital Securities shall not be
listed for quotation on any stock exchange.]

     [11. Extension of Stated Maturity.

     If the Maturity Date (as defined in the Indenture) of the Notes is extended, the Stated
Maturity of the Securities shall automatically extend at the same time as the Maturity Date of the
Notes are extended and to the Extended Maturity Date (as defined in the Indenture).]

     12. Acceptance of Securities Guarantee and Indenture.

I-10

 

     Each Holder of Capital Securities and Common Securities, by the acceptance thereof, agrees to
the provisions of the Capital Securities Guarantee and the Common Securities Guarantee,
respectively, including the subordination provisions therein and to the provisions of the
Indenture.

     13. No Preemptive Rights.

     The Holders of the Securities shall have no preemptive rights to subscribe for any additional
securities.

     14. Miscellaneous.

     These terms constitute a part of the Declaration.

     The Sponsor will provide a copy of the Declaration and the Capital Securities Guarantee or the
Common Securities Guarantee (as may be appropriate), and the Indenture to a Holder without charge
on written request to the Sponsor at its principal place of business.

I-11

 

Dated: [          ,     ]

	 	 	 	 	 	 	 
	 	 	BANK OF AMERICA CORPORATION	 	 
	 	 	as Sponsor	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	
Name:
	 	 

	 	 
	 

	 	 	 	 	 	 
	 

	 	
Title:	 	 	 	 
	 

	 	 	 	 	 	 

Accepted:

BAC Capital Trust [     ]

	 	 	 
	 

[                                        ]

	 	 
	Regular Trustee
	 	 
	 
	 
	 	 
	 

[                                        ]

	 	 
	Regular Trustee
	 	 

I-12

 

[ANNEX I-A

ADDITIONAL SECURITIES

BAC CAPITAL TRUST [          ]

     Pursuant to Section 7.1 of the Amended and Restated Declaration of Trust dated as of
[          ,     ], BAC Capital Trust [     ] has approved and issued (i)
[          ] Capital Securities with an aggregate liquidation amount of [$     ] and
(ii) [     ] Common Securities with an aggregate liquidation amount of [$ ].

     Pursuant to the exercise of an Option granted in the Underwriting Agreement, the Trust is,
upon execution of this Annex I-A, issuing Additional Securities in the amounts and with the
liquidation amounts as follows:

     (i) [          ] Capital Securities with an aggregate liquidation amount of
[$     ]; and

     (ii) [          ] Common Securities with an aggregate liquidation amount of
[$     ].

     Following the date of this Annex I-A, the terms “Capital Securities” and “Common Securities”
as used in the Declaration shall mean the aggregate of the Securities as originally issued and any
Additional Securities issued by the Trust through the date hereof.

Date:           ,

	 	 	 	 	 	 	 
	 	 	BAC CAPITAL TRUST [          ]	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 

Regular Trustee
	 	 
	 
	 	 	 	 	 	 
	 	 	BANK OF AMERICA CORPORATION, as
Sponsor	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	Name:	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	Title:	 	 	 	 
	 

	 	 	 	 	 	 

I-13

 

EXHIBIT A-1

FORM OF CAPITAL SECURITY CERTIFICATE

     This Capital Security is a Global Security within the meaning of the Declaration hereinafter
referred to and is registered in the name of The Depository Trust Company (the “Depository”) or a
nominee of the Depository. This Capital Security is exchangeable for Capital Securities registered
in the name of a person other than the Depository or its nominee only in the limited circumstances
described in the Declaration and no transfer of this Capital Security (other than a transfer of
this Capital Security as a whole by the Depository to a nominee of the Depository or by a nominee
of the Depository to the Depository or to another nominee of the Depository) may be registered
except in limited circumstances.

     Unless this Capital Security is presented by an authorized representative of The Depository
Trust Company (55 Water Street, New York, New York) to the Trust or its agent for registration of
transfer, exchange or payment, and any Capital Security issued is registered in the name of Cede &
Co. or such other name as requested by an authorized representative of The Depository Trust Company
and any payment hereon is made to Cede & Co., ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE BY A PERSON IS WRONGFUL since the registered owner hereof, Cede & Co., has an interest
herein.

     THIS INSTRUMENT IS NOT A SAVINGS ACCOUNT OR A BANK DEPOSIT, IS NOT AN OBLIGATION OF OR
GUARANTEED BY ANY BANKING AFFILIATE OF BANK OF AMERICA CORPORATION AND IS NOT INSURED BY THE
FEDERAL DEPOSIT INSURANCE CORPORATION OR ANY OTHER GOVERNMENTAL AGENCY AND INVOLVES INVESTMENT
RISKS, INCLUDING POSSIBLE LOSS OF PRINCIPAL.

