Document:

Exhibit 4.1

 

 

 

JUNIOR SUBORDINATED INDENTURE

 

 

between

 

 

REPUBLIC BANCORP, INC.

 

 

and

 

 

WILMINGTON TRUST COMPANY,

as Trustee

 

 

 

Dated as of August 16, 2005

 

 

 

 

 

TABLE OF
CONTENTS

 

	
  ARTICLE I

  	
   

  
	
  Definitions and Other
  Provisions of General Application

  	
   

  
	
   

  	
   

  	
   

  
	
  SECTION 1.1.

  	
  Definitions

  	
   

  
	
  SECTION 1.2.

  	
  Compliance
  Certificate and Opinions

  	
   

  
	
  SECTION 1.3.

  	
  Forms of
  Documents Delivered to Trustee

  	
   

  
	
  SECTION 1.4.

  	
  Acts of Holders

  	
   

  
	
  SECTION 1.5.

  	
  Notices, Etc. to Trustee and
  Company

  	
   

  
	
  SECTION 1.6.

  	
  Notice to
  Holders; Waiver

  	
   

  
	
  SECTION 1.7.

  	
  Effect of
  Headings and Table of Contents

  	
   

  
	
  SECTION 1.8.

  	
  Successors and
  Assigns

  	
   

  
	
  SECTION 1.9.

  	
  Separability Clause

  	
   

  
	
  SECTION 1.10.

  	
  Benefits of
  Indenture

  	
   

  
	
  SECTION 1.11.

  	
  Governing Law

  	
   

  
	
  SECTION 1.12.

  	
  Submission to
  Jurisdiction

  	
   

  
	
  SECTION 1.13.

  	
  Non-Business Days

  	
   

  
	
   

  	
   

  	
   

  
	
  ARTICLE II

  	
   

  
	
  Security Forms

  	
   

  
	
   

  	
   

  	
   

  
	
  SECTION 2.1.

  	
  Form of Security

  	
   

  
	
  SECTION 2.2.

  	
  Restricted
  Legend

  	
   

  
	
  SECTION 2.3.

  	
  Form of Trustee’s
  Certificate of Authentication

  	
   

  
	
  SECTION 2.4.

  	
  Temporary Securities

  	
   

  
	
  SECTION 2.5.

  	
  Definitive Securities

  	
   

  
	
   

  	
   

  	
   

  
	
  ARTICLE III

  	
   

  
	
  The Securities

  	
   

  
	
   

  	
   

  	
   

  
	
  SECTION 3.1.

  	
  Payment of Principal
  and Interest

  	
   

  
	
  SECTION 3.2.

  	
  Denominations

  	
   

  
	
  SECTION 3.3.

  	
  Execution,
  Authentication, Delivery and Dating

  	
   

  
	
  SECTION 3.4.

  	
  Global Securities

  	
   

  
	
  SECTION 3.5.

  	
  Registration, Transfer
  and Exchange Generally

  	
   

  
	
  SECTION 3.6.

  	
  Mutilated, Destroyed,
  Lost and Stolen Securities

  	
   

  
	
  SECTION 3.7.

  	
  Persons Deemed Owners

  	
   

  
	
  SECTION 3.8.

  	
  Cancellation

  	
   

  
	
  SECTION 3.9.

  	
  Deferrals of Interest
  Payment Dates

  	
   

  
	
  SECTION 3.10.

  	
  Right of Set-Off

  	
   

  
	
  SECTION 3.11.

  	
  Agreed Tax Treatment

  	
   

  
	
  SECTION 3.12.

  	
  CUSIP Numbers

  	
   

  

 

i

 

	
  ARTICLE IV

  	
   

  
	
  Satisfaction
  and Discharge

  	
   

  
	
   

  	
   

  	
   

  
	
  SECTION 4.1.

  	
  Satisfaction and
  Discharge of Indenture

  	
   

  
	
  SECTION 4.2.

  	
  Application of Trust
  Money

  	
   

  
	
   

  	
   

  	
   

  
	
  ARTICLE V

  	
   

  
	
  Remedies

  	
   

  
	
   

  	
   

  	
   

  
	
  SECTION 5.1.

  	
  Events of Default

  	
   

  
	
  SECTION 5.2.

  	
  Acceleration of
  Maturity; Rescission and Annulment

  	
   

  
	
  SECTION 5.3.

  	
  Collection of
  Indebtedness and Suits for Enforcement by Trustee

  	
   

  
	
  SECTION 5.4.

  	
  Trustee May File
  Proofs of Claim

  	
   

  
	
  SECTION 5.5.

  	
  Trustee May Enforce
  Claim Without Possession of Securities

  	
   

  
	
  SECTION 5.6.

  	
  Application of Money
  Collected

  	
   

  
	
  SECTION 5.7.

  	
  Limitation on Suits

  	
   

  
	
  SECTION 5.8.

  	
  Unconditional Right of
  Holders to Receive Principal, Premium and Interest; Direct Action by Holders
  of Preferred Securities

  	
   

  
	
  SECTION 5.9.

  	
  Restoration of Rights
  and Remedies

  	
   

  
	
  SECTION 5.10.

  	
  Rights and Remedies
  Cumulative

  	
   

  
	
  SECTION 5.11.

  	
  Delay or Omission Not
  Waiver

  	
   

  
	
  SECTION 5.12.

  	
  Control by Holders

  	
   

  
	
  SECTION 5.13.

  	
  Waiver of Past
  Defaults

  	
   

  
	
  SECTION 5.14.

  	
  Undertaking for Costs

  	
   

  
	
  SECTION 5.15.

  	
  Waiver of Usury, Stay
  or Extension Laws

  	
   

  
	
   

  	
   

  	
   

  
	
  ARTICLE VI

  	
   

  
	
  The Trustee

  	
   

  
	
   

  	
   

  	
   

  
	
  SECTION 6.1.

  	
  Corporate Trustee
  Required

  	
   

  
	
  SECTION 6.2.

  	
  Certain Duties and
  Responsibilities

  	
   

  
	
  SECTION 6.3.

  	
  Notice of Defaults

  	
   

  
	
  SECTION 6.4.

  	
  Certain Rights of
  Trustee

  	
   

  
	
  SECTION 6.5.

  	
  May Hold
  Securities

  	
   

  
	
  SECTION 6.6.

  	
  Compensation;
  Reimbursement; Indemnity

  	
   

  
	
  SECTION 6.7.

  	
  Resignation and
  Removal; Appointment of Successor

  	
   

  
	
  SECTION 6.8.

  	
  Acceptance of
  Appointment by Successor

  	
   

  
	
  SECTION 6.9.

  	
  Merger, Conversion,
  Consolidation or Succession to Business

  	
   

  
	
  SECTION 6.10.

  	
  Not Responsible for
  Recitals or Issuance of Securities

  	
   

  
	
  SECTION 6.11.

  	
  Appointment of
  Authenticating Agent

  	
   

  
	
   

  	
   

  	
   

  
	
  ARTICLE VII

  	
   

  
	
  Holder’s Lists and Reports by
  Trustee and Company

  	
   

  
	
   

  	
   

  	
   

  
	
  SECTION 7.1.

  	
  Company to Furnish
  Trustee Names and Addresses of Holders

  	
   

  
	
  SECTION 7.2.

  	
  Preservation of
  Information, Communications to Holders

  	
   

  
	
  SECTION 7.3.

  	
  Reports
  by Company

  	
   

  
	
   

  	
   

  	
   

  
	
  ARTICLE VIII

  	
   

  
	
  Consolidation,
  Merger, Conveyance, Transfer or Lease

  	
   

  
	
   

  	
   

  	
   

  
	
  SECTION 8.1.

  	
  Company May Consolidate, Etc.,
  Only on Certain Terms

  	
   

  

 

ii

 

	
  SECTION 8.2.

  	
  Successor Company Substituted

  	
   

  
	
   

  	
   

  	
   

  
	
  ARTICLE IX

  	
   

  
	
  Supplemental
  Indentures

  	
   

  
	
   

  	
   

  	
   

  
	
  SECTION 9.1.

  	
  Supplemental Indentures without
  Consent of Holders

  	
   

  
	
  SECTION 9.2.

  	
  Supplemental Indentures with
  Consent of Holders

  	
   

  
	
  SECTION 9.3.

  	
  Execution of Supplemental Indentures

  	
   

  
	
  SECTION 9.4.

  	
  Effect of Supplemental Indentures

  	
   

  
	
  SECTION 9.5.

  	
  Reference in Securities to
  Supplemental Indentures

  	
   

  
	
   

  	
   

  	
   

  
	
  ARTICLE X

  	
   

  
	
  Covenants

  	
   

  
	
   

  	
   

  	
   

  
	
  SECTION 10.1.

  	
  Payment of Principal, Premium and
  Interest

  	
   

  
	
  SECTION 10.2.

  	
  Money for Security Payments to be
  Held in Trust

  	
   

  
	
  SECTION 10.3.

  	
  Statement as to Compliance

  	
   

  
	
  SECTION 10.4.

  	
  Calculation Agent

  	
   

  
	
  SECTION 10.5.

  	
  Additional Tax
  Sums

  	
   

  
	
  SECTION 10.6.

  	
  Additional
  Covenants

  	
   

  
	
  SECTION 10.7.

  	
  Waiver of
  Covenants

  	
   

  
	
  SECTION 10.8.

  	
  Treatment
  of Securities

  	
   

  
	
   

  	
   

  	
   

  
	
  ARTICLE XI

  	
   

  
	
  Redemption
  of Securities

  	
   

  
	
   

  	
   

  	
   

  
	
  SECTION 11.1.

  	
  Optional
  Redemption

  	
   

  
	
  SECTION 11.2.

  	
  Special
  Event Redemption

  	
   

  
	
  SECTION 11.3.

  	
  Election
  to Redeem; Notice to Trustee

  	
   

  
	
  SECTION 11.4.

  	
  Selection
  of Securities to be Redeemed

  	
   

  
	
  SECTION 11.5.

  	
  Notice of
  Redemption

  	
   

  
	
  SECTION 11.6.

  	
  Deposit
  of Redemption Price

  	
   

  
	
  SECTION 11.7.

  	
  Payment
  of Securities Called for Redemption

  	
   

  
	
   

  	
   

  	
   

  
	
  ARTICLE XII

  	
   

  
	
  Subordination
  of Securities

  	
   

  
	
   

  	
   

  	
   

  
	
  SECTION 12.1.

  	
  Securities
  Subordinate to Senior Debt

  	
   

  
	
  SECTION 12.2.

  	
  No
  Payment When Senior Debt in Default; Payment Over of Proceeds Upon
  Dissolution, Etc.

  	
   

  
	
  SECTION 12.3.

  	
  Payment
  Permitted If No Default

  	
   

  
	
  SECTION 12.4.

  	
  Subrogation
  to Rights of Holders of Senior Debt

  	
   

  
	
  SECTION 12.5.

  	
  Provisions
  Solely to Define Relative Rights

  	
   

  
	
  SECTION 12.6.

  	
  Trustee
  to Effectuate Subordination

  	
   

  
	
  SECTION 12.7.

  	
  No
  Waiver of Subordination Provisions

  	
   

  
	
  SECTION 12.8.

  	
  Notice to
  Trustee

  	
   

  
	
  SECTION 12.9.

  	
  Reliance
  on Judicial Order or Certificate of Liquidating Agent

  	
   

  
	
  SECTION 12.10.

  	
  Trustee
  Not Fiduciary for Holders of Senior Debt

  	
   

  

 

iii

 

	
  SECTION 12.11.

  	
  Rights
  of Trustee as Holder of Senior Debt; Preservation of Trustee’s Rights

  	
   

  
	
  SECTION 12.12.

  	
  Article Applicable
  to Paying Agents

  	
   

  

 

SCHEDULES

 

	
  Schedule A

  	
  Determination
  of LIBOR

  	
   

  
	
   

  	
   

  	
   

  
	
  Exhibit A

  	
  Form of
  Officer’s Certificate

  	
   

  
	
   

  	
   

  	
   

  
	
  Exhibit B

  	
  Form of
  Officer’s Certificate pursuant to Section 10.3

  	
   

  

 

iv

 

Exhibit A

 

JUNIOR SUBORDINATED INDENTURE, dated as of August 16,
2005, between REPUBLIC BANCORP, INC., a Kentucky corporation (the “Company”), and WILMINGTON TRUST COMPANY, a
Delaware banking corporation, as Trustee (in such capacity, the “Trustee”).

 

RECITALS OF THE COMPANY

 

WHEREAS, the Company has duly authorized the
execution and delivery of this Indenture to provide for the issuance of its
unsecured junior subordinated deferrable interest notes (the “Securities”) issued to evidence loans made
to the Company of the proceeds from the issuance by Republic Bancorp Capital
Trust, a Delaware statutory trust (the “Trust”),
of undivided preferred beneficial interests in the assets of the Trust (the “Preferred Securities”) and undivided
common beneficial interests in the assets of the Trust (the “Common Securities” and, collectively with
the Preferred Securities, the “Trust
Securities”), and to provide the terms and conditions upon which the
Securities are to be authenticated, issued and delivered; and

 

WHEREAS, all things necessary to make this Indenture
a valid agreement of the Company, in accordance with its terms, have been done.

 

Now, therefore, this Indenture Witnesseth:

 

For and in consideration of the premises and the
purchase of the Securities by the Holders thereof, it is mutually covenanted
and agreed, for the equal and proportionate benefit of all Holders of the
Securities, as follows:

 

ARTICLE I

 

Definitions and Other Provisions of General Application

 

SECTION 1.1.  Definitions.

 

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

 

(a)           the
terms defined in this Article I have the meanings assigned to them
in this Article I;

 

(b)           the
words “include”, “includes” and “including” shall be deemed to be followed by
the phrase “without limitation”;

 

(c)           all
accounting terms not otherwise defined herein have the meanings assigned to
them in accordance with GAAP;

 

(d)           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 Indenture;

 

(e)           the
words “hereby”, “herein”, “hereof” and “hereunder” and other words of similar
import refer to this Indenture as a whole and not to any particular Article, Section or
other subdivision;

 

A-1

 

(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.

 

“Act”
when used with respect to any Holder, has the meaning specified in Section 1.4.

 

“Administrative
Trustee” means, with respect to the Trust, a Person identified as an
“Administrative Trustee” in the Trust Agreement, solely in its capacity as
Administrative Trustee of the Trust under the Trust Agreement and not in its
individual capacity, or its successor in interest in such capacity, or any
successor Administrative Trustee appointed as therein provided.

 

“Additional
Interest” means the interest, if any, that shall accrue on any
amounts payable on the Securities, the payment of which has not been made on
the applicable Interest Payment Date and which shall accrue at the rate per
annum specified or determined as specified in such Security.

 

“Additional Tax
Sums” has the meaning specified in Section 10.5.

 

“Additional Taxes”
means taxes, duties or other governmental charges imposed on the Trust as a
result of a Tax Event (which, for the sake of clarity, does not include amounts
required to be deducted or withheld by the Trust from payments made by the
Trust to or for the benefit of the Holder of, or any Person that acquires a
beneficial interest in, the Securities).

 

“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.

 

“Applicable
Depositary Procedures” means, with respect to any transfer or transaction
involving a Global Security or beneficial interest therein, the rules and
procedures of the Depositary for such Security, in each case to the extent
applicable to such transaction and as in effect from time to time.

 

“Authenticating
Agent” means any Person authorized by the Trustee pursuant to Section 6.11
to act on behalf of the Trustee to authenticate the Securities.

 

“Bankruptcy Code”
means Title 11 of the United States Code or any successor statute thereto, in
each case as amended from time to time.

 

“Board of
Directors” means the board of directors of the Company or any duly
authorized committee of that board.

 

“Board Resolution”
means a copy of a resolution certified by the Secretary or an Assistant
Secretary of the Company to have been duly adopted by the Board of Directors
and to be in full force and effect on the date of such certification.

 

2

 

“Business Day”
means any day other than (i) a Saturday or Sunday, (ii) a day on
which banking institutions in the City of New York are authorized or required
by law or executive order to remain closed or (iii) a day on which the
Corporate Trust Office of the Trustee is closed for business.

 

“Calculation
Agent” has the meaning specified in Section 10.4.

 

“Capital
Disqualification Event” means the receipt by the Company of an
Opinion of Counsel experienced in such matters that, as a result of an
amendment to or a change in law or regulation (including any announced
prospective change) or a change in interpretation or application of law or
regulation by any legislative body, court, governmental agency or regulatory
authority, there is more than insubstantial risk that within ninety (90) days
of the date of such opinion, the aggregate liquidation amount of the Preferred
Securities will not be eligible to be treated by the Company as “Tier 1 Capital”
(or the then equivalent) for purposes of the capital adequacy guidelines of the
Federal Reserve or other “appropriate Federal banking agency” as such term is defined
in 12 U.S.C. 1813(q), which amendment, change or prospective change becomes
effective or would become effective, as the case may be, on or after the date
of issuance of the Securities; provided,
however, that the inability of the Company to treat all or any
portion of the liquidation amount of the Preferred Securities as Tier 1 Capital
shall not constitute the basis for a Capital Disqualification Event if such
inability results from the Company having such Preferred Securities outstanding
in an amount that for any reason is in excess of the amount which may now or
hereafter qualify for treatment as Tier 1 Capital under applicable capital
adequacy guidelines.  By way of example,
the inability of the Company to treat all or any portion of the liquidation
amount of the Preferred Securities as Tier 1 Capital as a result of the final rule on
Risk-Based Capital Standards:  Trust
Preferred Securities and the Definition of Capital, adopted on March 1,
2005, by the Federal Reserve, shall not constitute the basis for a Capital
Disqualification Event.

 

“Common
Securities” has the meaning specified in the first recital of this
Indenture.

 

“Common Stock”
means the common stock, no par value, of the Company.

 

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

 

“Company Request”
and “Company Order” mean, respectively,
the written request or order signed in the name of the Company by its Chairman
of the Board of Directors, its Vice Chairman of the Board of Directors, its
Chief Executive Officer, President or a Vice President, and by its Chief
Financial Officer, Treasurer, an Assistant Treasurer, its Secretary or an
Assistant Secretary, and delivered to the Trustee.

 

“Corporate Trust
Office” means the principal office of the Trustee at which at any
particular time its corporate trust business shall be administered, which
office at the date of this Indenture is located at Rodney Square North, 1100
North Market Street, Wilmington, Delaware 19890-0001, Attention: Corporate
Capital Markets.

 

3

 

“Debt”
means, with respect to any Person, whether recourse is to all or a portion of
the assets of such Person, whether currently existing or hereafter incurred and
whether or not contingent and without duplication, (i) every obligation of
such Person for money borrowed; (ii) every obligation of such Person
evidenced by bonds, debentures, notes or other similar instruments, including
obligations incurred in connection with the acquisition of property, assets or
businesses; (iii) every reimbursement obligation of such Person with respect
to letters of credit, bankers’ acceptances or similar facilities issued for the
account of such Person; (iv) every obligation of such Person issued or
assumed as the deferred purchase price of property or services (but excluding
trade accounts payable or other accrued liabilities arising in the ordinary
course of business); (v) every capital lease obligation of such Person; (vi) all
indebtedness of such Person, whether incurred on or prior to the date of this
Indenture or thereafter incurred, for claims in respect of derivative products,
including interest rate, foreign exchange rate and commodity forward contracts,
options and swaps and similar arrangements; (vii) every obligation of the
type referred to in clauses (i) through (vi) of another Person and
all dividends of another Person the payment of which, in either case, such
Person has guaranteed or is responsible or liable for, directly or indirectly,
as obligor or otherwise; and (viii) any renewals, extensions, refundings,
amendments or modifications of any obligation of the type referred to in
clauses (i) through (vii).

 

“Defaulted
Interest” has the meaning specified in Section 3.1.

 

“Delaware Trustee”
means, with respect to the Trust, the Person identified as the “Delaware
Trustee” in the Trust Agreement, solely in its capacity as Delaware Trustee of
the Trust under the Trust Agreement and not in its individual capacity, or its
successor in interest in such capacity, or any successor Delaware Trustee
appointed as therein provided.

 

“Depositary”
means an organization registered as a clearing agency under the Exchange Act
that is designated as Depositary by the Company or any successor thereto.  DTC will be the initial Depositary.

 

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

 

“Distributions”
means amounts payable in respect of the Trust Securities as provided in the
Trust Agreement and referred to therein as “Distributions.”

 

“Dollar”
or “$” means the currency of the United States of America that, as at the time
of payment, is legal tender for the payment of public and private debts.

 

“DTC”
means The Depository Trust Company, a New York corporation.

 

“Event of Default”
has the meaning specified in Section 5.1.

 

“Exchange Act”
means the Securities Exchange Act of 1934 or any statute successor thereto, in
each case as amended from time to time.

 

“Expiration Date”
has the meaning specified in Section 1.4.

 

4

 

“Extension Period”
has the meaning specified in Section 3.9.

 

“Federal Reserve”
means the Board of Governors of the Federal Reserve System, the staff thereof,
or a Federal Reserve Bank, acting through delegated authority, in each case
under the rules, regulations and policies of the Federal Reserve System, or if
at any time after the execution of this Indenture any such entity is not
existing and performing the duties now assigned to it, any successor body
performing similar duties or functions.

 

“GAAP”
means United States generally accepted accounting principles, consistently
applied, from time to time in effect.

 

“Global Security”
means a Security that evidences all or part of the Securities, the ownership
and transfers of which shall be made through book entries by a Depositary.

 

“Government
Obligation” means (a) any security that is (i) a direct
obligation of the United States of America of which the full faith and credit
of the United States of America is pledged or (ii) an obligation of a
Person controlled or supervised by and acting as an agency or instrumentality
of the United States of America or the payment of which is unconditionally
guaranteed as a full faith and credit obligation by the United States of
America, which, in either case (i) or (ii), is not callable or redeemable
at the option of the issuer thereof, and (b) any depositary receipt issued
by a bank (as defined in Section 3(a)(2) of the Securities Act) as
custodian with respect to any Government Obligation that is specified in clause
(a) above and held by such bank for the account of the holder of such
depositary receipt, or with respect to any specific payment of principal of or
interest on any Government Obligation that is so specified and held, provided, that (except as required by law)
such custodian is not authorized to make any deduction from the amount payable
to the holder of such depositary receipt from any amount received by the
custodian in respect of the Government Obligation or the specific payment of
principal or interest evidenced by such depositary receipt.

 

“Guarantee
Agreement” means the Guarantee Agreement executed by the Company and
Wilmington Trust Company, as Guarantee Trustee, contemporaneously with the
execution and delivery of this Indenture, for the benefit of the holders of the
Preferred Securities, as modified, amended or supplemented from time to time.

 

“Holder”
means a Person in whose name a Security is registered in the Securities Register.

 

“Indenture”
means this instrument as originally executed or as it may from time to time be
amended or supplemented by one or more amendments or indentures supplemental
hereto entered into pursuant to the applicable provisions hereof.

 

“Interest Payment
Date” means March 30th, June 30th, September 30th
and December 30th of each year, commencing on September 30,
2005, during the term of this Indenture.

 

“Investment
Company Act” means the Investment Company Act of 1940 or any
successor statute thereto, in each case as amended from time to time.

 

5

 

“Investment
Company Event” means the receipt by the Company of an Opinion of
Counsel experienced in such matters to the effect that, as a result of the
occurrence of a change in law or regulation (including any announced
prospective change) or a written change in interpretation or application of law
or regulation by any legislative body, court, governmental agency or regulatory
authority, there is more than an insubstantial risk that the Trust is or,
within ninety (90) days of the date of such opinion will be, considered an “investment
company” that is required to be registered under the Investment Company Act,
which change or prospective change becomes effective or would become effective,
as the case may be, on or after the date of the issuance of the Securities.

 

“LIBOR”
has the meaning specified in Schedule A.

 

“LIBOR Business
Day” has the meaning specified in Schedule A.

 

“LIBOR
Determination Date” has the meaning specified in Schedule A.

 

“Liquidation
Amount” has the meaning specified in the Trust Agreement.

 

“Maturity,”
when used with respect to any Security, means the date on which the principal
of such Security or any installment of principal becomes due and payable as
therein or herein provided, whether at the Stated Maturity or by declaration of
acceleration, call for redemption or otherwise.

 

“Major Bank
Subsidiary,” means any subsidiary of the Company that (i) is a
depository institution and (ii) meets the definition of “significant
subsidiary” within the meaning of Regulation S-X promulgated by the Securities
and Exchange Commission.

 

 “Notice of Default” means a written notice
of the kind specified in Section 5.1(d).

 

 “Officers’ Certificate” means a certificate
signed by the Chairman of the Board, a Vice Chairman of the Board, the Chief
Executive Officer, President or a Vice President, and by the Chief Financial
Officer, Treasurer, an Assistant Treasurer, the Secretary or an Assistant
Secretary, of the Company and delivered to the Trustee.

 

“Opinion of
Counsel” means a written opinion of counsel, who may be counsel for
or an employee of the Company or any Affiliate of the Company.

 

“Original Issue
Date” means the date of original issuance of each Security.

 

“Outstanding”
means, when used in reference to any Securities, as of the date of
determination, all Securities theretofore authenticated and delivered under
this Indenture, except:

 

(i)            Securities
theretofore canceled by the Trustee or delivered to the Trustee for
cancellation;

 

(ii)           Securities
for whose payment or redemption money in the necessary amount has been
theretofore deposited with the Trustee or any Paying Agent (other than the
Company) in trust or set aside and segregated in trust by the Company (if the

 

6

 

Company shall act as its own Paying Agent)
for the Holders of such Securities; provided,
that, if such Securities are to be redeemed, notice of such redemption has been
duly given pursuant to this Indenture or provision therefor satisfactory to the
Trustee has been made; and

 

(iii)          Securities
that have been paid, or in substitution for or in lieu of which other
Securities have been authenticated and delivered pursuant to the provisions of
this Indenture, unless proof satisfactory to the Trustee is presented that any
such Securities are held by Holders in whose hands such Securities are valid,
binding and legal obligations of the Company;

 

provided, that, in determining whether the Holders of the requisite principal
amount of Outstanding Securities have given any request, demand, authorization,
direction, notice, consent or waiver hereunder, Securities owned by the Company
or any other obligor upon the Securities or any Affiliate of the Company or such
other obligor shall be disregarded and deemed not to be Outstanding, except
that, in determining whether the Trustee shall be protected in relying upon any
such request, demand, authorization, direction, notice, consent or waiver, only
Securities that a Responsible Officer of the Trustee actually knows to be so
owned shall be so disregarded. Securities so owned that have been pledged in
good faith may be regarded as Outstanding if the pledgee establishes to the
satisfaction of the Trustee the pledgee’s right so to act with respect to such
Securities and that the pledgee is not the Company or any other obligor upon
the Securities or any Affiliate of the Company or such other obligor.
Notwithstanding anything herein to the contrary, Securities initially issued to
the Trust that are owned by the Trust shall be deemed to be Outstanding
notwithstanding the ownership by the Company or an Affiliate of any beneficial
interest in the Trust.

 

“Paying Agent”
means the Trustee or any Person authorized by the Company to pay the principal
of or any premium or interest on, or other amounts in respect of, any
Securities on behalf of the Company.

 

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

 

“Place of Payment”
means, with respect to the Securities, the Corporate Trust Office of the
Trustee.

 

“Placement Agent”
has the meaning specified in the Trust Agreement.

 

“Preferred
Securities” has the meaning specified in the first recital of this
Indenture.

 

“Predecessor
Security” of any particular Security means every previous Security
evidencing all or a portion of the same debt as that evidenced by such
particular Security. For the purposes of this definition, any security
authenticated and delivered under Section 3.6 in lieu of a
mutilated, destroyed, lost or stolen Security shall be deemed to evidence the
same debt as the mutilated, destroyed, lost or stolen Security.

 

7

 

“Proceeding”
has the meaning specified in Section 12.2.

 

“Property Trustee”
means the Person identified as the “Property Trustee” in the Trust Agreement,
solely in its capacity as Property Trustee of the Trust under the Trust
Agreement and not in its individual capacity, or its successor in interest in
such capacity, or any successor Property Trustee appointed as therein provided.

 

“Purchaser”
means Credit Suisse First Boston, acting through its Cayman Islands branch, as
purchaser of the Preferred Securities pursuant to the Subscription Agreement.

 

“Redemption Date”
means, when used with respect to any Security to be redeemed, the date fixed
for such redemption by or pursuant to this Indenture.

 

“Redemption Price”
means, when used with respect to any Security to be redeemed, in whole or in
part, the price at which such Security or portion thereof is to be redeemed as
fixed by or pursuant to this Indenture.

 

“Reference Banks”
has the meaning specified in Schedule A.

 

“Regular Record
Date” for the interest payable on any Interest Payment Date with
respect to the Securities means the date that is fifteen (15) days preceding
such Interest Payment Date (whether or not a Business Day).

 

“Responsible
Officer” means, with respect to the Trustee, any Senior Vice
President, any Vice President, any Assistant Vice President, the Secretary, any
Assistant Secretary, the Treasurer, any Assistant Treasurer, any Trust Officer
or Assistant Trust Officer, or any other officer in the Corporate Trust Office
of the Trustee with direct responsibility for the administration of this
Indenture 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.

 

“Rights Plan”
means a plan of the Company providing for the issuance by the Company to all
holders of its Common Stock of rights entitling the holders thereof to
subscribe for or purchase shares of any class or series of capital stock of the
Company which rights (i) are deemed to be transferred with such shares of
such Common Stock and (ii) are also issued in respect of future issuances
of such Common Stock, in each case until the occurrence of a specified event or
events.

 

“Securities”
or “Security” means any debt
securities or debt security, as the case may be, authenticated and delivered
under this Indenture.

 

“Securities Act”
means the Securities Act of 1933 or any successor statute thereto, in each case
as amended from time to time.

 

“Securities
Register” and “Securities
Registrar” have the respective meanings specified in Section 3.5.

 

8

 

“Senior Debt”
means the principal of and any premium and interest on (including interest
accruing on or after the filing of any petition in bankruptcy or for
reorganization relating to the Company, whether or not such claim for
post-petition interest is allowed in such proceeding) all Debt of the Company,
whether incurred on or prior to the date of this Indenture or thereafter
incurred, unless it is provided in the instrument creating or evidencing the
same or pursuant to which the same is outstanding, that such obligations are
not superior in right of payment to the Securities; provided, however, that if the Company is subject to the
regulation and supervision of an “appropriate Federal banking agency” within
the meaning of 12 U.S.C. 1813(q), the Company shall have received the approval
of such appropriate Federal banking agency prior to issuing any such obligation
if not otherwise generally approved; provided
further, that Senior Debt shall not include any other debt securities,
and guarantees in respect of such debt securities, issued to any trust other
than the Trust (or a trustee of such trust), partnership or other entity
affiliated with the Company that is a financing vehicle of the Company (a “financing
entity”), in connection with the issuance by such financing entity of equity
securities or other securities that are treated as equity capital for
regulatory capital purposes guaranteed by the Company pursuant to an instrument
that ranks pari passu with or junior in right of payment to the Indenture.

 

“Special Event”
means the occurrence of a Capital Disqualification Event, an Investment Company
Event or a Tax Event.

 

“Special Event
Redemption Price” has the meaning specified in Section 11.2.

 

“Special Record
Date” for the payment of any Defaulted Interest means a date fixed
by the Trustee pursuant to Section 3.1.

 

“Stated Maturity”
means September 30, 2035.

 

“Subscription
Agreement” means the Preferred Securities Subscription Agreement,
dated as of August 16, 2005, by and among the Company, the Trust, the
Purchaser and Credit Suisse First Boston LLC (as to certain provisions
thereof).

 

“Subsidiary”
means a Person more than fifty percent (50%) of the outstanding voting stock or
other voting interests of which is owned, directly or indirectly, by the
Company or by one or more other Subsidiaries, or by the Company and one or more
other Subsidiaries. For purposes of this definition, “voting stock” means stock
that ordinarily has voting power for the election of directors, whether at all
times or only so long as no senior class of stock has such voting power by
reason of any contingency.

 

“Tax Event”
means the receipt by the Company of an Opinion of Counsel experienced in such
matters to the effect that, as a result of (a) any amendment to or change
(including any announced prospective change) in the laws or any regulations
thereunder of the United States or any political subdivision or taxing
authority thereof or therein or (b) any judicial decision or any official
administrative pronouncement (including any private letter ruling, technical
advice memorandum or field service advice) or regulatory procedure, including
any notice or announcement of intent to adopt any such pronouncement or
procedure (an “Administrative Action”), regardless of whether such judicial
decision or Administrative Action is issued to or in connection with a
proceeding involving the Company or the Trust and whether or not subject to

 

9

 

review
or appeal, which amendment, change, judicial decision or Administrative Action
is enacted, promulgated or announced, in each case, on or after the date of
issuance of the Securities, there is more than an insubstantial risk that (i) the
Trust is, or will be within ninety (90) days of the date of such opinion,
subject to United States federal income tax with respect to income received or
accrued on the Securities, (ii) interest payable by the Company on the
Securities is not, or within ninety (90) days of the date of such opinion, will
not be, deductible by the Company, in whole or in part, for United States
federal income tax purposes, or (iii) the Trust is, or will be within
ninety (90) days of the date of such opinion, subject to more than a de minimis amount of other taxes, duties
or other governmental charges.

 

“Trust”
has the meaning specified in the first recital of this Indenture.

 

“Trust Agreement”
means the Amended and Restated Trust Agreement executed and delivered by the
Company, the Property Trustee, the Delaware Trustee and the Administrative
Trustees named therein, contemporaneously with the execution and delivery of
this Indenture, for the benefit of the holders of the Trust Securities, as
amended or supplemented from time to time.

 

“Trustee”
means the Person named as the “Trustee”
in the first paragraph of this instrument, solely in its capacity as such and
not in its individual capacity, until a successor Trustee shall have become
such pursuant to the applicable provisions of this Indenture, and, thereafter, “Trustee” shall mean or include each Person
who is then a Trustee hereunder.

 

“Trust Indenture
Act” means the Trust Indenture Act of 1939, as amended and as in
effect on the date as of this Indenture.

 

“Trust Securities”
has the meaning specified in the first recital of this Indenture.

 

SECTION 1.2.  Compliance Certificate and
Opinions.

 

(a)           Upon
any application or request by the Company to the Trustee to take any action
under any provision of this Indenture, the Company shall furnish to the Trustee
an Officers’ Certificate stating that all conditions precedent (including
covenants compliance with which constitutes a condition precedent), if any,
provided for in this Indenture relating to the proposed action have been
complied with and an Opinion of Counsel stating that in the opinion of such
counsel all such conditions precedent (including covenants compliance with
which constitutes a condition precedent), if any, have been complied with,
except that, in the case of any such application or request as to which the
furnishing of such documents is specifically required by any provision of this
Indenture relating to such particular application or request, no additional
certificate or opinion need be furnished.

 

(b)           Every
certificate delivered to the Trustee with respect to compliance with a
condition or covenant provided for in this Indenture (other than the
certificate provided pursuant to Section 10.3) shall include:

 

(i)            a
statement by each individual signing such certificate or opinion that such
individual has read such covenant or condition and the definitions herein
relating thereto;

 

10

 

(ii)           a
brief statement as to the nature and scope of the examination or investigation
upon which the statements or opinions of such individual contained in such
certificate or opinion are based;

 

(iii)          a
statement that, in the opinion of such individual, he or she has made such
examination or investigation as is necessary to enable him or her to express an
informed opinion as to whether or not such covenant or condition has been
complied with; and

 

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

 

SECTION 1.3.  Forms of Documents
Delivered to Trustee.

