Document:

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                                                                  Exhibit (4)(b)

                              CERTIFICATE OF TRUST

                                       OF

                                KEYCORP CAPITAL V

         This Certificate of Trust of KeyCorp Capital V (the "Trust"), dated as
of August 6, 1999, is being duly executed and filed by the undersigned, as
trustees, to form a business trust under the Delaware Business Trust Act (12
Del. C. (S) 3801, et seq.) (the "Act").
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         1.   Name. The name of the business trust being formed hereby is
              ----
KeyCorp Capital V.

         2.   Delaware Trustee. The name and business address of the trustee of
              ----------------
the Trust, with a principal place of business in the State of Delaware, are
Bankers Trust (Delaware), E.A. Delle Donne Corporate Center, Montgomery Bldg.,
1011 Centre Road, Suite 200, Wilmington, Delaware 19805-1266.

         3.   Effective Date. This Certificate of Trust shall be effective as of
              --------------
its filing with the Secretary of State of the State of Delaware.

              IN WITNESS WHEREOF, the undersigned have duly executed this
Certificate of Trust in accordance with Section 3811(a)(1) of the Act as of the
date first above written.

                                     BANKERS TRUST (DELAWARE), not in its
                                     individual capacity, but solely as trustee

                                     By: /s/ M. Lisa Wilkins
                                         ---------------------------------------
                                             Name: M. Lisa Wilkins
                                             Title: Assistant Vice President

                                     LOUIS D. RAFFIS, not in his individual
                                     capacity, but solely as trustee

                                       /s/ Louis D. Raffis
                                     -------------------------------------------<PAGE>

                                                                  Exhibit (4)(c)

                                 TRUST AGREEMENT

                                       OF

                                KEYCORP CAPITAL V

         THIS TRUST AGREEMENT is made as of August 6, 1999 (this "Trust
Agreement"), by and among KeyCorp, an Ohio corporation, as depositor (the
"Depositor"), and Bankers Trust (Delaware), as trustee, and Louis D. Raffis, as
trustee (jointly, the "Trustees"). The Depositor and the Trustees hereby agree
as follows:

         1.   The trust created hereby shall be known as KeyCorp Capital V (the
"Trust"), in which name the Trustees or the Depositor, to the extent provided
herein, may conduct the business of the Trust, make and execute contracts, and
sue and be sued.

         2.   The Depositor hereby assigns, transfers, conveys and sets over to
the Trust the sum of $10. The Trustees hereby acknowledge receipt of such amount
in trust from the Depositor, which amount constitutes the initial trust estate.
The Trustees hereby declare that they will hold the trust estate in trust for
the Depositor. It is the intention of the parties hereto that the Trust created
hereby constitute a business trust under Chapter 38 of Title 12 of the Delaware
Code, 12 Del. C. (S) 3801, et seq. (the "Business Trust Act"), and that this
         ------            -- ---
document constitute the governing instrument of the Trust. The Trustees are
hereby authorized and directed to execute and file a certificate of trust with
the Delaware Secretary of State in accordance with the provisions of the
Business Trust Act.

         3.   The Depositor and the Trustees will enter into an amended and
restated Trust Agreement or Declaration of Trust satisfactory to each such party
and substantially in the form to be included as an exhibit to the 1933 Act
Registration Statement (as defined below), to provide for the contemplated
operation of the Trust created hereby and the issuance of the Capital Securities
and Common Securities referred to therein. Prior to the execution and delivery
of such amended and restated Trust Agreement or Declaration of Trust, the
Trustees shall not have any duty or obligation hereunder or with respect of the
trust estate, except as otherwise required by applicable law or as may be
necessary to obtain prior to such execution and delivery any licenses, consents
or approvals required by applicable law or otherwise. Notwithstanding the
foregoing, the Trustees may take all actions deemed proper as are necessary to
effect the transactions contemplated herein.

