Document:

ex4b2trustagreement.htm

    Exhibit
      4(b) 2  

    
 

    

    

    

    

    SWEPCO
      CAPITAL TRUST I

     

    

     

    AMENDED
      AND RESTATED

     

    TRUST
      AGREEMENT

     

    

     

    among

     

    

     

    SOUTHWESTERN
      ELECTRIC POWER COMPANY, as Depositor,

     

    THE
      BANK OF NEW YORK, as Property Trustee,

     

    THE
      BANK OF NEW YORK (DELAWARE), as Delaware Trustee,

     

    

     

    and

     

    

     

    WENDY
      G. HARGUS and JEFFREY D. CROSS,

     

    as
      Administrative Trustees

     

    

     

    Dated
      as of September 1, 2003

     

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      
        	 	
                Table
                  of Contents

              
	 	 	 	
                Page

              
	
                ARTICLE
                  I DEFINED TERMS

              	
                2

              
	 	
                SECTION
                  1.01.

              	
                Definitions

              	
                2

              
	
                ARTICLE
                  II Establishment of the Trust

              	
                11

              
	 	
                SECTION
                  2.01.

              	
                Name

              	
                11

              
	 	
                SECTION
                  2.02.

              	
                Offices
                  of the Trustees; Principal Place of Business

              	
                11

              
	 	
                SECTION
                  2.03.

              	
                Initial
                  Contribution of Trust Property; Organizational Expenses

              	
                12

              
	 	
                SECTION
                  2.04.

              	
                Issuance
                  of the Preferred Securities

              	
                12

              
	 	
                SECTION
                  2.05.

              	
                Subscription
                  and Purchase of Junior Subordinated Debentures; Issuance of the
                  Common
                  Securities

              	
                12

              
	 	
                SECTION
                  2.06.

              	
                Declaration
                  of Trust

              	
                13

              
	 	
                SECTION
                  2.07.

              	
                Authorization
                  to Enter into Certain Transactions

              	
                13

              
	 	
                SECTION
                  2.08.

              	
                Assets
                  of Trust

              	
                18

              
	 	
                SECTION
                  2.09.

              	
                Title
                  to Trust Property

              	
                18

              
	 	
                SECTION
                  2.10.

              	
                Mergers
                  and Consolidations of the Trust

              	
                18

              
	
                ARTICLE
                  III PAYMENT ACCOUNT

              	
                19

              
	 	
                SECTION
                  3.01.

              	
                Payment
                  Account

              	
                19

              
	
                ARTICLE
                  IV DISTRIBUTIONS; REDEMPTION

              	
                20

              
	 	
                SECTION
                  4.01.

              	
                Distributions

              	
                20

              
	 	
                SECTION
                  4.02.

              	
                Distribution
                  Rate

              	
                21

              
	 	
                SECTION
                  4.03.

              	
                Distribution
                  Periods

              	
                25

              
	 	
                SECTION
                  4.04.

              	
                Redemption

              	
                25

              
	 	
                SECTION
                  4.05.

              	
                Subordination
                  of Common Securities and Distributions

              	
                27

              
	 	
                SECTION
                  4.06.

              	
                Payment
                  Procedures

              	
                27

              
	 	
                SECTION
                  4.07.

              	
                Tax
                  Returns and Reports

              	
                28

              
	
                ARTICLE
                  V TRUST SECURITIES CERTIFICATES

              	
                28

              
	 	
                SECTION
                  5.01.

              	
                Initial
                  Ownership

              	
                28

              
	 	
                SECTION
                  5.02.

              	
                The
                  Trust Securities Certificates

              	
                28

              
	 	
                SECTION
                  5.03.

              	
                Authentication
                  of Trust Securities Certificates

              	
                28

              
	 	
                SECTION
                  5.04.

              	
                Registration
                  of Transfer and Exchange of Preferred Securities
                  Certificates

              	
                29

              
	 	
                SECTION
                  5.05.

              	
                Mutilated,
                  Destroyed, Lost or Stolen Trust Securities Certificates

              	
                29

              
	 	
                SECTION
                  5.06.

              	
                Persons
                  Deemed Securityholders

              	
                30

              
	 	
                SECTION
                  5.07.

              	
                Access
                  to List of Securityholders’ Names and Addresses

              	
                30

              
	 	
                SECTION
                  5.08.

              	
                Maintenance
                  of Office or Agency

              	
                31

              
	 	
                SECTION
                  5.09.

              	
                Appointment
                  of Paying Agent

              	
                31

              
	 	
                SECTION
                  5.10.

              	
                Ownership
                  of Common Securities by Depositor

              	
                31

              
	 	
                SECTION
                  5.11.

              	
                Book-Entry
                  Preferred Securities Certificates; Common Securities
                  Certificate

              	
                32

              
	 	
                SECTION
                  5.12.

              	
                Notices
                  to Clearing Agency

              	
                33

              
	 	
                SECTION
                  5.13.

              	
                Definitive
                  Preferred Securities Certificates

              	
                33

              
	 	
                SECTION
                  5.14.

              	
                Rights
                  of Securityholders

              	
                33

              
	
                ARTICLE
                  VI ACTS OF SECURITYHOLDERS; MEETINGS; VOTING

              	
                34

              
	 	
                SECTION
                  6.01.

              	
                Limitations
                  on Voting Rights

              	
                34

              
	 	
                SECTION
                  6.02.

              	
                Notice
                  of Meetings

              	
                37

              
	 	
                SECTION
                  6.03.

              	
                Meetings
                  of Preferred Securityholders

              	
                37

              
	 	
                SECTION
                  6.04.

              	
                Voting
                  Rights

              	
                38

              
	 	
                SECTION
                  6.05.

              	
                Proxies,
                  etc.

              	
                38

              
	 	
                SECTION
                  6.06.

              	
                Securityholder
                  Action by Written Consent

              	
                38

              
	 	
                SECTION
                  6.07.

              	
                Record
                  Date for Voting and Other Purposes

              	
                38

              
	 	
                SECTION
                  6.08.

              	
                Acts
                  of Securityholders

              	
                39

              
	 	
                SECTION
                  6.09.

              	
                Inspection
                  of Records

              	
                40

              
	
                ARTICLE
                  VII REPRESENTATIONS AND WARRANTIES OF THE TRUSTEES

              	
                40

              
	 	
                SECTION
                  7.01.

              	
                Representations
                  and Warranties of the Trustees

              	
                40

              
	
                ARTICLE
                  VIII THE TRUSTEES

              	
                41

              
	 	
                SECTION
                  8.01.

              	
                Certain
                  Duties and Responsibilities

              	
                41

              
	 	
                SECTION
                  8.02.

              	
                Notice
                  of Defaults

              	
                41

              
	 	
                SECTION
                  8.03.

              	
                Certain
                  Rights of Property Trustee

              	
                42

              
	 	
                SECTION
                  8.04.

              	
                Not
                  Responsible for Recitals or Issuance of Securities

              	
                43

              
	 	
                SECTION
                  8.05.

              	
                May
                  Hold Securities

              	
                43

              
	 	
                SECTION
                  8.06.

              	
                Compensation;
                  Fees; Indemnity

              	
                44

              
	 	
                SECTION
                  8.07.

              	
                Trustees
                  Required; Eligibility

              	
                44

              
	 	
                SECTION
                  8.08.

              	
                Conflicting
                  Interests

              	
                45

              
	 	
                SECTION
                  8.09.

              	
                Co-Trustees
                  and Separate Trustee

              	
                45

              
	 	
                SECTION
                  8.10.

              	
                Resignation
                  and Removal; Appointment of Successor

              	
                46

              
	 	
                SECTION
                  8.11.

              	
                Acceptance
                  of Appointment by Successor

              	
                47

              
	 	
                SECTION
                  8.12.

              	
                Merger,
                  Conversion, Consolidation or Succession to Business

              	
                48

              
	 	
                SECTION
                  8.13.

              	
                Preferential
                  Collection of Claims Against Depositor or Trust

              	
                48

              
	 	
                SECTION
                  8.14.

              	
                Reports
                  by Property Trustee

              	
                48

              
	 	
                SECTION
                  8.15.

              	
                Reports
                  to the Property Trustee

              	
                49

              
	 	
                SECTION
                  8.16.

              	
                Evidence
                  of Compliance with Conditions Precedent

              	
                49

              
	 	
                SECTION
                  8.17.

              	
                Number
                  of Trustees

              	
                49

              
	 	
                SECTION
                  8.18.

              	
                Delegation
                  of Power

              	
                50

              
	 	
                SECTION
                  8.19.

              	
                Enforcement
                  of Rights of Property Trustee by Securityholders

              	
                50

              
	 	
                SECTION
                  8.20.

              	
                Delaware
                  Trustee

              	
                51

              
	
                ARTICLE
                  IX TERMINATION AND LIQUIDATION

              	
                51

              
	 	
                SECTION
                  9.01.

              	
                Termination
                  Upon Expiration Date

              	
                51

              
	 	
                SECTION
                  9.02.

              	
                Early
                  Termination

              	
                51

              
	 	
                SECTION
                  9.03.

              	
                Termination

              	
                52

              
	 	
                SECTION
                  9.04.

              	
                Liquidation

              	
                52

              
	 	
                SECTION
                  9.05.

              	
                Bankruptcy

              	
                53

              
	 	
                SECTION
                  9.06.

              	
                Certificate
                  of Cancellation

              	
                53

              
	
                ARTICLE
                  X REMARKETING PROCEDURES

              	
                54

              
	 	
                SECTION
                  10.01.

              	
                Election
                  to Remarket

              	
                54

              
	 	
                SECTION
                  10.02.

              	
                Notice
                  of Election

              	
                54

              
	 	
                SECTION
                  10.03.

              	
                Determination
                  of Distribution Rate

              	
                55

              
	
                ARTICLE
                  XI MISCELLANEOUS PROVISIONS

              	
                56

              
	 	
                SECTION
                  11.01.

              	
                Guarantee
                  by the Depositor

              	
                56

              
	 	
                SECTION
                  11.02.

              	
                Limitation
                  of Rights of Securityholders

              	
                56

              
	 	
                SECTION
                  11.03.

              	
                Amendment

              	
                56

              
	 	
                SECTION
                  11.04.

              	
                Separability

              	
                56

              
	 	
                SECTION
                  11.05.

              	
                Governing
                  Law

              	
                56

              
	 	
                SECTION
                  11.06.

              	
                Successors

              	
                56

              
	 	
                SECTION
                  11.07.

              	
                Headings

              	
                56

              
	 	
                SECTION
                  11.08.

              	
                Notice
                  and Demand

              	
                56

              
	 	
                SECTION
                  11.09.

              	
                Agreement
                  Not to Petition

              	
                56

              
	 	
                SECTION
                  11.10.

              	
                Conflict
                  with Trust Indenture Act

              	
                56

              

      

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    SWEPCO
      CAPITAL TRUST I

     

    Certain
      Sections of this Trust Agreement relating to

     

    Sections
      310 through 318 of the

     

    Trust
      Indenture Act of 1939:

    
 

    
      
        	
                Trust
                  Indenture Act Section

              	 	
                Trust
                  Agreement Section

              
	 	 	 
	
                Section
                  310(a)(1)

              	 	
                8.07

              
	
                       (a)(2)

              	 	
                8.07

              
	
                       (a)(3)

              	 	
                8.09

              
	
                       (a)(4)

              	 	
                Not
                  Applicable

              
	
                       (b)

              	 	
                8.08

              
	
                Section
                  311(a)

              	 	
                8.13

              
	
                       (b)

              	 	
                8.13

              
	
                Section
                  312(a)

              	 	
                5.07

              
	
                       (b)

              	 	
                5.07

              
	
                       (c)

              	 	
                5.07

              
	
                Section
                  313(a)

              	 	
                8.14(a)

              
	
                       (a)(4)

              	 	
                8.14(b)

              
	
                       (b)

              	 	
                8.14(b)

              
	
                       (c)

              	 	
                8.14(a)

              
	
                       (d)

              	 	
                8.14(a),
                  8.14(b)

              
	
                Section
                  314(a)

              	 	
                8.15

              
	
                       (b)

              	 	
                Not
                  Applicable

              
	
                       (c)(1)

              	 	
                8.15,
                  8.16

              
	
                       (c)(2)

              	 	
                8.16

              
	
                       (c)(3)

              	 	
                8.16

              
	
                       (d)

              	 	
                Not
                  Applicable

              
	
                       (e)

              	 	
                8.16

              
	
                Section
                  315(a)

              	 	
                8.01

              
	
                       (b)

              	 	
                8.02,
                  8.14(b)

              
	
                       (c)

              	 	
                8.01(a)

              
	
                       (d)

              	 	
                8.01,
                  8.03

              
	
                       (e)

              	 	
                Not
                  Applicable

              
	
                Section
                  316(a)

              	 	
                Not
                  Applicable

              
	
                       (a)(1)(A)

              	 	
                8.19

              
	
                       (a)(1)(B)

              	 	
                8.19

              
	
                       (a)(2)

              	 	
                Not
                  Applicable

              
	
                       (b)

              	 	
                Not
                  Applicable

              
	
                       (c)

              	 	
                Not
                  Applicable

              
	
                Section
                  317(a)(1)

              	 	
                Not
                  Applicable

              
	
                       (a)(2)

              	 	
                Not
                  Applicable

              
	
                       (b)

              	 	
                5.09

              
	
                Section
                  318(a)

              	 	
                11.10

              

      

    

     

    __________

    Note:  This
      Cross Reference Table does not constitute part of the Trust Agreement and shall
      not affect the interpretation of any of its terms and
      provisions.

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    AMENDED
      AND RESTATED TRUST AGREEMENT

     

    THIS
      AMENDED AND RESTATED TRUST AGREEMENT is made as of September 1, 2003,
      by and among (i) Southwestern Electric Power Company, a Delaware corporation
      (the “Depositor” or the “Company”); (ii) The Bank of New York, a banking
      corporation duly organized and existing under the laws of New York, as trustee
      (the “Property Trustee” and, in its separate corporate capacity and not in its
      capacity as Trustee, the “Bank”); (iii) The Bank of New York (Delaware), a
      banking corporation duly organized and existing under the laws of the State
      of
      Delaware, as Delaware trustee (the “Delaware Trustee” and, in its separate
      corporate capacity and not in its capacity as Delaware Trustee, the “Delaware
      Bank”); (iv) Wendy G. Hargus, an individual, and Jeffrey D. Cross, an
      individual, as administrative trustees (each an “Administrative Trustee” and
      together the “Administrative Trustees”) (the Property Trustee, the Delaware
      Trustee and the Administrative Trustees referred to collectively as the
“Trustees”); and (v) the several Holders, as hereinafter defined.

     

    W
      I T
      N E S S E T H :

     

    WHEREAS,
      the Depositor, the Bank, the Delaware Bank, Jeffrey D. Cross and Geoffrey S.
      Chatas, an individual, have heretofore duly declared and established a statutory
      trust pursuant to the Delaware Statutory Trust Act by entering into that certain
      Trust Agreement, dated as of August 15, 2003 (the “Original Trust Agreement”),
      and by the execution and filing by the Trustees with the Secretary of State
      of
      the State of Delaware of the Certificate of Trust, dated August 15,
      2003;

     

    WHEREAS,
      Geoffrey S. Chatas resigned as an Administrative Trustee under the Original
      Trust Agreement by giving written notice thereof to the Depositor pursuant
      to
      Section 8 of the Original Trust Agreement, and the Depositor accepted such
      resignation, and pursuant to this Trust Agreement, the Depositor appoints Wendy
      G. Hargus as an Administrative Trustee, who by her execution hereof accepts
      such
      appointment; and

     

    WHEREAS,
      the parties
      hereto desire to amend and restate the Original Trust Agreement in its entirety
      as set forth herein to provide for, among other things, (i) the acquisition
      by
      the Trust from the Depositor of all of the right, title and interest in the
      Junior Subordinated Debentures; (ii) the issuance of the Common Securities
      by
      the Trust to the Depositor; (iii) the issuance and sale of the Preferred
      Securities by the Trust pursuant to the Underwriting Agreement and (iv) the
      appointment of Wendy G. Hargus as an Administrative Trustee as described
      above.

     

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

     

    ARTICLE
      I

     

    DEFINED
      TERMS

     

    SECTION
      1.01.  Definitions

     

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

     

    (a)  the
      terms
      defined in this Article have the meanings assigned to them in this Article
      and
      include the plural as well as the

    singular;

     

    (b)  all
      other
      terms used herein that are defined in the Trust Indenture Act, either directly
      or by reference therein, have the 

    meanings
      assigned to them therein;

     

    (c)  unless
      the context otherwise requires, any reference to an “Article” or a “Section”
refers to an Article or a Section, 

    as
      the
      case may be, of this Trust Agreement; and

     

    (d)  the
      words
“herein,” “hereof” and “hereunder” and other words of similar import refer to
      this Trust Agreement as a whole 

    and
      not
      to any particular Article, Section or other subdivision.

     

    “Act”
has
      the meaning specified in Section 6.08.

     

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

     

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

     

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

     

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

     

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

     

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

     

    “Bankruptcy
      Laws” has the meaning specified in Section 11.09.

     

    “Board
      Resolution” means a copy of a resolution certified by the Secretary or an
      Assistant Secretary of the Depositor to have been duly adopted by the
      Depositor’s Board of Directors or a duly authorized committee thereof and to be
      in full force and effect on the date of such certification, and delivered to
      the
      Trustees.

     

    “Book-Entry
      Preferred Securities Certificates” means certificates representing Preferred
      Securities issued in global, fully registered form to the Clearing Agency as
      described in Section 5.11.

     

    “Business
      Day” means a day other than (i) a Saturday or a Sunday; (ii) a day on which
      banks in New York, New York are authorized or obligated by law or executive
      order to remain closed; or (iii) a day on which the Indenture Trustee’s
      corporate trust office is closed for business.

     

    “Calculation
      Agent” means The Bank of New York, acting as calculation agent, or its successor
      appointed by the Company and the Trust.

     

    “Calculation
      Agent Agreement” means the agreement among the Company, the Trust and The Bank
      of New York, as calculation agent, dated as of October 1, 2003.

     

    “Calendar
      Period” means a period of 180 days.

     

    “Certificate
      Depository Agreement” means the agreement among the Trust, the Property Trustee
      and The Depository Trust Company, as the initial Clearing Agency, dated
      September 29, 2003, relating to the Preferred Securities
      Certificates.

     

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

     

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

     

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

     

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

     

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

     

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

     

    “Company”
      means Southwestern Electric Power Company.

     

    “Definitive
      Preferred Securities Certificates” means either or both (as the context
      requires) of (i) Preferred Securities Certificates issued in certificated,
      fully
      registered form as provided in Section 5.11(a) and (ii) Preferred Securities
      Certificates issued in certificated, fully registered form as provided in
      Section 5.13.

     

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

     

    “Delaware
      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.

     

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

     

    “Depositor”
      means Southwestern Electric Power Company, in its capacity as “Depositor” under
      this Trust Agreement.

     

    “Designated
      CMT Maturity Index” means the original period to maturity of the U.S. Treasury
      securities (10 years) with respect to which the 10-year Treasury CMT will be
      calculated.

     

    “Distribution
      Payment Date” means each day on which Distributions are payable determined based
      on the prevailing Distribution Rate.

     

    “Distribution
      Period” means each semiannual period in a Fixed Rate Period and each quarterly
      period in a Floating Rate Period for which Distributions are
      payable.

     

    “Distribution
      Rate” means the rate at which Distributions will accrue in respect of any
      Distribution Period, as determined pursuant to the terms of this Trust
      Agreement, whether by Remarketing or otherwise.

     

    “Distributions”
      means amounts payable in respect of the Trust Securities as provided in Section
      4.01.

     

    “Election
      Date” means a date that is no later than the fifth Business Day prior to the
      proposed Remarketing Date.

     

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

     

    (a)  the
      occurrence of an Indenture Event of Default;

     

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

     

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

     

    (d)  default
      in the performance, or breach, in any material respect, of any covenant or
      warranty of the Property Trustee and the Delaware Trustee in this Trust
      Agreement (other than a covenant or warranty a default in the performance of
      which or the breach of which is dealt with in clause (b) or (c) above) and
      continuation of such default or breach for a period of 60 days after there
      has
      been given, by registered or certified mail, to the appropriate trustees and
      the
      Depositor by the Holders of at least 33% in aggregate Liquidation Amount of
      the
      Outstanding Preferred Securities, a written notice specifying such default
      or
      breach and requiring it to be remedied and stating that such notice is a “Notice
      of Default” hereunder;

     

    (e)  the
      occurrence of any Bankruptcy Event with respect to the Property Trustee or
      all
      or substantially all of its property if a successor Property Trustee has not
      been appointed within a period of 90 days thereof; or

     

    (f)  the
      occurrence of any Bankruptcy Event with respect to the Trust.

     

    “Exchange
      Act” means the Securities Exchange Act of 1934, as amended.

     

    “Expense
      Agreement” means the Agreement as to Expenses and Liabilities between the
      Company and the Trust, substantially in the form attached as Exhibit B, as
      amended from time to time.

     

    “Extension
      Period” has the meaning specified in Section 4.01(d).

     

    “Federal
      Reserve Board” means the Board of Governors of the Federal Reserve
      System.

     

    “Fixed
      Rate” means the Distribution Rate during a Fixed Rate Period as determined by a
      Remarketing.

     

    “Fixed
      Rate Period” means the Initial Fixed Rate Period and each period set by the
      Company and the Administrative Trustees during a Remarketing for which the
      Fixed
      Rate determined in such Remarketing will apply; provided, however, that a Fixed
      Rate Period must be for a duration of at least six months, may not extend beyond
      the stated maturity of the Junior Subordinated Debentures and may not end on
      a
      day other than a day immediately preceding a Distribution Payment
      Date.

     

    “Floating
      Rate” means the Distribution Rate during a Floating Rate Period calculated
      pursuant to Section 4.02(e).

     

    “Floating
      Rate Determination Date” means the second London Business Day immediately
      preceding the first day of the relevant Distribution Period in the Floating
      Rate
      Period.

     

    “Floating
      Rate Period” means any period during which a Floating Rate is in
      effect.

     

    “Guarantee”
      means the Guarantee Agreement executed and delivered by the Company and The
      Bank
      of New York, as Guarantee Trustee, contemporaneously with the execution and
      delivery of this Trust Agreement, for the benefit of the Holders of the Trust
      Securities, as amended from time to time.

     

    “Indenture
      Event of Default” means an “Event of Default” as defined in the Subordinated
      Indenture.

     

    “Indenture
      Redemption Date” means “Redemption Date,” as defined in the Subordinated
      Indenture.

     

    “Indenture
      Trustee” means the trustee under the Subordinated Indenture.

     

    “Initial
      Distribution Rate” means 5.25% per annum.

     

    “Initial
      Fixed Rate Period” means the Issue Date through September 30, 2008.

     

    “Investment
      Company Act” means the Investment Company Act of 1940, as amended.

     

    “Issue
      Date” means the date of the delivery of the Trust Securities.

     

    “Junior
      Subordinated Debentures” means the $113,403,000 aggregate principal amount of
      the Depositor’s Series B Junior Subordinated Debentures due October 1, 2043,
      issued pursuant to the Subordinated Indenture.

     

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

     

    “Like
      Amount” means (i) Trust Securities having a Liquidation Amount equal to the
      principal amount of Junior Subordinated Debentures to be contemporaneously
      redeemed or repaid in accordance with the Subordinated Indenture and the
      proceeds of which will be used to pay the Redemption Price of such Trust
      Securities and (ii) Junior Subordinated Debentures having a principal amount
      equal to the Liquidation Amount of the Trust Securities of the Holder to whom
      such Junior Subordinated Debentures are distributed.

     

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

     

    “Liquidation
      Date” means the date on which Junior Subordinated Debentures are to be
      distributed to Holders of Trust Securities in connection with a dissolution
      and
      liquidation of the Trust pursuant to Section 9.04.

     

    “Liquidation
      Distribution” has the meaning specified in Section 9.05.

     

    “London
      Business Day” means a day that is a Business Day and a day on which dealings in
      deposits in U.S. dollars are transacted, or with respect to any future date
      are
      expected to be transacted, in the London interbank market.

