Document:

exv4w14w1

 

Exhibit 4.14.1

CERTIFICATE OF TRUST

OF

COUNTRYWIDE CAPITAL VII

      This
Certificate of Trust of Countrywide Capital VII dated October 27, 2006, is hereby duly
executed and filed by the undersigned, as trustees of Countrywide Capital VII, for the purpose of
forming a statutory trust under the Delaware Statutory Trust Act, 12 Del. C. Section 3801 et
seq. The undersigned, as trustees, do hereby certify as follows:

      1. Name. The name of the statutory trust formed hereby (the “Trust”) is “Countrywide
Capital VII.”

      2. Delaware Trustee. The name and business address of the trustee of the Trust which
has its principal place of business in the State of Delaware, as required by 12 Del. C. Sec.
3807(a), is The Bank of New York (Delaware), White Clay Center, Route 273, Newark, Delaware 19711.

      3. Effective Date. This Certificate of Trust shall be effective as of the date of its
filing.

(Signature Page Follows)

 

 

      IN WITNESS WHEREOF, the undersigned, being the sole trustees of the Trust at the time of
filing of this Certificate of Trust, have executed this Certificate of Trust as of the date first
above written.

	 	 	 	 	 	 	 
	 	 	/s/ Sandor E. Samuels 
	 	 
	 

	 	Name:
	 	Sandor E. Samuels	 	 
	 

	 	Title:
	 	Regular Trustee	 	 
	 
	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 	 	/s/ Eric P. Sieracki 
	 	 
	 

	 	Name:
	 	Eric P. Sieracki	 	 
	 

	 	Title:
	 	Regular Trustee	 	 
	 
	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 	 	/s/ Jennifer Sandefur 
	 	 
	 

	 	Name:
	 	Jennifer Sandefur	 	 
	 

	 	Title:
	 	Regular Trustee	 	 
	 
	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 	 	The Bank of New York (Delaware),

as Delaware Trustee	 	 
	 
	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	By: 	 
	/s/ Kristine K. Gullo 
	 	 
	 

	 	Name:
	 	Kristine K. Gullo	 	 
	 

	 	Title:
	 	Vice President	 	 

2exv4w14w2

 

Exhibit 14.14.2

CERTIFICATE OF TRUST

OF

COUNTRYWIDE CAPITAL VIII

      This
Certificate of Trust of Countrywide Capital VIII dated October 27, 2006, is hereby duly
executed and filed by the undersigned, as trustees of Countrywide Capital VIII, for the purpose of
forming a statutory trust under the Delaware Statutory Trust Act, 12 Del. C. Section 3801 et
seq. The undersigned, as trustees, do hereby certify as follows:

      1. Name. The name of the statutory trust formed hereby (the “Trust”) is “Countrywide
Capital VIII.”

      2. Delaware Trustee. The name and business address of the trustee of the Trust which
has its principal place of business in the State of Delaware, as required by 12 Del. C. Sec.
3807(a), is The Bank of New York (Delaware), White Clay Center, Route 273, Newark, Delaware 19711.

      3. Effective Date. This Certificate of Trust shall be effective as of the date of its
filing.

(Signature Page Follows)

 

 

      IN WITNESS WHEREOF, the undersigned, being the sole trustees of the Trust at the time of
filing of this Certificate of Trust, have executed this Certificate of Trust as of the date first
above written.

	 	 	 	 	 	 	 
	 	 	/s/ Sandor E. Samuels 
	 	 
	 

	 	Name:
	 	Sandor E. Samuels	 	 
	 

	 	Title:
	 	Regular Trustee	 	 
	 
	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 	 	/s/ Eric P. Sieracki 
	 	 
	 

	 	Name:
	 	Eric P. Sieracki	 	 
	 

	 	Title:
	 	Regular Trustee	 	 
	 
	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 	 	/s/ Jennifer Sandefur 
	 	 
	 

	 	Name:
	 	Jennifer Sandefur	 	 
	 

	 	Title:
	 	Regular Trustee	 	 
	 
	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 	 	The Bank of New York (Delaware),

as Delaware Trustee	 	 
	 
	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	By: 	 
	/s/ Kristine K. Gullo 
	 	 
