Document:

EX-4.10

 

Exhibit 4.10

Collateral Agreement

among

NATIONAL CITY CORPORATION,

WILMINGTON TRUST COMPANY,

as Collateral Agent, Custodial Agent,

Securities Intermediary and Securities Registrar

and

NATIONAL CITY PREFERRED CAPITAL TRUST I,

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

as Property Trustee

Dated as of January 30, 2008

 

 

Table of Contents

	 	 	 	 	 	 	 
	 	 	 	 	Page
	ARTICLE I

	 
	 	 	 	 	 	 
	Definitions

	 
	 	 	 	 	 	 
	Section 1.01

	 	Definitions
	 	 	1	 
	 
	 	 	 	 	 	 
	ARTICLE II

	 
	 	 	 	 	 	 
	Pledge

	 
	 	 	 	 	 	 
	Section 2.01

	 	Pledge
	 	 	7	 
	Section 2.02

	 	Control
	 	 	7	 
	Section 2.03

	 	Termination
	 	 	7	 
	 
	 	 	 	 	 	 
	ARTICLE III

	 
	 	 	 	 	 	 
	Control

	 
	 	 	 	 	 	 
	Section 3.01

	 	Establishment of Collateral Account
	 	 	8	 
	Section 3.02

	 	Treatment as Financial Assets
	 	 	8	 
	Section 3.03

	 	Sole Control by Collateral Agent
	 	 	8	 
	Section 3.04

	 	Securities Intermediary’s Location
	 	 	9	 
	Section 3.05

	 	No Other Claims
	 	 	9	 
	Section 3.06

	 	Investment and Release
	 	 	9	 
	Section 3.07

	 	No Other Agreements
	 	 	9	 
	Section 3.08

	 	Powers Coupled with an Interest
	 	 	9	 
	Section 3.09

	 	Waiver of Lien; Waiver of Set-off
	 	 	10	 
	 
	 	 	 	 	 	 
	ARTICLE IV

	 
	 	 	 	 	 	 
	Custody

	 
	 	 	 	 	 	 
	Section 4.01

	 	Appointment
	 	 	10	 
	Section 4.02

	 	Custody
	 	 	10	 
	Section 4.03

	 	Termination of Custody Account
	 	 	10	 
	Section 4.04

	 	Waiver of Lien; Waiver of Set-off
	 	 	10	 
	 
	 	 	 	 	 	 
	ARTICLE V

	 
	 	 	 	 	 	 
	Distributions on Collateral and Custody Notes

	 
	 	 	 	 	 	 
	Section 5.01

	 	Interest on Notes
	 	 	11	 
	Section 5.02

	 	Payments Following Termination Event or Redemption Prior to Stock Purchase Date
	 	 	11	 
	Section 5.03

	 	Payments Prior to or on Stock Purchase Date
	 	 	11	 
	Section 5.04

	 	Payments to Property Trustee
	 	 	12	 
	Section 5.05

	 	Assets Not Properly Released
	 	 	12	 

Collateral Agreement

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	 	 	 	 	Page
	ARTICLE VI

	 
	 	 	 	 	 	 
	Initial Deposit; Exchange of Normal APEX and Qualifying Treasury Securities for Stripped APEX and
Capital APEX; Reinvestment of Proceeds of Pledged Treasury Securities

	 
	 	 	 	 	 	 
	Section 6.01

	 	Initial Deposit of Notes
	 	 	13	 
	Section 6.02

	 	Exchange of Normal APEX and Qualifying Treasury Securities for Stripped
APEX and Capital APEX
	 	 	13	 
	Section 6.03

	 	Exchange of Stripped APEX and Capital APEX for Normal APEX and Qualifying
Treasury Securities
	 	 	14	 
	Section 6.04

	 	Termination Event; Redemption Prior to Stock Purchase Date
	 	 	15	 
	Section 6.05

	 	Reinvestment of Proceeds of Pledged Treasury Securities
	 	 	15	 
	Section 6.06

	 	Application of Proceeds in Settlement of Stock Purchase Contracts
	 	 	16	 
	 
	 	 	 	 	 	 
	ARTICLE VII

	 
	 	 	 	 	 	 
	Voting Rights –– Notes

	 
	 	 	 	 	 	 
	Section 7.01

	 	Voting Rights
	 	 	17	 
	 
	 	 	 	 	 	 
	ARTICLE VIII

	 
	 	 	 	 	 	 
	Rights and Remedies

	 
	 	 	 	 	 	 
	Section 8.01

	 	Rights and Remedies of the Collateral Agent
	 	 	17	 
	Section 8.02

	 	Remarketing; Contingent Exchange Elections by Holder of Normal APEX
	 	 	18	 
	Section 8.03

	 	Contingent Disposition Election by Holder of Capital APEX
	 	 	20	 
	 
	 	 	 	 	 	 
	ARTICLE IX

	 
	 	 	 	 	 	 
	Representations and Warranties; Covenants

	 
	 	 	 	 	 	 
	Section 9.01

	 	Representations and Warranties
	 	 	21	 
	Section 9.02

	 	Covenants
	 	 	21	 
	 
	 	 	 	 	 	 
	ARTICLE X

	 
	 	 	 	 	 	 
	The Collateral Agent, The Custodial Agent, The Securities Intermediary and The Securities Registrar

	 
	 	 	 	 	 	 
	Section 10.01

	 	Appointment, Powers and Immunities
	 	 	21	 
	Section 10.02

	 	Instructions of the Company
	 	 	23	 
	Section 10.03

	 	Reliance by Collateral Agent, Custodial Agent, Securities
Intermediary and Securities Registrar
	 	 	23	 
	Section 10.04

	 	Certain Rights
	 	 	23	 
	Section 10.05

	 	Merger, Conversion, Consolidation or Succession to Business
	 	 	25	 
	Section 10.06

	 	Rights in Other Capacities
	 	 	25	 
	Section 10.07

	 	Non-reliance on Collateral Agent, the Securities Intermediary, the
Custodial Agent and Securities Registrar
	 	 	25	 

Collateral Agreement

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	 	 	 	 	Page
	Section 10.08

	 	Compensation and Indemnity
	 	 	26	 
	Section 10.09

	 	Failure to Act
	 	 	26	 
	Section 10.10

	 	Resignation of Collateral Agent, the Securities Intermediary, the
Custodial Agent and Securities Registrar
	 	 	27	 
	Section 10.11

	 	Right to Appoint Agent or Advisor
	 	 	28	 
	Section 10.12

	 	Survival
	 	 	28	 
	Section 10.13

	 	Exculpation
	 	 	29	 
	Section 10.14

	 	Statements and Confirmations
	 	 	29	 
	Section 10.15

	 	Tax Allocations
	 	 	29	 
	 
	 	 	 	 	 	 
	ARTICLE XI

	 
	 	 	 	 	 	 
	Amendment

	 
	 	 	 	 	 	 
	Section 11.01

	 	Amendment
	 	 	29	 
	Section 11.02

	 	Execution of Amendments
	 	 	30	 
	 
	 	 	 	 	 	 
	ARTICLE XII

	 
	 	 	 	 	 	 
	Miscellaneous

	 
	 	 	 	 	 	 
	Section 12.01

	 	No Waiver
	 	 	30	 
	Section 12.02

	 	Governing Law; Submission to Jurisdiction; Waiver of Trial by Jury
	 	 	30	 
	Section 12.03

	 	Notices
	 	 	30	 
	Section 12.04

	 	Successors and Assigns
	 	 	31	 
	Section 12.05

	 	Severability
	 	 	31	 
	Section 12.06

	 	Expenses, Etc
	 	 	31	 
	Section 12.07

	 	Security Interest Absolute
	 	 	32	 
	Section 12.08

	 	Notice of Termination Event or Redemption Prior to Stock Purchase Date
	 	 	32	 
	Section 12.09

	 	Incorporation by Reference
	 	 	32	 
	Section 12.10

	 	No Recourse
	 	 	32	 

EXHIBITS AND SCHEDULES

Exhibit A – Form of Capital APEX Certificate

Exhibit B – Form of Normal APEX Certificate

Exhibit C – Form of Stripped APEX Certificate

Schedule I – Reference Dealers

Collateral Agreement

-iii-

 

          This Collateral Agreement, dated as of January 30, 2008, among National City
Corporation, a Delaware corporation (the “Company”), Wilmington Trust Company, a
Delaware banking corporation, as collateral agent (in such capacity, the “Collateral Agent”), as
Custodial Agent (in such capacity, the “Custodial Agent”), as securities intermediary (as defined
in Section 8-102(a)(14) of the UCC) with respect to the Collateral Account (in such capacity, the
“Securities Intermediary”), and as securities registrar with respect to the Trust Preferred
Securities (in such capacity, the “Securities Registrar”), and National City Preferred Capital
Trust I, a Delaware statutory trust (the “Issuer Trust”), acting through The Bank of New
York Trust Company, N.A., a national banking association organized and existing under the laws
of the United States, not in its individual capacity but solely as Property Trustee on behalf of
the Issuer Trust (in such capacity, the “Property Trustee”).

Recitals

          The Company and the Issuer Trust (acting through the Property Trustee) are parties to the
Stock Purchase Contract Agreement, dated as of the date hereof (as modified and supplemented and in
effect from time to time, the “Stock Purchase Contract Agreement”), pursuant to which the Company
has agreed to issue stock purchase contracts, having a liquidation amount of $100,000 per contract
(each, a “Stock Purchase Contract”) to the Issuer Trust.

          Each Stock Purchase Contract requires the Company to issue and sell, and the Property Trustee
(on behalf of the Issuer Trust) to purchase, on the Stock Purchase Date (as defined in the Stock
Purchase Contract Agreement), for an amount equal to $100,000 (the “Purchase Price”), one share of
the Company’s Non-Cumulative Perpetual Preferred Stock, Series E, $100,000 liquidation preference
per share (the “Preferred Stock”).

          Pursuant to the Trust Agreement, the Stock Purchase Contract Agreement and the Stock Purchase
Contracts, the Issuer Trust acting through the Property Trustee is required to execute and deliver
this Agreement, to grant the pledge provided herein of the Collateral to secure the Obligations (as
defined herein) and to appoint the Custodial Agent to establish and maintain the Custody Account
(as defined herein).

          Now, therefore, this Collateral Agreement witnesseth: For and in consideration of the
agreements and obligations set forth herein and for other good and valuable consideration the
receipt and sufficiency of which is hereby acknowledged, the Company, the Collateral Agent, the
Custodial Agent, the Securities Intermediary, the Securities Registrar and the Issuer Trust
mutually agree as follows:

ARTICLE I

Definitions

Section 1.01 Definitions.

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

     (a) The terms defined in this Article have the meanings assigned to them in this Article and
include the plural as well as the singular, and nouns and pronouns of the masculine gender include
the feminine and neuter genders.

Collateral Agreement

 

 

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

     (c) The following terms that are defined in the UCC shall have the meanings set forth therein:
“certificated security,” “control,” “financial asset,” “financing statement,” “entitlement order,”
“securities account,” “security entitlement” and “funds-transfer system”.

     (d) Capitalized terms used herein and not defined herein have the meanings assigned to them in
the Trust Agreement.

     (e) The following terms have the meanings given to them in this Section 1.01(e):

          “Agreement” means this Collateral Agreement, as the same may be amended, modified or
supplemented from time to time.

          “Cash” means any coin or currency of the United States as at the time shall be legal tender
for payment of public and private debts.

          “Collateral” means the collective reference to:

     (1) the Collateral Account and all investment property and other financial
assets from time to time credited to the Collateral Account and all security
entitlements with respect thereto, including, without limitation, (A) the Notes,
other than any Notes that are Transferred to (x) the Custodial Agent in accordance
with Section 6.02 upon the Exchange of Normal APEX and Qualifying Treasury
Securities for Stripped APEX and Capital APEX pursuant to Sections 5.13(a)(i), (b)
and (c) of the Trust Agreement from time to time, (y) the Remarketing Agent or the
Custody Account in accordance with Section 8.02(b) upon a Successful Remarketing or
(z) the property trustee of a new trust in the event the Company elects to remarket
the Notes in the form of New Trust Preferred Securities pursuant to Section 4.2(d)
of the Indenture Supplement and (B) any Qualifying Treasury Securities and security
entitlements thereto delivered from time to time upon the exchange of Normal APEX
and Qualifying Treasury Securities for Stripped APEX and Capital APEX pursuant to
Sections 5.13(a)(i), (b) and (c) of the Trust Agreement and in accordance with
Section 6.02;

     (2) all Qualifying Treasury Securities and security entitlements thereto
purchased by the Collateral Agent with the Proceeds of Qualifying Treasury
Securities pursuant to Section 6.05;

     (3) the National City Bank Deposit;

     (4) all Proceeds of any of the foregoing (whether such Proceeds arise before or
after the commencement of any proceeding under any applicable bankruptcy, insolvency
or other similar law, by or against the Issuer Trust, as pledgor or with respect to
the pledgor); and

Collateral Agreement

2

 

     (5) all powers and rights now owned or hereafter acquired under or with respect
to the Collateral.