     

    “Maturity
      Date of the Junior Subordinated Debentures” means “Stated Maturity” as defined
      in the Subordinated Indenture.

     

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

     

    “Officers’
      Certificate” means a certificate signed by the Chairman of the Board, a Vice
      Chairman of the Board, the President or a Vice President, and by the Treasurer,
      an Assistant Treasurer, the Secretary or an Assistant Secretary, of the
      Depositor, and delivered to the appropriate Trustee.  One of the
      officers signing an Officers’ Certificate given pursuant to Section 8.16 shall
      be the principal executive, financial or accounting officer of the
      Depositor.  An Officers’ Certificate delivered with respect to
      compliance with a condition or covenant provided for in this Trust Agreement
      shall include:

     

    (a)  a
      statement that each officer signing the Officers’ 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 Officers’ Certificate;

     

    (c)  a
      statement that each such officer has made such examination or investigation
      as
      is necessary, in such officer’s opinion, 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.

     

    “Opinion
      of Counsel” means a written opinion of counsel, who may be counsel for the
      Trust, the Trustees or the Depositor, but not an employee of the Trust or the
      Trustees, and who shall be reasonably acceptable to the Property
      Trustee.  Any Opinion of Counsel pertaining to federal income tax
      matters may rely on published rulings of the Internal Revenue
      Service.

     

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

     

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

     

    (i)  Preferred
      Securities theretofore canceled by the Administrative Trustees or delivered
      to
      the 

    Administrative
      Trustees for cancellation;

     

    (ii)  Preferred
      Securities for whose payment or redemption money in the necessary amount has
      been 

    theretofore
      deposited with the Property Trustee or any Paying Agent for the Holders of
      such
      Preferred 

    Securities;
      provided that if such Preferred Securities are to be redeemed, notice of such
      redemption has 

    been
      duly
      given pursuant to this Trust Agreement; and

     

    (iii)  Preferred
      Securities in exchange for or in lieu of which other Preferred Securities have
      been 

    authenticated
      and delivered pursuant to this Trust Agreement;

     

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

     

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

     

    “Paying
      Agent” means any paying agent or co-paying agent appointed pursuant to Section
      5.09 and shall initially be the Property Trustee.

     

    “Payment
      Account” means a segregated non-interest-bearing corporate trust account
      maintained by the Property Trustee for the benefit of the Securityholders in
      which all amounts paid in respect of the Junior Subordinated Debentures will
      be
      held and from which the Property Trustee shall make payments to the
      Securityholders in accordance with Section 4.01.

     

    “Person”
      means an individual, corporation, partnership, joint venture, trust, limited
      liability company or corporation, unincorporated organization or government
      or
      any agency or political subdivision thereof.

     

    “Preferred
      Securities Certificate” means a certificate evidencing ownership of a Preferred
      Security or Securities, substantially in the form attached as Exhibit
      A.

     

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

     

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

     

    “Record
      Date” means the opening of business on the Business Day immediately preceding
      the relevant Distribution Payment Date.

     

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

     

    “Redemption
      Price” means, with respect to any date fixed for redemption of any Trust
      Security, the Liquidation Amount of such Trust Security, plus accrued and unpaid
      Distributions to such date.

     

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

     

    “Remarketing”
      means the conduct by which a Fixed Rate shall be determined in accordance with
      the Remarketing Procedures.

     

    “Remarketing
      Agent” means Lehman Brothers Inc., its successors or assigns, or such other
      remarketing agent appointed to such capacity by the Company and the
      Administrative Trustees.

     

    “Remarketing
      Agreement” means the agreement among the Company, the Trust and Lehman Brothers
      Inc., as remarketing agent, dated as of October 1, 2003.

     

    “Remarketing
      Date” means any Business Day no later than the third Business Day prior to any
      Remarketing Settlement Date.

     

    “Remarketing
      Procedures” means those procedures set forth in Article X.

     

    “Remarketing
      Settlement Date” means, to the extent applicable, (i) the first Business Day of
      the next Distribution Period following the expiration of the Initial Fixed
      Rate
      Period and any subsequent Fixed Rate Period; (ii) any Distribution Payment
      Date
      during a Floating Rate Period; or (iii) any Distribution Payment Date during
      a
      time in which Preferred Securities are redeemable in a Fixed Rate Period
      subsequent to the Initial Fixed Rate Period.

     

    “Securities
      Register” and “Securities Registrar” are described in Section 5.04.

     

    “Securityholder”
      or “Holder” means a Person in whose name a Trust Security or Securities is
      registered in the Securities Register; and any such Person who is a beneficial
      owner within the meaning of the Delaware Statutory Trust Act.

     

    “Subordinated
      Indenture” means the Subordinated Indenture, dated as of September 1, 2003,
      between the Depositor and the Indenture Trustee, as the same may be modified,
      amended or supplemented in accordance with the applicable provisions thereof
      including by the Supplemental Indenture.

     

    “Supplemental
      Indenture” means the First Supplemental Indenture, dated as of October 1, 2003,
      between the Depositor and the Indenture Trustee.

     

    “Telerate
      Page 3750” means the display designated on page 3750 on MoneyLine Telerate (or
      such other page as may replace the 3750 page on the service or such other
      service as may be nominated by the British Bankers’ Association for the purpose
      of displaying London interbank offered rates for U.S. dollar
      deposits).

     

    “Telerate
      Page 7051” means the display on MoneyLine Telerate (or any successor service),
      on such page (or any other page as may replace such page on that service),
      for
      the purpose of displaying Treasury Constant Maturities as reported in
      H.15(519).

     

    “10-year
      Treasury CMT” has the meaning set forth in Section 4.02(e).

     

    “30-year
      Treasury CMT” has the meaning set forth in Section 4.02(e).

     

    “3-month
      LIBOR Rate” has the meaning set forth in Section 4.02(e).

     

    “Trust”
      means the Delaware statutory trust continued hereby and identified on the cover
      page to this Trust Agreement.

     

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

     

    “Trustees”
      means the Persons identified as “Trustees” in the preamble to this Trust
      Agreement solely in their capacities as Trustees of the Trust formed and
      continued hereunder and not in their individual capacities, or their successor
      in interest in such capacity, or any successor trustee appointed as herein
      provided.

     

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

     

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

     

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

     

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

     

    “Underwriting
      Agreement” means the Underwriting Agreement, dated September 26, 2003,
      among the Trust, the Depositor and the underwriters named therein.

     

    ARTICLE
      II

     

    Establishment
      of the Trust

     

    SECTION
      2.01.  Name

     

    The
      Trust
      continued hereby shall be known as “SWEPCo Capital Trust I”, in which name the
      Trustees may conduct the business of the Trust, make and execute contracts
      and
      other instruments on behalf of the Trust and sue and be sued.  The
      Administrative Trustees may change the name of the Trust from time to time
      following written notice to the Holders.

     

    SECTION
      2.02.  Offices
      of the Trustees; Principal Place of Business

     

    The
      address of the Property Trustee is The Bank of New York, 101 Barclay Street,
      New
      York, New York 10286, or at such other address as the Property Trustee may
      designate by written notice to the Securityholders and the
      Depositor.  The principal place of business of the Delaware Trustee is
      c/o The Bank of New York (Delaware), White Clay Center, Route 273, Newark,
      Delaware 19711, or at such other address in Delaware as the Delaware Trustee
      may
      designate by notice to the Depositor.  The address of the
      Administrative Trustees is c/o Southwestern Electric Power Company, 1 Riverside
      Plaza, Columbus, Ohio 43215, Attention: Treasurer.  The principal
      place of business of the Trust is c/o Southwestern Electric Power Company,
      1
      Riverside Plaza, Columbus, Ohio 43215.  The Depositor may change the
      principal place of business of the Trust at any time by giving notice thereof
      to
      the Trustees.

     

    SECTION
      2.03.  Initial
      Contribution of Trust Property; Organizational Expenses

     

    The
      Administrative Trustees acknowledge receipt in trust from the Depositor in
      connection with the Original Trust Agreement of the sum of $10, which
      constituted the initial Trust Property.  The Depositor, as obligor of
      the Junior Subordinated Debentures, shall pay all costs and expenses of the
      Trust as they arise (including, but not limited to, costs and expenses relating
      to the organization of the Trust, issuance and sale of the Preferred Securities,
      the fees and expenses (including reasonable counsel fees and expenses) of the
      Trustees) or shall, upon request of the Trustees, promptly reimburse the
      Trustees for any such expenses paid by the Trustees.  The Depositor
      shall make no claim upon the Trust Property for the payment of such
      expenses.

     

    SECTION
      2.04.  Issuance
      of the Preferred Securities

     

    Contemporaneously
      with the execution and delivery of this Trust Agreement, the Administrative
      Trustees, on behalf of the Trust, shall execute and deliver to the underwriters
      named in the Underwriting Agreement Preferred Securities Certificates,
      registered in the name of the nominee of the initial Clearing Agency, in an
      aggregate amount of 110,000 Preferred Securities having an aggregate Liquidation
      Amount of $110,000,000, against receipt of the aggregate purchase price of
      such
      Preferred Securities of $109,604,000, which amount the Administrative Trustees
      shall promptly deliver to the Property Trustee.

     

    SECTION
      2.05.  Subscription
      and Purchase of Junior Subordinated Debentures; Issuance of the Common
      Securities

     

    Contemporaneously
      with the execution and delivery of this Trust Agreement, the Administrative
      Trustees, on behalf of the Trust, shall execute and deliver to the Depositor
      Common Securities Certificates, registered in the name of the Depositor, in
      an
      aggregate amount of 3,403 Common Securities having an aggregate Liquidation
      Amount of $3,403,000 against payment by the Depositor of such amount, which
      amount shall be promptly delivered to the Property
      Trustee.  Contemporaneously therewith, the Administrative Trustees, on
      behalf of the Trust, shall subscribe to and purchase from the Depositor Junior
      Subordinated Debentures, registered in the name of the Property Trustee, on
      behalf of the Trust and the Holders, and having an aggregate principal amount
      equal to $113,403,000, and, in satisfaction of the purchase price for such
      Junior Subordinated Debentures, the Property Trustee, on behalf of the Trust,
      shall deliver to the Depositor the sum of $113,007,000.

     

    SECTION
      2.06.  Declaration
      of Trust

     

    The
      exclusive purposes and functions of the Trust are (i) to issue and sell the
      Trust Securities and use the proceeds from such sale to acquire the Junior
      Subordinated Debentures, (ii) to maintain its status as a grantor trust for
      federal income tax purposes; (iii) to make Distributions, and (iv) to engage
      in
      those activities necessary, incidental, appropriate or convenient
      thereto.  The Depositor hereby confirms each of the Bank, the Delaware
      Bank, Wendy G. Hargus and Jeffrey D. Cross as trustees of the Trust, to have
      all
      the rights, powers and duties to the extent set forth herein.  The
      Property Trustee hereby declares that it will hold the Trust Property in trust
      upon and subject to the conditions set forth herein for the benefit of the
      Trust
      and the Securityholders.  The Trustees shall have all rights, powers
      and duties set forth herein and in accordance with applicable law with respect
      to accomplishing the purposes of the Trust.  The Delaware Trustee
      shall not be entitled to exercise any powers, nor shall the Delaware Trustee
      have any of the duties and responsibilities, of the Property Trustee or the
      Administrative Trustees set forth herein.  The Delaware Trustee shall
      be one of the Trustees for the sole and limited purpose of fulfilling the
      requirements of the Delaware Statutory Trust Act.

     

    SECTION
      2.07.  Authorization
      to Enter into Certain Transactions

     

    The
      Trustees shall conduct the affairs of the Trust in accordance with the terms
      of
      this Trust Agreement.  Subject to the limitations set forth in
      paragraph (c) of this Section, and in accordance with the following paragraphs
      (a) and (b), the Trustees shall have the authority to enter into all
      transactions and agreements determined by the Trustees to be appropriate in
      exercising the authority, express or implied, otherwise granted to the Trustees
      under this Trust Agreement, and to perform all acts in furtherance thereof,
      including without limitation, the following:

     

    (a)  As
      among
      the Trustees, the Administrative Trustees, acting singly or jointly, shall
      have
      the exclusive power, duty and authority to act on behalf of the Trust with
      respect to the following matters:

     

    (i)  to
      acquire the Junior Subordinated Debentures with the proceeds of the sale of
      the
      Trust Securities; provided, however, the Administrative Trustees shall cause
      legal title to all of the Junior Subordinated Debentures to be vested in, and
      the Junior Subordinated Debentures to be held of record in the name of, the
      Property Trustee for the benefit of the Trust and Holders of the Trust
      Securities;

     

    (ii)  to
      give
      the Depositor and the Property Trustee prompt written notice of the occurrence
      of any Special Event (as defined in the Supplemental Indenture) and to take
      any
      ministerial actions in connection therewith; provided, that the Administrative
      Trustees shall consult with the Depositor and the Property Trustee before taking
      or refraining to take any ministerial action in relation to a Special
      Event;

     

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

     

    (iv)  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”),
      unless pursuant to Section 2.07(b)(v), the Property Trustee has the power to
      bring such Legal Action;

     

    (v)  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;

     

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

     

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

     

    (viii)  to
      take
      all actions and perform such duties as may be required of the Administrative
      Trustees pursuant to the terms of this Trust Agreement, the Remarketing
      Agreement and the Calculation Agent Agreement;

     

    (ix)  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 Trust Securities or to enable the Trust to
      effect the purposes for which the Trust has been created;

     

    (x)  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 Administrative Trustees, on behalf of the
      Trust;

     

    (xi)  to
      execute and deliver the Trust Securities on behalf of the Trust;

     

    (xii)  to
      cause
      the Trust to enter into, and to execute, deliver and perform on behalf of the
      Trust, the Remarketing Agreement, the Calculation Agent Agreement, the Expense
      Agreement and the Certificate Depository Agreement and such other agreements
      as
      may be necessary or desirable in connection with the consummation
      hereof;

     

    (xiii)  to
      assist
      in the registration of the Preferred Securities under the Securities Act of
      1933, as amended, and under state securities or blue sky laws, and the
      qualification of this Trust Agreement as a trust indenture under the Trust
      Indenture Act;

     

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

     

    (xv)  to
      send
      notices (other than notices of default) and other information regarding the
      Trust Securities and the Junior Subordinated Debentures to the Securityholders
      in accordance with this Trust Agreement, the Remarketing Agreement and the
      Calculation Agent Agreement;

     

    (xvi)  to
      appoint a Paying Agent (subject to Section 5.09), authenticating agent,
      Remarketing Agent, Calculation Agent and Securities Registrar in accordance
      with
      this Trust Agreement;

     

    (xvii)  to
      elect
      to remarket the Preferred Securities and determine the length of any Fixed
      Rate
      Period in accordance with this Trust Agreement, including redemption dates
      applicable to any Fixed Rate Period;

     

    (xviii)  to
      register transfers of the Trust Securities in accordance with this Trust
      Agreement;

     

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

     

    (xx)  to
      take
      any action incidental to the foregoing as the Administrative Trustees may from
      time to time determine is necessary, appropriate, convenient or advisable to
      protect and conserve the Trust Property for the benefit of the Securityholders
      (without consideration of the effect of any such action on any particular
      Securityholder).

     

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

     

    (i)  engage
      in
      such ministerial activities as shall be necessary or appropriate to effect
      promptly the redemption of the Trust Securities to the extent the Junior
      Subordinated Debentures are redeemed, mature or otherwise repaid;

     

    (ii)  upon
      notice of a distribution issued by the Administrative Trustees in accordance
      with the terms of this Trust Agreement, engage in such ministerial activities
      as
      shall be necessary or appropriate to effect promptly the distribution of Junior
      Subordinated Debentures to Holders of Trust Securities pursuant to the terms
      of
      this Trust Agreement;

     

    (iii)  subject
      to the terms hereof, exercise all of the rights, powers and privileges of a
      holder of the Junior Subordinated Debentures under the Subordinated Indenture
      and, if an Event of Default occurs and is continuing, shall enforce for the
      benefit of, and subject to the rights of, the Holders of the Trust Securities,
      its rights as holder of the Junior Subordinated Debentures under the
      Subordinated Indenture;

     

    (iv)  take
      all
      actions and perform such duties as may be specifically required of the Property
      Trustee pursuant to the terms of this Trust Agreement;

     

    (v)  take
      any
      Legal Action specifically required of the Property Trustee pursuant to the
      terms
      of this Trust Agreement which arises out of or in connection with an Event
      of
      Default or the Property Trustee’s duties and obligations under this Trust
      Agreement, the Delaware Statutory Trust Act or the Trust Indenture
      Act;

     

    (vi)  the
      establishment and maintenance of the Payment Account;

     

    (vii)  the
      receipt of and holding of legal title to the Junior Subordinated Debentures
      as
      described herein;

     

    (viii)  the
      collection of interest, principal and any other payments made in respect of
      the
      Junior Subordinated Debentures in the Payment Account;

     

    (ix)  the
      distribution of amounts owed to the Securityholders in respect of the Trust
      Securities;

     

    (x)  the
      sending of notices of default and other information regarding the Trust
      Securities and the Junior Subordinated Debentures to the Securityholders in
      accordance with this Trust Agreement;

     

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

     

    (xii)  as
      provided in this Trust Agreement, the winding up of the affairs of and
      termination of the Trust; and

     

    (xiii)  the
      taking of any action incidental to the foregoing as the Property Trustee may
      from time to time determine is necessary, appropriate, convenient or advisable
      to protect and conserve the Trust Property for the benefit of the
      Securityholders (without consideration of the effect of any such action on
      any
      particular Securityholder).

     

    (c)  So
      long
      as this Trust Agreement remains in effect, the Trust (or the Trustees acting
      on
      behalf of the Trust) shall not undertake any business, activities or transaction
      except as expressly provided herein or contemplated hereby.  In
      particular, the Trustees shall not (i) acquire any investments or engage in
      any
      activities not authorized by this Trust Agreement; (ii) sell, assign, transfer,
      exchange, pledge, set-off or otherwise dispose of any of the Trust Property
      or
      interests therein, including to Securityholders, except as expressly provided
      herein; (iii) take any action that would cause the Trust to fail or cease to
      qualify as a grantor trust for United States federal income tax purposes; (iv)
      incur any indebtedness for borrowed money; (v) take or consent to any action
      that would result in the placement of a Lien on any of the Trust Property;
      (vi)
      issue any securities other than the Trust Securities; or (vii) have any power
      to, or agree to any action by the Depositor that would, vary the investment
      (within the meaning of Treasury Regulation Section 301.7701-4(c)) of the Trust
      or of the Securityholders.  The Trustees shall defend all claims and
      demands of all Persons at any time claiming any Lien on any of the Trust
      Property adverse to the interest of the Trust or the Securityholders in their
      capacity as Securityholders.

     

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

     

    (i)  to
      prepare for filing by the Trust with the Commission a registration statement
      on
      Form S-3 under the Securities Act of 1933, as amended, in relation to the
      Preferred Securities, including any amendments thereto;

     

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

     

    (iii)  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
      upon
      notice of issuance of any Preferred Securities, if applicable;

     

    (iv)  to
      prepare for filing by the Trust with the Commission a registration statement
      on
      Form 8-A relating to the registration of the Preferred Securities under Section
      12(b) of the Exchange Act, including any amendments thereto;

     

    (v)  to
      negotiate the terms of the Underwriting Agreement providing for the sale of
      the
      Preferred Securities and to execute, deliver and perform the Underwriting
      Agreement on behalf of the Trust;

     

    (vi)  to
      negotiate the terms of the Remarketing Agreement providing for the retention
      of
      the Remarketing Agent and the establishment of certain procedures relating
      to
      Remarketings;

     

    (vii)  to
      negotiate the terms of the Calculation Agent Agreement providing for the
      retention of the Calculation Agent;

     

    (viii)  to
      elect
      to remarket the Preferred Securities and determine the length of any Fixed
      Rate
      Period in accordance with this Trust Agreement, including redemption dates
      applicable to any Fixed Rate Period; and

     

    (ix)  any
      other
      actions necessary, incidental, appropriate or convenient to carry out any of
      the
      foregoing activities.

     

    (e)  Notwithstanding
      anything herein to the contrary, the Administrative Trustees are authorized
      and
      directed to conduct the affairs of the Trust and to operate the Trust so that
      the Trust will not be deemed to be an “investment company” required to be
      registered under the Investment Company Act of 1940, as amended, or taxed as
      other than a grantor trust for United States federal income tax purposes and
      so
      that the Junior Subordinated Debentures will be treated as indebtedness of
      the
      Depositor for United States federal income tax purposes.  In this
      connection, the Depositor and the Administrative Trustees are authorized to
      take
      any action, not inconsistent with applicable law, the Certificate of Trust
      or
      this Trust Agreement, that each of the Depositor and the Administrative Trustees
      determines in its discretion to be necessary or desirable for such purposes,
      as
      long as such action does not materially and adversely affect the interests
      of
      the Holders of the Preferred Securities.

     

    SECTION
      2.08.  Assets
      of Trust

     

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

     

    SECTION
      2.09.  Title
      to Trust Property

     

    Legal
      title to all Trust Property shall be vested at all times in the Property Trustee
      (in its capacity as such) and shall be held and administered by the Property
      Trustee for the benefit of the Securityholders and the Trust in accordance
      with
      this Trust Agreement.  The right, title and interest of the Property
      Trustee to the Junior Subordinated Debentures shall vest automatically in each
      Person who may thereafter be appointed as Property Trustee in accordance with
      the terms hereof.  Such vesting and cessation of title shall be
      effective whether or not conveyancing documents have been executed and
      delivered.

     

    SECTION
      2.10.  Mergers
      and Consolidations of the Trust

     

    The
      Trust
      may not merge with or into, consolidate, amalgamate, or be replaced by, or
      convey, transfer or lease its properties and assets substantially as an entirety
      to, any entity, except pursuant to this Section 2.10 or Section
      9.04.  At the request of the Holders of the Common Securities, and
      without the consent of the Holders of the Preferred Securities, the Trust may
      merge with or into, consolidate, amalgamate, or be replaced by or convey,
      transfer or lease its properties and assets substantially as an entirety to
      a
      trust organized as such under the laws of any state; provided, however, that
      (i)
      such successor entity either (a) expressly assumes all of the obligations of
      the
      Trust with respect to the Preferred Securities or (b) substitutes for the
      Preferred Securities other securities having substantially the same terms as
      the
      Preferred Securities (the “Successor Preferred Securities”) so long as the
      Successor Preferred Securities have the same priority as the Preferred
      Securities with respect to distributions and payments upon liquidation,
      redemption and otherwise; (ii) a trustee of such successor entity possessing
      the
      same powers and duties as the Property Trustee is appointed to hold the Junior
      Subordinated Debentures; (iii) such merger, consolidation, amalgamation,
      replacement, conveyance, transfer or lease does not cause the Preferred
      Securities (including any Successor Preferred Securities) to be downgraded
      by
      any nationally recognized statistical rating organization; (iv) the Preferred
      Securities or any Successor Preferred Securities are listed or quoted, or any
      Successor Preferred Securities will be listed or quoted upon notification of
      issuance, on any national securities exchange or with another organization
      on
      which Preferred Securities are then listed or quoted; (v) such merger,
      consolidation, amalgamation, replacement, conveyance, transfer or lease does
      not
      adversely affect the rights, preferences and privileges of the holders of the
      Preferred Securities (including any Successor Preferred Securities) in any
      material respect; (vi) such successor entity has a purpose substantially
      identical to that of the Trust; (vii) prior to such merger, consolidation,
      amalgamation, replacement, conveyance, transfer or lease, the Property Trustee
      has received an Opinion of Counsel from independent counsel experienced in
      such
      matters to the effect that (a) such merger, consolidation, amalgamation,
      replacement, conveyance, transfer or lease does not adversely affect the rights,
      preferences and privileges of the holders of the Preferred Securities (including
      any Successor Preferred Securities) in any material respect, and (b) following
      such merger, consolidation, amalgamation, replacement, conveyance, transfer
      or
      lease, neither the Trust nor such successor entity will be required to register
      as an “investment company” under the Investment Company Act; and (viii) the
      Depositor or any permitted transferee to whom it has transferred the Common
      Securities hereunder owns all of the Common Securities of such successor entity
      and guarantees the obligations of such successor entity under the Successor
      Preferred Securities at least to the extent provided by the
      Guarantee.  Notwithstanding the foregoing, the Trust shall not, except
      with the consent of Holders of 100% in aggregate Liquidation Amount of the
      Preferred Securities, consolidate, amalgamate, merge with or into, or be
      replaced by or convey, transfer or lease its properties and assets substantially
      as an entirety to, any other entity or permit any other entity to consolidate,
      amalgamate, merge with or into, or replace it if such consolidation,
      amalgamation, merger, replacement, conveyance, transfer or lease would cause
      the
      Trust or the successor entity to be taxable other than as a grantor trust for
      United States federal income tax purposes.  Any merger or similar
      agreement shall be executed by the Administrative Trustees on behalf of the
      Trust.