 

(a)           In
any case where several matters are required to be certified by, or covered by
an opinion of, any specified Person, it is not necessary that all such matters
be certified by, or covered by the opinion of, only one such Person, or that
they be so certified or covered by only one document, but one such Person may
certify or give an opinion with respect to some matters and one or more other
such Persons as to other matters, and any such Person may certify or give an
opinion as to such matters in one or several documents.

 

(b)           Any
certificate or opinion of an officer of the Company may be based, insofar as it
relates to legal matters, upon a certificate or opinion of, or representations
by, counsel, unless such officer knows, or after reasonable inquiry should
know, that the certificate or opinion or representations with respect to
matters upon which his or her certificate or opinion is based are erroneous.
Any such certificate or Opinion of Counsel may be based, insofar as it relates
to factual matters, upon a certificate or opinion of, or representations by, an
officer or officers of the Company stating that the information with respect to
such factual matters is in the possession of the Company, unless such counsel
knows, or after reasonable inquiry should know, that the certificate or opinion
or representations with respect to such matters are erroneous.

 

(c)           Where
any Person is required to make, give or execute two or more applications,
requests, consents, certificates, statements, opinions or other instruments
under this Indenture, they may, but need not, be consolidated and form one
instrument.

 

(d)           Whenever,
subsequent to the receipt by the Trustee of any Board Resolution, Officers’
Certificate, Opinion of Counsel or other document or instrument, a clerical,
typographical or other inadvertent or unintentional error or omission shall be
discovered therein, a new document or instrument may be substituted therefor in
corrected form with the same force and effect as if originally received in the
corrected form and, irrespective of the date or dates of the actual execution
and/or delivery thereof, such substitute document or instrument shall be deemed
to have been executed and/or delivered as of the date or dates required with
respect to the document or instrument for which it is substituted.  Without limiting the generality of the
foregoing, any Securities issued under the authority of such defective document
or instrument shall nevertheless be the valid obligations of the Company entitled
to the benefits of this Indenture equally and ratably with all other
Outstanding Securities.

 

11

 

SECTION 1.4.  Acts of Holders.

 

(a)           Any
request, demand, authorization, direction, notice, consent, waiver or other
action provided by this Indenture to be given to or taken by Holders may be
embodied in and evidenced by one or more instruments of substantially similar
tenor signed by such Holders in person or by an agent thereof duly appointed in
writing; and, except as herein otherwise expressly provided, such action shall
become effective when such instrument or instruments (including any appointment
of an agent) is or are delivered to the Trustee, and, where it is hereby
expressly required, to the Company. Such instrument or instruments (and the
action embodied therein and evidenced thereby) are herein sometimes referred to
as the “Act” of the Holders
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 Indenture and conclusive in favor of the Trustee and the
Company, if made in the manner provided in this Section 1.4.

 

(b)           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 the
certificate of any 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 or her the execution thereof. Where
such execution is by a Person acting in other than his or her individual
capacity, such certificate or affidavit shall also constitute sufficient proof
of his or her authority.  The fact and
date of the execution by any Person of any such instrument or writing, or the
authority of the Person executing the same, may also be proved in any other
manner that the Trustee deems sufficient and in accordance with such reasonable
rules as the Trustee may determine.

 

(c)           The
ownership of Securities shall be proved by the Securities Register.

 

(d)           Any
request, demand, authorization, direction, notice, consent, waiver or other
action by the Holder of any Security shall bind every future Holder of the same
Security and the Holder of every Security issued upon the registration of
transfer thereof or in exchange therefor or in lieu thereof in respect of
anything done or suffered to be done by the Trustee or the Company in reliance
thereon, whether or not notation of such action is made upon such Security.

 

(e)           Without
limiting the foregoing, a Holder entitled to take any action hereunder with
regard to any particular Security may do so with regard to all or any part of
the principal amount of such 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 principal amount.

 

(f)            Except
as set forth in paragraph (g) of this Section 1.4, the Company
may set any day as a record date for the purpose of determining the Holders of
Outstanding Securities entitled to give, make or take any request, demand,
authorization, direction, notice, consent, waiver or other action provided or
permitted by this Indenture to be given, made or taken by Holders of
Securities. If any record date is set pursuant to this paragraph, the Holders
of Outstanding Securities on such record date, and no other Holders, shall be
entitled to take the relevant action, whether or not such Holders remain
Holders after such record date; provided,
that no such action shall be effective hereunder unless taken on or prior to
the applicable Expiration Date (as defined below) by Holders of the requisite
principal amount of Outstanding Securities on such record date.  Nothing in this paragraph shall be construed
to prevent the Company from setting a new

 

12

 

record date for any action for which a record date has previously been
set pursuant to this paragraph (whereupon the record date previously set shall
automatically and with no action by any Person be canceled and of no
effect).  Promptly after any record date
is set pursuant to this paragraph, the Company, at its own expense, shall cause
notice of such record date, the proposed action by Holders and the applicable
Expiration Date to be given to the Trustee in writing and to each Holder of
Securities in the manner set forth in Section 1.6.

 

(g)           The
Trustee may set any day as a record date for the purpose of determining the
Holders of Outstanding Securities entitled to join in the giving or making of (i) any
Notice of Default, (ii) any declaration of acceleration or rescission or
annulment thereof referred to in Section 5.2, (iii) any
request to institute proceedings referred to in Section 5.7(b) or
(iv) any direction referred to in Section 5.12. If any record
date is set pursuant to this paragraph, the Holders of Outstanding Securities
on such record date, and no other Holders, shall be entitled to join in such
notice, declaration, request or direction, whether or not such Holders remain
Holders after such record date; provided,
that no such action shall be effective hereunder unless taken on or prior to
the applicable Expiration Date by Holders of the requisite principal amount of
Outstanding Securities on such record date. Nothing in this paragraph shall be
construed to prevent the Trustee from setting a new record date for any action
for which a record date has previously been set pursuant to this paragraph
(whereupon the record date previously set shall automatically and with no action
by any Person be canceled and of no effect). 
Promptly after any record date is set pursuant to this paragraph, the
Trustee, at the Company’s expense, shall cause notice of such record date, the
proposed action by Holders and the applicable Expiration Date to be given to
the Company in writing and to each Holder of Securities in the manner set forth
in Section 1.6.

 

(h)           With
respect to any record date set pursuant to paragraph (f) or (g) of
this Section 1.4, the party hereto that sets such record date may
designate any day as the “Expiration Date”
and from time to time may change the Expiration Date to any earlier or later
day; provided, that no such
change shall be effective unless notice of the proposed new Expiration Date is
given to the other party hereto in writing, and to each Holder of Securities in
the manner set forth in Section 1.6, on or prior to the existing
Expiration Date. If an Expiration Date is not designated with respect to any
record date set pursuant to this Section 1.4, the party hereto that
set such record date shall be deemed to have initially designated the ninetieth
(90th) day after such record date as the Expiration Date with
respect thereto, subject to its right to change the Expiration Date as provided
in this paragraph. Notwithstanding the foregoing, no Expiration Date shall be
later than the one hundred and eightieth (180th) day after the
applicable record date.

 

SECTION 1.5.  Notices, Etc.

 

Any request, demand, authorization, direction,
notice, consent, waiver, Act of Holders, or other document provided or
permitted by this Indenture to be made upon, given or furnished to, or filed
with:

 

(a)           the
Trustee by any Holder, any holder of Preferred Securities or the Company shall
be sufficient for every purpose hereunder if made, given, furnished or filed in
writing to or with the Trustee at its Corporate Trust Office,

 

13

 

(b)           the
Company by the Trustee, any Holder or any holder of Preferred Securities shall
be sufficient for every purpose hereunder if in writing and mailed, first
class, postage prepaid, to the Company addressed to it at 601 West Market
Street, Louisville, Kentucky 40202, Attn: Chief Financial Officer, or at any
other address previously furnished in writing to the Trustee by the Company,

 

(c)           the
Placement Agent by the Trustee, the Company, any Holder or any holder or
beneficial owner of the Preferred Securities, shall be sufficient for every
purpose hereunder if in writing and mailed, first-class postage prepaid to the
Placement Agent at Eleven Madison Avenue, New York, New York 10010, Attention:
CDO Group, or any other address previously furnished by the Placement Agent, or

 

(d)           the Purchaser by the Trustee, the Company,
any Holder or any holder or beneficial owner of the Preferred Securities, shall
be sufficient for every purpose hereunder if in writing and mailed first-class
postage prepaid to the Purchaser at c/o Credit Suisse First Boston LLC, Eleven
Madison Avenue, New York, New York 10010, Attention: CDO Group, or any other
address previously furnished by the Purchaser.

 

SECTION 1.6.  Notice to Holders; Waiver.

 

Where this Indenture provides for notice to Holders
of any event, such notice shall be sufficiently given (unless otherwise herein
expressly provided) if in writing and mailed, first class, postage prepaid, to
each Holder affected by such event to the address of such Holder as it appears
in the Securities Register, not later than the latest date, and not earlier
than the earliest date, prescribed for the giving of such notice. If, by reason
of the suspension of or irregularities in regular mail service or for any other
reason, it shall be impossible or impracticable to mail notice of any event to
Holders when said notice is required to be given pursuant to any provision of
this Indenture, then any manner of giving such notice as shall be satisfactory
to the Trustee shall be deemed to be a sufficient giving of such notice. In any
case where notice to Holders is given by mail, neither the failure to mail such
notice, nor any defect in any notice so mailed, to any particular Holder shall
affect the sufficiency of such notice with respect to other Holders. Where this
Indenture provides for notice in any manner, such notice may be waived in
writing by the Person entitled to receive such notice, either before or after
the event, and such waiver shall be the equivalent of such notice. Waivers of
notice by Holders shall be filed with the Trustee, but such filing shall not be
a condition precedent to the validity of any action taken in reliance upon such
waiver.

 

SECTION 1.7.  Effect of Headings and
Table of Contents.

 

The Article and Section headings herein
and the Table of Contents are for convenience only and shall not affect the
construction of this Indenture.

 

SECTION 1.8.  Successors and Assigns.

 

This Indenture shall be binding upon and shall inure
to the benefit of any successor to the Company and the Trustee, including any
successor by operation of law.  Except in
connection with a transaction involving the Company that is permitted under Article VIII
and pursuant to

 

14

 

which
the assignee agrees in writing to perform the Company’s obligations hereunder,
the Company shall not assign its obligations hereunder.

 

SECTION 1.9.  Separability Clause.

 

If any provision in this Indenture or in the
Securities 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, and there shall be deemed substituted for the provision at
issue a valid, legal and enforceable provision as similar as possible to the
provision at issue.

 

SECTION 1.10.  Benefits of Indenture.

 

Nothing in this Indenture or in the Securities,
express or implied, shall give to any Person, other than the parties hereto and
their successors and assigns, the holders of Senior Debt, the Holders of the
Securities and, to the extent expressly provided in Sections 5.2, 5.8,
5.9, 5.11, 5.13, 9.2 and 10.7, the holders
of Preferred Securities, any benefit or any legal or equitable right, remedy or
claim under this Indenture.

 

SECTION 1.11.  Governing Law.

 

This Indenture and the rights and obligations of
each of the Holders, the Company and the Trustee shall be construed and
enforced in accordance with and governed by the laws of the State of New York
without reference to its conflict of laws provisions (other than Section 5-1401
of the General Obligations Law).

 

SECTION 1.12.  Submission to
Jurisdiction.

 

ANY LEGAL ACTION OR PROCEEDING BY OR AGAINST ANY
PARTY HERETO OR WITH RESPECT TO OR ARISING OUT OF THIS INDENTURE MAY BE
BROUGHT IN OR REMOVED TO THE COURTS OF THE STATE OF NEW YORK, IN AND FOR THE
COUNTY OF NEW YORK, OR OF THE UNITED STATES OF AMERICA FOR THE SOUTHERN DISTRICT
OF NEW YORK (IN EACH CASE SITTING IN THE BOROUGH OF MANHATTAN). BY EXECUTION
AND DELIVERY OF THIS INDENTURE, EACH PARTY ACCEPTS, FOR ITSELF AND IN RESPECT
OF ITS PROPERTY, GENERALLY AND UNCONDITIONALLY, THE JURISDICTION OF THE
AFORESAID COURTS (AND COURTS OF APPEALS THEREFROM) FOR LEGAL PROCEEDINGS
ARISING OUT OF OR IN CONNECTION WITH THIS INDENTURE.

 

SECTION 1.13.  Non-Business Days.

 

If any Interest Payment Date, Redemption Date or
Stated Maturity of any Security shall not be a Business Day, then (notwithstanding
any other provision of this Indenture or the Securities) payment of interest,
premium, if any, or principal or other amounts in respect of such Security
shall not be made on such date, but shall be made on the next succeeding
Business Day (and no interest shall accrue in respect of the amounts whose
payment is so delayed for the period from and after such Interest Payment Date,
Redemption Date or Stated Maturity, as the case may be, until such next
succeeding Business Day) except that, if such Business Day falls in the next
succeeding calendar year, such payment shall be made on the immediately
preceding

 

15

 

Business
Day, in each case with the same force and effect as if made on the Interest Payment
Date or Redemption Date or at the Stated Maturity.

 

ARTICLE II

 

Security Forms

 

SECTION 2.1.  Form of Security.

 

Any Security issued hereunder shall be in
substantially the following form:

 

REPUBLIC BANCORP, INC.

 

Junior Subordinated Note due 2035

 

	
  No.

  	
  $

  

 

Republic Bancorp, Inc., a corporation organized
and existing under the laws of Kentucky (hereinafter called the “Company,” which term includes any
successor Person under the Indenture hereinafter referred to), for value
received, hereby promises to pay to                             ,
or registered assigns, the principal sum of $                   
Dollars [if the Security is a Global
Security, then insert— or such other principal amount represented
hereby as may be set forth in the records of the Securities Registrar
hereinafter referred to in accordance with the Indenture] on September 30,
2035.  The Company further promises to
pay interest on said principal sum from [                  ,
200   ], or from the most recent Interest Payment Date to which
interest has been paid or duly provided for, quarterly (subject to deferral as
set forth herein) in arrears on March 30th, June 30th,
September 30th and December 30th of each year,
commencing on [                 ,
200   ], or if any such day is not a Business Day, on the next
succeeding Business Day (and no interest shall accrue in respect of the amounts
whose payment is so delayed for the period from and after such Interest Payment
Date until such next succeeding Business Day), except that, if such Business
Day falls in the next succeeding calendar year, such payment shall be made on
the immediately preceding Business Day, in each case, with the same force and
effect as if made on the Interest Payment Date, at a fixed rate per annum equal
to 6.015% through the Interest Payment Date in September, 2015, and a variable
rate per annum, reset quarterly, equal to LIBOR plus 1.42% thereafter, together
with Additional Tax Sums, if any, as provided in Section 10.5 of
the Indenture, until the principal hereof is paid or duly provided for or made
available for payment; provided,
that any overdue principal, premium, if any, or Additional Tax Sums and any
overdue installment of interest shall bear Additional Interest (to the extent
that the payment of such interest shall be legally enforceable) at a fixed rate
per annum equal to 6.015% through the Interest Payment Date in September, 2015,
and a variable rate per annum, reset quarterly, equal to LIBOR plus 1.42%
thereafter, compounded quarterly, from the dates such amounts are due until
they are paid or made available for payment, and such interest shall be payable
on demand.

 

The amount of interest payable shall be computed on
the basis of a 360-day year and the actual number of days elapsed in the
relevant interest period. The amount of interest payable for any full interest
period shall be computed by dividing the applicable rate per annum by four. The
interest so payable, and punctually paid or duly provided for, on any Interest
Payment Date shall,

 

16

 

as
provided in the Indenture, be paid to the Person in whose name this Security
(or one or more Predecessor Securities) is registered at the close of business
on the Regular Record Date for such interest installment.  Any such interest not so punctually paid or
duly provided for shall forthwith cease to be payable to the Holder on such
Regular Record Date and may either be paid to the Person in whose name this
Security (or one or more Predecessor Securities) is registered at the close of
business on a Special Record Date for the payment of such Defaulted Interest to
be fixed by the Trustee, notice whereof shall be given to Holders of Securities
not less than ten (10) days prior to such Special Record Date, or be paid
at any time in any other lawful manner not inconsistent with the requirements
of any securities exchange on which the Securities may be listed, and upon such
notice as may be required by such exchange, all as more fully provided in the
Indenture.

 

So long as no Event of Default pursuant to Sections
5.1(c), (e), (f), (g) or (h) of the Indenture has occurred and is
continuing, the Company shall have the right, at any time and from time to time
during the term of this Security, to defer the payment of interest on this Security
for a period of up to twenty (20) consecutive quarterly interest payment
periods (each such period, an “Extension
Period”), during which Extension Period(s), no interest shall be due
and payable (except any Additional Tax Sums that may be due and payable).  No Extension Period shall end on a date other
than an Interest Payment Date, and no Extension Period shall extend beyond the
Stated Maturity of the principal of this Security.  No interest shall be due and payable during
an Extension Period (except any Additional Tax Sums that may be due and
payable), except at the end thereof, but each installment of interest that
would otherwise have been due and payable during such Extension Period shall
bear Additional Interest (to the extent payment of such interest would be
legally enforceable) at a fixed rate per annum equal to 6.015% through the
Interest Payment Date in September, 2015, and a variable rate per annum, reset
quarterly, equal to LIBOR plus 1.42% thereafter, compounded quarterly, from the
dates on which amounts would have otherwise been due and payable until paid or
made available for payment.  At the end
of any such Extension Period, the Company shall pay all interest then accrued
and unpaid on this Security, together with such Additional Interest.  Prior to the termination of any such
Extension Period, the Company may further defer the payment of interest; provided, that (i) all such previous
and further extensions comprising such Extension Period do not exceed twenty
(20) quarterly interest payment periods, (ii) no Extension Period shall
end on a date other than an Interest Payment Date and (iii) no Extension
Period shall extend beyond the Stated Maturity of the principal of this
Security.  Upon the termination of any
such Extension Period and upon the payment of all accrued and unpaid interest
and any Additional Interest then due on any Interest Payment Date, the Company
may elect to begin a new Extension Period; provided,
that (i) such Extension Period does not exceed twenty (20) quarterly interest
payment periods, (ii) no Extension Period shall end on a date other than
an Interest Payment Date, (iii) no Extension Period shall extend beyond
the Stated Maturity of the principal of this Security and (iv) no Event of
Default pursuant to Sections 5.1(c), (e), (f), (g) or (h) has
occurred and is continuing.  The Company
shall give (i) the Holder of this Security, (ii) the Trustee, (iii) the
Property Trustee and (iv) any beneficial owner of the Preferred Securities
reasonably identified to the Company (which identification may be made either
by such beneficial owner or by the Placement Agent or the Purchaser) written
notice of its election to begin any such Extension Period no later than the
close of business on the fifteenth (15th) Business Day prior to the
next succeeding Interest Payment Date on which interest on this Security would
be payable but for such deferral.

 

17

 

During any such Extension Period, the Company shall
not (i) declare or pay any dividends or distributions on, or redeem,
purchase, acquire or make a liquidation payment with respect to, any of the
Company’s capital stock or (ii) make any payment of principal of or any
interest or premium on or repay, repurchase or redeem any debt securities of
the Company that rank pari passu
in all respects with or junior in interest to this Security (other than (a) repurchases,
redemptions or other acquisitions of shares of capital stock of the Company in
connection with (1) any employment contract, benefit plan or other similar
arrangement with or for the benefit of any one or more employees, officers,
directors or consultants, (2) a dividend reinvestment or stockholder stock
purchase plan or (3) the issuance of capital stock of the Company (or
securities convertible into or exercisable for such capital stock) as
consideration in an acquisition transaction entered into prior to the
applicable Extension Period, (b) as a result of an exchange or conversion
of any class or series of the Company’s capital stock (or any capital stock of
a Subsidiary of the Company) for any class or series of the Company’s capital
stock or of any class or series of the Company’s indebtedness for any class or
series of the Company’s capital stock, (c) the purchase of fractional
interests in shares of the Company’s capital stock pursuant to the conversion
or exchange provisions of such capital stock or the security being converted or
exchanged, (d) any declaration of a dividend in connection with any Rights
Plan, the issuance of rights, stock or other property under any Rights Plan, or
the redemption or repurchase of rights pursuant thereto or (e) any
dividend in the form of stock, warrants, options or other rights where the
dividend stock or the stock issuable upon exercise of such warrants, options or
other rights is the same stock as that on which the dividend is being paid or
ranks pari passu with or junior
to such stock).

 

Payment of principal of, premium, if any, and
interest on this Security shall be made in such coin or currency of the United
States of America as at the time of payment is legal tender for payment of
public and private debts.  Payments of
principal, premium, if any, and interest due at the Maturity of this Security
shall be made at the office or agency of the Company maintained for that
purpose in the Place of Payment upon surrender of such Securities to the Paying
Agent, and payments of interest shall be made, subject to such surrender where
applicable, by wire transfer at such place and to such account at a banking
institution in the United States as may be designated in writing to the Paying
Agent at least ten (10) Business Days prior to the date for payment by the
Person entitled thereto unless proper written transfer instructions have not
been received by the relevant record date, in which case such payments shall be
made by check mailed to the address of such Person as such address shall appear
in the Security Register. 
Notwithstanding the foregoing, so long as the holder of this Security is
the Property Trustee, the payment of the principal of (and premium, if any) and
interest (including any overdue installment of interest and Additional Tax
Sums, if any) on this Security will be made at such place and to such account
as may be designated by the Property Trustee.

 

The indebtedness evidenced by this Security is, to
the extent provided in the Indenture, subordinate and junior in right of
payment to the prior payment in full of all Senior Debt, and this Security is
issued subject to the provisions of the Indenture with respect thereto. Each
Holder of this Security, by accepting the same, (a) agrees to and shall be
bound by such provisions, (b) authorizes and directs the Trustee on his or
her behalf to take such actions as may be necessary or appropriate to effectuate
the subordination so provided and (c) appoints the Trustee his or her
attorney-in-fact for any and all such purposes. Each Holder hereof, by his or
her acceptance hereof, waives all notice of the acceptance of the subordination
provisions contained herein and

 

18

 

in
the Indenture by each holder of Senior Debt, whether now outstanding or
hereafter incurred, and waives reliance by each such holder upon said
provisions.

 

Unless the certificate of authentication hereon has
been executed by the Trustee by manual signature, this Security shall not be
entitled to any benefit under the Indenture or be valid or obligatory for any
purpose.

 

This Security is one of a duly authorized issue of
securities of the Company (the “Securities”)
issued under the Junior Subordinated Indenture, dated as of August 16,
2005 (the “Indenture”), between
the Company and Wilmington Trust Company, as Trustee (in such capacity, the “Trustee,” which term includes any
successor trustee under the Indenture), to which Indenture and all indentures
supplemental thereto reference is hereby made for a statement of the respective
rights, limitations of rights, duties and immunities thereunder of the Company,
the Trustee, the holders of Senior Debt and the Holders of the Securities, and
of the terms upon which the Securities are, and are to be, authenticated and
delivered.

 

All terms used in this Security that are defined in
the Indenture or in the Amended and Restated Trust Agreement, dated as of August 16,
2005 (as modified, amended or supplemented from time to time, the “Trust Agreement”), relating to Republic
Bancorp Capital Trust (the “Trust”),
among the Company, as Depositor, the Trustees named therein and the Holders
from time to time of the Trust Securities issued pursuant thereto, shall have
the meanings assigned to them in the Indenture or the Trust Agreement, as the
case may be.

 

The Company may, on any Interest Payment Date, at
its option, upon not less than thirty (30) days’ nor more than sixty (60) days’
written notice to the Holders of the Securities (unless a shorter notice period
shall be satisfactory to the Trustee) on or after September 30, 2015, and
subject to the terms and conditions of Article XI of the Indenture,
redeem this Security in whole at any time or in part from time to time at a
Redemption Price equal to one hundred percent (100%) of the principal amount
hereof, together, in the case of any such redemption, with accrued interest,
including any Additional Interest, to but excluding the date fixed for
redemption; provided, that the
Company shall have received the prior approval of the Federal Reserve if then
required.

 

In addition, upon the occurrence and during the
continuation of a Special Event, the Company may, at its option, upon not less
than thirty (30) days’ nor more than sixty (60) days’ written notice to the
Holders of the Securities (unless a shorter notice period shall be satisfactory
to the Trustee), redeem this Security, in whole but not in part, subject to the
terms and conditions of Article XI of the Indenture at the Special
Event Redemption Price; provided,
that the Company shall have received the prior approval of the Federal Reserve
if then required.

 

In the event of redemption of this Security in part
only, a new Security or Securities for the unredeemed portion hereof will be
issued in the name of the Holder hereof upon the cancellation hereof.  If less than all the Securities are to be
redeemed, the particular Securities to be redeemed shall be selected not more
than sixty (60) days prior to the Redemption Date by the Trustee from the
Outstanding Securities not previously called for redemption, by such method as
the Trustee shall deem fair and appropriate and which may provide for the
selection for redemption of a portion of the principal amount of any Security.

 

19

 

The Indenture permits, with certain exceptions as
therein provided, the Company and the Trustee at any time to enter into a
supplemental indenture or indentures for the purpose of modifying in any manner
the rights and obligations of the Company and of the Holders of the Securities,
with the consent of the Holders of not less than a majority in principal amount
of the Outstanding Securities. The Indenture also contains provisions
permitting Holders of specified percentages in principal amount of the
Securities, on behalf of the Holders of all Securities, to waive compliance by
the Company with certain provisions of the Indenture and certain past defaults
under the Indenture and their consequences. Any such consent or waiver by the
Holder of this Security shall be conclusive and binding upon such Holder and
upon all future Holders of this Security and of any Security issued upon the
registration of transfer hereof or in exchange herefor or in lieu hereof,
whether or not notation of such consent or waiver is made upon this Security.

 

No reference herein to the Indenture and no
provision of this Security or of the Indenture shall alter or impair the obligation
of the Company, which is absolute and unconditional, to pay the principal of
and any premium and interest, including any Additional Interest, on this
Security at the times, place and rate, and in the coin or currency, herein
prescribed.

 

As provided in the Indenture and subject to certain
limitations therein set forth, the transfer of this Security is registrable in
the Securities Register, upon surrender of this Security for registration of
transfer at the office or agency of the Company maintained for such purpose,
duly endorsed by, or accompanied by a written instrument of transfer in form
satisfactory to the Company and the Securities Registrar and duly executed by,
the Holder hereof or such Holder’s attorney duly authorized in writing, and thereupon
one or more new Securities, of like tenor, of authorized denominations and for
the same aggregate principal amount, will be issued to the designated
transferee or transferees.

 

The Securities are issuable only in registered form
without coupons in minimum denominations of $100,000 and any integral multiple
of $1,000 in excess thereof. As provided in the Indenture and subject to
certain limitations therein set forth, Securities are exchangeable for a like
aggregate principal amount of Securities and of like tenor of a different
authorized denomination, as requested by the Holder surrendering the same.

 

No service charge shall be made for any such
registration of transfer or exchange, but the Company may require payment of a
sum sufficient to cover any tax or other governmental charge payable in
connection therewith.

 

The Company, the Trustee and any agent of the
Company or the Trustee may treat the Person in whose name this Security is
registered as the owner hereof for all purposes, whether or not this Security
be overdue, and neither the Company, the Trustee nor any such agent shall be
affected by notice to the contrary.

 

The Company and, by its acceptance of this Security
or a beneficial interest herein, the Holder of, and any Person that acquires a
beneficial interest in, this Security agree that, for United States federal,
state and local tax purposes, it is intended that this Security constitute
indebtedness.

 

20

 

This
Security shall be construed and enforced in accordance with and governed by the
laws of the State of New York, without reference to its conflict of laws
provisions (other than Section 5-1401 of the General Obligations Law).

 

IN
WITNESS WHEREOF, the Company has caused this instrument to be duly executed.

 

	
   

  	
  REPUBLIC
  BANCORP, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
  Name:

  
	
   

  	
  Title:

  

 

 

SECTION 2.2.  Restricted Legend.

 

(a)                                  Any
Security issued hereunder shall bear a legend in substantially the following
form:

 

“[IF
THIS SECURITY IS A GLOBAL SECURITY INSERT: THIS SECURITY IS A GLOBAL
SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS
REGISTERED IN THE NAME OF THE DEPOSITORY TRUST COMPANY (“DTC”) OR A NOMINEE OF
DTC.  THIS SECURITY IS EXCHANGEABLE FOR
SECURITIES REGISTERED IN THE NAME OF A PERSON OTHER THAN DTC OR ITS NOMINEE
ONLY IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE, AND NO TRANSFER
OF THIS SECURITY (OTHER THAN A TRANSFER OF THIS SECURITY AS A WHOLE BY DTC TO A
NOMINEE OF DTC OR BY A NOMINEE OF DTC TO DTC OR ANOTHER NOMINEE OF DTC) MAY BE
REGISTERED EXCEPT IN LIMITED CIRCUMSTANCES.

 

UNLESS
THIS SECURITY IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF DTC TO THE ISSUER
OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY
SECURITY ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER
NAME AS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT
HEREON IS 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 HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.]

 

THE
SECURITIES REPRESENTED BY THIS CERTIFICATE WERE ORIGINALLY ISSUED IN A TRANSACTION
EXEMPT FROM REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE
“SECURITIES ACT”), AND SUCH SECURITIES, AND ANY INTEREST THEREIN, MAY NOT BE
OFFERED, SOLD OR OTHERWISE TRANSFERRED IN THE ABSENCE OF SUCH REGISTRATION OR
AN APPLICABLE EXEMPTION THEREFROM.  EACH

 

21

 

PURCHASER
OF ANY SECURITIES IS HEREBY NOTIFIED THAT THE SELLER OF THE SECURITIES MAY BE
RELYING ON THE EXEMPTION FROM THE PROVISIONS OF SECTION 5 OF THE SECURITIES ACT
PROVIDED BY RULE 144A UNDER THE SECURITIES ACT.

 

THE
HOLDER OF THE SECURITIES REPRESENTED BY THIS CERTIFICATE AGREES FOR THE BENEFIT
OF THE COMPANY THAT (A) SUCH SECURITIES MAY BE OFFERED, RESOLD OR OTHERWISE
TRANSFERRED ONLY (I) TO THE COMPANY, (II) TO A PERSON WHOM THE SELLER
REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” (AS DEFINED IN RULE
144A UNDER THE SECURITIES ACT) IN A TRANSACTION MEETING THE REQUIREMENTS OF
RULE 144A, (III) TO AN INSTITUTIONAL “ACCREDITED INVESTOR” WITHIN THE MEANING
OF SUBPARAGRAPH (a) (1), (2), (3) OR (7) OF RULE 501 UNDER THE SECURITIES ACT
THAT IS ACQUIRING THE SECURITY FOR ITS OWN ACCOUNT, OR FOR THE ACCOUNT OF AN
“ACCREDITED INVESTOR,” WITHIN THE MEANING OF SUBPARAGRAPH (a) (1), (2), (3) OR
(7) OF RULE 501, FOR INVESTMENT PURPOSES AND NOT WITH A VIEW TO, OR FOR OFFER
OR SALE IN CONNECTION WITH, ANY DISTRIBUTION IN VIOLATION OF THE SECURITIES
ACT, (IV) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES
ACT OR (V) PURSUANT TO AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT,
IN EACH CASE IN ACCORDANCE WITH ANY APPLICABLE SECURITIES LAWS OF ANY STATE OF
THE UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION AND, IN THE CASE OF
(III) OR (V), SUBJECT TO THE RIGHT OF THE COMPANY TO REQUIRE AN OPINION OF COUNSEL
ADDRESSING COMPLIANCE WITH THE U.S. SECURITIES LAWS, AND OTHER INFORMATION
SATISFACTORY TO IT AND (B) THE HOLDER WILL NOTIFY ANY PURCHASER OF ANY
SECURITIES FROM IT OF THE RESALE RESTRICTIONS REFERRED TO IN (A) ABOVE.

 

THE
SECURITIES WILL BE ISSUED AND MAY BE TRANSFERRED ONLY IN BLOCKS HAVING AN
AGGREGATE PRINCIPAL AMOUNT OF NOT LESS THAN $100,000.  TO THE FULLEST EXTENT PERMITTED BY LAW, ANY
ATTEMPTED TRANSFER OF SECURITIES, OR ANY INTEREST THEREIN, IN A BLOCK HAVING AN
AGGREGATE PRINCIPAL AMOUNT OF LESS THAN $100,000 AND MULTIPLES OF $1,000 IN
EXCESS THEREOF SHALL BE DEEMED TO BE VOID AND OF NO LEGAL EFFECT
WHATSOEVER.  TO THE FULLEST EXTENT
PERMITTED BY LAW, ANY SUCH PURPORTED TRANSFEREE SHALL BE DEEMED NOT TO BE THE
HOLDER OF SUCH SECURITIES FOR ANY PURPOSE, INCLUDING, BUT NOT LIMITED TO, THE
RECEIPT OF PRINCIPAL OF OR INTEREST ON SUCH SECURITIES, OR ANY INTEREST
THEREIN, AND SUCH PURPORTED TRANSFEREE SHALL BE DEEMED TO HAVE NO INTEREST
WHATSOEVER IN SUCH SECURITIES.

 

THE
HOLDER OF THIS SECURITY, OR ANY INTEREST THEREIN, BY ITS ACCEPTANCE HEREOF OR
THEREOF ALSO AGREES, REPRESENTS AND WARRANTS THAT IT IS NOT AN EMPLOYEE BENEFIT
PLAN, INDIVIDUAL

 

22

 

RETIREMENT
ACCOUNT OR OTHER PLAN OR ARRANGEMENT SUBJECT TO TITLE I OF THE EMPLOYEE
RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”), OR SECTION 4975 OF THE INTERNAL REVENUE CODE OF
1986, AS AMENDED (THE “CODE”)
(EACH A “PLAN”), OR AN ENTITY
WHOSE UNDERLYING ASSETS INCLUDE “PLAN ASSETS” BY REASON OF ANY PLAN’S
INVESTMENT IN THE ENTITY, AND NO PERSON INVESTING “PLAN ASSETS” OF ANY PLAN MAY
ACQUIRE OR HOLD THIS SECURITY OR ANY INTEREST THEREIN, UNLESS SUCH PURCHASER OR
HOLDER IS ELIGIBLE FOR THE EXEMPTIVE RELIEF AVAILABLE UNDER U.S. DEPARTMENT OF
LABOR PROHIBITED TRANSACTION CLASS EXEMPTION 96-23, 95-60, 91-38, 90-1 OR 84-14
OR ANOTHER APPLICABLE EXEMPTION OR ITS PURCHASE AND HOLDING OF THIS SECURITY,
OR ANY INTEREST THEREIN, ARE NOT PROHIBITED BY SECTION 406 OF ERISA OR SECTION
4975 OF THE CODE WITH RESPECT TO SUCH PURCHASE AND HOLDING. ANY PURCHASER OR
HOLDER OF THE SECURITIES OR ANY INTEREST THEREIN WILL BE DEEMED TO HAVE
REPRESENTED BY ITS PURCHASE AND HOLDING THEREOF THAT EITHER (i) IT IS NOT AN
EMPLOYEE BENEFIT PLAN OR OTHER PLAN TO WHICH TITLE I OF ERISA OR SECTION 4975
OF THE CODE IS APPLICABLE, A TRUSTEE OR OTHER PERSON ACTING ON BEHALF OF ANY
SUCH EMPLOYEE BENEFIT PLAN OR PLAN, OR ANY OTHER PERSON OR ENTITY USING THE
“PLAN ASSETS” OF ANY SUCH EMPLOYEE BENEFIT PLAN OR PLAN TO FINANCE SUCH PURCHASE,
OR (ii) SUCH PURCHASE OR HOLDING WILL NOT RESULT IN A PROHIBITED TRANSACTION
UNDER SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE FOR WHICH FULL EXEMPTIVE
RELIEF IS NOT AVAILABLE UNDER APPLICABLE STATUTORY OR ADMINISTRATIVE EXEMPTION.