          “Collateral Account” means the securities account of Wilmington Trust Company, as Collateral
Agent, maintained by the Securities Intermediary and designated “Wilmington Trust Company, as
Collateral Agent of National City Corporation, as pledgee of National City Preferred Capital Trust
I, acting through The Bank of New York Trust Company, N.A., as Property Trustee.”

          “Collateral Agent” means the Person named as the “Collateral Agent” in the first paragraph of
this Agreement until a successor Collateral Agent shall have become such pursuant to the applicable
provisions of this Agreement, and thereafter “Collateral Agent” shall mean such Person or any
subsequent successor who is appointed pursuant to this Agreement.

          “Company” means the Person named as the “Company” in the first paragraph of this Agreement
until a successor shall have become such pursuant to the applicable provisions of the Stock
Purchase Contract Agreement, and thereafter “Company” shall mean such successor.

          “Custodial Agent” means the Person named as the “Custodial Agent” in the first paragraph of
this Agreement until a successor Custodial Agent shall have become such pursuant to the applicable
provisions of this Agreement, and thereafter “Custodial Agent” shall mean such Person or any
subsequent successor who is appointed pursuant to this Agreement.

          “Custody Account” means the securities account of Wilmington Trust Company, as Custodial
Agent, designated “Wilmington Trust Company, as Custodial Agent for National City Preferred Capital
Trust I.”

          “Custody Notes” has the meaning specified in Section 4.01.

          “Exchange” means an exchange of Normal APEX and Qualifying Treasury Securities for Stripped
APEX and Capital APEX pursuant to Section 5.13(b) of the Trust Agreement and Section 6.02 or an
exchange of Stripped APEX and Capital APEX for Normal APEX and Qualifying Treasury Securities
pursuant to Section 5.13(d) of the Trust Agreement and Section 6.03.

          “Final Dealer” has the meaning specified in Section 6.05(a).

          “Indemnitees” has the meaning specified in Section 10.08(b).

          “Issuer Trust” has the meaning specified in the first paragraph of this Agreement.

          “Loss” (and collectively, “Losses”) has the meaning specified in Section 10.08(b).

          “Market Disruption Event” means (i) a general moratorium on commercial banking activities in
New York declared by the relevant authorities or (ii) any material disruption of the U.S.
government securities market or U.S. federal funds-transfer systems, written notification of which
shall have been given to the Collateral Agent by any of the Administrative Trustees.

          “National City Bank” means National City Bank, or its successor.

          “National City Bank Deposit” has the meaning specified in the Stock Purchase Contract
Agreement.

Collateral Agreement

3

 

          “Notes” means the Remarketable 8.729% Junior Subordinated Notes due 2043 of the Company issued
pursuant to the Indenture.

          “Notice of Contingent Disposition Election” means a Notice of Contingent Disposition Election
substantially in the form set forth on the reverse side of the form of Capital APEX Certificate, a
copy of which is attached as Exhibit A hereto.

          “Notice of Contingent Exchange Election” means a Notice of Contingent Exchange Election
substantially in the form set forth on the reverse side of the form of Normal APEX Certificate, a
copy of which is attached as Exhibit B hereto.

          “Obligations” means all obligations and liabilities of the Issuer Trust and the Property
Trustee on behalf of the Issuer Trust under each Stock Purchase Contract, the Stock Purchase
Contract Agreement and this Agreement or any other document made, delivered or given in connection
herewith or therewith, in each case whether on account of principal, interest (including, without
limitation, interest accruing before and after the filing of any petition in bankruptcy, or the
commencement of any insolvency, reorganization or like proceeding, relating to the Property Trustee
or the Issuer Trust, whether or not a claim for post-filing or post-petition interest is allowed in
such proceeding), fees, indemnities, costs, expenses or otherwise (including, without limitation,
all fees and disbursements of counsel to the Company or the Collateral Agent or the Securities
Intermediary that are required to be paid by the Issuer Trust pursuant to the terms of any of the
foregoing agreements).

          “Permitted Investments” means any one of the following, in each case maturing on the Business
Day following the date of acquisition:

     (1) any evidence of indebtedness with an original maturity of 365 days or less
issued, or directly and fully guaranteed or insured, by the United States of America
or any agency or instrumentality thereof (provided, however, that the full faith and
credit of the United States of America is pledged in support of the timely payment
thereof or such indebtedness constitutes a general obligation of it);

     (2) deposits, certificates of deposit or acceptances with an original maturity
of 365 days or less of any institution which is a member of the Federal Reserve
System having combined capital and surplus and undivided profits of not less than
$500 million at the time of deposit (and which may include the Collateral Agent);

     (3) investments with an original maturity of 365 days or less of any Person
that are fully and unconditionally guaranteed by a bank referred to in clause (2);

     (4) repurchase agreements and reverse repurchase agreements relating to
marketable direct obligations issued or unconditionally guaranteed by the United
States of America or issued by any agency thereof and backed as to timely payment by
the full faith and credit of the United States of America;

     (5) investments in commercial paper, other than commercial paper issued by the
Company or its Affiliates, of any corporation incorporated under the laws of the
United States of America or any State thereof, which commercial paper has a rating
at the time of purchase at least equal to “A-1” by Standard & Poor’s Ratings
Services (“S&P”) or at least equal to “P-1” by Moody’s Investors Service, Inc.
(“Moody’s”); and

Collateral Agreement

4

 

     (6) investments in money market funds (including, but not limited to, money
market funds managed by the Collateral Agent or an Affiliate of the Collateral
Agent) registered under the Investment Company Act of 1940, as amended, rated in the
highest applicable rating category by S&P or Moody’s.

          “Pledge” means the lien and security interest created by this Agreement.

          “Pledged Notes” means each Note deposited with the Collateral Agent pursuant to Section 6.01
or delivered to the Collateral Agent pursuant to Section 6.03, until such time as it is released
from the Pledge and delivered to the Custodial Agent pursuant to Section 6.02 or to the Remarketing
Agent or the Custody Account pursuant to Section 8.02(b).

          “Pledged Treasury Securities” means Qualifying Treasury Securities from time to time credited
to the Collateral Account pursuant to Section 6.02 and not then released from the Pledge pursuant
to Section 6.03, together with all Qualifying Treasury Securities purchased from time to time by
the Collateral Agent with the Proceeds of maturing Pledged Treasury Securities pursuant to Section
6.05.

          “Preferred Stock” has the meaning specified in the Recitals of this Agreement.

          “Proceeds” has the meaning ascribed thereto in Section 9-102(a)(64) of the UCC and includes,
without limitation, all interest, dividends, Cash, instruments, securities, financial assets and
other property received, receivable or otherwise distributed upon the sale (including, without
limitation, the Remarketing), exchange, collection or disposition of any financial assets from time
to time held in the Collateral Account.

          “Property Trustee” means the Person named as the “Property Trustee” in the first paragraph of
this Agreement until a successor Property Trustee shall have become such pursuant to the applicable
provisions of the Trust Agreement, and thereafter “Property Trustee” shall mean such Person or any
subsequent successor who is appointed pursuant to the Trust Agreement.

          “Purchase Price” has the meaning specified in the Recitals of this Agreement.

          “Recombination Notice and Request” means a Recombination Notice and Request substantially in
the form set forth on the reverse side of the forms of Capital APEX Certificate and Stripped APEX
Certificate, copies of which are attached hereto as Exhibits A and C, respectively.

          “Reference Dealer” means each of the U.S. government securities dealers listed on Schedule I
hereto (including any successor thereto) and any other U.S. government securities dealers
designated by the Collateral Agent (it being understood that the Collateral Agent may, but shall
not be obligated, to designate any one or more such other U.S. government securities dealers);
provided, however, that if at any time fewer than three of the entities named on Schedule I are
active U.S. government securities dealers and approved counterparties of Wilmington Trust Company,
any of the Administrative Trustees may designate an additional U.S. government securities dealer as
a Reference Dealer.

          “Remarketing” has the meaning specified in the Indenture.

Collateral Agreement

5

 

          “Roll Date” means, with respect to any Additional Distribution Date, the latest date prior to
such Additional Distribution Date that is a maturity date of Qualifying Treasury Securities held in
the Collateral Account.

          “Securities Intermediary” means the Person named as the “Securities Intermediary” in the first
paragraph of this Agreement until a successor Securities Intermediary shall have become such
pursuant to the applicable provisions of this Agreement, and thereafter “Securities Intermediary”
shall mean such Person or any subsequent successor who is appointed pursuant to this Agreement.

          “Securities Registrar” means the Person named as the “Securities Registrar” in the first
paragraph of this Agreement until a successor Securities Registrar shall have been appointed by the
Company pursuant to the applicable provisions of the Trust Agreement, and thereafter “Securities
Registrar” shall mean such Person or any subsequent successor who is appointed pursuant to the
Trust Agreement by the Company.

          “Stock Purchase Contract” has the meaning specified in the Recitals of this Agreement.

          “Stock Purchase Contract Agreement” has the meaning specified in the Recitals of this
Agreement.

          “Stripping Notice and Request” means a Stripping Notice and Request substantially in the form
set forth on the reverse side of the form of Normal APEX Certificate, a copy of which is attached
as Exhibit B hereto.

          “Successful” has the meaning specified in the Indenture.

          “Termination Event” has the meaning specified in the Stock Purchase Contract Agreement.

          “Trade Date” means, with respect to each Roll Date, the Business Day immediately preceding
such Roll Date.

          “TRADES” means the Treasury/Reserve Automated Debt Entry System maintained by the Federal
Reserve Bank of New York pursuant to the TRADES Regulations.

          “TRADES Regulations” means the regulations of the United States Department of the Treasury,
published at 31 C.F.R. Part 357, as amended from time to time. Unless otherwise defined herein, all
terms defined in the TRADES Regulations are used herein as therein defined.

          “Transfer” means (i) in the case of certificated securities in registered form, delivery as
provided in Section 8-301(a) of the UCC, endorsed to the transferee or in blank by an effective
endorsement, (ii) in the case of Qualifying Treasury Securities, registration of the transferee as
the owner of such Qualifying Treasury Securities on TRADES and (iii) in the case of security
entitlements, including, without limitation, security entitlements with respect to Qualifying
Treasury Securities, a securities intermediary indicating by book entry that such security
entitlement has been credited to the transferee’s securities account.

Collateral Agreement

6

 

          “Trust Agreement” means the Amended and Restated Trust Agreement, dated as of the date hereof,
among the Company, as Depositor, the Property Trustee, the Delaware Trustee and the Administrative
Trustees (each as named therein), and the several Holders (as defined therein).

          “UCC” means the Uniform Commercial Code as in effect in the State of New York from time to
time.

          “Underwriting Agreement” means the Underwriting Agreement, dated January 23, 2008, as
supplemented by the Supplemental Underwriting Agreement, dated January 24, 2008, among the Company,
the Issuer Trust and Goldman, Sachs & Co.

          “Value” means, with respect to any item of Collateral on any date, as to (1) Cash, the face
amount thereof, (2) Notes, the aggregate principal amount thereof, and (3) Qualifying Treasury
Securities, the aggregate principal amount thereof.

ARTICLE II

Pledge

Section 2.01 Pledge.

          The Issuer Trust (acting through the Property Trustee) hereby pledges and grants to the
Collateral Agent, as agent of and for the benefit of the Company, a continuing first priority
security interest in and to, and a lien upon and right of set-off against, all of the Issuer
Trust’s right, title and interest in and to the Collateral to secure the prompt and complete
payment and performance when due (whether at stated maturity, by acceleration or otherwise) of the
Obligations. The Collateral Agent shall have all of the rights, remedies and recourses with
respect to the Collateral afforded a secured party by the UCC, in addition to, and not in
limitation of, the other rights, remedies and recourses afforded to the Collateral Agent by this
Agreement.

Section 2.02 Control.

          The Collateral Agent shall have control of the Collateral Account pursuant to the provisions
of Article III.

Section 2.03 Termination.

          This Agreement and the Pledge created hereby shall terminate upon the satisfaction of the
Obligations or the earlier termination of the Stock Purchase Contracts in accordance with their
terms. Upon receipt by the Collateral Agent from the Company of notice of such termination, the
Collateral Agent shall, except as otherwise provided herein, Transfer and instruct the Securities
Intermediary to Transfer the Collateral to or upon the order of the Property Trustee, free and
clear of the Pledge created hereby.

Collateral Agreement

7

 

ARTICLE III

Control

Section 3.01 Establishment of Collateral Account.