     

    ARTICLE
      III

     

    PAYMENT
      ACCOUNT

     

    SECTION
      3.01.  Payment
      Account

     

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

     

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

     

    ARTICLE
      IV

     

    DISTRIBUTIONS;
      REDEMPTION

     

    SECTION
      4.01.  Distributions

     

    (a)  Distributions
      shall accrue from the Issue Date until the Redemption Date.  During
      the Initial Fixed Rate Period, Distributions will be payable semiannually in
      arrears on April 1 and October 1 of each year, commencing on April 1,
      2004.  During any Fixed Rate Period, other than the Initial Fixed Rate
      Period, Distributions will be payable semiannually in arrears on the first
      day
      of the first month that begins at least six months after the first day of the
      Fixed Rate Period and on the first day of each six month period thereafter
      during such Fixed Rate Period.  Any Fixed Rate Period may not end on a
      day other than a day immediately preceding a Distribution Payment
      Date.  During any Floating Rate Period, Distributions will be payable
      quarterly in arrears on January 1, April 1, July 1 and October 1 of each
      year.

     

    (b)  If
      any
      Distribution Payment Date with respect to a Fixed Rate Period is not a Business
      Day, Distributions will be payable, without interest, on the immediately
      succeeding Business Day, with the same force and effect as if payment was made
      on the date such payment was originally payable.  If any Distribution
      Payment Date with respect to a Floating Rate Period is not a Business Day,
      then
      Distributions will be payable on the immediately succeeding Business Day and
      Distributions shall accrue to the actual payment date (except for a Distribution
      Payment Date that coincides with the Redemption Date).

     

    (c)  The
      amount of Distributions payable on each Distribution Payment Date relating
      to a
      Fixed Rate Period will be computed on the basis of a 360-day year of twelve
      30-day months.  The amount of Distributions payable on each
      Distribution Payment Date relating to a Floating Rate Period will be computed
      by
      multiplying the per annum Distribution Rate in effect for such Distribution
      Period by a fraction, the numerator of which will be the actual number of days
      in such Distribution Period (or portion thereof) (determined by including the
      first day thereof and excluding the last thereof) and the denominator of which
      will be 360, and multiplying the rate so obtained by $1,000.

     

    (d)  The
      Company has the right under the Subordinated Indenture to defer payments of
      interest on the Junior Subordinated Debentures by extending the interest period
      from time to time on the Junior Subordinated Debentures (an “Extension Period”)
      which, if exercised, would defer Distributions on the Preferred Securities
      during any Extension Period.  The payment of such Distributions,
      together with any interest thereon, will be distributed to the Holders of Trust
      Securities as received at the end of any Extension Period.

     

    (e)  Distributions
      on the Trust Securities shall be made and shall be deemed payable on each
      Distribution Payment Date only to the extent that the Trust has available funds
      on hand in the Payment Account for the payment of such
      Distributions.

     

    (f)  Distributions
      on the Trust Securities on each Distribution Date shall be payable to the
      Holders thereof as they appear on the Securities Register for the Trust
      Securities on the relevant Record Date.

     

    Each
      Trust Security upon registration of transfer of or in exchange for or in lieu
      of
      any other Trust Security shall carry the rights of Distributions accrued and
      unpaid, and to accrue, which were carried by such other Trust
      Security.

     

    SECTION
      4.02.  Distribution
      Rate

     

    (a)  During
      the Initial Fixed Rate Period, the Distribution Rate shall be the Initial
      Distribution Rate.

     

    (b)  Prior
      to
      the expiration of the Initial Fixed Rate Period and any subsequent Fixed Rate
      Period, prior to any Distribution Payment Date with respect to a Floating Rate
      Period or prior to any Distribution Payment Date in a Fixed Rate Period during
      a
      time in which the Preferred Securities are redeemable in such Fixed Rate Period,
      the Company and the Administrative Trustees will have the option to remarket
      the
      Preferred Securities to establish a new Fixed Rate for a new Fixed Rate Period
      (to be in effect after the expiration of the then current Distribution
      Period).  If the Company and the Administrative Trustees elect to
      conduct a Remarketing of the Preferred Securities for the purpose of
      establishing a new Fixed Rate for a new Fixed Rate Period, the Trust shall,
      not
      less than 20 nor more than 35 Business Days prior to the related Election Date,
      notify in writing the Clearing Agency, the Property Trustee, the Indenture
      Trustee, the Calculation Agent and the Remarketing Agent.  If the
      Preferred Securities are not issued in global, fully registered form to the
      Clearing Agency, such notice shall be delivered to the Holders instead of the
      Clearing Agency.  Such notice shall describe the Remarketing and shall
      indicate the length of the proposed new Fixed Rate Period, the proposed
      Remarketing Date and any redemption provisions that will apply during such
      new
      Fixed Rate Period.  The Company and the Administrative Trustees shall
      have the right to terminate a Remarketing at any time prior to the Election
      Date
      by written notice of such termination to the Clearing Agency (or the Holders,
      as
      applicable), the Remarketing Agent, the Property Trustee, the Indenture Trustee
      and the Calculation Agent.

     

    (c)  If
      the
      Remarketing Agent has determined that it will be able to remarket all Preferred
      Securities tendered or deemed tendered for purchase in the Remarketing at a
      Fixed Rate and at a price of $1,000 per Preferred Security, on any Remarketing
      Date, the Distribution Rate for the new Fixed Rate Period will be the Fixed
      Rate
      determined by the Remarketing Agent, which will be the rate per annum (rounded
      to the nearest one-thousandth (0.001) of one percent per annum) which the
      Remarketing Agent determines, in its sole judgment, to be the lowest Fixed
      Rate
      per annum, if any, that will enable it to remarket all Preferred Securities
      tendered or deemed tendered for Remarketing at a price of $1,000 per Preferred
      Security.

     

    (d)  If
      the
      Company and the Administrative Trustees do not elect to remarket the Preferred
      Securities pursuant to Section 4.02(b) or have terminated a Remarketing or
      the
      Remarketing Agent is unable to remarket all of the Preferred Securities tendered
      or deemed tendered for a purchase price of $1,000 per Preferred Security
      pursuant to the Remarketing Procedures, the Distribution Rate for the next
      Distribution Period shall be the Floating Rate and the new Distribution Period
      shall be a Floating Rate Period.

     

    (e)  The
      Calculation Agent shall calculate the Floating Rate as follows:

     

    Except
      as
      provided below, the Floating Rate for any Floating Rate Period for the Preferred
      Securities will be equal to the Adjustable Rate (as defined below) plus
      2.375%.  The “Adjustable Rate” for any Distribution Period will be
      equal to the highest of the 3-month LIBOR Rate, the 10-year Treasury CMT and
      the
      30-year Treasury CMT (each as defined below and collectively referred to as
      the
“Benchmark Rates”) for such Distribution Period during the Floating Rate
      Period.  In the event that the Calculation Agent determines in good
      faith that for any reason:

     

    
      	
              (1)  
                

            	
              any
                one of the Benchmark Rates cannot be determined for any Distribution
                Period, the Adjustable Rate for such Distribution Period will be
                equal to
                the higher of whichever two of such rates can be so
                determined;

            

    

     

    
      	
              (2)  
                

            	
              only
                one of the Benchmark Rates can be determined for any Distribution
                Period,
                the Adjustable Rate for such Distribution Period will be equal to
                whichever such rate can be so determined;
                or

            

    

     

    
      	
              (3)  
                

            	
              none
                of the Benchmark Rates can be determined for any Distribution Period,
                the
                Adjustable Rate for the preceding Distribution Period will be continued
                for such Distribution Period.

            

    

     

    The
      “3-month LIBOR Rate” means, for each Distribution Period, the arithmetic average
      of the two most recent weekly quotes for deposits for U.S. Dollars having a
      term
      of three months, as published on the first Business Day of each week during
      the
      relevant Calendar Period (as defined below) immediately preceding the
      Distribution Period for which the Floating Rate is being
      determined.  Such quotes will be taken from Telerate Page 3750 at
      approximately 11:00 a.m. London time on the relevant date.  If such
      rate does not appear on Telerate Page 3750 on the relevant date, the 3-month
      LIBOR Rate will be the arithmetic mean of the rates quoted by three major banks
      in New York City selected by the Calculation Agent, at approximately 11:00
      a.m.,
      New York City time, on the relevant date for loans in U.S. Dollars to leading
      European banks for a period of three months.

     

    “The
      10-year Treasury CMT” means the rate determined in accordance with the following
      provisions:

     

    
      	 (1)   
              	With
              respect to any Distribution determination date and the Distribution
              Period
              that begins immediately thereafter, the 10-year Treasury CMT means
              the
              rate displayed on Telerate Page 7051 under the caption “...Treasury Constant
              Maturities... Federal Reserve Board Release H.15...Mondays Approximately 3:45
              P.M.”, under the column for the Designated CMT Maturity Index (as defined
              below).

      	 	 

      	
              (2)  
                

            	
              If
                such rate is no longer displayed on the relevant page, or is not
                so
                displayed by 3:00 P.M., New York City time, on the applicable Distribution
                determination date, then the 10-year Treasury CMT for such Distribution
                determination date will be such treasury constant maturity rate for
                the
                Designated CMT Maturity Index as is published in
                H.15(519).

            

    

     

    
      	
              (3)  
                

            	
              If
                such rate is no longer displayed on the relevant page, or if not
                published
                by 3:00 P.M., New York City time, on the applicable Distribution
                determination date, then the 10-year Treasury CMT for such Distribution
                determination date will be such constant maturity treasury rate for
                the
                Designated CMT Maturity Index (or other United States Treasury rate
                for
                the Designated CMT Maturity Index) for the applicable Distribution
                determination date with respect to such Distribution reset date as
                may
                then be published by either the Board of Governors of the Federal
                Reserve
                System or the United States Department of the Treasury that the
                Calculation Agent determines to be comparable to the rate formerly
                displayed on the Telerate Page 7051 and published in
                H.15(519).

            

    

     

    
      	
              (4)  
                

            	
              If
                such information is not provided by 3:00 P.M., New York City time,
                on the
                applicable Distribution determination date, then the 10-year Treasury
                CMT
                for such Distribution determination date will be calculated by the
                Calculation Agent and will be a yield to maturity, based on the arithmetic
                mean of the secondary market offered rates as of approximately 3:30
                P.M.,
                New York City time, on the Distribution determination date reported,
                according to their written records, by three leading primary United
                States
                government securities dealers in The City of New York (each, a “Reference
                Dealer”) selected by the Calculation Agent (from five such Reference
                Dealers selected by the Calculation Agent and eliminating the highest
                quotation (or, in the event of equality, one of the highest) and
                the
                lowest quotation (or, in the event of equality, one of the lowest)),
                for
                the most recently issued direct noncallable fixed rate obligations
                of the
                United States (“Treasury Debentures”) with an original maturity of
                approximately the Designated CMT Maturity Index and a remaining term
                to
                maturity of not less than such Designated CMT Maturity Index minus
                one
                year.

            

    

     

    
      	
              (5)
                 

            	
              If
                the Calculation Agent is unable to obtain three such Treasury Debentures
                quotations, the 10-year Treasury CMT for the applicable Determination
                date
                will be calculated by the Calculation Agent and will be a yield to
                maturity based on the arithmetic mean of the secondary market offered
                rates as of approximately 3:30 P.M., New York City time, on the applicable
                Distribution determination date of three Reference Dealers in The
                City of
                New York (from five such Reference Dealers selected by the Calculation
                Agent and eliminating the highest quotation (or, in the event of
                equality,
                one of the highest) and the lowest quotation (or, in the event of
                equality, one of the lowest)), for Treasury Debentures with an original
                maturity of the number of years that is the next highest to the Designated
                CMT Maturity Index and a remaining term to maturity closest to the
                Designated CMT Maturity Index and in an amount of at least $100
                million.

            

    

     

    
      	
              (6)  
                

            	
              If
                three or four (and not five) of such Reference Dealers are quoting
                as set
                forth above, then the 10-year Treasury CMT will be based on the arithmetic
                mean of the offered rates obtained and neither the highest nor lowest
                of
                such quotes will be eliminated; provided, however, that if fewer
                than
                three Reference Dealers selected by the Calculation Agent are quoting
                as
                set forth above, the 10-year Treasury CMT with respect to the applicable
                Distribution determination date will remain the 10-year Treasury
                CMT for
                the immediately preceding interest period.  If two Treasury
                Debentures with an original maturity as described in the second preceding
                sentence have remaining terms to maturity equally close to the Designated
                CMT Maturity Index, then the quotes for the Treasury Debentures with
                the
                shorter remaining term to maturity will be
                used.

            

    

     

    The
      “30-year Treasury CMT” has the meaning specified under the definition of 10-year
      Treasury CMT, except that the Designated CMT Maturity Index for the 30-year
      Treasury CMT shall be 30 years.

     

    The
      3-month LIBOR Rate, the 10-year Treasury CMT and the 30-year Treasury CMT shall
      each be rounded to the nearest hundredth of a percent.

     

    The
      Floating Rate with respect to each Floating Rate Period will be calculated
      as
      promptly as practicable by the Calculation Agent according to the appropriate
      method described above.

     

    (f)  If
      the
      Company elects to defer interest during a Fixed Rate Period, Distributions
      will
      continue to accrue at the Fixed Rate until the expiration of the Fixed Rate
      Period.  Prior to the expiration of such Fixed Rate Period and any
      Fixed Rate Period during the Extension Period, the Company and the
      Administrative Trustees will have the option to remarket the Preferred
      Securities for a new Fixed Rate Period (to take effect upon expiration of such
      Fixed Rate Period).  If the Company and the Trust do not remarket the
      Preferred Securities, the Floating Rate during the Extension Period shall be
      determined as provided herein, but shall not be less than the Fixed Rate for
      the
      Fixed Rate Period just ended.  If the Company elects to defer interest
      during a Floating Rate Period, Distributions will continue to accrue at the
      applicable Floating Rate, reset quarterly, subject to the right of the Company
      and the Administrative Trustees to remarket the Preferred Securities prior
      to
      any Distribution Payment Date in order to establish a new Fixed Rate for a
      new
      Fixed Rate Period in accordance with this Section 4.02 and the Remarketing
      Procedures.

     

    SECTION
      4.03.  Distribution
      Periods

     

    In
      accordance with Section 4.02 and the Remarketing Procedures, the Company and
      the
      Trust may, prior to the expiration of the Initial Fixed Rate Period and any
      subsequent Fixed Rate Period, prior to any Distribution Payment Date in a Fixed
      Rate Period during a time in which the Preferred Securities are redeemable
      in
      such Fixed Rate Period or prior to any Distribution Payment Date with respect
      to
      a Floating Rate Period, elect to remarket the Preferred Securities to establish
      a new Fixed Rate for a new Fixed Rate Period (to be in effect after the then
      current Distribution Period).  A Fixed Rate Period must be for a
      duration of at least six months, may not extend beyond the stated maturity
      of
      the Junior Subordinated Debentures and may not end on a day other than a day
      immediately preceding a Distribution Payment Date.  If a new Fixed
      Rate for a new Fixed Rate Period is set in a Remarketing, a new Fixed Rate
      Period shall commence following the expiration of the then current Distribution
      Period.  If a new Fixed Rate for a new Fixed Rate Period is not set,
      for any reason, including after the expiration of the Initial Fixed Rate Period,
      in accordance with the terms of this Trust Agreement, a Floating Rate Period
      and
      the Floating Rate reset quarterly shall be in effect if and until the Company
      and the Administrative Trustees remarket the Preferred Securities and set a
      new
      Fixed Rate for a new Fixed Rate Period in accordance with Section 4.02 and
      the
      Remarketing Procedures.

     

    SECTION
      4.04.  Redemption

     

    (a)  On
      each
      Indenture Redemption Date and the Maturity Date of the Junior Subordinated
      Debentures, the Trust will be required to redeem a Like Amount of Trust
      Securities at the Redemption Price.

     

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

     

    (i)  the
      Redemption Date;

     

    (ii)  the
      Redemption Price;

     

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

     

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

     

    (v)  the
      place
      or places where Trust Securities are to be  surrendered for the
      payment of the Redemption Price.

     

    (c)  The
      Trust
      in issuing the Trust Securities may use “CUSIP” or “private placement” numbers
      (if then generally in use), and, if so, the Property Trustee shall indicate
      the
“CUSIP” or “private placement” numbers of the Trust Securities in notices of
      redemption and related materials as a convenience to Holders; provided, that
      any
      such notice may state that no representation is made as to the correctness
      of
      such numbers either as printed on the Trust Securities or as contained in any
      notice of redemption and related material.

     

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

     

    (e)  If
      the
      Trust gives a notice of redemption in respect of any Preferred Securities,
      then,
      by 10:00 a.m., New York City time, on the Redemption Date, the Depositor shall
      deposit sufficient funds with the Property Trustee to pay the Redemption Price.
      If such deposit has been made, then by 12:00 noon, New York City time, on the
      Redemption Date, subject to this Section 4.04(e), the Property Trustee will,
      with respect to Preferred Securities held in global form, irrevocably deposit
      with the Clearing Agency for such Preferred Securities, to the extent available
      therefor, funds sufficient to pay the applicable Redemption Price and will
      give
      such Clearing Agency irrevocable instructions and authority to pay the
      Redemption Price to the Holders of the Preferred Securities.  With
      respect to Preferred Securities that are not held in global form, the Property
      Trustee, subject to Section this 4.04(e), will irrevocably deposit with the
      Paying Agent, to the extent available therefor, funds sufficient to pay the
      applicable Redemption Price and will give the Paying Agent irrevocable
      instructions and authority to pay the Redemption Price to the Holders of the
      Preferred Securities upon surrender of their Preferred Securities
      Certificates.  Notwithstanding the foregoing, Distributions payable on
      or prior to the Redemption Date for any Trust Securities called for redemption
      shall be payable to the Holders of such Trust Securities as they appear on
      the
      Securities Register for the Trust Securities on the relevant Record Dates for
      the related Distribution Dates.  If notice of redemption shall have
      been given and funds deposited as required, then, upon the date of such deposit,
      all rights of Holders holding Trust Securities so called for redemption will
      cease, except the right of such Holders to receive the Redemption Price and
      any
      Distribution payable in respect of the Trust Securities on or prior to the
      Redemption Date, but without interest, and such Trust Securities will cease
      to
      be Outstanding.  In the event that any date on which any applicable
      Redemption Price is payable is not a Business Day, then payment of the
      applicable Redemption Price payable on such date will be made on the next
      succeeding day that is a Business Day (and without any interest or other payment
      in respect of any such delay), except that, if such Business Day falls in the
      next calendar year, such payment will be made on the immediately preceding
      Business Day, in each case, with the same force and effect as if made on such
      date.  In the event that payment of the Redemption Price in respect of
      any Trust Securities called for redemption is improperly withheld or refused
      and
      not paid either by the Trust or by the Depositor pursuant to the Guarantee,
      Distributions on such Trust Securities will continue to accumulate, as set
      forth
      in Section 4.01 and in accordance with the continued accrual of interest on
      the
      Subordinated Debentures, from the Redemption Date originally established by
      the
      Trust for such Trust Securities to the date such applicable Redemption Price
      is
      actually paid, in which case the actual payment date will be the date fixed
      for
      redemption for purposes of calculating the applicable Redemption
      Price.

     

    SECTION
      4.05.  Subordination
      of Common Securities and Distributions

     

    (a)  Payment
      of Distributions on, and the Redemption Price of, the Trust Securities, as
      applicable, shall be made pro rata based on the Liquidation Amount of the Trust
      Securities; provided, however, that if on any Distribution Payment Date or
      Redemption Date an Indenture Event of Default shall have occurred and be
      continuing, no payment of any Distribution on, or Redemption Price of, any
      Common Security, and no other payment on account of the redemption, liquidation
      or other acquisition of Common Securities, shall be made unless payment in
      full
      in cash of all accumulated and unpaid Distributions on all Outstanding Preferred
      Securities for all Distribution Periods terminating on or prior thereto, or
      in
      the case of payment of the Redemption Price the full amount of such Redemption
      Price on all Outstanding Preferred Securities, shall have been made or provided
      for, and all funds immediately available to the Property Trustee shall first
      be
      applied to the payment in full in cash of all Distributions on, or Redemption
      Price of, Preferred Securities then due and payable.

     

    (b)  In
      the
      case of the occurrence of any Indenture Event of Default, the Holder of Common
      Securities will be deemed to have waived any right to act with respect to such
      Event of Default under this Trust Agreement until the effect of all such Events
      of Default with respect to the Preferred Securities have been cured, waived
      or
      otherwise eliminated.  Until any such Events of Default under this
      Trust Agreement with respect to the Preferred Securities have been so cured,
      waived or otherwise eliminated, the Property Trustee shall act solely on behalf
      of the Holders of the Preferred Securities and not the Holder of the Common
      Securities, and only the Holders of the Preferred Securities will have the
      right
      to direct the Property Trustee to act on their behalf.

     

    (c)  Distributions
      on the Common Securities shall be payable at the same Distribution Rates, on
      the
      same Distribution Payment Dates and for the same Distribution Periods and to
      holders as of the same Record Date as for the Preferred Securities.

     

    SECTION
      4.06.  Payment
      Procedures

     

    Payments
      of Distributions in respect of the Preferred Securities shall be made by check
      mailed to the address of the Person entitled thereto as such address shall
      appear on the Securities Register or, if the Preferred Securities are held
      by a
      Clearing Agency, such Distributions shall be made to the Clearing Agency, which
      shall credit the relevant Persons’ accounts at such Clearing Agency on the
      applicable Distribution Payment Dates.  Payment of the Redemption
      Price of or Liquidation Distribution on the Preferred Securities shall be made
      in immediately available funds upon surrender of the Preferred Securities
      Certificates representing such Preferred Securities at the corporate trust
      office of the Property Trustee or, if the Preferred Securities are held by
      the
      Clearing Agency or its nominee, such Redemption Price or Liquidation
      Distribution shall be made to the Clearing Agency by wire transfer in
      immediately available funds.  Payments in respect of the Common
      Securities shall be made in such manner as shall be mutually agreed between
      the
      Property Trustee and the Holder of the Common Securities.

     

    SECTION
      4.07.  Tax
      Returns and Reports

     

    The
      Administrative Trustee(s) shall prepare (or cause to be prepared), at the
      Depositor’s expense, and file all United States federal, state and local tax and
      information returns and reports required to be filed by or in respect of the
      Trust.  The Administrative Trustee(s) shall provide or cause to be
      provided on a timely basis to each Holder any Internal Revenue Service form
      required to be so provided in respect of the Trust Securities.

     

    ARTICLE
      V

     

    TRUST
      SECURITIES CERTIFICATES

     

    SECTION
      5.01.  Initial
      Ownership

     

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

     

    SECTION
      5.02.  The
      Trust Securities Certificates

     

    Each
      of
      the Preferred and Common Securities Certificates shall be issued in minimum
      denominations of $1,000 and integral multiples in excess thereof.  The
      Trust Securities Certificates shall be executed on behalf of the Trust by manual
      or facsimile signature of at least one Administrative Trustee.  Trust
      Securities Certificates bearing the manual or facsimile signatures of
      individuals who were, at the time when such signatures shall have been affixed,
      authorized to sign on behalf of the Trust, shall be validly issued and entitled
      to the benefits of this Trust Agreement, notwithstanding that such individuals
      or any of them shall have ceased to be so authorized prior to the authentication
      and delivery of such Trust Securities Certificates or did not hold such offices
      at the date of authentication and delivery of such Trust Securities
      Certificates.  A transferee of a Trust Securities Certificate shall
      become a Securityholder, and shall be entitled to the rights and subject to
      the
      obligations of a Securityholder hereunder, upon due registration of such Trust
      Securities Certificate in such transferee’s name pursuant to Section
      5.04.