 

THIS
OBLIGATION IS NOT A DEPOSIT AND IS NOT INSURED BY THE UNITED STATES OR ANY
AGENCY OR FUND OF THE UNITED STATES, INCLUDING THE FEDERAL DEPOSIT INSURANCE
CORPORATION (THE “FDIC”).”

 

(b)                                 The
above legends shall not be removed from any Security unless there is delivered
to the Company satisfactory evidence, which may include an Opinion of Counsel,
as may be reasonably required to ensure that any future transfers thereof may
be made without restriction under or violation of the provisions of the
Securities Act and other applicable law. 
Upon provision of such satisfactory evidence, the Company shall execute
and deliver to the Trustee, and the Trustee shall deliver, at the written
direction of the Company, a Security that does not bear the legend.

 

SECTION
2.3.  Form of Trustee’s
Certificate of Authentication.

 

The
Trustee’s certificates of authentication shall be in substantially the
following form:

 

This
represents Securities designated therein and referred to in the
within-mentioned Indenture.

 

Dated:

 

23

 

	
   

  	
  WILMINGTON
  TRUST COMPANY, not in its

  individual capacity but solely  as
  Trustee

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Authorized officer

  	
   

  

 

SECTION
2.4.  Temporary Securities.

 

(a)                                  Pending
the preparation of definitive Securities, the Company may execute, and upon
Company Order the Trustee shall authenticate and deliver, temporary Securities
that are printed, lithographed, typewritten, mimeographed or otherwise
produced, in any denomination, substantially of the tenor of the definitive
Securities in lieu of which they are issued and with such appropriate
insertions, omissions, substitutions and other variations as the officers
executing such Securities may determine, as evidenced by their execution of
such Securities.

 

(b)                                 If
temporary Securities are issued, the Company will cause definitive Securities
to be prepared without unreasonable delay. After the preparation of definitive
Securities, the temporary Securities shall be exchangeable for definitive
Securities upon surrender of the temporary Securities at the office or agency
of the Company designated for that purpose without charge to the Holder. Upon
surrender for cancellation of any one or more temporary Securities, the Company
shall execute and the Trustee shall authenticate and deliver in exchange
therefor one or more definitive Securities of any authorized denominations
having the same Original Issue Date and Stated Maturity and having the same
terms as such temporary Securities. Until so exchanged, the temporary
Securities shall in all respects be entitled to the same benefits under this
Indenture as definitive Securities.

 

SECTION
2.5.  Definitive Securities.

 

The
Securities issued on the Original Issue Date shall be in definitive form.  The definitive Securities shall be printed,
lithographed or engraved, or produced by any combination of these methods, if
required by any securities exchange on which the Securities may be listed, on a
steel engraved border or steel engraved borders or may be produced in any other
manner permitted by the rules of any securities exchange on which the
Securities may be listed, all as determined by the officers executing such
Securities, as evidenced by their execution of such Securities.

 

ARTICLE III

The Securities

 

SECTION
3.1.  Payment of Principal and
Interest.

 

(a)                                  The
unpaid principal amount of the Securities shall bear interest at a fixed rate
per annum equal to 6.015% through the Interest Payment Date in September, 2015,
and a variable rate per annum, reset quarterly, equal to LIBOR plus 1.42%
thereafter, such interest to accrue from the Original Issue Date or from the
most recent Interest Payment Date to which interest has been paid or duly
provided for, and any overdue principal, premium or Additional Tax Sums and

 

24

 

any overdue installment of
interest shall bear Additional Interest (to the extent payment of such interest
would be legally enforceable) at a fixed rate per annum equal to 6.015% through
the Interest Payment Date in September, 2015, and a variable rate per annum,
reset quarterly, equal to LIBOR plus 1.42% thereafter, from the dates such
amounts are due until they are paid or funds for the payment thereof are made
available for payment.

 

(b)                                 Interest
and Additional Interest on any Security that is payable, and is punctually paid
or duly provided for, on any Interest Payment Date shall be paid to the Person
in whose name that Security (or one or more Predecessor Securities) is
registered at the close of business on the Regular Record Date for such
interest, except that interest and any Additional Interest payable on the
Stated Maturity (or any date of principal repayment upon early maturity) of the
principal of a Security or on a Redemption Date shall be paid to the Person to
whom principal is paid. The initial payment of interest on any Security that is
issued between a Regular Record Date and the related Interest Payment Date
shall be payable as provided in such Security.

 

(c)                                  Any
interest on any Security that is due and payable, but is not timely paid or
duly provided for, on any Interest Payment Date for Securities (herein called “Defaulted Interest”) shall forthwith cease
to be payable to the registered Holder on the relevant Regular Record Date by
virtue of having been such Holder, and such Defaulted Interest may be paid by
the Company, at its election in each case, as provided in paragraph (i) or (ii)
below:

 

(i)                                     The
Company may elect to make payment of any Defaulted Interest to the Persons in
whose names the Securities (or their respective Predecessor Securities) are
registered at the close of business on a Special Record Date for the payment of
such Defaulted Interest (a “Special Record
Date”), which shall be fixed in the following manner.  At least thirty (30) days prior to the date
of the proposed payment, the Company shall notify the Trustee in writing of the
amount of Defaulted Interest proposed to be paid on each Security and the date
of the proposed payment, and at the same time the Company shall deposit with
the Trustee an amount of money equal to the aggregate amount proposed to be
paid in respect of such Defaulted Interest or shall make arrangements
satisfactory to the Trustee for such deposit prior to the date of the proposed
payment, such money when deposited to be held in trust for the benefit of the
Persons entitled to such Defaulted Interest. Thereupon the Trustee shall fix a
Special Record Date for the payment of such Defaulted Interest, which shall be
not more than fifteen (15) days and not less than ten (10) days prior to the date
of the proposed payment and not less than ten (10) days after the receipt by
the Trustee of the notice of the proposed payment. The Trustee shall promptly
notify the Company of such Special Record Date and, in the name and at the
expense of the Company, shall cause notice of the proposed payment of such
Defaulted Interest and the Special Record Date therefor to be mailed, first
class, postage prepaid, to each Holder of a Security at the address of such
Holder as it appears in the Securities Register not less than ten (10) days
prior to such Special Record Date. 
Notice of the proposed payment of such Defaulted Interest and the
Special Record Date therefor having been so mailed, such Defaulted Interest
shall be paid to the Persons in whose names the Securities (or their respective
Predecessor Securities) are registered on such Special Record Date; or

 

25

 

(ii)                                  The
Company may make payment of any Defaulted Interest in any other lawful manner
not inconsistent with the requirements of any securities exchange on which the
Securities may be listed and, upon such notice as may be required by such
exchange (or by the Trustee if the Securities are not listed), if, after notice
given by the Company to the Trustee of the proposed payment pursuant to this
clause, such payment shall be deemed practicable by the Trustee.

 

(d)                                 Payments
of interest on the Securities shall include interest accrued to but excluding
the respective Interest Payment Dates. Interest payments for the Securities
shall be computed and paid on the basis of a 360-day year and the actual number
of days elapsed in the relevant interest period.  The amount of interest payable for any full
interest period shall be computed by dividing the applicable rate per annum by
four.

 

(e)                                  Payment
of principal of, premium, if any, and interest on the Securities shall be made
in such coin or currency of the United States of America as at the time of
payment is legal tender for payment of public and private debts.  Payments of principal, premium, if any, and
interest due at the Maturity of such Securities shall be made at the Place of
Payment upon surrender of such Securities to the Paying Agent and payments of
interest shall be made subject to such surrender where applicable, by wire
transfer at such place and to such account at a banking institution in the
United States as may be designated in writing to the Paying Agent at least ten
(10) Business Days prior to the date for payment by the Person entitled thereto
unless proper written transfer instructions have not been received by the
relevant record date, in which case such payments shall be made by check mailed
to the address of such Person as such address shall appear in the Security
Register.  Notwithstanding the foregoing,
so long as the holder of the Security is the Property Trustee, the payment of
the principal of (and premium if any) and interest (including any overdue
installment of interest and Additional Tax Sums, if any) on the Security will
be made at such place and to such account as may be designated by the Property
Trustee.

 

(f)                                    Subject
to the foregoing provisions of this Section 3.1, each Security delivered
under this Indenture upon transfer of or in exchange for or in lieu of any
other Security shall carry the rights to interest accrued and unpaid, and to
accrue, that were carried by such other Security.

 

SECTION
3.2.  Denominations.

 

The
Securities shall be in registered form without coupons and shall be issuable in
minimum denominations of $100,000 and any integral multiple of $1,000 in excess
thereof.

 

SECTION
3.3.  Execution, Authentication,
Delivery and Dating.

 

(a)                                  At
any time and from time to time after the execution and delivery of this
Indenture, the Company may deliver Securities in an aggregate principal amount
(including all then Outstanding Securities) not in excess of $41,240,000
executed by the Company to the Trustee for authentication, together with a
Company Order for the authentication and delivery of such Securities, and the
Trustee in accordance with the Company Order shall authenticate and deliver
such Securities. In authenticating such Securities, and accepting the
additional

 

26

 

responsibilities under this
Indenture in relation to such Securities, the Trustee shall be entitled to
receive, and shall be fully protected in relying upon:

 

(i)                                     a
copy of any Board Resolution relating thereto; and

 

(ii)                                  an
Opinion of Counsel stating that (1) such Securities, when authenticated and
delivered by the Trustee and issued by the Company in the manner and subject to
any conditions specified in such Opinion of Counsel, will constitute valid and
legally binding obligations of the Company, 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; (2) the Securities have been duly authorized and executed by the
Company and have been delivered to the Trustee for authentication in accordance
with this Indenture; and (3) the Securities are not required to be registered
under the Securities Act.

 

(b)                                 The
Securities shall be executed on behalf of the Company by its Chairman of the
Board, its Vice Chairman of the Board, its Chief Executive Officer, its
President or one of its Vice Presidents. The signature of any of these officers
on the Securities may be manual or facsimile. 
Securities bearing the manual or facsimile signatures of individuals who
were at any time the proper officers of the Company shall bind the Company,
notwithstanding that such individuals or any of them have ceased to hold such
offices prior to the authentication and delivery of such Securities or did not
hold such offices at the date of such Securities.

 

(c)                                  No
Security shall be entitled to any benefit under this Indenture or be valid or
obligatory for any purpose, unless there appears on such Security a certificate
of authentication substantially in the form provided for herein executed by the
Trustee by the manual signature of one of its authorized officers, and such
certificate upon any Security shall be conclusive evidence, and the only
evidence, that such Security has been duly authenticated and delivered
hereunder. Notwithstanding the foregoing, if any Security shall have been
authenticated and delivered hereunder but never issued and sold by the Company,
and the Company shall deliver such Security to the Trustee for cancellation as
provided in Section 3.8, for all purposes of this Indenture such
Security shall be deemed never to have been authenticated and delivered
hereunder and shall never be entitled to the benefits of this Indenture.

 

(d)                                 Each
Security shall be dated the date of its authentication.

 

SECTION
3.4.  Global Securities.

 

(a)                                  Upon
the election of the Holder after the Original Issue Date, which election need
not be in writing, the Securities owned by such Holder shall be issued in the
form of one or more Global Securities registered in the name of the Depositary
or its nominee. Each Global Security issued under this Indenture shall be
registered in the name of the Depositary designated by the Company for such
Global Security or a nominee thereof and delivered to such Depositary or a
nominee thereof or custodian therefor, and each such Global Security shall
constitute a single Security for all purposes of this Indenture.

 

(b)                                 Notwithstanding
any other provision in this Indenture, no Global Security may be exchanged in
whole or in part for registered Securities, and no transfer of a Global Security
in

 

27

 

whole or in part may be
registered, in the name of any Person other than the Depositary for such Global
Security or a nominee thereof unless (i) such Depositary advises the Trustee
and the Company in writing that such Depositary is no longer willing or able to
properly discharge its responsibilities as Depositary with respect to such
Global Security, and no qualified successor is appointed by the Company within
ninety (90) days of receipt by the Company of such notice, (ii) such Depositary
ceases to be a clearing agency registered under the Exchange Act and no
successor is appointed by the Company within ninety (90) days after obtaining
knowledge of such event, (iii) the Company executes and delivers to the Trustee
a Company Order stating that the Company elects to terminate the book-entry
system through the Depositary or (iv) an Event of Default shall have occurred
and be continuing.  Upon the occurrence
of any event specified in clause (i), (ii), (iii) or (iv) above, the Trustee
shall notify the Depositary and instruct the Depositary to notify all owners of
beneficial interests in such Global Security of the occurrence of such event
and of the availability of Securities to such owners of beneficial interests
requesting the same.  Upon the issuance
of such Securities and the registration in the Securities Register of such
Securities in the names of the Holders of the beneficial interests therein, the
Trustees shall recognize such holders of beneficial interests as Holders.

 

(c)                                  If
any Global Security is to be exchanged for other Securities or canceled in
part, or if another Security is to be exchanged in whole or in part for a
beneficial interest in any Global Security, then either (i) such Global Security
shall be so surrendered for exchange or cancellation as provided in this Article
III or (ii) the principal amount thereof shall be reduced or increased by
an amount equal to the portion thereof to be so exchanged or canceled, or equal
to the principal amount of such other Security to be so exchanged for a
beneficial interest therein, as the case may be, by means of an appropriate
adjustment made on the records of the Securities Registrar, whereupon the
Trustee, in accordance with the Applicable Depositary Procedures, shall
instruct the Depositary or its authorized representative to make a
corresponding adjustment to its records. Upon any such surrender or adjustment
of a Global Security by the Depositary, accompanied by registration
instructions, the Company shall execute and the Trustee shall authenticate and
deliver any Securities issuable in exchange for such Global Security (or any
portion thereof) in accordance with the instructions of the Depositary. The
Trustee shall not be liable for any delay in delivery of such instructions and
may conclusively rely on, and shall be fully protected in relying on, such
instructions.

 

(d)                                 Every
Security authenticated and delivered upon registration of transfer of, or in
exchange for or in lieu of, a Global Security or any portion thereof shall be
authenticated and delivered in the form of, and shall be, a Global Security,
unless such Security is registered in the name of a Person other than the
Depositary for such Global Security or a nominee thereof.

 

(e)                                  Securities
distributed to holders of Book-Entry Preferred Securities (as defined in the
Trust Agreement) upon the dissolution of the Trust shall be distributed in the
form of one or more Global Securities registered in the name of a Depositary or
its nominee, and deposited with the Securities Registrar, as custodian for such
Depositary, or with such Depositary, for credit by the Depositary to the
respective accounts of the beneficial owners of the Securities represented
thereby (or such other accounts as they may direct).  Securities distributed to holders of
Preferred Securities other than Book-Entry Preferred Securities upon the
dissolution of the Trust shall not be issued in the form of a Global Security
or any other form intended to facilitate book-entry trading in beneficial
interests in such Securities.

 

28

 

(f)                                    The
Depositary or its nominee, as the registered owner of a Global Security, shall
be the Holder of such Global Security for all purposes under this Indenture and
the Securities, and owners of beneficial interests in a Global Security shall
hold such interests pursuant to the Applicable Depositary Procedures.
Accordingly, any such owner’s beneficial interest in a Global Security shall be
shown only on, and the transfer of such interest shall be effected only
through, records maintained by the Depositary or its nominee or its Depositary
Participants.  The Securities Registrar
and the Trustee shall be entitled to deal with the Depositary for all purposes
of this Indenture relating to a Global Security (including the payment of
principal and interest thereon and the giving of instructions or directions by
owners of beneficial interests therein and the giving of notices) as the sole
Holder of the Security and shall have no obligations to the owners of
beneficial interests therein.  Neither
the Trustee nor the Securities Registrar shall have any liability in respect of
any transfers effected by the Depositary.

 

(g)                                 The
rights of owners of beneficial interests in a Global Security shall be
exercised only through the Depositary and shall be limited to those established
by law and agreements between such owners and the Depositary and/or its
Depositary Participants.

 

(h)                                 No
holder of any beneficial interest in any Global Security held on its behalf by
a Depositary shall have any rights under this Indenture with respect to such
Global Security, and such Depositary may be treated by the Company, the Trustee
and any agent of the Company or the Trustee as the owner of such Global
Security for all purposes whatsoever. 
None of the Company, the Trustee nor any agent of the Company or the
Trustee will have any responsibility or liability for any aspect of the records
relating to or payments made on account of beneficial ownership interests of a
Global Security or maintaining, supervising or reviewing any records relating
to such beneficial ownership interests. Notwithstanding the foregoing, nothing
herein shall prevent the Company, the Trustee or any agent of the Company or
the Trustee from giving effect to any written certification, proxy or other
authorization furnished by a Depositary or impair, as between a Depositary and
such holders of beneficial interests, the operation of customary practices
governing the exercise of the rights of the Depositary (or its nominee) as
Holder of any Security.

 

SECTION
3.5.  Registration, Transfer and
Exchange Generally.

 

(a)                                  The
Trustee shall cause to be kept at the Corporate Trust Office a register (the “Securities Register”) in which the registrar
and transfer agent with respect to the Securities (the “Securities Registrar”), subject to such
reasonable regulations as it may prescribe, shall provide for the registration
of Securities and of transfers and exchanges of Securities. The Trustee shall
at all times also be the Securities Registrar. 
The provisions of Article VI shall apply to the Trustee in its
role as Securities Registrar.

 

(b)                                 Subject
to compliance with Section 2.2(b), upon surrender for registration of transfer
of any Security at the offices or agencies of the Company designated for that
purpose the Company shall execute, and the Trustee shall authenticate and
deliver, in the name of the designated transferee or transferees, one or more
new Securities of any authorized denominations of like tenor and aggregate
principal amount.

 

29

 

(c)                                  At
the option of the Holder, Securities may be exchanged for other Securities of
any authorized denominations, of like tenor and aggregate principal amount,
upon surrender of the Securities to be exchanged at such office or agency.
Whenever any Securities are so surrendered for exchange, the Company shall
execute, and upon receipt thereof the Trustee shall authenticate and deliver,
the Securities that the Holder making the exchange is entitled to receive.

 

(d)                                 All
Securities issued upon any transfer or exchange of Securities shall be the
valid obligations of the Company, evidencing the same debt, and entitled to the
same benefits under this Indenture, as the Securities surrendered upon such
transfer or exchange.

 

(e)                                  Every
Security presented or surrendered for transfer or exchange shall (if so
required by the Company or the Trustee) be duly endorsed, or be accompanied by
a written instrument of transfer in form satisfactory to the Company and the
Securities Registrar, duly executed by the Holder thereof or such Holder’s
attorney duly authorized in writing.

 

(f)                                    No
service charge shall be made to a Holder for any transfer or exchange of
Securities, but the Company may require payment of a sum sufficient to cover
any tax or other governmental charge that may be imposed in connection with any
transfer or exchange of Securities.

 

(g)                                 Neither
the Company nor the Trustee shall be required pursuant to the provisions of
this Section 3.5 to (i) issue, register the transfer of or exchange any
Security during a period beginning at the opening of business fifteen (15) days
before the day of selection for redemption of Securities pursuant to Article
XI and ending at the close of business on the day of mailing of the notice
of redemption or (ii) to register the transfer of or exchange any Security so
selected for redemption in whole or in part, except, in the case of any such
Security to be redeemed in part, any portion thereof not to be redeemed.

 

(h)                                 The
Company shall designate an office or offices or agency or agencies where
Securities may be surrendered for registration or transfer or exchange.  The Company initially designates the
Corporate Trust Office as its office and agency for such purposes.  The Company shall give prompt written notice
to the Trustee and to the Holders of any change in the location of any such
office or agency.

 

SECTION
3.6.  Mutilated, Destroyed, Lost
and Stolen Securities.

 

(a)                                  If
any mutilated Security is surrendered to the Trustee together with such
security or indemnity as may be required by the Company or the Trustee to save
each of them harmless, the Company shall execute and upon receipt thereof the
Trustee shall authenticate and deliver in exchange therefor a new Security of
like tenor and aggregate principal amount and bearing a number not
contemporaneously outstanding.

 

(b)                                 If
there shall be delivered to the Company and to the Trustee (i) evidence to
their satisfaction of the destruction, loss or theft of any Security and (ii)
such security or indemnity as may be required by them to save each of them
harmless, then, in the absence of notice to the Company or the Trustee that
such Security has been acquired by a bona
fide purchaser, the Company shall execute and upon its written
request the Trustee shall authenticate and deliver, in

 

30

 

lieu of any such destroyed,
lost or stolen Security, a new Security of like tenor and aggregate principal
amount as such destroyed, lost or stolen Security, and bearing a number not
contemporaneously outstanding.

 

(c)                                  If
any such mutilated, destroyed, lost or stolen Security has become or is about
to become due and payable, the Company in its discretion may, instead of
issuing a new Security, pay such Security.

 

(d)                                 Upon
the issuance of any new Security under this Section 3.6, the Company may
require the payment of a sum sufficient to cover any tax or other governmental
charge that may be imposed in relation thereto and any other expenses
(including the fees and expenses of the Trustee) connected therewith.

 

(e)                                  Every
new Security issued pursuant to this Section 3.6 in lieu of any
mutilated, destroyed, lost or stolen Security shall constitute an original
additional contractual obligation of the Company, whether or not the mutilated,
destroyed, lost or stolen Security shall be at any time enforceable by anyone,
and shall be entitled to all the benefits of this Indenture equally and
proportionately with any and all other Securities duly issued hereunder.

 

(f)                                    The
provisions of this Section 3.6 are exclusive and shall preclude (to the
extent lawful) all other rights and remedies with respect to the replacement or
payment of mutilated, destroyed, lost or stolen Securities.

 

SECTION
3.7.  Persons Deemed Owners.

 

The
Company, the Trustee and any agent of the Company or the Trustee shall treat
the Person in whose name any Security is registered as the owner of such
Security for the purpose of receiving payment of principal of and any interest
on such Security and for all other purposes whatsoever, and neither the
Company, the Trustee nor any agent of the Company or the Trustee shall be
affected by notice to the contrary.

 

SECTION
3.8.  Cancellation.

 

All
Securities surrendered for payment, redemption, transfer or exchange shall, if
surrendered to any Person other than the Trustee, be delivered to the Trustee,
and any such Securities and Securities surrendered directly to the Trustee for
any such purpose shall be promptly canceled by it. The Company may at any time
deliver to the Trustee for cancellation any Securities previously authenticated
and delivered hereunder that the Company may have acquired in any manner
whatsoever, and all Securities so delivered shall be promptly canceled by the
Trustee. No Securities shall be authenticated in lieu of or in exchange for any
Securities canceled as provided in this Section 3.8, except as expressly
permitted by this Indenture. All canceled Securities shall be disposed of by
the Trustee in accordance with its customary practices and the Trustee shall
deliver to the Company a certificate of such disposition.

 

SECTION
3.9.  Deferrals of Interest
Payment Dates.

 

(a)                                  So
long as no Event of Default pursuant to Sections 5.1(c), (e), (f), (g) or (h)
has occurred and is continuing, the Company shall have the right, at any time
and from time to time

 

31

 

during the term of the
Security, to defer the payment of interest on the Securities for a period of up
to twenty (20) consecutive quarterly interest payment periods (each such
period, an “Extension Period”),
during which Extension Period(s), the Company shall have the right to make no
payments or partial payments of interest on any Interest Payment Date (except
any Additional Tax Sums that otherwise may be due and payable).  No Extension Period shall end on a date other
than an Interest Payment Date and no Extension Period shall extend beyond the
Stated Maturity of the principal of the Securities.  No interest shall be due and payable during
an Extension Period, except at the end thereof, but each installment of
interest that would otherwise have been due and payable during such Extension
Period shall bear Additional Interest (to the extent payment of such interest
would be legally enforceable) at a fixed rate per annum equal to 6.015% through
the Interest Payment Date in September, 2015, and a variable rate per annum,
reset quarterly, equal to LIBOR plus 1.42% thereafter, compounded quarterly,
from the dates on which amounts would have otherwise been due and payable until
paid or until funds for the payment thereof have been made available for
payment.  At the end of any such
Extension Period, the Company shall pay all interest then accrued and unpaid on
the Securities together with such Additional Interest.  Prior to the termination of any such
Extension Period, the Company may extend such Extension Period and further
defer the payment of interest; provided,
that (i) all such previous and further extensions comprising such Extension
Period do not exceed twenty (20) quarterly interest payment periods, (ii) no
Extension Period shall end on a date other than an Interest Payment Date and
(iii) no Extension Period shall extend beyond the Stated Maturity of the principal
of the Securities.  Upon the termination
of any such Extension Period and upon the payment of all accrued and unpaid
interest and any Additional Interest then due on any Interest Payment Date, the
Company may elect to begin a new Extension Period; provided, that (i) such Extension Period does not exceed
twenty (20) quarterly interest payment periods, (ii) no Extension Period shall
end on a date other than an Interest Payment Date, (iii) no Extension Period
shall extend beyond the Stated Maturity of the principal of the Securities and
(iv) no Event of Default pursuant to Sections 5.1(c), (e), (f), (g) or (h) has
occurred and is continuing.  The Company
shall give (i) the Holders of the Securities, (ii) the Trustee, (iii) the
Property Trustee and (iv) any beneficial owner of the Preferred Securities
reasonably identified to the Company (which identification may be made either
by such beneficial owner or by the Placement Agent or the Purchaser) written
notice of its election to begin any such Extension Period no later than the
close of business on the fifteenth (15th) Business Day prior to the next
succeeding Interest Payment Date on which interest on the Securities would be
payable but for such deferral.

 

(b)                                 In
connection with any such Extension Period, the Company shall be subject to the
restrictions set forth in Section 10.6(a).

 

SECTION
3.10.  Right of
Set-Off.

 

Notwithstanding
anything to the contrary herein, the Company shall have the right to set off
any payment it is otherwise required to make in respect of any Security to the
extent the Company has theretofore made, or is concurrently on the date of such
payment making, a payment under the Guarantee Agreement relating to such
Security or to a holder of Preferred Securities pursuant to an action undertaken
under Section 5.8 of this Indenture.

 

32

 

SECTION
3.11.  Agreed Tax
Treatment.

 

Each
Security issued hereunder shall provide that the Company and, by its acceptance
or acquisition of a Security or a beneficial interest therein, the Holder of,
and any Person that acquires a direct or indirect beneficial interest in, such
Security, intend and agree to treat such Security as indebtedness of the
Company for United States Federal, state and local tax purposes and to treat
the Preferred Securities (including but not limited to all payments and
proceeds with respect to the Preferred Securities) as an undivided beneficial
ownership interest in the Securities (and payments and proceeds therefrom,
respectively) for United States Federal, state and local tax purposes.  The provisions of this Indenture shall be
interpreted to further this intention and agreement of the parties.

 

SECTION
3.12.  CUSIP
Numbers.

 

The
Company in issuing the Securities may use “CUSIP” numbers (if then generally in
use), and, if so, the Trustee shall use “CUSIP” numbers in notices of
redemption and other similar or related materials as a convenience to Holders; provided, that any such notice or other
materials may state that no representation is made as to the correctness of
such numbers either as printed on the Securities or as contained in any notice
of redemption or other materials and that reliance may be placed only on the
other identification numbers printed on the Securities, and any such redemption
shall not be affected by any defect in or omission of such numbers.

 

ARTICLE IV

Satisfaction and Discharge

 

SECTION
4.1.  Satisfaction and Discharge
of Indenture.

 

This
Indenture shall, upon Company Request, cease to be of further effect (except as
to any surviving rights of registration of transfer or exchange of Securities
herein expressly provided for and as otherwise provided in this Section 4.1)
and the Trustee, on demand of and at the expense of the Company, shall execute
proper instruments acknowledging satisfaction and discharge of this Indenture,
when

 

(a)                                  either

 

(i)                                     all
Securities theretofore authenticated and delivered (other than (A) Securities
that have been mutilated, destroyed, lost or stolen and that have been replaced
or paid as provided in Section 3.6 and (B) Securities for whose payment
money has theretofore been deposited in trust or segregated and held in trust
by the Company and thereafter repaid to the Company or discharged from such
trust as provided in Section 10.2) have been delivered to the Trustee for
cancellation; or

 

(ii)                                  all
such Securities not theretofore delivered to the Trustee for cancellation

 

(A)                              have
become due and payable, or

 

33

 

(B)                                will
become due and payable at their Stated Maturity within one year of the date of
deposit, or

 

(C)                                are
to be called for redemption within one year under arrangements satisfactory to
the Trustee for the giving of notice of redemption by the Trustee in the name,
and at the expense, of the Company,

 

and
the Company, in the case of subclause (ii)(A), (B) or (C) above, has deposited
or caused to be deposited with the Trustee as trust funds in trust for such
purpose (x) an amount in the currency or currencies in which the Securities are
payable, (y) Government Obligations which through the scheduled payment of
principal and interest in respect thereof in accordance with their terms will
provide, not later than the due date of any payment, money in an amount or (z)
a combination thereof, in each case sufficient, in the opinion of a nationally
recognized firm of independent public accountants expressed in a written
certification thereof delivered to the Trustee, to pay and discharge the entire
indebtedness on such Securities not theretofore delivered to the Trustee for
cancellation, for principal and any premium and interest (including any
Additional Interest) to the date of such deposit (in the case of Securities
that have become due and payable) or to the Stated Maturity (or any date of
principal repayment upon early maturity) or Redemption Date, as the case may
be;

 

(b)                                 the
Company has paid or caused to be paid all other sums payable hereunder by the
Company; and

 

(c)                                  the
Company has delivered to the Trustee an Officers’ Certificate and an Opinion of
Counsel each stating that all conditions precedent herein provided for relating
to the satisfaction and discharge of this Indenture have been complied with.

 

Notwithstanding
the satisfaction and discharge of this Indenture, the obligations of the
Company to the Trustee under Section 6.6, the obligations of the Company
to any Authenticating Agent under Section 6.11 and, if money shall have
been deposited with the Trustee pursuant to subclause (a)(ii) of this Section
4.1, the obligations of the Trustee under Section 4.2 and Section
10.2(e) shall survive.

 

SECTION
4.2.  Application of Trust
Money.

 

Subject
to the provisions of Section 10.2(e), all money deposited with the
Trustee pursuant to Section 4.1 shall be held in trust and applied by
the Trustee, in accordance with the provisions of the Securities and this
Indenture, to the payment in accordance with Section 3.1, either
directly or through any Paying Agent (including the Company acting as its own
Paying Agent) as the Trustee may determine, to the Persons entitled thereto, of
the principal and any premium and interest (including any Additional Interest)
for the payment of which such money or obligations have been deposited with or
received by the Trustee.  Moneys held by
the Trustee under this Section 4.2 shall not be subject to the claims of
holders of Senior Debt under Article XII.

 

34

 

ARTICLE V

Remedies

 

SECTION
5.1.  Events of Default.

 

“Event of Default” means, wherever used
herein with respect to the Securities, 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)                                  default
in the payment of any interest upon any Security, including any Additional
Interest in respect thereof, when it becomes due and payable, and continuance
of such default for a period of thirty (30) days (subject to the deferral of
any due date in the case of an Extension Period); or

 

(b)                                 default
in the payment of the principal of or any premium on any Security at its
Maturity; or

 

(c)                                  default
in the payment of any interest upon any Security, including any Additional
Interest in respect thereof, following the nonpayment of any such interest for
twenty (20) or more consecutive quarterly interest payment periods; or

 

(d)                                 default
in the performance, or breach, of any covenant or warranty of the Company in
this Indenture and continuance of such default or breach for a period of thirty
(30) days after there has been given, by registered or certified mail, to the
Company by the Trustee or to the Company and the Trustee by the Holders of at
least twenty five percent (25%) in aggregate principal amount of the
Outstanding 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; or

 

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

 

(f)                                    the
institution by the Company of proceedings to be adjudicated a bankrupt or
insolvent, or the consent by the Company to the institution of bankruptcy or
insolvency proceedings against it, or the filing by the Company of a petition
or answer or consent seeking reorganization or relief under any applicable
Federal or state bankruptcy, insolvency, reorganization or other similar law,
or the consent by it to the filing of such petition or to the appointment of or
taking possession by a custodian, receiver, liquidator, assignee, trustee,
sequestrator or other similar official of the Company 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

 

35

 

its inability to pay its debts
generally as they become due and its willingness to be adjudicated a bankrupt
or insolvent, or the taking of corporate action by the Company in furtherance
of any such action; or

 

(g)                                 either
(1) a court or administrative or governmental agency or body shall enter a
decree or order for the appointment of a receiver of a Major Bank Subsidiary or
all or substantially all of its property in any liquidation, insolvency or
similar proceeding, or (2) a Major Bank Subsidiary shall consent to the
appointment of a receiver for it or all or substantially all of its property in
any liquidation, insolvency or similar proceeding.

 

(h)                                 the
Trust shall have voluntarily or involuntarily liquidated, dissolved, wound-up
its business or otherwise terminated its existence, except in connection with
(1) the distribution of the Securities to holders of the Preferred Securities
in liquidation of their interests in the Trust, (2) the redemption of all of
the outstanding Preferred Securities or (3) certain mergers, consolidations or
amalgamations, each as and to the extent permitted by the Trust Agreement.

 

SECTION
5.2.  Acceleration of Maturity;
Rescission and Annulment.

 

(a)                                  If
an Event of Default pursuant to Sections 5.1(c), (e), (f), (g) or (h) occurs
and is continuing, then and in every such case the Trustee or the Holders of
not less than twenty five percent (25%) in principal amount of the Outstanding
Securities may declare the principal amount of all the Securities to be due and
payable immediately, by a notice in writing to the Company (and to the Trustee
if given by Holders), provided, that if, upon an Event of Default pursuant to
Sections 5.1(c), (e), (f), (g) or (h), the Trustee or the Holders of not less
than twenty five percent (25%) in principal amount of the Outstanding
Securities fail to declare the principal of all the Outstanding Securities to
be immediately due and payable, the holders of at least twenty five percent
(25%) in aggregate Liquidation Amount of the Preferred Securities then
outstanding shall have the right to make such declaration by a notice in
writing to the Property Trustee, the Company and the Trustee; and upon any such
declaration the principal amount of and the accrued interest (including any
Additional Interest) on all the Securities shall become immediately due and
payable.

 

(b)                                 At
any time after such a declaration of acceleration with respect to Securities
has been made and before a judgment or decree for payment of the money due has
been obtained by the Trustee as hereinafter provided in this Article V,
the Holders of a majority in principal amount of the Outstanding Securities, by
written notice to the Indenture Trustee, or the holders of a majority in
aggregate Liquidation Amount of the Preferred Securities, by written notice to
the Property Trustee, the Company and the Trustee, may rescind and annul such
declaration and its consequences if:

 

(i)                                     the
Company has paid or deposited with the Trustee a sum sufficient to pay:

 

(A)                              all
overdue installments of interest on all Securities,

 

(B)                                any
accrued Additional Interest on all Securities,

 

36

 

(C)                                the
principal of and any premium on any Securities that have become due otherwise
than by such declaration of acceleration and interest (including any Additional
Interest) thereon at the rate borne by the Securities, and

 

(D)                               all
sums paid or advanced by the Trustee hereunder and the reasonable compensation,
expenses, disbursements and advances of the Trustee, the Property Trustee and
their agents and counsel; and

 

(ii)                                  all
Events of Default with respect to Securities, other than the non-payment of the
principal of Securities that has become due solely by such acceleration, have
been cured or waived as provided in Section 5.13;

 

provided, that if the Holders of such Securities fail to annul such declaration
and waive such default, the holders of not less than a majority in aggregate
Liquidation Amount of the Preferred Securities then outstanding shall also have
the right to rescind and annul such declaration and its consequences by written
notice to the Property Trustee, the Company and the Trustee, subject to the
satisfaction of the conditions set forth in paragraph (b) of this Section
5.2.  No such rescission shall affect
any subsequent default or impair any right consequent thereon.