Certificate Number

			
	 	 	 
	___-R-                    
	 	CUSIP NO. [          ]

BAC CAPITAL TRUST [     ]

[     %] [Floating Rate] Capital Securities

(liquidation amount $[     ] per Capital Security)

     BAC CAPITAL TRUST [     ], a statutory trust formed under the laws of the State of Delaware
(the “Trust”), hereby certifies that CEDE & CO. (the “Holder”) is the registered owner of [     ]
Capital Securities of the Trust representing undivided preferred beneficial interests in the
assets of the Trust designated the [     %] [Floating Rate] Capital Securities (liquidation
amount $[     ] per Capital Security) (the “Capital Securities”). The Capital Securities are
transferable on the books and records of the Trust, in person or by a duly authorized attorney,
upon surrender of this certificate duly endorsed and in proper form for transfer. The designation,
rights, privileges, restrictions, preferences and other terms and provisions of the Capital
Securities represented hereby are issued and shall in all respects be subject to the provisions of
the Amended and Restated Declaration of Trust of the Trust dated as of [     ,     ], as the

A1-1

 

same may be amended from time to time (the “Declaration”), including the designation of the
terms of the Capital Securities as set forth in Annex I to the Declaration. Capitalized terms used
herein but not defined shall have the meaning given them in the Declaration. The Holder is entitled
to the benefits of the Capital Securities Guarantee to the extent provided therein. The Declaration
permits the Sponsor to dissolve the Trust at any time. The Sponsor will provide a copy of the
Declaration, the Capital Securities Guarantee and the Indenture to a Holder without charge upon
written request to the Sponsor at its principal place of business.

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

     By acceptance, the Holder agrees to treat, for United States federal income tax purposes, the
Notes as indebtedness and the Capital Securities as evidence of indirect beneficial ownership of
the Notes.

     IN WITNESS WHEREOF, the Trust has executed this certificate as of [     ,     ].

	 	 	 	 	 	 	 
	 	 	BAC CAPITAL TRUST [     ]	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	Name:
	 	 

	 	 
	 

	 	 	 	 	 	 
	 

	 	Title:
	 	Regular Trustee	 	 

A1-2

 

CERTIFICATE OF AUTHENTICATION

     This certificate represents the Capital Securities referred to in the within-mentioned
Declaration.

Dated:

	 	 	 	 	 	 	 
	 	 	THE BANK OF NEW YORK MELLON TRUST 

COMPANY, N.A., as
Property Trustee	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	Name:
	 	 

	 	 
	 

	 	 	 	 	 	 
	 

	 	
Title:	 	 	 	 
	 

	 	 	 	 	 	 

A1-3

 

[FORM OF REVERSE OF SECURITY]

     Distributions on the Capital Securities will be payable at [an annual rate of [                    ]% (the
“Coupon Rate”)] [an annual floating rate equal to three-month LIBOR plus a spread of [                    ]% (the
“Coupon Rate”)] of the stated liquidation amount of $[                    ] per Capital Security, such rate being
the rate of interest payable on the Notes to be held by the Property Trustee on behalf of the
Trust. Distributions in arrears for more than one [quarter] [semi-annual period] will bear interest
thereon at the Coupon Rate compounded [quarterly] [semi-annually] (to the extent permitted by
applicable law). A Distribution is payable only to the extent that payments are made in respect of
the Notes held by the Property Trustee and to the extent the Property Trustee has funds available
therefor. The amount of Distributions payable for any period will be calculated on the basis of [a
360-day year of twelve 30-day months] [the actual number of days elapsed in the period and a
360-day year].

     Except as otherwise described below, Distributions on the Capital Securities will be
cumulative, will accumulate from the date of original issuance and will be payable [quarterly]
[semi-annually] in arrears on [January 15, April 15, July 15 and October 15] [January 15 and July
15] of each year, beginning on January 15, [                    ], to the person in whose name the Capital
Security is registered at the close of business on the regular record date for such installment,
which shall be the close of business on the Business Day [(in New York and Charlotte)] next
preceding such payment date—[IF PURSUANT TO THE TERMS OF THE DECLARATION, THE SECURITIES ARE NO
LONGER REPRESENTED BY A GLOBAL SECURITY—which shall be the close of business on [January 1, April
1, July 1 and October 1] [January 1 and July 1] prior to the relevant payment date.] The Note
Issuer has the right under the Indenture to defer payments of interest by extending the interest
payment period on the Notes from time to time for a period selected by the Note Issuer not
exceeding [20] [10] consecutive [quarters] [semi-annual periods] (each an “Extension Period”),
provided that no Extension Period shall last beyond the date of the maturity of the Notes. As a
consequence of such deferral, Distributions will also be deferred hereunder for the same period.
Despite such deferral, [quarterly] [semi-annual] Distributions will continue to accumulate with
interest thereon at the Coupon Rate compounded [quarterly] [semi-annually] (to the extent permitted
by applicable law) during any such Extension Period. Prior to the termination of any such Extension
Period, the Note Issuer may further extend such Extension Period; provided that such Extension
Period together with all such previous and further extensions thereof may not exceed [20] [10]
consecutive [quarters] [semi-annual periods] or extend beyond the maturity date of the Notes.
Payments of accumulated Distributions will be payable to Holders as they appear on the books and
records of the Trust on the first record date after the end of the Extension Period. Upon the
termination of any Extension Period and the payment of all amounts then due, the Note Issuer may
commence a new Extension Period, subject to the above requirements.

