Document:

_________________________________________

AMENDED
AND RESTATED DECLARATION

OF
TRUST

BAC
CAPITAL TRUST XV

Dated
as of May 23, 2007

_________________________________________

CROSS-REFERENCE
TABLE*

	
  Section of

  Trust Indenture Act

  of 1939, as amended

  	

  	
  Section of

  Declaration

  
	

  	

  	

  
	
  310(a)

  	

  	
  5.3(a)

  
	
  310(c)

  	

  	
  Inapplicable

  
	
  311(c)

  	

  	
  Inapplicable

  
	
  312(a)

  	

  	
  2.2(a)

  
	
  312(b)

  	

  	
  2.2(b)

  
	
  313

  	

  	
  2.3

  
	
  314(a)

  	

  	
  2.4

  
	
  314(b)

  	

  	
  Inapplicable

  
	
  314(c)

  	

  	
  2.5

  
	
  314(d)

  	

  	
  Inapplicable

  
	
  314(f)

  	

  	
  Inapplicable

  
	
  315(a)

  	

  	
  3.9(b)

  
	
  315(c)

  	

  	
  3.9(a)

  
	
  315(d)

  	

  	
  3.9(b)

  
	
  316(a)

  	

  	
  Annex I

  
	
  316(c)

  	

  	
  3.6(e)

  

_______________

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

	
  ARTICLE 1

  
	
  INTERPRETATION AND DEFINITIONS

  
	

  	

  	

  
	
  SECTION
  1.1

  	
  Definitions

  	
  1

  
	
  ARTICLE 2

  
	
  TRUST INDENTURE ACT

  
	

  	

  	

  
	
  SECTION
  2.1

  	
  Trust
  Indenture Act; Application

  	
  9

  
	
  SECTION
  2.2

  	
  Lists
  of Holders of Securities

  	
  9

  
	
  SECTION
  2.3

  	
  Reports
  by the Property Trustee

  	
  9

  
	
  SECTION
  2.4

  	
  Periodic
  Reports to Property Trustee

  	
  10

  
	
  SECTION
  2.5

  	
  Evidence
  of Compliance with Conditions Precedent

  	
  10

  
	
  SECTION
  2.6

  	
  Events
  of Default; Waiver

  	
  10

  
	
  SECTION
  2.7

  	
  Event
  of Default or Nonpayment Notice

  	
  11

  
	

  	

  	

  
	
  ARTICLE 3

  
	
  ORGANIZATION

  
	

  	

  	

  
	
  SECTION
  3.1

  	
  Name

  	
  12

  
	
  SECTION
  3.2

  	
  Office

  	
  12

  
	
  SECTION
  3.3

  	
  Purpose

  	
  12

  
	
  SECTION
  3.4

  	
  Authority

  	
  12

  
	
  SECTION
  3.5

  	
  Title
  to Property of the Trust

  	
  13

  
	
  SECTION
  3.6

  	
  Powers
  and Duties of the Regular Trustees

  	
  13

  
	
  SECTION
  3.7

  	
  Prohibition
  of Actions by the Trust and the Trustees

  	
  15

  
	
  SECTION
  3.8

  	
  Powers
  and Duties of the Property Trustee

  	
  16

  
	
  SECTION
  3.9

  	
  Certain
  Duties and Responsibilities of the Property Trustee

  	
  18

  
	
  SECTION
  3.10

  	
  Certain
  Rights of Property Trustee

  	
  20

  
	
  SECTION
  3.11

  	
  Delaware
  Trustee

  	
  22

  
	
  SECTION
  3.12

  	
  Execution
  of Documents

  	
  22

  
	
  SECTION
  3.13

  	
  Not
  Responsible for Recitals or Issuance of Securities

  	
  22

  
	
  SECTION
  3.14

  	
  Duration
  of Trust

  	
  22

  
	
  SECTION
  3.15

  	
  Mergers

  	
  22

  
	

  	

  	

  
	
  ARTICLE 4

  
	
  SPONSOR

  
	

  	

  	

  
	
  SECTION
  4.1

  	
  Sponsor's
  Purchase of Common Securities

  	
  24

  
	
  SECTION
  4.2

  	
  Responsibilities
  of the Sponsor

  	
  24

  
	
  SECTION
  4.3

  	
  Covenants
  of the Sponsor

  	
  25

  
	

  	

  	

  
	
  ARTICLE 5

  
	
  TRUSTEES

  
	

  	

  	

  
	
  SECTION
  5.1

  	
  Number
  of Trustees

  	
  25

  
	
  SECTION
  5.2

  	
  Qualifications
  of Delaware Trustee

  	
  26

  
	
  SECTION
  5.3

  	
  Property
  Trustee; Eligibility

  	
  26

  
	
  SECTION
  5.4

  	
  Certain
  Qualifications of Regular Trustees and Delaware Trustee Generally

  	
  27

  
	
  SECTION
  5.5

  	
  Regular
  Trustees

  	
  27

  
	
  SECTION
  5.6

  	
  Appointment
  of Delaware Trustee

  	
  27

  
	
  SECTION
  5.7

  	
  Appointment,
  Removal and Resignation of Trustees

  	
  27

  
	
  SECTION
  5.8

  	
  Vacancies
  among Trustees

  	
  29

  
	
  SECTION
  5.9

  	
  Effect
  of Vacancies

  	
  29

  
	
  SECTION
  5.10

  	
  Meetings

  	
  29

  
	
  SECTION
  5.11

  	
  Delegation
  of Power

  	
  30

  
	
  SECTION
  5.12

  	
  Merger,
  Conversion, Consolidation, Amalgamation or Succession to Business

  	
  30

  
	

  	

  	

  
	
  ARTICLE 6

  
	
  DISTRIBUTIONS

  
	

  	

  	

  
	
  SECTION
  6.1

  	
  Distributions

  	
  30

  
	

  	

  	

  
	
  ARTICLE 7

  	

  
	
  ISSUANCE OF SECURITIES

  
	

  	

  	

  
	
  SECTION
  7.1

  	
  General
  Provisions Regarding Securities

  	
  31

  
	
  SECTION
  7.2

  	
  Paying
  Agent

  	
  32

  
	

  	

  	

  
	
  ARTICLE 8

  
	
  TERMINATION OF TRUST

  
	

  	

  	

  
	
  SECTION
  8.1

  	
  Termination
  of Trust

  	
  32

  
	

  	

  	

  
	
  ARTICLE 9

  
	
  TRANSFER OF INTERESTS

  
	

  	

  	

  
	
  SECTION
  9.1

  	
  Transfer
  of Securities

  	
  33

  
	
  SECTION
  9.2

  	
  Transfer
  of Certificates

  	
  33

  
	
  SECTION
  9.3

  	
  Deemed
  Security Holders

  	
  34

  
	
  SECTION
  9.4

  	
  Book-Entry
  Interests

  	
  34

  
	
  SECTION
  9.5

  	
  Notices
  to Clearing Agency

  	
  35

  
	
  SECTION
  9.6

  	
  Appointment
  of Successor Clearing Agency

  	
  35

  
	
  SECTION
  9.7

  	
  Definitive
  Capital Security Certificates

  	
  35

  
	
  SECTION
  9.8

  	
  Mutilated,
  Destroyed, Lost or Stolen Certificates

  	
  36

  
	

  	

  	

  
	
  ARTICLE 10

  
	
  LIMITATION OF LIABILITY OF HOLDERS OF SECURITIES, TRUSTEES
  OR OTHERS

  
	

  	

  	

  
	
  SECTION
  10.1

  	
  Liability

  	
  36

  
	
  SECTION
  10.2

  	
  Exculpation

  	
  36

  
	
  SECTION
  10.3

  	
  Fiduciary
  Duty

  	
  37

  
	
  SECTION
  10.4

  	
  Indemnification

  	
  38

  
	
  SECTION
  10.5

  	
  Outside
  Businesses

  	
  41

  
	

  	

  	

  
	
  ARTICLE 11

  
	
  ACCOUNTING

  
	

  	

  	

  
	
  SECTION
  11.1

  	
  Fiscal
  Year

  	
  41

  
	
  SECTION
  11.2

  	
  Certain
  Accounting Matters

  	
  41

  
	
  SECTION
  11.3

  	
  Banking

  	
  42

  
	
  SECTION
  11.4

  	
  Withholding

  	
  42

  
	

  	

  	

  
	
  ARTICLE 12

  
	
  AMENDMENTS AND MEETINGS

  
	

  	

  	

  
	
  SECTION
  12.1

  	
  Amendments

  	
  42

  
	
  SECTION
  12.2

  	
  Meetings
  of the Holders of Securities; Action by Written Consent

  	
  44

  
	

  	

  	

  
	
  ARTICLE 13

  
	
  REPRESENTATIONS OF PROPERTY TRUSTEE AND DELAWARE TRUSTEE

  
	

  	

  	

  
	
  SECTION
  13.1

  	
  Representations
  and Warranties of Property Trustee

  	
  45

  
	
  SECTION
  13.2

  	
  Representations
  and Warranties of Delaware Trustee

  	
  46

  
	

  	

  	

  
	
  ARTICLE 14

  
	
  MISCELLANEOUS

  
	

  	

  	

  
	
  SECTION
  14.1

  	
  Notices

  	
  47

  
	
  SECTION
  14.2

  	
  Governing
  Law

  	
  48

  
	
  SECTION
  14.3

  	
  Intention
  of the Parties

  	
  48

  
	
  SECTION
  14.4

  	
  Headings

  	
  48

  
	
  SECTION
  14.5

  	
  Successors
  and Assigns

  	
  48

  
	
  SECTION
  14.6

  	
  Partial
  Enforceability

  	
  48

  
	
  SECTION
  14.7

  	
  Counterparts;
  Acceptance

  	
  49

  

AMENDED AND
RESTATED

DECLARATION OF
TRUST

OF

BAC
CAPITAL TRUST XV

THIS AMENDED
AND RESTATED DECLARATION OF TRUST ("Declaration") dated and effective
as of May 23, 2007 by the Trustees (as defined herein), the Sponsor (as defined
herein) and by the holders, from time to time, of undivided beneficial
interests in the assets of the Trust to be issued pursuant to this Declaration;

WHEREAS, the
Trustees and the Sponsor established BAC CAPITAL TRUST XV (the "Trust"),
a Delaware statutory trust under the Statutory Trust Act (as defined herein),
pursuant to a Declaration of Trust dated as of May 3, 2006 (the "Original
Declaration"), and an accompanying Certificate of Trust filed with the Secretary
of State of the State of Delaware, for the sole purpose of issuing and selling
securities representing undivided beneficial interests in the assets of the
Trust and investing the gross proceeds thereof in Notes of the Note Issuer
(each as defined herein);

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

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

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

ARTICLE 1

INTERPRETATION AND DEFINITIONS

SECTION 1.1 Definitions.  

Unless the
context otherwise requires:

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

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

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

 

 

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

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

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

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

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

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

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

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

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

"Capital
Securities" shall mean the undivided preferred beneficial interests in
the assets of the Trust denominated as "BAC Capital Trust XV Floating Rate
Capital Securities" (liquidation amount $1,000 per Capital Security), the
terms of which are further described in Annex I hereto.

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

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

"Capital
Securities Guarantee" means the guarantee agreement to be dated as of May
31, 2007, of the Sponsor in respect of the Capital Securities.

                                                                                 
2

 

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

"Certificate"
means a Common Security Certificate or a Capital Security Certificate.

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

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

"Closing
Date" means the "Closing Time" under the Underwriting
Agreement.

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

"Commission"
means the Securities and Exchange Commission.

"Common
Securities" shall mean the undivided common beneficial interests in
the assets of the Trust denominated as "BAC Capital Trust XV Floating Rate
Common Securities" having an aggregate liquidation amount equal to
$100,000, the terms of which are further described in Annex I hereto.

"Common
Securities Guarantee" means the guarantee agreement to be dated as of May
31, 2007, of the Sponsor in respect of the Common Securities.

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

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

"Company
Indemnified Person" means (a) any Regular Trustee; (b) any Affiliate
of any Regular Trustee; (c) any officers, directors, shareholders, members,
partners, employees,

                                                                                         
3

 representatives or agents of any Regular Trustee; or (d)
any officer, employee or agent of the Trust or its Affiliates.

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

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

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

"Delaware
Trustee" has the meaning set forth in Section 5.1.

"Depositary"
means The Depository Trust Company or any successor Clearing Agency.

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

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

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

"Distribution
Payment Date" means March 1, June 1, September 1 and December 1 of
each year, beginning on September 1, 2007.

"Distribution
Period" means, the period beginning on the original issue date of the
Capital Securities or a Distribution Payment Date, as applicable, and ending on
the date immediately preceding the next following Distribution Payment Date or
the Maturity Date of the Notes, as applicable; and the first Distribution
Period will be May 31, 2007 to, but excluding, September 1, 2007, and the final
Distribution Period will be March 1, 2056 through June 1, 2056.

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

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

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

"Global
Security" has the meaning set forth in Section 9.4.

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

                                                                                  
4

"Indemnified
Person" means a Company Indemnified Person or a Fiduciary Indemnified
Person.