          The Securities Intermediary hereby confirms that:

     (a) the Securities Intermediary has established the Collateral Account;

     (b) the Collateral Account is a securities account;

     (c) subject to the terms of this Agreement, the Securities Intermediary shall identify in its
records the Collateral Agent as the entitlement holder entitled to exercise the rights that
comprise any financial asset credited to the Collateral Account;

     (d) all property delivered to the Securities Intermediary pursuant to this Agreement or the
Stock Purchase Contract Agreement, including any Permitted Investments purchased by the Securities
Intermediary from the Proceeds of any Collateral, will be credited promptly to the Collateral
Account; and

     (e) all securities or other property underlying any financial assets credited to the
Collateral Account shall be (i) registered in the name of the Property Trustee and indorsed to the
Securities Intermediary or in blank, (ii) registered in the name of the Securities Intermediary or
the Collateral Agent, or (iii) credited to another securities account maintained in the name of the
Securities Intermediary. In no case will any financial asset credited to the Collateral Account be
registered in the name of the Property Trustee or specially indorsed to the Property Trustee unless
such financial asset has been further indorsed to the Securities Intermediary or in blank.

Section 3.02 Treatment as Financial Assets.

          Each item of property (whether investment property, financial asset, security, instrument or
Cash) credited to the Collateral Account shall be treated as a financial asset under Article 8 of
the UCC.

Section 3.03 Sole Control by Collateral Agent.

          Except as provided in Section 8.01, at all times prior to the termination of the Pledge, the
Collateral Agent shall have sole control of the Collateral Account, and the Securities Intermediary
shall take instructions and directions with respect to the Collateral Account solely from the
Collateral Agent. If at any time the Securities Intermediary shall receive an entitlement order
issued by the Collateral Agent and relating to the Collateral Account, the Securities Intermediary
shall comply with such entitlement order without further consent by the Property Trustee, the
Issuer Trust or any other Person. Except as otherwise permitted under this Agreement, until
termination of the Pledge, the Securities Intermediary will not comply with any entitlement orders
issued by the Property Trustee.

          The Issuer Trust hereby irrevocably constitutes and appoints the Collateral Agent and the
Company, with full power of substitution, as the Issuer Trust’s attorney-in-fact to take on behalf
of, and in the name, place and stead of the Issuer Trust and the Holders, any action necessary or
desirable to

Collateral Agreement

8

 

perfect and to keep perfected the security interest in the Collateral referred to in Section
2.01. The grant of such power-of-attorney shall not be deemed to require of the Collateral Agent
any specific duties or obligations not otherwise expressly assumed by the Collateral Agent
hereunder. Notwithstanding the foregoing, in no event shall the Collateral Agent or Securities
Intermediary be responsible for the preparation or filing of any financing or continuation
statements or responsible for maintenance or perfection of any security interest hereunder.

Section 3.04 Securities Intermediary’s Location.

          The Collateral Account, and the rights and obligations of the Securities Intermediary, the
Collateral Agent, the Property Trustee and the Issuer Trust with respect thereto, shall be governed
by the laws of the State of New York. Regardless of any provision in any other agreement, for
purposes of the UCC, New York shall be deemed to be the Securities Intermediary’s jurisdiction.

Section 3.05 No Other Claims.

          Except for the claims and interest of the Collateral Agent and of the Issuer Trust in the
Collateral Account, the Securities Intermediary (without having conducted any investigation) does
not know of any claim to, or interest in, the Collateral Account or in any financial asset credited
thereto. If any Person asserts any lien, encumbrance or adverse claim (including any writ,
garnishment, judgment, warrant of attachment, execution or similar process) against the Collateral
Account or in any financial asset carried therein, the Securities Intermediary will promptly notify
the Collateral Agent and the Property Trustee.

Section 3.06 Investment and Release.

          All Proceeds of financial assets from time to time deposited in the Collateral Account shall
be invested and reinvested as provided in this Agreement. At no time prior to termination of the
Pledge with respect to any particular property shall such property be released from the Collateral
Account except in accordance with this Agreement or upon written instructions of the Collateral
Agent.

Section 3.07 No Other Agreements.

          The Securities Intermediary has not entered into, and prior to the termination of the Pledge
will not enter into, any agreement with any other Person relating to the Collateral Account or any
financial assets credited thereto, including, without limitation, any agreement to comply with
entitlement orders of any Person other than the Collateral Agent.

Section 3.08 Powers Coupled with an Interest.

          The rights and powers granted in this Article III to the Collateral Agent have been granted in
order to perfect its security interests in the Collateral Account, are powers coupled with an
interest and will be affected neither by the bankruptcy of the Property Trustee or the Issuer Trust
nor by the lapse of time. The obligations of the Securities Intermediary under this Article III
shall continue in effect until the termination of the Pledge with respect to any and all
Collateral.

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Section 3.09 Waiver of Lien; Waiver of Set-off.

          The Securities Intermediary waives any security interest, lien or right to make deductions or
set-offs that it may now have or hereafter acquire in or with respect to the Collateral Account,
any financial asset credited thereto or any security entitlement in respect thereof. Neither the
financial assets credited to the Collateral Account nor the security entitlements in respect
thereof will be subject to deduction, set-off, banker’s lien or any other right in favor of any
person other than the Company.

ARTICLE IV

Custody

Section 4.01 Appointment.

          The Issuer Trust hereby appoints the Custodial Agent as Custodial Agent of the Issuer Trust to
hold all of the Notes that are property of the Issuer Trust, other than the Pledged Notes
(collectively, the “Custody Notes”), for the benefit of the Issuer Trust and for the purposes set
forth herein, and the Custodial Agent hereby accepts such appointment under the terms and
conditions set forth herein.

Section 4.02 Custody.

          The Custodial Agent will hold the Custody Notes in the Custody Account. For the avoidance of
doubt, the Custodial Agent shall segregate on its books and records the assets of the Issuer Trust
from assets held by the Custodial Agent for other customers (including the Collateral) or for the
Custodial Agent itself. The Custodial Agent shall only have the obligations expressly set forth
herein and shall have no responsibility for monitoring compliance with the Trust Agreement, the
Stock Purchase Agreement or any other agreement in connection therewith. The Custodial Agent shall
accept the Transfer of Notes from the Collateral Agent from time to time pursuant to Section 6.02,
deliver Notes to the Collateral Agent from time to time pursuant to Section 6.03 and deliver Notes
to the Remarketing Agent on the Remarketing Settlement Date pursuant to Section 8.03.

Section 4.03 Termination of Custody Account.

          Upon receipt by the Custodial Agent from the Company of notice of termination of this
Agreement pursuant to Section 2.03, the Custodial Agent shall deliver the Custody Notes to the
Property Trustee.

Section 4.04 Waiver of Lien; Waiver of Set-off.

          The Custodial Agent waives any security interest, lien or right to make deductions or set-offs
that it may now have or hereafter acquire in or with respect to the Custodial Agent, any financial
asset credited thereto or any security entitlement in respect thereof. Neither the financial
assets credited to the Custody Account nor the security entitlements in respect thereof will be
subject to deduction, set-off, banker’s lien or any other right in favor of any Person other than
the Issuer Trust.

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ARTICLE V

Distributions on Collateral and 

Custody Notes

Section 5.01 Interest on Notes.

     (a) The Collateral Agent shall transfer all interest received from time to time by the
Collateral Agent on account of the Pledged Notes to the Paying Agent.

     (b) The Custodial Agent shall transfer all interest received from time to time by the
Custodial Agent on account of the Custody Notes to the Paying Agent.

Section 5.02 Payments Following Termination Event or Redemption Prior to Stock Purchase Date.

          Following a Termination Event or the termination of the Stock Purchase Contracts upon
redemption of all the Notes by the Company prior to the Stock Purchase Date in accordance with the
Indenture, written notice of which the Collateral Agent or the Custodial Agent, as the case may be,
shall have received from the Company, the Property Trustee or any of the Administrative Trustees,

     (a) the Collateral Agent shall cause the Securities Intermediary to Transfer or otherwise
assign (i) the Pledged Notes or the National City Bank Deposit, (ii) the Pledged Treasury
Securities and (iii) any Permitted Investments, including in each case any and all payments of
principal or interest it receives in respect thereof, to the Property Trustee or its designee, free
and clear of the Pledge created hereby; and

     (b) the Custodial Agent shall Transfer the Custody Notes and any and all payments of principal
or interest it receives in respect thereof to the Property Trustee or its designee.

Section 5.03 Payments Prior to or on Stock Purchase Date.

     (a) Except as provided in Section 5.03(c) and Section 6.05, if the Collateral Agent or the
Custodial Agent, as the case may be, shall not have received from the Company, the Property Trustee
or any of the Administrative Trustees notice of any Termination Event or notice of the termination
of the Stock Purchase Contracts upon the redemption of all the Notes by the Company prior to the
Stock Purchase Date in accordance with the Indenture, all payments of principal received by the
Collateral Agent or the Securities Intermediary in respect of (i) the Pledged Notes or the National
City Bank Deposit and (ii) the Pledged Treasury Securities shall be held until the Stock Purchase
Date and an amount thereof equal to the Purchase Price under the Stock Purchase Contracts shall be
transferred to the Company on the Stock Purchase Date as provided in Section 2.2 of the Stock
Purchase Contract Agreement in satisfaction of the Issuer Trust’s obligation to pay such Purchase
Price. Any balance remaining in the Collateral Account shall be released from the Pledge and
Transferred to the Paying Agent, free and clear of the Pledge created thereby. The Company shall
instruct the Collateral Agent in writing as to the Permitted Investments in which any payments
received under this Section 5.03(a) (which, for purpose of confirmation, includes the excess
Proceeds received under Section 6.05(b)) shall be invested; provided, however, that if the Company
fails to deliver such instructions by 10:30 A.M. (New York City time) on the day such payments are
received by the Collateral Agent, the Collateral Agent shall invest such payments in the Permitted
Investments as described in clause (6) of the definition of Permitted Investments. The Collateral
Agent shall have no liability in respect of losses incurred as a result of the

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failure of the Company to provide timely written investment direction. The Collateral Agent
may conclusively rely on any written direction and shall bear no liability for any loss or other
damage based on acting or omitting to act under this Section 5.03 (which, for purpose of
confirmation, includes acting or omitting to act under Section 6.05(b) in respect of excess
Proceeds referred to therein) pursuant to any direction of the Company or any investment in
Permitted Investments as described in clause (6) of the definition of Permitted Investments as
provided herein and neither the Collateral Agent nor the Securities Intermediary shall in any way
be liable for the selection of Permitted Investments or by reason of any insufficiency in the
Collateral Account resulting from any loss on any Permitted Investment included therein.

     (b) All payments of principal received by the Custodial Agent in respect of the Custody Notes
shall be transferred to the Paying Agent.

     (c) All payments of principal received by the Collateral Agent or the Securities Intermediary
in respect of (1) the Pledged Notes and (2) the Pledged Treasury Securities or security
entitlements thereto, that, in each case, have been released from the Pledge pursuant hereto (other
than Pledged Notes that upon such release shall have become Custody Notes in accordance with
Section 6.03) shall be transferred to or in accordance with the written instructions of the Paying
Agent.

Section 5.04 Payments to Property Trustee.

          The Securities Intermediary and the Custodial Agent shall use commercially reasonable efforts
to deliver payments to the Paying Agent or the Property Trustee as provided hereunder to the
following account established by the Paying Agent or the Property Trustee, for credit to Wilmington
Trust Company, ABA
[Ÿ],
A/C
[Ÿ],
for further credit to [TAS#Ÿ], Ref: National City Preferred
Capital Trust I Property Account, not later than 12:00 P.M. (New York City time) on the Business
Day it receives such payment; provided, however, that if such payment is required to be made on a
day that is not a Business Day or after 10:00 A.M. (New York City time) on a Business Day, then it
shall use commercially reasonable efforts to deliver such payment to the Paying Agent or the
Property Trustee no later than 10:30 A.M. (New York City time) on the next succeeding Business Day.

Section 5.05 Assets Not Properly Released.

          If the Paying Agent or the Property Trustee shall receive any principal payments on account of
financial assets credited to the Collateral Account and not released therefrom in accordance with
this Agreement, the Paying Agent or the Property Trustee shall hold the same as trustee of an
express trust for the benefit of the Company and, upon receipt of an Officers’ Certificate of the
Company so directing, promptly deliver the same to the Securities Intermediary for credit to the
Collateral Account or to the Company for application to the Obligations, and the Paying Agent or
the Property Trustee shall acquire no right, title or interest in any such payments of principal
amounts so received. Neither the Paying Agent nor the Property Trustee shall have any liability
under this Section 5.05 unless and until it has been notified in writing that such payment was
delivered to it erroneously and nor shall it have any liability for any action taken, suffered or
omitted to be taken prior to its receipt of such notice.

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ARTICLE VI

Initial Deposit; Exchange of Normal APEX and 

Qualifying Treasury Securities for Stripped APEX and Capital APEX; Reinvestment of 
Proceeds of
Pledged Treasury Securities

Section 6.01 Initial Deposit of Notes.