     THE CAPITAL SECURITIES SHALL BE REDEEMABLE AS PROVIDED IN THE DECLARATION.

A1-4

 

 

ASSIGNMENT

     FOR VALUE RECEIVED, the undersigned assigns and transfers this Capital Security Certificate
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 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)

Signature Guarantee*:                                        

 

			
	*	 	Signature must be guaranteed by an “eligible guarantor
institution” that is a bank, stockbroker, savings and loan association or
credit union meeting the requirements of the Registrar, which requirements
include membership or participation in the Securities Transfer Agents Medallion
Program (“STAMP”) or such other “signature guarantee program” as may be
determined by the Registrar in addition to, or in substitution for, STAMP, all
in accordance with the Securities and Exchange Act of 1934, as amended.

A1-5

 

EXHIBIT A-2

FORM OF COMMON SECURITY CERTIFICATE

     THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES
ACT OF 1933, AS AMENDED (THE “ACT”), AND ARE “RESTRICTED SECURITIES” AS THAT TERM IS DEFINED IN
RULE 144A UNDER THE ACT. THE SECURITIES MAY NOT BE OFFERED FOR SALE, SOLD OR OTHERWISE TRANSFERRED
EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE ACT OR PURSUANT TO AN EXEMPTION
FROM REGISTRATION UNDER THE ACT, THE AVAILABILITY OF WHICH IS TO BE ESTABLISHED TO THE SATISFACTION
OF THE TRUST.

     THE COMMON SECURITIES REPRESENTED BY THIS CERTIFICATE ARE BENEFICIALLY OWNED BY A PERSON WHO
MAY BE AN “AFFILIATE” WITHIN THE MEANING OF RULE 144 UNDER THE ACT. CONSEQUENTLY, THE SECURITIES
MAY NOT BE TRANSFERRED UNLESS SUCH TRANSFER IS IN COMPLIANCE WITH SAID RULE OR UNLESS MADE PURSUANT
TO AN EFFECTIVE REGISTRATION STATEMENT FOR SUCH SECURITIES UNDER THE ACT OR AN OPINION OF COUNSEL
FOR THE TRUST THAT REGISTRATION IS NOT REQUIRED UNDER THE ACT.

     THIS INSTRUMENT IS NOT A SAVINGS ACCOUNT OR A BANK DEPOSIT, IS NOT AN OBLIGATION OF OR
GUARANTEED BY ANY BANKING AFFILIATE OF BANK OF AMERICA CORPORATION AND IS NOT INSURED BY THE
FEDERAL DEPOSIT INSURANCE CORPORATION OR ANY OTHER GOVERNMENTAL AGENCY AND INVOLVES INVESTMENT
RISKS, INCLUDING POSSIBLE LOSS OF PRINCIPAL.

Certificate Number

___-R-                    

BAC CAPITAL TRUST [     ]

[     %] [Floating Rate] Common Securities

(aggregate liquidation amount of $[                    ])

     BAC CAPITAL TRUST [     ], a statutory trust formed under the laws of the State of Delaware
(the “Trust”), hereby certifies that BANK OF AMERICA CORPORATION (the “Holder”) is the registered
owner of                      common securities of the Trust representing undivided common beneficial
interests in the assets of the Trust designated the [     %] [Floating Rate] Common Securities and
having an aggregate liquidation amount of $[          ] (the “Common Securities”). The Common
Securities are transferable on the books and records of the Trust, in person or by a duly
authorized attorney, upon surrender of this certificate duly endorsed and in proper form for
transfer. The designation, rights, privileges, restrictions, preferences and

A2-1

 

other terms and provisions of the Common Securities represented hereby are issued and shall in
all respects be subject to the provisions of the Amended and Restated Declaration of Trust of the
Trust dated as of [     ,     ], as the same may be amended from time to time (the
“Declaration”), including the designation of the terms of the Common Securities as set forth in
Annex I to the Declaration. Capitalized terms used herein but not defined shall have the meaning
given them in the Declaration. The Holder is entitled to the benefits of the Common Securities
Guarantee to the extent provided therein. The Declaration permits the Sponsor to dissolve the Trust
at any time. The Sponsor will provide a copy of the Declaration, the Common Securities Guarantee
and the Indenture to a Holder without charge upon written request to the Sponsor at its principal
place of business.