"Indenture"
means collectively the Restated Indenture dated as of November 1, 2001, between
the Note Issuer and The Bank of New York (as predecessor trustee to the Note
Trustee) and any board resolution or supplemental indenture pursuant to which
the Notes are to be issued.

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

"Interest
Determination Date" means the date that is the second London Banking
Day prior to March 1, June 1, September 1 and December 1 of each year, beginning
on September 1, 2007.

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

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

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

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

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

"Majority
in liquidation amount of the Securities" means, except as provided in
the terms of the Capital Securities or by the Trust Indenture Act, Holders of
outstanding Securities voting together as a single class or, as the context may
require, Holders of outstanding Capital Securities or Holders of outstanding
Common Securities voting separately as a class, who are the record owners of
more than 50% of the aggregate liquidation amount (including the stated amount
that would be paid on redemption, liquidation or otherwise, plus accrued and
unpaid Distributions to the date upon which the voting percentages are
determined) of all outstanding Securities of the relevant class.

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

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

                                                                                            
5

 

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

"Note
Trustee" means The Bank of New York Trust Company, N.A., a national banking
association and successor trustee to The Bank of New York, as trustee under the
Indenture or any successor appointed thereunder.

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

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

(a)        a statement that each officer
signing the certificate has read the covenant or condition and the definitions
relating thereto;

(b)        a brief statement of the nature
and scope of the examination or investigation undertaken by each officer in
rendering the certificate;

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

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

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

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

"Paying
Agent" has the meaning specified in Section 7.2.

"Payment
Amount" has the meaning set forth in Section 6.1.

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

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

                                                                                  
6

 

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

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

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

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

"Regular
Trustee" has the meaning set forth in Section 5.1.

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

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

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

"Securities"
means the Common Securities and the Capital Securities.

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

"Securities
Guarantees" means the Common Securities Guarantee and the Capital
Securities Guarantee.

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

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

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

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

                                                                               
7

 

"Stated
Maturity" shall mean June 1, 2056, the date on which the Notes shall
mature, unless previously prepaid or redeemed.

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

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

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

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

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

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

"Supplemental
Indenture" means the fifteenth supplemental indenture to the Indenture
to be dated as of May 31, 2007 between the Company and the Note Trustee.

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

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

"Treasury
Regulations" means the income tax regulations, including temporary and
proposed regulations, promulgated under the Code by the United States Treasury,
as such

                                                                                      
8

 regulations may be amended from time to time (including corresponding
provisions of succeeding regulations).

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

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

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

ARTICLE 2

TRUST INDENTURE ACT

SECTION 2.1 Trust Indenture Act; Application. 

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

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

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

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

SECTION 2.2 Lists of Holders of Securities.  

(a)           Each
of the Sponsor and the Regular Trustees on behalf of the Trust shall provide
the Property Trustee (i) within 10 days after each record date for payment of
Distributions, a list, in such form as the Property Trustee may reasonably
require, of the names and addresses of the Holders of the Securities ("List
of Holders") as of such record date, provided that neither
the Sponsor nor the Regular Trustees on behalf of the Trust shall be obligated
to provide such List of Holders at any time the List of Holders does not differ
from the most recent List of Holders given to the Property Trustee by the
Sponsor and the Regular Trustees on behalf of the Trust, and (ii) at any other
time, within 30 days of receipt by the Trust of a written request for a List of
Holders as of a date no more than 10 days before such List of Holders is given
to the Property Trustee.  The

                                                                            
9

 Property Trustee shall preserve, in as current a
form as is reasonably practicable, all information contained in Lists of
Holders given to it or which it receives in the capacity as Paying Agent (if acting
in such capacity) provided that the Property Trustee may destroy
any List of Holders previously given to it on receipt of a new List of Holders.

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

SECTION 2.3 Reports by the Property Trustee. 

Within 60 days
after May 15 of each year, the Property Trustee shall provide to the Holders of
the Capital Securities such reports as are required by Section 313 of the
Trust Indenture Act, if any, in the form and in the manner provided by
Section 313 of the Trust Indenture Act.  The Property Trustee shall also
comply with the requirements of Section 313(d) of the Trust Indenture Act.

SECTION 2.4 Periodic Reports to Property Trustee. 

Each of the
Sponsor and the Regular Trustees on behalf of the Trust shall provide to the
Property Trustee such documents, reports and information as required by
Section 314 (if any) and the compliance certificate required by
Section 314 of the Trust Indenture Act in the form, in the manner and at
the times required by Section 314 of the Trust Indenture Act.

SECTION 2.5 Evidence of Compliance with Conditions
Precedent.  

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

SECTION 2.6 Events of Default; Waiver.  

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

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

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

                                                                  
10

 

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

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

(i)            is
not waivable under the Indenture, except where the Holders of the Common
Securities are deemed to have waived such Event of Default under the
Declaration as provided below in this Section 2.6(b), the Event of Default
under the Declaration shall also not be waivable; or

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

provided further, each Holder of Common
Securities will be deemed to have waived any such Event of Default and all
Events of Default with respect to the Common Securities and its consequences
until all Events of Default with respect to the Capital Securities have been
cured, waived or otherwise eliminated, and until such Events of Default with
respect to the Capital Securities have been so cured, waived or otherwise
eliminated, the Property Trustee will be deemed to be acting solely on behalf
of the Holders of the Capital Securities and only the Holders of the Capital
Securities will have the right to direct the Property Trustee in accordance
with the terms of the Securities.  The foregoing provisions of this Section
2.6(b) shall be in lieu of Sections 316(a)(1)(A) and 316(a)(1)(B) of the
Trust Indenture Act and such Sections 316(a)(1)(A) and 316(a)(1)(B) of the
Trust Indenture Act are hereby expressly excluded from this Declaration and the
Securities, as permitted by the Trust Indenture Act.  Subject to the foregoing
provisions of this Section 2.6(b), upon such waiver by the Holders of the
Common Securities, any such default shall cease to exist and any Event of
Default with respect to the Common

                                                                            
11

 Securities arising therefrom shall be deemed
to have been cured for every purpose of this Declaration, but no such waiver
shall extend to any subsequent or other default or Event of Default with
respect to the Common Securities or impair any right consequent thereon.

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

SECTION 2.7 Event of Default or Nonpayment Notice. 

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

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

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

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

ARTICLE 3

ORGANIZATION

SECTION 3.1 Name.

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

SECTION 3.2 Office.

The address of
the principal office of the Trust is c/o Bank of America Corporation, Bank of
America Corporate Center, NC1-007-07-06, 100 North Tryon Street, Charlotte,
North Carolina, 28255, Attention: Corporate Treasury-Securities Administration. 
On 10 Business Days' written notice to the Holders of Securities, the Regular
Trustees may designate another principal office.

                                                                                     
12

 

SECTION 3.3 Purpose.

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

SECTION 3.4 Authority.

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

SECTION 3.5 Title to Property of the Trust.  

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

SECTION 3.6 Powers and Duties of the Regular Trustees. 

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

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

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

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

                                                                 
13

 

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

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

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

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

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

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

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

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

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

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

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

                                                                              
14

 

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

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

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

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

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

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

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

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

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

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

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

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

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

                                                                       
15

 

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

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

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

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

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

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

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

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

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

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

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

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

                                                            
16

 

SECTION 3.8 Powers and Duties of the
Property Trustee.  

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

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

(c)           The
Property Trustee shall:

(i)            establish
and maintain a segregated non-interest bearing trust account (the "Property
Trustee Account") in the name of and under the exclusive control of the
Property Trustee on behalf of the Holders of the Securities and, upon the
receipt of payments of funds made in respect of the Notes held by the Property
Trustee, deposit such funds into the Property Trustee Account and make payments
to the Holders of the Capital Securities and Holders of the Common Securities
from the Property Trustee Account in accordance with Section 6.1.  Funds in the
Property Trustee Account shall be held uninvested until disbursed in accordance
with this Declaration.  The Property Trustee Account shall be an account that
is maintained with a banking institution the rating of whose long-term unsecured
indebtedness is at least equal to the rating assigned to the Capital Securities
by a "nationally recognized statistical rating organization," as that
term is defined for purposes of Rule 436(g)(2) under the Securities Act;

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

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

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

(e)           The
Property Trustee shall take any Legal Action which arises out of or in
connection with an Event of Default of which a Responsible Officer of the
Property Trustee has actual knowledge or the Property Trustee's duties and
obligations under this Declaration or the Trust Indenture Act; provided
however, that if a Nonpayment has occurred and is continuing, a Holder of
Capital Securities may institute directly a

                                                                              
17

 

 proceeding for enforcement of
payment to such Holder of the principal of, premium, if any, or interest on the
Notes having a principal amount equal to the aggregate liquidation amount of
the Capital Securities of such Holder (a "Direct Action") after the
respective due date specified in the Notes.  In connection with such Direct
Action, the rights of the Holders of the Common Securities will be subrogated
to the rights of such Holder of Capital Securities to the extent of any payment
made by the Note Issuer to such Holder of Capital Securities in such Direct
Action.

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

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

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

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

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

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

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

SECTION 3.9 Certain Duties and Responsibilities of
the Property Trustee.  

(a)           The
Property Trustee, before the occurrence of any Event of Default and after the
curing of all Events of Default that may have occurred, shall undertake to
perform only such duties as are specifically set forth in this Declaration and
no implied covenants shall be read into this Declaration against the Property
Trustee.  In case an Event of Default has occurred (that has not been cured or
waived pursuant to Section 2.6) of which a Responsible Officer of the Property
Trustee has actual knowledge, the Property Trustee shall exercise such of the
rights and powers vested in it by this

                                                                          
18

 Declaration, and use the same degree of
care and skill in their exercise, as a prudent person would exercise or use
under the circumstances in the conduct of his or her own affairs.

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

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

(A)    the
duties and obligations of the Property Trustee shall be determined solely by
the express provisions of this Declaration and the Property Trustee shall not
be liable except for the performance of such duties and obligations as are
specifically set forth in this Declaration, and no implied covenants or
obligations shall be read into this Declaration against the Property Trustee;
and

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

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

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

(iv)          no
provision of this Declaration shall require the Property Trustee to expend or
risk its own funds or otherwise incur personal financial liability in the
performance of any of its duties or in the exercise of any of its rights or
powers, if it shall have reasonable grounds for believing that the repayment of
such funds or liability is not reasonably assured to it under the terms of this
Declaration or indemnity reasonably satisfactory to the Property Trustee
against such risk or liability is not reasonably assured to it;

                                                                      
19

 

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

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

(vii)         the
Property Trustee shall not be liable for any interest on any money received by
it except as it may otherwise agree in writing with the Sponsor.  Money held by
the Property Trustee need not be segregated from other funds held by it except
in relation to the Property Trustee Account maintained by the Property Trustee
pursuant to Section 3.8(c)(i) and except to the extent otherwise required by
law; and

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

SECTION 3.10     Certain Rights of Property Trustee. 

(a)        Subject to the provisions of Section 3.9:

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

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

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

(iv)          the
Property Trustee shall have no duty to see to any recording, filing or
registration of any instrument (including any financing or continuation

                                                                        
20

 statement or any filing under tax or securities laws) or any rerecording, refiling or registration thereof;

(v)           the
Property Trustee may consult with counsel or other experts of its selection and
the advice or opinion of such counsel and experts with respect to legal matters
or advice within the scope of such experts' area of expertise shall be full and
complete authorization and protection in respect of any action taken, suffered
or omitted by it hereunder in good faith and in accordance with such advice or
opinion, and such counsel may be counsel to the Sponsor or any of its
Affiliates, and may include any of its employees.  The Property Trustee shall
have the right at any time to seek instructions concerning the administration
of this Declaration from any court of competent jurisdiction;

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

(vii)         the
Property Trustee shall not be bound to make any investigation into the facts or
matters stated in any resolution, certificate, statement, instrument, opinion,
report, notice, request, direction, consent, order, bond, debenture, note,
other evidence of indebtedness or other paper or document, but the Property
Trustee, in its discretion, may make such further inquiry or investigation into
such facts or matters as it may see fit;

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

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

(x)           whenever
in the administration of this Declaration the Property Trustee shall deem it
desirable to receive instructions with respect to enforcing any remedy or right
or taking any other action hereunder, the Property Trustee (i)

                                                                    
21

 may request
instructions from the Holders of the Securities which instructions may only be
given by the Holders of the same proportion in liquidation amount of the Securities
as would be entitled to direct the Property Trustee under the terms of the
Securities in respect of such remedy, right or action, (ii) may refrain from
enforcing such remedy or right or taking such other action until such
instructions are received, and (iii) shall be protected in conclusively relying
on or acting in accordance with such instructions;

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

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

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

SECTION 3.11     Delaware Trustee.  

Notwithstanding
any other provision of this Declaration other than Section 5.2, the Delaware
Trustee shall not be entitled to exercise any powers, nor shall the Delaware
Trustee have any of the duties and responsibilities of the Regular Trustees or
the Property Trustee described in this Declaration.  Except as set forth in
Section 5.2, the Delaware Trustee shall be a Trustee for the sole and limited
purpose of fulfilling the requirements of Section 3807 of the Statutory
Trust Act.

SECTION 3.12     Execution of Documents.  

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

SECTION 3.13     Not Responsible for Recitals or
Issuance of Securities.  