     (a) Prior to or concurrently with the execution and delivery of this Agreement, the Property
Trustee shall Transfer to the Securities Intermediary, for credit to the Collateral Account, Notes
having an aggregate principal amount of $500,100,000. If on any one or more dates after the
execution and delivery of this Agreement the Issuer Trust shall issue additional Normal APEX, as
and in the manner contemplated by the Underwriting Agreement, the Property Trustee shall Transfer
to the Securities Intermediary, for credit to the Collateral Account, the Notes issued to the
Issuer Trust in connection therewith having an aggregate principal amount corresponding to
additional Normal APEX issued by the Issuer Trust.

     (b) The Collateral Agent shall, at any time or from time to time, at the written request of
the Company, cause any or all securities or other property underlying any financial assets credited
to the Collateral Account to be registered in the name of the Securities Intermediary, the
Collateral Agent or their respective nominees; provided, however, that unless any Event of Default
(as defined in the Trust Agreement) shall have occurred and be continuing, and in respect of which
the Collateral Agent shall have received written notice from the Property Trustee or the
Administrative Trustees, the Collateral Agent agrees not to cause any Notes to be so re-registered.

Section 6.02 Exchange of Normal APEX and Qualifying Treasury Securities for Stripped APEX and
Capital APEX.

     (a) On each occasion on which a Holder of Normal APEX exercises its rights pursuant to
Sections 5.13(a)(i), (b) and (c) of the Trust Agreement to exchange Normal APEX and Qualifying
Treasury Securities for Stripped APEX and Capital APEX by, during any Exchange Period:

     (i) depositing with the Securities Intermediary, for credit to the Collateral Account
the treasury security that is the Qualifying Treasury Security on the date of deposit, in
the principal amount of $1,000 for each Normal APEX being Exchanged;

     (ii) Transferring the Normal APEX being Exchanged to the Securities Registrar; and

     (iii) delivering a duly executed and completed Stripping Notice and Request to the
Securities Registrar and Collateral Agent (x) stating that the Holder has deposited the
appropriate Qualifying Treasury Securities with the Collateral Agent for deposit in the
Collateral Account, (y) stating that the Holder is Transferring the related Normal APEX to
the Securities Registrar in connection with an Exchange of such Normal APEX and Qualifying
Treasury Securities for a Like Amount of Stripped APEX and Capital APEX, and (z) requesting
the delivery to the Holder of such Stripped APEX and Capital APEX,

the Collateral Agent shall, upon the deposit and Transfer pursuant to clauses (i) and (ii) and
receipt of the notice and request referred to in clause (iii), (w) be deemed to accept the
Qualifying Treasury Securities deposited pursuant to clause (i) as Collateral subject to the
Pledge, (x) release Pledged Notes of a Like

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Amount from the Pledge, (y) Transfer such Pledged Notes to the Custodial Account free and clear of
the Company’s security interest therein, and (z) confirm to the Property Trustee in writing that
such release and Transfer has occurred. The Custodial Agent shall continue to hold such Notes as
Custody Notes pursuant to Article IV.

     (b) The Securities Registrar, pursuant to the procedures provided for in Section 5.11 of the
Trust Agreement dealing with increasing and decreasing the number of Trust Preferred Securities
evidenced by Book-Entry Trust Preferred Securities Certificates, shall cancel the number of Normal
APEX Transferred pursuant to Section 6.02(a) and deliver a Like Amount of Stripped APEX and Capital
APEX to the Holder, all by making appropriate notations on the Book-Entry Trust Preferred
Securities Certificates of the appropriate Series.

     (c) The substitution of Qualifying Treasury Securities, or security entitlements thereto, for
financial assets held in the Collateral Account pursuant to this Section 6.02, shall not constitute
a novation of the security interest created hereby.

Section 6.03 Exchange of Stripped APEX and Capital APEX for Normal APEX and Qualifying Treasury
Securities.

     (a) On each occasion on which a Holder of Stripped APEX and Capital APEX exercises its rights
pursuant to Sections 5.13(d) of the Trust Agreement to exchange Stripped APEX and Capital APEX for
Normal APEX and Qualifying Treasury Securities by, during any Exchange Period, Transferring the
Stripped APEX and the Capital APEX being Exchanged to the Securities Registrar and delivering a
duly executed and completed Recombination Notice and Request to the Securities Registrar and
Collateral Agent (x) stating that the Holder is Transferring the related Stripped APEX and Capital
APEX to the Securities Registrar in connection with the Exchange of such Stripped APEX and Capital
APEX for a Like Amount of each of Normal APEX and Pledged Treasury Securities, (y) requesting the
Collateral Agent to release from the Pledge and deliver to the Holder Pledged Treasury Securities
in a principal amount equal to the Liquidation Amount of each of the Stripped APEX and Capital APEX
being exchanged, and (z) requesting the Securities Registrar to deliver to the Holder Normal APEX
of a Like Amount:

     (i) the Custodial Agent shall Transfer a Like Amount of Notes from the Custody Account
to the Collateral Account in substitution for such Pledged Treasury Securities;

     (ii) the Collateral Agent shall be deemed to accept the Notes Transferred by the
Custodial Agent pursuant to clause (i) as Collateral subject to the Pledge; and

     (iii) the Collateral Agent shall release Pledged Treasury Securities of a Like Amount
from the Pledge and deliver such Qualifying Treasury Securities to the Holder free and clear
of the Company’s security interest therein, and confirm in writing to the Property Trustee
that such release and Transfer has occurred; and

the Securities Registrar, pursuant to the procedures provided for in Section 5.11 of the Trust
Agreement dealing with increasing and decreasing the number of Trust Preferred Securities evidenced
by Book-Entry Trust Preferred Securities Certificates, shall cancel the number of Stripped APEX and
Capital APEX delivered pursuant to Section 6.03(a) and deliver a Like Amount of Normal APEX to the
Holder, all by making appropriate notations on the Book-Entry Trust Preferred Securities
Certificates of the appropriate Series.

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14

 

     (b) The substitution of Notes for financial assets held in the Collateral Account pursuant to
this Section 6.03, shall not constitute a novation of the security interest created hereby.

Section 6.04 Termination Event; Redemption Prior to Stock Purchase Date.

     (a) Upon receipt by the Collateral Agent of written notice from the Company, the Property
Trustee or any of the Administrative Trustees of the Issuer Trust that (x) a Termination Event has
occurred or (y) the Stock Purchase Contracts have been terminated upon redemption of all the Notes
prior to the Stock Purchase Date in accordance with the Indenture, the Collateral Agent shall
release all Collateral from the Pledge and shall promptly instruct the Securities Intermediary to
Transfer:

     (i) any Pledged Notes;

     (ii) any Proceeds of the National City Bank Deposit; and

     (iii) any Pledged Treasury Securities,

to the Property Trustee, free and clear of the Pledge created hereby.

     (b) If such Termination Event shall result from the Company’s becoming a debtor under the
Bankruptcy Code, and if the Collateral Agent shall for any reason fail promptly to effectuate the
release and Transfer of all Pledged Notes, Pledged Treasury Securities, Permitted Investments, the
National City Bank Deposit and Proceeds of any of the foregoing, as the case may be, as provided by
this Section 6.04, the Property Trustee or any of the Administrative Trustees shall:

     (i) use its best efforts to obtain an opinion of a nationally recognized law firm to
the effect that, notwithstanding the Company being the debtor in such a bankruptcy case, the
Collateral Agent will not be prohibited from releasing or Transferring the Collateral as
provided in this Section 6.04 and shall deliver or cause to be delivered such opinion to the
Collateral Agent within ten calendar days after the occurrence of such Termination Event,
and if (A) the Property Trustee or any of the Administrative Trustees shall be unable to
obtain such opinion within ten calendar days after the occurrence of such Termination Event
or (B) the Collateral Agent shall continue, after delivery of such opinion, to refuse to
effectuate the release and Transfer of all Pledged Notes, Pledged Treasury Securities,
Permitted Investments, the National City Bank Deposit and Proceeds of any of the foregoing,
as the case may be, as provided in this Section 6.04, then the Property Trustee shall within
15 calendar days after the occurrence of such Termination Event commence an action or
proceeding in the court having jurisdiction of the Company’s case under the Bankruptcy Code
seeking an order requiring the Collateral Agent to effectuate the release and Transfer of
all Pledged Notes, Pledged Treasury Securities, Permitted Investments, the National City
Bank Deposit and Proceeds of any of the foregoing, or as the case may be, as provided by
this Section 6.04; or

     (ii) commence an action or proceeding like that described in Section 6.04(b)(i) hereof
within 10 calendar days after the occurrence of such Termination Event.

Section 6.05 Reinvestment of Proceeds of Pledged Treasury Securities.

     (a) At or about 11:00 A.M., New York City time, on each Trade Date, the Collateral Agent shall
select at least three Reference Dealers (including at least three Reference Dealers named on

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Schedule I hereto or named by any of the Administrative Trustees as replacements therefor who
are approved counterparties of Wilmington Trust Company) and request each of them to provide a
commitment (which may be oral if promptly confirmed in writing by facsimile or e-mail),
satisfactory in form to the Collateral Agent, to the effect that if selected as the Final Dealer,
such Reference Dealer shall sell to the Collateral Agent, for delivery against payment on the
immediately succeeding Roll Date, an aggregate principal amount of the U.S. treasury security that
is the Qualifying Treasury Security on such Roll Date equal to the aggregate principal amount of
Qualifying Treasury Securities held in the Collateral Account on such Trade Date. If the
Collateral Agent shall have received at least two firm offers, it shall select the lowest offer and
the Reference Dealer providing the lowest offer shall be the “Final Dealer”; provided, however,
that if two or more Reference Dealers have provided identical lowest offers, the Collateral Agent
shall select any of these Reference Dealers as the Final Dealer in its absolute discretion. The
Final Dealer shall be obligated to sell to the Collateral Agent, for Cash on the Roll Date, the
aggregate principal amount of the U.S. treasury security specified in such offer. If the
Collateral Agent determines that (i) a Market Disruption Event has occurred or (ii) fewer than two
Reference Dealers have provided firm offers in a timely manner meeting the foregoing requirements,
the steps contemplated above shall be taken on each succeeding Business Day on which the Collateral
Agent determines that no Market Disruption Event has occurred until at least two Reference Dealers
have provided such offers, except that the Collateral Agent shall request offers from the Reference
Dealers for same day settlement. The Collateral Agent shall use reasonable care in administering
the foregoing procedures and shall have no liability in connection therewith to the Issuer Trust,
the Property Trustee, the Company or any other Person in the absence of gross negligence or willful
misconduct. All determinations regarding whether a Market Disruption Event has occurred shall be
made by the Collateral Agent in its sole discretion.

     (b) On each Roll Date (or, if no Final Dealer shall have been selected on the Trade Date, on
the date that the Final Dealer is selected), the Collateral Agent shall instruct the Securities
Intermediary to apply the Proceeds of the U.S. treasury securities held in the Collateral Account
to the purchase price of the aggregate principal amount of the U.S. treasury security specified in
the Final Dealer’s offer, which shall be deposited in the Collateral Account, and to apply the
excess of such Proceeds over the purchase price of the Qualifying Treasury Securities to purchase
Permitted Investments for deposit in the Collateral Account.

     (c) On each Additional Distribution Date, if the Qualifying Treasury Securities shall have
been purchased and deposited in the Collateral Account, the Collateral Agent shall liquidate the
Permitted Investments in the Collateral Account and direct the Securities Intermediary to pay the
Proceeds to the Payment Account.

Section 6.06 Application of Proceeds in Settlement of Stock Purchase Contracts.

     (a) The Issuer Trust (acting through the Property Trustee) agrees to pay the purchase price
under the Stock Purchase Contracts on the Stock Purchase Date from the Proceeds of the Qualifying
Treasury Securities held in the Collateral Account and the National City Bank Deposit (or in the
circumstances set forth in Section 2.2(b) of the Stock Purchase Contract Agreement, by assignment
thereof). Without receiving any further instruction from the Property Trustee, the Collateral
Agent shall, in settlement of such Stock Purchase Contracts on the Stock Purchase Date, (i)
instruct the Securities Intermediary to remit Proceeds of the Qualifying Treasury Securities to the
Company and (ii) instruct National City Bank to pay the Proceeds of the National City Bank Deposit
to the Company in an amount equal to the excess of the Purchase Price over the amount of the
Proceeds of the Qualifying Treasury Securities.

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     (b) In the event of a Failed Remarketing, the Collateral Agent, for the benefit of the
Company, will, at the written instruction of the Company to the fullest extent permitted by
applicable law, deliver or dispose of the Pledged Notes in accordance with the Company’s written
instructions to satisfy in full, from any such disposition or retention, the obligations of the
Issuer Trust to pay the purchase price for the shares of Preferred Stock to be issued under the
Stock Purchase Contracts to the extent not paid from the Proceeds of the Qualifying Treasury
Securities held in the Collateral Account, and the Company hereby waives any claim it may otherwise
have for any deficiency under the UCC or other applicable law.