	 

	 	Name:
	 	Kristine K. Gullo	 	 
	 

	 	Title:
	 	Vice President	 	 

2exv4w14w3

 

Exhibit 4.14.3

CERTIFICATE OF TRUST

OF

COUNTRYWIDE CAPITAL IX

      This
Certificate of Trust of Countrywide Capital IX dated October 27, 2006, is hereby duly
executed and filed by the undersigned, as trustees of Countrywide Capital IX, for the purpose of
forming a statutory trust under the Delaware Statutory Trust Act, 12 Del. C. Section 3801 et
seq. The undersigned, as trustees, do hereby certify as follows:

      1. Name. The name of the statutory trust formed hereby (the “Trust”) is “Countrywide
Capital IX.”

      2. Delaware Trustee. The name and business address of the trustee of the Trust which
has its principal place of business in the State of Delaware, as required by 12 Del. C. Sec.
3807(a), is The Bank of New York (Delaware), White Clay Center, Route 273, Newark, Delaware 19711.

      3. Effective Date. This Certificate of Trust shall be effective as of the date of its
filing.

(Signature Page Follows)

 

 

      IN WITNESS WHEREOF, the undersigned, being the sole trustees of the Trust at the time of
filing of this Certificate of Trust, have executed this Certificate of Trust as of the date first
above written.

	 	 	 	 	 	 	 
	 	 	/s/ Sandor E. Samuels 
	 	 
	 

	 	Name:
	 	Sandor E. Samuels	 	 
	 

	 	Title:
	 	Regular Trustee	 	 
	 
	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 	 	/s/ Eric P. Sieracki 
	 	 
	 

	 	Name:
	 	Eric P. Sieracki	 	 
	 

	 	Title:
	 	Regular Trustee	 	 
	 
	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 	 	/s/ Jennifer Sandefur 
	 	 
	 

	 	Name:
	 	Jennifer Sandefur	 	 
	 

	 	Title:
	 	Regular Trustee	 	 
	 
	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 	 	The Bank of New York (Delaware),

as Delaware Trustee	 	 
	 
	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	By: 	 
	/s/ Kristine K. Gullo 
	 	 
	 

	 	Name:
	 	Kristine K. Gullo	 	 
	 

	 	Title:
	 	Vice President	 	 

2exv4w16w1

 

Exhibit 4.16.1

DECLARATION OF TRUST

OF

COUNTRYWIDE CAPITAL VII

Dated as of October 27, 2006

 

 

Table of Contents

	 	 	 	 	 	 	 
	 	 	 	 	Page
	ARTICLE I

	DEFINITIONS

	 
	 	 	 	 	 	 
	SECTION 1.1.

	 	Definitions
	 	 	1	 
	 
	 	 	 	 	 	 
	ARTICLE II

	ORGANIZATION

	 
	 	 	 	 	 	 
	SECTION 2.1.

	 	Name
	 	 	3	 
	SECTION 2.2.

	 	Office
	 	 	3	 
	SECTION 2.3.

	 	Purpose
	 	 	3	 
	SECTION 2.4.

	 	Authority
	 	 	4	 
	SECTION 2.5.

	 	Title to Property of the Trust
	 	 	4	 
	SECTION 2.6.

	 	Powers of the Trustees
	 	 	4	 
	SECTION 2.7.

	 	Filing of Certificate of Trust
	 	 	5	 
	SECTION 2.8.

	 	Duration of Trust
	 	 	5	 
	SECTION 2.9.

	 	Responsibilities of the Sponsor
	 	 	5	 
	SECTION 2.10.

	 	Declaration Binding on Securities Holders
	 	 	6	 
	 
	 	 	 	 	 	 
	ARTICLE III

	TRUSTEES

	 
	 	 	 	 	 	 
	SECTION 3.1.

	 	Trustees
	 	 	6	 
	SECTION 3.2.

	 	Regular Trustees
	 	 	6	 
	SECTION 3.3.

	 	Delaware Trustee
	 	 	7	 
	SECTION 3.4.