 

SECTION
5.3.  Collection of Indebtedness
and Suits for Enforcement by Trustee.

 

(a)                                  The
Company covenants that if:

 

(i)                                     default
is made in the payment of any installment of interest (including any Additional
Interest) on any Security when such interest becomes due and payable and such
default continues for a period of thirty (30) days, or

 

(ii)                                  default
is made in the payment of the principal of and any premium on any Security at
the Maturity thereof,

 

the
Company will, upon demand of the Trustee, pay to the Trustee, for the benefit
of the Holders of such Securities, the whole amount then due and payable on
such Securities for principal and any premium and interest (including any
Additional Interest) and, in addition thereto, all amounts owing the Trustee
under Section 6.6.

 

(b)                                 If
the Company fails to pay such amounts forthwith upon such demand, the Trustee,
in its own name and as trustee of an express trust, may institute a judicial
proceeding for the collection of the sums so due and unpaid, and may prosecute
such proceeding to judgment or final decree, and may enforce the same against
the Company or any other obligor upon such Securities and collect the moneys
adjudged or decreed to be payable in the manner provided by law out of the
property of the Company or any other obligor upon the Securities, wherever
situated.

 

(c)                                  If
an Event of Default with respect to Securities occurs and is continuing, the
Trustee may in its discretion proceed to protect and enforce its rights and the
rights of the Holders of Securities by such appropriate judicial proceedings as
the Trustee shall deem most

 

37

 

effectual to protect and
enforce any such rights, whether for the specific enforcement of any covenant
or agreement in this Indenture or in aid of the exercise of any power granted
herein, or to enforce any other proper remedy.

 

SECTION
5.4.  Trustee May File Proofs of
Claim.

 

In
case of any receivership, insolvency, liquidation, bankruptcy, reorganization,
arrangement, adjustment, composition or similar judicial proceeding relative to
the Company (or any other obligor upon the Securities), its property or its
creditors, the Trustee shall be entitled and empowered, by intervention in such
proceeding or otherwise, to take any and all actions authorized hereunder in
order to have claims of the Holders and the Trustee allowed in any such
proceeding. In particular, the Trustee shall be authorized to collect and
receive any moneys or other property payable or deliverable on any such claims
and to distribute the same; and any custodian, receiver, assignee, trustee,
liquidator, sequestrator or other similar official in any such judicial
proceeding is hereby authorized by each Holder to make such payments to the
Trustee and, in the event that the Trustee shall consent to the making of such
payments directly to the Holders, to first pay to the Trustee any amount due it
for the reasonable compensation, expenses, disbursements and advances of the
Trustee, its agents and counsel, and any other amounts owing the Trustee, any
predecessor Trustee and other Persons under Section 6.6.

 

SECTION
5.5.  Trustee May Enforce Claim
Without Possession of Securities.

 

All
rights of action and claims under this Indenture or the Securities may be
prosecuted and enforced by the Trustee without the possession of any of the
Securities or the production thereof in any proceeding relating thereto, and
any such proceeding instituted by the Trustee shall be brought in its own name
as trustee of an express trust, and any recovery of judgment shall, subject to Article
XII and after provision for the payment of all the amounts owing the
Trustee, any predecessor Trustee and other Persons under Section 6.6, be
for the ratable benefit of the Holders of the Securities in respect of which
such judgment has been recovered.

 

SECTION
5.6.  Application of Money
Collected.

 

Any
money or property collected or to be applied by the Trustee with respect to the
Securities pursuant to this Article V shall be applied in the following
order, at the date or dates fixed by the Trustee and, in case of the
distribution of such money or property on account of principal or any premium
or interest (including any Additional Interest), upon presentation of the
Securities and the notation thereon of the payment if only partially paid and
upon surrender thereof if fully paid:

 

FIRST:
To the payment of all amounts due the Trustee, any predecessor Trustee and
other Persons under Section 6.6;

 

SECOND:
To the payment of all Senior Debt of the Company if and to the extent required
by Article XII.

 

THIRD:  Subject to Article XII, to the payment
of the amounts then due and unpaid upon the Securities for principal and any
premium and interest (including any Additional Interest) in respect of which or
for the benefit of which such money has been collected, ratably, without

 

38

 

preference or priority of any kind, according
to the amounts due and payable on the Securities for principal and any premium
and interest (including any Additional Interest), respectively; and

 

FOURTH:
The balance, if any, to the Person or Persons entitled thereto.

 

SECTION
5.7.  Limitation on Suits.

 

Subject
to Section 5.8, no Holder of any Securities shall have any right to
institute any proceeding, judicial or otherwise, with respect to this Indenture
or for the appointment of a custodian, receiver, assignee, trustee, liquidator,
sequestrator (or other similar official) or for any other remedy hereunder,
unless:

 

(a)                                  such
Holder has previously given written notice to the Trustee of a continuing Event
of Default with respect to the Securities;

 

(b)                                 the
Holders of not less than a majority in aggregate principal amount of the
Outstanding Securities shall have made written request to the Trustee to
institute proceedings in respect of such Event of Default in its own name as
Trustee hereunder;

 

(c)                                  such
Holder or Holders have offered to the Trustee reasonable indemnity against the
costs, expenses and liabilities to be incurred in compliance with such request;

 

(d)                                 the
Trustee after its receipt of such notice, request and offer of indemnity has
failed to institute any such proceeding for sixty (60) days; and

 

(e)                                  no
direction inconsistent with such written request has been given to the Trustee
during such sixty (60)-day period by the Holders of a majority in aggregate
principal amount of the Outstanding Securities;

 

it
being understood and intended that no one or more of such Holders shall have
any right in any manner whatever by virtue of, or by availing itself of, any
provision of this Indenture to affect, disturb or prejudice the rights of any
other Holders of Securities, or to obtain or to seek to obtain priority or
preference over any other of such Holders or to enforce any right under this
Indenture, except in the manner herein provided and for the equal and ratable
benefit of all such Holders.

 

SECTION
5.8.  Unconditional Right of
Holders to Receive Principal, Premium and Interest; Direct Action by Holders of
Preferred Securities.

 

Notwithstanding
any other provision in this Indenture, the Holder of any Security shall have
the right, which is absolute and unconditional, to receive payment of the
principal of and any premium on such Security at its Maturity and payment of
interest (including any Additional Interest) on such Security when due and
payable and to institute suit for the enforcement of any such payment, and such
right shall not be impaired without the consent of such Holder. Any registered
holder of the Preferred Securities shall have the right, upon the occurrence of
an Event of Default described in Section 5.1(a), Section 5.1(b)
or Section 5.1(c), to institute a suit directly against the Company for
enforcement of payment to such holder of principal of and any premium and
interest (including any Additional Interest) on the Securities having a
principal

 

39

 

amount equal to the aggregate Liquidation
Amount of the Preferred Securities held by such holder.

 

SECTION
5.9.  Restoration of Rights and
Remedies.

 

If
the Trustee, any Holder or any holder of Preferred Securities has instituted
any proceeding to enforce any right or remedy under this Indenture and such
proceeding has been discontinued or abandoned for any reason, or has been
determined adversely to the Trustee, such Holder or such holder of Preferred
Securities, then and in every such case the Company, the Trustee, such Holders
and such holder of Preferred Securities shall, subject to any determination in
such proceeding, be restored severally and respectively to their former
positions hereunder, and thereafter all rights and remedies of the Trustee,
such Holder and such holder of Preferred Securities shall continue as though no
such proceeding had been instituted.

 

SECTION
5.10.  Rights and
Remedies Cumulative.

 

Except
as otherwise provided in Section 3.6(f), no right or remedy herein
conferred upon or reserved to the Trustee or the Holders is intended to be
exclusive of any other right or remedy, and every right and remedy shall, to
the extent permitted by law, be cumulative and in addition to every other right
and remedy given hereunder or now or hereafter existing at law or in equity or
otherwise. The assertion or employment of any right or remedy hereunder, or
otherwise, shall not prevent the concurrent assertion or employment of any
other appropriate right or remedy.

 

SECTION
5.11.  Delay or
Omission Not Waiver.

 

No
delay or omission of the Trustee, any Holder of any Securities or any holder of
any Preferred Security to exercise any right or remedy accruing upon any Event
of Default shall impair any such right or remedy or constitute a waiver of any
such Event of Default or an acquiescence therein.  Every right and remedy given by this Article
V or by law to the Trustee or to the Holders and the right and remedy given
to the holders of Preferred Securities by Section 5.8 may be exercised
from time to time, and as often as may be deemed expedient, by the Trustee, the
Holders or the holders of Preferred Securities, as the case may be.

 

SECTION
5.12.  Control by
Holders.

 

The
Holders of not less than a majority in aggregate principal amount of the
Outstanding Securities (or, as the case may be, the holders of a majority in
aggregate Liquidation Amount of the Preferred Securities) shall have the right
to direct the time, method and place of conducting any proceeding for any
remedy available to the Trustee or exercising any trust or power conferred on
the Trustee; provided, that:

 

(a)                                  such
direction shall not be in conflict with any rule of law or with this Indenture,

 

(b)                                 the
Trustee may take any other action deemed proper by the Trustee that is not
inconsistent with such direction, and

 

(c)                                  subject
to the provisions of Section 6.2, the Trustee shall have the right to
decline to follow such direction if a Responsible Officer or Officers of the
Trustee shall, in good faith,

 

40

 

reasonably determine that the
proceeding so directed would be unjustly prejudicial to the Holders not joining
in any such direction or would involve the Trustee in personal liability.

 

SECTION
5.13.  Waiver of
Past Defaults.

 

(a)                                  The
Holders of not less than a majority in aggregate principal amount of the
Outstanding Securities and the holders of not less than a majority in aggregate
Liquidation Amount of the Preferred Securities may waive any past Event of
Default hereunder and its consequences except an Event of Default:

 

(i)                                     in
the payment of the principal of or any premium or interest (including any
Additional Interest) on any Security (unless such Event of Default has been
cured and the Company has paid to or deposited with the Trustee a sum
sufficient to pay all installments of interest (including any Additional
Interest) due and past due and all principal of and any premium on all
Securities due otherwise than by acceleration), or

 

(ii)                                  in
respect of a covenant or provision hereof that under Article IX cannot
be modified or amended without the consent of each Holder of any Outstanding
Security.

 

(b)                                 Any
such waiver shall be deemed to be on behalf of the Holders of all the
Securities or, in the case of a waiver by holders of Preferred Securities
issued by such Trust, by all holders of Preferred Securities.

 

(c)                                  Upon
any such waiver, 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 Indenture; but no such waiver shall extend to any subsequent or other
Event of Default or impair any right consequent thereon.

 

SECTION
5.14.  Undertaking
for Costs.

 

All
parties to this Indenture agree, and each Holder of any Security by his or her
acceptance thereof shall be deemed to have agreed, that any court may in its
discretion require, in any suit for the enforcement of any right or remedy
under this Indenture, or in any suit against the Trustee for any action taken
or omitted by it as Trustee, the filing by any party litigant in such suit of
an undertaking to pay the costs of such suit, and that such court may in its
discretion assess reasonable costs, including reasonable attorneys’ fees and
expenses, against any party litigant in such suit, having due regard to the
merits and good faith of the claims or defenses made by such party litigant;
but the provisions of this Section 5.14 shall not apply to any suit
instituted by the Trustee, to any suit instituted by any Holder, or group of
Holders, holding in the aggregate more than ten percent (10%) in aggregate
principal amount of the Outstanding Securities, or to any suit instituted by
any Holder for the enforcement of the payment of the principal of or any
premium on the Security after the Stated Maturity or any interest (including
any Additional Interest) on any Security after it is due and payable.

 

SECTION
5.15.  Waiver of
Usury, Stay or Extension Laws.

 

The
Company covenants (to the extent that it may lawfully do so) that it will not
at any time insist upon, or plead, or in any manner whatsoever claim or take
the benefit or advantage of,

 

41

 

any usury, stay or extension law wherever
enacted, now or at any time hereafter in force, which may affect the covenants
or the performance of this Indenture; and the Company (to the extent that it may
lawfully do so) hereby expressly waives all benefit or advantage of any such
law, and covenants that it will not hinder, delay or impede the execution of
any power herein granted to the Trustee, but will suffer and permit the
execution of every such power as though no such law had been enacted.

 

ARTICLE VI

The Trustee

 

SECTION
6.1.  Corporate Trustee
Required.

 

There
shall at all times be a Trustee hereunder with respect to the Securities.  The Trustee shall be a corporation organized
and doing business under the laws of the United States or of any state thereof,
authorized to exercise corporate trust powers, having a combined capital and
surplus of at least $50,000,000, subject to supervision or examination by
Federal or state authority and having an office within the United States. If
such corporation publishes reports of condition at least annually, pursuant to
law or to the requirements of such supervising or examining authority, then,
for the purposes of this Section 6.1, 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.  If at any time the Trustee shall cease to be
eligible in accordance with the provisions of this Section 6.1, it shall
resign immediately in the manner and with the effect hereinafter specified in
this Article VI.

 

SECTION
6.2.  Certain Duties and
Responsibilities.

 

(a)                                  Except
during the continuance of an Event of Default:

 

(i)                                     the
Trustee undertakes to perform such duties and only such duties as are
specifically set forth in this Indenture, and no implied covenants or
obligations shall be read into this Indenture against the Trustee; and

 

(ii)                                  in
the absence of bad faith on its part, the Trustee may conclusively rely, as to
the truth of the statements and the correctness of the opinions expressed
therein, upon certificates or opinions furnished to the Trustee and conforming
to the requirements of this Indenture; provided,
that 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
substantially conform on their face to the requirements of this Indenture.

 

(b)                                 If
an Event of Default known to the Trustee has occurred and is continuing, the
Trustee shall, prior to the receipt of directions, if any, from the Holders of
at least a majority in aggregate principal amount of the Outstanding Securities
(or, if applicable, from the holders of a majority in aggregate Liquidation
Amount of the Preferred Securities), exercise such of the rights and powers
vested in it by this Indenture, and use the same degree of care and skill in
its exercise, as a prudent person would exercise or use under the circumstances
in the conduct of such person’s own affairs.

 

42

 

(c)                                  Notwithstanding
the foregoing, no provision of this Indenture shall require the Trustee to
expend or risk its own funds or otherwise incur any financial liability in the
performance of any of its duties hereunder, or in the exercise of any of its
rights or powers, if it shall have reasonable grounds for believing that
repayment of such funds or adequate indemnity against such risk or liability is
not reasonably assured to it. Whether or not therein expressly so provided,
every provision of this Indenture relating to the conduct or affecting the
liability of or affording protection to the Trustee shall be subject to the
provisions of this Section 6.2. 
To the extent that, at law or in equity, the Trustee has duties and
liabilities relating to the Holders, the Trustee shall not be liable to any
Holder for the Trustee’s good faith reliance on the provisions of this Indenture.  The provisions of this Indenture, to the
extent that they restrict the duties and liabilities of the Trustee otherwise
existing at law or in equity, are agreed by the Company and the Holders to
replace such other duties and liabilities of the Trustee.

 

(d)                                 No
provisions of this Indenture shall be construed to relieve the Trustee from
liability with respect to matters that are within the authority of the Trustee
under this Indenture for its own negligent action, negligent failure to act or
willful misconduct, except that:

 

(i)                                     the
Trustee shall not be liable for any error or judgment made in good faith by an
authorized officer of the Trustee, unless it shall be proved that the Trustee
was negligent in ascertaining the pertinent facts;

 

(ii)                                  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 at
least a majority in aggregate principal amount of the Outstanding Securities
(or, if applicable, from the holders of a majority in aggregate Liquidation
Amount of the Preferred Securities), relating to the time, method and place of
conducting any proceeding for any remedy available to the Trustee under this
Indenture; and

 

(iii)                               the
Trustee shall be under no liability for interest on any money received by it
hereunder and money held by the Trustee in trust hereunder need not be
segregated from other funds except to the extent required by law.

 

SECTION
6.3.  Notice of Defaults.

 

Within
ninety (90) days after the occurrence of any default actually known to the
Trustee, the Trustee shall give the Holders notice of such default unless such
default shall have been cured or waived; provided,
that except in the case of a default in the payment of the principal of or any
premium or interest on any Securities, the Trustee shall be fully protected in
withholding the 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 withholding the notice is in the interest
of holders of Securities; and provided,
further, that in the case of any
default of the character specified in Section 5.1(d), no such notice to
Holders shall be given until at least thirty (30) days after the occurrence
thereof. For the purpose of this Section 6.3, the term “default” means
any event which is, or after notice or lapse of time or both would become, an
Event of Default.

 

43

 

SECTION
6.4.  Certain Rights of Trustee.

 

Subject
to the provisions of Section 6.2:

 

(a)                                  the
Trustee may conclusively rely and shall be fully protected in acting or
refraining from acting in good faith and in accordance with the terms hereof
upon any resolution, certificate, statement, instrument, opinion, report,
notice, request, direction, consent, order, bond, debenture, note 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 Indenture the Trustee is required to
decide between alternative courses of action, (ii) in construing any of the
provisions of this Indenture the Trustee finds ambiguous or inconsistent with
any other provisions contained herein or (iii) the Trustee is unsure of the
application of any provision of this Indenture, then, except as to any matter
as to which the Holders are entitled to decide under the terms of this
Indenture, the Trustee shall deliver a notice to the Company requesting the
Company’s written instruction as to the course of action to be taken and the
Trustee shall take such action, or refrain from taking such action, as the
Trustee shall be instructed in writing to take, or to refrain from taking, by
the Company; provided, that if
the Trustee does not receive such instructions from the Company within ten
Business Days after it has delivered such notice or such reasonably shorter
period of time set forth in such notice the Trustee may, but shall be under no
duty to, take such action, or refrain from taking such action, as the Trustee
shall deem advisable and in the best interests of the Holders, in which event
the Trustee shall have no liability except for its own negligence, bad faith or
willful misconduct;

 

(c)                                  any
request or direction of the Company shall be sufficiently evidenced by a
Company Request or Company Order and any resolution of the Board of Directors
may be sufficiently evidenced by a Board Resolution;

 

(d)                                 the
Trustee may consult with counsel (which counsel may be counsel to the Trustee,
the Company or any of its Affiliates, and may include any of its employees) and
the advice of such counsel 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;

 

(e)                                  the
Trustee shall be under no obligation to exercise any of the rights or powers
vested in it by this Indenture at the request or direction of any of the
Holders or any holder of Preferred Securities pursuant to this Indenture,
unless such Holders (or such holders of Preferred Securities) shall have
offered to the Trustee security or indemnity reasonably satisfactory to it
against the costs, expenses (including reasonable attorneys’ fees and expenses)
and liabilities that might be incurred by it in compliance with such request or
direction, including reasonable advances as may be requested by the Trustee;

 

(f)                                    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, indenture, note or other
paper or document, but the Trustee in its discretion may make such inquiry or investigation
into such facts or matters as it may see fit,

 

44

 

and, if the Trustee shall
determine to make such inquiry or investigation, it shall be entitled to
examine the books, records and premises of the Company, personally or by agent
or attorney;

 

(g)                                 the
Trustee may execute any of the trusts or powers hereunder or perform any duties
hereunder either directly or by or through agents, attorneys, custodians or
nominees and the Trustee shall not be responsible for any misconduct or
negligence on the part of any such agent, attorney, custodian or nominee
appointed with due care by it hereunder;

 

(h)                                 whenever
in the administration of this Indenture the Trustee shall deem it desirable to
receive instructions with respect to enforcing any remedy or right or taking
any other action with respect to enforcing any remedy or right hereunder, the
Trustees (i) may request instructions from the Holders (which instructions may
only be given by the Holders of the same aggregate principal amount of
Outstanding Securities as would be entitled to direct the Trustee under this
Indenture in respect of such remedy, right or action), (ii) may refrain from
enforcing such remedy or right or taking such action until such instructions
are received and (iii) shall be protected in acting in accordance with such
instructions;

 

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

 

(j)                                     without
prejudice to any other rights available to the Trustee under applicable law,
when the Trustee incurs expenses or renders services in connection with any
bankruptcy, insolvency or other proceeding referred to in clauses (d) or (e) of
the definition of Event of Default, such expenses (including legal fees and
expenses of its agents and counsel) and the compensation for such services are
intended to constitute expenses of administration under any bankruptcy laws or
law relating to creditors rights generally;

 

(k)                                  whenever
in the administration of this Indenture the Trustee shall deem it desirable
that a matter be proved or established prior to taking, suffering or omitting
any action hereunder, the Trustee (unless other evidence be herein specifically
prescribed) may, in the absence of bad faith on its part, conclusively rely
upon an Officers’ Certificate addressing such matter, which, upon receipt of
such request, shall be promptly delivered by the Company;

 

(l)                                     the
Trustee shall not be charged with knowledge of any default or Event of Default
unless either (i) a Responsible Officer of the Trustee shall have actual
knowledge or (ii) the Trustee shall have received written notice thereof from
the Company or a Holder; and

 

(m)                               in
the event that the Trustee is also acting as Paying Agent, Authenticating Agent
or Securities Registrar hereunder, the rights and protections afforded to the
Trustee pursuant to this Article VI shall also be afforded such Paying
Agent, Authenticating Agent,  or  Securities Registrar.

 

SECTION
6.5.  May Hold Securities.

 

The
Trustee, any Authenticating Agent, any Paying Agent, any Securities Registrar
or any other agent of the Company, in its individual or any other capacity, may
become the owner or pledgee of Securities and may otherwise deal with the
Company with the same rights it would

 

45

 

have if it were not Trustee, Authenticating
Agent, Paying Agent, Securities Registrar or such other agent.

 

SECTION
6.6.  Compensation;
Reimbursement; Indemnity.

 

(a)                                  The
Company agrees

 

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

 

(ii)                                  to
reimburse the Trustee upon its request for all reasonable expenses,
disbursements and advances incurred or made by the Trustee in accordance with
any provision of this Indenture (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, bad faith or
willful misconduct; and

 

(iii)                               to
the fullest extent permitted by applicable law, to indemnify the Trustee
(including in its individual capacity) and its Affiliates, and their officers,
directors, shareholders, agents, representatives and employees for, and to hold
them harmless against, any loss, damage, liability, tax (other than income,
franchise or other taxes imposed on amounts paid pursuant to (i) or (ii)
hereof), penalty, expense or claim of any kind or nature whatsoever incurred
without negligence, bad faith or willful misconduct on its part arising out of
or in connection with the acceptance or administration of this trust or the
performance of the Trustee’s duties hereunder, including the advancement of
funds to cover 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.

 

(b)                                 To
secure the Company’s payment obligations in this Section 6.6, the
Company hereby grants and pledges to the Trustee and the Trustee shall have a
lien prior to the Securities on all money or property held or collected by the
Trustee, other than money or property held in trust to pay principal and
interest on particular Securities.  Such
lien shall survive the satisfaction and discharge of this Indenture or the
resignation or removal of the Trustee.

 

(c)                                  The
obligations of the Company under this Section 6.6 shall survive the
satisfaction and discharge of this Indenture and the earlier resignation or
removal of the Trustee.

 

(d)                                 In
no event shall the Trustee be liable for any indirect, special, punitive or
consequential loss or damage of any kind whatsoever, including, but not limited
to, lost profits, even if the Trustee has been advised of the likelihood of such
loss or damage and regardless of the form of action.

 

(e)                                  In
no event shall the Trustee be liable for any failure or delay in the
performance of its obligations hereunder because of circumstances beyond its
control, including, but not limited to, acts of God, flood, war (whether
declared or undeclared), terrorism, fire, riot, embargo, government action,
including any laws, ordinances, regulations, governmental action

 

46

 

or the like which delay,
restrict or prohibit the providing of the services contemplated by this
Indenture.

 

SECTION
6.7.  Resignation and Removal;
Appointment of Successor.

 

(a)                                  No
resignation or removal of the Trustee and no appointment of a successor Trustee
pursuant to this Article VI shall become effective until the acceptance
of appointment by the successor Trustee under Section 6.8.

 

(b)                                 The
Trustee may resign at any time by giving written notice thereof to the Company.

 

(c)                                  Unless
an Event of Default shall have occurred and be continuing, the Trustee may be
removed at any time by the Company by a Board Resolution.  If an Event of Default shall have occurred
and be continuing, the Trustee may be removed by Act of the Holders of a
majority in aggregate principal amount of the Outstanding Securities, delivered
to the Trustee and to the Company.

 

(d)                                 If
the Trustee shall resign, be removed or become incapable of acting, or if a
vacancy shall occur in the office of Trustee for any reason, at a time when no
Event of Default shall have occurred and be continuing, the Company, by a Board
Resolution, shall promptly appoint a successor Trustee, and such successor
Trustee and the retiring Trustee shall comply with the applicable requirements
of Section 6.8. If the Trustee shall resign, be removed or become
incapable of acting, or if a vacancy shall occur in the office of Trustee for
any reason, at a time when an Event of Default shall have occurred and be
continuing, the Holders, by Act of the Holders of a majority in aggregate
principal amount of the Outstanding Securities, shall promptly appoint a
successor Trustee, and such successor Trustee and the retiring Trustee shall
comply with the applicable requirements of Section 6.8. If no successor
Trustee shall have been so appointed by the Company or the Holders and accepted
appointment within sixty (60) days after the giving of a notice of resignation
by the Trustee or the removal of the Trustee in the manner required by Section
6.8, any Holder who has been a bona fide Holder of a Security for at least
six months may, on behalf of such Holder and all others similarly situated, and
any resigning Trustee may, at the expense of the Company, petition any court of
competent jurisdiction for the appointment of a successor Trustee.

 

(e)                                  The
Company shall give notice to all Holders in the manner provided in Section
1.6 of each resignation and each removal of the Trustee and each
appointment of a successor Trustee.  Each
notice shall include the name of the successor Trustee and the address of its
Corporate Trust Office.

 

SECTION
6.8.  Acceptance of Appointment
by Successor.

 

(a)                                  In
case of the appointment hereunder of a successor Trustee, each successor
Trustee so appointed shall execute, acknowledge and deliver to the Company and
to the retiring Trustee an instrument accepting such appointment, and thereupon
the resignation or removal of the retiring Trustee shall become effective and
such successor Trustee, without any further act, deed or conveyance, shall
become vested with all the rights, powers, trusts and duties of the retiring
Trustee; but, on the request of the Company or the successor Trustee, such
retiring

 

47

 

Trustee shall, upon payment of
its charges, execute and deliver an instrument transferring to such successor
Trustee all the rights, powers and trusts of the retiring Trustee and shall
duly assign, transfer and deliver to such successor Trustee all property and
money held by such retiring Trustee hereunder.

 

(b)                                 Upon
request of any such successor Trustee, the Company shall execute any and all
instruments for more fully and certainly vesting in and confirming to such
successor Trustee all rights, powers and trusts referred to in paragraph (a) of
this Section 6.8.

 

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

 

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

 

Any
Person into which the Trustee may be merged or converted or with which it may
be consolidated, or any Person resulting from any merger, conversion or
consolidation to which the Trustee shall be a party, or any Person succeeding
to all or substantially all of the corporate trust business of the Trustee,
shall be the successor of the Trustee hereunder, without the execution or
filing of any paper or any further act on the part of any of the parties
hereto, provided, that such
Person shall be otherwise qualified and eligible under this Article VI.
In case any Securities shall have been authenticated, but not delivered, by the
Trustee then in office, any successor by merger, conversion or consolidation or
as otherwise provided above in this Section 6.9 to such authenticating
Trustee may adopt such authentication and deliver the Securities so
authenticated, and in case any Securities shall not have been authenticated,
any successor to the Trustee may authenticate such Securities either in the
name of any predecessor Trustee or in the name of such successor Trustee, and
in all cases the certificate of authentication shall have the full force which
it is provided anywhere in the Securities or in this Indenture that the
certificate of the Trustee shall have.

 

SECTION
6.10.  Not
Responsible for Recitals or Issuance of Securities.

 

The
recitals contained herein and in the Securities, except the Trustee’s
certificates of authentication, shall be taken as the statements of the
Company, and neither the Trustee nor any Authenticating Agent assumes any
responsibility for their correctness. The Trustee makes no representations as
to the validity or sufficiency of this Indenture or of the Securities. Neither
the Trustee nor any Authenticating Agent shall be accountable for the use or
application by the Company of the Securities or the proceeds thereof.

 

SECTION
6.11.  Appointment
of Authenticating Agent.

 

(a)                                  The
Trustee may appoint an Authenticating Agent or Agents with respect to the
Securities, which shall be authorized to act on behalf of the Trustee to
authenticate Securities issued upon original issue and upon exchange,
registration of transfer or partial redemption thereof or pursuant to Section
3.6, and Securities so authenticated shall be entitled to the benefits of
this Indenture and shall be valid and obligatory for all purposes as if
authenticated by the Trustee hereunder. Wherever reference is made in this
Indenture to the authentication and delivery of Securities by the Trustee or
the Trustee’s certificate of authentication, such reference shall be deemed to
include authentication and delivery on behalf of the Trustee by an

 

48

 

Authenticating Agent. Each
Authenticating Agent shall be acceptable to the Company and shall at all times
be a corporation organized and doing business under the laws of the United
States of America, or of any State or Territory thereof or the District of
Columbia, authorized under such laws to act as Authenticating Agent, having a
combined capital and surplus of not less than $50,000,000 and subject to
supervision or examination by Federal or state authority. If such
Authenticating Agent publishes reports of condition at least annually pursuant
to law or to the requirements of said supervising or examining authority, then
for the purposes of this Section 6.11 the combined capital and surplus
of such Authenticating Agent 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 an Authenticating Agent shall cease to be eligible in accordance with
the provisions of this Section 6.11, such Authenticating Agent shall
resign immediately in the manner and with the effect specified in this Section
6.11.

 

(b)                                 Any
Person into which an Authenticating Agent 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 Authenticating Agent shall be a
party, or any Person succeeding to all or substantially all of the corporate
trust business of an Authenticating Agent shall be the successor Authenticating
Agent hereunder, provided such Person shall be otherwise eligible under this Section
6.11, without the execution or filing of any paper or any further act on
the part of the Trustee or the Authenticating Agent.

 

(c)                                  An
Authenticating Agent may resign at any time by giving written notice thereof to
the Trustee and to the Company. The Trustee may at any time terminate the
agency of an Authenticating Agent by giving written notice thereof to such
Authenticating Agent and to the Company. Upon receiving such a notice of
resignation or upon such a termination, or in case at any time such
Authenticating Agent shall cease to be eligible in accordance with the
provisions of this Section 6.11, the Trustee may appoint a successor
Authenticating Agent eligible under the provisions of this Section 6.11,
which shall be acceptable to the Company, and shall give notice of such
appointment to all Holders. Any successor Authenticating Agent upon acceptance
of its appointment hereunder shall become vested with all the rights, powers
and duties of its predecessor hereunder, with like effect as if originally
named as an Authenticating Agent.

 

(d)                                 The
Company agrees to pay to each Authenticating Agent from time to time reasonable
compensation for its services under this Section 6.11 in such amounts as
the Company and the Authenticating Agent shall agree from time to time.

 

(e)                                  If
an appointment of an Authenticating Agent is made pursuant to this Section
6.11, the Securities may have endorsed thereon, in addition to the
Trustee’s certificate of authentication, an alternative certificate of
authentication in the following form:

 

This
represents Securities designated therein and referred to in the within
mentioned Indenture.

 

Dated:

 

49

 

	
   

  	
  WILMINGTON
  TRUST COMPANY, not in its

  individual capacity, but solely as Trustee

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Authenticating Agent

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Authorized Officer

  

 

 

ARTICLE VII

 

Holder’s Lists and Reports by Trustee and Company

 

SECTION
7.1.  Company to Furnish Trustee
Names and Addresses of Holders.

 

The
Company will furnish or cause to be furnished to the Trustee:

 

(a)                                  semi-annually,
on or before June 30 and December 31 of each year, a list, in such form as the
Trustee may reasonably require, of the names and addresses of the Holders as of
a date not more than fifteen (15) days prior to the delivery thereof, and

 

(b)                                 at
such other times as the Trustee may request in writing, within thirty (30) days
after the receipt by the Company of any such request, a list of similar form
and content as of a date not more than fifteen (15) days prior to the time such
list is furnished, in each case to the extent such information is in the
possession or control of the Company and has not otherwise been received by the
Trustee in its capacity as Securities Registrar.

 

SECTION
7.2.  Preservation of
Information, Communications to Holders.

 

(a)                                  The
Trustee shall preserve, in as current a form as is reasonably practicable, the
names and addresses of Holders contained in the most recent list furnished to
the Trustee as provided in Section 7.1 and the names and addresses of
Holders received by the Trustee in its capacity as Securities Registrar. The
Trustee may destroy any list furnished to it as provided in Section 7.1
upon receipt of a new list so furnished.

 

(b)                                 The
rights of Holders to communicate with other Holders with respect to their
rights under this Indenture or under the Securities, and the corresponding
rights and privileges of the Trustee, shall be as provided in the Trust
Indenture Act.

 

(c)                                  Every
Holder of Securities, by receiving and holding the same, agrees with the
Company and the Trustee that neither the Company nor the Trustee nor any agent
of either of them shall be held accountable by reason of the disclosure of
information as to the names and addresses of the Holders made pursuant to the
Trust Indenture Act.

 

50

 

SECTION 7.3.  Reports by Company
and Trustee.

 

(a)                                  The
Company shall furnish to the Holders and to prospective purchasers of
Securities, upon their request, the information required to be furnished
pursuant to Rule 144A(d)(4) under the Securities Act.  The Company shall furnish to the Trustee and,
so long as the Property Trustee holds any of the Securities, the Company shall
furnish to the Property Trustee, reports on Form FR Y-9C, FR Y-9LP and FR
Y-6 promptly following their filing with the Federal Reserve.

 

(b)                                 The
Company shall furnish to (i) the Holders and to subsequent holders of
Securities, (ii) the Purchaser, (iii) any beneficial owner of the
Securities reasonably identified to the Company (which identification may be
made either by such beneficial owner or by the Placement Agent or the Purchaser)
and (iv) any designee of (i), (ii) or (iii) above, a duly
completed and executed certificate in the form attached hereto as Exhibit A,
including the financial statements referenced in such Exhibit, which certificate
and financial statements shall be so furnished by the Company not later than
forty five (45) days after the end of each of the first three fiscal quarters
of each fiscal year of the Company and not later than ninety (90) days after
the end of each fiscal year of the Company.

 

(c)                                  The
Trustee shall receive all reports, certificates and information, which it is
entitled to receive under each of the Operative Documents (as defined in the
Trust Agreement), and deliver to (i) the Purchaser, (ii) the Placement
Agent and (iii) a designee of (i) or (ii) above, as identified
in writing to the Trustee, all such reports, certificates or information
promptly upon receipt thereof.

 

ARTICLE VIII

 

Consolidation,
Merger, Conveyance, Transfer or Lease

 

SECTION 8.1.  Company May Consolidate,
Etc., Only on Certain Terms.