     

    SECTION
      5.03.  Authentication
      of Trust Securities Certificates

     

    On
      the
      Issue Date, the Administrative Trustees shall cause Trust Securities
      Certificates, in an aggregate Liquidation Amount as provided in Sections 2.04
      and 2.05, to be executed on behalf of the Trust, authenticated and delivered
      to
      or upon the written order of the Depositor signed by its Chairman of the Board,
      its President or any Vice President, without further corporate action by the
      Depositor, in authorized denominations.  No Trust Securities
      Certificate shall entitle its holder to any benefit under this Trust Agreement,
      or shall be valid for any purpose, unless there shall appear on such Trust
      Securities Certificate a certificate of authentication substantially in the
      form
      set forth in Exhibit A or Exhibit C, as applicable, executed by at least one
      Administrative Trustee by manual signature; such authentication shall constitute
      conclusive evidence that such Trust Securities Certificate shall have been
      duly
      authenticated and delivered hereunder.  All Trust Securities
      Certificates shall be dated the date of their authentication.

     

    SECTION
      5.04.  Registration
      of Transfer and Exchange of Preferred Securities Certificates

     

    The
      Securities Registrar shall keep or cause to be kept, at the office or agency
      maintained pursuant to Section 5.08, a Securities Register in which, subject
      to
      such reasonable regulations as it may prescribe, the Securities Registrar shall
      provide for the registration of Preferred Securities Certificates and the Common
      Securities Certificates (subject to Section 5.10 in the case of the Common
      Securities Certificates) and registration of transfers and exchanges of
      Preferred Securities Certificates as herein provided.  The Property
      Trustee shall be the initial Securities Registrar.

     

    Upon
      surrender for registration of transfer of any Preferred Securities Certificate
      at the office or agency maintained pursuant to Section 5.08, the Administrative
      Trustees shall execute, authenticate and deliver in the name of the designated
      transferee or transferees one or more new Preferred Securities Certificates
      in
      authorized denominations of a like aggregate Liquidation Amount dated the date
      of authentication by the Administrative Trustee or Trustees.  The
      Securities Registrar shall not be required to register the transfer of any
      Preferred Securities that have been called for redemption.  At the
      option of a Holder, Preferred Securities Certificates may be exchanged for
      other
      Preferred Securities Certificates in authorized denominations of the same class
      and of a like aggregate Liquidation Amount upon surrender of the Preferred
      Securities Certificates to be exchanged at the office or agency maintained
      pursuant to Section 5.08.

     

    Every
      Preferred Securities Certificate presented or surrendered for registration
      of
      transfer or exchange shall be accompanied by a written instrument of transfer
      in
      form satisfactory to the Trustees and the Securities Registrar duly executed
      by
      the Holder or his attorney duly authorized in writing.  Each Preferred
      Securities Certificate surrendered for registration of transfer or exchange
      shall be canceled and subsequently disposed of by the Securities Registrar
      in
      accordance with its customary practice.

     

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

     

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

     

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

     

    SECTION
      5.06.  Persons
      Deemed Securityholders

     

    Prior
      to
      due presentation of a Trust Securities Certificate for registration of transfer,
      the Trustees or the Securities Registrar shall treat the Person in whose name
      any Trust Securities Certificate shall be registered in the Securities Register
      as the owner of such Trust Securities Certificate for the purpose of receiving
      Distributions (subject to Section 4.01(d)) and for all other purposes
      whatsoever, and neither the Trustees nor the Securities Registrar shall be
      bound
      by any notice to the contrary.

     

    SECTION
      5.07.  Access
      to List of Securityholders’ Names and Addresses

     

    In
      the
      event that the Property Trustee is no longer the Securities Registrar, the
      Administrative Trustees shall furnish or cause to be furnished to (i) the
      Depositor and the Property Trustee semi-annually, not later than April 1 and
      October 1 in each year, and (ii) the Depositor or the Property Trustee, as
      the
      case may be, within 15 days after receipt by any Administrative Trustee of
      a
      request therefor from the Depositor or the Property Trustee, as the case may
      be,
      in writing, a list, in such form as the Depositor or the Property Trustee,
      as
      the case may be, may reasonably require, of the names and addresses of the
      Securityholders as of a date not more than 15 days prior to the time such list
      is furnished.  If three or more Securityholders or one or more Holders
      of Trust Securities Certificates evidencing not less than 25% of the outstanding
      Liquidation Amount apply in writing to the Administrative Trustees, and such
      application states that the applicants desire to communicate with other
      Securityholders with respect to their rights under this Trust Agreement or
      under
      the Trust Securities Certificates and such application is accompanied by a
      copy
      of the communication that such applicants propose to transmit, then the
      Administrative Trustees shall, within five Business Days after the receipt
      of
      such application, afford such applicants access during normal business hours
      to
      the current list of Securityholders.  Each Holder, by receiving and
      holding a Trust Securities Certificate, shall be deemed to have agreed not
      to
      hold the Depositor, the Property Trustee or the Administrative Trustees
      accountable by reason of the disclosure of its name and address, regardless
      of
      the source from which such information was derived.

     

    SECTION
      5.08.  Maintenance
      of Office or Agency

     

    The
      Administrative Trustees shall maintain in the Borough of Manhattan, New York,
      an
      office or offices or agency or agencies where Preferred Securities Certificates
      may be surrendered for registration of transfer or exchange and where notices
      and demands to or upon the Trustees in respect of the Trust Securities
      Certificates may be served.  The Administrative Trustees initially
      designate The Bank of New York, 101 Barclay Street, New York, New York 10286,
      as
      its principal agency for such purposes.  The Administrative Trustees
      shall give prompt written notice to the Depositor and to the Securityholders
      of
      any change in the location of the Securities Register or any such office or
      agency.

     

    SECTION
      5.09.  Appointment
      of Paying Agent

     

    The
      Paying Agent shall make Distributions and other payments provided hereby to
      Securityholders from the Payment Account and shall report the amounts of such
      Distributions and payments to the Property Trustee and the Administrative
      Trustees.  Any Paying Agent shall have the revocable power to withdraw
      funds from the Payment Account for the purpose of making the Distributions
      and
      payments provided hereby.  The Administrative Trustees may revoke such
      power and remove the Paying Agent if such Trustees determine in their sole
      discretion that the Paying Agent shall have failed to perform its obligations
      under this Agreement in any material respect, provided that such revocation
      and
      removal shall not become effective until the appointment of a
      successor.  The Paying Agent shall initially be the Property Trustee,
      and it may choose any co-paying agent that is acceptable to the Administrative
      Trustees and the Depositor.  Any Person acting as Paying Agent shall
      be permitted to resign as Paying Agent upon 30 days’ written notice to the
      Administrative Trustees and the Property Trustee, provided that such resignation
      shall not become effective until the appointment of a successor.  In
      the event that a Paying Agent shall resign or be removed, the Property Trustee
      shall appoint a successor that is acceptable to the Administrative Trustees
      to
      act as Paying Agent (which shall be a bank or trust company).  The
      Property Trustee shall cause such successor Paying Agent or any additional
      Paying Agent appointed by the Property Trustee to execute and deliver to the
      Trustees an instrument in which such successor Paying Agent or additional Paying
      Agent shall agree with the Trustees that as Paying Agent, such successor Paying
      Agent or additional Paying Agent will hold all sums, if any, held by it for
      payment to the Securityholders in trust for the benefit of the Securityholders
      entitled thereto until such sums shall be paid to such
      Securityholders.  The Paying Agent shall return all unclaimed funds to
      the Property Trustee and upon removal of a Paying Agent such Paying Agent shall
      also return all funds in its possession to the Property Trustee.  The
      provisions of Sections 8.01, 8.03 and 8.06 shall apply to the Property Trustee
      also in its role as Paying Agent, for so long as the Property Trustee shall
      act
      as Paying Agent and, to the extent applicable, to any other paying agent
      appointed hereunder.  Any reference in this Agreement to the Paying
      Agent shall include any co-paying agent unless the context requires
      otherwise.

     

    SECTION
      5.10.  Ownership
      of Common Securities by Depositor

     

    On
      the
      Issue Date, the Depositor shall acquire, and thereafter retain, beneficial
      and
      record ownership of the Common Securities.  Any attempted transfer of
      the Common Securities, except for transfers by operation of law or to an
      Affiliate of the Depositor or a permitted successor under Section 608 of the
      Subordinated Indenture, shall be void.  The Administrative Trustees
      shall cause each Common Securities Certificate issued to the Depositor to
      contain a legend stating “THIS CERTIFICATE IS NOT TRANSFERABLE EXCEPT AS
      PROVIDED IN THE TRUST AGREEMENT REFERRED TO HEREIN”.

     

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

     

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

     

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

     

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

     

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

     

    (iv)  the
      rights of the Owners of the Book-Entry Preferred Securities Certificates shall
      be exercised only through the Clearing Agency and shall be limited to those
      established by law and agreements between such Owners and the Clearing Agency
      and/or the Clearing Agency Participants.  Pursuant to the Certificate
      Depository Agreement, unless and until Definitive Preferred Securities
      Certificates are issued pursuant to Section 5.13, the Clearing Agency will
      make
      book-entry transfers among the Clearing Agency Participants and receive and
      transmit payments on the Preferred Securities to such Clearing Agency
      Participants.

     

    (v)  The
      Clearing Agency will make book-entry transfers among the Clearing Agency
      Participants; provided, that solely for the purposes of determining whether
      the
      Holders of the requisite amount of Preferred Securities have voted on any matter
      provided for in this Trust Agreement, so long as Definitive Preferred Securities
      Certificates have not been issued, the Trustees may conclusively rely on, and
      shall be fully protected in relying on, any written instrument (including a
      proxy) delivered to the Trustees by the Clearing Agency setting forth the
      Owners’ votes or assigning the right to vote on any matter to any other Person
      either in whole or in part.

     

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

     

    SECTION
      5.12.  Notices
      to Clearing Agency

     

    To
      the
      extent a notice or other communication to the Owners is required under this
      Trust Agreement, unless and until Definitive Preferred Securities Certificates
      shall have been issued to Owners pursuant to Section 5.13, the Trustees shall
      give all such notices and communications specified herein to be given to Owners
      to the Clearing Agency, and shall have no obligations to the
      Owners.

     

    SECTION
      5.13.  Definitive
      Preferred Securities Certificates

     

    If
      (i)
      the Depositor advises the Trustees in writing that the Clearing Agency is no
      longer willing or able to properly discharge its responsibilities with respect
      to the Preferred Securities Certificates, and the Depositor is unable to locate
      a qualified successor, or (ii) the Depositor at its option advises the Trustees
      in writing that it elects to terminate the book-entry system through the
      Clearing Agency, then the Administrative Trustees shall notify the Clearing
      Agency and Holders of the Preferred Securities.  Upon surrender to the
      Administrative Trustees of the typewritten Preferred Securities Certificate
      or
      Certificates representing the Book-Entry Preferred Securities Certificates
      by
      the Clearing Agency, accompanied by registration instructions, the
      Administrative Trustees or any one of them shall execute and authenticate the
      Definitive Preferred Securities Certificates in accordance with the instructions
      of the Clearing Agency.  Neither the Securities Registrar nor the
      Trustees shall be liable for any delay in delivery of such instructions and
      may
      conclusively rely on, and shall be protected in relying on, such
      instructions.  Upon the issuance of Definitive Preferred Securities
      Certificates, the Trustees shall recognize the Holders of the Definitive
      Preferred Securities Certificates as Securityholders.  The Definitive
      Preferred Securities Certificates shall be printed, lithographed or engraved
      or
      may be produced in any other manner as is reasonably acceptable to the
      Administrative Trustees, as evidenced by the execution thereof by the
      Administrative Trustees or any one of them.

     

    SECTION
      5.14.  Rights
      of Securityholders

     

    The
      legal
      title to the Trust Property is vested exclusively in the Property Trustee (in
      its capacity as such) in accordance with Section 2.09, and the Securityholders
      shall not have any right or title therein other than the beneficial ownership
      interest in the assets of the Trust conferred by their Trust Securities, and
      they shall have no right to call for any partition or division of property,
      profits or rights of the Trust except as described below.  The Trust
      Securities shall be personal property giving only the rights specifically set
      forth therein and in this Trust Agreement.  The Trust Securities shall
      have no preemptive or other similar rights and when issued and delivered to
      Securityholders against payment of the purchase price therefor, except as
      otherwise provided in the Expense Agreement and Section 11.01 hereof, will
      be
      fully paid and nonassessable by the Trust.  Except as otherwise
      provided in the Expense Agreement and Section 11.01 hereof, the Holders of
      the
      Trust Securities shall be entitled to the same limitation of personal liability
      extended to stockholders of private corporations for profit organized under
      the
      General Corporation Law of the State of Delaware.

     

    ARTICLE
      VI

     

    ACTS
      OF SECURITYHOLDERS; MEETINGS; VOTING

     

    SECTION
      6.01.  Limitations
      on Voting Rights

     

    (a)  Except
      as
      provided in this Section, in Section 2.10, in Section 8.10 or in Section 11.03
      of this Trust Agreement, in the Subordinated Indenture, and as otherwise
      required by law, no Holder of Preferred Securities shall have any right to
      vote
      or in any manner otherwise control the administration, operation and management
      of the Trust or the obligations of the parties hereto, nor shall anything herein
      set forth, or contained in the terms of the Trust Securities Certificates,
      be
      construed so as to constitute the Securityholders from time to time as partners
      or members of an association.

     

    (b)  So
      long
      as any Junior Subordinated Debentures are held by the Property Trustee on behalf
      of the Trust, the Property Trustee shall not (i) direct the time, method and
      place of conducting any proceeding for any remedy available to the Indenture
      Trustee, or execute any trust or power conferred on the Property Trustee with
      respect to such Junior Subordinated Debentures; (ii) waive any past default
      that
      may be waived under Section 513 of the Subordinated Indenture; (iii) exercise
      any right to rescind or annul a declaration that the principal of all the Junior
      Subordinated Debentures shall be due and payable; or (iv) consent to any
      amendment, modification or termination of the Subordinated Indenture or the
      Junior Subordinated Debentures, where such consent shall be required, without,
      in each case, obtaining the prior approval of the Holders of at least a Majority
      in Liquidation Amount of the Preferred Securities, provided, however, that
      where
      a consent under the Subordinated Indenture would require the consent of each
      holder of Junior Subordinated Debentures affected thereby, no such consent
      shall
      be given by the Property Trustee without the prior written consent of each
      Holder of Preferred Securities.  The Property Trustee shall not revoke
      any action previously authorized or approved by a vote of the Holders of
      Preferred Securities, except by a subsequent vote of the Holders of Preferred
      Securities.  Subject to Section 8.02, the Property Trustee shall
      notify all Holders of the Preferred Securities of any notice of default received
      with respect to the Junior Subordinated Debentures.  In addition to
      obtaining the foregoing approvals of the Holders of the Preferred Securities,
      prior to taking any of the foregoing actions, the Property Trustee shall, at
      the
      expense of the Depositor, obtain an Opinion of Counsel experienced in such
      matters to the effect that such action will not cause the Trust to be taxable
      other than as a grantor trust for United States federal income tax
      purposes.

     

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

     

    (d)  Holders
      of a Majority in Liquidation Amount of the Preferred Securities may, on behalf
      of the Holders of all the Preferred Securities, waive any past Event of Default
      and its consequences, except a default described in clause (b) or (c) of the
      definition of “Event of Default” contained in Section 1.01, a default in respect
      of a covenant or provision which under this Trust Agreement cannot be modified
      or amended without the consent of the Holder of each Outstanding Preferred
      Security or an Indenture Event of Default that the Holders of a Majority in
      Liquidation Amount of the Preferred Securities would not be entitled to waive
      pursuant to Section 6.01(e).

     

    Upon
      any
      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 Trust Agreement; but no such waiver shall extend to any subsequent
      or
      other default or Event of Default or impair any right consequent
      thereon.  Any waiver by the Holders of the Preferred Securities of an
      Event of Default with respect to Preferred Securities shall also be deemed
      to
      constitute a waiver by the Holders of Common Securities for all purposes of
      the
      Trust Agreement without any further act, vote or consent of the Holders of
      Common Securities.

     

    (e)  For
      so
      long as any Preferred Securities remain Outstanding, if, upon an Indenture
      Event
      of Default, the Indenture Trustee and the holders of the outstanding Junior
      Subordinated Debentures have failed to declare the principal of all of the
      Junior Subordinated Debentures to be immediately due and payable, the Holders
      of
      at least 33% in aggregate Liquidation Amount of the Preferred Securities then
      Outstanding shall have such right to make such declaration by a notice in
      writing to the Property Trustee, the Depositor and the Indenture
      Trustee.

     

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

     

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

     

    (1)  all
      overdue installments of interest on all of the Junior Subordinated
      Debentures,

     

    (2)  the
      principal of any Junior Subordinated Debentures which have become due otherwise
      than by such declaration of acceleration and interest thereon at the rate borne
      by the Junior Subordinated Debentures, and

     

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

     

    (ii)  all
      Indenture Events of Default, other than the non-payment of the principal of
      the
      Junior Subordinated Debentures which has become due solely by such acceleration,
      have been cured or waived as provided in Section 813 of the Subordinated
      Indenture.

     

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

     

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

     

    (f)  For
      so
      long as any Preferred Securities remain Outstanding, to the fullest extent
      permitted by law and subject to the terms of this Trust Agreement and the
      Subordinated Indenture, upon an Indenture Event of Default specified in Sections
      801(a) and (b) of the Subordinated Indenture, any Holder of Preferred Securities
      shall have the right to institute a proceeding directly against the Depositor,
      pursuant to Section 808 of the Subordinated Indenture, for enforcement of
      payment to such Holder of the principal amount of Junior Subordinated Debentures
      having an aggregate principal amount equal to the aggregate Liquidation Amount
      of the Preferred Securities of such Holder (a “Direct
      Action”).  Except as set forth in Section 6.01(e) and this Section
      6.01(f), the Holders of Preferred Securities shall have no right to exercise
      directly any right or remedy available to the holders of, or in respect of,
      the
      Junior Subordinated Debentures.

     

    The
      holders of a Majority in Liquidation Amount of the Preferred Securities at
      the
      time Outstanding shall have the right to 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 on the Property Trustee with respect
      to
      the Preferred Securities; provided, however, that, the Property Trustee shall
      have the right to decline to follow any such direction if the Property Trustee
      being advised by counsel determines that the action so directed may not lawfully
      be taken, or if the Property Trustee in good faith shall determine that the
      proceedings so directed would be illegal or involve it in personal liability
      or
      be unduly prejudicial to the rights of Holders of Preferred Securities not
      parties to such direction, and provided further that nothing in this Trust
      Agreement shall impair the right of the Property Trustee to take any action
      deemed proper by the Property Trustee and which is not inconsistent with such
      direction by such Holders.

     

    SECTION
      6.02.  Notice
      of Meetings

     

    Notice
      of
      all meetings of the Preferred Securityholders, stating the time, place and
      purpose of the meeting, shall be given by the Administrative Trustees pursuant
      to Section 11.08 to each Preferred Securityholder of record, at his registered
      address, at least 15 days and not more than 90 days before the
      meeting.  At any such meeting, any business properly before the
      meeting may be so considered whether or not stated in the notice of the
      meeting.  Any adjourned meeting may be held as adjourned without
      further notice.

     

    SECTION
      6.03.  Meetings
      of Preferred Securityholders

     

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

     

    Preferred
      Securityholders of record of at least 50% of the Preferred Securities (based
      upon their Liquidation Amount), present in person or by proxy, shall constitute
      a quorum at any meeting of Securityholders.

     

    If
      a
      quorum is present at a meeting, an affirmative vote by the Preferred
      Securityholders of record present, in person or by proxy, holding more than
      66-2/3% of the Preferred Securities (based upon their Liquidation Amount) held
      by the Preferred Securityholders of record present, either in person or by
      proxy, at such meeting shall constitute the action of the Securityholders,
      unless this Trust Agreement requires a greater number of affirmative
      votes.

     

    SECTION
      6.04.  Voting
      Rights

     

    Securityholders
      shall be entitled to one vote for each $1,000 of Liquidation
      Amount  represented by their Trust Securities in respect of any matter
      as to which such Securityholders are entitled to vote; provided, however, any
      Preferred Securities that are owned by the Company, the Property Trustee or
      the
      Delaware Trustee will, for purposes of any vote or consent, be treated as if
      they were not outstanding.

     

    SECTION
      6.05.  Proxies,
      etc.

     

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

     

    SECTION
      6.06.  Securityholder
      Action by Written Consent

     

    Any
      action which may be taken by Securityholders at a meeting may be taken without
      a
      meeting if Securityholders holding at least 66-2/3% of all outstanding Trust
      Securities entitled to vote in respect of such action (or such other proportion
      thereof as shall be required by any express provision of this Trust Agreement)
      shall consent to the action in writing (based upon their Liquidation
      Amount).

     

    SECTION
      6.07.  Record
      Date for Voting and Other Purposes

     

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

     

    SECTION
      6.08.  Acts
      of Securityholders

     

    Any
      request, demand, authorization, direction, notice, consent, waiver or other
      action provided or permitted by this Trust Agreement to be given, made or taken
      by Securityholders may be embodied in and evidenced by one or more instruments
      of substantially similar tenor signed by such Securityholders in person or
      by an
      agent appointed in writing; and, except as otherwise expressly provided herein,
      such action shall become effective when such instrument or instruments are
      delivered to the Administrative Trustees.  Such instrument or
      instruments (and the action embodied therein and evidenced thereby) are herein
      sometimes referred to as the “Act” of the Securityholders signing such
      instrument or instruments.  Proof of execution of any such instrument
      or of a writing appointing any such agent shall be sufficient for any purpose
      of
      this Trust Agreement and (subject to Section 8.01) conclusive in favor of the
      Trustees, if made in the manner provided in this Section.

     

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

     

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

     

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

     

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

     

    SECTION
      6.09.  Inspection
      of Records

     

    Upon
      reasonable notice to the Trustees, the records of the Trust shall be open to
      inspection by Securityholders during normal business hours for any purpose
      reasonably related to such Securityholder’s interest as a
      Securityholder.

     

    ARTICLE
      VII

     

    REPRESENTATIONS
      AND WARRANTIES OF THE TRUSTEES

     

    SECTION
      7.01.  Representations
      and Warranties of the Trustees

     

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

     

    (a)  the
      Bank
      is a banking corporation or trust company duly organized, validly existing
      and
      in good standing under the laws of the State of New York, and the Delaware
      Bank
      is a banking corporation or trust company, duly organized, validly existing
      and
      in good standing under the laws of the State of Delaware;

     

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

     

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

     

    (d)  the
      execution, delivery and performance by each of the Bank and the Delaware Bank
      of
      this Trust Agreement have been duly authorized by all necessary corporate action
      on the part of the Bank, the Property Trustee, the Delaware Bank and the
      Delaware Trustee and do not require any approval of stockholders of the Bank
      or
      the Delaware Bank and such execution, delivery and performance will not (i)
      violate the Bank’s or the Delaware Bank’s Charter or By-laws, or (ii) violate
      any law, governmental rule or regulation of the United States or the State
      of
      New York or Delaware, as the case may be, governing the banking or trust powers
      of the Bank and the Property Trustee or the Delaware Bank and the Delaware
      Trustee, or any order, judgment or decree applicable to the Bank, the Property
      Trustee, the Delaware Bank or the Delaware Trustee; and

     

    (e)  neither
      the authorization, execution or delivery by the Bank or the Delaware Bank of
      this Trust Agreement, nor the consummation of any of the transactions by the
      Bank, the Property Trustee, the Delaware Bank or the Delaware Trustee (as
      appropriate in context) contemplated herein or therein, require the consent
      or
      approval of, the giving of notice to, the registration with or the taking of
      any
      other action with respect to any governmental authority or agency under any
      existing federal, New York or Delaware law governing the banking or trust powers
      of the Bank or the Delaware Bank.