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

                                                                                    
22

 the Trust or any part thereof.  The Trustees make
no representations as to the validity or sufficiency of this Declaration or the
Securities.

SECTION 3.14     Duration of Trust.  

The Trust,
unless terminated pursuant to the provisions of Article 8, shall have existence
until January 1, 2061.

SECTION 3.15     Mergers.  

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

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

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

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

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

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

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

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

(v)        such
merger, consolidation, amalgamation or replacement does not adversely affect
the rights, preferences and privileges of the Holders of the

                                                                  
23

  Securities
(including any Successor Securities) in any material respect (other than with respect
to any dilution of such Holders' interests in the new or successor entity as a
result of such merger, consolidation or replacement);

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

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

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

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

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

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

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

                                                                      
24

 

ARTICLE 4

SPONSOR

SECTION 4.1 Sponsor's Purchase of Common Securities. 

On the Closing
Date, the Trust will issue, and the Sponsor will purchase, the Common
Securities issued by the Trust with an aggregate liquidation amount equal to
$100,000 at the same time as any Capital Securities are sold.

SECTION 4.2 Responsibilities of the Sponsor. 

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

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

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

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

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

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

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

SECTION 4.3 Covenants of the Sponsor.  

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

                                                                             
25

 efforts to cause each Holder of Securities to be treated as
owning an undivided beneficial ownership interest in the assets of the Trust.

ARTICLE 5

TRUSTEES

SECTION 5.1 Number of Trustees.  

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

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

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

SECTION 5.2 Qualifications of Delaware Trustee. 

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

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

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

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

SECTION 5.3 Property Trustee; Eligibility.  

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

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

(ii)           be a
corporation organized and doing business under the laws of the United States of
America or any state or territory thereof or of the District of

                                                                
26

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

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

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

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

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

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

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

SECTION 5.5 Regular Trustees.

As of the date
of this Declaration, the Regular Trustees shall be Ann J. Travis, Richard L.
Nichols, Jr. and James T. Houghton.

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

(b)        Unless
otherwise determined by the Regular Trustees, and except as otherwise required
by the Statutory Trust Act or applicable law, any Regular Trustee is

                                                                                  
27

 authorized
to execute on behalf of the Trust any documents which the Regular Trustees have
the power and authority to cause the Trust to execute pursuant to Section 3.6, provided,
that, the registration statement referred to in Section 3.6, including
any amendments thereto, shall be signed by a majority of the Regular Trustees;
and

(c)        A
Regular Trustee may, by power of attorney consistent with applicable law,
delegate to any other natural person over the age of 21 his or her power for
the purposes of signing any documents which the Regular Trustees have power and
authority to cause the Trust to execute pursuant to Section 3.6.

SECTION 5.6 Appointment of Delaware Trustee. 

The initial
Delaware Trustee shall be The Bank of New York (Delaware).

SECTION 5.7 Appointment, Removal and Resignation of
Trustees.  

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

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

(ii)           after
the issuance of any Securities, by vote of the Holders of a Majority in
liquidation amount of the Common Securities voting as a class at a meeting of
the Holders of the Common Securities or by unanimous written consent of the
Holders of the Common Securities.

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

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

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

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

                                                                   
28

 

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

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

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

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

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

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

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

SECTION 5.8 Vacancies Among Trustees.  

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

SECTION 5.9 Effect of Vacancies.  

The death,
resignation, retirement, removal, bankruptcy, dissolution, liquidation,
incompetence or incapacity to perform the duties of a Trustee shall not operate
to annul the

                                                                                          
29

 Trust.  Whenever a vacancy in the number of Regular Trustees shall
occur, until such vacancy is filled by the appointment of a Regular Trustee in
accordance with Section 5.7, the Regular Trustees in office, regardless of
their number, shall have all the powers granted to the Regular Trustees and
shall discharge all the duties imposed upon the Regular Trustees by this
Declaration.

SECTION 5.10     Meetings.

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

SECTION 5.11     Delegation of Power.

(a)           Any
Regular Trustee may, by power of attorney consistent with applicable law,
delegate to any other natural person over the age of 21 his or her power for
the purpose of executing any documents contemplated in Section 3.6, including
any registration statement or amendment thereto filed with the Commission, or
making any other governmental filing; and

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

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

Any Person
into which the Property Trustee or the Delaware Trustee, as the case may be,
may be merged or converted or with which either may be consolidated, or any
Person resulting

                                                                                          
30

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

ARTICLE 6

DISTRIBUTIONS

SECTION 6.1 Distributions.  

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

ARTICLE 7

ISSUANCE OF SECURITIES

SECTION 7.1 General Provisions Regarding Securities.

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

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

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

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

                                                                             
31

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

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

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

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

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

SECTION 7.2 Paying Agent.  

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

                                                                                    
32

 

ARTICLE 8

TERMINATION OF TRUST

SECTION 8.1 Termination of Trust.  

(a)        The Trust shall
dissolve:

                        (i)           upon
the bankruptcy of the Sponsor;

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

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

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

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

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

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

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

ARTICLE 9

TRANSFER OF INTERESTS

SECTION 9.1 Transfer of Securities.  

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

                                                                             
33

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

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

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

SECTION 9.2 Transfer of Certificates.  

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

SECTION 9.3 Deemed Security Holders.  

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

SECTION 9.4 Book-Entry Interests.  

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

                                                                                  
34

 fully registered Capital Security Certificates (the "Definitive
Capital Security Certificates") have been issued to the Capital Security
Beneficial Owners pursuant to Section 9.7:

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

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

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

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

SECTION 9.5 Notices to Clearing Agency.  

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

SECTION 9.6 Appointment of Successor Clearing Agency. 

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

SECTION 9.7 Definitive Capital Security Certificates. 

If:

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

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

                                                                        
35

 

then:

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

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

Otherwise,
Definitive Capital Security Certificates will not be issued.

SECTION 9.8 Mutilated, Destroyed, Lost or Stolen
Certificates.  

If:

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

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

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

                                                                                     
36

 

ARTICLE 10

LIMITATION OF LIABILITY OF

HOLDERS OF SECURITIES, TRUSTEES OR OTHERS

SECTION 10.1   Liability.  

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

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

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

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

SECTION 10.2   Exculpation.  

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

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

                                                                                
37

 

SECTION 10.3   Fiduciary Duty.  

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

(b)        Unless otherwise expressly provided herein:

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

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

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

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

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

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

                                                                          
38

 

SECTION 10.4     Indemnification.  

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

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

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

(iv)          Any
indemnification under paragraphs (i) and (ii) of this Section 10.4(a) (unless
ordered by a court) shall be made by the Note Issuer only as authorized in the
specific case upon a determination that indemnification of the

                                                                          
39

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

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

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

(vii)         The
Note Issuer or the Trust may purchase and maintain insurance on behalf of any
person who is or was a Company Indemnified Person

                                                                  
40

 against any liability
asserted against him and incurred by him in any such capacity, or arising out
of his status as such, whether or not the Note Issuer would have the power to
indemnify him against such liability under the provisions of this Section
10.4(a).

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

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

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

SECTION 10.5   Outside Businesses.  

Any Covered Person,
the Sponsor, the Delaware Trustee and the Property Trustee may engage in or
possess an interest in other business ventures of any nature or description,
independently or with others, similar or dissimilar to the business of the
Trust, and the Trust and the Holders of Securities shall have no rights by
virtue of this Declaration in and to such independent ventures or the income or
profits derived therefrom, and the pursuit of any such venture, even if
competitive with the business of the Trust, shall not be deemed wrongful or
improper.  No Covered Person, the Sponsor, the Delaware Trustee, or the
Property Trustee shall be obligated to present any particular investment or
other opportunity to the Trust even if such opportunity is of a character that,
if presented to the Trust, could be taken by the Trust, and any

                                                                                      
41

 Covered Person,
the Sponsor, the Delaware Trustee and the Property Trustee shall have the right
to take for its own account (individually or as a partner or fiduciary) or to
recommend to others any such particular investment or other opportunity.  Any
Covered Person, the Delaware Trustee and the Property Trustee may engage or be
interested in any financial or other transaction with the Sponsor or any
Affiliate of the Sponsor, or may act as depositary for, trustee or agent for,
or act on any committee or body of holders of, securities or other obligations
of the Sponsor or its Affiliates.

ARTICLE 11

ACCOUNTING

SECTION 11.1     Fiscal Year.

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

SECTION 11.2     Certain Accounting Matters.

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

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

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

SECTION 11.3     Banking.

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

                                                                                 
42

 

SECTION 11.4     Withholding.

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

ARTICLE 12

AMENDMENTS AND MEETINGS

SECTION 12.1     Amendments.

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

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

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

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

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

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

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

                                                                
43

 

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

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

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

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

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

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

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

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

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

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

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

(i)            cure
any ambiguity;

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

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

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

                                                                  
44

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

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

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

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

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

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

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

                                                             
45

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

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

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

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

ARTICLE 13

REPRESENTATIONS OF PROPERTY TRUSTEE

AND DELAWARE TRUSTEE

SECTION 13.1     Representations and Warranties of
Property Trustee.  

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

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

(b)           the
execution, delivery and performance by the Property Trustee of the Declaration
has been duly authorized by all necessary corporate action on the part of the
Property Trustee.  The Declaration has been duly executed and delivered by the
Property Trustee, and it constitutes a legal, valid and binding obligation of
the Property Trustee,

                                                                               
46

 

 enforceable against it in accordance with its terms,
subject to applicable bankruptcy, reorganization, moratorium, insolvency, and
other similar laws affecting creditors' rights generally and to general
principles of equity and the discretion of the court (regardless of whether the
enforcement of such remedies is considered in a proceeding in equity or
at law);

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

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

SECTION 13.2     Representations and Warranties of
Delaware Trustee.

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

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

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

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

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

ARTICLE 14

MISCELLANEOUS

SECTION 14.1     Notices.

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

                                                                               
47

 

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

BAC Capital Trust
XV

c/o Bank of America Corporation

Bank of America
Corporate Center

NC1-007-07-06

100 North Tryon
Street

Charlotte, North
Carolina  28255

Facsimile:  (704)
386-0270

Attention:
Corporate Treasury-Securities Administration

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

The Bank of New York (Delaware)

100 White Clay Center, Route 273

P.O. Box 6995

Newark, Delaware 19711

Attention:  Corporate Trust Trustee
Administration

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

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

10161 Centurion Parkway 

Jacksonville, Florida 32256 

Attention:  Corporate Trust Administration

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

Bank of America Corporation

Bank of America Corporate Center

NC1-007-07-06

100 North Tryon Street

Charlotte, North Carolina  28255

Attention: 
Corporate Treasury-Securities Administration

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

                                                                         
48

 

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

SECTION 14.2     Governing Law.

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

SECTION 14.3     Intention of the Parties.

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

SECTION 14.4     Headings.

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

SECTION 14.5     Successors and Assigns.

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

SECTION 14.6     Partial Enforceability.  

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

SECTION 14.7     Counterparts; Acceptance.  

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

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

                                                                       
49

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

	
  /s/ JAMES T. HOUGHTON                            

  
	
  James T. Houghton, as Regular Trustee

 

  
	

  
	

  
	

  
	
  /s/ RICHARD L. NICHOLS, JR.                     

  
	
  Richard L. Nichols, Jr., as Regular Trustee

 

  
	

  
	

  
	

  
	
  /s/ ANN J. TRAVIS                                         

  
	
  Ann J. Travis, as Regular Trustee

 

  
	

  
	

  
	

  
	
  THE BANK OF NEW YORK 

  
	
  (DELAWARE), as Delaware Trustee

 

  
	

  
	
  By: /s/ KRISTINE K. GULLO

  
	
  Name:  Kristine K. Gullo

  
	
  Title:    Vice President

 

  
	

  
	

  
	

  
	
  THE BANK OF NEW YORK TRUST

  
	
  COMPANY, N.A., as Property Trustee

 

  
	

  
	
  By:  /s/ CHRISTIE LEPPERT

  
	
  Name:  Christie Leppert  

  
	
  Title:    Assistant Vice President

 

  
	

  
	

  
	

  
	
  BANK OF AMERICA CORPORATION, 

  
	
  as Sponsor

 

  
	

  
	
  By:  /s/ JAMES T. HOUGHTON

  
	
  Name:  James T. Houghton

  
	
  Title:  Senior Vice President

  

                                                                                           
50

ANNEX I

BAC
CAPITAL TRUST XV

DESIGNATION
OF TERMS OF

FLOATING
RATE CAPITAL SECURITIES AND

FLOATING RATE COMMON SECURITIES

Pursuant to
Section 7.1 of the Amended and Restated Declaration of Trust, dated as of May 23,
2007 (as amended from time to time, the "Declaration"), the
designation, rights, privileges, restrictions, preferences and other terms and
provisions of the Capital Securities and the Common Securities are set out
below (each capitalized term used but not defined herein has the meaning set
forth in the Declaration);

1.         Designation and Number.

(a)        Capital Securities. The Capital Securities
of the Trust (liquidation amount $1,000 per Capital Security) are hereby
designated for purposes of identification only as "BAC Capital Trust XV Floating
Rate Capital Securities" (the "Capital Securities").  The Trust
shall issue 500,000 Capital Securities with an aggregate liquidation amount of
$500,000,000.  The Capital Security Certificates evidencing the Capital
Securities shall be substantially in the form of Exhibit A-1 to the
Declaration, with such changes and additions thereto or deletions therefrom as
may be required by ordinary usage, custom or practice or to conform to the
rules of any stock exchange on which the Capital Securities are listed.