	 	Institutional Trustee
	 	 	7	 
	SECTION 3.5.

	 	Not Responsible for Recitals or Sufficiency of Declaration
	 	 	7	 
	 
	 	 	 	 	 	 
	ARTICLE IV

	LIMITATION OF LIABILITY OF HOLDERS OF SECURITIES,

	TRUSTEES OR OTHERS

	 
	 	 	 	 	 	 
	SECTION 4.1.

	 	Exculpation
	 	 	8	 
	SECTION 4.2.

	 	Fiduciary Duty
	 	 	8	 
	SECTION 4.3.

	 	Indemnification
	 	 	9	 
	SECTION 4.4.

	 	Outside Businesses
	 	 	13	 
	 
	 	 	 	 	 	 
	ARTICLE V
	AMENDMENTS, TERMINATION, MISCELLANEOUS

	 
	 	 	 	 	 	 
	SECTION 5.1.

	 	Amendments
	 	 	13	 
	SECTION 5.2.

	 	Termination of Trust
	 	 	13	 
	SECTION 5.3.

	 	Governing Law
	 	 	14	 
	SECTION 5.4.

	 	Headings
	 	 	14	 
	SECTION 5.5.

	 	Successors and Assigns
	 	 	14	 
	SECTION 5.6.

	 	Partial Enforceability
	 	 	14	 
	SECTION 5.7.

	 	Counterparts
	 	 	14	 

i

 

DECLARATION OF TRUST

OF

COUNTRYWIDE CAPITAL VII

October 27, 2006

     DECLARATION
OF TRUST (“Declaration”) dated and effective as of October 27, 2006 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 Trust to be issued pursuant to this Declaration;

     WHEREAS, the Trustees and the Sponsor desire to establish a trust (the “Trust”) pursuant to
the Delaware Statutory Trust Act for the purpose of issuing and selling the Preferred Securities
(as defined herein) and investing the proceeds thereof in certain Debentures of the Debenture
Issuer (as both terms are defined herein); and

     NOW, THEREFORE, it being the intention of the parties hereto that the Trust constitute 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 exclusive 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 I

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 of Trust as modified, supplemented
or amended from time to time;
	 
	 	(d)	 	all references in this Declaration to Articles and
Sections are to Articles and Sections of this Declaration unless
otherwise specified; and

1

 

	 	(e)	 	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.

     “Commission” means the Securities and Exchange Commission.

     “Common Security” means a security representing an undivided beneficial interest in the assets
of the Trust with such terms as may be set out in any amendment to this Declaration.

     “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.

     “Debenture Issuer” means the issuer of the Debentures under the Indenture.

     “Debentures” means the series of Debentures to be issued by the Debenture Issuer and acquired
by the Trust.

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

     “Debt Trustee” means The Bank of New York, as trustee under the Indenture until a successor is
appointed thereunder, and thereafter means such successor trustee.

     “Delaware Trustee” has the meaning set forth in Section 3.1.

     “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 4.3(b).

     “Indemnified Person” means a Debenture Issuer Indemnified Person or a Fiduciary Indemnified
Person.

     “Indenture” means the indenture pursuant to which the Debentures are to be issued and any
indenture supplemental thereto.

     “Institutional Trustee” has the meaning set forth in Section 3.4.

     “Parent” means Countrywide Financial Corporation, a Delaware corporation, or any successor
entity in a merger or consolidation.

     “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.

2

 

     “Preferred Security” means a security representing an undivided beneficial interest in the
assets of the Trust with such terms as may be set out in any amendment to this Declaration.

     “Regular Trustee” means any Trustee other than the Delaware Trustee and the Institutional
Trustee.

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

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

     “Sponsor” means the Parent in its capacity as sponsor of the Trust.

     “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.

     “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.

ARTICLE II

ORGANIZATION

SECTION 2.1. Name.

     The Trust created by this Declaration is named “Countrywide Capital VII.” The activities of
the Trust may be conducted under the name of the Trust or any other name deemed advisable by the
Regular Trustees.

SECTION 2.2. Office.

     The address of the principal office of the Trust is c/o Countrywide Financial Corporation,
4500 Park Granada, Calabasas, CA 91302. At any time, the Regular Trustees may designate another
principal office.