         4.   The Depositor, as sponsor of the Trust, is hereby authorized, in
its discretion, (i) to prepare and file with the Securities and Exchange
Commission (the "Commission") and to execute, in the case of the 1933 Act
Registration Statement and 1934 Act Registration Statement (as herein defined),
on behalf of the Trust, (a) a Registration Statement (the "1933 Act Registration
Statement"), including all pre-effective and post-effective amendments thereto,
relating to the registration under the Securities Act of 1933, as amended (the
"1933 Act"), of the Capital Securities of the Trust, (b) any preliminary
prospectus or prospectus or supplement

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thereto relating to the Capital Securities of the Trust required to be filed
pursuant to the 1933 Act, and (c) a Registration Statement on Form 8-A or other
appropriate form (the "1934 Act Registration Statement"), including all
pre-effective and post-effective amendments thereto, relating to the
registration of the Capital Securities of the Trust under the Securities
Exchange Act of 1934, as amended; (ii) if and at such time as determined by the
Depositor, to file with the New York Stock Exchange, Inc. or other exchange, or
the National Association of Securities Dealers, Inc. ("NASD"), and execute on
behalf of the Trust a listing application and all other applications,
statements, certificates, agreements and other instruments as shall be necessary
or desirable to cause the Capital Securities of the Trust to be listed on the
New York Stock Exchange, Inc. or such other exchange, or the NASD's Nasdaq
National Market; (iii) to file and execute on behalf of the Trust, such
applications, reports, surety bonds, irrevocable consents, appointments of
attorney for service of process and other papers and documents that shall be
necessary or desirable to register the Capital Securities of the Trust under the
securities or "Blue Sky" laws of such jurisdictions as the Depositor, on behalf
of the Trust, may deem necessary or desirable; (iv) to execute and deliver
letters or documents to, or instruments for filing with, a depository relating
to the Capital Securities of the Trust; and (v) to execute, deliver and perform
on behalf of the Trust an underwriting agreement with one or more underwriters
relating to the offering of the Capital Securities of the Trust.

         In the event that any filing referred to in this Section 4 is required
by the rules and regulations of the Commission, the New York Stock Exchange,
Inc. or other exchange, NASD, or state securities or "Blue Sky" laws to be
executed on behalf of the Trust by the Trustees, the Trustees, in their capacity
as trustees of the Trust, are hereby authorized to join in any such filing and
to execute on behalf of the Trust any and all of the foregoing, it being
understood that the Trustees, in their capacity as trustees of the Trust, shall
not be required to join in any such filing or execute on behalf of the Trust any
such document unless required by the rules and regulations of the Commission,
the New York Stock Exchange, Inc. or other exchange, NASD, or state securities
or "Blue Sky" laws.

         5.   This Trust Agreement may be executed in one or more counterparts,
each of which shall be deemed an original but all of which together shall
constitute one and the same instrument.

         6.   The number of trustees of the Trust initially shall be two and
thereafter the number of trustees of the Trust shall be such number as shall be
fixed from time to time by a written instrument signed by the Depositor which
may increase or decrease the number of trustees of the Trust; provided, however,
that to the extent required by the Business Trust Act, one trustee of the Trust
shall either be a natural person who is a resident of the State of Delaware or,
if not a natural person, an entity which has its principal place of business in
the State of Delaware. Subject to the foregoing, the Depositor is entitled to
appoint or remove without cause any trustee of the Trust at any time. Any
trustee of the Trust may resign upon thirty days' prior notice to the Depositor.

         7.   The Trust may be dissolved and terminated before the issuance of
the Capital Securities at the election of the Depositor.

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         8.   This Trust Agreement shall be governed by, and construed in
accordance with, the laws of the State of Delaware (without regard to conflict
of laws principles).

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

                                            KEYCORP, as Depositor

                                            By:  /s/ Louis D. Raffis
                                                 ------------------------
                                                 Name:    Louis D. Raffis
                                                 Title:   Authorized Officer

                                            BANKERS TRUST (DELAWARE), as trustee

                                            By:  /s/ M. Lisa Wilkins
                                                 -------------------
                                                 Name: M. Lisa Wilkins
                                                 Title: Assistant Vice President

                                            LOUIS D. RAFFIS, as trustee

                                            /s/ Louis D. Raffis
                                            -----------------------------

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