 

The Company
shall not consolidate with or merge into any other Person or convey, transfer
or lease its properties and assets substantially as an entirety to any Person,
and no Person shall consolidate with or merge into the Company or convey,
transfer or lease its properties and assets substantially as an entirety to the
Company, unless:

 

(a)                                  if
the Company shall consolidate with or merge into another Person or convey,
transfer or lease its properties and assets substantially as an entirety to any
Person, the entity formed by such consolidation or into which the Company is
merged or the Person that acquires by conveyance or transfer, or that leases,
the properties and assets of the Company substantially as an entirety shall be
an entity organized and existing under the laws of the United States of America
or any State or Territory thereof or the District of Columbia and shall
expressly assume, by an indenture supplemental hereto, executed and delivered to
the Trustee, in form reasonably satisfactory to the Trustee, the due and
punctual payment of the principal of and any premium and interest (including
any Additional Interest) on all the Securities and the performance of every
covenant of this Indenture on the part of the Company to be performed or
observed;

 

51

 

(b)                                 immediately
after giving effect to such transaction, no Event of Default, and no event
that, after notice or lapse of time, or both, would constitute an Event of
Default, shall have happened and be continuing; and

 

(c)                                  the
Company has delivered to the Trustee an Officers’ Certificate and an Opinion of
Counsel, each stating that such consolidation, merger, conveyance, transfer or
lease and, if a supplemental indenture is required in connection with such
transaction, any such supplemental indenture comply with this Article VIII
and that all conditions precedent herein provided for relating to such
transaction have been complied with; and the Trustee may rely upon such
Officers’ Certificate and Opinion of Counsel as conclusive evidence that such
transaction complies with this Section 8.1.

 

SECTION 8.2.  Successor
Company Substituted.

 

(a)                                  Upon
any consolidation or merger by the Company with or into any other Person, or
any conveyance, transfer or lease by the Company of its properties and assets
substantially as an entirety to any Person in accordance with Section 8.1
and the execution and delivery to the Trustee of the supplemental indenture
described in Section 8.1(a), the successor entity formed by such
consolidation or into which the Company is merged or to which such conveyance,
transfer or lease is made shall succeed to, and be substituted for, and may
exercise every right and power of, the Company under this Indenture with the
same effect as if such successor Person had been named as the Company herein;
and in the event of any such conveyance or transfer, following the execution
and delivery of such supplemental indenture, the Company shall be discharged
from all obligations and covenants under the Indenture and the Securities.

 

(b)                                 Such
successor Person may cause to be executed, and may issue either in its own name
or in the name of the Company, any or all of the Securities issuable hereunder that
theretofore shall not have been signed by the Company and delivered to the
Trustee; and, upon the order of such successor Person instead of the Company
and subject to all the terms, conditions and limitations in this Indenture
prescribed, the Trustee shall authenticate and shall deliver any Securities
that previously shall have been signed and delivered by the officers of the
Company to the Trustee for authentication, and any Securities that such
successor Person thereafter shall cause to be executed and delivered to the
Trustee on its behalf. All the Securities so issued shall in all respects have
the same legal rank and benefit under this Indenture as the Securities
theretofore or thereafter issued in accordance with the terms of this
Indenture.

 

(c)                                  In
case of any such consolidation, merger, sale, conveyance or lease, such changes
in phraseology and form may be made in the Securities thereafter to be issued
as may be appropriate to reflect such occurrence.

 

ARTICLE IX

 

Supplemental
Indentures

 

SECTION 9.1.  Supplemental Indentures without
Consent of Holders.

 

Without the
consent of any Holders, the Company, when authorized by a Board Resolution, and
the Trustee, at any time and from time to time, may enter into one or more 

 

52

 

indentures
supplemental hereto, in form reasonably satisfactory to the Trustee, for any of
the following purposes:

 

(a)                                  to
evidence the succession of another Person to the Company, and the assumption by
any such successor of the covenants of the Company herein and in the
Securities; or

 

(b)                                 to
cure any ambiguity, to correct or supplement any provision herein that may be
defective or inconsistent with any other provision herein, or to make or amend any
other provisions with respect to matters or questions arising under this
Indenture, which shall not be inconsistent with the other provisions of this
Indenture, provided, that such action pursuant to
this clause (b) shall not adversely affect in any material respect the
interests of any Holders or the holders of the Preferred Securities; or

 

(c)                                  to
add to the covenants, restrictions or obligations of the Company or to add to
the Events of Default, provided, that
such action pursuant to this clause (c) shall not adversely affect in any
material respect the interests of any Holders or the holders of the Preferred
Securities; or

 

(d)                                 to
modify, eliminate or add to any provisions of the Indenture or the Securities
to such extent as shall be necessary to ensure that the Securities are treated as
indebtedness of the Company for United States Federal income tax purposes, provided, that such action pursuant to this clause (d) shall
not adversely affect in any material respect the interests of any Holders or
the holders of the Preferred Securities.

 

SECTION 9.2.  Supplemental
Indentures with Consent of Holders.

 

(a)                                  With
the consent of the Holders of not less than a majority in aggregate principal
amount of the Outstanding Securities, by Act of said Holders delivered to the
Company and the Trustee, the Company, when authorized by a Board Resolution,
and the Trustee may enter into an indenture or indentures supplemental hereto
for the purpose of adding any provisions to or changing in any manner or
eliminating any of the provisions of this Indenture or of modifying in any
manner the rights of the Holders of Securities under this Indenture; provided, that no such supplemental indenture shall, without
the consent of the Holder of each Outstanding Security,

 

(i)                                     change the Stated
Maturity of the principal or any premium of any Security or change the date of
payment of any installment of interest (including any Additional Interest) on
any Security, or reduce the principal amount thereof or the rate of interest
thereon or any premium payable upon the redemption thereof or change the place
of payment where, or the coin or currency in which, any Security or interest
thereon is payable, or restrict or impair the right to institute suit for the
enforcement of any such payment on or after such date, or

 

(ii)                                  reduce the percentage
in aggregate principal amount of the Outstanding Securities, the consent of
whose Holders is required for any such supplemental indenture, or the consent
of whose Holders is required for any waiver of compliance with any provision of
this Indenture or of defaults hereunder and their consequences provided for in
this Indenture, or

 

53

 

(iii)                               modify any of the
provisions of this Section 9.2, Section 5.13 or Section 10.7,
except to increase any percentage in aggregate principal amount of the
Outstanding Securities, the consent of whose Holders is required for any
reason, or to provide that certain other provisions of this Indenture cannot be
modified or waived without the consent of the Holder of each Security;

 

provided,
further, that, so long as any Preferred Securities
remain outstanding, no amendment under this Section 9.2 shall be
effective until the holders of a majority in Liquidation Amount of the Trust
Securities shall have consented to such amendment; provided,
further, that if the consent of the Holder of each Outstanding
Security is required for any amendment under this Indenture, such amendment
shall not be effective until the holder of each Outstanding Trust Security
shall have consented to such amendment.

 

(b)                                 It
shall not be necessary for any Act of Holders under this Section 9.2
to approve the particular form of any proposed supplemental indenture, but it
shall be sufficient if such Act shall approve the substance thereof.

 

SECTION 9.3.  Execution of Supplemental Indentures.

 

In executing
or accepting the additional trusts created by any supplemental indenture
permitted by this Article IX or the modifications thereby of the
trusts created by this Indenture, the Trustee shall be entitled to receive, and
shall be fully protected in conclusively relying upon, an Officers’ Certificate
and an Opinion of Counsel stating that the execution of such supplemental
indenture is authorized or permitted by this Indenture, and that all conditions
precedent herein provided for relating to such action have been complied with.
The Trustee may, but shall not be obligated to, enter into any such
supplemental indenture that affects the Trustee’s own rights, duties,
indemnities or immunities under this Indenture or otherwise.  Copies of the final form of each supplemental
indenture shall be delivered by the Trustee at the expense of the Company to
each Holder, and, if the Trustee is the Property Trustee, to each holder of
Preferred Securities, promptly after the execution thereof.

 

SECTION 9.4.  Effect of
Supplemental Indentures.

 

Upon the
execution of any supplemental indenture under this Article IX, this
Indenture shall be modified in accordance therewith, and such supplemental
indenture shall form a part of this Indenture for all purposes; and every
Holder of Securities theretofore or thereafter authenticated and delivered
hereunder shall be bound thereby.

 

SECTION 9.5.  Reference in
Securities to Supplemental Indentures.

 

Securities
authenticated and delivered after the execution of any supplemental indenture
pursuant to this Article IX may, and shall if required by the
Company, bear a notation in form approved by the Company as to any matter
provided for in such supplemental indenture. If the Company shall so determine,
new Securities so modified as to conform, in the opinion of the Company, to any
such supplemental indenture may be prepared and executed by the Company and
authenticated and delivered by the Trustee in exchange for Outstanding
Securities.

 

54

 

ARTICLE X

 

Covenants

 

SECTION 10.1.  Payment of Principal, Premium and
Interest.

 

The Company
covenants and agrees for the benefit of the Holders of the Securities that it
will duly and punctually pay the principal of and any premium and interest
(including any Additional Interest) on the Securities in accordance with the
terms of the Securities and this Indenture.

 

SECTION 10.2.  Money for
Security Payments to be Held in Trust.

 

(a)                                  If
the Company shall at any time act as its own Paying Agent with respect to the
Securities, it will, on or before each due date of the principal of and any
premium or interest (including any Additional Interest) on the Securities,
segregate and hold in trust for the benefit of the Persons entitled thereto a
sum sufficient to pay the principal and any premium or interest (including
Additional Interest) so becoming due until such sums shall be paid to such
Persons or otherwise disposed of as herein provided, and will promptly notify
the Trustee in writing of its failure so to act.

 

(b)                                 Whenever
the Company shall have one or more Paying Agents, it will, prior to 10:00 a.m.,
New York City time, on each due date of the principal of or any premium or
interest (including any Additional Interest) on any Securities, deposit with a
Paying Agent a sum sufficient to pay such amount, such sum to be held as
provided in the Trust Indenture Act and (unless such Paying Agent is the
Trustee) the Company will promptly notify the Trustee of its failure so to act.

 

(c)                                  The
Company will cause each Paying Agent for the Securities other than the Trustee
to execute and deliver to the Trustee an instrument in which such Paying Agent
shall agree with the Trustee, subject to the provisions of this Section 10.2,
that such Paying Agent will (i) comply with the provisions of this
Indenture and the Trust Indenture Act applicable to it as a Paying Agent and (ii) during
the continuance of any default by the Company (or any other obligor upon the
Securities) in the making of any payment in respect of the Securities, upon the
written request of the Trustee, forthwith pay to the Trustee all sums held in
trust by such Paying Agent for payment in respect of the Securities.

 

(d)                                 The
Company may at any time, for the purpose of obtaining the satisfaction and
discharge of this Indenture or for any other purpose, pay, or by Company Order
direct any Paying Agent to pay, to the Trustee all sums held in trust by the
Company or such Paying Agent, such sums to be held by the Trustee upon the same
terms as those upon which such sums were held by the Company or such Paying
Agent; and, upon such payment by any Paying Agent to the Trustee, such Paying
Agent shall be released from all further liability with respect to such money.

 

(e)                                  Any
money deposited with the Trustee or any Paying Agent, or then held by the
Company in trust for the payment of the principal of and any premium or
interest (including any Additional Interest) on any Security and remaining
unclaimed for two years after such principal 

 

55

 

and any
premium or interest has become due and payable shall (unless otherwise required
by mandatory provision of applicable escheat or abandoned or unclaimed property
law) be paid on Company Request to the Company, or (if then held by the
Company) shall (unless otherwise required by mandatory provision of applicable
escheat or abandoned or unclaimed property law) be discharged from such trust;
and the Holder of such Security shall thereafter, as an unsecured general
creditor, look only to the Company for payment thereof, and all liability of
the Trustee or such Paying Agent with respect to such trust money, and all
liability of the Company as trustee thereof, shall thereupon cease; provided, that the Trustee or such Paying Agent, before
being required to make any such repayment, may at the expense of the Company
cause to be published once, in a newspaper published in the English language,
customarily published on each Business Day and of general circulation in the
Borough of Manhattan, The City of New York, notice that such money remains
unclaimed and that, after a date specified therein, which shall not be less
than thirty (30) days from the date of such publication, any unclaimed balance
of such money then remaining will be repaid to the Company.

 

SECTION 10.3.  Statement as to
Compliance.

 

The Company
shall deliver to the Trustee, within one hundred and twenty (120) days after
the end of each fiscal year of the Company ending after the date hereof, an
Officers’ Certificate (substantially in the form attached hereto as Exhibit B)
covering the preceding fiscal year, stating whether or not to the knowledge of
the signers thereof the Company is in default in the performance or observance
of any of the terms, provisions and conditions of this Indenture (without
regard to any period of grace or requirement of notice provided hereunder), and
if the Company shall be in default, specifying all such defaults and the nature
and status thereof of which they may have knowledge.

 

SECTION 10.4.  Calculation Agent.

 

(a)                                  The
Company hereby agrees that for so long as any of the Securities remain
Outstanding, there will at all times be an agent appointed to calculate LIBOR
in respect of each Interest Payment Date in accordance with the terms of Schedule A
(the “Calculation Agent”).  The Company has initially appointed the Property
Trustee as Calculation Agent for purposes of determining LIBOR for each
Interest Payment Date.  The Calculation
Agent may be removed by the Company at any time.  Except as described in the immediately
preceding sentence, so long as the Property Trustee holds any of the
Securities, the Calculation Agent shall be the Property Trustee.   If the Calculation Agent is unable or
unwilling to act as such or is removed by the Company, the Company will
promptly appoint as a replacement Calculation Agent the London office of a
leading bank which is engaged in transactions in Eurodollar deposits in the
international Eurodollar market and which does not control or is not controlled
by or under common control with the Company or its Affiliates.  The Calculation Agent may not resign its
duties without a successor having been duly appointed.

 

(b)                                 The
Calculation Agent shall be required to agree that, as soon as possible after
11:00 a.m. (London time) on each LIBOR Determination Date (as defined in Schedule A),
but in no event later than 11:00 a.m. (London time) on the Business Day
immediately following each LIBOR Determination Date, the Calculation Agent will
calculate the interest rate (rounded to the nearest cent, with half a cent
being rounded upwards) for the related Interest Payment Date, and 

 

56

 

will
communicate such rate and amount to the Company, the Trustee, each Paying Agent
and the Depositary. The Calculation Agent will also specify to the Company the
quotations upon which the foregoing rates and amounts are based and, in any
event, the Calculation Agent shall notify the Company before 5:00 p.m.
(London time) on each LIBOR Determination Date that either:  (i) it has determined or is in the
process of determining the foregoing rates and amounts or (ii) it has not
determined and is not in the process of determining the foregoing rates and
amounts, together with its reasons therefor. 
The Calculation Agent’s determination of the foregoing rates and amounts
for any Interest Payment Date will (in the absence of manifest error) be final
and binding upon all parties.  For the
sole purpose of calculating the interest rate for the Securities, “Business Day”
shall be defined as any day on which dealings in deposits in Dollars are
transacted in the London interbank market.

 

SECTION 10.5.  Additional Tax Sums.

 

So long as no
Event of Default has occurred and is continuing, if (a) the Trust is the
Holder of all of the Outstanding Securities and (b) a Tax Event described
in clause (i) or (iii) in the definition of Tax Event in Section 1.1
hereof has occurred and is continuing, the Company shall pay to the Trust (and
its permitted successors or assigns under the related Trust Agreement) for so
long as the Trust (or its permitted successor or assignee) is the registered
holder of the Outstanding Securities, such amounts as may be necessary in order
that the amount of Distributions (including any Additional Interest Amount (as
defined in the Trust Agreement)) then due and payable by the Trust on the
Preferred Securities and Common Securities that at any time remain outstanding
in accordance with the terms thereof shall not be reduced as a result of any
Additional Taxes arising from such Tax Event (additional such amounts payable
by the Company to the Trust, the “Additional Tax Sums”).
Whenever in this Indenture or the Securities there is a reference in any
context to the payment of principal of or interest on the Securities, such
mention shall be deemed to include mention of the payments of the Additional
Tax Sums provided for in this Section 10.5 to the extent that, in
such context, Additional Tax Sums are, were or would be payable in respect
thereof pursuant to the provisions of this Section 10.5 and express
mention of the payment of Additional Tax Sums (if applicable) in any provisions
hereof shall not be construed as excluding Additional Tax Sums in those
provisions hereof where such express mention is not made; provided,
that the deferral of the payment of interest pursuant to Section 3.9
on the Securities shall not defer the payment of any Additional Tax Sums that
may be due and payable.

 

SECTION 10.6.  Additional Covenants.

 

(a)                                  The
Company covenants and agrees with each Holder of Securities that if an Event of
Default shall have occurred and be continuing or the Company shall have given
notice of its election to begin an Extension Period with respect to the
Securities and shall not have rescinded such notice, or such Extension Period,
or any extension thereof, shall be continuing, it shall not (i) declare or
pay any dividends or distributions on, or redeem, purchase, acquire or make a
liquidation payment with respect to, any shares of the Company’s capital stock,
or (ii) make any payment of principal of or any interest or premium on or
repay, repurchase or redeem any debt securities of the Company that rank pari passu in all respects with or junior in interest to the
Securities (other than (A) repurchases, redemptions or other acquisitions
of shares of capital stock of the Company in connection with any employment
contract, benefit plan or other 

 

57

 

similar
arrangement with or for the benefit of any one or more employees, officers,
directors or consultants, in connection with a dividend reinvestment or
stockholder stock purchase plan or in connection with the issuance of capital
stock of the Company (or securities convertible into or exercisable for such
capital stock) as consideration in an acquisition transaction entered into
prior to the applicable Event of Default or Extension Period, (B) as a
result of an exchange or conversion of any class or series of the Company’s
capital stock (or any capital stock of a Subsidiary of the Company) for any
class or series of the Company’s capital stock or of any class or series of the
Company’s indebtedness for any class or series of the Company’s capital stock, (C) the
purchase of fractional interests in shares of the Company’s capital stock
pursuant to the conversion or exchange provisions of such capital stock or the
security being converted or exchanged, (D) any declaration of a dividend
in connection with any Rights Plan, the issuance of rights, stock or other
property under any Rights Plan or the redemption or repurchase of rights
pursuant thereto, or (E) any dividend in the form of stock, warrants,
options or other rights where the dividend stock or the stock issuable upon
exercise of such warrants, options or other rights is the same stock as that on
which the dividend is being paid or ranks pari passu with
or junior to such stock).

 

(b)                                 The
Company also covenants with each Holder of Securities (i) to hold,
directly or indirectly, one hundred percent (100%) of the Common Securities of
the Trust, provided, that any permitted successor
of the Company hereunder may succeed to the Company’s ownership of such Common
Securities, (ii) as holder of such Common Securities, not to voluntarily dissolve,
wind-up or liquidate the Trust other than (A) in connection with a
distribution of the Securities to the holders of the Preferred Securities in
liquidation of the Trust or (B) in connection with certain mergers,
consolidations or amalgamations permitted by the Trust Agreement and (iii) to
use its reasonable commercial efforts, consistent with the terms and provisions
of the Trust Agreement, to cause the Trust to continue to be taxable as a
grantor trust and not as a corporation for United States Federal income tax
purposes.

 

SECTION 10.7.  Waiver of Covenants.

 

The Company
may omit in any particular instance to comply with any covenant or condition
contained in Section 10.6 if, before or after the time for such
compliance, the Holders of at least a majority in aggregate principal amount of
the Outstanding Securities shall, by Act of such Holders, and at least a
majority of the aggregate Liquidation Amount of the Preferred Securities then
outstanding, by consent of such holders, either waive such compliance in such
instance or generally waive compliance with such covenant or condition, but no
such waiver shall extend to or affect such covenant or condition except to the
extent so expressly waived, and, until such waiver shall become effective, the
obligations of the Company in respect of any such covenant or condition shall
remain in full force and effect.

 

SECTION 10.8.  Treatment of
Securities.

 

The Company
will treat the Securities as indebtedness, and the amounts payable in respect
of the principal amount of such Securities as interest, for all U.S. federal
income tax purposes.  All payments in
respect of the Securities will be made free and clear of U.S. withholding tax to
any beneficial owner thereof that has provided an Internal Revenue Service 

 

58

 

Form W-8BEN
(or any substitute or successor form) establishing its non-U.S. status for U.S.
federal income tax purposes.

 

ARTICLE XI

 

Redemption of
Securities

 

SECTION 11.1.  Optional Redemption.

 

The Company
may, at its option, on any Interest Payment Date, on or after September 30,
2015, redeem the Securities in whole at any time or in part from time to time,
at a Redemption Price equal to one hundred percent (100%) of the principal
amount thereof (or of the redeemed portion thereof, as applicable), together,
in the case of any such redemption, with accrued interest, including any
Additional Interest, to but excluding the date fixed for redemption; provided, that the Company shall have received the prior approval
of the Federal Reserve with respect to such redemption if then required.

 

SECTION 11.2.  Special Event
Redemption.

 

Upon the
occurrence and during the continuation of a Special Event, the Company may, at
its option, redeem the Securities, in whole but not in part, at a redemption price
equal to one hundred (100%) percent of the principal amount thereof, together,
in the case of any such redemption, with accrued interest, including any
Additional Interest, to but excluding the date fixed for redemption (the “Special
Event Redemption Price”); provided, that
the Company shall have received the prior approval of the Federal Reserve with
respect to such redemption if then required.

 

SECTION 11.3.  Election to Redeem;
Notice to Trustee.

 

The election
of the Company to redeem any Securities, in whole or in part, shall be
evidenced by or pursuant to a Board Resolution. 
In case of any redemption at the election of the Company, the Company
shall, not less than forty five (45) days and not more than seventy five (75)
days prior to the Redemption Date (unless a shorter notice shall be
satisfactory to the Trustee), notify the Trustee and the Property Trustee under
the Trust Agreement in writing of such date and of the principal amount of the
Securities to be redeemed and provide the additional information required to be
included in the notice or notices contemplated by Section 11.5. In
the case of any redemption of Securities, in whole or in part, (a) prior
to the expiration of any restriction on such redemption provided in this
Indenture or the Securities or (b) pursuant to an election of the Company
which is subject to a condition specified in this Indenture or the Securities,
the Company shall furnish the Trustee with an Officers’ Certificate and an
Opinion of Counsel evidencing compliance with such restriction or condition.

 

SECTION 11.4.  Selection of
Securities to be Redeemed.

 

(a)                                  If
less than all the Securities are to be redeemed, the particular Securities to
be redeemed shall be selected and redeemed on a pro rata basis not more than
sixty (60) days prior to the Redemption Date by the Trustee from the
Outstanding Securities not previously called for redemption, provided, that the unredeemed portion of the principal
amount of any Security shall 

 

59

 

be in an
authorized denomination (which shall not be less than the minimum authorized
denomination) for such Security.

 

(b)                                 The
Trustee shall promptly notify the Company in writing of the Securities selected
for redemption and, in the case of any Securities selected for partial
redemption, the principal amount thereof to be redeemed. For all purposes of
this Indenture, unless the context otherwise requires, all provisions relating
to the redemption of Securities shall relate, in the case of any Security
redeemed or to be redeemed only in part, to the portion of the principal amount
of such Security that has been or is to be redeemed.

 

(c)                                  The
provisions of paragraphs (a) and (b) of this Section 11.4
shall not apply with respect to any redemption affecting only a single
Security, whether such Security is to be redeemed in whole or in part. In the
case of any such redemption in part, the unredeemed portion of the principal
amount of the Security shall be in an authorized denomination (which shall not
be less than the minimum authorized denomination) for such Security.

 

SECTION 11.5.  Notice of
Redemption.

 

(a)                                  Notice
of redemption shall be given not later than the thirtieth (30th) day, and not
earlier than the sixtieth (60th) day, prior to the Redemption Date to each
Holder of Securities to be redeemed, in whole or in part (unless a shorter
notice shall be satisfactory to the Property Trustee under the related Trust
Agreement).

 

(b)                                 With
respect to Securities to be redeemed, in whole or in part, each notice of
redemption shall state:

 

(i)                                     the Redemption
Date;

 

(ii)                                  the Redemption Price
or, if the Redemption Price cannot be calculated prior to the time the notice
is required to be sent, the estimate of the Redemption Price, as calculated by
the Company, together with a statement that it is an estimate and that the
actual Redemption Price will be calculated on the fifth Business Day prior to
the Redemption Date (and if an estimate is provided, a further notice shall be
sent of the actual Redemption Price on the date that such Redemption Price is
calculated);

 

(iii)                               if less than all
Outstanding Securities are to be redeemed, the identification (and, in the case
of partial redemption, the respective principal amounts) of the particular
Securities to be redeemed;

 

(iv)                              that on the Redemption
Date, the Redemption Price will become due and payable upon each such Security
or portion thereof, and that any interest (including any Additional Interest)
on such Security or such portion, as the case may be, shall cease to accrue on
and after said date; and

 

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

 

60

 

(c)                                  Notice
of redemption of Securities to be redeemed, in whole or in part, at the
election of the Company shall be given by the Company or, at the Company’s
request, by the Trustee in the name and at the expense of the Company and shall
be irrevocable. The notice if mailed in the manner provided above shall be
conclusively presumed to have been duly given, whether or not the Holder
receives such notice. In any case, a failure to give such notice by mail or any
defect in the notice to the Holder of any Security designated for redemption as
a whole or in part shall not affect the validity of the proceedings for the
redemption of any other Security.

 

SECTION 11.6.  Deposit of
Redemption Price.

 

Prior to 10:00 a.m.,
New York City time, on the Redemption Date specified in the notice of redemption
given as provided in Section 11.5, the Company will deposit with
the Trustee or with one or more Paying Agents (or if the Company is acting as
its own Paying Agent, the Company will segregate and hold in trust as provided
in Section 10.2) an amount of money sufficient to pay the
Redemption Price of, and any accrued interest (including any Additional
Interest) on, all the Securities (or portions thereof) that are to be redeemed
on that date.

 

SECTION 11.7.  Payment of
Securities Called for Redemption.

 

(a)                                  If
any notice of redemption has been given as provided in Section 11.5,
the Securities or portion of Securities with respect to which such notice has
been given shall become due and payable on the date and at the place or places
stated in such notice at the applicable Redemption Price, together with accrued
interest (including any Additional Interest) to the Redemption Date. On
presentation and surrender of such Securities at a Place of Payment specified
in such notice, the Securities or the specified portions thereof shall be paid
and redeemed by the Company at the applicable Redemption Price, together with
accrued interest (including any Additional Interest) to the Redemption Date.

 

(b)                                 Upon
presentation of any Security redeemed in part only, the Company shall execute
and upon receipt thereof the Trustee shall authenticate and deliver to the
Holder thereof, at the expense of the Company, a new Security or Securities, of
authorized denominations, in aggregate principal amount equal to the unredeemed
portion of the Security so presented and having the same Original Issue Date,
Stated Maturity and terms.

 

(c)                                  If
any Security called for redemption shall not be so paid upon surrender thereof
for redemption, the principal of and any premium on such Security shall, until
paid, bear interest from the Redemption Date at the rate prescribed therefor in
the Security.

 

ARTICLE XII

 

Subordination
of Securities

 

SECTION 12.1.  Securities
Subordinate to Senior Debt.

 

The Company
covenants and agrees, and each Holder of a Security, by its acceptance thereof,
likewise covenants and agrees, that, to the extent and in the manner
hereinafter set forth in this Article XII, the payment of the
principal of and any premium and interest (including any 

 

61

 

Additional
Interest) on each and all of the Securities are hereby expressly made
subordinate and subject in right of payment to the prior payment in full of all
Senior Debt.

 

SECTION 12.2.  No Payment When
Senior Debt in Default; Payment Over of Proceeds Upon Dissolution, Etc.

 

(a)                                  In
the event and during the continuation of any default by the Company in the
payment of any principal of or any premium or interest on any Senior Debt
(following any grace period, if applicable) when the same becomes due and
payable, whether at maturity or at a date fixed for prepayment or by
declaration of acceleration or otherwise, then, upon written notice of such
default to the Company by the holders of such Senior Debt or any trustee
therefor, unless and until such default shall have been cured or waived or
shall have ceased to exist, no direct or indirect payment (in cash, property,
securities, by set-off or otherwise) shall be made or agreed to be made on
account of the principal of or any premium or interest (including any
Additional Interest) on any of the Securities, or in respect of any redemption,
repayment, retirement, purchase or other acquisition of any of the Securities.

 

(b)                                 In
the event of a bankruptcy, insolvency or other proceeding described in clause (d) or
(e) of the definition of Event of Default (each such event, if any, herein
sometimes referred to as a “Proceeding”),
all Senior Debt (including any interest thereon accruing after the commencement
of any such proceedings) shall first be paid in full before any payment or
distribution, whether in cash, securities or other property, shall be made to
any Holder of any of the Securities on account thereof. Any payment or
distribution, whether in cash, securities or other property (other than
securities of the Company or any other entity provided for by a plan of
reorganization or readjustment the payment of which is subordinate, at least to
the extent provided in these subordination provisions with respect to the
indebtedness evidenced by the Securities, to the payment of all Senior Debt at
the time outstanding and to any securities issued in respect thereof under any
such plan of reorganization or readjustment), which would otherwise (but for
these subordination provisions) be payable or deliverable in respect of the
Securities shall be paid or delivered directly to the holders of Senior Debt in
accordance with the priorities then existing among such holders until all
Senior Debt  (including any interest
thereon accruing after the commencement of any Proceeding) shall have been paid
in full.

 

(c)                                  In
the event of any Proceeding, after payment in full of all sums owing with
respect to Senior Debt, the Holders of the Securities, together with the
holders of any obligations of the Company ranking on a parity with the
Securities, shall be entitled to be paid from the remaining assets of the
Company the amounts at the time due and owing on account of unpaid principal of
and any premium and interest (including any Additional Interest) on the Securities
and such other obligations before any payment or other distribution, whether in
cash, property or otherwise, shall be made on account of any capital stock or
any obligations of the Company ranking junior to the Securities and such other
obligations. If, notwithstanding the foregoing, any payment or distribution of
any character or any security, whether in cash, securities or other property
(other than securities of the Company or any other entity provided for by a
plan of reorganization or readjustment the payment of which is subordinate, at
least to the extent provided in these subordination provisions with respect to
the indebtedness evidenced by the Securities, to the payment of all Senior Debt
at the time outstanding and to any securities issued in respect thereof under
any such plan of reorganization or readjustment) shall be received by the 

 

62

 

Trustee or any
Holder in contravention of any of the terms hereof and before all Senior Debt
shall have been paid in full, such payment or distribution or security shall be
received in trust for the benefit of, and shall be paid over or delivered and
transferred to, the holders of the Senior Debt at the time outstanding in
accordance with the priorities then existing among such holders for application
to the payment of all Senior Debt remaining unpaid, to the extent necessary to
pay all such Senior Debt (including any interest thereon accruing after the
commencement of any Proceeding) in full. In the event of the failure of the
Trustee or any Holder to endorse or assign any such payment, distribution or
security, each holder of Senior Debt is hereby irrevocably authorized to
endorse or assign the same.

 

(d)                                 The
Trustee and the Holders, at the expense of the Company, shall take such
reasonable action  (including the
delivery of this Indenture to an agent for any holders of Senior Debt or
consent to the filing of a financing statement with respect hereto) as may, in
the opinion of counsel designated by the holders of a majority in principal
amount of the Senior Debt at the time outstanding, be necessary or appropriate
to assure the effectiveness of the subordination effected by these provisions.

 

(e)                                  The
provisions of this Section 12.2 shall not impair any rights, interests,
remedies or powers of any secured creditor of the Company in respect of any
security interest the creation of which is not prohibited by the provisions of
this Indenture.

 

(f)                                    The
securing of any obligations of the Company, otherwise ranking on a parity with
the Securities or ranking junior to the Securities, shall not be deemed to
prevent such obligations from constituting, respectively, obligations ranking
on a parity with the Securities or ranking junior to the Securities.

 

SECTION 12.3.  Payment Permitted If
No Default.

 

Nothing
contained in this Article XII or elsewhere in this Indenture or in
any of the Securities shall prevent (a) the Company, at any time, except
during the pendency of the conditions described in paragraph (a) of Section 12.2
or of any Proceeding referred to in Section 12.2, from making
payments at any time of principal of and any premium or interest (including any
Additional Interest) on the Securities or (b) the application by the
Trustee of any moneys deposited with it hereunder to the payment of or on
account of the principal of and any premium or interest (including any
Additional Interest) on the Securities or the retention of such payment by the
Holders, if, at the time of such application by the Trustee, it did not have
knowledge (in accordance with Section 12.8) that such payment would
have been prohibited by the provisions of this Article XII, except
as provided in Section 12.8.

 

SECTION 12.4.  Subrogation to
Rights of Holders of Senior Debt.

 

Subject to the
payment in full of all amounts due or to become due on all Senior Debt, or the
provision for such payment in cash or cash equivalents or otherwise in a manner
satisfactory to the holders of Senior Debt, the Holders of the Securities shall
be subrogated to the extent of the payments or distributions made to the
holders of such Senior Debt pursuant to the provisions of this Article XII
(equally and ratably with the holders of all indebtedness of the Company that
by its express terms is subordinated to Senior Debt of the Company to
substantially the same

 

63

 

extent as the
Securities are subordinated to the Senior Debt and is entitled to like rights
of subrogation by reason of any payments or distributions made to holders of
such Senior Debt) to the rights of the holders of such Senior Debt to receive
payments and distributions of cash, property and securities applicable to the
Senior Debt until the principal of and any premium and interest (including any
Additional Interest) on the Securities shall be paid in full. For purposes of
such subrogation, no payments or distributions to the holders of the Senior
Debt of any cash, property or securities to which the Holders of the Securities
or the Trustee would be entitled except for the provisions of this Article XII,
and no payments made pursuant to the provisions of this Article XII
to the holders of Senior Debt by Holders of the Securities or the Trustee,
shall, as among the Company, its creditors other than holders of Senior Debt,
and the Holders of the Securities, be deemed to be a payment or distribution by
the Company to or on account of the Senior Debt.

 

SECTION 12.5.  Provisions Solely to
Define Relative Rights.

 

The provisions
of this Article XII are and are intended solely for the purpose of
defining the relative rights of the Holders of the Securities on the one hand
and the holders of Senior Debt on the other hand. Nothing contained in this Article XII
or elsewhere in this Indenture or in the Securities is intended to or shall (a) impair,
as between the Company and the Holders of the Securities, the obligations of
the Company, which are absolute and unconditional, to pay to the Holders of the
Securities the principal of and any premium and interest (including any
Additional Interest) on the Securities as and when the same shall become due
and payable in accordance with their terms, (b) affect the relative rights
against the Company of the Holders of the Securities and creditors of the
Company other than their rights in relation to the holders of Senior Debt or (c) prevent
the Trustee or the Holder of any Security (or to the extent expressly provided
herein, the holder of any Preferred Security) from exercising all remedies
otherwise permitted by applicable law upon default under this Indenture,
including filing and voting claims in any Proceeding, subject to the rights, if
any, under this Article XII of the holders of Senior Debt to
receive cash, property and securities otherwise payable or deliverable to the
Trustee or such Holder.

 

SECTION 12.6.  Trustee to
Effectuate Subordination.

 

Each Holder of
a Security by his or her acceptance thereof authorizes and directs the Trustee
on his or her behalf to take such action as may be necessary or appropriate to
acknowledge or effectuate the subordination provided in this Article XII
and appoints the Trustee his or her attorney-in-fact for any and all such
purposes.