     

    ARTICLE
      VIII

     

    THE
      TRUSTEES

     

    SECTION
      8.01.  Certain
      Duties and Responsibilities

     

    (a)  The
      rights, duties and responsibilities of the Trustees shall be as provided by
      this
      Trust Agreement and, in the case of the Property Trustee, the Trust Indenture
      Act.  The Property Trustee, other than during the occurrence and
      continuation of an Event of Default, undertakes to perform only such duties
      as
      are specifically set forth in this Trust Agreement and, upon an Event of
      Default, must exercise the same degree of care and skill as a prudent person
      would exercise or use in the conduct of his/her own affairs.  The
      Trustees shall have all the privileges, rights and immunities provided by the
      Delaware Statutory Trust Act.  Notwithstanding the foregoing, no
      provision of this Trust Agreement shall require the Trustees to expend or risk
      their own funds or otherwise incur any financial liability in the performance
      of
      any of their duties hereunder, or in the exercise of any of their rights or
      powers, if they shall have reasonable grounds for believing that repayment
      of
      such funds or adequate indemnity against such risk or liability is not
      reasonably assured to them.  Whether or not therein expressly so
      provided, every provision of this Trust Agreement relating to the conduct or
      affecting the liability of or affording protection to the Trustees shall be
      subject to the provisions of this Section.  To the extent that, at law
      or in equity, the Delaware Trustee has duties (including fiduciary duties)
      and
      liabilities relating thereto to the Trust or to the Securityholders, the
      Delaware Trustee shall not be liable to the Trust or to any Securityholder
      for
      the Delaware Trustee’s good faith reliance on the provisions of this Trust
      Agreement.  The provisions of this Trust Agreement, to the extent that
      they restrict the duties and liabilities of the Delaware Trustee otherwise
      existing at law or in equity, are agreed by the Depositor and the
      Securityholders to replace such other duties and liabilities of the Delaware
      Trustee.

     

    (b)  All
      payments made by the Property Trustee in respect of the Trust Securities shall
      be made only from the income and proceeds from the Trust Property and only
      to
      the extent that there shall be sufficient income or proceeds from the Trust
      Property to enable the Property Trustee to make payments in accordance with
      the
      terms hereof.  Each Securityholder, by its acceptance of a Trust
      Security, agrees that it will look solely to the income and proceeds from the
      Trust Property to the extent available for distribution to it as herein provided
      and that the Trustees are not personally liable to it for any amount
      distributable in respect of any Trust Security or for any other liability in
      respect of any Trust Security.  This Section 8.01(b) does not limit
      the liability of the Trustees expressly set forth elsewhere in this Trust
      Agreement or, in the case of the Property Trustee, in the Trust Indenture
      Act.

     

    SECTION
      8.02.  Notice
      of Defaults

     

    Within
      90
      days after the occurrence of any default, the Property Trustee shall transmit,
      in the manner and to the extent provided in Section 11.08, notice of any default
      actually known to the Property Trustee to the Securityholders, the
      Administrative Trustees and the Depositor, unless such default shall have been
      cured or waived before the giving of such notice, provided that the Property
      Trustee shall be protected in withholding such notice if and so long as the
      board of directors, the executive committee, or a trust committee of directors
      and/or responsible officers of the Property Trustee in good faith determines
      that the withholding of such notice is in the interests of the
      Securityholders.  For the purpose of this Section, the term “default”
means any event which is, or after notice or lapse of time or both would become,
      an Event of Default.

     

    SECTION
      8.03.  Certain
      Rights of Property Trustee

     

    Subject
      to the provisions of Section 8.01 and except as provided by law:

     

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

     

    (b)  if
      (i) in
      performing its duties under this Trust Agreement the Property Trustee is
      required to decide between alternative courses of action, or (ii) in construing
      any of the provisions in this Trust Agreement the Property Trustee finds the
      same ambiguous or inconsistent with any other provisions contained herein,
      or
      (iii) the Property Trustee is unsure of the application of any provision of
      this
      Trust Agreement, then, except as to any matter as to which the Preferred
      Securityholders are entitled to vote under the terms of this Trust Agreement,
      the Property Trustee shall deliver a notice to the Depositor requesting written
      instructions of the Depositor as to the course of action to be
      taken.  The Property Trustee shall take such action, or refrain from
      taking such action, as the Property Trustee shall be instructed in writing
      to
      take, or to refrain from taking, by the Depositor; provided, however, that
      if
      the Property Trustee does not receive such instructions of the Depositor within
      ten Business Days after it has delivered such notice, or such reasonably shorter
      period of time set forth in such notice (which to the extent practicable shall
      not be less than two Business Days), it may, but shall be under no duty to,
      take
      or refrain from taking such action not inconsistent with this Trust Agreement
      as
      it shall deem advisable and in the best interests of the Securityholders, in
      which event the Property Trustee shall have no liability except for its own
      bad
      faith, negligence or willful misconduct;

     

    (c)  the
      Property Trustee may consult with counsel or other experts of its selection
      and
      the written advice of such counsel or other experts or any Opinion of Counsel
      shall be full and complete authorization and protection in respect of any action
      taken, suffered or omitted by it hereunder in good faith and in reliance
      thereon;

     

    (d)  the
      Property Trustee shall be under no obligation to exercise any of the rights
      or
      powers vested in it by this Trust Agreement at the request or direction of
      any
      of the Securityholders pursuant to this Trust Agreement, unless such
      Securityholders shall have offered to the Property Trustee reasonable security
      or indemnity against the costs, expenses and liabilities which might be incurred
      by it in compliance with such request or direction;

     

    (e)  the
      Property Trustee shall not be bound to make any investigation into the facts
      or
      matters stated in any resolution, certificate, statement, instrument, opinion,
      report, notice, request, consent, order, approval, bond or other 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;

     

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

     

    (g)  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 Trust
      Agreement;

     

    (h)  the
      Property Trustee shall not be deemed to have notice of any default or Event
      of
      Default unless an officer of the Property Trustee assigned to its Corporate
      Trust Division has actual knowledge thereof or unless written notice of any
      event which is in fact such a default is received by the Property Trustee at
      its
      corporate trust office, and such notice references the Trust Securities and
      this
      Trust Agreement; and

     

    (i)  the
      rights, privileges, protections, immunities and benefits given to the Property
      Trustee, including, without limitation, its right to be indemnified, are
      extended to, and shall be enforceable by, the Property Trustee in each of its
      respective capacities hereunder, and to each agent, custodian and other Person
      employed to act hereunder.

     

    SECTION
      8.04.  Not
      Responsible for Recitals or Issuance of Securities

     

    The
      recitals contained herein and in the Trust Securities Certificates shall be
      taken as the statements of the Trust, and the Trustees do not assume any
      responsibility for their correctness.  The Trustees shall not be
      accountable for the use or application by the Trust of the proceeds of the
      Trust
      Securities in accordance with Section 2.05.

     

    The
      Property Trustee may conclusively assume that any funds held by it hereunder
      are
      legally available unless an officer of the Property Trustee assigned to its
      Institutional Trust Services Department shall have received written notice
      from
      the Company, any Holder or any other Trustee that such funds are not legally
      available.

     

    The
      Property Trustee makes no representations as to the value or condition of the
      property of the Trust or any part thereof.  The Property Trustee makes
      no representations as to the validity or sufficiency of this Trust Agreement
      or
      the Trust Securities.

     

    SECTION
      8.05.  May
      Hold Securities

     

    Except
      as
      provided in the definition of the term “Outstanding” in Article I, any Trustee
      or any other agent of the Trustees or the Trust, in its individual or any other
      capacity, may become the owner or pledgee of Trust Securities and may otherwise
      deal with the Trust with the same rights it would have if it were not a Trustee
      or such other agent.

     

    SECTION
      8.06.  Compensation;
      Fees; Indemnity

     

    The
      Depositor, as obligor of the Junior Subordinated Debentures,
      agrees:

     

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

     

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

     

    (c)  to
      indemnify each of the Trustees for, and to hold each of the Trustees harmless
      against, any and all loss, damage, claims, liability or expense incurred without
      willful misconduct, negligence or bad faith on their part, arising out of or
      in
      connection with the acceptance or administration of this Trust Agreement,
      including the costs and expenses of defending themselves against any claim
      (whether by the Depositor, any Securityholder or any other person) or liability
      in connection with the exercise or performance of any of their powers or duties
      hereunder.

     

    The
      provisions of this Section 8.06 shall survive the termination of this Trust
      Agreement.

     

    SECTION
      8.07.  Trustees
      Required; Eligibility

     

    (a)  There
      shall at all times be a Property Trustee hereunder with respect to the Trust
      Securities.  The Property Trustee shall be a Person that has a
      combined capital and surplus of at least $50,000,000.  If any such
      Person publishes reports of condition at least annually, pursuant to law or
      to
      the requirements of its supervising or examining authority, then for the
      purposes of this Section, the combined capital and surplus of such Person shall
      be deemed to be its combined capital and surplus as set forth in its most recent
      report of condition so published.  If at any time the Property Trustee
      with respect to the Trust Securities shall cease to be eligible in accordance
      with the provisions of this Section, it shall resign immediately in the manner
      and with the effect hereinafter specified in this Article.

     

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

     

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

     

    SECTION
      8.08.  Conflicting
      Interests

     

    If
      the
      Property Trustee has or shall acquire a conflicting interest within the meaning
      of the Trust Indenture Act, the Property Trustee shall either eliminate such
      interest or resign, to the extent and in the manner provided by, and subject
      to
      the provisions of, the Trust Indenture Act and this Trust
      Agreement.  To the extent permitted by the Trust Indenture Act, the
      Property Trustee shall not be deemed to have a conflicting interest by virtue
      of
      being trustee under the Guarantee.

     

    SECTION
      8.09.  Co-Trustees
      and Separate Trustee

     

    At
      any
      time or times, for the purpose of meeting the legal requirements of the Trust
      Indenture Act or of any jurisdiction in which any part of the Trust Property
      may
      at the time be located, the Holder of the Common Securities and the Property
      Trustee shall have power to appoint, and upon the written request of the
      Property Trustee, the Depositor shall for such purpose join with the Property
      Trustee in the execution, delivery and performance of all instruments and
      agreements necessary or proper to appoint, one or more Persons approved by
      the
      Property Trustee either to act as co-trustee, jointly with the Property Trustee,
      of all or any part of such Trust Property, or to act as separate trustee of
      any
      such Trust Property, in either case with such powers as may be provided in
      the
      instrument of appointment, and to vest in such Person or Persons in the capacity
      aforesaid, any property, title, right or power deemed necessary or desirable,
      subject to the other provisions of this Section.  If the Depositor
      does not join in such appointment within 15 days after the receipt by it of
      a
      request so to do, or in case an Indenture Event of Default has occurred and
      is
      continuing, the Property Trustee alone shall have power to make such
      appointment.  Any co-trustee or separate trustee appointed pursuant to
      this Section shall satisfy the requirements of Section 8.07.

     

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

     

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

     

    (i)  The
      Trust
      Securities shall be executed, authenticated and delivered and all rights,
      powers, duties, and obligations hereunder in respect of the custody of
      securities, cash and other personal property held by, or required to be
      deposited or pledged with, the Trustees hereunder, shall be exercised, solely
      by
      the Trustees.

     

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

     

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

     

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

     

    (v)  The
      Trustees shall not be liable by reason of any act of a co-trustee or separate
      trustee.

     

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

     

    SECTION
      8.10.  Resignation
      and Removal; Appointment of Successor

     

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

     

    The
      Relevant Trustee may resign at any time by giving written notice thereof to
      the
      Securityholders.  If the instrument of acceptance by a successor
      Relevant Trustee required by Section 8.11 shall not have been delivered to
      the
      Relevant Trustee within 30 days after the giving of such notice of resignation,
      the resigning Relevant Trustee may petition any court of competent jurisdiction
      for the appointment of a successor Relevant Trustee.

     

    Unless
      an
      Indenture Event of Default shall have occurred and be continuing, the Relevant
      Trustee may be removed at any time by Act of the Holder of the Common
      Securities.  If an Indenture Event of Default shall have occurred and
      be continuing, the Relevant Trustee may be removed at such time by Act of the
      Securityholders of a majority in Liquidation Amount of the Preferred Securities
      Certificates, delivered to the Relevant Trustee (in its individual capacity
      and
      on behalf of the Trust).

     

    If
      the
      Relevant Trustee shall resign, be removed or become incapable of continuing
      to
      act as Trustee at a time when no Indenture Event of Default shall have occurred
      and be continuing, the Holder of the Common Securities, by Act of the Holder
      of
      the Common Securities delivered to the retiring Relevant Trustee, shall promptly
      appoint a successor Relevant Trustee or Trustees, and the retiring Relevant
      Trustee shall comply with the applicable requirements of Section
      8.11.  If the Relevant Trustee shall resign, be removed or become
      incapable of continuing to act as the Relevant Trustee at a time when an
      Indenture Event of Default shall have occurred and be continuing, the Holders
      of
      Preferred Securities, by Act of the Securityholders of a majority in Liquidation
      Amount of the Preferred Securities then outstanding delivered to the retiring
      Relevant Trustee, shall promptly appoint a successor Relevant Trustee or
      Trustees, and the Relevant Trustee shall comply with the applicable requirements
      of Section 8.11.  If no successor Relevant Trustee shall have been so
      appointed in accordance with this Section 8.10 and accepted appointment in
      the
      manner required by Section 8.11, any Securityholder who has been a
      Securityholder of Trust Securities for at least six months may, on behalf of
      himself and all others similarly situated, petition any court of competent
      jurisdiction for the appointment of a successor Relevant Trustee.

     

    The
      retiring Relevant Trustee shall give notice of each resignation and each removal
      of the Relevant Trustee, and each appointment of a successor Trustee to all
      Securityholders in the manner provided in Section 11.08 and shall give notice
      to
      the Depositor.  Each notice shall include the name of the successor
      Relevant Trustee and the address of its corporate trust office if it is the
      Property Trustee.

     

    Notwithstanding
      the foregoing or any other provision of this Trust Agreement, in the event
      any
      Administrative Trustee or a Delaware Trustee who is a natural person dies or
      becomes incompetent or incapacitated, the vacancy created by such death,
      incompetence or incapacity may be filled by (i) the act of the remaining
      Administrative Trustee or (ii) otherwise by the Depositor (with the successor
      in
      each case being an individual who satisfies the eligibility requirement for
      Administrative Trustees set forth in Section 8.07).  Additionally,
      notwithstanding the foregoing or any other provision of this Trust Agreement,
      in
      the event the Depositor believes that any Administrative Trustee has become
      incompetent or incapacitated, the Depositor, by notice to the remaining
      Trustees, may terminate the status of such Person as an Administrative Trustee
      (in which case the vacancy so created will be filled in accordance with the
      preceding sentence).

     

    SECTION
      8.11.  Acceptance
      of Appointment by Successor

     

    In
      case
      of the appointment hereunder of a successor Relevant Trustee, every such
      successor Relevant Trustee so appointed shall execute, acknowledge and deliver
      to the Trust and to the retiring Relevant Trustee an instrument accepting such
      appointment, and thereupon the resignation or removal of the retiring Relevant
      Trustee shall become effective and such successor Relevant Trustee, without
      any
      further act, deed or conveyance, shall become vested with all the rights,
      powers, trusts and duties of the retiring Relevant Trustee; but, on the request
      of the Depositor or the successor Relevant Trustee, such retiring Relevant
      Trustee shall, upon payment of its charges, execute and deliver an instrument
      transferring to such successor Relevant Trustee all the rights, powers and
      trusts of the retiring Relevant Trustee and shall duly assign, transfer and
      deliver to such successor Relevant Trustee all property and money held by such
      retiring Relevant Trustee hereunder.

     

    Upon
      request of any such successor Relevant Trustee, the Trust shall execute any
      and
      all instruments for more fully and certainly vesting in and confirming to such
      successor Relevant Trustee all such rights, powers and trusts referred to in
      the
      preceding paragraph.

     

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

     

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

     

    Any
      Person into which the Property Trustee, Delaware Trustee or any Administrative
      Trustee which is not a natural person may be merged or converted or with which
      it may be consolidated, or any Person resulting from any merger, conversion
      or
      consolidation to which such Relevant Trustee shall be a party, or any Person
      succeeding to all or substantially all the corporate trust business of such
      Relevant Trustee, shall be the successor of such Relevant Trustee hereunder;
      provided 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.

     

    SECTION
      8.13.  Preferential
      Collection of Claims Against Depositor or Trust

     

    If
      and
      when the Property Trustee shall be or become a creditor of the Depositor or
      the
      Trust (or any other obligor upon the Junior Subordinated Debentures or the Trust
      Securities), the Property Trustee shall be subject to the provisions of the
      Trust Indenture Act regarding the collection of claims against the Depositor
      or
      Trust (or any such other obligor).  For purposes of Section 311(b)(4)
      and (6) of the Trust Indenture Act:

     

    (a)  “cash
      transaction” means any transaction in which full payment for goods or securities
      sold is made within seven days after delivery of the goods or securities in
      currency or in checks or other orders drawn upon banks or bankers and payable
      upon demand; and

     

    (b)  “self-liquidating
      paper” means any draft, bill of exchange, acceptance or obligation which is
      made, drawn, negotiated or incurred by the Depositor or the Trust (or any such
      obligor) for the purpose of financing the purchase, processing, manufacturing,
      shipment, storage or sale of goods, wares or merchandise and which is secured
      by
      documents evidencing title to, possession of, or a lien upon, the goods, wares
      or merchandise or the receivables or proceeds arising from the sale of the
      goods, wares or merchandise previously constituting the security; provided
      the
      security is received by the Property Trustee simultaneously with the creation
      of
      the creditor relationship with the Depositor or the Trust (or any such obligor)
      arising from the making, drawing, negotiating or incurring of the draft, bill
      of
      exchange, acceptance or obligation.

     

    SECTION
      8.14.  Reports
      by Property Trustee

     

    (a)  Within
      60
      days after May 15 of each year commencing with May 15, 2004, if required by
      Section 313(a) of the Trust Indenture Act, the Property Trustee shall transmit
      a
      brief report dated as of such May 15 with respect to any of the events specified
      in such Section 313(a) that may have occurred since the later of the date of
      this Trust Agreement or the preceding May 15.

     

    (b)  The
      Property Trustee shall transmit to Securityholders the reports required by
      Section 313(b) of the Trust Indenture Act at the times specified
      therein.

     

    (c)  Reports
      pursuant to this Section shall be transmitted in the manner and to the Persons
      required by Sections 313(c) and (d) of the Trust Indenture Act.

     

    SECTION
      8.15.  Reports
      to the Property Trustee

     

    The
      Depositor and the Administrative Trustees on behalf of the Trust shall provide
      to the Property Trustee such documents, reports and information as required
      by
      Section 314 of the Trust Indenture Act (if any) and, within 120 days after
      the
      end of each fiscal year of the Depositor, the compliance certificate required
      by
      Section 314(a)(4) of the Trust Indenture Act in the form and in the manner
      required by Section 314 of the Trust Indenture Act.

     

    Delivery
      of such reports, information and documents to the Property Trustee is for
      informational purposes only and the Property Trustee’s receipt of such shall not
      constitute constructive notice of any information contained therein or
      determinable from information contained therein.

     

    SECTION
      8.16.  Evidence
      of Compliance with Conditions Precedent

     

    Each
      of
      the Depositor and the Administrative 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 Trust Agreement, including an Officers’
Certificate and an Opinion of Counsel 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 pursuant to Section 314(c) of the Trust
      Indenture Act shall comply with Section 314(e) of the Trust Indenture
      Act.

     

    SECTION
      8.17.  Number
      of Trustees

     

    (a)  The
      number of Trustees shall initially be four; provided that the Depositor by
      written instrument may increase or decrease the number of Administrative
      Trustees.

     

    (b)  If
      a
      Trustee ceases to hold office for any reason and the number of Administrative
      Trustees is not reduced pursuant to Section 8.17(a), or if the number of
      Trustees is increased pursuant to Section 8.17(a), a vacancy shall
      occur.  The vacancy shall be filled with a Trustee appointed in
      accordance with Section 8.10.

     

    (c)  The
      death, resignation, retirement, removal, bankruptcy, incompetence or incapacity
      to perform the duties of a Trustee shall not operate to annul the
      Trust.  Whenever a vacancy in the number of Administrative Trustees
      shall occur, until such vacancy is filled by the appointment of an
      Administrative Trustee in accordance with Section 8.10, the Administrative
      Trustees in office, regardless of their number (and notwithstanding any other
      provision of this Trust Agreement), shall have all powers granted to the
      Administrative Trustees and shall discharge the duties imposed upon the
      Administrative Trustees by this Trust Agreement.

     

    SECTION
      8.18.  Delegation
      of Power

     

    (a)  Any
      Administrative Trustee may, by power of attorney consistent with applicable
      law,
      delegate to any other natural person over the age of 21 his or her power for
      the
      purpose of executing any documents contemplated in Section 2.07(A), including
      any registration statement or amendment thereto filed with the Commission,
      or
      making any other governmental filing; and

     

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

     

    SECTION
      8.19.  Enforcement
      of Rights of Property Trustee by Securityholders

     

    If
      (i)
      the Trust fails to pay Distributions in full on the Preferred Securities for
      more than five consecutive years at any one time, or (ii) an Event of Default
      occurs and is continuing, then the Holders of Preferred Securities will rely
      on
      the enforcement by the Property Trustee of its rights against the Company as
      the
      holder of the Junior Subordinated Debentures.  In addition, the
      Holders of a majority in aggregate Liquidation Amount of the Preferred
      Securities will have the right to direct the time, method, and place of
      conducting any proceeding for any remedy available to the Property Trustee
      or to
      direct the exercise of any trust or power conferred upon the Property Trustee
      under this Trust Agreement, including the right to direct the Property Trustee
      to exercise the remedies available to it as a holder of the Junior Subordinated
      Debentures; provided that such direction shall not be in conflict with any
      rule
      of law or with this Trust Agreement, and could not involve the Property Trustee
      in personal liability in circumstances where reasonable indemnity would not
      be
      adequate.  If the Property Trustee fails to enforce its rights under
      the Junior Subordinated Debentures, a Holder of Preferred Securities may, to
      the
      fullest extent permitted by applicable law, institute a legal proceeding against
      the Company to enforce its rights under this Trust Agreement without first
      instituting any legal proceeding against the Property Trustee or any other
      Person, including the Trust; it being understood and intended that no one or
      more of such Holders shall have any right in any manner whatsoever by virtue
      of,
      or by availing of, any provision of this Trust Agreement to affect, disturb
      or
      prejudice the rights of any other of such Holders or to obtain or to seek to
      obtain priority or preference over any other of such Holders or to enforce
      any
      right under this Trust Agreement, except in the manner herein provided and
      for
      the equal and ratable benefit of all such Holders.  Notwithstanding
      the foregoing, a Holder of Preferred Securities may institute a legal proceeding
      directly against the Company, without first instituting a legal proceeding
      against or requesting or directing that action be taken by the Property Trustee
      or any other Person, for enforcement of payment to such Holder of principal
      of
      or interest on the Junior Subordinated Debentures having a principal amount
      equal to the aggregate stated liquidation amount of the Preferred Securities
      of
      such Holder on or after the due dates therefor specified or provided for in
      the
      Junior Subordinated Debentures.  The Company shall be subrogated to
      all rights of the Holders of Preferred Securities in respect of any amounts
      paid
      to such Holders by the Company pursuant to this Section.

     

    SECTION
      8.20.  Delaware
      Trustee

     

    (a)  Notwithstanding
      any other provision of this Trust Agreement, 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 Administrative Trustees or the Property
      Trustee described in this Trust Agreement.  The Delaware Trustee shall
      be a trustee for the sole and limited purpose of fulfilling the requirements
      of
§3807 of the Delaware Statutory Trust Act.