     (c) Thereafter, the Collateral Agent shall promptly remit the Proceeds of the Qualifying
Treasury Securities held in the Collateral Account in excess of the aggregate purchase price for
the shares of Preferred Stock to be issued under such Stock Purchase Contracts to the Property
Trustee or to the Paying Agent on behalf of the Property Trustee for deposit into the Payment
Account.

ARTICLE VII

Voting Rights –– Notes

Section 7.01 Voting Rights.

          The Property Trustee on behalf of the Issuer Trust may, subject to the Trust Agreement,
exercise, or refrain from exercising, any and all voting and other consensual rights pertaining to
the Notes or any part thereof for any purpose not inconsistent with the terms of this Agreement and
in accordance with the terms of the Stock Purchase Contract Agreement; provided, however, that the
Property Trustee shall not exercise or shall not refrain from exercising such right with respect to
any Notes, if, in the reasonable judgment of the Property Trustee, such action would impair or
otherwise have a material adverse effect on the value of all or any of the Notes; and provided,
further, that the Property Trustee shall give the Company, the Collateral Agent and the Custodial
Agent, at least five Business Days’ prior written notice of the manner in which it intends to
exercise, or its reasons for refraining from exercising, any such right. Upon receipt of any
notices and other communications in respect of any Notes, including notice of any meeting at which
holders of the Notes are entitled to vote or solicitation of consents, waivers or proxies of
holders of the Notes, the Collateral Agent and the Custodial Agent shall use reasonable efforts to
send promptly to the Property Trustee such notice or communication, and as soon as reasonably
practicable after receipt of a written request therefor from the Property Trustee, execute and
deliver to the Property Trustee such proxies and other instruments in respect of such Notes (in
form and substance reasonably satisfactory to the Collateral Agent or the Custodial Agent, as the
case may be) as are prepared by the Company and delivered to the Property Trustee with respect to
the Notes.

ARTICLE VIII

Rights and Remedies

Section 8.01 Rights and Remedies of the Collateral Agent.

     (a) In addition to the rights and remedies specified in Section 6.04 or otherwise available at
law or in equity, after an event of default under the Stock Purchase Contracts, the Collateral
Agent shall have all of the rights and remedies with respect to the Collateral of a secured party
under the UCC (whether or not the UCC is in effect in the jurisdiction where the rights and
remedies are asserted) and the TRADES Regulations and such additional rights and remedies to which
a secured party is entitled under the laws in effect in any jurisdiction where any rights and
remedies hereunder may be asserted. Without

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limiting the generality of the foregoing, such remedies may include, to the extent permitted
by applicable law, (1) retention of the Pledged Notes or the Pledged Treasury Securities in full
satisfaction of the Issuer Trust’s or the Property Trustee’s obligations under the Stock Purchase
Contracts and the Stock Purchase Contract Agreement or (2) sale of the Pledged Notes or the Pledged
Treasury Securities in one or more public or private sales as permitted by applicable law.

     (b) Without limiting any rights or powers otherwise granted by this Agreement to the
Collateral Agent, in the event the amounts transferred or transferable to the Company by the
Collateral Agent on account of any Pledged Notes, the National City Bank Deposit or any Pledged
Treasury Securities as provided in Article V are insufficient to satisfy the Obligations of the
Issuer Trust when due under the Stock Purchase Contracts, such insufficiency shall constitute an
event of default under the Stock Purchase Contracts and the Collateral Agent shall have and may
exercise, with reference to such Pledged Notes, the National City Bank Deposit or such Pledged
Treasury Securities any and all of the rights and remedies available to a secured party under the
UCC and the TRADES Regulations after default by a debtor, and as otherwise granted herein or under
any other law.

     (c) Without limiting any rights or powers otherwise granted by this Agreement to the
Collateral Agent, the Collateral Agent is hereby irrevocably authorized to receive and collect all
payments of (i) the principal amount of, and any interest on, the Pledged Notes and (ii) the
principal amount of, and any interest on, the Pledged Treasury Securities, subject, in each case,
to the provisions of Article V, and as otherwise granted herein.

     (d) The Property Trustee agrees that, from time to time, upon the written request of the
Company or the Collateral Agent (acting upon the request of the Company), the Property Trustee
shall execute and deliver such further documents and do such other acts and things as the Company
or the Collateral Agent (acting upon the request of the Company) may reasonably request in order to
maintain the Pledge, and the perfection and priority thereof, and to confirm the rights of the
Collateral Agent hereunder; provided, however, that, in no event shall the Property Trustee be
responsible for the preparation (other than, if applicable, execution upon the request of the
Company) or filing of any financing or continuation statements. In the absence of bad faith, the
Property Trustee shall have no liability to the Company or the Collateral Agent (acting upon the
request of the Company) for executing any documents or taking any such acts requested by the
Company or the Collateral Agent (acting upon the request of the Company) hereunder.

Section 8.02 Remarketing; Contingent Exchange Elections by Holder of Normal APEX.

     (a) In the event a Holder of Normal APEX exercises its rights pursuant to Sections 5.14(a)(i),
(b) and (e) of the Trust Agreement to contingently exchange Normal APEX and Qualifying Treasury
Securities for Stripped APEX and Capital APEX in connection with any Remarketing by,

     (i) during the period that commences with the Collateral Agent’s and the Securities
Registrar’s opening of normal business hours on the tenth Business Day immediately preceding
the first day of a Remarketing Period and ending at 3:00 P.M., New York City time, on the
second Business Day immediately preceding the first day of such Remarketing Period,
Transferring the Normal APEX that are the subject of such Contingent Exchange Election to
the Securities Registrar, accompanied by a duly executed and completed Notice of Contingent
Exchange Election; and

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18

 

     (ii) not later than 3:00 P.M., New York City time, on the second Business Day
immediately preceding the first day of such Remarketing Period, depositing with the
Collateral Agent the treasury security that is the Qualifying Treasury Security on the date
of deposit, in the amount of $1,000 for each Normal APEX that is subject to the Contingent
Exchange Election,

the Collateral Agent shall, upon the Transfer and receipt of the duly executed and completed Notice
of Contingent Exchange Election pursuant to clause (i) and the deposit referred to in clause (ii),
notify the Remarketing Agent not later than 11:00 A.M., New York City time, on the Business Day
immediately preceding the first day of each Remarketing Period of the aggregate principal amount of
Pledged Notes with respect to which elections have been validly made pursuant to this Section
8.02(a).

     (b) Upon the receipt of notice from the Remarketing Agent that the Remarketing has been
Successful, on the Remarketing Settlement Date,

     (i) the Collateral Agent shall (A) instruct the Securities Intermediary to release from
the Pledge and deliver to the Remarketing Agent the Pledged Notes for which no election has
been validly made pursuant to Section 8.02(a), free and clear of the Company’s security
interest therein, against delivery by the Remarketing Agent of the National City Bank
Deposit purchased with the net Proceeds of the sale of such Pledged Notes in the Remarketing
for credit to the Collateral Account, and (B) instruct the Securities Intermediary to
release from the Pledge and Transfer to the Custody Account the Pledged Notes for which an
election has been validly made pursuant to Section 8.02(a), free and clear of the Company’s
security interest therein, upon delivery by the Collateral Agent to the Securities
Intermediary for deposit into the Collateral Account of the Qualifying Treasury Securities
to be deposited in connection with such elections, and confirm to the Property Trustee in
writing that such instructions have been delivered;

     (ii) the Securities Intermediary shall (A) release the Pledged Notes from the Pledge,
Transfer such Pledged Notes, free and clear of the Pledge, (x) to the Remarketing Agent in
the case of Pledged Notes for which no election has been validly made pursuant to Section
8.02(a) and (y) to the Custody Account in the case of Pledged Notes for which an election
has been validly made pursuant to Section 8.02(a), (B) deposit in the Collateral Account as
Pledged Treasury Securities the Qualifying Treasury Securities deposited with the Collateral
Agent pursuant to Section 8.02(a) and (C) confirm to the Property Trustee in writing that
such release, Transfer and deposit have occurred;

     (iii) the Custodial Agent shall hold such Notes delivered to it pursuant to clause
(ii)(y) of this Section 8.02(b) in the Custody Account; and

     (iv) the Securities Registrar shall cancel the number of Normal APEX Transferred
pursuant to Section 8.02(a) and deliver a Like Amount of Capital APEX and Stripped APEX to
the Holder in accordance with the procedures provided for in Section 5.14 of the Trust
Agreement.

     (c) Upon the receipt of notice from the Remarketing Agent that the Remarketing has not been
Successful:

     (i) as soon as reasonably practicable after the Remarketing, the Collateral Agent will
deliver back to such Holder the Qualifying Treasury Securities delivered by such Holder to
the Collateral Agent pursuant to Section 8.02(a); and

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     (ii) the Securities Registrar will promptly return to such Holder the Normal APEX
Transferred to the Securities Registrar pursuant to Section 8.02(a).

     (d) The substitution of Qualifying Treasury Securities, or security entitlements thereto, for
financial assets held in the Collateral Account pursuant to this Section 8.02, shall not constitute
a novation of the security interest created hereby.

Section 8.03 Contingent Disposition Election by Holder of Capital APEX.

     (a) In the event a Holder of Capital APEX exercises its rights pursuant to Sections
5.14(a)(ii), (b), (f) and (g) of the Trust Agreement to contingently dispose of Capital APEX in
connection with any Remarketing by, during the period that commences with the Custodial Agent’s and
Securities Registrar’s opening of normal business hours on the tenth Business Day immediately
preceding the first day of a Remarketing Period and ending at 3:00 P.M., New York City time, on the
second Business Day immediately preceding the first day of such Remarketing Period, Transferring
the Capital APEX that are the subject of such Contingent Disposition Election to the Securities
Registrar and delivering a duly completed Notice of Contingent Disposition Election to the
Securities Registrar and Custodial Agent, the Custodial Agent shall, upon such Transfer and receipt
of such notice, notify the Remarketing Agent not later than 11:00 A.M., New York City time, on the
Business Day immediately preceding the first day of each Remarketing Period of the aggregate
principal amount of Custody Notes with respect to which elections have been validly made pursuant
to this Section 8.03(a).

     (b) Upon receipt of notice from the Remarketing Agent that the related Remarketing is
Successful:

     (i) the Securities Registrar shall cancel the number of Capital APEX Transferred
pursuant to Section 8.03(a) in accordance with the procedures provided for in Section 5.11
of the Trust Agreement;

     (ii) the Custodial Agent shall deliver Custody Notes in the aggregate principal amount
with respect to which elections have been validly made pursuant to Section 8.03(a) to the
Remarketing Agent on the Remarketing Settlement Date; and

     (iii) on or promptly after the Remarketing Settlement Date, the Custodial Agent shall
pay to the Property Trustee the net Proceeds of the Custody Notes received from the
Remarketing Agent.

     (c) If the Custodial Agent is notified by the Property Trustee or the Remarketing Agent that
the related Remarketing is not Successful, the Securities Registrar shall promptly return to such
Holder the Capital APEX Transferred to the Securities Registrar pursuant to Section 8.03(a).

     (d) None of the Collateral Agent, the Securities Intermediary, the Custodial Agent, the
Securities Registrar, the Property Trustee, the Company or the Remarketing Agent shall be obligated
in any case to provide funds to make payment upon tender of Notes for Remarketing.

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ARTICLE IX

Representations and Warranties; Covenants

Section 9.01 Representations and Warranties.

          The Property Trustee on behalf of the Issuer Trust hereby represents and warrants to the
Collateral Agent that:

     (a) the Property Trustee on behalf of the Issuer Trust has the power to grant a security
interest in and lien on the Collateral; and

     (b) the Property Trustee on behalf of the Issuer Trust is the sole beneficial owner of the
Collateral and, in the case of Collateral delivered in physical form, is the sole holder of such
Collateral and is the sole beneficial owner of, or has the right to Transfer, the Collateral it
Transfers to the Collateral Agent for credit to the Collateral Account, free and clear of any
security interest, lien, encumbrance, call, liability to pay money or other restriction other than
the security interest and lien granted under Article II hereof.

Section 9.02 Covenants.

          The Property Trustee on behalf of the Issuer Trust hereby covenants to the Collateral Agent
that for so long as the Collateral remains subject to the Pledge:

     (a) it will not create or purport to create or allow to subsist any mortgage, charge, lien,
pledge or any other security interest whatsoever over the Collateral or any part of it other than
pursuant to this Agreement; and

     (b) it will not sell or otherwise dispose (or attempt to dispose) of the Collateral or any
part of it except in accordance with the terms of this Agreement.

ARTICLE X

The Collateral Agent, The Custodial Agent, The Securities Intermediary 

and The Securities Registrar

          It is hereby agreed as follows:

Section 10.01 Appointment, Powers and Immunities.