 

SECTION 12.7.  No Waiver of
Subordination Provisions.

 

(a)                                  No
right of any present or future holder of any Senior Debt to enforce
subordination as herein provided shall at any time in any way be prejudiced or
impaired by any act or failure to act on the part of the Company or by any act
or failure to act, in good faith, by any such holder, or by any noncompliance
by the Company with the terms, provisions and covenants of this Indenture,
regardless of any knowledge thereof that any such holder may have or be
otherwise charged with.

 

64

 

(b)                                 Without
in any way limiting the generality of paragraph (a) of this Section 12.7,
the holders of Senior Debt may, at any time and from to time, without the
consent of or notice to the Trustee or the Holders of the Securities, without
incurring responsibility to such Holders of the Securities and without
impairing or releasing the subordination provided in this Article XII
or the obligations hereunder of such Holders of the Securities to the holders
of Senior Debt, do any one or more of the following: (i) change the
manner, place or terms of payment or extend the time of payment of, or renew or
alter, Senior Debt, or otherwise amend or supplement in any manner Senior Debt
or any instrument evidencing the same or any agreement under which Senior Debt
is outstanding, (ii) sell, exchange, release or otherwise deal with any
property pledged, mortgaged or otherwise securing Senior Debt, (iii) release
any Person liable in any manner for the payment of Senior Debt and (iv) exercise
or refrain from exercising any rights against the Company and any other Person.

 

SECTION 12.8.  Notice to Trustee.

 

(a)                                  The
Company shall give prompt written notice to a Responsible Officer of the
Trustee of any fact known to the Company that would prohibit the making of any
payment to or by the Trustee in respect of the Securities. Notwithstanding the
provisions of this Article XII or any other provision of this
Indenture, the Trustee shall not be charged with knowledge of the existence of
any facts that would prohibit the making of any payment to or by the Trustee in
respect of the Securities, unless and until a Responsible Officer of the
Trustee shall have received written notice thereof from the Company or a holder
of Senior Debt or from any trustee, agent or representative therefor; provided, that if the Trustee shall not have received the
notice provided for in this Section 12.8 at least two Business Days
prior to the date upon which by the terms hereof any monies may become payable
for any purpose (including, the payment of the principal of and any premium on
or interest (including any Additional Interest) on any Security), then,
anything herein contained to the contrary notwithstanding, the Trustee shall
have full power and authority to receive such monies and to apply the same to
the purpose for which they were received and shall not be affected by any
notice to the contrary that may be received by it within two Business Days
prior to such date.

 

(b)                                 The
Trustee shall be entitled to rely on the delivery to it of a written notice by
a Person representing himself or herself to be a holder of Senior Debt (or a
trustee, agent, representative or attorney-in-fact therefor) to establish that
such notice has been given by a holder of Senior Debt (or a trustee, agent,
representative or attorney-in-fact therefor). In the event that the Trustee
determines in good faith that further evidence is required with respect to the
right of any Person as a holder of Senior Debt to participate in any payment or
distribution pursuant to this Article XII, the Trustee may request
such Person to furnish evidence to the reasonable satisfaction of the Trustee
as to the amount of Senior Debt held by such Person, the extent to which such
Person is entitled to participate in such payment or distribution and any other
facts pertinent to the rights of such Person under this Article XII,
and if such evidence is not furnished, the Trustee may defer any payment to
such Person pending judicial determination as to the right of such Person to
receive such payment.

 

65

 

SECTION 12.9.  Reliance on Judicial
Order or Certificate of Liquidating Agent.

 

Upon any
payment or distribution of assets of the Company referred to in this Article XII,
the Trustee and the Holders of the Securities shall be entitled to conclusively
rely upon any order or decree entered by any court of competent jurisdiction in
which such Proceeding is pending, or a certificate of the trustee in
bankruptcy, receiver, liquidating trustee, custodian, assignee for the benefit
of creditors, agent or other Person making such payment or distribution,
delivered to the Trustee or to the Holders of Securities, for the purpose of
ascertaining the Persons entitled to participate in such payment or
distribution, the holders of the Senior Debt and other indebtedness of the
Company, the amount thereof or payable thereon, the amount or amounts paid or
distributed thereon and all other facts pertinent thereto or to this Article XII.

 

SECTION 12.10.  Trustee Not
Fiduciary for Holders of Senior Debt.

 

The Trustee,
in its capacity as trustee under this Indenture, shall not owe or be deemed to
owe any fiduciary duty to the holders of Senior Debt and shall not be liable to
any such holders if it shall in good faith mistakenly pay over or distribute to
Holders of Securities or to the Company or to any other Person cash, property
or securities to which any holders of Senior Debt shall be entitled by virtue
of this Article XII or otherwise.

 

SECTION 12.11.  Rights of Trustee as
Holder of Senior Debt; Preservation of Trustee’s Rights.

 

The Trustee in
its individual capacity shall be entitled to all the rights set forth in this Article XII
with respect to any Senior Debt that may at any time be held by it, to the same
extent as any other holder of Senior Debt, and nothing in this Indenture shall
deprive the Trustee of any of its rights as such holder. With respect to the
holders of Senior Debt of the Company, the Trustee undertakes to perform only
such of its obligations as are specifically set forth in this Article XII,
and no implied covenants or obligations with respect to the holders of such
Senior Debt shall be read into this Indenture against the Trustee.  Nothing in this Article XII shall apply
to claims of, or payments to, the Trustee under or pursuant to Section 6.6.

 

SECTION 12.12.  Article Applicable
to Paying Agents.

 

If at any time
any Paying Agent other than the Trustee shall have been appointed by the
Company and be then acting hereunder, the term “Trustee”
as used in this Article XII shall in such case (unless the context
otherwise requires) be construed as extending to and including such Paying
Agent within its meaning as fully for all intents and purposes as if such
Paying Agent were named in this Article XII in addition to or in
place of the Trustee; provided, that Sections
12.8 and 12.11 shall not apply to the Company or any Affiliate of
the Company if the Company or such Affiliate acts as Paying Agent.

 

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.

 

* * * *

 

66

 

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

 

	
   

  	
  REPUBLIC BANCORP, INC.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Kevin Sipes

  	
   

  
	
   

  	
   

  	
  Kevin Sipes

  
	
   

  	
   

  	
  Executive
  Vice President and Chief

  
	
   

  	
   

  	
  Financial
  Officer

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  WILMINGTON
  Trust Company,

  
	
   

  	
  not in its individual capacity, but solely as

  
	
   

  	
  Trustee

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ W.T.
  Morris, II

  	
   

  
	
   

  	
   

  	
  Name:

  	
  W. Thomas
  Morris, II

  
	
   

  	
   

  	
  Title:

  	
  Senior
  Financial Services Officer

  
						

 

 

Schedule A

 

DETERMINATION OF
LIBOR

 

With respect
to the Securities, the London interbank offered rate (“LIBOR”)
shall be determined by the Calculation Agent in accordance with the following
provisions (in each case rounded to the nearest .000001%):

 

(1)                                  On
the second LIBOR Business Day (as defined below) prior to an Interest Payment
Date (each such day, a “LIBOR Determination Date”),
LIBOR for any given security shall, for the following interest payment period,
equal the rate, as obtained by the Calculation Agent from Bloomberg Financial
Markets Commodities News, for three-month U.S. Dollar deposits in Europe, which
appears on Dow Jones Telerate Page 3750 (as defined in the International
Swaps and Derivatives Association, Inc. 1991 Interest Rate and Currency
Exchange Definitions), or such other page as may replace such Page 3750,
as of 11:00 a.m. (London time) on such LIBOR Determination Date.

 

(2)                                  If,
on any LIBOR Determination Date, such rate does not appear on Dow Jones
Telerate Page 3750 or such other page as may replace such Page 3750,
the Calculation Agent shall determine the arithmetic mean of the offered
quotations of the Reference Banks (as defined below) to leading banks in the
London interbank market for three-month U.S. Dollar deposits in Europe in an
amount determined by the Calculation Agent by reference to requests for
quotations as of approximately 11:00 a.m. (London time) on the LIBOR Determination
Date made by the Calculation Agent to the Reference Banks.  If, on any LIBOR Determination Date, at least
two of the Reference Banks provide such quotations, LIBOR shall equal such
arithmetic mean of such quotations.  If,
on any LIBOR Determination Date, only one or none of the Reference Banks
provide such quotations, LIBOR shall be deemed to be the arithmetic mean of the
offered quotations that leading banks in the City of New York selected by the
Calculation Agent are quoting on the relevant LIBOR Determination Date for
three-month U.S. Dollar deposits in Europe in an amount determined by the
Calculation Agent by reference to the principal London offices of leading banks
in the London interbank market; provided that,
if the Calculation Agent is required but is unable to determine a rate in
accordance with at least one of the procedures provided above, LIBOR shall be
LIBOR as determined on the previous LIBOR Determination Date.

 

(3)                                  As
used herein: “Reference Banks” means four major
banks in the London interbank market selected by the Calculation Agent; and “LIBOR Business Day” means a day on which commercial banks
are open for business (including dealings in foreign exchange and foreign
currency deposits) in London.

 

1

 

Exhibit A

 

Officer’s
Certificate

 

The
undersigned, the [Chief Financial Officer] [Treasurer] [Executive Vice
President] hereby certifies, pursuant to Section 7.3(b) of the Junior
Subordinated Indenture, dated as of August 16, 2005, among Republic
Bancorp, Inc. (the “Company”) and Wilmington Trust Company, as
trustee,  that, as of [date], [20__], the
Company had the following ratios and balances:

 

BANK HOLDING
COMPANY 

As of [Quarterly Financial Dates]

 

	
  Tier 1 Risk
  Weighted Assets

  	
   

  	
   

  	
  %

  
	
  Ratio of
  Double Leverage

  	
   

  	
   

  	
  %

  
	
  Non-Performing
  Assets to Loans and OREO

  	
   

  	
   

  	
  %

  
	
  Tangible
  Common Equity as a Percentage of Tangible Assets

  	
   

  	
   

  	
  %

  
	
  Ratio of
  Reserves to Non-Performing Loans

  	
   

  	
   

  	
  %

  
	
  Ratio of Net
  Charge-Offs to Loans

  	
   

  	
   

  	
  %

  
	
  Return on
  Average Assets (annualized)

  	
   

  	
   

  	
  %

  
	
  Net Interest
  Margin (annualized)

  	
   

  	
   

  	
  %

  
	
  Efficiency
  Ratio

  	
   

  	
   

  	
  %

  
	
  Ratio of
  Loans to Assets

  	
   

  	
   

  	
  %

  
	
  Ratio of
  Loans to Deposits

  	
   

  	
   

  	
  %

  
	
  Double
  Leverage (exclude trust preferred as equity)

  	
   

  	
   

  	
  %

  
	
  Total Assets

  	
   

  	
  $

  	
   

  	
   

  
	
  Year to Date
  Income

  	
   

  	
  $

  	
   

  	
   

  

 

* A table describing the
quarterly report calculation procedures is attached.

 

[FOR FISCAL YEAR END: Attached hereto are the audited
consolidated financial statements (including the balance sheet, income
statement and statement of cash flows, and notes thereto, together with the
report of the independent accountants thereon) of the Company and its
consolidated subsidiaries for the three years ended              ,
20     .]

 

[FOR FISCAL QUARTER END: Attached hereto are the unaudited
consolidated and consolidating financial statements (including the balance
sheet and income statement) of the Company and its consolidated subsidiaries
for the fiscal quarter] ended [date], 20   .

 

The financial
statements fairly present in all material respects, in accordance with U.S.
generally accepted accounting principles (“GAAP”), the financial position of
the Company and its consolidated subsidiaries, and the results of operations
and changes in financial condition as of the date, and for the [      
quarter interim] [annual] period ended [date], 20   , and such
financial 

 

1

 

statements
have been prepared in accordance with GAAP consistently applied throughout the
period involved (expect as otherwise noted therein).

 

IN WITNESS
WHEREOF, the undersigned has executed this Officer’s Certificate as of this           
day of                       ,
20   

 

 

	
   

  	
   

  
	
   

  	
  Name:

  
	
   

  	
  Title:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  REPUBLIC
  BANCORP, INC.

  
	
   

  	
  601 West
  Market Street

  
	
   

  	
  Louisville,
  Kentucky 40202

  
	
   

  	
  (502) 560-8628

  

 

2

 

Financial Definitions

 

	
  Report Item

  	
   

  	
  Corresponding FRY-9C or LP Line
  Items with Line

  Item corresponding Schedules

  	
   

  	
  Description of Calculation

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Tier 1 Risk Weighted Assets

  	
   

  	
  BHCK7206

  Schedule HC-R

  	
   

  	
  Tier 1 Risk Ratio: Core Capital (Tier 1)/
  Risk-Adjusted Assets

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Ratio of Double Leverage

  	
   

  	
  (BHCP0365)/(BCHCP3210)

  Schedule PC in the LP

  	
   

  	
  Total equity investments in subsidiaries
  divided by the total equity capital. This field is calculated at the parent
  company level. “Subsidiaries” include bank, bank holding company, and
  non-bank subsidiaries.

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Non-Performing Assets to Loans and OREO

  	
   

  	
  (BHCK5525-BHCK3506+BHCK5526-

  BHCK3507+BHCK2744/(BHCK2122+BHCK2744)

  Schedules HC-C, HC-M & HC-N

  	
   

  	
  Total Nonperforming Assets (NPLs+Foreclosed
  Real Estate+Other Nonaccrual & Repossessed Assets)/Total
  Loans+Foreclosed Real Estate

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Tangible Common Equity as a Percentage of
  Tangible Assets

  	
   

  	
  (BHDM3210-BHCK3163)/(BHCK2170-BHCK3163)

  

  Schedule HC

  	
   

  	
  (Equity Capital – Goodwill)/(Total Assets –
  Goodwill)

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Ratio of Reserves to Non-Performing Loans

  	
   

  	
  (BHCK3123+BHCK3128)/(BHCK5525-

  BHCK3506+BHCK5526-BHCK3507)

  

  Schedules HC & HC-N & HC-R

  	
   

  	
  Total Loan Loss and Allocated Transfer Risk
  Reserves/ Total Nonperforming Loans (Nonaccrual + Restructured)

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Ratio of Net Charge-Offs to Loans

  	
   

  	
  (BHCK4635-BHCK4605)/(BHCK3516)

  

  Schedules HI-B & HC-K

  	
   

  	
  Net charge offs for the period as a
  percentage of average loans.

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Return on Average Assets (annualized)

  	
   

  	
  (BHCK4340/BHCK3368)

  

  Schedules HI & HC-K

  	
   

  	
  Net Income as a percentage of Assets.

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Net Interest Margin (annualized)

  	
   

  	
  (BHCK4519/(BHCK3515+BHCK3365+BHCK3516+BHCK3401+BHCKB985)
  Schedules HI Memorandum and HC-K

  	
   

  	
  (Net Interest Income Fully Taxable
  Equivalent, if available/Average Earning Assets)

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Efficiency Ratio

  	
   

  	
  (BHCK4093)/(BHCK4519+BHCK4079)

  

  Schedule HI

  	
   

  	
  (Non-interest Expense)/(Net Interest Income
  Fully Taxable Equivalent, if available, plus Non-interest Income)

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Ratio of Loans to Assets

  	
   

  	
  (BHCKB528+BHCK5369)/(BHCK2170)

  

  Schedule HC

  	
   

  	
  Total Loans & Leases (Net of
  Unearned Income & Gross of Reserve)/Total Assets

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Ratio of Loans to Deposits

  	
   

  	
  (BHCKB528+BHCK5369)/(BHDM6631+BHDM6

  636+BHFN6631+BHFN6636)

  

  Schedule HC

  	
   

  	
  Total Loans & Leases (Net of
  Unearned Income & Gross of Reserve)/Total Deposits (Includes
  Domestic and Foreign Deposits)

  

 

 

	
  Report Item

  	
   

  	
  Corresponding FRY-9C or LP Line
  Items with Line

  Item corresponding Schedules

  	
   

  	
  Description of Calculation

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Total Assets

  	
   

  	
  (BHCK2170)

  

  Schedule HC

  	
   

  	
  The sum of total assets. Includes cash and
  balances due from depository institutions; securities; federal funds sold and
  securities purchased under agreements to resell; loans and lease financing
  receivables; trading assets; premises and fixed assets; other real estate
  owned; investments in unconsolidated subsidiaries and associated companies;
  customer’s liability on acceptances outstanding; intangible assets; and other
  assets.

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Net Income

  	
   

  	
  (BHCK4300)

  

  Schedule HI

  	
   

  	
  The sum of income (loss)before
  extraordinary items and other adjustments and extraordinary items; and other
  adjustments, net of income taxes.

  

 

2

 

Exhibit B

 

FORM OF

OFFICERS’ CERTIFICATE

UNDER

SECTION 10.3

 

Pursuant to Section 10.3 of the
Indenture, dated as of August 16, 2005 (as amended or supplemented from
time to time, the “Indenture”), between Republic Bancorp, Inc., as issuer
(the “Company”), and Wilmington Trust Company, as trustee, each of the
undersigned hereby certifies that, to the knowledge of the undersigned, the
Company is not in default in the performance or observance of any of the terms,
provisions or conditions contained in the Indenture (without regard to any
period of grace or requirement of notice provided under the Indenture), for the
fiscal year ending on                ,
20    [, except as follows: specify each such default
and the nature and status thereof].

 

Capitalized terms used herein, and not
otherwise defined herein, have the respective meanings assigned thereto in the
Indenture.

 

IN WITNESS WHEREOF, the undersigned have
executed this Officers’ Certificate as of                       ,
20   .

 

	
   

  	
   

  	
   

  
	
   

  	
  Name:

  	
   

  
	
   

  	
  Title:

  	
  [Must be the Chairman of
  the Board,

  
	
   

  	
   

  	
  a Vice Chairman of the Board, the

  
	
   

  	
   

  	
  Chief Executive Officer, the

  
	
   

  	
   

  	
  President, or a Vice President]
  of

  
	
   

  	
   

  	
  Republic Bancorp, Inc.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Name:

  	
   

  
	
   

  	
  Title:

  	
  [Must be the Chief
  Financial Officer,

  
	
   

  	
   

  	
  the Treasurer, an Assistant Treasurer,

  
	
   

  	
   

  	
  the Secretary or an Assistant

  
	
   

  	
   

  	
  Secretary] of Republic Bancorp, Inc.Exhibit 4.2

 

 

AMENDED
AND RESTATED TRUST AGREEMENT

 

among

 

REPUBLIC
BANCORP, INC.,

as
Depositor

 

 

WILMINGTON
TRUST COMPANY,

as
Property Trustee

 

 

WILMINGTON
TRUST COMPANY,

as
Delaware Trustee

 

and

 

 

THE
ADMINISTRATIVE TRUSTEES NAMED HEREIN

as
Administrative Trustees

 

 

Dated
as of August 16, 2005

 

REPUBLIC
BANCORP CAPITAL TRUST

 

 

 

TABLE
OF CONTENTS

 

	
  ARTICLE I. 

  	
  Defined Terms

  	
   

  
	
   

  	
  SECTION 1.1.

  	
  Definitions

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE II. 

  	
  The Trust

  	
   

  
	
   

  	
  SECTION 2.1.

  	
  Name

  	
   

  
	
   

  	
  SECTION 2.2.

  	
  Office of the Delaware Trustee; Principal
  Place of Business

  	
   

  
	
   

  	
  SECTION 2.3.

  	
  Initial Contribution of Trust Property;
  Fees, Costs and Expenses

  	
   

  
	
   

  	
  SECTION 2.4.

  	
  Purposes of Trust

  	
   

  
	
   

  	
  SECTION 2.5.

  	
  Authorization to Enter into Certain
  Transactions

  	
   

  
	
   

  	
  SECTION 2.6.

  	
  Assets of Trust

  	
   

  
	
   

  	
  SECTION 2.7.

  	
  Title to Trust Property

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE III. 

  	
  Payment Account; Paying Agents

  	
   

  
	
   

  	
  SECTION 3.1.

  	
  Payment Account

  	
   

  
	
   

  	
  SECTION 3.2.

  	
  Appointment of Paying Agents

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE IV. 

  	
  Distributions; Redemption

  	
   

  
	
   

  	
  SECTION 4.1.

  	
  Distributions

  	
   

  
	
   

  	
  SECTION 4.2.

  	
  Redemption

  	
   

  
	
   

  	
  SECTION 4.3.

  	
  Subordination of Common Securities

  	
   

  
	
   

  	
  SECTION 4.4.

  	
  Payment Procedures

  	
   

  
	
   

  	
  SECTION 4.5.

  	
  Withholding Tax

  	
   

  
	
   

  	
  SECTION 4.6.

  	
  Tax Returns and Other Reports

  	
   

  
	
   

  	
  SECTION 4.7.

  	
  Payment of Taxes, Duties, Etc. of the Trust

  	
   

  
	
   

  	
  SECTION 4.8.

  	
  Payments under Indenture or Pursuant to
  Direct Actions

  	
   

  
	
   

  	
  SECTION 4.9.

  	
  Exchanges

  	
   

  
	
   

  	
  SECTION 4.10.

  	
  Calculation Agent

  	
   

  
	
   

  	
  SECTION 4.11.

  	
  Certain Accounting Matters

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE V. 

  	
  Securities

  	
   

  
	
   

  	
  SECTION 5.1.

  	
  Initial Ownership

  	
   

  
	
   

  	
  SECTION 5.2.

  	
  Authorized Trust Securities

  	
   

  
	
   

  	
  SECTION 5.3.

  	
  Issuance of the Common Securities;
  Subscription and Purchase of Notes

  	
   

  
	
   

  	
  SECTION 5.4.

  	
  The Securities Certificates

  	
   

  
	
   

  	
  SECTION 5.5.

  	
  Rights of Holders

  	
   

  
	
   

  	
  SECTION 5.6.

  	
  Book-Entry Preferred Securities

  	
   

  
	
   

  	
  SECTION 5.7.

  	
  Registration of Transfer and Exchange of
  Preferred Securities Certificates

  	
   

  
	
   

  	
  SECTION 5.8.

  	
  Mutilated, Destroyed, Lost or Stolen
  Securities Certificates

  	
   

  
	
   

  	
  SECTION 5.9.

  	
  Persons Deemed Holders

  	
   

  
	
   

  	
  SECTION 5.10.

  	
  Cancellation

  	
   

  
	
   

  	
  SECTION 5.11.

  	
  Ownership of Common Securities by Depositor

  	
   

  
	
   

  	
  SECTION 5.12.

  	
  Restricted Legends

  	
   

  
	
   

  	
  SECTION 5.13.

  	
  Form of Certificate of Authentication

  	
   

  
					

 

i

 

	
  ARTICLE VI. 

  	
  Meetings; Voting; Acts of Holders

  	
   

  
	
   

  	
  SECTION 6.1.

  	
  Notice of Meetings

  	
   

  
	
   

  	
  SECTION 6.2.

  	
  Meetings of Holders of the Preferred
  Securities

  	
   

  
	
   

  	
  SECTION 6.3.

  	
  Voting Rights

  	
   

  
	
   

  	
  SECTION 6.4.

  	
  Proxies, Etc.

  	
   

  
	
   

  	
  SECTION 6.5.

  	
  Holder Action by Written Consent

  	
   

  
	
   

  	
  SECTION 6.6.

  	
  Record Date for Voting and Other Purposes

  	
   

  
	
   

  	
  SECTION 6.7.

  	
  Acts of Holders

  	
   

  
	
   

  	
  SECTION 6.8.

  	
  Inspection of Records

  	
   

  
	
   

  	
  SECTION 6.9.

  	
  Limitations on Voting Rights

  	
   

  
	
   

  	
  SECTION 6.10.

  	
  Acceleration of Maturity; Rescission of
  Annulment; Waivers of Past Defaults

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE VII. 

  	
  Representations and Warranties

  	
   

  
	
   

  	
  SECTION 7.1.

  	
  Representations and Warranties of the
  Property Trustee and the Delaware Trustee

  	
   

  
	
   

  	
  SECTION 7.2.

  	
  Representations and Warranties of Depositor

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE VIII. 

  	
  The Trustees

  	
   

  
	
   

  	
  SECTION 8.1.

  	
  Number of Trustees

  	
   

  
	
   

  	
  SECTION 8.2.

  	
  Property Trustee Required

  	
   

  
	
   

  	
  SECTION 8.3.

  	
  Delaware Trustee Required

  	
   

  
	
   

  	
  SECTION 8.4.

  	
  Appointment of Administrative Trustees

  	
   

  
	
   

  	
  SECTION 8.5.

  	
  Duties and Responsibilities of the Trustees

  	
   

  
	
   

  	
  SECTION 8.6.

  	
  Notices of Defaults and Extensions

  	
   

  
	
   

  	
  SECTION 8.7.

  	
  Certain Rights of Property Trustee

  	
   

  
	
   

  	
  SECTION 8.8.

  	
  Delegation of Power

  	
   

  
	
   

  	
  SECTION 8.9.

  	
  May Hold Securities

  	
   

  
	
   

  	
  SECTION 8.10.

  	
  Compensation; Reimbursement; Indemnity

  	
   

  
	
   

  	
  SECTION 8.11.

  	
  Resignation and Removal; Appointment of
  Successor

  	
   

  
	
   

  	
  SECTION 8.12.

  	
  Acceptance of Appointment by Successor

  	
   

  
	
   

  	
  SECTION 8.13.

  	
  Merger, Conversion, Consolidation or
  Succession to Business

  	
   

  
	
   

  	
  SECTION 8.14.

  	
  Not Responsible for Recitals or Issuance of
  Securities

  	
   

  
	
   

  	
  SECTION 8.15.

  	
  Property Trustee May File Proofs of Claim

  	
   

  
	
   

  	
  SECTION 8.16.

  	
  Reports to and from the Property Trustee

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE IX. 

  	
  Termination, Liquidation and Merger

  	
   

  
	
   

  	
  SECTION 9.1.

  	
  Dissolution Upon Expiration Date

  	
   

  
	
   

  	
  SECTION 9.2.

  	
  Early Termination

  	
   

  
	
   

  	
  SECTION 9.3.

  	
  Termination

  	
   

  
	
   

  	
  SECTION 9.4.

  	
  Liquidation

  	
   

  
	
   

  	
  SECTION 9.5.

  	
  Mergers, Consolidations, Amalgamations or
  Replacements of Trust

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE X. 

  	
  Information to Purchaser

  	
   

  
	
   

  	
  SECTION 10.1.

  	
  Depositor Obligations to Purchaser

  	
   

  
	
   

  	
  SECTION 10.2.

  	
  Property Trustee’s Obligations to Purchaser

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE XI. 

  	
  Miscellaneous Provisions

  	
   

  
	
   

  	
  SECTION 11.1.

  	
  Limitation of Rights of Holders

  	
   

  
	
   

  	
  SECTION 11.2.

  	
  Agreed Tax Treatment of Trust and Trust
  Securities

  	
   

  
	
   

  	
  SECTION 11.3.

  	
  Amendment

  	
   

  
	
   

  	
  SECTION 11.4.

  	
  Separability

  	
   

  
					

 

ii

 

	
   

  	
  SECTION 11.5.

  	
  Governing Law

  	
   

  
	
   

  	
  SECTION 11.6.

  	
  Successors

  	
   

  
	
   

  	
  SECTION 11.7.

  	
  Headings

  	
   

  
	
   

  	
  SECTION 11.8.

  	
  Reports, Notices and Demands

  	
   

  
	
   

  	
  SECTION 11.9.

  	
  Agreement Not to Petition

  	
   

  
	
   

  	
   

  
	
  Exhibit A

  	
  Certificate of Trust of Republic
  Bancorp Capital Trust

  	
   

  
	
  Exhibit B

  	
  Form of Common Securities
  Certificate

  	
   

  
	
  Exhibit C

  	
  Form of Preferred Securities
  Certificate

  	
   

  
	
  Exhibit D

  	
  Junior Subordinated Indenture

  	
   

  
	
  Exhibit E

  	
  Form of Transferee Certificate to be
  Executed by Transferees other than QIBs

  	
   

  
	
  Exhibit F

  	
  Form of Transferor Certificate to be
  Executed by QIBs

  	
   

  
	
  Exhibit G

  	
  Form of Officer’s Certificate

  	
   

  
	
  Exhibit H

  	
  Officers’ Certificate pursuant to
  Section 8.16(a)

  	
   

  
	
   

  	
   

  	
   

  
	
  Schedule A

  	
  Calculation of LIBOR

  	
   

  
					

 

iii

 

AMENDED AND RESTATED TRUST AGREEMENT, dated
as of August 16, 2005, among (i) Republic Bancorp, Inc., a Kentucky corporation
(including any successors or permitted assigns, the “Depositor”), (ii) Wilmington
Trust Company, a Delaware banking corporation, as property trustee (in such
capacity, the “Property Trustee”), (iii) Wilmington Trust Company, a Delaware
banking corporation, as Delaware trustee (in such capacity, the “Delaware
Trustee”), (iv) Steven E. Trager, an individual, Bill Petter, an individual,
and Kevin Sipes, an individual, each of whose address is c/o Republic Bancorp,
Inc., 601 West Market Street, Louisville, Kentucky 40202, as administrative
trustees (in such capacities, each an “Administrative Trustee” and,
collectively, the “Administrative Trustees” and, together with the Property
Trustee and the Delaware Trustee, the “Trustees”) and (v) the several Holders,
as hereinafter defined.

 

WITNESSETH

 

WHEREAS, the
Depositor, the Property Trustee and the Delaware Trustee have heretofore
created a Delaware statutory trust pursuant to the Delaware Statutory Trust Act
by entering into a Trust Agreement, dated as of August 11, 2005 (the “Original
Trust Agreement”), and by executing and filing with the Secretary of State of
the State of Delaware the Certificate of Trust, substantially in the form
attached as Exhibit A; and

 

WHEREAS,
the Depositor and the Trustees desire to amend and restate the Original
Trust Agreement in its entirety as set forth herein to provide for, among other
things, (i) the issuance of the Common Securities by the Trust to the
Depositor, (ii) the issuance and sale of the Preferred Securities by the Trust
pursuant to the Subscription Agreement and (iii) the acquisition by the Trust
from the Depositor of all of the right, title and interest in and to the Notes;

 

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

 

ARTICLE I.

DEFINED TERMS

 

SECTION 1.1.                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 I have the meanings assigned to them in
this Article I;

 

(b)           the
words “include”, “includes” and “including” shall be deemed to be followed by
the phrase “without limitation”;

 

 

(c)           all
accounting terms used but not defined herein have the meanings assigned to them
in accordance with United States generally accepted accounting principles;

 

(d)           unless
the context otherwise requires, any reference to an “Article”, a “Section”, a “Schedule”
or an “Exhibit” refers to an Article, a Section, a Schedule or an Exhibit, as
the case may be, of or to this Trust Agreement;

 

(e)           the
words “hereby”, “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;

 

(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.

 

“Act” has the meaning specified in Section
6.7.

 

“Additional Interest” has the meaning
specified in Section 1.1 of the Indenture.

 

“Additional Interest Amount” means, with respect
to Trust Securities of a given Liquidation Amount and/or a given period, the
amount of Additional Interest paid by the Depositor on a Like Amount of Notes
for such period.

 

“Additional Taxes” has the meaning specified
in Section 1.1 of the Indenture.

 

“Additional Tax Sums” has the meaning
specified in Section 10.5 of the Indenture.

 

“Administrative Trustee” means each of the
Persons identified as an “Administrative Trustee” in the preamble to this Trust
Agreement, solely in each such Person’s capacity as Administrative Trustee of
the Trust and not in such Person’s individual 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.

 

“Applicable Depositary Procedures” means,
with respect to any transfer or transaction involving a Book-Entry Preferred
Security, the rules and procedures of the Depositary for such Book-Entry
Preferred Security, in each case to the extent applicable to such transaction
and as in effect from time to time.

 

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

 

2

 

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

 

(b) 
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 any applicable Federal or
State bankruptcy, insolvency, reorganization or other similar law, or the
consent by it to the filing of any such petition or to the appointment of a
custodian, 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
and its willingness to be adjudicated a bankrupt or insolvent, or the taking of
corporate action by such Person in furtherance of any such action.

 

“Bankruptcy Laws” means all Federal and state
bankruptcy, insolvency, reorganization and other similar laws, including the
United States Bankruptcy Code.

 

“Book-Entry Preferred Security” means a
Preferred Security, the ownership and transfers of which shall be made through
book entries by a Depositary.

 

“Business Day” means a day other than (a) a
Saturday or Sunday, (b) a day on which banking institutions in the City of New
York are authorized or required by law or executive order to remain closed or
(c) a day on which the Corporate Trust Office is closed for business.

 

“Calculation Agent” has the meaning specified
in Section 4.10.

 

“Capital Disqualification Event” has the
meaning specified in Section 1.1 of the Indenture.

 

“Closing Date” has the meaning specified in
the Placement Agreement.

 

“Code” means the United States 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 Trust Agreement
such Commission is not existing and performing the duties assigned to it, then
the body performing such duties at such time.

 

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

 

3

 

“Common Security” means a common security of
the Trust, denominated as such and representing an undivided beneficial
interest in the assets of the Trust, having a Liquidation Amount of $1,000 and
having the terms provided therefor in this Trust Agreement.

 

“Corporate Trust Office” means the principal
office of the Property Trustee at which any particular time its corporate trust
business shall be administered, which office at the date of this Trust
Agreement is located at Rodney Square North, 1100 North Market Street,
Wilmington, Delaware 19890-0001, Attention: 
Corporate Capital Markets.

 

“Definitive Preferred Securities Certificates”
means Preferred Securities issued in certificated, fully registered form that
are not Global Preferred Securities.

 

“Delaware Statutory Trust Act” means Chapter
38 of Title 12 of the Delaware Code, 12 Del. Code § 3801 et seq., or any
successor statute thereto, in each case as amended from time to time.

 

“Delaware Trustee” means the Person identified
as the “Delaware Trustee” in the preamble to this Trust Agreement, solely in
its capacity as Delaware Trustee of the Trust and not in its individual
capacity, or its successor in interest in such capacity, or any successor
Delaware Trustee appointed as herein provided.

 

“Depositary” means an organization registered
as a clearing agency under the Exchange Act that is designated as Depositary by
the Depositor or any successor thereto. 
DTC will be the initial Depositary.

 

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

 

“Depositor” has the meaning specified in the
preamble to this Trust Agreement and any successors and permitted assigns.

 

“Depositor Affiliate” has the meaning
specified in Section 4.9.

 

“Distribution Date” has the meaning specified
in Section 4.1(a)(i).

 

“Distributions” means amounts payable in
respect of the Trust Securities as provided in Section 4.1.

 

“DTC” means The Depository Trust Company or
any successor thereto.

 

“Early Termination Event” has the meaning
specified in Section 9.2.

 

“Event of Default” means any one of the
following events (whatever the reason for such event 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):

 

4

 

(a) 
the occurrence of a Note Event of Default; or

 

(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 thirty (30)
days; or

 

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

 

(d) 
default in the performance, or breach, in any material respect of any
covenant or warranty of the Trustees in this Trust Agreement (other than those
specified in clause (b) or (c) above) and continuation of such default or
breach for a period of thirty (30) days after there has been given, by
registered or certified mail, to the Trustees and to the Depositor by the
Holders of at least twenty five percent (25%) 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; or

 

(e)  the
occurrence of a Bankruptcy Event with respect to the Property Trustee if a
successor Property Trustee has not been appointed within ninety (90) days
thereof.