     

    (b)  It
      is
      expressly understood and agreed by the parties hereto that in fulfilling its
      obligations as Delaware Trustee hereunder on behalf of the Trust (i) any
      agreements or instruments executed and delivered by The Bank of New York
      (Delaware) are executed and delivered not in its individual capacity but solely
      as Delaware Trustee under this Trust Agreement in the exercise of the powers
      and
      authority conferred and vested in it, (ii) each of the representations,
      undertakings and agreements herein made on the part of the Trust is made and
      intended not as representations, warranties, covenants, undertakings and
      agreements by The Bank of New York (Delaware) in its individual capacity but
      is
      made and intended for the purpose of binding only the Trust, and (iii) under
      no
      circumstances shall The Bank of New York (Delaware) in its individual capacity
      be personally liable for the payment of any indebtedness or expenses of the
      Trust or be liable for the breach or failure of any obligation, representation,
      warranty or covenant made or undertaken by the Trust under this Trust Agreement,
      except if such breach or failure is due to any gross negligence or willful
      misconduct of the Delaware Trustee.

     

    ARTICLE
      IX

     

    TERMINATION
      AND LIQUIDATION

     

    SECTION
      9.01.  Termination
      Upon Expiration Date

     

    The
      Trust
      shall automatically terminate on December 1, 2043 (the “Expiration Date”) or
      earlier pursuant to Section 9.02.

     

    SECTION
      9.02.  Early
      Termination

     

    Upon
      the
      first to occur of any of the following events (such first occurrence, an “Early
      Termination Event”), the Trust shall be dissolved and terminated in accordance
      with the terms hereof:

     

    (i)  the
      occurrence of a Bankruptcy Event in respect of the Depositor, dissolution or
      liquidation of the Depositor, or the dissolution of the Trust pursuant to
      judicial decree;

     

    (ii)  the
      delivery of written direction to the Property Trustee by the Depositor at any
      time (which direction is optional and wholly within the discretion of the
      Depositor) to terminate the Trust and distribute the Junior Subordinated
      Debentures to Securityholders as provided in Section 9.04; and

     

    (iii)  the
      payment at maturity or redemption of all of the Junior Subordinated Debentures,
      and the consequent redemption of all of the Preferred Securities.

     

    SECTION
      9.03.  Termination

     

    The
      respective obligations and responsibilities of the Trust and the Trustees
      created hereby shall terminate upon the latest to occur of the following: (a)
      the distribution by the Property Trustee to Securityholders upon the liquidation
      of the Trust pursuant to Section 9.04, or upon the redemption of all of the
      Trust Securities pursuant to Section 4.04, of all amounts or instruments
      required to be distributed hereunder upon the final payment of the Trust
      Securities; (b) the payment of any expenses owed by the Trust; and (c) the
      discharge of all administrative duties of the Administrative Trustees, including
      the performance of any tax reporting obligations with respect to the Trust
      or
      the Securityholders.

     

    SECTION
      9.04.  Liquidation

     

    (a)  If
      any
      Early Termination Event specified in clause (ii) of Section 9.02 occurs, the
      Trust shall be liquidated and the Property Trustee shall distribute the Junior
      Subordinated Debentures to the Securityholders as provided in this Section
      9.04.

     

    (b)  In
      connection with a distribution of the Junior Subordinated Debentures, each
      Holder of Trust Securities shall be entitled to receive, after the satisfaction
      of liabilities to creditors of the Trust (as evidenced by a certificate of
      the
      Administrative Trustees), a Like Amount of Junior Subordinated
      Debentures.  Notice of liquidation shall be given by the Property
      Trustee by first-class mail, postage prepaid, mailed not later than 30 nor
      more
      than 60 days prior to the Liquidation Date to each Holder of Trust Securities
      at
      such Holder’s address appearing in the Securities Register.  All
      notices of liquidation shall:

     

    (i)  state
      the
      Liquidation Date;

     

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

     

    (iii)  provide
      such information with respect to the mechanics by which Holders may exchange
      Trust Securities Certificates for Junior Subordinated Debentures as the
      Administrative Trustees or the Property Trustee shall deem
      appropriate.

     

    (c)  In
      order
      to effect the liquidation of the Trust and distribution of the Junior
      Subordinated Debentures to Securityholders, the Property Trustee shall establish
      a record date for such distribution (which shall be not more than 45 days prior
      to the Liquidation Date) and, either itself acting as exchange agent or through
      the appointment of a separate exchange agent, shall establish such procedures
      as
      it shall deem appropriate to effect the distribution of Junior Subordinated
      Debentures in exchange for the Outstanding Trust Securities
      Certificates.

     

    (d)  After
      the
      Liquidation Date, (i) the Trust Securities will no longer be deemed to be
      Outstanding, (ii) certificates representing a Like Amount of Junior Subordinated
      Debentures will be issued to Holders of Trust Securities Certificates, upon
      surrender of such certificates to the Administrative Trustees or their agent
      for
      exchange, (iii) any Trust Securities Certificates not so surrendered for
      exchange will be deemed to represent a Like Amount of Junior Subordinated
      Debentures, accruing interest at the rate provided for in the Junior
      Subordinated Debentures from the last Distribution Payment Date on which a
      Distribution was made on such Trust Certificates until such certificates are
      so
      surrendered (and until such certificates are so surrendered, no payments of
      interest or principal will be made to Holders of Trust Securities Certificates
      with respect to such Junior Subordinated Debentures) and (iv) all rights of
      Securityholders holding Trust Securities will cease, except the right of such
      Securityholders to receive Junior Subordinated Debentures upon surrender of
      Trust Securities Certificates.

     

    (e)  The
      Depositor will use its best efforts to have the Junior Subordinated Debentures
      that are distributed in exchange for the Preferred Securities to be listed
      on
      such securities exchange as the Preferred Securities are then
      listed.  The Depositor may elect to have the Junior Subordinated
      Debentures issued in book-entry form to the Clearing Agency or its nominee
      pursuant to a Certificate Depository Agreement.

     

    SECTION
      9.05.  Bankruptcy

     

    If
      an
      Early Termination Event specified in clause (i) of Section 9.02 has occurred,
      the Trust shall be liquidated.  The Property Trustee shall distribute
      the Junior Subordinated Debentures to the Securityholders as provided in Section
      9.04, unless such distribution is determined by the Administrative Trustees
      not
      to be practical, in which event the Holders will be entitled to receive out
      of
      the assets of the Trust available for distribution to Securityholders, after
      satisfaction of liabilities to creditors, an amount equal to the Liquidation
      Amount per Trust Security plus accrued and unpaid Distributions thereon to
      the
      date of payment (such amount being the “Liquidation
      Distribution”).  If such Liquidation Distribution can be paid only in
      part because the Trust has insufficient assets available to pay in full the
      aggregate Liquidation Distribution, then, subject to the next succeeding
      sentence, the amounts payable by the Trust on the Trust Securities shall be
      paid
      on a pro rata basis (based upon Liquidation Amounts).  The Holder of
      the Common Securities will be entitled to receive Liquidation Distributions
      upon
      any such dissolution, winding-up or termination pro rata (determined as
      aforesaid) with Holders of Preferred Securities, except that, if an Indenture
      Event of Default has occurred and is continuing, the Preferred Securities shall
      have a priority over the Common Securities.

     

    SECTION
      9.06.  Certificate
      of Cancellation

     

    A
      Certificate of Cancellation (“Certificate”) to terminate and dissolve the Trust
      (as permitted hereby) may be signed by any Administrative Trustee, individually,
      in such capacity so long as such Certificate fully complies with all legal
      requirements.

     

    ARTICLE
      X

     

    REMARKETING
      PROCEDURES

     

    SECTION
      10.01.  Election
      to Remarket

     

    If
      the
      Company, and the Administrative Trustees acting at the direction of the Company,
      elect to conduct a Remarketing, the Trust, not less than 20 nor more than 35
      Business Days prior to the related Election Date, is required pursuant to
      Section 4.02(b) to give the written notice of proposed Remarketing of the
      Preferred Securities to the Clearing Agency, the Property Trustee, the Indenture
      Trustee, the Remarketing Agent and the Calculation Agent.  If the
      Preferred Securities are not issued in global, fully registered form to the
      Clearing Agency, such notice shall be delivered to the Holders instead of the
      Clearing Agency.  As required by Section 4.02(b), such notice will
      describe the Remarketing and will indicate the length of the proposed new Fixed
      Rate Period, the proposed Remarketing Date and any redemption provisions that
      will apply during such new Fixed Rate Period.  At any time prior to
      the Election Date, the Company and the Administrative Trustees may elect to
      terminate a Remarketing by giving the Clearing Agency (or the Holders, as
      applicable), the Remarketing Agent, the Property Trustee, the Indenture Trustee
      and the Calculation Agent written notice of such termination.

     

    SECTION
      10.02.  Notice
      of Election

     

    (a)  Not
      later
      than 4:00 P.M., New York City time, on an Election Date, each Holder of
      Preferred Securities may give, through the facilities of the Clearing Agency
      in
      the case of Book-Entry Preferred Securities Certificates, a written notice
      to
      the Property Trustee of its election (“Notice of Election”) (i) to retain and
      not to have all or any portion of the Preferred Securities owned by it
      remarketed in the Remarketing or (ii) to tender all or any portion of such
      Preferred Securities for purchase in the Remarketing (such portion, in either
      case, is to be in the Liquidation Amount of $1,000 or any integral multiple
      thereof).  Any Notice of Election given to the Property Trustee will
      be irrevocable and may not be conditioned upon the level at which the Fixed
      Rate
      is established in the Remarketing.  Promptly after 4:30 P.M., New York
      City time, on such Election Date, the Property Trustee, based on the Notices
      of
      Election received by it through the Clearing Agency (or from the Holders, if
      Definitive Preferred Securities Certificates have been issued) prior to such
      time, will notify the Administrative Trustees, the Company and the Remarketing
      Agent of the number of Preferred Securities to be retained by holders of
      Preferred Securities and the number of Preferred Securities tendered for
      purchase in the Remarketing.

     

    (b)  If
      any
      Holder of Preferred Securities gives a Notice of Election to tender Preferred
      Securities as described in 10.02(a), the Preferred Securities so subject to
      such
      Notice of Election will be deemed tendered for purchase in the Remarketing,
      notwithstanding any failure by such Holder to deliver or properly deliver such
      Preferred Securities to the Remarketing Agent for purchase.  If any
      Holder of Preferred Securities fails timely to deliver a Notice of Election,
      as
      described above, such Preferred Securities will be deemed tendered for purchase
      in such Remarketing, notwithstanding such failure or the failure by such Holder
      to deliver or properly deliver such Preferred Securities to the Remarketing
      Agent for purchase.

     

    (c)  The
      right
      of each Holder of Preferred Securities to have Preferred Securities tendered
      for
      purchase in the Remarketing shall be limited to the extent that (i) the
      Remarketing Agent conducts a Remarketing pursuant to the terms of the
      Remarketing Agreement, (ii) Preferred Securities tendered have not been called
      for redemption, (iii) the Remarketing Agent is able to find a purchaser or
      purchasers for tendered Preferred Securities at a Fixed Rate and (iv) such
      purchaser or purchasers deliver the purchase price therefor to the Remarketing
      Agent.

     

    (d)  Any
      Holder of Preferred Securities that desires to continue to retain a number
      of
      Preferred Securities, but only if the Fixed Rate is not less than a specified
      rate per annum, shall submit a Notice of Election to tender such Preferred
      Securities pursuant to this Section 10.02 and separately notify the Remarketing
      Agent of its interest at the telephone number set forth in the notice of
      Remarketing delivered pursuant to Section 10.01.  If such Holder so
      notifies the Remarketing Agent, the Remarketing Agent will give priority to
      such
      Holder’s purchase of such number of Preferred Securities in the Remarketing
      providing that the Fixed Rate is not less than such specified rate.

     

    SECTION
      10.03.  Determination
      of Distribution Rate

     

    (a)  If
      Holders submit Notices of Election to retain all of the Preferred Securities
      then outstanding, the Fixed Rate will be the rate determined by the Remarketing
      Agent, in its sole discretion, as the rate that would have been established
      had
      a Remarketing been held on the related Remarketing Date.

     

    (b)  On
      any
      Remarketing Date on which the Remarketing is to be conducted, the Remarketing
      Agent will use commercially reasonable efforts to remarket, at a price equal
      to
      100% of the Liquidation Amount thereof, Preferred Securities tendered or deemed
      tendered for purchase.  Except as provided in Section 10.03(a), if, as
      a result of such efforts, on any Remarketing Date, the Remarketing Agent has
      determined that it will be able to remarket all Preferred Securities tendered
      or
      deemed tendered for purchase in the Remarketing at a Fixed Rate and at a price
      of $1,000 per Preferred Security, prior to 4:00 P.M., New York City time, on
      such Remarketing Date, the Remarketing Agent will determine the Fixed Rate,
      which will be the rate per annum (rounded to the nearest one-thousandth (0.001)
      of one percent per annum) which the Remarketing Agent determines, in its sole
      judgment, to be the lowest Fixed Rate per annum, if any, that will enable it
      to
      remarket all Preferred Securities tendered or deemed tendered for Remarketing
      at
      a price of $1,000 per Preferred Security.

     

    (c)  If
      the
      Remarketing Agent is unable to remarket by 4:00 P.M., New York City time on
      the
      third Business Day prior to the Remarketing Settlement Date, all Preferred
      Securities tendered or deemed tendered for a purchase at a price of $1,000
      per
      Preferred Security, the Distribution Rate for the next Distribution Period
      shall
      be the Floating Rate and the new Distribution Period shall be a Floating Rate
      Period.  In such case, no Preferred Securities will be sold in the
      Remarketing and each Holder will continue to hold its Preferred Securities
      at
      such Floating Rate during such Floating Rate Period.

     

    (d)  All
      Preferred Securities tendered or deemed tendered in the Remarketing will be
      automatically delivered to the account of the Remarketing Agent through the
      facilities of the Clearing Agency against payment of the purchase price therefor
      on the Remarketing Settlement Date.  The Remarketing Agent will make
      payment to the Clearing Agency Participant of each tendering holder of Preferred
      Securities in the Remarketing through the facilities of the Clearing Agency
      by
      the close of business on the Remarketing Settlement Date.

     

    In
      accordance with the Clearing Agency’s normal procedures, on the Remarketing
      Settlement Date, the transaction described above with respect to each Preferred
      Security tendered for purchase and sold in the Remarketing will be executed
      through the Clearing Agency Participants, will be debited and credited and
      such
      Preferred Securities delivered by book entry as necessary to effect purchases
      and sales of such Preferred Securities.  The Clearing Agency is
      expected to make payment in accordance with its normal procedures.

     

    This
      Section 10.03(d) shall not apply if Definitive Preferred Securities Certificates
      have been issued.

     

    (e)  If
      any
      Holder selling Preferred Securities in the Remarketing fails to deliver such
      Preferred Securities, the Clearing Agency Participant of such selling Holder
      and
      of any other person that was to have purchased Preferred Securities in the
      Remarketing may deliver to any such other person a number of Preferred
      Securities that is less than the number of Preferred Securities that otherwise
      was to be purchased by such person.  In such event, the number of
      Preferred Securities to be so delivered will be determined by such Clearing
      Agency Participant and delivery of such lesser number of Preferred Securities
      will constitute good delivery.  This paragraph shall not apply if
      Definitive Preferred Securities Certificates have been issued.

     

    The
      Remarketing Agent is not obligated to purchase any Preferred Securities that
      would otherwise remain unsold in a Remarketing.  Neither the Trust,
      any Trustee, the Company nor the Remarketing Agent shall be obligated in any
      case to provide funds to make payment upon tender of Preferred Securities for
      Remarketing.

     

    ARTICLE
      XI

     

    MISCELLANEOUS
      PROVISIONS

     

    SECTION
      11.01.  Guarantee
      by the Depositor

     

    Subject
      to the terms and conditions hereof, the Depositor irrevocably and
      unconditionally guarantees to each Person to whom the Trust is now or hereafter
      becomes indebted or liable (the “Beneficiaries”) the full payment, when and as
      due, of any and all Obligations (as hereinafter defined) to such
      Beneficiaries.  As used herein, “Obligations” means any indebtedness,
      expenses or liabilities of the Trust, other than obligations of the Trust to
      pay
      to Holders of any Preferred Securities or other similar interests in the Trust
      the amounts due such Holders pursuant to the terms of the Preferred Securities
      or such other similar interests, as the case may be.  This guarantee
      is intended to be for the benefit of, and to be enforceable by, all such
      Beneficiaries, whether or not such Beneficiaries have received notice
      hereof.

     

    SECTION
      11.02.  Limitation
      of Rights of Securityholders

     

    The
      death
      or incapacity of any Person having an interest, beneficial or otherwise, in
      a
      Trust Security shall not operate to terminate this Trust Agreement, nor entitle
      the legal representatives or heirs of such Person or any Securityholder for
      such
      Person, to claim an accounting, take any action or bring any proceeding in
      and
      for a partition or winding up of the arrangements contemplated hereby, nor
      otherwise affect the rights, obligations and liabilities of the parties hereto
      or any of them.

     

    SECTION
      11.03.  Amendment

     

    (a)  This
      Trust Agreement may be amended from time to time by the Property Trustee and
      the
      Holders of a Majority in Liquidation Amount of the Common Securities, without
      the consent of any Holder of the Preferred Securities (i) to cure any ambiguity,
      correct or supplement any provision herein which may be inconsistent with any
      other provision herein, or to make any other provisions with respect to matters
      or questions arising under this Trust Agreement; provided, however, that such
      amendment shall not adversely affect in any material respect the interests
      of
      any Holder of Trust Securities; (ii) to facilitate the tendering, remarketing
      and settlement of the Preferred Securities, as herein contemplated; (iii) to
      modify, eliminate or add to any provisions of this Trust Agreement to such
      extent as shall be necessary to ensure that the Trust will not be taxable other
      than as a grantor trust for United States federal income tax purposes at any
      time that any Trust Securities are Outstanding or to ensure that the Trust
      will
      not be required to register as an investment company under the Investment
      Company Act; or (iv) in accordance with the requirements of Section
      8.11.

     

    (b)  Except
      as
      provided in Section 11.03(c) hereof, any provision of this Trust Agreement
      may
      be amended by the Property Trustee and the Holders of a Majority in Liquidation
      Amount of the Common Securities with (i) the consent of Holders of at least
      a
      Majority in Liquidation Amount of the Preferred Securities, and (ii) receipt
      by
      the Trustees of an Opinion of Counsel to the effect that such amendment or
      the
      exercise of any power granted to the Trustees in accordance with such amendment
      will not affect the Trust's being taxable as a grantor trust for United States
      federal income tax purposes or the Trust's exemption from status of an
      "investment company" under the Investment Company Act.

     

    (c)  In
      addition to and notwithstanding any other provision in this Trust Agreement,
      without the consent of each affected Securityholder (such consent being obtained
      in accordance with Section 6.03 or 6.06 hereof), this Trust Agreement may not
      be
      amended to (i) change the amount or timing of any Distribution on the Trust
      Securities or otherwise adversely affect the amount of any Distribution required
      to be made in respect of the Trust Securities as of a specified date; (ii)
      restrict the right of a Securityholder to institute suit for the enforcement
      of
      any such payment on or after such date; or (iii) change the consent required
      pursuant to this Section 11.03.

     

    (d)  Notwithstanding
      any other provisions of this Trust Agreement, the Trustees shall not enter
      into
      or consent to any amendment to this Trust Agreement which would cause the Trust
      to fail or cease to qualify for the exemption from status of an “investment
      company” under the Investment Company Act of 1940, as amended, afforded by Rule
      3a-5 thereunder.

     

    (e)  Without
      the consent of the Depositor, the Calculation Agent or the Remarketing Agent,
      this Trust Agreement may not be amended in a manner which imposes any additional
      obligation on the Depositor, the Calculation Agent or the Remarketing Agent,
      as
      the case may be.  Notwithstanding any other provisions of this Trust
      Agreement, the consent of the Delaware Trustee shall be required to amend any
      provision of, or add any provision to, this Trust Agreement which affects the
      Delaware Trustee’s rights, duties, immunities, liabilities or
      otherwise.  In executing any amendment permitted by this Trust
      Agreement, the Trustees shall be entitled to receive, and (subject to Section
      8.01) shall be fully protected in relying upon an Officer’s Certificate and an
      Opinion of Counsel stating that the execution of such amendment is authorized
      or
      permitted by this Trust Agreement.  Any Trustee may, but shall not be
      obligated to, enter into any such amendment which affects such Trustee’s own
      rights, duties, immunities or liabilities under this Trust Agreement or
      otherwise.

     

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

     

    SECTION
      11.04.  Separability

     

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

     

    SECTION
      11.05.  Governing
      Law

     

    THIS
      TRUST AGREEMENT AND THE RIGHTS AND OBLIGATIONS OF EACH OF THE SECURITYHOLDERS,
      THE TRUST AND THE TRUSTEES WITH RESPECT TO THIS TRUST AGREEMENT AND THE TRUST
      SECURITIES SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE INTERNAL
      LAWS OF THE STATE OF DELAWARE.

     

    SECTION
      11.06.  Successors

     

    This
      Trust Agreement shall be binding upon and shall inure to the benefit of any
      successor to both the Trust and the Trustees, including any successor by
      operation of law.

     

    SECTION
      11.07.  Headings

     

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

     

    SECTION
      11.08.  Notice
      and Demand

     

    Any
      notice, demand or other communication which by any provision of this Trust
      Agreement is required or permitted to be given or served to or upon any
      Securityholder or the Depositor may be given or served in writing by deposit
      thereof, first-class postage prepaid, in the United States mail, hand delivery
      or facsimile transmission, in each case, addressed, (i) in the case of a
      Preferred Securityholder, to such Preferred Securityholder as such
      Securityholder’s name and address appear on the Securities Register and, (ii) in
      the case of the Common Securityholder or the Depositor, to Southwestern Electric
      Power Company, 1 Riverside Plaza, Columbus, Ohio 43215, Attention: Treasurer,
      Facsimile No. (614) 716-1687, or to such other address as the Common
      Securityholder or the Depositor may give notice of to the Property Trustee
      and
      the Delaware Trustee.  Such notice, demand or other communication to
      or upon a Securityholder shall be deemed to have been sufficiently given or
      made, for all purposes, upon hand delivery, mailing or
      transmission.

     

    Any
      notice, demand or other communication which by any provision of this Trust
      Agreement is required or permitted to be given or served to or upon the Trust
      or
      the Trustees shall be given in writing addressed as follows: (i) with respect
      to
      the Property Trustee and the Delaware Trustee, The Bank of New York, 101 Barclay
      Street, New York, New York  10286, Attention: Corporate Trust
      Division, Facsimile No. (212) 815-3272; The Bank of New York (Delaware), White
      Clay Center, Route 273, Newark, Delaware 19711, Attention:  Corporate
      Trust Administration, Facsimile No. (302) 283-8279, as the case may be, or
      to
      such other address as the Property Trustee or the Delaware Trustee may give
      notice of to the Depositor; and (ii) with respect to the Administrative
      Trustees, to them at the address above for notices to the Depositor, marked
      Attention: Administrative Trustees of SWEPCo Capital Trust I, c/o
      Treasurer.  Such notice, demand or other communication to or upon the
      Trust or the Trustees shall be deemed to have been sufficiently given or made
      only upon actual receipt of the writing by the applicable Trustee.

     

    Any
      notice, demand or other communication which by any provision of this Trust
      Agreement is required or permitted to be served upon the Calculation Agent
      or
      the Remarketing Agreement shall be given in accordance with the Calculation
      Agent Agreement or the Remarketing Agreement, respectively.

     

    SECTION
      11.09.  Agreement
      Not to Petition

     

    Each
      of
      the Trustees and the Depositor agrees for the benefit of the Securityholders
      that, until at least one year and one day after the Trust has been terminated
      in
      accordance with Article IX, it shall not file, or join in the filing of, a
      petition against the Trust under any bankruptcy, reorganization, arrangement,
      insolvency, liquidation or other similar law (including, without limitation,
      the
      United States Bankruptcy Code) (collectively, “Bankruptcy Laws”) or otherwise
      join in the commencement of any proceeding against the Trust under any
      Bankruptcy Law.  In the event the Depositor takes action in violation
      of this Section 11.09, the Property Trustee agrees, for the benefit of
      Securityholders, that it shall file an answer with the bankruptcy court or
      otherwise properly contest the filing of such petition by the Depositor against
      the Trust or the commencement of such action and raise the defense that the
      Depositor has agreed in writing not to take such action and should be stopped
      and precluded therefrom and such other defenses, if any, as counsel for the
      Trustees or the Trust may assert.  The provisions of this Section
      11.09 shall survive the termination of this Trust Agreement.