          The Collateral Agent and the Securities Intermediary shall act as agents for the Company
hereunder with such powers as are specifically vested in the Collateral Agent or the Securities
Intermediary, as the case may be, by the terms of this Agreement and the Collateral Agent and the
Securities Intermediary owe no duties, fiduciary or otherwise, to any other Person except as
provided by applicable law. The Custodial Agent and the Securities Registrar shall act as agents
for the Property Trustee hereunder with such powers as are specifically vested in the Custodial
Agent or the Securities Registrar, as the case may be, by the terms of this Agreement and, in the
case of the Securities Registrar, the Trust Agreement and the Custodial Agent and the Securities
Registrar owe no duties, fiduciary or

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otherwise, to any other Person except as provided by
applicable law. The Collateral Agent, the Custodial Agent, the Securities Intermediary and the
Securities Registrar shall:

     (a) have no duties or responsibilities except those expressly set forth in this Agreement and
no implied covenants or obligations shall be inferred from this Agreement against the Collateral
Agent, the Custodial Agent, the Securities Intermediary and the Securities Registrar, nor shall the
Collateral Agent, the Custodial Agent, the Securities Intermediary and the Securities Registrar be
bound by the provisions of any agreement by any party hereto beyond the specific terms hereof;

     (b) not be responsible for any recitals contained in this Agreement, or in any certificate or
other document referred to or provided for in, or received by it under, this Agreement, the Trust
Preferred Securities or the Stock Purchase Contract Agreement, or for the value, validity,
effectiveness, genuineness, enforceability or sufficiency of this Agreement (other than as against
the Collateral Agent, the Custodial Agent, the Securities Intermediary or the Securities Registrar,
as the case may be), the Trust Preferred Securities, any Collateral or the Stock Purchase Contract
Agreement or any other document referred to or provided for herein or therein or for any failure by
the Company or any other Person (except the Collateral Agent, the Securities Intermediary, the
Custodial Agent or the Securities Registrar, as the case may be) to perform any of its obligations
thereunder or hereunder or for the validity, perfection, enforceability, priority or, except as
expressly required hereby, maintenance of any security interest created hereunder;

     (c) not be required to initiate or conduct any litigation or collection efforts or proceedings
hereunder (except pursuant to directions furnished under Section 10.02, subject to Section 10.08);

     (d) not be responsible for the exercise of any of the rights and remedies (at the direction of
the Property Trustee or the Holders of the APEX, or otherwise) upon a default or event of default
under the Indenture;

     (e) not be responsible for any action taken, suffered or omitted to be taken by it hereunder
or under any other document or instrument referred to or provided for herein or in connection
herewith or therewith, except for its own gross negligence or willful misconduct; and

     (f) not be required to advise any party as to selling or retaining, or taking or refraining
from taking any action with respect to, any securities or other property deposited hereunder.

          Subject to the foregoing, during the term of this Agreement, the Collateral Agent, the
Securities Intermediary, the Custodial Agent and Securities Registrar shall take all reasonable
action in connection with the safekeeping and preservation of the Collateral and the Custody Notes
hereunder as determined by industry standards.

          No provision of this Agreement shall require the Collateral Agent, the Securities
Intermediary, the Custodial Agent or the Securities Registrar to expend or risk its own funds or
otherwise incur any financial liability in the performance of any of its duties hereunder. In no
event shall the Collateral Agent, the Securities Intermediary, the Custodial Agent or the
Securities Registrar be liable for any amount in excess of the Value of the Collateral and the
Custody Notes.

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Section 10.02 Instructions of the Company.

          The Company shall have the right, by one or more written instruments executed and delivered to
the Collateral Agent, to direct the time, method and place of conducting any proceeding for the
realization of any right or remedy available to the Collateral Agent, or of exercising any power
conferred on the Collateral Agent, or to direct the taking or refraining from taking of any action
authorized by this Agreement; provided, however, that (i) such direction shall not conflict with
the provisions of any law or of this Agreement or involve the Collateral Agent in personal
liability and (ii) the Collateral Agent shall be indemnified as provided herein. Nothing contained
in this Section 10.02 shall impair the right of the Collateral Agent in its discretion to take any
action or omit to take any action which it deems proper and which is not inconsistent with such
direction. None of the Collateral Agent, the Custodial Agent or the Securities Registrar has any
obligation or responsibility for determining the necessity of filing or to file or monitor the
filing of UCC financing statements or other UCC statements.

Section 10.03 Reliance by Collateral Agent, Custodial Agent, Securities Intermediary and Securities
Registrar.

          Each of the Collateral Agent, the Securities Intermediary, the Custodial Agent and the
Securities Registrar shall be entitled to rely conclusively upon any certification, order,
judgment, opinion, notice or other written or telephonic communication (including, without
limitation, any thereof by e-mail or similar electronic means, telecopy, telex or facsimile)
believed by it to be genuine and to have been signed or sent by or on behalf of the proper Person
or Persons (without being required to determine the correctness of any fact stated therein). Each
of the Collateral Agent, the Securities Intermediary, the Custodial Agent and the Securities
Registrar may consult with legal counsel or other experts of its selection and the advice, opinions
and statements of such legal counsel and other experts and any Opinion of Counsel shall be full and
complete authorization and protection in respect of any action taken, suffered or omitted by it
hereunder in good faith and in reliance thereon. As to any matters not expressly provided for by
this Agreement, the Collateral Agent, the Securities Intermediary, the Custodial Agent and the
Securities Registrar shall in all cases be fully protected in acting, suffering, or in refraining
from acting, hereunder in accordance with instructions given by the Company or the Property Trustee
in accordance with this Agreement.

          It is understood that the Collateral Agent, the Securities Intermediary, the Custodial Agent
and the Securities Registrar in any funds transfer may rely solely upon any account numbers or
similar identifying numbers provided by the Company or the Property Trustee to identify (i) the
beneficiary, (ii) the beneficiary’s bank, or (iii) an intermediary bank. The Collateral Agent, the
Securities Intermediary, the Custodial Agent and the Securities Registrar may apply any of the
deposited funds for any payment order it executes using any such identifying number, even where its
use may result in a Person other than the beneficiary being paid, or the transfer of funds to a
bank other than the beneficiary’s bank, or an intermediary bank, designated by the Company or the
Property Trustee; provided, however, that payment is made and confirmed to the account as specified
by the Company or the Property Trustee, as the case may be.

Section 10.04 Certain Rights.

     (a) Whenever in the administration of the provisions of this Agreement the Collateral Agent,
the Securities Intermediary, the Custodial Agent or the Securities Registrar shall deem it
necessary or desirable that a matter be proved or established prior to taking or suffering or
omitting to take any action hereunder, such matter (unless other evidence in respect thereof be
herein specifically prescribed) may, in

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the absence of bad faith on the part of the Collateral Agent, the Securities Intermediary, the
Custodial Agent or the Securities Registrar, be deemed to be conclusively proved and established by
a certificate signed by one of the Company’s officers, and delivered to the Collateral Agent, the
Securities Intermediary, the Custodial Agent or the Securities Registrar and such certificate, in
the absence of bad faith on the part of the Collateral Agent, the Securities Intermediary, the
Custodial Agent or the Securities Registrar, shall be full warrant to the Collateral Agent, the
Securities Intermediary, the Custodial Agent or the Securities Registrar for any action taken,
suffered or omitted by any of them under the provisions of this Agreement in reliance thereon.

     (b) The Collateral Agent, the Securities Intermediary, the Custodial Agent and the Securities
Registrar shall not be bound to make any investigation into the facts or matters stated in any
resolution, certificate, statement, instrument, opinion, report, notice, request, consent,
entitlement order, approval or other paper or document.

     (c) None of the Collateral Agent, the Securities Intermediary, the Custodial Agent or the
Securities Registrar shall be responsible or liable for any failure or delay in the performance of
its obligations under this Agreement arising out of or caused, directly or indirectly, by
circumstances beyond its reasonable control, including, without limitation, acts of God,
earthquakes, fires, floods, terrorism, wars, civil or military disturbances, sabotage, epidemics,
riots, interruptions, loss or malfunctions of utilities, computer (hardware or software) or
communication services, accidents, labor disputes, acts of civil or military authority and
governmental action.

     (d) The Collateral Agent, the Securities Intermediary, the Custodial Agent or the Securities
Registrar may request that the Company and the Property Trustee each deliver an Officers’
Certificate setting forth the names of individuals and/or titles of officers authorized at such
time to take specified actions pursuant to this Agreement, which Officers’ Certificate may be
signed by any person authorized to sign an Officers’ Certificate, including any person specified as
so authorized in any such certificate previously delivered and not superseded.

     (e) The permissive right of the Collateral Agent, the Securities Intermediary, the Custodial
Agent and the Securities Registrar to take or refrain from taking any actions enumerated in this
Agreement shall not be construed as a duty;

     (f) None of the Collateral Agent, the Securities Intermediary, the Custodial Agent or the
Securities Registrar shall be liable for any error of judgment made in good faith, unless it shall
have been grossly negligent in ascertaining the pertinent facts.

     (g) The Collateral Agent, the Securities Intermediary, the Custodial Agent and the Securities
Registrar shall have no liability whatsoever for the action or inaction of any Clearing Agency or
any book-entry system thereof. In no event shall any Clearing Agency or any book-entry system
thereof be deemed an agent or subcustodian of the Collateral Agent, the Securities Intermediary,
the Custodial Agent or the Securities Registrar. Unless and until Definitive Trust Preferred
Securities Certificates have been issued to Owners pursuant to Section 5.15 of the Trust Agreement,
the Collateral Agent, the Securities Intermediary, the Custodial Agent and the Securities Registrar
shall be entitled to deal with the Clearing Agency for all purposes of this Agreement (including
the receipt or transfer of any funds hereunder) as the Holder of the Trust Preferred Securities,
shall have no obligation to the Owners and the rights of the Owners shall be exercised only through
the Clearing Agency and shall be limited to those established by law and agreement between such
Owners and the Issuer Trust or the Clearing Agency Participants. The provisions of Sections 5.6
and 5.11 of the Trust Agreement are hereby made applicable to the Collateral

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Agent, the Securities Intermediary, the Custodial Agent and the Securities Registrar, mutatis
mutandis, as if they were the Securities Registrar as referred to therein.

     (h) The Securities Registrar shall also have all of the rights, privileges, protections,
immunities and benefits given to the Securities Registrar under the Trust Agreement, including its
right to be indemnified. In the event of any conflict between any of the provisions of the Trust
Agreement and this Agreement with respect to any of such rights, privileges, protections,
immunities and benefits, the provisions of this Agreement shall govern and control and supersede
such other provisions.

Section 10.05 Merger, Conversion, Consolidation or Succession to Business.

          Any Person into which the Collateral Agent, the Securities Intermediary, the Custodial Agent
and the Securities Registrar may be merged or converted or with which it may be consolidated, or
any Person resulting from any merger, conversion or consolidation to which the Collateral Agent,
the Securities Intermediary, the Custodial Agent and the Securities Registrar shall be a party, or
any Person succeeding to all or substantially all of the corporate trust business of the Collateral
Agent, the Securities Intermediary, the Custodial Agent or the Securities Registrar shall be the
successor of the Collateral Agent, the Securities Intermediary, the Custodial Agent or the
Securities Registrar hereunder without the execution or filing of any paper with any party hereto
or any further act on the part of any of the parties hereto except where an instrument of transfer
or assignment is required by law to effect such succession, anything herein to the contrary
notwithstanding.

Section 10.06 Rights in Other Capacities.

          The Collateral Agent, the Securities Intermediary, the Custodial Agent and the Securities
Registrar and their Affiliates may (without having to account therefor to the Company) accept
deposits from, lend money to, make their investments in and generally engage in any kind of
banking, trust or other business with the Issuer Trust, any other Person interested herein and any
Holder of Trust Preferred Securities (and any of their respective subsidiaries or Affiliates) as if
it were not acting as the Collateral Agent, the Securities Intermediary, the Custodial Agent or the
Securities Registrar, as the case may be, and the Collateral Agent, the Securities Intermediary,
the Custodial Agent, the Securities Registrar and their Affiliates may accept fees and other
consideration from the Issuer Trust, any other Person interested herein and any Holder of Trust
Preferred Securities without having to account for the same to the Company; provided, however, that
each of the Securities Registrar, the Securities Intermediary, the Custodial Agent and the
Collateral Agent covenants and agrees with the Company that it shall not accept, receive or permit
there to be created in favor of itself and shall take no affirmative action to permit there to be
created in favor of any other Person, any security interest, lien or other encumbrance of any kind
in or upon the Collateral other than the lien created by the Pledge.

Section 10.07 Non-reliance on Collateral Agent, the Securities Intermediary, the Custodial Agent
and Securities Registrar.