     Upon receipt of this certificate, the Sponsor is bound by the Declaration and is entitled to
the benefits thereunder.

     By acceptance, the Holder agrees to treat, for United States federal income tax purposes, the
Notes as indebtedness and the Common Securities as evidence of indirect beneficial ownership in the
Notes.

     IN WITNESS WHEREOF, the Trust has executed this certificate as of [     ,     ].

	 	 	 	 	 	 	 
	 	 	BAC CAPITAL TRUST [     ]	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	
Name:
	 	 

	 	 
	 

	 	 	 	 	 	 
	 

	 	Title:
	 	Regular Trustee	 	 

A2-2

 

CERTIFICATE OF AUTHENTICATION

     This certificate represents the Common Securities referred to in the within-mentioned
Declaration.

Dated: [     ,     ]

	 	 	 	 	 	 	 
	 	 	THE BANK OF NEW YORK MELLON TRUST 
COMPANY, N.A. as
Property Trustee	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	
Name:
	 	 

	 	 
	 

	 	 	 	 	 	 
	 

	 	Title:	 	 	 	 
	 

	 	 	 	 	 	 

A2-3

 

[FORM OF REVERSE OF SECURITY]

     Distributions on the Common Securities will be payable at [an annual rate of [___]% (the
“Coupon Rate”)] [an annual floating rate equal to three-month LIBOR plus a spread of [___]% (the
“Coupon Rate”)] of the aggregate liquidation amount of $[___], such rate being the rate of
interest payable on the Notes to be held by the Property Trustee on behalf of the Trust.
Distributions in arrears for more than one [quarter] [semi-annual period] will bear interest
thereon at the Coupon Rate compounded [quarterly] [semi-annually] (to the extent permitted by
applicable law). A Distribution is payable only to the extent that payments are made in respect of
the Notes held by the Property Trustee and to the extent the Property Trustee has funds available
therefor. The amount of Distributions payable for any period will be calculated on the basis of [a
360-day year of twelve 30-day months] [the actual number of days elapsed in the period and a
360-day year].

     Except as otherwise described below, Distributions on the Common Securities will be
cumulative, will accumulate from the date of original issuance and will be payable [quarterly]
[semi-annually] in arrears on [January 15, April 15, July 15 and October 15] [January 15 and July
15] of each year, beginning on January 15, [          ], to Holders of record [15] days prior to
such payment dates, which payment dates shall correspond to the interest payment dates on the
Notes. The Note Issuer has the right under the Indenture to defer payments of interest by extending
the interest payment period on the Notes from time to time for a period selected by the Note Issuer
not exceeding [20] [10] consecutive [quarters] [semi-annual periods] (each, an “Extension Period”),
provided that no Extension Period shall last beyond the date of the maturity of the Notes. As a
consequence of such deferral, Distributions also will be deferred hereunder for the same period.
Despite such deferral, [quarterly] [semi-annual] Distributions will continue to accumulate with
interest thereon at the Coupon Rate compounded [quarterly] [semi-annually] (to the extent permitted
by applicable law) during any such Extension Period. Prior to the termination of any such Extension
Period, the Note Issuer may further extend such Extension Period; provided that such Extension
Period together with all such previous and further extensions thereof may not exceed [20] [10]
consecutive [quarters] [semi-annual periods] or extend beyond the maturity date of the Notes.
Payments of accumulated Distributions will be payable to Holders as they appear on the books and
records of the Trust on the first record date after the end of the Extension Period. Upon the
termination of any Extension Period and the payment of all amounts then due, the Note Issuer may
commence a new Extension Period, subject to the above requirements.

     THE COMMON SECURITIES SHALL BE REDEEMABLE AS PROVIDED IN THE DECLARATION.

A2-4

 

 

ASSIGNMENT

     FOR VALUE RECEIVED, the undersigned assigns and transfers this Common Security Certificate to:

 

 

 

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

 

 

 

 

     (Insert address and zip code of assignee)

and irrevocably appoints                                                             

 

                                                             agent to transfer this Common Security Certificate on the books of the
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 Common Security Certificate)

Signature Guarantee1:                                                           
 

 

			
	1	 	Signature must be guaranteed by an “eligible guarantor
institution” that is a bank, stockbroker, savings and loan association or
credit union meeting the requirements of the Registrar, which requirements
include membership or participation in the Securities Transfer Agents medallion
Program (“STAMP”) or such other “signature guarantee program” as may be
determined by the Registrar in addition to, or in substitution for, STAMP, all
in accordance with the Securities and Exchange Act of 1934, as amended.

A2-5

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