     

    SECTION
      11.10.  Conflict
      with Trust Indenture Act

     

    (a)  This
      Trust Agreement is subject to the provisions of the Trust Indenture Act that
      are
      required to be part of this Trustee Agreement 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
      any
      provision hereof limits, qualifies or conflicts with another provision hereof
      which is required to be included in this Trust Agreement by any of the
      provisions of the Trust Indenture Act, such required provision shall
      control.

     

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

     

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

     

    

     

    IN
      WITNESS WHEREOF, the parties hereto have executed this Trust Agreement or have
      caused this Trust Agreement to be executed on their behalf, all as of the day
      and year first above written.

    

    

    SOUTHWESTERN
      ELECTRIC POWER
      COMPANY,

       as
      Depositor

    

    

    By:           /s/
      Wendy G. Hargus

    Name:     
      Wendy G. Hargus

    
      Title:        
        Assistant Treasurer

    

     

    

    

    

    

    THE
      BANK OF NEW YORK,

       as
      Property
      Trustee

    

    

    By:                                                                           

    Name:  _____________________

    Title:    _____________________

    

    

    THE
      BANK OF NEW YORK
      (DELAWARE)

       as
      Delaware
      Trustee

    

    

    By:                                                                           

    Name:  ____________________

    Title:    ____________________

    

    

    /s/
      Wendy G.
      Hargus

    Wendy
      G.
      Hargus

            as
      Administrative Trustee

    

    

    /s/
      Jeffrey D.
      Cross

    Jeffrey
      D. Cross

          
      as Administrative Trustee

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    EXHIBIT
      A

    

    Unless
      this certificate is presented by an authorized representative of The Depository
      Trust Company, a New York corporation (“DTC”), to SWEPCo Capital Trust I or its
      agent for registration of transfer, exchange or payment, and any certificate
      issued is registered in the name of Cede & Co. or in such other name as is
      requested by an authorized representative of DTC (and any payment made to Cede
      & Co. or to such other entity as is requested by an authorized
      representative of DTC), any transfer, pledge or other use hereof for value
      or
      otherwise by or to any person is wrongful inasmuch as the registered owner
      thereof, Cede & Co., has an interest herein.*

     

    Certificate
      Number                                                                                                                                        
Number of Preferred Securities

                                     
        ________________

     

                        
      P-_                                                                                                    CUSIP
      NO. 870695 AA 1

    

    Certificate
      Evidencing Preferred Securities

    of

    SWEPCo
      Capital Trust I

    

    Flexible
      Trust Preferred Securities

    (Five
      Year Initial Fixed Rate Period)

    (Liquidation
      Amount $1,000 per Preferred Security)

    

    SWEPCo
      Capital Trust I, a statutory
      trust created under the laws of the State of Delaware (the “Trust”), hereby
      certifies that Cede & Co.* (the “Holder”) is the registered owner of _____
      (_______) preferred securities of the Trust representing undivided beneficial
      interests in the assets of the Trust and designated the SWEPCo Capital Trust
      I
      Flexible Trust Preferred Securities (Five Year Initial Fixed Rate Period)
      (Liquidation Amount $1,000 per Preferred Security) (the “Preferred
      Securities”).  The Preferred 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
      as
      provided in Section 5.04 of the Trust Agreement (as defined
      below).  The designations, rights, privileges, restrictions,
      preferences and other terms and provisions of the Preferred Securities are
      set
      forth in, and this certificate and the Preferred Securities represented hereby
      are issued and shall in all respects be subject to the terms and provisions
      of,
      the Amended and Restated Trust Agreement of the Trust, dated as of September
      1,
      2003, as the same may be amended from time to time (the “Trust Agreement”),
      including the designation of the terms of Preferred Securities as set forth
      therein.  The holder of this certificate is entitled to the benefits
      of a guarantee by Southwestern Electric Power Company, a Delaware corporation
      (the “Company”), pursuant to a Guarantee Agreement between the Company and The
      Bank of New York, as guarantee trustee, dated as of September 1, 2003, as the
      same may be amended from time to time (the “Guarantee”), to the extent provided
      therein.  The Trust will furnish a copy of the Trust Agreement and the
      Guarantee to the holder of this certificate without charge upon written request
      to the Trust at its principal place of business or registered
      office.

    

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

    

    *Insert
      in Book-Entry Preferred Securities Certificates only

    

    

    IN
      WITNESS WHEREOF, the Administrative Trustees of the Trust have executed this
      certificate this ____ day of _______, ____.

    

    SWEPCO
      CAPITAL TRUST I

    

    

    By:                      /s/
      Wendy G. Hargus

      Wendy
      G.
      Hargus,

      As
      Administrative
      Trustee

    

    

    By:                      /s/
      Jeffrey D. Cross

                                          
Jeffrey
      D. Cross,

      As
      Administrative
      Trustee

    

    

    CERTIFICATE
      OF AUTHENTICATION

    

    This
      is one of the Preferred Securities
      referred to in the within-mentioned Trust Agreement.

    

    
                             
      ______________________________    

    as
      Administrative
      Trustee

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    ASSIGNMENT

    

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

    

    ___________________________________________________________________________

    

    ___________________________________________________________________________

    

    ___________________________________________________________________________

    

    ___________________________________________________________________________

    

    

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

    

    ___________________________________________________________________________

    

    ___________________________________________________________________________

    

    ___________________________________________________________________________

    

    (Insert
      address and zip code of assignee)

    and
      irrevocably appoints

    

    ___________________________________________________________________________

    

    ___________________________________________________________________________

    

    ___________________________________________________________________________

    

    agent
      to
      transfer this Preferred Securities 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 Preferred Securities
      Certificate)

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    EXHIBIT
      B

    

    AGREEMENT
      AS TO EXPENSES AND LIABILITIES

    

    

    THIS
      AGREEMENT AS TO EXPENSES AND
      LIABILITIES (this “Agreement”) is made as of September 1, 2003, between
      Southwestern Electric Power Company, a Delaware corporation (the “Company”), and
      SWEPCo Capital Trust I, a Delaware statutory trust (the “Trust”).

    

    WHEREAS,
      the Trust intends to issue its
      Common Securities (the “Common Securities”) to and receive Junior Subordinated
      Debentures from the Company and to issue and sell SWEPCo Capital Trust I
      Flexible Trust Preferred Securities (the “Preferred Securities”) with such
      powers, preferences and special rights and restrictions as are set forth in
      the
      Amended and Restated Trust Agreement of the Trust dated as of September 1,
      2003
      as the same may be amended from time to time (the “Trust Agreement”);
      and

    

    WHEREAS,
      the Company is the issuer of
      the Junior Subordinated Debentures.

    

    NOW,
      THEREFORE, in consideration of the
      purchase by each holder of the Preferred Securities, which purchase the Company
      hereby agrees shall benefit the Company and which purchase the Company
      acknowledges will be made in reliance upon the execution and delivery of this
      Agreement, the Company and the Trust hereby agree as follows:

    

    

    ARTICLE
      I

    

    Section
      1.01.    Guarantee by the Company.  Subject
      to the terms and conditions hereof, the Company, as obligor of the Junior
      Subordinated Debentures, hereby irrevocably and unconditionally guarantees
      to
      each person or entity to whom the Trust is now or hereafter becomes indebted
      or
      liable (the “Beneficiaries”) the full payment, when and as due, of any and all
      Obligations (as hereinafter defined) to such Beneficiaries.  As used
      herein, “Obligations” means any indebtedness, expenses or liabilities of the
      Trust, other than obligations of the Trust to pay to holders of any Preferred
      Securities or other similar interests in the Trust the amounts due such holders
      pursuant to the terms of the Preferred Securities or such other similar
      interests, as the case may be.  This Agreement is intended to be for
      the benefit of, and to be enforceable by, all such Beneficiaries, whether or
      not
      such Beneficiaries have received notice hereof.

    

    Section
      1.02.    Term of Agreement.  This Agreement
      shall terminate and be of no further force and effect upon the date on which
      there are no Beneficiaries remaining; provided, however, that this Agreement
      shall continue to be effective or shall be reinstated, as the case may be,
      if at
      any time any holder of Preferred Securities or any Beneficiary must restore
      payment of any sums paid under the Preferred Securities, under any Obligation,
      under the Guarantee Agreement dated the date hereof by the Company and The
      Bank
      of New York, as guarantee trustee, or under this Agreement for any reason
      whatsoever.  This Agreement is continuing, irrevocable, unconditional
      and absolute.

    

    Section
      1.03.    Waiver of Notice.  The Company
      hereby waives notice of acceptance of this Agreement and of any Obligation
      to
      which it applies or may apply, and the Company hereby waives presentment, demand
      for payment, protest, notice of nonpayment, notice of dishonor, notice of
      redemption and all other notices and demands.

    

    Section
      1.04.    No Impairment.  The obligations,
      covenants, agreements and duties of the Company under this Agreement shall
      in no
      way be affected or impaired by reason of the happening from time to time of
      any
      of the following:

    

    
      	
                      (a)    
                

            	
              the
                extension of time for the payment by the Trust of all or any portion
                of
                the Obligations or for the performance of any other obligation under,
                arising out of, or in connection with, the
                Obligations;

            

    

    

    
      	
                      (b)    
                

            	
              any
                failure, omission, delay or lack of diligence on the part of the
                Beneficiaries to enforce, assert or exercise any right, privilege,
                power
                or remedy conferred on the Beneficiaries with respect to the Obligations
                or any action on the part of the Trust granting indulgence or extension
                of
                any kind; or

            

    

    

    
      	
                      (c)    
                

            	
              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 Trust or any
                of the
                assets of the Trust.

            

    

    

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

    

    Section
      1.05.    Enforcement.  A Beneficiary may
      enforce this Agreement directly against the Company and the Company waives
      any
      right or remedy to require that any action be brought against the Trust or
      any
      other person or entity before proceeding against the Company.

    

    ARTICLE
      II

    

    Section
      2.01.    Binding Effect.  All guarantees
      and agreements contained in this Agreement shall bind the successors, assigns,
      receivers, trustees and representatives of the Company and shall inure to the
      benefit of the Beneficiaries.

    

    Section
      2.02.    Amendment.  So long as there
      remains any Beneficiary or any Preferred Securities of any series are
      outstanding, this Agreement shall not be modified or amended in any manner
      adverse to such Beneficiary or to the holders of the Preferred
      Securities.

    

    Section
      2.03.    Notices.  Any notice, request or
      other communication required or permitted to be given hereunder shall be given
      in writing by delivering the same against receipt therefor by facsimile
      transmission (confirmed by mail), telex or by registered or certified mail,
      addressed as follows (and if so given, shall be deemed given when mailed or
      upon
      receipt of an answer-back, if sent by telex), to-wit:

    

    
      	
               

            	
              SWEPCo
                Capital Trust I

            

    

    
      	
               

            	
              c/o
                The Bank of New York

            

    

    
      	
               

            	
              101
                Barclay Street, 8W

            

    

    
      	
               

            	
              New
                York, New York  10286

            

    

    
      	
               

            	
              Facsimile
                No.: (212) 815-5707

            

    

    
      	
               

            	
              Attention:  Corporate
                Trust Administration

            

    

    

    
      	
               

            	
              Southwestern
                Electric Power Company

            

    

    
      	
               

            	
              1
                Riverside Plaza

            

    

    
      	
               

            	
              Columbus,
                Ohio 43215

            

    

    
      	
               

            	
              Facsimile
                No.: (614) 716-1687

            

    

    
      	
               

            	
              Attention:   Treasurer

            

    

    

    Section
      2.04.  THIS AGREEMENT
      SHALL BE GOVERNED BY AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH THE LAWS
      OF THE STATE OF NEW YORK.

    

    THIS
      AGREEMENT is executed as of the
      date and year first above written.

    

    SOUTHWESTERN
      ELECTRIC POWER
      COMPANY

    

    

    By:                  
      /s/ Wendy G.
      Hargus                                                                           

    Wendy
      G. Hargus

    Assistant
      Treasurer

    

    SWEPCO
      CAPITAL TRUST I

    

    

    By:                  
      /s/ Jeffrey D.
      Cross                                                                

    Jeffrey
      D. Cross

    as
      Administrative Trustee

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    EXHIBIT
      C

    

    THIS
      CERTIFICATE IS NOT TRANSFERABLE EXCEPT AS PROVIDED IN THE TRUST AGREEMENT
      REFERRED TO HEREIN

    

    

    Certificate
      Number
      C-1                                            
                                                                                     Number
      of Common Securities

                                     
      _______________________

    

    

    Certificate
      Evidencing Common Securities

    of

    SWEPCo
      Capital Trust I

    

    Common
      Securities

    (Liquidation
      Amount $1,000 per Common Security)

    

    

    SWEPCo
      Capital Trust I, a statutory
      trust created under the laws of the State of Delaware (the “Trust”), hereby
      certifies that Southwestern Electric Power Company (the “Holder”) is the
      registered owner of _____________ (_______) common securities of the Trust
      representing undivided beneficial interests in the assets of the Trust and
      designated the Common Securities (Liquidation Amount $1,000 per Common Security)
      (the “Common Securities”).  In accordance with Section 5.10 of the
      Trust Agreement (as defined below) the Common Securities are not transferable,
      except by operation of law or as permitted by the Trust Agreement referred
      to
      herein, and any attempted transfer hereof shall be void.  The
      designations, rights, privileges, restrictions, preferences and other terms
      and
      provisions of the Common Securities are set forth in, and this certificate
      and
      the Common Securities represented hereby are issued and shall in all respects
      be
      subject to the terms and provisions of, the Amended and Restated Trust Agreement
      of the Trust dated as of September 1, 2003, as the same may be amended from
      time
      to time (the “Trust Agreement”), including the designation of the terms of the
      Common Securities as set forth therein.  The holder of this
      certificate is entitled to the benefits of a guarantee by Southwestern Electric
      Power Company, a Delaware corporation (the “Company”), pursuant to a Guarantee
      Agreement between the Company and The Bank of New York, as guarantee trustee,
      dated as of September 1, 2003, as the same may be amended from time to time
      (the
“Guarantee”), to the extent provided therein.  The Trust will furnish
      a copy of the Trust Agreement and the Guarantee to the Holder without charge
      upon written request to the Trust at its principal place of business or
      registered office.

    

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

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    IN
      WITNESS WHEREOF, the Administrative
      Trustees of the Trust have executed this certificate this ____ day of
      __________, ____.

    

    SWEPCO
      CAPITAL TRUST I

    

    

    By:           /s/
      Wendy G.
      Hargus                                                                           

                  
      Wendy G. Hargus

                   
      as Administrative Trustee

    

    

    By:           /s/
      Jeffrey D.
      Cross                                                                

                   
      Jeffrey D. Cross,

                   
      as Administrative Trustee

    

    

    CERTIFICATE
      OF AUTHENTICATION

    

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

    

     

    
            
____________________________

     as
      Administrative Trusteeex4b3guaranteeagree.htm

     

    Exhibit
      4(b) 3

     

    
 

    GUARANTEE
      AGREEMENT

     

    Between

     

    Southwestern
      Electric Power Company

     

    (as
      Guarantor)

     

    and

     

    The
      Bank of New York

     

    (as
      Trustee)

     

    dated
      as of

     

    September
      1, 2003

     

    (SWEPCo
      Capital Trust I)

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    CROSS-REFERENCE
      TABLE1

    

      
        	
                Section
                  of Trust Indenture Act

              	 	
                Section
                  of

              
	
                of
                  1939, as amended

              	 	
                Guarantee
                  Agreement

              
	
                310(a)

              	 	
                4.01(a)

              
	
                310(b)

              	 	
                4.01(c),
                  2.08

              
	
                310(c)

              	 	
                Inapplicable

              
	
                311(a)

              	 	
                2.02(b)

              
	
                311(b)

              	 	
                2.02(b)

              
	
                311(c)

              	 	
                Inapplicable

              
	
                312(a)

              	 	
                2.02(a)

              
	
                312(b)

              	 	
                2.02(b)

              
	
                313

              	 	
                2.03

              
	
                314(a)

              	 	
                2.04

              
	
                314(b)

              	 	
                Inapplicable

              
	
                314(c)

              	 	
                2.05

              
	
                314(d)

              	 	
                Inapplicable

              
	
                314(e)

              	 	
                1.01,
                  2.05, 3.02

              
	
                314(f)

              	 	
                2.01,
                  3.02

              
	
                315(a)

              	 	
                3.01(d)

              
	
                315(b)

              	 	
                2.07

              
	
                315(c)

              	 	
                3.01

              
	
                315(d)

              	 	
                3.01(d)

              
	
                315(e)

              	 	
                Inapplicable

              
	
                316(a)

              	 	
                5.04(i),
                  2.06

              
	
                316(b)

              	 	
                5.03

              
	
                316(c)

              	 	
                2.02

              
	
                317(a)

              	 	
                Inapplicable

              
	
                317(b)

              	 	
                Inapplicable

              
	
                318(a)

              	 	
                2.01(b)

              
	
                318(b)

              	 	
                2.01

              
	
                318(c)

              	 	
                2.01(a)

              

      

      

    

      
      1
        This
        Cross-Reference Table does not constitute part of the Guarantee Agreement
        and
        shall not affect the interpretation of any of its terms or
        provisions.

       

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    TABLE
      OF CONTENTS

     

    
      
        
          	 	 	
                  Page

                	 
	 	 	 	 
	
                  ARTICLE
                    I  

                	 
	 	 	  
	
                  DEFINITIONS  

                	 
	
                  Section
                    1.01.    Definitions

                	 	
                  1

                	 
	
                  ARTICLE
                    II  

                	 
	 	 	 	 
	
                  TRUST
                    INDENTURE ACT  

                	 
	
                  Section
                    2.01.    Trust Indenture Act; Application

                	 	
                  3

                	 
	
                  Section
                    2.02.    Lists of Holders of Securities

                	 	
                  4

                	 
	
                  Section
                    2.03.    Reports by the Trustee

                	 	
                  4

                	 
	
                  Section
                    2.04.    Periodic Reports to Trustee

                	 	
                  4

                	 
	
                  Section
                    2.05.    Evidence of Compliance with Conditions
                    Precedent

                	
                  4

                	 
	
                  Section
                    2.06.    Events of Default; Waiver

                	 	
                  4

                	 
	
                  Section
                    2.07.    Event of Default; Notice

                	 	
                  5

                	 
	
                  Section
                    2.08.    Conflicting Interests

                	 	
                  5

                	 
	
                  ARTICLE
                    III  

                	 
	 	 	 	 
	
                  POWERS,
                    DUTIES AND RIGHTS OF TRUSTEE  

                	 
	
                  Section
                    3.01.    Powers and Duties of the Trustee

                	 	
                  5

                	 
	
                  Section
                    3.02.    Certain Rights of Trustee

                	 	
                  6

                	 
	
                  Section
                    3.03.    Compensation; Fees; Indemnity

                	 	
                  8

                	 
	
                  ARTICLE
                    IV  

                	 
	 	 	 	 
	
                  TRUSTEE  

                	 
	
                  Section
                    4.01.    Trustee; Eligibility

                	 	
                  8

                	 
	
                  Section
                    4.02.    Appointment, Removal and Resignation of
                    Trustee

                	
                  9

                	 
	
                  ARTICLE
                    V  

                	 
	 	 	 	 
	
                  GUARANTEE  

                	 
	
                  Section
                    5.01.    Guarantee

                	 	
                  10

                	 
	
                  Section
                    5.02.    Waiver of Notice and Demand

                	 	
                  10

                	 
	
                  Section
                    5.03.    Obligations Not Affected

                	 	
                  10

                	 
	
                  Section
                    5.04.    Rights of Holders

                	 	
                  11

                	 
	
                  Section
                    5.05.    Guarantee of Payment

                	 	
                  11

                	 
	
                  Section
                    5.06.    Subrogation

                	 	
                  11

                	 
	
                  Section
                    5.07.    Independent Obligations

                	 	
                  11

                	 
	
                  ARTICLE
                    VI  

                	 
	 	 	 	 
	
                  SUBORDINATION  

                	 
	
                  Section
                    6.01.    Subordination

                	 	
                  12

                	 
	
                  ARTICLE
                    VII  

                	 
	 	 	 	 
	
                  TERMINATION  

                	 
	
                  Section
                    7.01.    Termination

                	 	
                  12

                	 
	
                  ARTICLE
                    VIII  

                	 
	 	 	 	 
	
                  MISCELLANEOUS  

                	 
	
                  Section
                    8.01.    Successors and Assigns

                	 	
                  12

                	 
	
                  Section
                    8.02.    Amendments

                	 	
                  12

                	 
	
                  Section
                    8.03.    Notices

                	 	
                  12

                	 
	
                  Section
                    8.04.    Benefit

                	 	
                  13

                	 
	
                  Section
                    8.05.    Interpretation

                	 	
                  13

                	 
	
                  Section
                    8.06.    Governing Law

                	 	
                  14

                	 

        

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

    

    GUARANTEE
      AGREEMENT

     

    This
      GUARANTEE AGREEMENT (“Guarantee Agreement”), dated as of September 1, 2003,
      between SOUTHWESTERN ELECTRIC POWER COMPANY, a Delaware corporation (the
“Guarantor”), and THE BANK OF NEW YORK, a New York banking corporation, as
      trustee (the “Trustee”), for the benefit of the Holders (as defined herein) from
      time to time of the Preferred Securities (as defined herein) of SWEPCO CAPITAL
      TRUST I, a Delaware statutory trust (the Trust”).

     

    WHEREAS,
      pursuant to an Amended and Restated Trust Agreement (the “Trust Agreement”),
      dated as of September 1, 2003, among the Trustee, the other Trustees named
      therein, Southwestern Electric Power Company, as Depositor, and the holders
      of
      undivided beneficial interests in the assets of the Trust, the Trust is issuing
      as of October 1, 2003, $110,000,000 aggregate liquidation amount of its Flexible
      Trust Preferred Securities (the “Preferred Securities”) representing preferred
      undivided beneficial interests in the assets of the Trust and having the terms
      set forth in the Trust Agreement;

     

    WHEREAS,
      the Preferred Securities will be issued by the Trust and the proceeds thereof
      will be used to purchase the Junior Subordinated Debentures (as defined in
      the
      Trust Agreement) of the Guarantor, which will be held by the Trust as trust
      assets; and

     

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

     

    NOW,
      THEREFORE, in consideration of the payment for Preferred Securities by each
      Holder (as defined herein) thereof, which payment the Guarantor hereby agrees
      shall benefit the Guarantor, the Guarantor executes and delivers this Guarantee
      Agreement for the benefit of the Holders from time to time of the Common
      Securities (as defined herein) and the Preferred Securities.

     

    ARTICLE
      I

     

    

     

    DEFINITIONS

     

    SECTION
      1.01.     Definitions.  As
      used in this Guarantee Agreement, the terms set forth below shall, unless the
      context otherwise requires, have the following meanings.  Capitalized
      or otherwise defined terms used but not otherwise defined herein shall have
      the
      meanings assigned to such terms in the Trust Agreement as in effect on the
      date
      hereof.

     

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

     

    “Common
      Securities” means the securities representing common undivided beneficial
      interests in the assets of the Trust.

     

    “Event
      of
      Default” means a failure by the Guarantor to perform any of its payment
      obligations under this Guarantee Agreement or to perform any other obligations
      if such default remains unremedied for 30 days.