          None of the Securities Registrar, the Securities Intermediary, the Custodial Agent or the
Collateral Agent shall be required to keep itself informed as to the performance or observance by
the Issuer Trust or any Holder of Trust Preferred Securities of this Agreement, the Stock Purchase
Contract Agreement, the Trust Preferred Securities or any other document referred to or provided
for herein or therein or in connection herewith or therewith or to inspect the properties or books
of the Issuer Trust or any Holder of Trust Preferred Securities. None of the Collateral Agent, the
Securities Intermediary, the Custodial Agent or the Securities Registrar shall have any duty or
responsibility to provide the Company

25

 

Collateral Agreement

or the Property Trustee with any credit or other information concerning the affairs, financial
condition or business of the Issuer Trust or the Company or any Holder of Trust Preferred
Securities (or any of their respective Affiliates) that may come into the possession of the
Collateral Agent, the Securities Intermediary, the Custodial Agent or the Securities Registrar or
any of their respective Affiliates.

Section 10.08 Compensation and Indemnity.

          The Company agrees to:

     (a) pay the Collateral Agent, the Securities Intermediary, the Custodial Agent and the
Securities Registrar from time to time such compensation as shall be agreed in writing between the
Company and the Collateral Agent, the Securities Intermediary, the Custodial Agent or the
Securities Registrar, as the case may be, for all services rendered by them hereunder;

     (b) indemnify and hold harmless the Collateral Agent, the Securities Intermediary, the
Custodial Agent, the Securities Registrar and each of their respective directors, officers, agents
and employees (collectively, the “Indemnitees”), from and against any and all claims, actions,
suits, liabilities, losses, damages, fines, penalties and expenses (including reasonable fees and
expenses of counsel) and taxes (other than those based upon, determined by or measured by the
income of the Collateral Agent, the Custodial Agent and the Securities Registrar) of any kind and
nature whatsoever (collectively, “Losses” and individually, a “Loss”) that may be imposed on,
incurred by, or asserted against, the Indemnitees or any of them for or in respect of the
Collateral Agent’s, the Securities Intermediary’s, the Custodial Agent’s and the Securities
Registrar’s (i) execution and delivery of this Agreement and (ii) following any instructions or
other directions upon which either the Collateral Agent, the Securities Intermediary, the Custodial
Agent or the Securities Registrar is entitled to rely pursuant to the terms of this Agreement; and

     (c) in addition to and not in limitation of clause (b) immediately above, indemnify and hold
the Indemnitees and each of them harmless from and against any and all Losses that may be imposed
on, incurred by or asserted against, the Indemnitees or any of them in connection with or arising
out of the Collateral Agent’s, the Securities Intermediary’s, the Custodial Agent’s or the
Securities Registrar’s acceptance or performance of its powers and duties under this Agreement,
provided, however, that any Indemnitee with respect to the specific Loss against which
indemnification is sought under this clause (c) has not acted with gross negligence or engaged in
willful misconduct.

          The provisions of this Section 10.08 and Section 12.07 shall survive the resignation or
removal of the Collateral Agent, the Securities Intermediary, the Custodial Agent or the Securities
Registrar and the termination of this Agreement.

Section 10.09 Failure to Act.

          In the event of (i) uncertainty on the part of the Collateral Agent, the Securities
Intermediary, the Custodial Agent or the Securities Registrar as to the application of any
provision in this Agreement or any other agreement relating to the transaction contemplated hereby
or (ii) any ambiguity in the provisions of this Agreement or any dispute between or conflicting
claims by or among the parties hereto or any other Person with respect to any funds or property
deposited hereunder, such Collateral Agent, Securities Intermediary, Custodial Agent or Securities
Registrar in the case of (i) or each of the Collateral Agent, the Securities Intermediary, the
Custodial Agent and the Securities Registrar in the case of (ii) shall be entitled, at its sole
option and after prompt written notice to the Company and the Issuer Trust, to refrain from taking
any action in respect of such uncertainty or ambiguous provision or to refuse

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to comply with any and all claims, demands or instructions with respect to such property or
funds so long as such dispute or conflict shall continue, and the Collateral Agent, the Securities
Intermediary, the Custodial Agent and the Securities Registrar shall not be or become liable in any
way to any of the parties hereto for its so refraining or refusal to comply with such conflicting
claims, demands or instructions. The Collateral Agent, the Securities Intermediary, the Custodial
Agent and the Securities Registrar shall be entitled to refuse to act until either:

     (a) such ambiguous provisions or conflicting or adverse claims or demands, as the case may be,
shall have been finally determined by a court of competent jurisdiction or settled by agreement
between the conflicting parties as evidenced in a writing satisfactory to the Collateral Agent, the
Securities Intermediary, the Custodial Agent or the Securities Registrar; or

     (b) the Collateral Agent, the Securities Intermediary, the Custodial Agent or the Securities
Registrar shall have received security or an indemnity satisfactory to it sufficient to save it
harmless from and against any and all loss, liability or reasonable out-of-pocket expense which it
may incur by reason of its acting.

          The Collateral Agent, the Securities Intermediary, the Custodial Agent and the Securities
Registrar may in addition elect to commence an interpleader action or seek other judicial relief or
orders as the Collateral Agent, the Securities Intermediary, the Custodial Agent or the Securities
Registrar may deem necessary. Notwithstanding anything contained herein to the contrary, none of
the Collateral Agent, the Securities Intermediary, the Custodial Agent or the Securities Registrar
shall be required to take any action that it reasonably believes to be contrary to law or to the
terms of this Agreement, or which it reasonably believes would subject it or any of its officers,
employees or directors to liability.

Section 10.10 Resignation of Collateral Agent, the Securities Intermediary, the Custodial Agent and
Securities Registrar.

          Subject to the appointment and acceptance of a successor Collateral Agent, Securities
Intermediary, Custodial Agent and Securities Registrar as provided below:

     (i) the Collateral Agent, the Securities Intermediary, the Custodial Agent and the
Securities Registrar may resign at any time by giving notice thereof to the Company and the
Property Trustee;

     (ii) the Collateral Agent, the Securities Intermediary, the Custodial Agent and the
Securities Registrar may be removed at any time by the Company; and

     (iii) if the Collateral Agent, the Securities Intermediary, the Custodial Agent or the
Securities Registrar fails to perform any of its material obligations hereunder in any
material respect for a period of not less than 20 days after receiving written notice of
such failure by the Property Trustee or the Administrative Trustees and such failure shall
be continuing, the Collateral Agent, the Securities Intermediary, the Custodial Agent and
the Securities Registrar may be removed by the Property Trustee or the Administrative
Trustees;

provided, however, that any Person at any time acting as Collateral Agent, Securities Intermediary,
Custodial Agent or Securities Registrar may not resign or be removed in any one of those capacities
without the consent of each party to this Collateral Agreement unless it resigns or is removed in
all such capacities in which it is then acting. The Property Trustee or the Administrative
Trustees shall promptly

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notify the Company of any removal of the Collateral Agent, the Securities Intermediary, the
Custodial Agent and the Securities Registrar pursuant to clause (iii) of this Section 10.10. Upon
any such resignation or removal, the Company shall have the right to appoint a successor Collateral
Agent, Securities Intermediary, Custodial Agent or Securities Registrar, as the case may be, which
shall not be an Affiliate of the Issuer Trust. If no successor Collateral Agent, Securities
Intermediary, Custodial Agent or Securities Registrar shall have been so appointed and shall have
accepted such appointment within 30 days after the retiring Collateral Agent’s, Securities
Intermediary’s, Custodial Agent’s or Securities Registrar’s giving of notice of resignation or the
Company’s or the Property Trustee’s giving notice of such removal, then the retiring or removed
Collateral Agent, Securities Intermediary, Custodial Agent or Securities Registrar may petition any
court of competent jurisdiction, at the expense of the Company, for the appointment of a successor
Collateral Agent, Securities Intermediary, Custodial Agent or Securities Registrar. The Collateral
Agent, the Securities Intermediary, the Custodial Agent and the Securities Registrar shall each be
a bank or a national banking association which has an office (or an agency office) in New York City
with a combined capital and surplus of at least $50,000,000. Upon the acceptance of any
appointment as Collateral Agent, Securities Intermediary, Custodial Agent or Securities Registrar
hereunder by a successor Collateral Agent, Securities Intermediary, Custodial Agent or Securities
Registrar, as the case may be, such successor Collateral Agent, Securities Intermediary, Custodial
Agent or Securities Registrar, as the case may be, shall thereupon succeed to and become vested
with all the rights, powers, privileges and duties of the retiring Collateral Agent, Securities
Intermediary, Custodial Agent or Securities Registrar, as the case may be, and the retiring
Collateral Agent, Securities Intermediary, Custodial Agent or Securities Registrar, as the case may
be, shall take all appropriate action, subject to payment of any amounts then due and payable to it
hereunder, to transfer any money and property held by it hereunder (including the Collateral) to
such successor. The retiring Collateral Agent, Securities Intermediary, Custodial Agent or
Securities Registrar shall, upon such succession, be discharged from its duties and obligations as
Collateral Agent, Securities Intermediary, Custodial Agent or Securities Registrar hereunder. After
any retiring Collateral Agent’s, Securities Intermediary’s, Custodial Agent’s or Securities
Registrar’s resignation or removal hereunder as Collateral Agent, Securities Intermediary,
Custodial Agent or Securities Registrar, the provisions of this Article X shall continue in effect
for its benefit in respect of any actions taken or omitted to be taken by it while it was acting as
the Collateral Agent, Securities Intermediary, Custodial Agent or Securities Registrar. Any
resignation or removal of the Collateral Agent, Custodial Agent or Securities Registrar hereunder,
at a time when such Person is acting as the Collateral Agent, Securities Intermediary, Custodial
Agent or Securities Registrar, shall be deemed for all purposes of this Agreement as the
simultaneous resignation or removal of the Collateral Agent, Securities Registrar or Custodial
Agent, as the case may be.

Section 10.11 Right to Appoint Agent or Advisor.

          The Collateral Agent shall have the right to appoint agents or advisors in connection with any
of its duties hereunder, and the Collateral Agent shall not be liable for any action taken,
suffered or omitted by, or in reliance upon the advice of, such agents or advisors selected in good
faith. The appointment of agents (which, for the purpose of this sentence, excludes legal counsel)
pursuant to this Section 10.11 shall be subject to prior written consent of the Company, which
consent shall not be unreasonably withheld.

Section 10.12 Survival.

          The provisions of this Article X and Section 12.06 shall survive termination of this Agreement
and the resignation or removal of the Collateral Agent, the Securities Intermediary, the Custodial
Agent or the Securities Registrar.

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28

 

Section 10.13 Exculpation.

          Anything contained in this Agreement to the contrary notwithstanding, in no event shall the
Collateral Agent, the Securities Intermediary, the Custodial Agent or the Securities Registrar or
their officers, directors, employees or agents be liable under this Agreement for indirect,
special, punitive, or consequential loss or damage of any kind whatsoever, including, but not
limited to, lost profits, whether or not the likelihood of such loss or damage was known to the
Collateral Agent, the Securities Intermediary, the Custodial Agent or the Securities Registrar, or
any of them and regardless of the form of action.

Section 10.14 Statements and Confirmations.

          The Securities Intermediary will, as soon as reasonably practicable after receipt of same,
send copies of all statements, confirmations and other correspondence concerning the Collateral
Account and any financial assets credited thereto simultaneously to each of the Property Trustee
and the Collateral Agent at their addresses for notices under this Agreement. The Custodial Agent
will, as soon as reasonably practicable after receipt of same, send copies of all statements,
confirmations and other correspondence concerning the Custody Account and any financial assets
credited thereto to the Property Trustee at its address for notices under this Agreement.

Section 10.15 Tax Allocations.

          The Administrative Trustees shall report all items of income, gain, expense and loss
recognized in the Collateral Account and the Custody Account, to the extent such reporting is
required by law, to the Internal Revenue Service authorities in the manner required by law. None
of the Securities Intermediary, the Collateral Agent, the Custodial Agent, the Securities Registrar
or the Property Trustee shall have any tax reporting duties hereunder.

ARTICLE XI

Amendment

Section 11.01 Amendment.

          The Company, when duly authorized by resolution of its Board of Directors, the Collateral
Agent, the Securities Intermediary, the Custodial Agent, the Securities Registrar and the Property
Trustee on behalf of the Issuer Trust, at any time and from time to time, may amend this Agreement
by a written instrument, in form satisfactory to the Company, the Collateral Agent, the Securities
Intermediary, the Custodial Agent, the Securities Registrar and the Property Trustee, as provided
under Section 6.1(c) of the Trust Agreement. Notwithstanding the foregoing, any amendment to the
forms of APEX certificates attached as exhibits hereto shall be effective upon written notice
thereof from the Company without the consent of the Collateral Agent, the Securities Intermediary,
the Custodial Agent or the Securities Registrar setting forth the revised form or forms and
confirming that such revised form or forms have been duly adopted in accordance with the Trust
Agreement; provided, however, that no such amendment that adversely affects the rights, duties or
immunities of the Collateral Agent, the Securities Intermediary, the Custodial Agent or the
Securities Registrar shall be effective against such adversely affected party without its consent.

Collateral Agreement

29

 

Section 11.02 Execution of Amendments.