SECTION 2.3. Purpose.

     The exclusive purposes and functions of the Trust are either (a) to issue and sell the
Securities and use the proceeds from such sale to acquire the Debentures or (b) to issue the Common
Securities to the Parent in exchange for cash and to invest the proceeds thereof and in each case
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 2.4. Authority.

3

 

     Subject to the limitations provided in this Declaration, 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. In dealing with the Regular Trustees acting on behalf of the Trust, no Person shall be
required to inquire into the authority of the Regular Trustees to bind the Trust. Persons dealing
with the Trust are entitled to rely conclusively on the power and authority of the Regular Trustees
as set forth in this Declaration.

SECTION 2.5. Title to Property of the Trust.

     Legal title to all assets of the Trust shall be vested in the Trust.

SECTION 2.6. Powers of the Trustees.

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

	 	(a)	 	to issue the Preferred Securities and the Common
Securities in accordance with this Declaration, in connection with the
sale of the Preferred Securities; provided, however, that the Trust may
issue no more than one series of Preferred 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 the Securities shall be limited to the simultaneous
issuance of both Preferred Securities and Common Securities;
	 
	 	(b)	 	in connection with the issue and either sale or
exchange of the Preferred Securities to:

	 	(i)	 	execute and file with the Commission
one or more registration statements on Form S-3 or Form S-4
prepared by the Sponsor, including any and all amendments
thereto in relation to the Preferred Securities;
	 
	 	(ii)	 	execute and file any documents prepared
by the Sponsor, or take any acts as determined by the Sponsor
to be necessary in order to qualify or register all or part of
the Preferred Securities in any State in which the Sponsor has
determined to qualify or register such Preferred Securities for
sale or exchange;
	 
	 	(iii)	 	execute and file an application,
prepared by the Sponsor, to the New York Stock Exchange or any
other national stock exchange or the Nasdaq Stock Market’s
National Market for listing or quotation upon notice of
issuance of any Preferred Securities;

4

 

	 	(iv)	 	execute and file with the Commission a
registration statement on Form 8-A, including any amendments
thereto, prepared by the Sponsor relating to the registration
of the Preferred Securities under Section 12(b) of the Exchange
Act; and
	 
	 	(v)	 	prepare, execute and file with the
Commission an Issuer Tender Offer Statement on Schedule 13E-3
or Schedule 13E-4, as necessary, or any other appropriate
document or schedule, and any amendments thereto.

	 	(c)	 	to employ or otherwise engage employees and agents (who
may be designated as officers with titles) and managers, contractors,
advisors, and consultants and provide for reasonable compensation for
such services;
	 
	 	(d)	 	to incur expenses which are necessary or incidental to
carry out any of the purposes of this Declaration; and
	 
	 	(e)	 	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.

SECTION 2.7. Filing of Certificate of Trust.

     On or after the date of execution of this Declaration, the Trustees shall cause the filing of
the Certificate of Trust for the Trust in the form attached hereto as Exhibit A with the Secretary
of State of the State of Delaware.

SECTION 2.8. Duration of Trust.

     The Trust, absent dissolution pursuant to the provisions of Section 5.2, shall dissolve on
April 1, 2059.

SECTION 2.9. Responsibilities of the Sponsor.

     In connection with the issue and sale of the Preferred 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 or Form S-4 in relation
to the Preferred Securities, including any amendments thereto;
	 
	 	(b)	 	to determine the States in which to take appropriate
action to qualify or register for sale or exchange of all or part of
the Preferred 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

5

 

	 	 	 	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 by the Trust an application to
the New York Stock Exchange or any other national stock exchange or the
Nasdaq National Market for listing or quotation upon notice of issuance
of any Preferred Securities;
	 
	 	(d)	 	to prepare for filing by the Trust with the Commission
a registration statement on Form 8-A relating to the registration of
the class of Preferred Securities under Section 12(b) of the Exchange
Act, including any amendments thereto;
	 
	 	(e)	 	to prepare for filing by the Trust with the Commission
an Issuer Tender Offer Statement on Schedule 13E-3 or Schedule 13E-4,
as necessary, or any other appropriate document or schedule and any
amendments thereto; and
	 
	 	(f)	 	to negotiate, on behalf of the Trust, the terms of, and
execute and deliver, an underwriting agreement and pricing agreement
providing for the sale of the Preferred Securities.