(b)        Common Securities. The Common Securities
of the Trust are hereby designated for purposes of identification only as "BAC
Capital Trust XV Floating Rate Common Securities" (the "Common
Securities").  The Common Securities shall have an aggregate liquidation
amount of $100,000.  The Common Security Certificate evidencing the Common
Securities shall be substantially in the form of Exhibit A-2 to the
Declaration, with such changes and additions thereto or deletions therefrom as
may be required by ordinary usage, custom or practice.

            2.         Distributions.

(a)        Distributions on each Security will be payable at
a floating rate per annum equal to (i) for each Distribution Period from the
issue date of the Securities to the Distribution Date ended June 1, 2037, Three-Month
LIBOR (as defined in the Supplemental Indenture) plus a spread of 0.80% (the "Initial
Coupon Rate") and (ii) for each Distribution Period after June 1, 2037,
Three-Month LIBOR plus a spread of 1.80% (the "Step-Up Coupon Rate"
and together with the Initial Coupon Rate, the "Coupon Rate"), each of
the stated liquidation amount of $1,000 per Capital Security and of the stated
liquidation amount of $1,000 per Common Security, such rate being the interest
rate payable on the Notes to be held by the Property Trustee.  Distributions in
arrears for more than one quarter will bear interest thereon compounded
quarterly at the applicable Coupon Rate or Rates (to the extent permitted by
applicable law).  A Distribution is payable only to the extent that payments
are made in respect of the Notes held by the Property Trustee and to the extent
the Property Trustee has funds

                                                                                      
I-1

 available therefor.  The amount of Distributions
payable for any period will be computed on the basis of the actual number of
days elapsed in a period and a 360-day year.  The Coupon Rate and the amount of
accumulated distributions payable for each Distribution Period will correspond
to the interest rate and the amount of accrued interest payable on the Notes
for each Interest Period (as defined in the Supplemental Indenture), as
determined in accordance with the terms of the Supplemental Indenture.    

(b)        Distributions on the Securities will be
cumulative, will accrue from May 31, 2007 and will be payable quarterly in
arrears on March 1, June 1, September 1 and December 1 of each year, beginning
on September 1, 2007, except as otherwise described below.  The Note Issuer has
the right under the Indenture to defer payments of interest on the Notes by
extending the Interest Payment Period on the Notes from time to time for a
period selected by the Note Issuer not exceeding 20 consecutive quarters (each,
an "Extension Period"), during which Extension Period no interest
shall be due and payable on the Notes, provided that no Extension
Period may extend beyond the Stated Maturity.  As a consequence of such
deferral, Distributions also will be deferred on the Capital Securities for the
same period.  Despite such deferral, quarterly Distributions will continue to
accrue with interest thereon (to the extent permitted by applicable law) at the
applicable Coupon Rate or Rates compounded quarterly during any such Extension
Period.  Prior to the termination of any such Extension Period, the Note Issuer
may extend further such Extension Period; provided that such
Extension Period together with all such previous and further extensions thereof
may not exceed 20 consecutive quarters or extend beyond the Stated Maturity. 
Payments of accrued Distributions will be payable to Holders as they appear on
the books and records of the Trust or the Clearing Agency, as the case may be,
on the first record date after the end of the Extension Period.  Upon the
termination of any Extension Period and the payment of all amounts then due,
the Note Issuer may commence a new Extension Period, subject to the above
requirements.  No interest or corresponding Distributions shall be due and
payable during an Extension Period, except at the end thereof, but the Note
Issuer may repay at any time all or any portion of the interest accrued during
an Extension Period.

(c)        Distributions on the Securities will be payable
to the Holders thereof as they appear on the books and records of the Trust on
the relevant record dates.  While the Capital Securities remain in Book‐Entry
only form, the relevant record dates shall be one Business Day prior to the
relevant Distribution Payment Dates, which Distribution Payment Dates
correspond to the Interest Payment Dates on the Notes.  Payment of
Distributions on the Securities held in Book-Entry only form will be made to
the Depositary in immediately available funds.  The Depositary's practice is to
credit Clearing Agency Participants' accounts on the relevant Distribution Payment
Date in accordance with their respective holdings shown on the Depositary's
records unless the Depositary has reason to believe that it will not receive
payments on such Distribution Payment Date.  Payments by (i) Clearing Agency
Participants and (ii) securities brokers and dealers, banks and trust companies
and other entities that clear transactions through or maintain a direct or
indirect custodial relationship with a Clearing Agency Participant (an "Indirect
Participant") to Capital Security Beneficial Owners will be governed by
standing instructions and customary practices and will be the responsibility of
such Clearing Agency Participants and Indirect Participants and not of the Depositary,
the Trust or the Company, subject to any statutory or regulatory requirements
as may be in effect from time to time.  Payment of Distributions to the
Depositary is the responsibility of the Trust, disbursement of

                                                                                       
I-2

 such payments to
Clearing Agency Participants is the responsibility of the Depositary, and
disbursement of such payments to the Capital Security Beneficial Owners is the
responsibility of the Clearing Agency Participants and Indirect Participants. 
The relevant record dates for the Common Securities shall be the same record
date as for the Capital Securities.  If the Capital Securities shall no longer
remain in Book‐Entry only form, the regular record dates for the Capital
Securities shall be the close of business on the February 15, May 15, August 15
and November 15 prior to the relevant Distribution Payment Dates, which Distribution
Payment Dates correspond to the Interest Payment Dates on the Notes. 
Distributions payable on any Securities that are not punctually paid on any
Distribution Payment Date, as a result of the Note Issuer having failed to make
a payment under the Notes, will cease to be payable to the Person in whose name
such Securities are registered on the relevant record date, and such defaulted
Distribution will instead be payable to the Person in whose name such
Securities are registered on the special record date or other specified date
determined in accordance with the Indenture.  If any date on which
Distributions are payable on the Securities is not a Business Day, then payment
of the Distribution payable on such date will be made on the next succeeding
day that is a Business Day as if it were the date of payment, except that, if
such Business Day is in the next succeeding calendar month, such payment shall
be made on the immediately preceding Business Day.  In each such case, except
for the Distribution Payment Date falling on the maturity date of the Notes,
the Distribution Periods will be adjusted accordingly to calculate the amount
of distributions payable on the Capital Securities. 

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

            3.         Liquidation Distribution Upon
Dissolution.

In the event
of any voluntary or involuntary dissolution, winding-up or termination of the
Trust, the Holders on the date of the dissolution, winding-up or termination,
as the case may be, will be entitled to receive out of the assets of the Trust
available for distribution to Holders after satisfaction of liabilities of
creditors an amount equal to the aggregate of the stated liquidation amount of
$1,000 per Capital Security and to the aggregate of the stated liquidation
amount of $1,000 per Common Security plus accrued and unpaid Distributions
thereon to the date of payment (such amount being the "Liquidation
Distribution"), unless, in connection with such dissolution, winding‐up
or termination, Notes in an aggregate stated principal amount equal to the
aggregate stated liquidation amount of such Securities, with an interest rate
equal to the Coupon Rate of, and bearing accrued and unpaid interest in an
amount equal to the accrued and unpaid Distributions on, such Securities, shall
be distributed on a Pro Rata basis to the Holders of the Securities in exchange
for such Securities.

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

                                                                               
I-3

 

            4.         Redemption and Distribution.

(a)        The Securities are subject to redemption at the
Stated Maturity, at any time on or after June 1, 2037, and in certain
circumstances, following the occurrence of a Special Event as follows:

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

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

(iii)       The Securities also may be
redeemed in whole or in part on or after June 1, 2037, contemporaneously with
an optional prepayment of the Notes, at a redemption price equal to the
Optional Redemption Price.  If fewer than all the outstanding Securities are to
be so redeemed, the Common Securities and the Capital Securities will be
redeemed Pro Rata, and the Capital Securities to be redeemed will be as
described in Section 4(d)(ii) below.

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

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

                                                                                    
I-4

 the Notes listed on the securities exchange, if any,
on which the Capital Securities were listed immediately prior to the
distribution of the Notes.

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

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

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

(iii)       If
Securities are to be redeemed and the Trust gives a Redemption/Distribution
Notice, which notice may only be issued if the Notes are repaid as set out in
this Section 4 (which notice will be irrevocable), then (A) while the Capital
Securities are in Book-Entry only form, with respect to the Capital Securities,
by 12:00 noon, New York City time, on the redemption date, provided that the
Note Issuer has paid the Property Trustee a sufficient amount of cash in
connection with the related prepayment or maturity of the Notes, the Property
Trustee will deposit irrevocably with the Depositary or its nominee (or
successor Clearing Agency or its nominee) funds sufficient to pay the
applicable Redemption Price with respect to the Capital Securities and will
give the Depositary irrevocable instructions and authority to pay the
Redemption Price to the Holders of the Capital Securities, and (B) with respect
to Capital Securities issued in definitive form and Common Securities, provided
that the Note Issuer has paid the Property Trustee a sufficient amount
of cash in connection with the related prepayment or maturity of the Notes, the
Property Trustee will pay the relevant Redemption Price to the Holders of such
Securities by check mailed to the address of the relevant Holder appearing on
the books and records of the Trust on the redemption date.  If a Redemption/Distribution
Notice shall have been given and funds deposited as required, if applicable,
then immediately prior to the close of business on the date of such deposit, or
on the redemption date, as applicable, Distributions will cease to accrue on the
Securities so called

                                                                            
I-5

 for redemption and all rights of Holders of such
Securities so called for redemption will cease, except the right of the Holders
of such Securities to receive the Redemption Price, but without interest on
such Redemption Price.  Neither the Regular Trustees nor the Trust shall be
required to register or cause to be registered the transfer of any Securities
that have been so called for redemption.  If any date fixed for redemption of
Securities is not a Business Day, then payment of the Redemption Price payable
on such date will be made on the next succeeding day that is a Business Day
(and without any interest or other payment in respect of any such delay) except
that, if such Business Day falls in the next calendar month, such payment will
be made on the immediately preceding Business Day, in each case with the same
force and effect as if made on such date fixed for redemption.  If payment of
the Redemption Price in respect of any Securities is improperly withheld or
refused and not paid either by the Property Trustee or by the Sponsor as
guarantor pursuant to the relevant Securities Guarantee, Distributions on such
Securities will continue to accrue from the original redemption date to the
actual date of payment, in which case the actual payment date will be
considered the date fixed for redemption for purposes of calculating the
Redemption Price.

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

(v)        Subject
to the foregoing and applicable law (including, without limitation, United
States federal securities laws), provided the acquiror is not the Holder of the
Common Securities or the obligor under the Indenture, the Sponsor or any of its
subsidiaries may at any time and from time to time purchase outstanding Capital
Securities by tender, in the open market or by private agreement.

5.         Voting Rights - Capital
Securities.

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

(b)        Subject to the requirements set forth in this
paragraph, the Holders of a Majority in aggregate liquidation amount of the
Capital Securities, voting separately as a class may direct the time, method,
and place of conducting any proceeding for any remedy available to the Property
Trustee, or exercising any trust or power conferred upon the Property Trustee
under the Declaration, including the right to direct the Property Trustee, as
holder of the Notes, to (i) exercise the remedies available under the
Indenture by conducting any proceeding for any remedy available to the Note
Trustee, or exercising any trust or power conferred on the Note Trustee with
respect to the Notes, (ii) waive any past Event of Default and its consequences
that is waivable under Section 5.01 of the Indenture, (iii) exercise any right
to rescind or annul a declaration that the principal of all the Notes shall be
due and payable or (iv) consent to any amendment, modification or termination
of the Indenture as a holder of the Notes provided, however,
that, where a consent or action under the Indenture would require the consent
or act of the Holders of a Super Majority affected thereby the Property Trustee
may only give such

                                                                                 
I-6

 consent or take such action at the written direction of the
Holders of at least the proportion in liquidation amount of the Capital
Securities which the relevant Super Majority represents of the aggregate
principal amount of the Notes outstanding.  The Property Trustee shall not
revoke any action previously authorized or approved by a vote of the Holders of
the Capital Securities.  Other than with respect to directing the time, method
and place of conducting any remedy available to the Property Trustee or the
Note Trustee as set forth above, the Property Trustee shall not take any action
in accordance with the directions of the Holders of the Capital Securities
under this paragraph unless the Property Trustee has obtained an opinion of tax
counsel to the effect that for the purposes of United States federal income tax
the Trust will not be classified as other than a grantor trust on account of
such action.  If a Nonpayment occurs on the date such interest or principal is
otherwise payable (or in the case of redemption, on the redemption date), and
such Nonpayment is continuing, a Holder of Capital Securities may institute a
Direct Action after the respective due date specified in the Notes.  In
connection with such Direct Action, the rights of the Holders of the Common
Securities will be subrogated to the rights of such Holder of Capital
Securities to the extent of any payment made by the Note Issuer to such Holder
of Capital Securities in such Direct Action.  If the Property Trustee fails to
enforce its rights under the Declaration, any Holder of Capital Securities may,
to the extent permitted by applicable law, institute a legal proceeding
directly against any Person to enforce the Property Trustee's rights under the
Declaration, without first instituting a legal proceeding against the Property
Trustee or any other Person.