 

“Exchange Act” means the Securities Exchange
Act of 1934, and any successor statute thereto, in each case as amended from
time to time.

 

“Expiration Date” has the meaning specified
in Section 9.1.

 

“Extension Period” has the meaning specified
in Section 4.1(a)(ii).

 

“Federal Reserve” means the Board of
Governors of the Federal Reserve System, the staff thereof, or a Federal
Reserve Bank, acting through delegated authority, in each case under the rules,
regulations and policies of the Federal Reserve System, or if at any time after
the execution of this Trust Agreement any such entity is not existing and
performing the duties now assigned to it , any successor body performing
similar duties or functions.

 

“Fiscal Year” shall be the fiscal year of the
Trust, which shall be the calendar year, or such other period as is required by
the Code.

 

“Global Preferred Security” means a Preferred
Securities Certificate evidencing ownership of Book-Entry Preferred Securities.

 

“Guarantee Agreement” means the Guarantee
Agreement executed and delivered by the Depositor and Wilmington Trust Company,
as guarantee trustee, contemporaneously with the execution and delivery of this
Trust Agreement for the benefit of the holders of the Preferred Securities, as
amended from time to time.

 

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

 

5

 

“Indemnified Person” has the meaning
specified in Section 8.10(c).

 

“Indenture” means the Junior Subordinated
Indenture executed and delivered by the Depositor and the Note Trustee
contemporaneously with the execution and delivery of this Trust Agreement, for
the benefit of the holders of the Notes, a copy of which is attached hereto as Exhibit
D, as amended or supplemented from time to time.

 

“Indenture Redemption Price” has the meaning
specified in Section 4.2(c).

 

“Interest Payment Date” has the meaning
specified in Section 1.1 of the Indenture.

 

“Investment Company Act” means the Investment
Company Act of 1940, or any successor statute thereto, in each case as amended
from time to time.

 

“Investment Company Event” has the meaning
specified in Section 1.1 of the Indenture.

 

“LIBOR” has the meaning specified in Schedule
A.

 

“LIBOR Business Day” has the meaning
specified in Schedule A.

 

“LIBOR Determination Date” has the meaning
specified in Schedule A.

 

“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 (a) with respect to a
redemption of any Trust Securities, Trust Securities having a Liquidation Amount
equal to the principal amount of Notes to be contemporaneously redeemed or paid
at maturity in accordance with the Indenture, the proceeds of which will be
used to pay the Redemption Price of such Trust Securities, (b) with respect to
a distribution of Notes to Holders of Trust Securities in connection with a
dissolution of the Trust, Notes having a principal amount equal to the
Liquidation Amount of the Trust Securities of the Holder to whom such Notes are
distributed and (c) with respect to any distribution of Additional Interest
Amounts to Holders of Trust Securities, Notes having a principal amount equal
to the Liquidation Amount of the Trust Securities in respect of which such
distribution is made.

 

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

 

“Liquidation Date” means the date on which
assets are to be distributed to Holders in accordance with Section 9.4(a)
hereunder following dissolution of the Trust.

 

“Liquidation Distribution” has the meaning
specified in Section 9.4(d).

 

“Majority in Liquidation Amount of the
Preferred Securities” means Preferred Securities representing more than fifty
percent (50%) of the aggregate Liquidation Amount of all (or a specified group
of) then Outstanding Preferred Securities.

 

6

 

“Note Event of Default” means any “Event of
Default” specified in Section 5.1 of the Indenture.

 

“Note Redemption Date” means, with respect to
any Notes to be redeemed under the Indenture, the date fixed for redemption of
such Notes under the Indenture.

 

“Note Trustee” means the Person identified as
the “Trustee” in the Indenture, solely in its capacity as Trustee pursuant to
the Indenture and not in its individual capacity, or its successor in interest
in such capacity, or any successor Trustee appointed as provided in the
Indenture.

 

“Notes” means the Depositor’s Junior
Subordinated Notes issued pursuant to the Indenture.

 

“Office of Thrift Supervision” means the
Office of Thrift Supervision, as from time to time constituted or, if at any
time after the execution of this Trust Agreement such Office is not existing
and performing the duties now assigned to it, then the body performing such
duties at such time.

 

“Officers’ Certificate” means a certificate
signed by the Chief Executive Officer, the President or an Executive Vice
President, and by the Chief Financial Officer, Treasurer or an Assistant
Treasurer, of the Depositor, and delivered to the Trustees. Any Officers’
Certificate delivered with respect to compliance with a condition or covenant
provided for in this Trust Agreement (other than the certificate provided
pursuant to Section 8.16(a)) shall include:

 

(a) a statement by each officer signing the
Officers’ Certificate that such officer 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 such officer in rendering the
Officers’ Certificate;

 

(c) a statement that 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 such officer, such condition or covenant has been complied with.

 

“Operative Documents” means the Placement
Agreement, the Indenture, the Trust Agreement, the Guarantee Agreement, the
Subscription Agreement, the Notes and the Trust Securities.

 

“Opinion of Counsel” means a written opinion
of counsel, who may be counsel for, or an employee of, the Depositor or any
Affiliate of the Depositor.

 

“Original Issue Date” means the date of
original issuance of the Trust Securities.

 

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

 

7

 

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

 

(a) Trust Securities theretofore canceled by
the Property Trustee or delivered to the Property Trustee for cancellation;

 

(b) Trust Securities for which payment or
redemption money in the necessary amount has been theretofore deposited with
the Property Trustee or any Paying Agent in trust for the Holders of such Trust
Securities; provided, that if such Trust Securities are to be redeemed, notice
of such redemption has been duly given pursuant to this Trust Agreement; and

 

(c) Trust Securities that have been paid or
in exchange for or in lieu of which other Trust Securities have been executed
and delivered pursuant to the provisions of this Trust Agreement, unless proof
satisfactory to the Property Trustee is presented that any such Trust
Securities are held by Holders in whose hands such Trust Securities are valid,
legal and binding obligations of the Trust;

 

provided, 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, any
Trustee or any Affiliate of the Depositor or of any Trustee shall be
disregarded and deemed not to be Outstanding, except that (i) in determining
whether any Trustee shall be protected in relying upon any such request,
demand, authorization, direction, notice, consent or waiver, only Preferred
Securities that such Trustee knows to be so owned shall be so disregarded and
(ii) the foregoing shall not apply at any time when all of the Outstanding
Preferred Securities are owned by the Depositor, one or more of the Trustees
and/or any such Affiliate. Preferred Securities so owned that 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,
any Trustee or any Affiliate of the Depositor or of any Trustee.

 

“Owner” means each Person who is the
beneficial owner of Book-Entry Preferred Securities as reflected in the records
of the Depositary or, if a Depositary Participant is not the beneficial owner,
then the beneficial owner as reflected in the records of the Depositary
Participant.

 

“Paying Agent” means any Person authorized by
the Administrative Trustees to pay Distributions or other amounts in respect of
any Trust Securities on behalf of the Trust.

 

“Payment Account” means a segregated
non-interest-bearing corporate trust account maintained by the Property Trustee
for the benefit of the Holders in which all amounts paid in respect of the
Notes will be held and from which the Property Trustee, through the Paying
Agent, shall make payments to the Holders in accordance with Sections 3.1,
4.1 and 4.2.

 

“Person” means a legal person, including any
individual, corporation, estate, partnership, joint venture, association, joint
stock company, company, limited liability company, trust, 

 

8

 

unincorporated association
or government, or any agency or political subdivision thereof, or any other
entity of whatever nature.

 

“Placement Agent” means Credit Suisse First
Boston LLC, as Placement Agent pursuant to the Placement Agreement, whose
address is Eleven Madison Avenue, New York, New York 10010.

 

“Placement Agreement” means the Placement
Agreement, dated as of August 16, 2005, executed and delivered by the Trust,
the Depositor and Credit Suisse First Boston LLC, as placement agent.

 

“Preferred Security” means a preferred
security of the Trust, denominated as such and representing an undivided
beneficial interest in the assets of the Trust, having a Liquidation Amount of
$1,000 and having the terms provided therefor in this Trust Agreement.

 

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

 

“Property Trustee” means the Person identified
as the “Property Trustee” in the preamble to this Trust Agreement, solely in
its capacity as Property Trustee of the Trust and not in its individual
capacity, or its successor in interest in such capacity, or any successor
Property Trustee appointed as herein provided.

 

“Purchaser” means Credit Suisse First Boston,
acting through its Cayman Islands branch, as purchaser of the Preferred
Securities pursuant to the Subscription Agreement, whose address is c/o Credit
Suisse First Boston LLC, Eleven Madison Avenue, New York, New York 10010.

 

“QIB” means a “qualified institutional buyer”
as defined in Rule 144A under the Securities Act.

 

“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 Note Redemption Date and the
stated maturity (or any date of principal repayment upon early maturity) of the
Notes shall be a Redemption Date for a Like Amount of Trust Securities.

 

“Redemption Price” means, with respect to any
Trust Security, the Liquidation Amount of such Trust Security, plus accumulated
and unpaid Distributions to the Redemption Date, plus the related amount of the
premium, if any, paid by the Depositor upon the concurrent redemption  or payment at maturity of a Like Amount of
Notes.

 

“Reference Banks” has the meaning specified
in Schedule A.

 

“Responsible Officer” means, with respect to
the Property Trustee, any Senior Vice President, any Vice President, any
Assistant Vice President, the Secretary, any Assistant Secretary, the
Treasurer, any Assistant Treasurer, any Trust Officer or Assistant Trust
Officer or any other officer in the Corporate Trust Office of the Property
Trustee with direct responsibility for the administration of this Trust
Agreement and also means, with respect to a particular 

 

9

 

corporate trust matter, any
other officer of the Property Trustee to whom such matter is referred because
of that officer’s knowledge of and familiarity with the particular subject.

 

“Securities Act” means the Securities Act of
1933, and any successor statute thereto, in each case as amended from time to
time.

 

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

 

“Securities Register” and “Securities
Registrar” have the respective meanings specified in Section 5.7.

 

“Special Event Redemption Price” has the
meaning specified in Section 11.2 of the Indenture.

 

“Subscription Agreement” means the Preferred
Securities Subscription Agreement, dated as of August 16, 2005, by and among
the Company, the Trust, the Purchaser and Credit Suisse First Boston LLC (as to
certain provisions thereof).

 

“Successor Securities” has the meaning
specified in Section 9.5(a).

 

“Tax Event” has the meaning specified in Section
1.1 of the Indenture.

 

“Trust” means the Delaware statutory trust
known as “Republic Bancorp Capital Trust,” which was created on August 11, 2005,
under the Delaware Statutory Trust Act pursuant to the Original Trust Agreement
and the filing of the Certificate of Trust, and continued pursuant to this
Trust Agreement.

 

“Trust Agreement” means this Amended and
Restated Trust Agreement, including all Schedules and Exhibits (other than Exhibit
D), as the same may be modified, amended or supplemented from time to time in
accordance with the applicable provisions hereof.

 

“Trustees” means the Administrative Trustees,
the Property Trustee and the Delaware Trustee, each as defined in this Article
I.

 

“Trust Property” means (a) the Notes, (b) any
cash on deposit in, or owing to, the Payment Account and (c) 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 the
trusts of this Trust Agreement.

 

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

 

10

 

ARTICLE II.

THE TRUST

 

SECTION 2.1.                Name.

 

The trust continued hereby
shall be known as “Republic Bancorp Capital Trust,” as such name may be
modified from time to time by the Administrative Trustees following written
notice to the Holders of Trust Securities and the other Trustees, 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.

 

SECTION 2.2.                Office of the Delaware Trustee;
Principal Place of Business.

 

The address of the Delaware Trustee in the
State of Delaware is Rodney Square North, 1100 North Market Street, Wilmington,
Delaware 19890-0001, Attention: Corporate Capital Markets, or such other
address in the State of Delaware as the Delaware Trustee may designate by
written notice to the Holders, the Depositor, the Property Trustee and the
Administrative Trustees. The principal executive office of the Trust is c/o Republic
Bancorp, Inc., 601 West Market Street, Louisville, Kentucky 40202, Attention:
Chief Financial Officer, as such address may be changed from time to time by
the Administrative Trustees following written notice to the Holders and the
other Trustees.

 

SECTION 2.3.                Initial Contribution of Trust
Property; Fees, Costs and Expenses.

 

The Property Trustee acknowledges receipt
from the Depositor in connection with the Original Trust Agreement of the sum
of ten dollars ($10), which constituted the initial Trust Property. The
Depositor shall pay all fees, costs and expenses of the Trust (except with
respect to the Trust Securities) as they arise or shall, upon request of any
Trustee, promptly reimburse such Trustee for any such fees, costs and expenses
paid by such Trustee. The Depositor shall make no claim upon the Trust Property
for the payment of such fees, costs or expenses.

 

SECTION 2.4.                Purposes
of Trust.

 

(a)           The exclusive purposes and functions of the Trust are to
(i) issue and sell Trust Securities and use the proceeds from such sale to
acquire the Notes and (ii)  engage in
only those activities necessary or incidental thereto. The Delaware Trustee,
the Property Trustee and the Administrative Trustees are trustees of the Trust,
and have all the rights, powers and duties to the extent set forth herein.  The Trustees hereby acknowledge that they are
trustees of the Trust.

 

(b)           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 Trust (or the Trustees acting on behalf
of the Trust) shall not (i) acquire any investments or engage in any activities
not authorized by this Trust Agreement, (ii) sell, assign, transfer, exchange,
mortgage, pledge, set-off or otherwise dispose of any of the Trust Property or interests
therein, including to Holders, except as expressly provided herein, (iii) incur
any indebtedness for borrowed money or issue any other debt, (iv) take or
consent to any action that would result in the placement of a Lien on

 

11

 

any of the Trust Property, (v) take or
consent to any action that would reasonably be expected to cause (or, in the
case of the Property Trustee, to the actual knowledge of a Responsible Officer
would cause) the Trust to become taxable as a corporation or classified as
other than a grantor trust for United States federal income tax purposes, (vi)
take or consent to any action that would cause (or, in the case of the Property
Trustee, to the actual knowledge of a Responsible Officer would cause) the
Notes to be treated as other than indebtedness of the Depositor for United
States federal income tax purposes or (vii) take or consent to any action that
would cause (or, in the case of the Property Trustee, to the actual knowledge
of a Responsible Officer would cause) the Trust to be deemed to be an “investment
company” required to be registered under the Investment Company Act.

 

SECTION 2.5.                Authorization to Enter into
Certain Transactions.

 

(a)           The Trustees shall conduct the affairs of the Trust in
accordance with and subject to the terms of this Trust Agreement. In accordance
with the following provisions (i) and (ii), 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 the following:

 

(i)            As
among the Trustees, each Administrative Trustee shall severally have the power,
authority and authorization to act on behalf of the Trust with respect to the
following matters:

 

(A)          the issuance and sale of the Trust
Securities;

 

(B)           to cause the Trust to enter into, and
to execute, deliver and perform on behalf of the Trust, such agreements,
documents, instruments, certificates and other writings as may be necessary or
desirable in connection with the purposes and function of the Trust, including,
without limitation, a common securities subscription agreement and a junior
subordinated note subscription agreement and to cause the Trust to perform the
Placement Agreement and the Subscription Agreement;

 

(C)           assisting in the sale of the
Preferred Securities in one or more transactions exempt from registration under
the Securities Act, and in compliance with applicable state securities or blue
sky laws;

 

(D)          assisting in the sending of notices
(other than notices of default) and other information regarding the Trust
Securities and the Notes to the Holders in accordance with this Trust
Agreement;

 

(E)           the appointment of a successor Paying
Agent and Calculation Agent in accordance with this Trust Agreement;

 

(F)           execution and delivery of the Trust
Securities on behalf of the Trust in accordance with this Trust Agreement;

 

12

 

(G)           execution and delivery of closing
certificates, if any, pursuant to the Placement Agreement;

 

(H)          preparation and filing of all
applicable tax returns and tax information reports that are required to be
filed on behalf of the Trust;

 

(I)            establishing a record date with
respect to all actions to be taken hereunder that require a record date to be
established, except as provided in Section 6.10(a);

 

(J)            unless otherwise required by the
Delaware Statutory Trust Act, to execute on behalf of the Trust (either acting
alone or together with the other Administrative Trustees) any documents and
other writings that such Administrative Trustee has the power to execute
pursuant to this Trust Agreement; and

 

(K)          the taking of any action incidental to
the foregoing as such Administrative Trustee may from time to time determine is
necessary or advisable to give effect to the terms of this Trust Agreement.

 

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

 

(A)          the receipt and holding of legal title
of the Notes;

 

(B)           the establishment of the Payment
Account;

 

(C)           the receipt of interest, principal
and any other payments made in respect of the Notes and the holding of such
amounts in the Payment Account;

 

(D)          the distribution through the Paying
Agent of amounts distributable to the Holders in respect of the Trust
Securities;

 

(E)           the exercise of all of the rights,
powers and privileges of a holder of the Notes in accordance with the terms of
this Trust Agreement;

 

(F)           the sending of notices of default and
other information regarding the Trust Securities and the Notes to the Holders
in accordance with this Trust Agreement;

 

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

 

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

 

13

 

(I)            application for a taxpayer
identification number for the Trust;

 

(J)            the authentication of the Preferred
Securities as provided in this Trust Agreement; and

 

(K)          the taking of any action incidental to
the foregoing as the Property Trustee may from time to time determine is
necessary or advisable to give effect to the terms of this Trust Agreement and
protect and conserve the Trust Property for the benefit of the Holders (without
consideration of the effect of any such action on any particular Holder).

 

(b)           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)            the
negotiation of the terms of, and the execution and delivery of, the Placement
Agreement and the Subscription Agreement providing for the sale of the
Preferred Securities in one or more transactions exempt from registration under
the Securities Act, and in compliance with applicable state securities or blue
sky laws; and

 

(ii)           the
taking of any other actions necessary or desirable to carry out any of the
foregoing activities.

 

(c)           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 taxable as a
corporation or classified as other than a grantor trust for United States
federal income tax purposes, so that the Notes will be treated as indebtedness
of the Depositor for United States federal income tax purposes and so that the
Trust will not be deemed to be an “investment company” required to be
registered under the Investment Company Act. In this connection, each
Administrative Trustee is authorized to take any action, not inconsistent with
applicable law, the Certificate of Trust or this Trust Agreement, that such
Administrative Trustee determines in his or her discretion to be necessary or
desirable for such purposes, as long as such action does not adversely affect
in any material respect the interests of the Holders of the Outstanding
Preferred Securities.  In no event shall
the Administrative Trustees be liable to the Trust or the Holders for any
failure to comply with this Section 2.5 to the extent that such failure
results solely from a change in law or regulation or in the interpretation
thereof.

 

(d)           Any action taken by a Trustee in accordance with its
powers shall constitute the act of and serve to bind the Trust.  In dealing with any Trustee acting on behalf
of the Trust, no Person shall be required to inquire into the authority of such
Trustee to bind the Trust.  Persons
dealing with the Trust are entitled to rely conclusively on the power and
authority of any Trustee as set forth in this Trust Agreement.

 

SECTION 2.6.                Assets
of Trust.

 

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

 

14

 

SECTION 2.7.                Title to Trust Property.

 

(a)           Legal title to all Trust Property shall be vested at all
times in the Property Trustee and shall be held and administered by the
Property Trustee in trust for the benefit of the Trust and the Holders in
accordance with this Trust Agreement.

 

(b)           The Holders shall not have any right or title to the Trust
Property other than the undivided beneficial 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.

 

ARTICLE III.

PAYMENT ACCOUNT; PAYING AGENTS

 

SECTION 3.1.                Payment Account.

 

(a)           On or prior to the Closing Date, the
Property Trustee shall establish the Payment Account. The Property Trustee and
the Paying Agent 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 Holders and for Distribution as herein
provided.

 

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

 

SECTION 3.2.                Appointment of Paying Agents.

 

The Property Trustee is appointed as the
initial Paying Agent and hereby accepts such appointment. The Paying Agent
shall make Distributions to Holders from the Payment Account and shall report
the amounts of such Distributions to the Property Trustee and the
Administrative Trustees. Any Paying Agent shall have the revocable power to
withdraw funds from the Payment Account solely for the purpose of making the
Distributions referred to above. The Administrative Trustees may revoke such
power and remove the Paying Agent in their sole discretion. Any Person acting
as Paying Agent shall be permitted to resign as Paying Agent upon thirty (30)
days’ written notice to the Administrative Trustees and the Property Trustee.
If the Property Trustee shall no longer be the Paying Agent or a successor
Paying Agent shall resign or its authority to act be revoked, the
Administrative Trustees shall appoint a successor (which shall be a bank or
trust company) to act as Paying Agent. 
Such successor Paying Agent appointed by the Administrative Trustees
shall execute and deliver to the Trustees an instrument in which such successor
Paying Agent shall agree with the Trustees that as Paying Agent, such successor
Paying Agent will hold all sums, if any, held by it for payment to the Holders
in trust for the benefit of the Holders entitled thereto until such sums shall
be paid to such Holders. The Paying 

 

15

 

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 Article VIII 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 Trust Agreement to the Paying
Agent shall include any co-paying agent unless the context requires otherwise.

 

ARTICLE IV.

DISTRIBUTIONS; REDEMPTION

 

SECTION 4.1.                Distributions.

 

(a)           The Trust Securities represent
undivided beneficial interests in the Trust Property, and Distributions
(including any Additional Interest Amounts) will be made on the Trust
Securities at the rate and on the dates that payments of interest (including
any Additional Interest) are made on the Notes. Accordingly:

 

(i)            Distributions
on the Trust Securities shall be cumulative, and shall accumulate whether or
not there are funds of the Trust available for the payment of Distributions.
Distributions shall accumulate from August 16, 2005, and, except as provided in
clause (ii) below, shall be payable quarterly in arrears on March 30th,
June 30th, September 30th and December 30th of
each year, commencing on September 30, 2005. 
If any date on which a Distribution is otherwise payable on the Trust
Securities is not a Business Day, then the payment of such Distribution shall
be made on the next succeeding Business Day (and no interest shall accrue in
respect of the amounts  whose payment is
so delayed for the period from and after each such date until the next
succeeding Business Day), except that, if such Business Day falls in the next
succeeding calendar year, such payment shall be made on the immediately
preceding Business Day, in each case, with the same force and effect as if made
on such date (each date on which Distributions are payable in accordance with
this Section 4.1(a)(i), a “Distribution Date”);

 

(ii)           in
the event (and to the extent) that the Depositor exercises its right under the
Indenture to defer the payment of interest on the Notes, Distributions on the
Trust Securities shall be deferred. 
Under the Indenture, so long as no Note Event of Default pursuant to
paragraphs (c), (e), (f), (g) or (h) of Section 5.1 of the Indenture has
occurred and is continuing, the Depositor shall have the right, at any time and
from time to time during the term of the Notes, to defer the payment of
interest on the Notes for a period of up to twenty (20) consecutive quarterly
interest payment periods (each such extended interest payment period, an “Extension
Period”), during which Extension Period no interest on the Notes shall be due
and payable (except any Additional Tax Sums that may be due and payable).  No interest on the Notes shall be due and
payable during an Extension Period, except at the end thereof, but each
installment of interest that would otherwise have been due and payable during
such Extension Period shall bear Additional Interest (to the extent payment of
such interest would be legally enforceable) at a fixed rate per annum equal to 6.015%
through the Interest Payment Date in September, 2015 

 

16

 

and a variable rate per annum, reset quarterly, equal to LIBOR plus 1.42%,
thereafter, compounded quarterly, from the dates on which amounts would have
otherwise been due and payable until paid or until funds for the payment
thereof have been made available for payment. 
If Distributions are deferred, the deferred Distributions (including
Additional Interest Amounts) shall be paid on the date that the related
Extension Period terminates, to Holders of the Trust Securities as they appear
on the books and records of the Trust on the record date immediately preceding
such termination date.

 

(iii)          Distributions
shall accumulate in respect of the Trust Securities at a fixed rate per annum
equal to  6.015% of the Liquidation
Amount of the Trust Securities through the Distribution Date in September, 2015
and a variable rate per annum, reset quarterly, equal to LIBOR plus 1.42%, of
the Liquidation Amount of the Trust Securities thereafter. LIBOR shall be
determined by the Calculation Agent in accordance with Schedule A. The
amount of Distributions payable for any period less than a full Distribution
period shall be computed on the basis of a 360-day year and the actual number
of days elapsed in the relevant Distribution period.  The amount of Distributions payable for any
period shall include any Additional Interest Amounts in respect of such period;
and

 

(iv)          Distributions
on the Trust Securities shall be made by the Paying Agent from the Payment
Account and shall be payable on each Distribution Date only to the extent that
the Trust has funds then on hand and available in the Payment Account for the
payment of such Distributions.

 

(b)           Distributions on the Trust Securities with respect to a
Distribution Date shall be payable to the Holders thereof as they appear on the
Securities Register for the Trust Securities at the close of business on the
relevant record date, which shall be at the close of business on the fifteenth
day (whether or not a Business Day) preceding the relevant Distribution
Date.    Distributions payable on any
Trust Securities that are not punctually paid on any Distribution Date as a
result of the Depositor having failed to make an interest payment under the
Notes will cease to be payable to the Person in whose name such Trust
Securities are registered on the relevant record date, and such defaulted
Distributions and any Additional Interest Amounts will instead be payable to
the Person in whose name such Trust Securities are registered on the special
record date, or other specified date for determining Holders entitled to such
defaulted Distribution and Additional Interest Amount, established in the same
manner, and on the same date, as such is established with respect to the Notes
under the Indenture.

 

SECTION 4.2.                Redemption.

 

(a)           On each Note Redemption Date and on the stated maturity
(or any date of principal repayment upon early maturity) of the Notes and on
each other date on (or in respect of) which any principal on the Notes is
repaid, 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 thirty (30)
nor more than sixty (60) days prior to the 

 

17

 

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 or, if the Redemption Price cannot be calculated prior to the
time the notice is required to be sent, the estimate of the Redemption Price
provided pursuant to the Indenture, as calculated by the Depositor, together
with a statement that it is an estimate and that the actual Redemption Price
will be calculated by the Calculation Agent on the fifth Business Day prior to
the Redemption Date (and if an estimate is provided, a further notice shall be
sent of the actual Redemption Price on the date that such Redemption Price is
calculated);

 

(iii)          if
less than all the Outstanding Trust Securities are to be redeemed, the
identification (and, in the case of partial redemption, the respective
Liquidation Amounts) and Liquidation Amounts of the particular Trust Securities
to be redeemed;

 

(iv)          that
on the Redemption Date, the Redemption Price will become due and payable upon
each such Trust Security, or portion thereof, to be redeemed and that
Distributions thereon will cease to accumulate on such Trust Security or such
portion, as the case may be, on and after said date, except as provided in Section
4.2(d);

 

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

 

(vi)          such
other provisions as the Property Trustee deems relevant.

 

(c)           The Trust Securities (or portion thereof) redeemed on each
Redemption Date shall be redeemed at the Redemption Price with the proceeds
from the contemporaneous redemption or payment at maturity of Notes.
Redemptions of the Trust Securities (or portion thereof) 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. 
Under the Indenture, the Notes may be redeemed by the Depositor on any
Interest Payment Date, at the Depositor’s option, on or after September 30,
2015, in whole or in part, from time to time at a redemption price equal to one
hundred percent (100%) of the principal amount thereof, together, in the case
of any such redemption, with accrued interest, including any Additional
Interest, to but excluding the date fixed for redemption (the “Indenture
Redemption Price”); provided, that the Depositor shall have received the prior
approval of the Federal Reserve if then required.  The Notes may also be redeemed by the
Depositor, at its option, in whole but not in part, upon the occurrence of a
Capital Disqualification Event, an Investment Company Event or a Tax Event at
the Special Event Redemption Price (as set forth in the Indenture).

 

(d)           If the Property Trustee 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 by such time, then by 12:00 noon, New York
City time, on the Redemption Date, the Property Trustee will, with respect to
Book-Entry Preferred Securities, 

 

18

 

irrevocably deposit with the Depositary for
such Book-Entry Preferred Securities, to the extent available therefor, funds
sufficient to pay the applicable Redemption Price and will give such Depositary
irrevocable instructions and authority to pay the Redemption Price to the
Holders of the Preferred Securities. With respect to Preferred Securities that
are not Book-Entry Preferred Securities, the Property Trustee 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 (or portion
thereof) called for redemption shall be payable to the Holders of such Trust
Securities as they appear on the Securities Register 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 (or portion thereof) 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, in
the case of a partial redemption, the right of such Holders to receive a new
Trust Security or Securities of authorized denominations, in aggregate Liquidation
Amount equal to the unredeemed portion of such Trust Security or Securities,
and such Securities (or portion thereof) called for redemption will cease to be
Outstanding. In the event that any date on which any Redemption Price is
payable is not a Business Day, then payment of the Redemption Price payable on
such date will be made on the next succeeding Business Day (and no interest
shall accrue in respect of the amounts whose payment is so delayed for the
period from and after each such date until the next succeeding Business Day),
except that, if such Business Day falls in the next succeeding calendar year,
such payment shall 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 (or portion
thereof) called for redemption is improperly withheld or refused and not paid
either by the Trust or by the Depositor pursuant to the Guarantee Agreement,
Distributions on such Trust Securities(or portion thereof) will continue to
accumulate, as set forth in Section 4.1, from the Redemption Date
originally established by the Trust for such Trust Securities(or portion
thereof) to the date such Redemption Price is actually paid, in which case the
actual payment date will be the date fixed for redemption for purposes of
calculating the Redemption Price.

 

(e)           Subject to Section 4.3(a), if less than all the
Outstanding Trust Securities are to be redeemed on a Redemption Date, then the
aggregate Liquidation Amount of Trust Securities to be redeemed shall be
allocated pro rata to the Common Securities and the Preferred Securities based
upon the relative aggregate Liquidation Amounts of the Common Securities and
the Preferred Securities.  The Preferred
Securities to be redeemed shall be selected on a pro rata basis based upon
their respective Liquidation Amounts not more than sixty (60) days prior to the
Redemption Date by the Property Trustee from the Outstanding Preferred Securities
not previously called for redemption; provided, however, that with respect to
Holders that would be required to hold less than one hundred (100) but more
than zero (0) Trust Securities as a result of such redemption, the Trust shall
redeem Trust Securities of each such Holder so that after such redemption such
Holder shall hold either one hundred (100) Trust Securities or such Holder no
longer holds any Trust Securities, and shall use such method (including,
without limitation, by lot) as the Trust shall deem fair and appropriate; and
provided, further, that so long as the 

 

19

 

Preferred Securities are Book-Entry Preferred
Securities, such selection shall be made in accordance with the Applicable
Depositary Procedures for the Preferred Securities by such Depositary. The
Property Trustee shall promptly notify the Securities Registrar in writing of
the Preferred Securities (or portion thereof) selected for redemption and, in
the case of any Preferred Securities selected for partial redemption, the
Liquidation Amount thereof to be redeemed. For all purposes of this Trust
Agreement, unless the context otherwise requires, all provisions relating to
the redemption of Preferred Securities shall relate, in the case of any
Preferred Securities redeemed or to be redeemed only in part, to the portion of
the aggregate Liquidation Amount of Preferred Securities that has been or is to
be redeemed.

 

(f)            The Trust in issuing the Trust Securities may use “CUSIP”
numbers (if then generally in use), and, if so, the Property Trustee shall
indicate the “CUSIP” 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 materials.

 

SECTION 4.3.                Subordination of Common
Securities.

 

(a)           Payment of Distributions (including any Additional
Interest Amounts) on, the Redemption Price of and the Liquidation Distribution
in respect of, the Trust Securities, as applicable, shall be made, pro rata
among the Common Securities and the Preferred Securities based on the
Liquidation Amount of the respective Trust Securities; provided, that if on any
Distribution Date, Redemption Date or Liquidation Date an Event of Default
shall have occurred and be continuing, no payment of any Distribution
(including any Additional Interest Amounts) on, Redemption Price of or
Liquidation Distribution in respect 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 (including any Additional Interest
Amounts) 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 then called for redemption, or in the case of payment of the
Liquidation Distribution the full amount of such Liquidation Distribution 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 (including any Additional
Interest Amounts) on, or the Redemption Price of or the Liquidation
Distribution in respect of, the Preferred Securities then due and payable.

 

(b)           In the case of the occurrence of any Event of Default, the
Holders of the Common Securities shall have no right to act with respect to any
such Event of Default under this Trust Agreement until all such Events of
Default with respect to the Preferred Securities have been cured, waived or
otherwise eliminated. Until all 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 on behalf of the Holders of the
Common Securities, and only the Holders of all the Preferred Securities will
have the right to direct the Property Trustee to act on their behalf.

 

20

 

SECTION 4.4.                Payment Procedures.

 

Payments of Distributions
(including any Additional Interest Amounts), the Redemption Price, Liquidation
Amount or any other amounts in respect of the Preferred Securities shall be
made by wire transfer at such place and to such account at a banking
institution in the United States as may be designated in writing at least ten
(10) Business Days prior to the date for payment by the Person entitled thereto
unless proper written transfer instructions have not been received by the
relevant record date, in which case such payments shall be made by check mailed
to the address of such Person as such address shall appear in the Securities
Register.  If any Preferred Securities
are held by a Depositary, such Distributions thereon shall be made to the
Depositary 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 all the Common Securities.

 

SECTION 4.5.                Withholding
Tax.

 

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

 

SECTION 4.6.                Tax Returns and Other Reports.

 

(a)           The Administrative Trustees shall prepare (or cause to be
prepared) at the principal office of the Trust in the United States, as defined
for purposes of Treasury regulations section 301.7701-7, 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 Trustees shall
prepare at the principal office of the Trust in the United States, as defined
for purposes of Treasury regulations section 301.7701-7, and furnish (or cause
to be prepared and furnished), by January 31 in each taxable year of the Trust
to each Holder all Internal Revenue Service forms and returns required to be
provided by the Trust. The Administrative Trustees shall provide the Depositor
and the Property Trustee with a copy of all such returns and reports promptly
after such filing or furnishing.

 

21

 

(b)                                 So long as the
Property Trustee is the holder of the Notes, the Administrative Trustees will
cause the Depositor’s reports on Form FR Y-9C, FR Y-9LP and FR Y-6 to be
delivered to the Property Trustee promptly following their filing with the Federal
Reserve.

 

SECTION 4.7.                       Payment of
Taxes, Duties, Etc. of the Trust.

 

Upon
receipt under the Notes of Additional Tax Sums and upon the written direction
of the Administrative Trustees, the Property Trustee shall promptly pay, solely
out of monies on deposit pursuant to this Trust Agreement, any Additional Taxes
imposed on the Trust by the United States or any other taxing authority.

 

SECTION 4.8.                       Payments under
Indenture or Pursuant to Direct Actions.

 

Any
amount payable hereunder to any Holder of Preferred Securities shall be reduced
by the amount of any corresponding payment such Holder (or any Owner with
respect thereto) has directly received pursuant to Section 5.8 of
the Indenture or Section 6.10(b) of this Trust Agreement.

 

SECTION 4.9.                       Exchanges.