SECTION 2.10. Declaration Binding on Securities Holders.

     Every Person by virtue of having become a holder of a Security or any interest therein 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.

ARTICLE III

TRUSTEES

SECTION 3.1. Trustees.

     The number of Trustees initially shall be four (4), and thereafter the number of Trustees
shall be such number as shall be fixed from time to time by a written instrument signed by the
Sponsor. The Sponsor is entitled to appoint or remove without cause any Trustee at any time;
provided, however, that the number of Trustees shall in no event be less than two (2); provided
further that 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”); provided further that there shall be
at least one trustee who is an employee or officer of, or is affiliated with, the Parent (a
“Regular Trustee”).

SECTION 3.2. Regular Trustees.

     The initial Regular Trustees shall be Sandor E. Samuels, Eric P. Sieracki and Jennifer
Sandefur.

6

 

	 	(a)	 	Except as expressly set forth in this Declaration, 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, any
Regular Trustee is authorized to execute on behalf of the Trust any
documents which the Regular Trustees have the power and authority to
cause the Trust to execute pursuant to Section 2.6; 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 2.6.

SECTION 3.3. Delaware Trustee.

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

     Notwithstanding any other provision of this Declaration, the Delaware Trustee shall not be
entitled to exercise any of the powers, nor shall the Delaware Trustee have any of the duties and
responsibilities of the Regular Trustees described in this Declaration. 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. Notwithstanding anything herein to the contrary, the Delaware Trustee shall
not be liable for the acts or omissions to act of the Trust or of the Regular Trustees except such
acts as the Delaware Trustee is expressly obligated or authorized to undertake under this
Declaration or the Statutory Trust Act and except for the gross negligence or willful misconduct of
the Delaware Trustee. The Delaware Trustee may resign upon thirty (30) days’ prior notice to the
Sponsor.

SECTION 3.4. Institutional Trustee.

     Prior to the issuance of the Preferred Securities and Common Securities, the Sponsor shall
appoint another trustee (the “Institutional Trustee”) meeting the requirements of an eligible
trustee of the Trust Indenture Act of 1939, as amended, by the execution of an amendment to this
Declaration executed by the Regular Trustees, the Sponsor, the Institutional Trustee and the
Delaware Trustee.

SECTION 3.5. Not Responsible for Recitals or Sufficiency of Declaration.

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

7

 

ARTICLE IV

LIMITATION OF LIABILITY OF

HOLDERS OF SECURITIES, TRUSTEES OR OTHERS

SECTION 4.1. 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 negligence or willful
misconduct with respect to such acts or omissions; and
	 
	 	(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.

SECTION 4.2. 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, 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 Covered Persons, or

8

 

	 	(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; and
	 
	 	(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.

SECTION 4.3. Indemnification.

	 	(a)  (i)	 	The Sponsor shall indemnify, to the full extent
permitted by law, any Debenture Issuer 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 Debenture
Issuer Indemnified Person against expenses (including attorneys’ fees),
judgments, fines and amounts paid in settlement actually and reasonably
incurred by him in connection with such action, suit or proceeding
except that

9

 

	 	 	 	no Debenture Issuer Indemnified Person will be indemnified
for such Debenture Issuer Indemnified Person’s own gross
negligence or willful misconduct. 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 Debenture Issuer 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 Sponsor shall indemnify, to the
full extent permitted by law, any Debenture Issuer 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 Debenture Issuer
Indemnified Person against expenses (including attorneys’ fees)
actually and reasonably incurred by him in connection with the
defense or settlement of such action or suit except that no
Debenture Issuer Indemnified Person will be indemnified for
such Debenture Issuer Indemnified Person’s own gross negligence
or willful misconduct and except that no such indemnification
shall be made in respect of any claim, issue or matter as to
which such Debenture Issuer 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 Debenture Issuer
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 4.3(a), or in defense
of any claim, issue of 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.