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

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

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

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

                                                                               
I-7

 

            6.         Voting Rights - Common Securities.

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

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

(c)        Subject to Section 2.6 of the Declaration and
only after the Event of Default with respect to the Capital Securities has been
cured, waived, or otherwise eliminated and subject to the requirements of the
second to last sentence of this paragraph, the Holders of a Majority in
liquidation amount of the Common Securities, voting separately as a class, may
direct the time, method, and place of conducting any proceeding for any remedy
available to the Property Trustee, or exercising any trust or power conferred
upon the Property Trustee under the Declaration, including (i) directing the
time, method, place of conducting any proceeding for any remedy available to
the Note Trustee, or exercising any trust or power conferred on the Note
Trustee with respect to the Notes, (ii) waive any past default and its
consequences that is waivable under Section 5.01 of the Indenture or (iii)
exercise any right to rescind or annul a declaration that the principal of all
the Notes shall be due and payable, provided that, where a
consent or action under the Indenture would require the consent or act of the
Holders of a Super Majority, the Property Trustee only may give such consent or
take such action at the written direction of the Holders of at least the
proportion in liquidation amount of the Common Securities which the relevant
Super Majority represents of the aggregate principal amount of the Notes
outstanding.  Pursuant to this Section 6(c), the Property Trustee shall not
revoke any action previously authorized or approved by a vote of the Holders of
the Capital Securities.  Other than with respect to directing the time, method
and place of conducting any remedy available to the Property Trustee or the
Note Trustee as set forth above, the Property Trustee shall not take any action
in accordance with the directions of the Holders of the Common Securities under
this paragraph unless the Property Trustee has obtained an opinion of tax
counsel to the effect that for purposes of United States federal income tax the
Trust will not be classified as other than a grantor trust on account of such
action.  If the Property Trustee fails to enforce its rights under the
Declaration, any Holder of Common Securities may, to the extent permitted by
applicable law, institute a legal proceeding directly against any Person to
enforce the Property Trustee's rights under the Declaration, without first
instituting a legal proceeding against the Property Trustee or any other
Person.

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

                                                                                
I-8

 such matter upon which written
consent is sought and (iii) instructions for the delivery of proxies or
consents.

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

            7.         Amendments to Declaration and
Indenture.

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

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

            8.         Pro Rata.

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

                                                                                  
I-9

 amount of all Capital Securities
outstanding, and, only after satisfaction of all amounts owed to the Holders of
the Capital Securities, to each Holder of Common Securities pro rata according
to the aggregate liquidation amount of Common Securities held by the relevant
Holder relative to the aggregate liquidation amount of all Common Securities
outstanding.

            9.         Ranking.

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

            10.       Listing.

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

11.       Acceptance of Securities Guarantee and
Indenture.

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

            12.       No Preemptive Rights.

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

13.       Miscellaneous.

These terms
constitute a part of the Declaration.

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

                                                                               
I-10

 

Dated:  May 31,
2007

	
  BANK OF AMERICA CORPORATION,

  
	
  as Sponsor

  
	

  
	
  By: ________________________________

  
	
  Name:  B. Kenneth Burton, Jr.

  
	
  Title:     Senior Vice President

  

	
  Accepted:

  
	
  BAC Capital Trust XV

  
	
  ________________________________

  
	
  Richard L. Nichols, Jr.

  
	
  Regular Trustee

  

 

                                                                             
I-11

EXHIBIT A-1

FORM OF CAPITAL SECURITY CERTIFICATE

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

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

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

Certificate
Number

            XV-R-__                                                                                     CUSIP
NO. 05518W AA1

BAC
CAPITAL TRUST XV

Floating Rate Capital Securities

(liquidation
amount $1,000 per Capital Security)

BAC CAPITAL
TRUST XV, a statutory trust formed under the laws of the State of Delaware (the
"Trust"), hereby certifies that CEDE & CO. (the "Holder")
is the registered owner of 500,000 Capital Securities of the Trust representing
undivided preferred beneficial interests in the assets of the Trust designated
the Floating Rate Capital Securities
(liquidation amount $1,000 per Capital Security) (the "Capital Securities"). 
The Capital Securities are transferable on the books and records of the Trust,
in person or by a duly authorized attorney, upon surrender of this certificate
duly endorsed and in proper form for transfer.  The designation, rights,
privileges, restrictions, preferences and other terms and provisions of the
Capital Securities represented hereby are issued and shall in all respects be
subject to the provisions of the Amended and

                                                                            
A1-1

 Restated Declaration of Trust of
the Trust dated as of May 23, 2007, as the same may be amended from time to
time (the "Declaration"), including the designation of the terms of
the Capital Securities as set forth in Annex I to the Declaration.  Capitalized
terms used herein but not defined shall have the meaning given them in the
Declaration.  The Holder is entitled to the benefits of the Capital Securities
Guarantee to the extent provided therein.  The Declaration permits the Sponsor
to dissolve the Trust at any time.  The Sponsor will provide a copy of the
Declaration, the Capital Securities Guarantee and the Indenture to a Holder
without charge upon written request to the Sponsor at its principal place of
business.

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

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

IN WITNESS
WHEREOF, the Trust has executed this certificate as of May 31, 2007.

	
  BAC CAPITAL TRUST XV

  
	

  
	
  By:________________________________

  
	
  Name:  Richard L. Nichols, Jr.

  
	
  Title:     Regular Trustee

  

                                                                                 
A1-2

CERTIFICATE OF
AUTHENTICATION

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

Dated:  May 31, 2007

	
  THE BANK OF NEW YORK TRUST 

  
	
  COMPANY, N.A., as Property Trustee

  
	

  
	
  By:________________________________

  
	
  Name: _____________________________

  
	
  Title: ______________________________

  

                                                                                
A1-3

[FORM
OF REVERSE OF SECURITY]

Distributions on
each Capital Security will be payable at a floating rate per annum equal to (i) for each Distribution Period from the issue date to the
Distribution Period ended June 1, 2037, the Initial Coupon Rate and (ii) for
each Distribution Period after June 1, 2037, the Step-Up Coupon Rate, of the
stated liquidation amount of $1,000 per Capital Security, such rate being the
rate of interest payable on the Notes to be held by the Property Trustee on
behalf of the Trust.  Distributions in arrears for more than one quarter will
bear interest thereon (to the extent permitted by applicable law) at the applicable
Coupon Rate or Rates, applicable during the Distribution Period or Periods, compounded
quarterly.  A Distribution is payable only to the extent that payments are made
in respect of the Notes held by the Property Trustee and to the extent the
Property Trustee has funds available therefor.  The amount of Distributions
payable for any period will be calculated on the basis of the actual number of
days elapsed in the period and a 360-day year.

Except as
otherwise described below, Distributions on the Capital Securities will be
cumulative, will accrue from the date of original issuance and will be payable
quarterly in arrears on March 1, June 1, September 1 and December 1 of each year,
beginning on September 1, 2007, to the person in whose name the Capital
Security is registered at the close of business on the regular record date for
such installment, which shall be the close of business on the Business Day (in
New York and Charlotte) next preceding such payment date - [IF PURSUANT TO THE
TERMS OF THE DECLARATION, THE SECURITIES ARE NO LONGER REPRESENTED BY A GLOBAL
SECURITY - which shall be the close of business on February 15, May 15, August
15 and November 15 prior to the relevant payment date.]  The Note Issuer has
the right under the Indenture to defer payments of interest by extending the
interest payment period from time to time on the Notes for a period selected by
the Note Issuer not exceeding 20 consecutive quarters (each an "Extension
Period"), provided that no Extension Period shall last
beyond the date of the maturity of the Notes.  As a consequence of such
deferral, Distributions will also be deferred hereunder for the same period. 
Despite such deferral, quarterly Distributions will continue to accrue with
interest thereon (to the extent permitted by applicable law) at the applicable Coupon
Rate or Rates compounded quarterly during any such Extension Period. Prior to
the termination of any such Extension Period, the Note Issuer may further
extend such Extension Period; provided that such Extension Period
together with all such previous and further extensions thereof may not exceed
20 consecutive quarters or extend beyond the maturity date of the Notes. 
Payments of accrued Distributions will be payable to Holders as they appear on
the books and records of the Trust on the first record date after the end of
the Extension Period.  Upon the termination of any Extension Period and the
payment of all amounts then due, the Note Issuer may commence a new Extension
Period, subject to the above requirements.

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

                                                                        
A1-4

_____________________

ASSIGNMENT

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

___________________________________________________________________________

___________________________________________________________________________

___________________________________________________________________________

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

___________________________________________________________________________

___________________________________________________________________________

___________________________________________________________________________

(Insert address and zip code of assignee)

and irrevocably appoints

___________________________________________________________________________

___________________________________________________________________________

___________________________________________________________
agent to transfer this 

Capital Security Certificate on the books of the Trust.  The
agent may substitute another to act 

for him or her.

Date: _______________________

Signature: ______________________________________________________________

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

Signature Guarantee*:                ___________________________________

________________________

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

                                                                                      
A1-5

EXHIBIT
A-2

FORM
OF COMMON SECURITY CERTIFICATE

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

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

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

Certificate Number

XV-R___

BAC
CAPITAL TRUST XV

100

Floating Rate Common Securities

BAC CAPITAL
TRUST XV, a statutory trust formed under the laws of the State of Delaware (the
"Trust"), hereby certifies that BANK OF AMERICA CORPORATION (the "Holder")
is the registered owner of common securities of the Trust representing
undivided common beneficial interests in the assets of the Trust designated the
Floating Rate Common Securities and having an
aggregate liquidation amount of $100,000 (the "Common Securities"). 
The Common Securities are transferable on the books and records of the Trust,
in person or by a

                                                                                  
A2-1

 duly authorized attorney, upon surrender of this certificate
duly endorsed and in proper form for transfer.  The designation, rights,
privileges, restrictions, preferences and other terms and provisions of the
Common Securities represented hereby are issued and shall in all respects be
subject to the provisions of the Amended and Restated Declaration of Trust of
the Trust dated as of May 23, 2007, as the same may be amended from time to
time (the "Declaration"), including the designation of the terms of
the Common Securities as set forth in Annex I to the Declaration.  Capitalized
terms used herein but not defined shall have the meaning given them in the Declaration. 
The Holder is entitled to the benefits of the Common Securities Guarantee to
the extent provided therein.  The Declaration permits the Sponsor to dissolve
the Trust at any time.  The Sponsor will provide a copy of the Declaration, the
Common Securities Guarantee and the Indenture to a Holder without charge upon
written request to the Sponsor at its principal place of business.

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

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

IN WITNESS
WHEREOF, the Trust has executed this certificate as of May 31, 2007.

	
  BAC CAPITAL TRUST XV

  
	

  
	
  By:________________________________

  
	
  Name:  Richard L. Nichols, Jr.

  
	
  Title:     Regular Trustee

  

                                                                                   
A2-2

CERTIFICATE OF
AUTHENTICATION

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

Dated:  May 31, 2007

	
  THE BANK OF NEW YORK TRUST 

  
	
  COMPANY, N.A., as Property Trustee

  
	

  
	
  By:________________________________

  
	
  Name: _____________________________

  
	
  Title: ______________________________

  

                                                                                     
A2-3

[FORM
OF REVERSE OF SECURITY]

Distributions
on the Common Securities will be payable at a floating rate per annum equal to
(i) for each Distribution Period from the issue date to the Distribution Period
ended June 1, 2037, the Initial Coupon Rate and (ii) for each Distribution
Period after June 1, 2037, the Step-Up Coupon Rate, of the aggregate
liquidation amount of $100,000, such rate being the rate of interest payable on
the Notes to be held by the Property Trustee.  Distributions in arrears for
more than one quarter will bear interest thereon, to the extent permitted by
applicable law, at the Coupon Rate or Rates applicable during the Distribution
Period or Periods, compounded quarterly.  A Distribution is payable only to the
extent that payments are made in respect of the Notes held by the Property
Trustee and to the extent the Property Trustee has funds available therefor. 
The amount of Distributions payable for any period will be calculated on the
basis of the actual number of days elapsed in the period and a 360-day year.

Except as otherwise
described below, Distributions on the Common Securities will be cumulative,
will accrue from the date of original issuance and will be payable quarterly in
arrears on March 1, June 1, September 1 and December 1 of each year, beginning
on September 1, 2007, to Holders of record on the 15th day of the month
immediately prior to such payment dates, which payment dates shall correspond
to the interest payment dates on the Notes.  The Note Issuer has the right
under the Indenture to defer payments of interest by extending the interest
payment period on the Notes from time to time for a period selected by the Note
Issuer not exceeding 20 consecutive quarters (each an "Extension Period"),
provided that no Extension Period shall last beyond the date of
the maturity of the Notes.  As a consequence of such deferral, Distributions also
will be deferred hereunder for the same period.  Despite such deferral,
quarterly Distributions will continue to accrue with interest thereon (to the
extent permitted by applicable law) at the applicable Coupon Rate or Rates compounded
quarterly during any such Extension Period. Prior to the termination of any
such Extension Period, the Note Issuer may further extend such Extension
Period; provided that such Extension Period together with all
such previous and further extensions thereof may not exceed 20 consecutive
quarters or extend beyond the maturity date of the Notes.  Payments of accrued
Distributions will be payable to Holders as they appear on the books and
records of the Trust on the first record date after the end of the Extension
Period.  Upon the termination of any Extension Period and the payment of all
amounts then due, the Note Issuer may commence a new Extension Period, subject
to the above requirements.