     

    “Guarantee
      Payments” shall mean the following payments or distributions, without
      duplication, with respect to the Common Securities and the Preferred Securities,
      to the extent not paid or made by or on behalf of the Trust:  (i) any
      accrued and unpaid distributions that are required to be paid on such Common
      Securities and Preferred Securities to the extent the Trust has funds on hand
      available therefor to make such payment; (ii) the redemption price, including
      all accrued and unpaid distributions to the date of redemption (the “Redemption
      Price”), with respect to the Common Securities and Preferred Securities called
      for redemption by the Trust to the extent that the Trust has funds on hand
      available therefor sufficient to make such payment; and (iii) upon a voluntary
      or involuntary dissolution, winding-up or liquidation of the Trust (other than
      in connection with the distribution of Junior Subordinated Debentures to the
      holders of Trust Securities or the redemption of all of the Preferred
      Securities), the lesser of (a) the aggregate of the liquidation amount and
      all
      accumulated and unpaid distributions on the Common Securities and the Preferred
      Securities to the date of payment, to the extent the Trust has funds on hand
      available therefor, and (b) the amount of assets of the Trust remaining
      available for distribution to Holders in liquidation of the Trust (in either
      case, the “Liquidation Distribution”).

     

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

     

    “Indenture”
      means the Subordinated Indenture dated as of September 1, 2003, between the
      Guarantor, as Junior Subordinated Debenture Issuer, and The Bank of New York,
      as
      trustee, as the same may be modified, amended or supplemented in accordance
      with
      the applicable provisions thereof, including by the First Supplemental Indenture
      dated as of October 1, 2003, by and between the Guarantor and The Bank of New
      York, as trustee.

     

    “Majority
      in liquidation amount of Preferred Securities” means a vote by Holder(s) of
      Preferred Securities, voting separately as a class, of more than 50% of the
      liquidation amount of all Preferred Securities outstanding at the time of
      determination.

     

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

     

    (a)              a
      statement that each officer signing the Officers’ 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 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 any individual, corporation, partnership, limited liability company,
      joint
      venture, trust, unincorporated organization or government or any agency or
      political subdivision thereof.

     

    “Responsible
      Officer” means, with respect to the Trustee, any vice president, any assistant
      vice president, the secretary, any assistant secretary, the treasurer, any
      assistant treasurer, any senior trust officer, trust officer or assistant trust
      officer or any other officer of the Corporate Trust Department of the 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
      Trustee” means a successor Trustee possessing the qualifications to act as
      Trustee under Section 4.01.

     

    “The
      Bank
      of New York” means The Bank of New York, a  New York banking
      corporation.

     

    “Trust
      Indenture Act” means the Trust Indenture Act of 1939, as amended.

     

    “Trustee”
      means The Bank of New York until a Successor Trustee has been appointed and
      has
      accepted such appointment pursuant to the terms of this Guarantee Agreement
      and
      thereafter means each such Successor Trustee.

     

    ARTICLE
      II

     

    

     

    TRUST
      INDENTURE ACT

     

    SECTION
      2.01.     Trust
      Indenture Act; Application.

     

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

     

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

     

    SECTION
      2.02.     Lists
      of Holders of Securities.

     

    (a)     The
      Guarantor shall furnish or cause to be furnished to the Trustee (a)
      semiannually, not later than April 1 and October 1 in each year, a list, in
      such
      form as the Trustee may reasonably require, of the names and addresses of the
      Holders (“List of Holders”) as of a date not more than 15 days prior to the time
      such list is furnished, and (b) at such other times as the Trustee may request
      in writing, within 30 days after the receipt by the Guarantor of any such
      request, a List of Holders as of a date not more than 15 days prior to the
      time
      such list is furnished; 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 Trustee by the Guarantor
      or at
      any time the Trustee is the Securities Registrar under the Trust
      Agreement.  The Trustee may destroy any List of Holders previously
      given to it on receipt of a new List of Holders.

     

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

     

    SECTION
      2.03.     Reports
      by the Trustee.  Within
      60 days after May 15 of each year commencing May 15, 2004, the Trustee shall
      provide to the Holders of the Preferred Securities such reports as are required
      by Section 313(a) of the Trust Indenture Act, if any, in the form and in the
      manner provided by Section 313 of the Trust Indenture Act.  The
      Trustee shall also comply with the other requirements of Section 313 of the
      Trust Indenture Act.

     

    SECTION
      2.04.     Periodic
      Reports to Trustee.  The
      Guarantor shall provide to the Trustee such documents, reports and information
      as required by Section 314 of the Trust Indenture Act (if any) in the form,
      in
      the manner and at the times required by Section 314 of the Trust Indenture
      Act,
      and shall provide, within 120 days after the end of each of its fiscal years,
      the compliance certificate required by Section 314(a)(4) of the Trust Indenture
      Act in the form and in the manner required by such Section.  Delivery
      of such reports, information and documents to the Trustee is for informational
      purposes only and the Trustee’s receipt of such reports, information and
      documents shall not constitute constructive notice of any information contained
      therein or determinable from information contained therein.

     

    SECTION
      2.05.     Evidence
      of Compliance with Conditions Precedent.  The
      Guarantor shall provide to the Trustee such evidence of compliance with any
      conditions precedent, if any, provided for in this Guarantee Agreement,
      including an Officers’ Certificate and an opinion of counsel 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
      2.06.     Events
      of Default; Waiver.  The
      Holders of a Majority in liquidation amount of Preferred Securities may, by
      vote, on behalf of all of the Holders, 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 Guarantee Agreement, but no such waiver
      shall extend to any subsequent or other default or Event of Default or impair
      any right consequent thereon.

     

    SECTION
      2.07.     Event
      of Default; Notice.

     

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

     

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

     

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

     

    ARTICLE
      III

     

    

     

    POWERS,
      DUTIES AND RIGHTS OF TRUSTEE

     

    SECTION
      3.01.     Powers
      and Duties of the Trustee.

     

    (a)     This
      Guarantee Agreement shall be held by the Trustee for the benefit of the Holders,
      and the Trustee shall not transfer this Guarantee Agreement to any Person except
      the Trustee shall assign rights hereunder to a Holder to the extent such
      assignment is necessary to exercise such Holder’s rights pursuant to Section
      5.04 or to a Successor Trustee upon acceptance by such Successor Trustee of
      its
      appointment to act as Successor Trustee.  The right, title and
      interest of the Trustee shall automatically vest in any Successor 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 Trustee.

     

    (b)     If
      an
      Event of Default has occurred and is continuing, the Trustee shall enforce
      this
      Guarantee Agreement for the benefit of the Holders.

     

    (c)     The
      Trustee, before the occurrence of any Event of Default and after the curing
      or
      waiving of all Events of Default that may have occurred, shall undertake to
      perform only such duties as are specifically set forth in this Guarantee
      Agreement, and no implied covenants shall be read into this Guarantee Agreement
      against the Trustee.  In case an Event of Default has occurred (that
      has not been cured or waived pursuant to Section 2.06), the Trustee shall
      exercise such of the rights and powers vested in it by this Guarantee Agreement,
      and use the same degree of care and skill in its exercise thereof, as a prudent
      person would exercise or use under the circumstances in the conduct of his
      or
      her own affairs.

     

    (d)     No
      provision of this Guarantee Agreement shall be construed to relieve the 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 Trustee shall be determined solely by the express
      provisions of this Guarantee Agreement, and the Trustee shall not be liable
      except for the performance of such duties and obligations as are specifically
      set forth in this Guarantee Agreement; and

     

    (B)      in
      the
      absence of bad faith on the part of the Trustee, the 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 Trustee
      and conforming to the requirements of this Guarantee Agreement; but in the
      case
      of any such certificates or opinions that by any provision hereof are
      specifically required to be furnished to the Trustee, the Trustee shall be
      under
      a duty to examine the same to determine whether or not they conform to the
      requirements of this Guarantee Agreement;

     

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

     

    (iii)      the
      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
      a
      Majority in liquidation amount of the Preferred Securities relating to the
      time,
      method and place of conducting any proceeding for any remedy available to the
      Trustee, or exercising any trust or power conferred upon the Trustee under
      this
      Guarantee Agreement; and

     

    (iv)      no
      provision of this Guarantee Agreement shall require the 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 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 Guarantee Agreement or adequate indemnity against such risk or
      liability is not reasonably assured to it.

     

    SECTION
      3.02.     Certain
      Rights of Trustee.

     

    (a)     Subject
      to the provisions of Section 3.01:

     

    (i)      the
      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 Guarantor contemplated by this Guarantee Agreement
      shall
      be sufficiently evidenced by an Officers’ Certificate;

     

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

     

    (iv)      the
      Trustee may consult with counsel or other experts of its choice, and the written
      advice or opinion of such counsel or other experts 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 Trustee shall have the right at any time
      to
      seek instructions concerning the administration of this Guarantee Agreement
      from
      any court of competent jurisdiction;

     

    (v)      the
      Trustee shall be under no obligation to exercise any of the rights or powers
      vested in it by this Guarantee Agreement at the request or direction of any
      Holder, unless such Holder shall have provided to the Trustee such adequate
      security and indemnity as would satisfy a reasonable person in the position
      of
      the Trustee against the costs, expenses (including attorneys’ fees and expenses)
      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
      Trustee; provided that nothing contained in this Section 3.02(a)(v) shall be
      taken to relieve the Trustee, upon the occurrence of an Event of Default, of
      its
      obligation to exercise the rights and powers vested in it by this Guarantee
      Agreement;

     

    (vi)      the
      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 Trustee, in its
      discretion, may make such further inquiry or investigation into such facts
      or
      matters as it may see fit;

     

    (vii)      the
      Trustee may execute any of the trusts or powers hereunder or perform any duties
      hereunder either directly or by or through agents or attorneys, and the 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;

     

    (viii)      whenever
      in the administration of this Guarantee Agreement the Trustee shall deem it
      desirable to receive instructions with respect to enforcing any remedy or right
      or taking any other action hereunder, the Trustee (i) may request instructions
      from the Holders, (ii) may refrain from enforcing such remedy or right or taking
      such other action until such instructions are received, and (iii) shall be
      protected in acting in accordance with such instructions;

     

    (ix)      the
      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 Guarantee
      Agreement; and

     

    (x)      the
      rights, privileges, protections, immunities and benefits given to the Trustee,
      including , without limitation, its rights to be indemnified, are extended
      to,
      and shall be enforceable by, the Trustee in each of its respective capacities
      hereunder, and to each agent, custodian and other Person employed to act
      hereunder.

     

    (b)     No
      provision of this Guarantee Agreement shall be deemed to impose any duty or
      obligation on the 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 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 Trustee shall be construed to
      be
      a duty.

     

    SECTION
      3.03.     Compensation;
      Fees; Indemnity.  The
      Guarantor agrees:

     

    (a)     to
      pay to
      the Trustee from time to time reasonable compensation for all services rendered
      by the Trustee hereunder (which compensation shall not be limited by any
      provision of law in regard to the compensation of a trustee of an express
      trust);

     

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

     

    (c)     to
      indemnify the Trustee for, and to hold the Trustee harmless against, any and
      all
      loss, damage, claims, liability or expense incurred without negligence or bad
      faith on its part, arising out of or in connection with the acceptance or
      administration of this Guarantee Agreement, including the costs and expenses
      of
      defending itself against any claim or liability in connection with the exercise
      or performance of any of its powers or duties hereunder.

     

    The
      provisions of this Section 3.03 shall survive the termination of this Guarantee
      Agreement.

     

    ARTICLE
      IV

     

    

     

    TRUSTEE

     

    SECTION
      4.01.     Trustee;
      Eligibility.

     

    (a)     There
      shall at all times be a 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 an institutional 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 million U.S. dollars ($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
      4.01(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 Trustee shall cease to be eligible to so act under Section 4.01(a),
      the
      Trustee shall immediately resign in the manner and with the effect set out
      in
      Section 4.02(c).

     

    (c)     If
      the
      Trustee has or shall acquire any “conflicting interest” within the meaning of
      Section 310(b) of the Trust Indenture Act, the Trustee and Guarantor shall
      in
      all respects comply with the provisions of Section 310(b) of the Trust Indenture
      Act, subject to the rights of the Trustee under the penultimate paragraph
      thereof.

     

    SECTION
      4.02.     Appointment,
      Removal and Resignation of Trustee.

     

    (a)     Subject
      to Section 4.02(b), the Trustee may be appointed or removed without cause at
      any
      time by the Guarantor.

     

    (b)     The
      Trustee shall not be removed until a Successor Trustee has been appointed and
      has accepted such appointment by written instrument executed by such Successor
      Trustee and delivered to the Guarantor.

     

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

     

    (d)     If
      no
      Successor Trustee shall have been appointed and accepted appointment as provided
      in this Section 4.02 within 60 days after delivery to the Guarantor of an
      instrument of resignation, the resigning Trustee may petition any court of
      competent jurisdiction for appointment of a Successor Trustee.  Such
      court may thereupon, after prescribing such notice, if any, as it may deem
      proper, appoint a Successor Trustee.

     

    ARTICLE
      V

     

    

     

    GUARANTEE

     

    SECTION
      5.01.     Guarantee.  The
      Guarantor irrevocably and unconditionally agrees to pay in full to the Holders
      the Guarantee Payments (without duplication of amounts theretofore paid by
      or on
      behalf of the Trust), as and when due, regardless of any defense, right of
      set-off or counterclaim which the Guarantor may have or assert against any
      Person, other than the defense of payment.  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 Trust to pay such
      amounts to the Holders.

     

    SECTION
      5.02.     Waiver
      of Notice and Demand.  The
      Guarantor hereby waives notice of acceptance of this Guarantee Agreement and
      of
      any liability to which it applies or may apply, presentment, demand for payment,
      any right to require a proceeding first against the Trust 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
      5.03.     Obligations
      Not Affected.  The
      obligation of the Guarantor to make the Guarantee Payments under this Guarantee
      Agreement 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 Trust of any express or implied agreement, covenant, term
      or
      condition relating to the Preferred Securities to be performed or observed
      by
      the Trust;

     

    (b)     the
      extension of time for the payment by the Trust of all or any portion of the
      Distributions, Redemption Price, Liquidation Distribution or any other sums
      payable under the terms of the Preferred Securities or the extension of time
      for
      the performance of any other obligation under, arising out of, or in connection
      with, the Preferred 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 Junior
      Subordinated Debentures permitted by the Indenture);

     

    (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 Preferred Securities, or any action
      on
      the part of the Trust 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 Trust or any of the assets of the
      Trust;

     

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

     

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

     

    (g)     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 5.03
      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
      5.04.     Rights
      of Holders.  The
      Guarantor expressly acknowledges that:  (i) this Guarantee Agreement
      will be deposited with the Trustee to be held for the benefit of the Holders;
      (ii) the Trustee has the right to enforce this Guarantee Agreement on behalf
      of
      the Holders; (iii) the Holders of a Majority in liquidation amount of the
      Preferred Securities have the right to direct the time, method and place of
      conducting any proceeding for any remedy available to the Trustee in respect
      of
      this Guarantee Agreement or exercising any trust or power conferred upon the
      Trustee under this Guarantee Agreement; and (iv) any Holder may institute a
      legal proceeding directly against the Guarantor to enforce its rights under
      this
      Guarantee Agreement, without first instituting a legal proceeding against or
      requesting or directing that action be taken by the Trustee or any other Person;
      it being understood and intended that no one or more of such Holders shall
      have
      any right in any manner whatsoever by virtue of, or by availing of, any
      provision of this Guarantee Agreement to affect, disturb or prejudice the rights
      of any other of such Holders or to obtain or to seek to obtain priority or
      preference over any other of such Holders or to enforce any right under this
      Guarantee Agreement, except in the manner herein provided and for the equal
      and
      ratable benefit of all of such Holders.

     

    SECTION
      5.05.     Guarantee
      of Payment.  This
      Guarantee Agreement creates a guarantee of payment and not of
      collection.  This Guarantee Agreement will not be discharged except by
      payment of the Guarantee Payments in full (without duplication) or upon the
      distribution of Junior Subordinated Debentures to the Holders in exchange for
      all of the Preferred Securities.

     

    SECTION
      5.06.     Subrogation.  The
      Guarantor shall be subrogated to all (if any) rights of the Holders against
      the
      Trust in respect of any amounts paid to the Holders by the Guarantor under
      this
      Guarantee Agreement; provided, however, that the Guarantor shall not (except
      to
      the extent required by mandatory provisions of law) be entitled to enforce
      or
      exercise any rights which it may acquire by way of subrogation or any indemnity,
      reimbursement or other agreement, in all cases as a result of payment under
      this
      Guarantee Agreement, if, at the time of any such payment, any amounts of
      Guarantee Payments are due and unpaid under this Guarantee
      Agreement.  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.

     

    SECTION
      5.07.     Independent
      Obligations.  The
      Guarantor acknowledges that its obligations hereunder are independent of the
      obligations of the Trust with respect to the Preferred Securities and that
      the
      Guarantor shall be liable as principal and as debtor hereunder to make Guarantee
      Payments pursuant to the terms of this Guarantee Agreement notwithstanding
      the
      occurrence of any event referred to in subsections (a) through (g), inclusive,
      of Section 5.03 hereof.

     

    ARTICLE
      VI

     

    

     

    SUBORDINATION

     

    SECTION
      6.01.     Subordination.  This
      Guarantee Agreement will constitute an unsecured obligation of the Guarantor
      and
      will rank (i) subordinate and junior in right of payment to all other
      liabilities of the Guarantor, including the Junior Subordinated Debentures,
      except those obligations or liabilities made pari passu or subordinate by their
      terms; (ii) pari passu with the most senior preferred or preference stock now
      or
      hereafter issued by the Guarantor and with any guarantee now or hereafter
      entered into by the Guarantor in respect of any preferred or preference
      securities of any Affiliate of the Guarantor; and (iii) senior to all common
      stock of the Guarantor.

     

    ARTICLE
      VII

     

    

     

    TERMINATION

     

    SECTION
      7.01.     Termination.  This
      Guarantee Agreement shall terminate and be of no further force and effect
      upon:  (i) full payment of the Redemption Price of all Preferred
      Securities; (ii) the distribution of Junior Subordinated Debentures to the
      Holders in exchange for all of the Preferred Securities; or (iii) full payment
      of the amounts payable in accordance with the Trust Agreement upon liquidation
      of the Trust.  Notwithstanding the foregoing, this Guarantee Agreement
      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 with respect to
      Preferred Securities or under this Guarantee Agreement.

     

    ARTICLE
      VIII

     

    

     

    MISCELLANEOUS

     

    SECTION
      8.01.     Successors
      and Assigns.  All
      guarantees and agreements contained in this Guarantee Agreement shall bind
      the
      successors, assigns, receivers, trustees and representatives of the Guarantor
      and shall inure to the benefit of the Holders of the Preferred Securities then
      outstanding.  Except in connection with a consolidation, merger,
      conveyance, transfer, or lease involving the Guarantor that is permitted under
      Article Eleven of the Indenture, the Guarantor shall not assign its obligations
      hereunder.

     

    SECTION
      8.02.     Amendments.  Except
      with respect to any changes which do not materially adversely affect the rights
      of Holders (in which case no consent of Holders will be required), this
      Guarantee Agreement may only be amended with the prior approval of the Holders
      of a Majority in liquidation amount of the Preferred Securities.  The
      provisions of Article VI of the Trust Agreement concerning meetings of Holders
      shall apply to the giving of such approval.

     

    SECTION
      8.03.     Notices.  Any
      notice, request or other communication required or permitted to be given
      hereunder shall be in writing, duly signed by the party giving such notice,
      and
      delivered, telecopied or mailed by first class mail as follows:

     

    (a)     if
      given
      to the Guarantor, to the address set forth below or such other address as the
      Guarantor may give notice of to the Trustee and the Holders:

     

    Southwestern
      Electric Power Company

     

    1
      Riverside Plaza

     

    Columbus,
      Ohio 43215

     

    Facsimile
      No.: (614) 716-1687

     

    Attn:  Treasurer

     

    (b)     if
      given
      to the Trust, in care of the Trustee, or to the Trustee at the Trust’s (and the
      Trustee’s) address set forth below  or such other address as the
      Trustee on behalf of the Trust may give notice to the Holders:

     

    SWEPCo
      Capital Trust I

     

    c/o  The
      Bank of New York

     

    101
      Barclay Street – 8W

     

    New
      York,
      NY  10286

     

    Facsimile
      No.:  (212) 815-5707

     

    Attn:  Corporate
      Trust Administration

     

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

     

    All
      notices hereunder shall be deemed to have been given when received in person,
      telecopied 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
      8.04.     Benefit.  This
      Guarantee Agreement is solely for the benefit of the Holders and, subject to
      Section 3.01(a), is not separately transferable from the Preferred
      Securities.

     

    SECTION
      8.05.     Interpretation.  In
      this Guarantee Agreement, unless the context otherwise requires:

     

    (a)     capitalized
      terms used in this Guarantee Agreement but not defined in the preamble hereto
      have the respective meanings assigned to them in Section 1.01;

     

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

     

    (c)     all
      references to “the Guarantee Agreement” or “this Guarantee Agreement” are to
      this Guarantee Agreement as modified, supplemented or amended from time to
      time;

     

    (d)     all
      references in this Guarantee Agreement to Articles and Sections are to Articles
      and Sections of this Guarantee Agreement unless otherwise
      specified;

     

    (e)     a
      term
      defined in the Trust Indenture Act has the same meaning when used in this
      Guarantee Agreement unless otherwise defined in this Guarantee Agreement or
      unless the context otherwise requires;

     

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

     

    (g)     the
      masculine, feminine or neuter genders used herein shall include the masculine,
      feminine and neuter genders.

     

    SECTION
      8.06.     Governing
      Law.  THIS
      GUARANTEE AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED AND INTERPRETED IN
      ACCORDANCE WITH THE INTERNAL LAWS OF THE STATE OF NEW YORK.  THE
      GUARANTOR HEREBY IRREVOCABLY SUBMITS TO THE JURISDICTION OF THE UNITED STATES
      DISTRICT COURT FOR THE SOUTHERN DISTRICT OF NEW YORK AND ANY COURT IN THE STATE
      OF NEW YORK LOCATED IN THE CITY AND COUNTY OF NEW YORK IN ANY ACTION, SUIT
      OR
      PROCEEDING BROUGHT AGAINST IT AND RELATED TO OR IN CONNECTION WITH THIS
      GUARANTEE AGREEMENT OR THE TRANSACTIONS CONTEMPLATED THEREBY, AND TO THE EXTENT
      PERMITTED BY APPLICABLE LAW, THE GUARANTOR HEREBY WAIVES AND AGREES NOT TO
      ASSERT BY WAY OF MOTION, AS A DEFENSE OR OTHERWISE IN ANY SUCH SUIT, ACTION
      OR
      PROCEEDING, ANY CLAIM THAT IT IS NOT PERSONALLY SUBJECT TO THE JURISDICTION
      OF
      SUCH COURTS, THAT THE SUIT, ACTION OR PROCEEDING IS BROUGHT IN AN INCONVENIENT
      FORUM, THAT THE VENUE OF THE SUIT, ACTION OR PROCEEDING IS IMPROPER, OR THAT
      THIS GUARANTEE AGREEMENT OR ANY DOCUMENT OR ANY INSTRUMENT REFERRED TO HEREIN
      OR
      THE SUBJECT MATTER HEREOF MAY NOT BE LITIGATED IN OR BY SUCH
      COURTS.  THE GUARANTOR AGREES THAT SERVICE OF PROCESS MAY BE MADE UPON
      IT BY CERTIFIED OR REGISTERED MAIL TO THE ADDRESS FOR NOTICES SET FORTH IN
      THIS
      GUARANTEE AGREEMENT OR ANY METHOD AUTHORIZED BY THE LAWS OF NEW
      YORK.

     

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

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

     

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

     

    
      	
               

            	
              SOUTHWESTERN
                ELECTRIC POWER COMPANY

            

    

     

    
      	
               

            	
              By:

            	
              /s/
                Wendy G. Hargus___________

            

    

    
      	
               

            	
              Name:

            	
              Wendy
                G. Hargus

            

    

    
      	
               

            	
              Title:

            	
              Assistant
                Treasurer

            

    

    

    

    
      	
               

            	
              THE
                BANK OF NEW YORK

            

    

     

     

    
      	 	By:	/s/
              Joseph A. Loret 

      	
               

            	
              Name:

            	
              Joseph
                A. Lloret

            

    

    
      	
               

            	
              Title:

            	
              Assistant
                Treasurer

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00128-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00128-of-00352.parquet"}]]