10

 

	 	(iv)	 	Any indemnification under paragraphs
(i) and (ii) of this Section 4.3(a) (unless ordered by a court)
shall be made by the Sponsor only as authorized in the specific
case upon a determination that indemnification of the Debenture
Issuer 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
(1) 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, (2) 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 (3) by the Common Security
Holder of the Trust.
	 
	 	(v)	 	Expenses (including attorneys’ fees)
incurred by a Debenture Issuer Indemnified Person in defending
a civil, criminal, administrative or investigative action, suit
or proceeding referred to in paragraphs (i) and (ii) of this
Section 4.3(a) shall be paid by the Sponsor in advance of the
final disposition of such action, suit or proceeding upon
receipt of an undertaking by or on behalf of such Debenture
Issuer Indemnified Person to repay such amount if it shall
ultimately be determined that he is not entitled to be
indemnified by the Sponsor as authorized in this Section
4.3(a). Notwithstanding the foregoing, no advance shall be made
by the Sponsor if a determination is reasonably and promptly
made (i) by the Regular Trustees by a majority vote of a quorum
of disinterested Regular Trustees, (ii) 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 (iii) 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 Debenture Issuer
Indemnified Person’s actions constituted gross negligence or
willful misconduct. 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 its Common or
Preferred Security Holders.
	 
	 	(vi)	 	The indemnification and advancement of
expenses provided by, or granted pursuant to, the other
paragraphs of this Section 4.3(a) shall not be deemed exclusive
of any other rights to which those seeking indemnification and

11

 

	 	 	 	advancement of expenses may be entitled under any agreement,
vote of stockholders or disinterested directors of the
Sponsor or Preferred 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 4.3(a) shall be
deemed to be provided by a contract between the Sponsor and
each Debenture Issuer Indemnified Person who serves in such
capacity at any time while this Section 4.3(a) is in effect.
Any repeal or modification of this Section 4.3(a) shall not
affect any rights or obligations then existing.

	 	(vii)	 	The Sponsor or the Trust may purchase
and maintain insurance on behalf of any Person who is or was a
Debenture Issuer Indemnified Person against any liability
asserted against him and incurred by him in any such capacity,
or arising out of his status as such, whether or not the
Sponsor would have the power to indemnify him against such
liability under the provisions of this Section 4.3(a).
	 
	 	(viii)	 	For purposes of this Section 4.3(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 4.3(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 4.3(a) shall, unless
otherwise provided when authorized or ratified, continue as to
a person who has ceased to be a Debenture Issuer Indemnified
Person and shall inure to the benefit of the heirs, executors
and administrators of such a Person.

	 	(b)	 	The Sponsor agrees to indemnify (i) the Delaware
Trustee, (ii) any Affiliate of the Delaware Trustee, and (iii) any
officers, directors, shareholders, members, partners, employees,
representatives, nominees, custodians or agents of the Delaware Trustee
(each of the Persons in (i) through (iii) being referred to as a
“Fiduciary

12

 

	 	 	 	Indemnified Person”) for, and to hold each Fiduciary Indemnified
Person harmless against, any and all losses, liabilities or expenses
incurred without gross negligence or willful misconduct 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 4.3(b) shall survive the termination of this
Declaration and the resignation or removal of the Delaware Trustee.

SECTION 4.4. Outside Businesses.

     Any Covered Person, the Sponsor and the Delaware 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 or the Delaware
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 Covered Person, the Sponsor and the Delaware 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 and the Delaware 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 may act on any committee or body of
holders of, securities or other obligations of the Sponsor or its Affiliates.

ARTICLE V

AMENDMENTS, TERMINATION, MISCELLANEOUS

SECTION 5.1. Amendments.

     At any time before the issue of any Securities, this Declaration may be amended by, and only
by, a written instrument executed by all of the Regular Trustees and the Sponsor.

SECTION 5.2. Termination of Trust.