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

                                                                        
A2-4

_____________________

ASSIGNMENT

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

______________________________________________________________________________

______________________________________________________________________________

______________________________________________________________________________

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

______________________________________________________________________________

______________________________________________________________________________

______________________________________________________________________________

______________________________________________________________________________

(Insert
address and zip code of assignee)

and irrevocably appoints
_________________________________________________________

______________________________________________________________________________

_________________________________ agent to transfer this
Common Security Certificate on 

the books of the Trust.  The
agent may substitute another to act for him or her.

Date: _______________________

Signature: ________________________________________________________________

(Sign exactly as your name
appears on the other side of this Common Security Certificate)

Signature Guarantee1:    _________________________________

_______________________

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

                                                                                               
A2-5CAPITAL
SECURITIES GUARANTEE AGREEMENT  

BAC
Capital Trust XV Floating Rate Capital
Securities

Dated
as of May 31, 2007

	
  ARTICLE 1

  
	
  DEFINITIONS AND INTERPRETATION

  
	
  SECTION 1.1

  	
  Definitions and Interpretation

  	
  1

  
	
  ARTICLE 2

  
	
  TRUST INDENTURE ACT

  
	
  SECTION
  2.1

  	
  Trust
  Indenture Act; Application

  	
  5

  
	
  SECTION
  2.2

  	
  Lists
  of Holders of Securities

  	
  5

  
	
  SECTION
  2.3

  	
  Reports
  by the Capital Securities Guarantee Trustee

  	
  5

  
	
  SECTION
  2.4

  	
  Periodic
  Reports to Capital Securities Guarantee Trustee

  	
  5

  
	
  SECTION
  2.5

  	
  Evidence
  of Compliance with Conditions Precedent

  	
  5

  
	
  SECTION
  2.6

  	
  Events
  of Default; Waiver

  	
  6

  
	
  SECTION
  2.7

  	
  Event
  of Default; Notice

  	
  6

  
	
  SECTION 2.8

  	
  Conflicting Interests

  	
  6

  
	
  ARTICLE 3

  
	
  POWERS,
  DUTIES AND RIGHTS OF 

	CAPITAL SECURITIES GUARANTEE TRUSTEE

  
	
  SECTION
  3.1

  	
  Powers
  and Duties of the Capital Securities Guarantee Trustee

  	
  6

  
	
  SECTION
  3.2

  	
  Certain
  Rights of Capital Securities Guarantee Trustee

  	
  8

  
	
  SECTION 3.3

  	
  Not Responsible for Recitals or Issuance of
  Capital Securities Guarantee

  	
  10

  
	
  ARTICLE 4

  
	
  CAPITAL SECURITIES GUARANTEE TRUSTEE

  
	
  SECTION
  4.1

  	
  Capital
  Securities Guarantee Trustee; Eligibility

  	
  10

  
	
  SECTION 4.2

  	
  Appointment, Removal and Resignation of
  Capital Securities Guarantee Trustee

  	
  11

  
	
  ARTICLE 5

  
	
  GUARANTEE

  
	
  SECTION
  5.1

  	
  Guarantee

  	
  12

  
	
  SECTION
  5.2

  	
  Waiver
  of Notice and Demand

  	
  12

  
	
  SECTION
  5.3

  	
  Obligations
  Not Affected

  	
  12

  
	
  SECTION
  5.4

  	
  Rights
  of Holders

  	
  13

  
	
  SECTION
  5.5

  	
  Guarantee
  of Payment

  	
  13

  
	
  SECTION
  5.6

  	
  Subrogation

  	
  13

  
	
  SECTION 5.7

  	
  Independent Obligations

  	
  14

  
	
  ARTICLE 6

  
	
  LIMITATION OF TRANSACTIONS; SUBORDINATION

  
	
  SECTION
  6.1

  	
  Limitation
  of Transactions

  	
  14

  
	
  SECTION 6.2

  	
  Ranking

  	
  14

  
	
  ARTICLE 7

  
	
  TERMINATION

  
	
  SECTION 7.1

  	
  Termination

  	
  15

  
	
  ARTICLE 8

  
	
  INDEMNIFICATION

  
	
  SECTION
  8.1

  	
  Exculpation

  	
  15

  
	
  SECTION 8.2

  	
  Indemnification

  	
  15

  
	
  ARTICLE 9

  
	
  MISCELLANEOUS

  
	
  SECTION
  9.1

  	
  Successors
  and Assigns

  	
  16

  
	
  SECTION
  9.2

  	
  Amendments

  	
  16

  
	
  SECTION
  9.3

  	
  Notices

  	
  16

  
	
  SECTION
  9.4

  	
  Benefit

  	
  17

  
	
  SECTION
  9.5

  	
  Governing
  Law

  	
  17

  

CROSS-REFERENCE
TABLE*

	
  Section of

  	

  
	
  Trust Indenture Act

  	
  Section of

  
	
  of 1939, as amended

  	
  Declaration

  
	

  	

  
	
  310(a)

  	
  4.1(a)

  
	
  310(c)

  	
  Inapplicable

  
	
  311(c)

  	
  Inapplicable

  
	
  312(a)

  	
  2.2(a)

  
	
  312(b)

  	
  2.2(b)

  
	
  313

  	
  2.3

  
	
  314(a)

  	
  2.4

  
	
  314(b)

  	
  Inapplicable

  
	
  314(c)

  	
  2.5

  
	
  314(d)

  	
  Inapplicable

  
	
  314(f)

  	
  Inapplicable

  
	
  315(a)

  	
  3.1(d)

  
	
  315(c)

  	
  3.1(c)

  
	
  315(d)

  	
  3.1(d)

  

_______________

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

CAPITAL
SECURITIES GUARANTEE AGREEMENT

This GUARANTEE
AGREEMENT (the "Capital Securities Guarantee"), dated as of May 31,
2007, is executed and delivered by BANK OF AMERICA CORPORATION, a Delaware
corporation (the "Guarantor"), and THE BANK OF NEW YORK TRUST
COMPANY, N.A., a national  banking association, as trustee (the "Capital
Securities Guarantee Trustee"), for the benefit of the Holders (as defined
herein) from time to time of the Capital Securities (as defined herein) of BAC
Capital Trust XV, a Delaware statutory trust (the "Issuer").

WHEREAS,
pursuant to an Amended and Restated Declaration of Trust (the "Declaration"),
dated as of May 23, 2007, among the trustees of the Issuer named therein, the
Guarantor, as sponsor, and the holders from time to time of undivided
beneficial interests in the assets of the Issuer, the Issuer is issuing on the
date hereof 500,000 Capital Securities representing undivided preferred
beneficial interests in the assets of the Issuer, designated the BAC Capital
Trust XV Floating Rate Capital Securities (the
"Capital Securities"), initially in the aggregate liquidation amount
of $500,000,000; and

WHEREAS, as
incentive for the Holders to purchase the Capital Securities, the Guarantor
desires irrevocably and unconditionally to agree, to the extent set forth in
this Capital Securities Guarantee, to pay to the Holders of the Capital
Securities the Guarantee Payments (as defined herein) and to make certain other
payments on the terms and conditions set forth herein; and

WHEREAS, the
Guarantor also is executing and delivering a guarantee agreement (the "Common
Securities Guarantee") for the benefit of the holders of the Common
Securities (as defined herein);

NOW,
THEREFORE, in consideration of the purchase by each Holder of Capital
Securities, which purchase the Guarantor hereby agrees shall benefit the
Guarantor, the Guarantor executes and delivers this Capital Securities
Guarantee for the benefit of the Holders.

ARTICLE 1

DEFINITIONS AND INTERPRETATION

SECTION
1.1 Definitions and Interpretation.  

In this
Capital Securities Guarantee, unless the context otherwise requires:

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

(b)        terms
defined in the Declaration as at the date of execution of this Capital
Securities Guarantee have the same meaning when used in this Capital Securities
Guarantee;

                                                     
1

(c)        a
term defined anywhere in this Capital Securities Guarantee has the same meaning
throughout;

(d)        all
references to "the Capital Securities Guarantee" or "this
Capital Securities Guarantee" are to this Capital Securities Guarantee as
modified, supplemented or amended from time to time;

(e)        all
references in this Capital Securities Guarantee to Articles and Sections are to
Articles and Sections of this Capital Securities Guarantee, unless otherwise
specified;

(f)         a
term defined in the Trust Indenture Act has the same meaning when used in this
Capital Securities Guarantee, unless otherwise defined in this Capital
Securities Guarantee or unless the context otherwise requires; and

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

"Affiliate"
has the same meaning as given to that term in Rule 405 of the Securities Act of
1933, as amended, or any successor rule thereunder.

"Authorized
Officer" means the Chief Executive Officer, President, Chief Financial
Officer, any Senior or other Vice President, Treasurer, Assistant Treasurer,
Associate General Counsel or other Person authorized to bind a Person.

"Business
Day" means any day other than a day on which federal or state banking
institutions in New York, New York or Charlotte, North Carolina are authorized
or obligated by law, executive order or regulation to close.

"Capital
Securities Guarantee Trustee" means The Bank of New York Trust
Company, N.A., a national banking association, until a Successor Capital
Securities Guarantee Trustee has been appointed and has accepted such
appointment pursuant to the terms of this Capital Securities Guarantee and
thereafter means each such Successor Capital Securities Guarantee Trustee.

"Capital
Securities" means the total number of BAC Capital Trust XV Floating
Rate Capital Securities (liquidation amount $1,000 per Capital Security) issued
pursuant to the Declaration representing undivided preferred beneficial interests
in the assets of the Issuer.

"Common
Securities" means the BAC Capital Trust XV Floating Rate Common
Securities (liquidation amount $1,000 per Common Security) representing
undivided common beneficial interests in the assets of the Issuer.

"Corporate
Trust Office" means the office of the Capital Securities Guarantee
Trustee at which the corporate trust business of the Capital Securities
Guarantee Trustee shall, at any particular time, be principally administered,
which office at the date of execution of this Agreement is located at 101
Barclay Street, 8 West, New York, New York 10286.

"Covered
Person" means any Holder or beneficial owner of Capital Securities.

                                                                                 
2

 

"Event
of Default" means a default by the Guarantor on any of its payments or
other obligations under this Capital Securities Guarantee.

"Guarantee
Payments" means the following payments or distributions, without
duplication, with respect to the Capital Securities, to the extent not paid or
made by the Issuer:  (i) any accrued and unpaid Distributions that are required
to be paid on such Capital Securities to the extent the Issuer shall have funds
available therefor, (ii) the applicable Redemption Price to the extent the
Issuer has funds available therefor, with respect to any Capital Securities
called for redemption by the Issuer, and (iii) upon a voluntary or involuntary
dissolution, winding‐up or termination of the Issuer (other than in
connection with the distribution of Notes to the Holders in exchange for
Capital Securities as provided in the Declaration), the lesser of (a) the
aggregate of the liquidation amount and all accrued and unpaid Distributions on
the Capital Securities to the date of payment, to the extent the Issuer shall
have funds available therefor, and (b) the amount of assets of the Issuer
remaining available for distribution to Holders in liquidation of the Issuer
(in either case, the "Liquidation Distribution").  If an Event of
Default under, and as defined in, the Indenture has occurred and is continuing,
the rights of holders of the Common Securities to receive payments under the
Common Securities Guarantee are subordinated to the rights of Holders of
Capital Securities to receive Guarantee Payments under the Capital Securities
Guarantee.

"Holder"
shall mean any holder, as registered on the books and records of the Issuer, of
any Capital Securities; provided, however, that in determining
whether the holders of the requisite percentage of Capital Securities have
given any request, notice, consent or waiver hereunder, "Holder"
shall not include the Guarantor or any Affiliate of the Guarantor.

"Indemnified
Person" means the Capital Securities Guarantee Trustee, any Affiliate
of the Capital Securities Guarantee Trustee, or any officers, directors,
shareholders, members, partners, employees, representatives, nominees,
custodians or agents of the Capital Securities Guarantee Trustee.

"Indenture"
means the Restated Indenture dated as of November 1, 2001 between the Guarantor
(the "Note Issuer") and The Bank of New York, as trustee, together
with any Board Resolution (as defined in the Indenture) or any indenture supplemental
thereto, pursuant to which certain subordinated debt securities of the Note
Issuer are to be issued to the Property Trustee (as defined in the Declaration)
of the Issuer.

"Majority
in liquidation amount of the Securities" means, except as provided by
the Trust Indenture Act, a vote by Holder(s) of Capital Securities, voting
separately as a class, of more than 50% of the liquidation amount (including
the stated amount that would be paid on redemption, liquidation, dissolution or
otherwise, plus accrued and unpaid Distributions to the date upon which the
voting percentages are determined) of all Capital Securities.

"Notes"
means the series of junior subordinated debt securities of the Guarantor
designated the Floating Rate Junior
Subordinated Notes, due 2056, held by the Property Trustee of the Issuer on
behalf of the Trust.