          In executing any amendment permitted by this Article XI, the Collateral Agent, the Securities
Intermediary, the Custodial Agent, the Securities Registrar and the Property Trustee shall be
entitled to receive and (subject to Section 8.3 of the Trust Agreement with respect to the Property
Trustee) shall be fully authorized and protected in relying upon, an Opinion of Counsel and an
Officers’ Certificate of the Company to the effect that all of the requirements of Section 6.1(c)
of the Trust Agreement in respect of such amendment have been met and/or satisfied. The Collateral
Agent, the Securities Intermediary, the Custodial Agent, the Securities Registrar and the Property
Trustee may, but shall not be obligated to, enter into any such amendment which affects their own
respective rights, duties or immunities under this Agreement or otherwise.

ARTICLE XII

Miscellaneous

Section 12.01 No Waiver.

          No failure on the part of the Company, the Collateral Agent, the Securities Intermediary, the
Custodial Agent, the Securities Registrar or any of their respective agents to exercise, and no
course of dealing with respect to, and no delay in exercising, any right, power or remedy hereunder
shall operate as a waiver thereof; nor shall any single or partial exercise by the Company, the
Securities Intermediary, the Collateral Agent, the Custodial Agent, the Securities Registrar or any
of their respective agents of any right, power or remedy hereunder preclude any other or further
exercise thereof or the exercise of any other right, power or remedy. The remedies herein are
cumulative and are not exclusive of any remedies provided by law.

Section 12.02 Governing Law; Submission to Jurisdiction; Waiver of Trial by Jury.

          This Agreement shall be governed by and construed in accordance with the laws of the State of
New York without regard to the conflict of laws principles thereof (other than Section 5-1401 of
the New York General Obligations Law). The Company, the Collateral Agent, the Securities
Intermediary, the Custodial Agent, the Securities Registrar and the Issuer Trust hereby submit to
the nonexclusive jurisdiction of the United States District Court for the Southern District of New
York and the courts of the State of New York (in each case sitting in New York County) for the
purposes of all legal proceedings arising out of or relating to this Agreement or the transactions
contemplated hereby. The Company, the Collateral Agent, the Securities Intermediary, the Custodial
Agent, the Securities Registrar and the Issuer Trust irrevocably waive, to the fullest extent
permitted by applicable law, any objection that they may now or hereafter have to the laying of the
venue of any such proceeding brought in such a court and any claim that any such proceeding brought
in such a court has been brought in an inconvenient forum. TO THE FULLEST EXTENT PERMITTED BY
APPLICABLE LAW, EACH OF THE PARTIES IRREVOCABLY AND UNCONDITIONALLY WAIVES THE RIGHT TO A TRIAL BY
JURY IN ANY LEGAL ACTION OR PROCEEDING RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED
HEREBY.

Section 12.03 Notices.

     All notices, requests, consents and other communications provided for herein (including,
without limitation, any modifications of, or waivers or consents under, this Agreement) shall be
given or

Collateral Agreement

30

 

made in writing (including, without limitation, by telecopy) delivered to the intended
recipient at the “Address for Notices” specified below its name on the signature pages hereof or,
as to any party, at such other address as shall be designated by such party in a notice to the
other parties. Except as otherwise provided in this Agreement, all such communications shall be
deemed to have been duly given when personally delivered or, in the case of a mailed or telecopied
notice, upon receipt, in each case given or addressed as aforesaid.

Section 12.04 Successors and Assigns.

          This Agreement shall be binding upon and inure to the benefit of the respective successors of
the Company, the Collateral Agent, the Custodial Agent, the Securities Intermediary, the Securities
Registrar and the Issuer Trust.

          Nothing in this Agreement, express or implied, shall give any Person, other than the parties
hereto and their permitted successors, any benefit or any legal or equitable right, remedy or claim
under this Agreement.

Section 12.05 Severability.

          If any provision hereof is invalid and unenforceable in any jurisdiction, then, to the fullest
extent permitted by law, (i) the other provisions hereof shall remain in full force and effect in
such jurisdiction and shall be liberally construed in order to give effect to the intentions of the
parties hereto as nearly as may be possible and (ii) the invalidity or unenforceability of any
provision hereof in any jurisdiction shall not affect the validity or enforceability of such
provision in any other jurisdiction.

Section 12.06 Expenses, Etc.

          The Company agrees to reimburse the Collateral Agent, the Securities Intermediary, the
Custodial Agent and the Securities Registrar for:

     (a) all reasonable costs and expenses of the Collateral Agent, the Securities Intermediary,
the Custodial Agent and the Securities Registrar (including, without limitation, the reasonable
fees and expenses of counsel to the Collateral Agent, the Securities Intermediary, the Custodial
Agent and the Securities Registrar), in connection with (i) the negotiation, preparation, execution
and delivery or performance of this Agreement and (ii) any modification, supplement or waiver of
any of the terms of this Agreement;

     (b) all reasonable costs and expenses of the Collateral Agent, the Securities Intermediary,
the Custodial Agent and the Securities Registrar (including, without limitation, the reasonable
fees and expenses of counsel) in connection with (i) any enforcement or proceedings resulting or
incurred in connection with causing the Issuer Trust or the Property Trustee to satisfy its
obligations under the Stock Purchase Contracts or the Stock Purchase Contract Agreement and (ii)
the enforcement of this Section 12.06;

     (c) all transfer, stamp, documentary or other similar taxes, assessments or charges levied by
any governmental or revenue authority in respect of this Agreement or any other document referred
to herein and all costs, expenses, taxes, assessments and, subject to Section 10.01(b) and the last
sentence of Section 10.01, other charges incurred in connection with any filing, registration,
recording or perfection of any security interest contemplated hereby;

Collateral Agreement

31

 

     (d) all reasonable fees and expenses of any agent or advisor appointed by the Collateral Agent
and (except in the case of legal counsel) consented to by the Company under Section 10.11; and

     (e) any other out-of-pocket costs and expenses reasonably incurred by the Collateral Agent,
the Securities Intermediary, the Custodial Agent and the Securities Registrar in connection with
the performance of their duties hereunder.

Section 12.07 Security Interest Absolute.

          All rights of the Collateral Agent and security interests hereunder, and all obligations of
the Issuer Trust and, subject to Section 12.10, the Property Trustee from time to time hereunder,
shall be absolute and unconditional irrespective of:

     (a) any lack of validity or enforceability of any provision of the Stock Purchase Contracts or
any other agreement or instrument relating thereto;

     (b) any change in the time, manner or place of payment of, or any other term of, or any
increase in the amount of, all or any of the Obligations under the Stock Purchase Contracts, or any
other amendment or waiver of any term of, or any consent to any departure from any requirement of,
the Stock Purchase Contract Agreement or any Stock Purchase Contract or any other agreement or
instrument relating thereto; or

     (c) any other circumstance which might otherwise constitute a defense available to, or
discharge of, a borrower, a guarantor or a pledgor.

Section 12.08 Notice of Termination Event or Redemption Prior to Stock Purchase Date.

          Upon the occurrence of a Termination Event or the termination of the Stock Purchase Contracts
upon the redemption of all the Notes by the Company prior to the Stock Purchase Date in accordance
with the Indenture, the Company shall deliver written notice to the Property Trustee, the
Collateral Agent, the Custodial Agent and the Securities Registrar. Upon the written request of
the Collateral Agent or the Securities Registrar, the Company shall inform such party whether or
not a Termination Event or the termination of the Stock Purchase Contracts upon the redemption of
all the Notes by the Company prior to the Stock Purchase Date in accordance with the Indenture, as
applicable, has occurred.

Section 12.09 Incorporation by Reference.

          In connection with its execution and performance hereunder the Property Trustee is entitled to
all rights, privileges, protections, immunities, benefits and indemnities provided to it under the
Trust Agreement.

Section 12.10 No Recourse.

          It is expressly understood and agreed by the parties hereto that (a) this Agreement is
executed and delivered by The Bank of New York Trust Company, N.A., not individually or personally
but solely as Property Trustee of the Issuer Trust, in the exercise of the powers and authority
conferred and vested in it, (b) each of the representations, warranties, covenants, undertakings
and agreements herein made on the part of the Issuer Trust is made and intended not as personal
representations,

Collateral Agreement

32

 

warranties, covenants, undertakings and agreements by The Bank of New York Trust Company, N.A.
but is made and intended for the purpose of binding only the Issuer Trust, (c) nothing herein
contained shall be construed as creating any liability on the part of The Bank of New York Trust
Company, N.A., individually or personally, to perform any covenant either expressed or implied
contained herein, all such liability, if any, being expressly waived by the parties hereto and by
any Person claiming by, through or under the parties hereto and (d) under no circumstances shall
The Bank of New York Trust Company, N.A. be personally liable for the payment of any indebtedness
or expenses of the Issuer Trust or be liable for the breach or failure of any obligation,
representation, warranty or covenant made or undertaken by the Issuer Trust under this Agreement or
any other related documents.

Section 12.11 Force Majeure.

          In no event shall the Property Trustee be responsible or liable for any failure or delay in
the performance of its obligations hereunder arising out of or caused by, directly or indirectly,
forces beyond its control, including, without limitation, strikes, work stoppages, accidents, acts
of war or terrorism, civil or military disturbances, nuclear or natural catastrophes or acts of
God, and interruptions, loss or malfunctions of utilities, communications or computer (software and
hardware) services; it being understood that the Trustee shall use reasonable efforts which are
consistent with accepted practices in the banking industry to resume performance as soon as
practicable under the circumstances.

* * * *

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

Collateral Agreement

33

 

          In Witness Whereof, the parties hereto have caused this Agreement to be duly executed
as of the day and year first above written.

	 	 	 	 	 	 	 	 	 
	National city corporation	 	national city Preferred capital trust I
	 
	 	 	 	 	 	 	 	 
	 	 	 	 	By:	 	The Bank of New York Trust Company,
	 	 	 	 	 	 	N.A., not in its individual capacity
	 	 	 	 	 	 	but solely as Property Trustee
	By:

	 	/s/ Thomas A. Richlovsky 	 	 	 	 	 	 
	 

	 	 	 	 	 	 	 	 
	 

	 	Name: Thomas A. Richlovsky	 	 	 	 	 	 
	 

	 	Title: Senior Vice President and
Treasurer	 	 	 	 	 	 
	 

	 	 	 	 	 	By:	 	/s/ L. Garcia 
	 

	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	 	 	Name: L. Garcia
	 

	 	 	 	 	 	 	 	Title: Vice President
	 
	 	 	 	 	 	 	 	 
	Address for Notices:	 	Address for Notices:
	 
	 	 	 	 	 	 	 	 
	National City Corporation	 	The Bank of New York Trust Company, N.A.,
	1900 East Ninth Street,	 	 	 	as Property Trustee of
	Cleveland,	 	 	 	National City Preferred Capital Trust I
	Ohio 44114	 	2 N. LaSalle Street Suite 1020
	Attention: Corporate Secretary	 	Chicago, IL 60602
	Facsimile: (216) 222-2983	 	Attention: Corporate Trust Administration
	 	 	 	 	Facsimile: (312) 827-8542
	 
	 	 	 	 	 	 	 	 
	Wilmington Trust Company,	 	 	 	 	 	 
	as Collateral Agent, Securities Intermediary,	 	 	 	 	 	 
	Custodial Agent and Securities Registrar	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	By:
	 	/s/ Erik E. Overcash 	 	 	 	 	 	 
	 

	 	 	 	 	 	 	 	 
	 

	 	Name: Erik E. Overcash	 	 	 	 	 	 
	 

	 	Title: Financial Services Officer	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	Address for Notices:	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	Wilmington Trust Company	 	 	 	 	 	 
	Rodney Square North	 	 	 	 	 	 
	1100 North Market Street	 	 	 	 	 	 
	Wilmington, Delaware 19890	 	 	 	 	 	 
	Attention: Corporate Trust Administration	 	 	 	 	 	 
	Facsimile: (302) 636-4140	 	 	 	 	 	 

Collateral Agreement

34

 

Schedule I

Reference Dealers

All Primary Dealers

Collateral AgreementEX-4.15

 

Exhibit 4.15

					
	 
	INCORPORATED UNDER THE LAWS OF THE STATE OF DELAWARE
	 

NATIONAL CITY CORPORATION

NO PAR VALUE PER SHARE

Non-Cumulative Preferred Stock, Series E

$100,000 liquidation preference per share

Wilmington Trust Company

 

     January 30, 2008

 

	 	 	 	 	 
	 

Peter E. Raskind, President

	 	 

Carlton Langer, Assistant Secretary
	 	 

 

 

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 RULE 17Ad-15 UNDER THE SECURITIES EXCHANGE ACT OF 1934.

The
Corporation will furnish without charge to each Stockholder who so
requests the powers, designations, preferences and relative
participating, optional or special rights of each class of stock or
series thereof of the Corporation and the qualifications, limitations
or restrictions of such preferences and/or rights. Such request
should be addressed to the Corporation.

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00136-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00136-of-00352.parquet"}]]