	 	(a)	 	The Trust shall terminate and be of no further force or
effect:

	 	(i)	 	upon the bankruptcy of the Sponsor or
the Debenture Issuer;
	 
	 	(ii)	 	upon the filing of a certificate of
dissolution or its equivalent with respect to the Sponsor or
the Debenture

13

 

	 	 	 	Issuer or the revocation of the Sponsor’s or the Debenture
Issuer’s charter or of the Trust’s certificate of trust;

	 	(iii)	 	upon the entry of a decree of judicial
dissolution of the Sponsor, the Debenture Issuer or the Trust;
and
	 
	 	(iv)	 	before the issue of any Securities,
with the consent of all of the Regular Trustees and the
Sponsor; and

	 	(b)	 	As soon as is practicable after the occurrence of an
event referred to in Section 5.2(a), the Trustees shall file a
certificate of cancellation with the Secretary of State of the State of
Delaware.

SECTION 5.3. 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 5.4. 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 5.5. 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 5.6. 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 5.7. Counterparts.

     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.

14

 

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

	 	 	 	 	 
	 

	 	/s/ Sandor E. Samuels	 	 
	 

	 	 

Name: Sandor E. Samuels
	 	 
	 

	 	Title:   Regular Trustee	 	 
	 
	 	 	 	 
	 

	 	/s/ Eric P. Sieracki	 	 
	 

	 	 

Name: Eric P. Sieracki
	 	 
	 

	 	Title:   Regular Trustee	 	 
	 
	 	 	 	 
	 

	 	/s/ Jennifer Sandefur	 	 
	 

	 	 

Name: Jennifer Sandefur
	 	 
	 

	 	Title:   Regular Trustee	 	 

	 	 	 	 	 
	 	The Bank of New York (Delaware), as Delaware Trustee

 	 
	 	By:  	/s/ Kristine K. Gullo
 	 
	 	 	Name:  	Kristine K. Gullo 	 
	 	 	Title:  	Vice President 	 
	 

	 	 	 	 	 
	 	COUNTRYWIDE FINANCIAL CORPORATION,

as Sponsor

 	 
	 	By:  	/s/ Jennifer S. Sanderfur
 	 
	 	 	Name:  	Jennifer S. Sanderfur 	 
	 	 	Title:  	Senior Managing Director and Treasurer 	 
	 

15

 

EXHIBIT A

CERTIFICATE OF TRUST

OF

COUNTRYWIDE CAPITAL VII

[See attached.]

16

 

CERTIFICATE OF TRUST

OF

COUNTRYWIDE CAPITAL VII

     This Certificate of Trust of Countrywide Capital VII dated October ___, 2006, is hereby duly
executed and filed by the undersigned, as trustees of Countrywide Capital VII, for the purpose of
forming a statutory trust under the Delaware Statutory Trust Act, 12 Del. C. Section 3801 et
seq. The undersigned, as trustees, do hereby certify as follows:

     1. Name. The name of the statutory trust formed hereby (the “Trust”) is “Countrywide
Capital VII.”

     2. Delaware Trustee. The name and business address of the trustee of the Trust which
has its principal place of business in the State of Delaware, as required by 12 Del. C. Sec.
3807(a), is The Bank of New York (Delaware), White Clay Center, Route 273, Newark, Delaware 19711.

     3. Effective Date. This Certificate of Trust shall be effective as of the date of its
filing.

(Signature Page Follows)

1

 

     IN WITNESS WHEREOF, the undersigned, being the sole trustees of the Trust at the time of
filing of this Certificate of Trust, have executed this Certificate of Trust as of the date first
above written.

	 	 	 	 	 
	 

	 	 

Name: Sandor E. Samuels
	 	 
	 

	 	Title: Regular Trustee	 	 
	 
	 	 	 	 
	 

	 	 

Name: Thomas K. McLaughlin
	 	 
	 

	 	Title: Regular Trustee	 	 
	 
	 	 	 	 
	 

	 	 

Name: Jennifer Sandefur
	 	 
	 

	 	Title: Regular Trustee	 	 

	 	 	 	 	 
	 	The Bank of New York (Delaware), as Delaware Trustee

 	 
	 	By:  	 	 
	 	Name:	  	 	 
	 	Title:	  	 	 
	 

2

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