                                                                                  
3

 

"Officers'
Certificate" means, with respect to any Person, a certificate signed
by an Authorized Officer of such Person.  Any Officers' Certificate delivered
with respect to compliance with a condition or covenant provided for in this
Capital Securities Guarantee shall include:

(a)        a statement that each officer
signing the Officers' Certificate has read the covenant or condition and the
definition relating thereto;

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

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

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

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

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

"Successor
Capital Securities Guarantee Trustee" means a successor Capital
Securities Guarantee Trustee possessing the qualifications to act as Capital
Securities Guarantee Trustee under Section 4.1.

"Trust
Indenture Act" means the Trust Indenture Act of 1939, as amended.

"Trust
Securities" means the Common Securities and the Capital Securities.

                                                                                       
4

ARTICLE 2

TRUST INDENTURE ACT

SECTION
2.1 Trust Indenture Act; Application.  

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

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

SECTION
2.2 Lists of Holders of Securities.  

            (a)        The
Guarantor shall provide the Capital Securities Guarantee Trustee with a list,
in such form as the Capital Securities Guarantee Trustee may reasonably
require, of the names and addresses of the Holders of the Capital Securities ("List
of Holders") as of such date, (i) within 10 days after each record date,
and (ii) at any other time within 30 days of receipt by the Guarantor of a
written request for a List of Holders as of a date no more than 10 days before
such List of Holders is given to the Capital Securities Guarantee Trustee; provided
that the Guarantor shall not be obligated to provide such List of
Holders at any time the List of Holders does not differ from the most recent
List of Holders given to the Capital Securities Guarantee Trustee by the
Guarantor.  The Capital Securities Guarantee Trustee may destroy any List of
Holders previously given to it on receipt of a new List of Holders.

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

SECTION
2.3 Reports by the Capital Securities Guarantee Trustee.  

Within 60
days after May 15 of each year, the Capital Securities Guarantee Trustee shall
provide to the Holders of the Capital Securities such reports as are required
by Section 313 of the Trust Indenture Act, if any, in the form and in the
manner provided by Section 313 of the Trust Indenture Act.  The Capital
Securities Guarantee Trustee also shall comply with the requirements of Section
313(d) of the Trust Indenture Act.

SECTION
2.4 Periodic Reports to Capital Securities Guarantee Trustee.  

The Guarantor
shall provide to the Capital Securities Guarantee Trustee such documents,
reports and information, if any, as required by Section 314 and the compliance
certificate required by Section 314 of the Trust Indenture Act in the form, in
the manner and at the times required by Section 314 of the Trust Indenture Act.

SECTION
2.5 Evidence of Compliance with Conditions Precedent.  

The Guarantor
shall provide to the Capital Securities Guarantee Trustee such evidence of
compliance with any conditions precedent, if any, provided for in this Capital

                                                                                             
5

 Securities Guarantee that relate to any of the matters set forth in Section
314(c) of the Trust Indenture Act.  Any certificate or opinion required to be
given by an officer pursuant to Section 314(c)(1) may be given in the form of
an Officers' Certificate.

SECTION
2.6 Events of Default; Waiver.  

The Holders
of a Majority in liquidation amount of the Securities may, by vote, on behalf
of the Holders of all of the Capital Securities, waive any past Event of
Default and its consequences.  Upon such waiver, any such Event of Default
shall cease to exist, and any Event of Default arising therefrom shall be
deemed to have been cured, for every purpose of this Capital Securities
Guarantee, but no such waiver shall extend to any subsequent or other default
or Event of Default or impair any right consequent thereon.

SECTION
2.7 Event of Default; Notice.  

(a)        The Capital Securities Guarantee Trustee shall,
within 90 days after the occurrence of an Event of Default, transmit by mail,
first class postage prepaid, to the Holders of the Capital Securities, notices
of all Events of Default actually known to a Responsible Officer of the Capital
Securities Guarantee Trustee, unless such defaults have been cured before the
giving of such notice, provided that the Capital Securities
Guarantee Trustee shall be protected in withholding such notice if and so long
as a Responsible Officer of the Capital Securities Guarantee Trustee in good
faith determines that the withholding of such notice is in the interests of the
Holders.

(b)        The Capital Securities Guarantee Trustee shall
not be deemed to have knowledge of any Event of Default unless a Responsible
Officer of the Capital Securities Guarantee Trustee shall have received written
notice thereof, or unless a Responsible Officer of the Capital Securities
Guarantee Trustee charged with the administration of the Declaration shall have
obtained actual knowledge thereof.

SECTION
2.8 Conflicting Interests.  

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

ARTICLE 3

POWERS, DUTIES AND RIGHTS OF

CAPITAL SECURITIES GUARANTEE TRUSTEE

SECTION
3.1 Powers and Duties of the Capital Securities Guarantee Trustee.  

(a)        This Capital Securities Guarantee shall be held
by the Capital Securities Guarantee Trustee for the benefit of the Holders, and
the Capital Securities Guarantee Trustee shall not transfer this Capital
Securities Guarantee to any Person except a Holder of Capital Securities
exercising his or her rights pursuant to Section 5.4(b) or to a Successor
Capital Securities Guarantee Trustee on acceptance by such Successor Capital
Securities Guarantee Trustee of its appointment to act as Successor Capital
Securities Guarantee Trustee.  The right,

                                                                                        
6

 title and interest of the Capital
Securities Guarantee Trustee shall automatically vest in any Successor Capital
Securities Guarantee Trustee, and such vesting and cessation of title shall be
effective whether or not conveyancing documents have been executed and
delivered pursuant to the appointment of such Successor Capital Securities
Guarantee Trustee.

(b)        If an Event of Default actually known to a
Responsible Officer of the Capital Securities Guarantee Trustee has occurred
and is continuing, the Capital Securities Guarantee Trustee shall enforce this
Capital Securities Guarantee for the benefit of the Holders.

(c)        The Capital Securities Guarantee Trustee,
before the occurrence of any Event of Default and after the curing of all
Events of Default that may have occurred, shall undertake to perform only such
duties as are specifically set forth in this Capital Securities Guarantee, and
no implied covenants shall be read into this Capital Securities Guarantee
against the Capital Securities Guarantee Trustee.  In case an Event of Default
has occurred (that has not been cured or waived pursuant to Section 2.6) and is
actually known to a Responsible Officer of the Capital Securities Guarantee
Trustee, the Capital Securities Guarantee Trustee shall exercise such of the
rights and powers vested in it by this Capital Securities Guarantee, and use
the same degree of care and skill in its exercise thereof, as a prudent person
would exercise or use under the circumstances in the conduct of his or her own
affairs.

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

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

(A)       the
duties and obligations of the Capital Securities Guarantee Trustee shall be
determined solely by the express provisions of this Capital Securities
Guarantee, and the Capital Securities Guarantee Trustee shall not be liable
except for the performance of such duties and obligations as are specifically
set forth in this Capital Securities Guarantee, and no implied covenants or
obligations shall be read into this Capital Securities Guarantee against the
Capital Securities Guarantee Trustee; and

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

                                                                     
7

 

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

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

(iv)       no
provision of this Capital Securities Guarantee shall require the Capital
Securities Guarantee Trustee to expend or risk its own funds or otherwise incur
personal financial liability in the performance of any of its duties or in the
exercise of any of its rights or powers, if the Capital Securities Guarantee
Trustee shall have reasonable grounds for believing that the repayment of such
funds or liability is not reasonably assured to it under the terms of this
Capital Securities Guarantee or indemnity, reasonably satisfactory to the
Capital Securities Guarantee Trustee, against such risk or liability is not
reasonably assured to it.

SECTION
3.2 Certain Rights of Capital Securities Guarantee Trustee.  

(a)        Subject to the provisions of Section 3.1:

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

(ii)        Any
direction or act of the Guarantor contemplated by this Capital Securities
Guarantee shall be sufficiently evidenced by an Officers' Certificate.

(iii)       Whenever,
in the administration of this Capital Securities Guarantee, the Capital
Securities Guarantee Trustee shall deem it desirable that a matter be proved or
established before taking, suffering or omitting any action hereunder, the
Capital Securities Guarantee Trustee (unless other evidence is herein
specifically prescribed) may, in the absence of bad faith on its part, request
and conclusively rely upon an Officers' Certificate which, upon receipt of such
request, shall be promptly delivered by the Guarantor.

(iv)       The
Capital Securities Guarantee Trustee shall have no duty to see to any
recording, filing or registration of any instrument (or any rerecording,
refiling or re-registration thereof).

                                                                           
8

 

(v)        The
Capital Securities Guarantee Trustee may consult with counsel of its selection,
and the advice or opinion of such counsel with respect to legal matters shall
be full and complete authorization and protection in respect of any action
taken, suffered or omitted by it hereunder in good faith and in accordance with
such advice or opinion.  Such counsel may be counsel to the Guarantor or any of
its Affiliates and may include any of its employees.  The Capital Securities
Guarantee Trustee shall have the right at any time to seek instructions
concerning the administration of this Capital Securities Guarantee from any
court of competent jurisdiction.

(vi)       The
Capital Securities Guarantee Trustee shall be under no obligation to exercise any
of the rights or powers vested in it by this Capital Securities Guarantee at
the request or direction of any Holder, unless such Holder shall have provided
to the Capital Securities Guarantee Trustee such security and indemnity,
reasonably satisfactory to the Capital Securities Guarantee Trustee, against
the costs, expenses (including attorneys' fees and expenses and the expenses of
the Capital Securities Guarantee Trustee's agents, nominees or custodians) and
liabilities that might be incurred by it in complying with such request or
direction, including such reasonable advances as may be requested by the
Capital Securities Guarantee Trustee; provided that, nothing contained in this
Section 3.2(a)(vi) shall be taken to relieve the Capital Securities Guarantee
Trustee, upon the occurrence of an Event of Default, of its obligation to
exercise the rights and powers vested in it by this Capital Securities
Guarantee.

(vii)      The
Capital Securities Guarantee Trustee shall not be bound to make any
investigation into the facts or matters stated in any resolution, certificate,
statement, instrument, opinion, report, notice, request, direction, consent,
order, bond, debenture, note, other evidence of indebtedness or other paper or
document, but the Capital Securities Guarantee Trustee, in its discretion, may
make such further inquiry or investigation into such facts or matters as it may
see fit.

(viii)      The
Capital Securities Guarantee Trustee may execute any of the trusts or powers
hereunder or perform any duties hereunder either directly or by or through
agents, nominees, custodians or attorneys, and the Capital Securities Guarantee
Trustee shall not be responsible for any misconduct or negligence on the part
of any agent or attorney appointed with due care by it hereunder.

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

(x)        Whenever
in the administration of this Capital Securities Guarantee the Capital
Securities Guarantee Trustee shall deem it desirable to receive instructions
with respect to enforcing any remedy or right or taking any other action
hereunder, the Capital

                                                                                 
9

 Securities Guarantee Trustee (i) may request
instructions from the Holders of a Majority in liquidation amount of the
Securities, (ii) may refrain from enforcing such remedy or right or taking such
other action until such instructions are received, and (iii) shall be protected
in conclusively relying on or acting in accordance with such instructions.

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

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

SECTION
3.3 Not Responsible for Recitals or Issuance of Capital Securities Guarantee. 

The recitals
contained in this Capital Securities Guarantee shall be taken as the statements
of the Guarantor, and the Capital Securities Guarantee Trustee does not assume
any responsibility for their correctness.  The Capital Securities Guarantee
Trustee makes no representation as to the validity or sufficiency of this
Capital Securities Guarantee.

ARTICLE 4

CAPITAL SECURITIES GUARANTEE TRUSTEE

SECTION
4.1 Capital Securities Guarantee Trustee; Eligibility.  

(a)        There shall at all times be a Capital
Securities Guarantee Trustee which shall:

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

(ii)        be a
corporation organized and doing business under the laws of the United States of
America or any State or Territory thereof or of the District of Columbia, or a
corporation or Person permitted by the Securities and Exchange Commission to
act as a trustee under the Trust Indenture Act, authorized under such laws to
exercise corporate trust powers, having a combined capital and surplus of at
least $50,000,000, and subject to supervision or examination by Federal, State,
Territorial or District of Columbia authority.  If such corporation publishes
reports of condition at least annually, pursuant to law or to the requirements
of the supervising or examining authority referred to above, then, for the
purposes of this Section 4.1(a)(ii), the combined capital and surplus of such
corporation shall be deemed to be its combined capital and surplus as set forth
in its most recent report of condition so published.

                                                                     
10

 

(b)        If at any time the Capital Securities Guarantee
Trustee shall cease to be eligible to so act under Section 4.1(a), the Capital
Securities Guarantee Trustee shall immediately resign in the manner and with
the effect set out in Section 4.2(c).

       (c)        If the Capital Securities Guarantee
Trustee has or shall acquire  any "conflicting interest" within the
meaning of Section 310(b) of the Trust Indenture Act, the Capital Securities
Guarantee Trustee and Guarantor shall in all respects comply with the
provisions of Section 310(b) of the Trust Indenture Act.

SECTION 4.2 Appointment, Removal and Resignation of
Capital Securities Guarantee Trustee.  

(a)        Subject to Section 4.2(b), the Capital
Securities Guarantee Trustee may be appointed or removed without cause at any
time by the Guarantor except during an Event of Default.

(b)        The Capital Securities Guarantee Trustee shall
not be removed in accordance with Section 4.2(a) until a Successor Capital
Securities Guarantee Trustee has been appointed and has accepted such
appointment by written instrument executed by such Successor Capital Securities
Guarantee Trustee and delivered to the Guarantor.

(c)        The Capital Securities Guarantee Trustee may
resign from office (without need for prior or subsequent accounting) by an
instrument in writing executed by the Capital Securities Guarantee Trustee and
delivered to the Guarantor, which resignation shall not take effect until a
Successor Capital Securities Guarantee Trustee has been appointed and has
accepted such appointment by instrument in writing executed by such Successor
Capital Securities Guarantee Trustee and delivered to the Guarantor and the
resigning Capital Securities Guarantee Trustee.

(d)        If no Successor Capital Securities Guarantee
Trustee shall have been appointed and accepted appointment as provided in this
Section 4.2 within 60 days after delivery of an instrument of removal or
resignation, the Capital Securities Guarantee Trustee resigning or being
removed may petition any court of competent jurisdiction for appointment of a
Successor Capital Securities Guarantee Trustee.  Such court may thereupon,
after prescribing such notice, if any, as it may deem proper, appoint a
Successor Capital Securities Guarantee Trustee.

(e)        No Capital Securities Guarantee Trustee shall
be liable for the acts or omissions to act of any Successor Capital Securities
Guarantee Trustee.

(f)         Upon termination of this Capital Securities
Guarantee or removal or resignation of the Capital Securities Guarantee Trustee
pursuant to this Section 4.2, the Guarantor shall pay to the Capital Securities
Guarantee Trustee all amounts accrued to the date of such termination, removal
or resignation.

                                                                                     
11

 

ARTICLE 5

GUARANTEE

SECTION
5.1 Guarantee.  

The Guarantor
irrevocably and unconditionally agrees to pay in full to the Holders the
Guarantee Payments (without duplication of amounts theretofore paid by the
Issuer), as and when due, regardless of any defense, right of set‐off or
counterclaim that the Issuer may have or assert.  The Guarantor's obligation to
make a Guarantee Payment may be satisfied by direct payment of the required
amounts by the Guarantor to the Holders or by causing the Issuer to pay such
amounts to the Holders.

SECTION 5.2 Waiver of Notice and Demand.  

The Guarantor
hereby waives notice of acceptance of this Capital Securities Guarantee and of
any liability to which it applies or may apply, presentment, demand for
payment, any right to require a proceeding first against the Issuer or any
other Person before proceeding against the Guarantor, protest, notice of
nonpayment, notice of dishonor, notice of redemption and all other notices and
demands.

SECTION
5.3 Obligations Not Affected.  

The
obligations, covenants, agreements and duties of the Guarantor under this
Capital Securities Guarantee shall in no way be affected or impaired by reason
of the happening from time to time of any of the following:

(a)        the release or waiver, by operation of law or
otherwise, of the performance or observance by the Issuer of any express or
implied agreement, covenant, term or condition relating to the Capital
Securities to be performed or observed by the Issuer;

(b)        the extension of time for the payment by the
Issuer of all or any portion of the Distributions, Redemption Price,
Liquidation Distribution or any other sums payable under the terms of the
Capital Securities or the extension of time for the performance of any other
obligation under, arising out of, or in connection with, the Capital Securities
(other than an extension of time for payment of Distributions, Redemption
Price, Liquidation Distribution or other sum payable that results from the
extension of any interest payment period on the Notes);

(c)        any failure, omission, delay or lack of
diligence on the part of the Holders to enforce, assert or exercise any right,
privilege, power or remedy conferred on the Holders pursuant to the terms of
the Capital Securities, or any action on the part of the Issuer granting
indulgence or extension of any kind;

(d)        the voluntary or involuntary liquidation,
dissolution, sale of any collateral, receivership, insolvency, bankruptcy, assignment
for the benefit of creditors, reorganization, arrangement, composition or
readjustment of debt of, or other similar proceedings affecting, the Issuer or
any of the assets of the Issuer;

(e)        any invalidity of, or defect or deficiency in,
the Capital Securities;

                                                                                   
12

 

(f)         any failure or omission to receive any
regulatory approval or consent required in connection with the Common
Securities or Capital Securities, including the failure to receive any approval
of the Board of Governors of the Federal Reserve System required in connection
with the Capital Securities;

(g)        the settlement or compromise of any obligation
guaranteed hereby or hereby incurred; or

(h)        any other circumstance whatsoever that might
otherwise constitute a legal or equitable discharge or defense of a guarantor,
it being the intent of this Section 5.3 that the obligations of the Guarantor
hereunder shall be absolute and unconditional under any and all circumstances.

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

SECTION
5.4 Rights of Holders.  

(a)        The Holders of a Majority in liquidation amount
of the Securities have the right to direct the time, method and place of
conducting of any proceeding for any remedy available to the Capital Securities
Guarantee Trustee in respect of this Capital Securities Guarantee or exercising
any trust or power conferred upon the Capital Securities Guarantee Trustee
under this Capital Securities Guarantee.

(b)        If the Capital Securities Guarantee Trustee
fails to enforce such Capital Securities Guarantee, any Holder of Capital
Securities may institute a legal proceeding directly against the Guarantor to
enforce the Capital Securities Guarantee Trustee's rights under this Capital
Securities Guarantee, without first instituting a legal proceeding against the
Issuer, the Capital Securities Guarantee Trustee or any other person or
entity.  The Guarantor waives any right or remedy to require that any action be
brought first against the Issuer or any other person or entity before
proceeding directly against the Guarantor.

SECTION
5.5 Guarantee of Payment.  

This Capital
Securities Guarantee creates a guarantee of payment and not of collection.

SECTION
5.6 Subrogation.  

The Guarantor
shall be subrogated to all (if any) rights of the Holders against the Issuer in
respect of any amounts paid to such Holders by the Guarantor under this Capital
Securities Guarantee; provided, however, that the Guarantor shall not (except to
the extent required by mandatory provisions of law) be entitled to enforce or
exercise any right that it may acquire by way of subrogation or any indemnity,
reimbursement or other agreement, in all cases as a result of payment under
this Capital Securities Guarantee, if, at the time of any such payment, any
amounts are due and unpaid under this Capital Securities Guarantee.  If any
amount shall be paid to the Guarantor in violation of the preceding sentence,
the Guarantor agrees to hold such amount in trust for the Holders and to pay
over such amount to the Holders.

                                                                                      
13

 

SECTION
5.7 Independent Obligations.  

The Guarantor
acknowledges that its obligations hereunder are independent of the obligations
of the Issuer with respect to the Capital Securities, and that the Guarantor
shall be liable as principal and as debtor hereunder to make Guarantee Payments
pursuant to the terms of this Capital Securities Guarantee notwithstanding the
occurrence of any event referred to in subsections (a) through (h), inclusive, of
Section 5.3 hereof.

ARTICLE 6

LIMITATION OF TRANSACTIONS; SUBORDINATION

SECTION
6.1 Limitation of Transactions.  

So long as
any Capital Securities remain outstanding, if there shall have occurred and be
continuing an Event of Default under this Capital Securities Guarantee, an
Event of Default or a Nonpayment under the Declaration or during an Extended
Interest Payment Period (as defined in the Indenture), then (a) the Guarantor
shall not declare or pay any dividend on, make any distributions with respect
to, or redeem, purchase, acquire or make a liquidation payment with respect to,
any of its capital stock (other than (i) purchases or acquisitions of shares of
its common stock in connection with the satisfaction by the Guarantor of its
obligations under any employee benefit plans, (ii) as a result of a
reclassification of the Guarantor's capital stock or the exchange or conversion
of one class or series of the Guarantor's capital stock for another class or
series of the Guarantor's capital stock, or (iii) the purchase of fractional
interests in shares of the Guarantor's capital stock pursuant to an acquisition
or the conversion or exchange provisions of such capital stock of the Guarantor
or the security being converted or exchanged) or make any guarantee payments
with respect to the foregoing or (b) the Guarantor shall not make any
payment of interest, principal or premium, if any, on or repay, repurchase or
redeem any debt securities (including guarantees) issued by the Guarantor which
rank pari passu with or junior to the Notes.

SECTION
6.2 Ranking.  

This Capital
Securities Guarantee will constitute an unsecured obligation of the Guarantor
and will rank (i) except as indicated in (iii) below, subordinate and junior in
right of payment to all other liabilities, including contingent liabilities, of
the Guarantor, (ii) pari passu with the most senior preferred or preference
stock now or hereafter issued by the Guarantor and, except as indicated in
(iii) below, with any guarantee now or hereafter entered into by the Guarantor
in respect of any preferred securities (including trust preferred securities)
or preference stock of any Affiliate of the Guarantor, and (iii) senior to (A) any
obligations or indebtedness of the Guarantor that is by its terms subordinated
to this Capital Securities Guarantee, and (B) the Guarantor's common stock.

                                                                                      
14

 

ARTICLE 7

TERMINATION

SECTION
7.1 Termination.  

This Capital
Securities Guarantee shall terminate upon (i) full payment of the Redemption
Price of all Capital Securities, (ii) upon the distribution of the Notes to the
Holders of all of the Capital Securities, or (iii) upon full payment of the
amounts payable in accordance with the Declaration upon liquidation or
dissolution of the Issuer.  Notwithstanding the foregoing, this Capital
Securities Guarantee will continue to be effective or will be reinstated, as
the case may be, if at any time any Holder must restore payment of any sums
paid under the Capital Securities or under this Capital Securities Guarantee.

ARTICLE 8

INDEMNIFICATION

SECTION
8.1 Exculpation.  

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

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

SECTION
8.2 Indemnification.  

The Guarantor
agrees to indemnify each Indemnified Person for, and to hold each Indemnified
Person harmless against, any and all loss, liability, damage, claim or expense
incurred without negligence or bad faith on its part, arising out of or in
connection with the acceptance or administration of the trust or trusts hereunder,
including the costs and expenses (including reasonable legal fees and expenses)
of defending itself against, or investigating, any claim or liability in
connection with the exercise or performance of any of its powers or duties
hereunder.  The obligation to indemnify as set forth in this Section 8.2 shall
survive the termination of this Capital Securities Guarantee.

                                                                               
15

 

ARTICLE 9

MISCELLANEOUS

SECTION
9.1 Successors and Assigns.  

All
guarantees and agreements contained in this Capital Securities Guarantee shall
bind the successors, assigns, receivers, trustees and representatives of the
Guarantor and shall inure to the benefit of the Holders of the Capital
Securities then outstanding.

SECTION
9.2 Amendments.  

Except with
respect to any changes that do not adversely affect the rights of Holders (in
which case no consent of Holders will be required), this Capital Securities
Guarantee may only be amended with the prior approval of the Holders of at
least a Majority in liquidation amount (including the stated amount that would
be paid on redemption, liquidation or otherwise, plus accrued and unpaid
Distributions to the date upon which the voting percentages are determined) of
all the outstanding Capital Securities.  The provisions of Section 12.2 of the
Declaration with respect to meetings of holders of the Securities apply to the
giving of such approval.

SECTION
9.3 Notices.  

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

            (a)        If
given to the Capital Securities Guarantee Trustee, at the Capital Securities
Guarantee Trustee's mailing address set forth below (or such other address as
the Capital Securities Guarantee Trustee may give notice of to the Holders):

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

                                    Towermarc
Plaza

                                    10161
Centurion Parkway

                                    Jacksonville,
Florida 32256

                                    Facsimile:  (904) 645-1921

                                   Attention:  Corporate Trust Department

(b)        If given to the Guarantor, at the Guarantor's
mailing address set forth below (or such other address as the Guarantor may
give notice of to the Holders of the Capital Securities):

Bank of
America Corporation

                                    Bank of
America Corporate Center

                                    NC1-007-07-06

                                   100 North
Tryon Street

                                   Charlotte,
North Carolina 28255

                                    Facsimile:  (704) 386-0270

                                    Attention:  Corporate
Treasury-Securities Administration

                                                                                    
16

 

(c)        If given to any Holder of Capital Securities,
at the address set forth on the books and records of the Issuer.

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

SECTION
9.4 Benefit.  

This Capital
Securities Guarantee is solely for the benefit of the Holders of the Capital
Securities and, subject to Section 3.1(a), is not separately transferable from
the Capital Securities.

SECTION
9.5 Governing Law.  

THIS CAPITAL
SECURITIES GUARANTEE SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN
ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD TO CONFLICTS
OF LAWS PRINCIPLES THEREOF.

[Signature
page follows.]

17

 

THIS CAPITAL
SECURITIES GUARANTEE is executed as of the day and year first above written.

BANK OF AMERICA CORPORATION, as
Guarantor

By:   /s/ B. KENNETH BURTON, JR.

Name:   B. Kenneth Burton, Jr.

Title:    Senior Vice President

THE BANK OF NEW YORK TRUST
COMPANY, N.A., as Capital Securities Guarantee Trustee

By:  /s/ CHRISTIE LEPPERT

Name:  Christie Leppert

Title:   Assistant Vice President

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