 

(a)                                  If at any time
the Depositor or any of its Affiliates (in either case, a “Depositor Affiliate”)
is the Owner or Holder of any Preferred Securities, such Depositor Affiliate
shall have the right to deliver to the Property Trustee all or such portion of
its Preferred Securities as it elects and, subject to compliance with Sections
2.2 and 3.5 of the Indenture, receive, in exchange therefor, a Like Amount of
Notes.  Such election (i) shall be
exercisable effective on any Distribution Date by such Depositor Affiliate
delivering to the Property Trustee a written notice of such election specifying
the Liquidation Amount of Preferred Securities with respect to which such
election is being made and the Distribution Date on which such exchange shall
occur, which Distribution Date shall be not less than ten (10) Business
Days after the date of receipt by the Property Trustee of such election notice
and (ii) shall be conditioned upon such Depositor Affiliate having
delivered or caused to be delivered to the Property Trustee or its designee the
Preferred Securities that are the subject of such election by 10:00 A.M.
New York time, on the Distribution Date on which such exchange is to
occur.  After the exchange, such
Preferred Securities will be canceled and will no longer be deemed to be
Outstanding and all rights of the Depositor Affiliate with respect to such
Preferred Securities will cease.

 

(b)                                 In the case of
an exchange described in Section 4.9(a), the Property Trustee on
behalf of the Trust will, on the date of such exchange, exchange Notes having a
principal amount equal to a proportional amount of the aggregate Liquidation
Amount of the Outstanding Common Securities, based on the ratio of the
aggregate Liquidation Amount of the Preferred Securities exchanged pursuant to Section 4.9(a) divided
by the aggregate Liquidation Amount of the Preferred Securities Outstanding
immediately prior to such exchange, for such proportional amount of Common
Securities held by the Depositor (which contemporaneously shall be canceled and
no longer be deemed to be Outstanding); provided, that the Depositor delivers
or causes to be delivered to the Property Trustee or its designee the required
amount of Common Securities to be exchanged by 10:00 A.M. New York time,
on the Distribution Date on which such exchange is to occur.

 

22

 

SECTION 4.10.                 Calculation Agent.

 

(a)                                  The Property
Trustee shall initially, and, subject to the immediately following sentence,
for so long as it holds any of the Notes, be the Calculation Agent for purposes
of determining LIBOR for each Distribution Date.  The Calculation Agent may be removed by the
Administrative Trustees at any time.  If
the Calculation Agent is unable or unwilling to act as such or is removed by
the Administrative Trustees, the Administrative Trustees will promptly appoint
as a replacement Calculation Agent the London office of a leading bank which is
engaged in transactions in three-month U.S. dollar deposits in Europe and which
does not control or is not controlled by or under common control with the
Administrative Trustee or its Affiliates. 
The Calculation Agent may not resign its duties without a successor
having been duly appointed.

 

(b)                                 The Calculation
Agent shall be required to agree that, as soon as possible after 11:00 a.m.
(London time) on each LIBOR Determination Date, but in no event later than
11:00 a.m. (London time) on the Business Day immediately following each
LIBOR Determination Date, the Calculation Agent will calculate the interest
rate (rounded to the nearest cent, with half a cent being rounded upwards) for
the related Distribution Date, and will communicate such rate and amount to the
Depositor, the Property Trustee, each Paying Agent and the Depositary. The
Calculation Agent will also specify to the Administrative Trustees the
quotations upon which the foregoing rates and amounts are based and, in any
event, the Calculation Agent shall notify the Administrative Trustees before
5:00 p.m. (London time) on each LIBOR Determination Date that either:  (i) it has determined or is in the
process of determining the foregoing rates and amounts or (ii) it has not
determined and is not in the process of determining the foregoing rates and
amounts, together with its reasons therefor. 
The Calculation Agent’s determination of the foregoing rates and amounts
for any Distribution Date will (in the absence of manifest error) be final and
binding upon all parties.  For the sole
purpose of calculating the interest rate for the Trust Securities, “Business
Day” shall be defined as any day on which dealings in deposits in Dollars are
transacted in the London interbank market.

 

SECTION 4.11.                 Certain Accounting Matters.

 

(a)                                  At all times
during the existence of the Trust, the Administrative Trustees shall keep, or
cause to be kept at the principal office of the Trust in the United States, as
defined for purposes of Treasury Regulations section 301.7701-7, full
books of account, records and supporting documents, which shall reflect in
reasonable detail each transaction of the Trust.  The books of account shall be maintained on
the accrual method of accounting, in accordance with generally accepted
accounting principles, consistently applied.

 

(b)                                 The
Administrative Trustees shall either (i) if the Depositor is then subject
to such reporting requirements, cause each Form 10-K and Form 10-Q
prepared by the Depositor and filed with the Commission in accordance with the
Exchange Act to be delivered to each Holder, with a copy to the Property
Trustee, within thirty (30) days after the filing thereof or (ii) cause to
be prepared at the principal office of the Trust in the United States, as
defined for purposes of Treasury Regulations section 301.7701-7, and
delivered to each of the Holders, with a copy to the Property Trustee, within
ninety (90) days after the end of each Fiscal Year, annual financial statements
of the Trust, including a balance sheet of the Trust as of the end of such
Fiscal Year, and the related statements of income or loss.

 

23

 

(c)                                  The Trust shall
maintain one or more bank accounts in the United States, as defined for
purposes of Treasury Regulations section 301.7701-7, in the name and for
the sole benefit of the Trust; provided, however, that all
payments of funds in respect of the Notes held by the Property Trustee shall be
made directly to the Payment Account and no other funds of the Trust shall be
deposited in the Payment Account.  The
sole signatories for such accounts (including the Payment Account) shall be
designated by the Property Trustee.

 

ARTICLE V.

SECURITIES

 

SECTION 5.1.                       Initial
Ownership.

 

Upon
the creation of the Trust and the contribution by the Depositor referred to in Section 2.3
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 5.2.                       Authorized
Trust Securities.

 

The
Trust shall be authorized to issue one series of Preferred Securities having an
aggregate Liquidation Amount of $40,000,000 and one series of Common Securities
having an aggregate Liquidation Amount of $1,240,000.

 

SECTION 5.3.                       Issuance of the
Common Securities; Subscription and Purchase of Notes.

 

On
the Closing Date, an Administrative Trustee, on behalf of the Trust, shall
execute and deliver to the Depositor Common Securities Certificates, registered
in the name of the Depositor, evidencing an aggregate of 1,240 Common
Securities having an aggregate Liquidation Amount of $1,240,000, against
receipt by the Trust of the aggregate purchase price of such Common Securities
of $1,240,000. Contemporaneously therewith and with the sale by the Trust to
the Holders of an aggregate of 40,000 Preferred Securities having an aggregate
Liquidation Amount of $40,000,000, an Administrative Trustee, on behalf of the
Trust, shall subscribe for and purchase from the Depositor Notes, to be
registered in the name of the Property Trustee on behalf of the Trust and
having an aggregate principal amount equal to $41,240,000, and, in satisfaction
of the purchase price for such Notes, the Property Trustee, on behalf of the
Trust, shall deliver to the Depositor the sum of $41,240,000 (being the
aggregate amount paid by the Holders for the Preferred Securities and the
amount paid by the Depositor for the Common Securities).

 

SECTION 5.4.                       The Securities
Certificates.

 

(a)                                  The Preferred
Securities Certificates shall be issued in minimum denominations of $100,000
Liquidation Amount and integral multiples of $1,000 in excess thereof, and the
Common Securities Certificates shall be issued in minimum denominations of
$10,000 Liquidation Amount and integral multiples of $1,000 in excess
thereof.  The Securities Certificates
shall be executed on behalf of the Trust by manual or facsimile signature of at
least one Administrative Trustee. 
Securities Certificates bearing the signatures of individuals who

 

24

 

were, at the time when such
signatures shall have been affixed, authorized to sign such Securities
Certificates 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 delivery of such
Securities Certificates or did not have such authority at the date of delivery
of such Securities Certificates.

 

(b)                                 On the Closing
Date, upon the written order of an authorized officer of the Depositor, the
Administrative Trustees shall cause Securities Certificates to be executed on
behalf of the Trust and delivered, without further corporate action by the
Depositor, in authorized denominations.

 

(c)                                  The Preferred
Securities issued to QIBs shall be, except as provided in Section 5.6,
Book-Entry Preferred Securities issued in the form of one or more Global
Preferred Securities registered in the name of the Depositary, or its nominee
and deposited with the Depositary or the Property Trustee as custodian for the
Depositary for credit by the Depositary to the respective accounts of the
Depositary Participants thereof (or such other accounts as they may
direct).  The Preferred Securities issued
to a Person other than a QIB shall be issued in the form of Definitive Preferred
Securities Certificates.

 

(d)                                 A Preferred
Security shall not be valid until authenticated by the manual signature of a
Responsible Officer of the Property Trustee. 
Such signature shall be conclusive evidence that the Preferred Security
has been authenticated under this Trust Agreement.  Upon written order of the Trust signed by one
Administrative Trustee, the Property Trustee shall authenticate and deliver one
or more Preferred Security Certificates evidencing the Preferred Securities for
original issue.  The Property Trustee may
appoint an authenticating agent that is a U.S. Person acceptable to the Trust
to authenticate the Preferred Securities. 
A Common Security need not be so authenticated and shall be valid upon
execution by one or more Administrative Trustees.  The form of this certificate of
authentication can be found in Section 5.13.

 

(e)                                  Upon issuance
of the Trust Securities as provided in this Trust Agreement, the Trust
Securities so issued shall be deemed to be validly issued, fully paid and
nonassessable, and each Holder thereof shall be entitled to the benefits
provided by this Trust Agreement.

 

SECTION 5.5.                       Rights of
Holders.

 

The
Trust Securities shall have no, and the issuance of the Trust Securities is not
subject to, preemptive or similar rights and when issued and delivered to
Holders against payment of the purchase price therefor will be fully paid and
non-assessable by the Trust.  Except as
provided in Section 5.11(b), the Holders of the Trust Securities,
in their capacities as such, 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.

 

SECTION 5.6.                       Book-Entry
Preferred Securities.

 

(a)                                  A Global
Preferred Security may be exchanged, in whole or in part, for Definitive
Preferred Securities Certificates registered in the names of the Owners only if
such exchange complies with Section 5.7 and (i) the Depositary
advises the Administrative Trustees and the Property Trustee in writing that
the Depositary is no longer willing or able properly to discharge

 

25

 

its responsibilities with
respect to the Global Preferred Security, and no qualified successor is
appointed by the Administrative Trustees within ninety (90) days of receipt of
such notice, (ii) the Depositary ceases to be a clearing agency registered
under the Exchange Act and the Administrative Trustees fail to appoint a
qualified successor within ninety (90) days of obtaining knowledge of such
event, (iii) the Administrative Trustees at their option advise the
Property Trustee in writing that the Trust elects to terminate the book-entry
system through the Depositary or (iv) a Note Event of Default has occurred
and is continuing. Upon the occurrence of any event specified in clause (i),
(ii), (iii) or (iv) above, the Administrative Trustees shall notify
the Depositary and instruct the Depositary to notify all Owners of Book-Entry
Preferred Securities, the Delaware Trustee and the Property Trustee of the
occurrence of such event and of the availability of the Definitive Preferred
Securities Certificates to Owners of the Preferred Securities requesting the
same. Upon the issuance of Definitive Preferred Securities Certificates, the
Trustees shall recognize the Holders of the Definitive Preferred Securities
Certificates as Holders.  Notwithstanding
the foregoing, if an Owner of a beneficial interest in a Global Preferred
Security wishes at any time to transfer an interest in such Global Preferred
Security to a Person other than a QIB, such transfer shall be effected, subject
to the Applicable Depositary Procedures, in accordance with the provisions of
this Section 5.6 and Section 5.7, and the transferee
shall receive a Definitive Preferred Securities Certificate in connection with
such transfer.  A holder of a Definitive
Preferred Securities Certificate that is a QIB may, upon request, and in
accordance with the provisions of this Section 5.6 and Section 5.7,
exchange such Definitive Preferred Securities Certificate for a beneficial
interest in a Global Preferred Security.

 

(b)                                 If any Global
Preferred Security is to be exchanged for Definitive Preferred Securities
Certificates or canceled in part, or if any Definitive Preferred Securities
Certificate is to be exchanged in whole or in part for any Global Preferred
Security, then either (i) such Global Preferred Security shall be so
surrendered for exchange or cancellation as provided in this Article V
or (ii) the aggregate Liquidation Amount represented by such Global
Preferred Security shall be reduced, subject to Section 5.4, or
increased by an amount equal to the Liquidation Amount represented by that
portion of the Global Preferred Security to be so exchanged or canceled, or
equal to the Liquidation Amount represented by such Definitive Preferred
Securities Certificates to be so exchanged for any Global Preferred Security,
as the case may be, by means of an appropriate adjustment made on the records
of the Securities Registrar, whereupon the Property Trustee, in accordance with
the Applicable Depositary Procedures, shall instruct the Depositary or its
authorized representative to make a corresponding adjustment to its records.
Upon any such surrender to the Administrative Trustees or the Securities
Registrar of any Global Preferred Security or Securities by the Depositary,
accompanied by registration instructions, the Administrative Trustees, or any
one of them, shall execute the Definitive Preferred Securities Certificates in
accordance with the instructions of the Depositary, and the Property Trustee,
upon receipt thereof, shall authenticate and deliver such Definitive Preferred
Securities Certificates.  None of the
Securities Registrar or the Trustees shall be liable for any delay in delivery
of such instructions and may conclusively rely on, and shall be fully protected
in relying on, such instructions.

 

(c)                                  Every
Securities Certificate executed and delivered upon registration or transfer of,
or in exchange for or in lieu of, a Global Preferred Security or any portion
thereof shall be executed and delivered in the form of, and shall be, a Global
Preferred Security, unless such

 

26

 

Securities Certificate is
registered in the name of a Person other than the Depositary for such Global
Preferred Security or a nominee thereof.

 

(d)                                 The Depositary
or its nominee, as registered owner of a Global Preferred Security, shall be
the Holder of such Global Preferred Security for all purposes under this Trust
Agreement and the Global Preferred Security, and Owners with respect to a
Global Preferred Security shall hold such interests pursuant to the Applicable
Depositary Procedures. The Securities Registrar and the Trustees shall be
entitled to deal with the Depositary for all purposes of this Trust Agreement
relating to the Global Preferred Securities (including the payment of the
Liquidation Amount of and Distributions on the Book-Entry Preferred Securities
represented thereby and the giving of instructions or directions by Owners of
Book-Entry Preferred Securities represented thereby and the giving of notices)
as the sole Holder of the Book-Entry Preferred Securities represented thereby
and shall have no obligations to the Owners thereof.  None of the Trustees nor the Securities
Registrar shall have any liability in respect of any transfers effected by the
Depositary.

 

(e)                                  The rights of
the Owners of the Book-Entry Preferred Securities shall be exercised only
through the Depositary and shall be limited to those established by law, the
Applicable Depositary Procedures and agreements between such Owners and the
Depositary and/or the Depositary Participants; provided, that, solely for the
purpose of determining whether the Holders of the requisite amount of Preferred
Securities have voted on any matter provided for in this Trust Agreement, to
the extent that Preferred Securities are represented by a Global Preferred
Security, the Trustees may conclusively rely on, and shall be fully protected
in relying on, any written instrument (including a proxy) delivered to the
Property Trustee by the Depositary setting forth the Owners’ votes or assigning
the right to vote on any matter to any other Persons either in whole or in
part.  To the extent that Preferred
Securities are represented by a Global Preferred Security, the initial
Depositary will make book-entry transfers among the Depositary Participants and
receive and transmit payments on the Preferred Securities that are represented
by a Global Preferred Security to such Depositary Participants, and none of the
Depositor or the Trustees shall have any responsibility or obligation with
respect thereto.

 

(f)                                    To the extent
that a notice or other communication to the Holders is required under this
Trust Agreement, for so long as Preferred Securities are represented by a
Global Preferred Security, the Trustees shall give all such notices and
communications to the Depositary, and shall have no obligations to the Owners.

 

SECTION 5.7.                       Registration of
Transfer and Exchange of Preferred Securities Certificates.

 

(a)                                  The Property
Trustee shall keep or cause to be kept, at the Corporate Trust Office, a
register or registers (the “Securities Register”) in which the registrar and
transfer agent with respect to the Trust Securities (the “Securities Registrar”),
subject to such reasonable regulations as it may prescribe, shall provide for
the registration of Preferred Securities Certificates and Common Securities
Certificates and registration of transfers and exchanges of Preferred
Securities Certificates as herein provided. The Property Trustee shall at all
times also be the Securities Registrar. 
The provisions of Article VIII shall apply to the Property
Trustee in its role as Securities Registrar.

 

27

 

(b)                                 Subject to Section 5.7(d),
upon surrender for registration of transfer of any Preferred Securities
Certificate at the office or agency maintained pursuant to Section 5.7(f),
the Administrative Trustees or any one of them shall execute by manual or
facsimile signature and deliver to the Property Trustee, and upon receipt
thereof the Property Trustee shall 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
as may be required by this Trust Agreement dated the date of execution by such
Administrative Trustee or Trustees.  At
the option of a Holder, Preferred Securities Certificates may be exchanged for
other Preferred Securities Certificates in authorized denominations and of a
like aggregate Liquidation Amount upon surrender of the Preferred Securities
Certificate to be exchanged at the office or agency maintained pursuant to Section 5.7(f).  Whenever any Preferred Securities
Certificates are so surrendered for exchange, the Administrative Trustees or
any one of them shall execute by manual or facsimile signature and deliver to
the Property Trustee, and upon receipt thereof the Property Trustee shall
authenticate and deliver, the Preferred Securities Certificates that the Holder
making the exchange is entitled to receive.

 

(c)                                  The Securities
Registrar shall not be required, (i) to issue, register the transfer of or
exchange any Preferred Security during a period beginning at the opening of
business fifteen (15) days before the day of selection for redemption of such
Preferred Securities pursuant to Article IV and ending at the close
of business on the day of mailing of the notice of redemption or (ii) to
register the transfer of or exchange any Preferred Security so selected for
redemption in whole or in part, except, in the case of any such Preferred
Security to be redeemed in part, any portion thereof not to be redeemed.

 

(d)                                 Every Preferred
Securities Certificate presented or surrendered for registration of transfer or
exchange shall be duly endorsed, or be accompanied by a written instrument of
transfer in form satisfactory to the Securities Registrar duly executed by the
Holder or such Holder’s attorney duly authorized in writing and (i) if
such Preferred Securities Certificate is being transferred otherwise than to a
QIB, accompanied by a certificate of the transferee substantially in the form
set forth as Exhibit E hereto or (ii) if such Preferred
Securities Certificate is being transferred to a QIB, accompanied by a
certificate of the transferor substantially in the form set forth as Exhibit F
hereto.

 

(e)                                  No service
charge shall be made for any registration of transfer or exchange of Preferred
Securities Certificates, but the Property Trustee on behalf of the Trust 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.

 

(f)                                    The Administrative
Trustees shall designate an office or offices or agency or agencies where
Preferred Securities Certificates may be surrendered for registration of
transfer or exchange, and initially designate the Corporate Trust Office as its
office and agency for such purposes. The Administrative Trustees shall give
prompt written notice to the Depositor, the Property Trustee and to the Holders
of any change in the location of any such office or agency.

 

SECTION 5.8.                       Mutilated,
Destroyed, Lost or Stolen Securities Certificates.

 

28

 

(a)                                  If any
mutilated Securities Certificate shall be surrendered to the Securities
Registrar together with such security or indemnity as may be required by the
Securities Registrar and the Administrative Trustees to save each of them
harmless, the Administrative Trustees, or any one of them, on behalf of the
Trust, shall execute and make available for delivery and, with respect to
Preferred Securities, the Property Trustee shall authenticate, in exchange
therefor a new Securities Certificate of like class, tenor and denomination.

 

(b)                                 If the
Securities Registrar shall receive evidence to its satisfaction of the
destruction, loss or theft of any Securities Certificate and 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 Securities Certificate shall have been acquired by
a protected purchaser, the Administrative Trustees, or any one of them, on
behalf of the Trust, shall execute and make available for delivery, and, with
respect to Preferred Securities, the Property Trustee shall authenticate, in
exchange for or in lieu of any such destroyed, lost or stolen Securities
Certificate, a new Securities Certificate of like class, tenor and
denomination.

 

(c)                                  In connection
with the issuance of any new Securities Certificate under this Section 5.8,
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.

 

(d)                                 Any duplicate
Securities Certificate issued pursuant to this Section 5.8 shall
constitute conclusive evidence of an undivided beneficial interest in the
assets of the Trust corresponding to that evidenced by the mutilated, lost,
stolen or destroyed Securities Certificate, as if originally issued, whether or
not the lost, stolen or destroyed Securities Certificate shall be found at any
time.

 

(e)                                  If any such
mutilated, destroyed, lost or stolen Securities Certificate has become or is
about to become due and payable, the Depositor in its discretion may, instead
of issuing a new Trust Security, pay such Trust Security.

 

(f)                                    The provisions
of this Section 5.8 are exclusive and shall preclude (to the extent
lawful) all other rights and remedies with respect to the replacement of
mutilated, destroyed, lost or stolen Securities Certificates.

 

SECTION 5.9.                       Persons Deemed
Holders.

 

The
Trustees and the Securities Registrar shall each treat the Person in whose name
any Securities Certificate shall be registered in the Securities Register as
the owner of the Trust Securities evidenced by such Securities Certificate for
the purpose of receiving Distributions and for all other purposes whatsoever,
and none of the Trustees and the Securities Registrar shall be bound by any
notice to the contrary.

 

SECTION 5.10.                 Cancellation.

 

All
Preferred Securities Certificates surrendered for registration of transfer or
exchange or for payment shall, if surrendered to any Person other than the
Property Trustee, be delivered to

 

29

 

the Property Trustee, and any such Preferred Securities Certificates
and Preferred Securities Certificates surrendered directly to the Property
Trustee for any such purpose shall be promptly canceled by it.  The Administrative Trustees may at any time
deliver to the Property Trustee for cancellation any Preferred Securities
Certificates previously delivered hereunder that the Administrative Trustees
may have acquired in any manner whatsoever, and all Preferred Securities
Certificates so delivered shall be promptly canceled by the Property Trustee.  No Preferred Securities Certificates shall be
executed and delivered in lieu of or in exchange for any Preferred Securities
Certificates canceled as provided in this Section 5.10, except as
expressly permitted by this Trust Agreement. 
All canceled Preferred Securities Certificates shall be disposed of by
the Property Trustee in accordance with its customary practices and the
Property Trustee shall deliver to the Administrative Trustees a certificate of
such disposition.

 

SECTION 5.11.                 Ownership of Common
Securities by Depositor.

 

(a)                                  On the Closing
Date, the Depositor shall acquire, and thereafter shall retain, beneficial and
record ownership of the Common Securities. Neither the Depositor nor any
successor Holder of the Common Securities may transfer less than all the Common
Securities, and the Depositor or any such successor Holder may transfer the
Common Securities only (i) in connection with a consolidation or merger of
the Depositor into another Person, or any conveyance, transfer or lease by the
Depositor of its properties and assets substantially as an entirety to any
Person (in which event such Common Securities will be transferred to such
surviving entity, transferee or lessee, as the case may be), pursuant to Section 8.1
of the Indenture or (ii) to the Depositor or an Affiliate of the
Depositor, in each such case in compliance with applicable law (including the
Securities Act, and applicable state securities and blue sky laws). To the
fullest extent permitted by law, any attempted transfer of the Common
Securities other than as set forth in the immediately preceding sentence shall
be void. The Administrative Trustees shall cause each Common Securities
Certificate issued to the Depositor to contain a legend stating substantially “THIS
CERTIFICATE IS NOT TRANSFERABLE EXCEPT IN COMPLIANCE WITH APPLICABLE LAW AND SECTION 5.11
OF THE TRUST AGREEMENT.”

 

(b)                                 Any Holder of
the Common Securities shall be liable for the debts and obligations of the
Trust in the manner and to the extent set forth with respect to the Depositor
and agrees that it shall be subject to all liabilities to which the Depositor
may be subject and, prior to becoming such a Holder, shall deliver to the
Administrative Trustees an instrument of assumption satisfactory to such
Trustees.

 

SECTION 5.12.                 Restricted Legends.

 

(a)                                  Each Preferred
Security Certificate shall bear a legend in substantially the following form:

 

“[IF
THIS SECURITY IS A GLOBAL SECURITY INSERT: THIS PREFERRED SECURITY IS A
GLOBAL SECURITY WITHIN THE MEANING OF THE TRUST AGREEMENT HEREINAFTER REFERRED
TO AND IS REGISTERED IN THE NAME OF THE DEPOSITORY TRUST COMPANY (“DTC”) OR A
NOMINEE OF DTC.  THIS PREFERRED SECURITY
IS EXCHANGEABLE FOR SECURITIES

 

30

 

REGISTERED
IN THE NAME OF A PERSON OTHER THAN DTC OR ITS NOMINEE ONLY IN THE LIMITED
CIRCUMSTANCES DESCRIBED IN THE TRUST AGREEMENT, AND NO TRANSFER OF THIS
PREFERRED SECURITY (OTHER THAN A TRANSFER OF THIS PREFERRED SECURITY AS A WHOLE
BY DTC TO A NOMINEE OF DTC OR BY A NOMINEE OF DTC TO DTC OR ANOTHER NOMINEE OF
DTC) MAY BE REGISTERED EXCEPT IN LIMITED CIRCUMSTANCES.

 

UNLESS
THIS PREFERRED SECURITY IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF DTC TO REPUBLIC
BANCORP CAPITAL TRUST OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR
PAYMENT, AND ANY PREFERRED SECURITY ISSUED IS REGISTERED IN THE NAME OF CEDE &
CO. OR IN SUCH OTHER NAME AS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC
(AND ANY PAYMENT HEREON IS 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 HEREOF, CEDE & CO., HAS AN INTEREST
HEREIN.]

 

THE
PREFERRED SECURITIES REPRESENTED BY THIS CERTIFICATE WERE ORIGINALLY ISSUED IN
A TRANSACTION EXEMPT FROM REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS
AMENDED (THE “SECURITIES ACT”), AND SUCH PREFERRED SECURITIES OR ANY INTEREST
THEREIN, MAY NOT BE OFFERED, SOLD OR OTHERWISE TRANSFERRED IN THE ABSENCE
OF SUCH REGISTRATION OR AN APPLICABLE EXEMPTION THEREFROM.  EACH PURCHASER OF ANY PREFERRED SECURITIES IS
HEREBY NOTIFIED THAT THE SELLER OF THE PREFERRED SECURITIES MAY BE RELYING
ON THE EXEMPTION FROM THE PROVISIONS OF SECTION 5 OF THE SECURITIES ACT
PROVIDED BY RULE 144A UNDER THE SECURITIES ACT.

 

THE
HOLDER OF THE PREFERRED SECURITIES REPRESENTED BY THIS CERTIFICATE AGREES FOR
THE BENEFIT OF THE TRUST AND THE DEPOSITOR THAT (A) SUCH PREFERRED
SECURITIES MAY BE OFFERED, RESOLD OR OTHERWISE TRANSFERRED ONLY (I) TO THE
TRUST, (II) TO A PERSON WHOM THE SELLER REASONABLY BELIEVES IS A “QUALIFIED
INSTITUTIONAL BUYER” (AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT) IN A
TRANSACTION MEETING THE REQUIREMENTS OF RULE 144A, (III) TO AN INSTITUTIONAL “ACCREDITED
INVESTOR” WITHIN THE MEANING OF SUBPARAGRAPH (a) (1), (2), (3) OR (7) OF
RULE 501 UNDER THE SECURITIES ACT THAT IS ACQUIRING THE SECURITY FOR ITS OWN
ACCOUNT, OR FOR THE ACCOUNT OF AN “ACCREDITED INVESTOR,” FOR INVESTMENT
PURPOSES AND NOT WITH A VIEW TO, OR FOR OFFER OR SALE IN CONNECTION WITH, ANY
DISTRIBUTION IN VIOLATION OF THE SECURITIES ACT, (IV) PURSUANT TO AN EFFECTIVE
REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR (V) PURSUANT TO AN

 

31

 

EXEMPTION
FROM REGISTRATION UNDER THE SECURITIES ACT, IN EACH CASE IN ACCORDANCE WITH ANY
APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR ANY OTHER
APPLICABLE JURISDICTION AND, IN THE CASE OF (III) OR (V), SUBJECT TO THE RIGHT
OF THE TRUST AND THE DEPOSITOR TO REQUIRE AN OPINION OF COUNSEL AND OTHER
INFORMATION SATISFACTORY TO EACH OF THEM AND (B) THE HOLDER WILL NOTIFY
ANY PURCHASER OF ANY PREFERRED SECURITIES FROM IT OF THE RESALE RESTRICTIONS
REFERRED TO IN (A) ABOVE.

 

THE
PREFERRED SECURITIES WILL BE ISSUED AND MAY BE TRANSFERRED ONLY IN BLOCKS
HAVING AN AGGREGATE LIQUIDATION AMOUNT OF NOT LESS THAN $100,000.  TO THE FULLEST EXTENT PERMITTED BY LAW, ANY
ATTEMPTED TRANSFER OF PREFERRED SECURITIES, OR ANY INTEREST THEREIN,  IN A BLOCK HAVING AN AGGREGATE LIQUIDATION
AMOUNT OF LESS THAN $100,000 AND MULTIPLES OF $1,000 IN EXCESS THEREOF SHALL BE
DEEMED TO BE VOID AND OF NO LEGAL EFFECT WHATSOEVER.  TO THE FULLEST EXTENT PERMITTED BY LAW, ANY
SUCH PURPORTED TRANSFEREE SHALL BE DEEMED NOT TO BE THE HOLDER OF SUCH
PREFERRED SECURITIES FOR ANY PURPOSE, INCLUDING, BUT NOT LIMITED TO, THE
RECEIPT OF LIQUIDATION AMOUNT OF OR DISTRIBUTIONS ON SUCH PREFERRED SECURITIES,
OR ANY INTEREST THEREIN, AND SUCH PURPORTED TRANSFEREE SHALL BE DEEMED TO HAVE
NO INTEREST WHATSOEVER IN SUCH PREFERRED SECURITIES.

 

THE
HOLDER OF THIS SECURITY, OR ANY INTEREST THEREIN,  BY ITS ACCEPTANCE HEREOF OR THEREOF ALSO
AGREES, REPRESENTS AND WARRANTS THAT IT IS NOT AN EMPLOYEE BENEFIT PLAN,
INDIVIDUAL RETIREMENT ACCOUNT OR OTHER PLAN OR ARRANGEMENT SUBJECT TO TITLE I
OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”),
OR SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”)
(EACH A “PLAN”), OR AN ENTITY WHOSE UNDERLYING ASSETS INCLUDE “PLAN ASSETS” BY
REASON OF ANY PLAN’S INVESTMENT IN THE ENTITY, AND NO PERSON INVESTING “PLAN
ASSETS” OF ANY PLAN MAY ACQUIRE OR HOLD THIS PREFERRED SECURITY OR ANY
INTEREST THEREIN, UNLESS SUCH PURCHASER OR HOLDER IS ELIGIBLE FOR THE EXEMPTIVE
RELIEF AVAILABLE UNDER U.S. DEPARTMENT OF LABOR PROHIBITED TRANSACTION CLASS EXEMPTION
96-23, 95-60, 91-38, 90-1 OR 84-14 OR ANOTHER APPLICABLE EXEMPTION OR ITS
PURCHASE AND HOLDING OF THIS SECURITY, OR ANY INTEREST THEREIN, ARE NOT
PROHIBITED BY SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE WITH
RESPECT TO SUCH PURCHASE AND HOLDING. ANY PURCHASER OR HOLDER OF THE PREFERRED
SECURITIES OR ANY INTEREST THEREIN WILL BE DEEMED TO HAVE REPRESENTED BY ITS
PURCHASE AND HOLDING THEREOF THAT EITHER (i) IT IS NOT AN EMPLOYEE BENEFIT
PLAN OR OTHER PLAN TO WHICH TITLE I OF ERISA OR SECTION 4975 OF THE CODE
IS APPLICABLE, A TRUSTEE OR OTHER PERSON ACTING ON BEHALF OF ANY SUCH

 

32

 

EMPLOYEE
BENEFIT PLAN OR PLAN, OR ANY OTHER PERSON OR ENTITY USING THE “PLAN ASSETS” OF
ANY SUCH EMPLOYEE BENEFIT PLAN OR PLAN TO FINANCE SUCH PURCHASE, OR (ii) SUCH
PURCHASE OR HOLDING WILL NOT RESULT IN A PROHIBITED TRANSACTION UNDER SECTION 406
OF ERISA OR SECTION 4975 OF THE CODE FOR WHICH FULL EXEMPTIVE RELIEF IS
NOT AVAILABLE UNDER AN APPLICABLE STATUTORY OR ADMINISTRATIVE EXEMPTION.

 

THIS
OBLIGATION IS NOT A DEPOSIT AND IS NOT INSURED BY THE UNITED STATES OR ANY
AGENCY OR FUND OF THE UNITED STATES, INCLUDING THE FEDERAL DEPOSIT INSURANCE
CORPORATION (THE “FDIC”).”

 

(b)                                 The above
legend shall not be removed from any of the Preferred Securities Certificates
unless there is delivered to the Property Trustee and the Depositor
satisfactory evidence, which may include an Opinion of Counsel, as may be
reasonably required to ensure that any future transfers thereof may be made
without restriction under or violation of the provisions of the Securities Act
and other applicable law.  Upon provision
of such satisfactory evidence, one or more of the Administrative Trustees on
behalf of the Trust shall execute and deliver to the Property Trustee, and the
Property Trustee shall authenticate and deliver, at the written direction of
the Administrative Trustees and the Depositor, Preferred Securities
Certificates that do not bear the legend.

 

SECTION 5.13.                 Form of Certificate of
Authentication.

 

The
Property Trustee’s certificate of authentication shall be in substantially the
following form:

 

This
represents Preferred Securities referred to in the within-mentioned Trust
Agreement.

 

	
  Dated:

  	
  WILMINGTON TRUST COMPANY, not in

  its individual capacity, but solely as Property

  Trustee

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Authorized officer

  	
   

  

 

ARTICLE VI.

 

MEETINGS; VOTING; ACTS OF HOLDERS

 

SECTION 6.1.                       Notice of
Meetings.

 

Notice
of all meetings of the Holders of the Preferred Securities, stating the time,
place and purpose of the meeting, shall be given by the Property Trustee
pursuant to Section 10.8 to each Holder of Preferred Securities, at
such Holder’s registered address, at least fifteen (15) days and not more than
ninety (90) days before the meeting. At any such meeting, any business

 

33

 

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 6.2.                       Meetings of
Holders of the Preferred Securities.

 

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

 

(b)                                 The Holders of
at least a Majority in Liquidation Amount of the Preferred Securities, present
in person or by proxy, shall constitute a quorum at any meeting of the Holders
of the Preferred Securities.

 

(c)                                  If a quorum is
present at a meeting, an affirmative vote by the Holders present, in person or
by proxy, holding Preferred Securities representing at least a Majority in
Liquidation Amount of the Preferred Securities held by the Holders present,
either in person or by proxy, at such meeting shall constitute the action of
the Holders of the Preferred Securities, unless this Trust Agreement requires a
lesser or greater number of affirmative votes.

 

SECTION 6.3.                       Voting Rights.

 

Holders
shall be entitled to one vote for each $10,000 of Liquidation Amount
represented by their Outstanding Trust Securities in respect of any matter as
to which such Holders are entitled to vote.

 

SECTION 6.4.                       Proxies, Etc.

 

At
any meeting of Holders, any Holder entitled to vote thereat 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 Holders 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 Holder 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.

 

34

 

SECTION 6.5.                       Holder Action
by Written Consent.

 

Any
action that may be taken by Holders at a meeting may be taken without a meeting
and without prior notice if Holders holding at least a Majority in Liquidation
Amount of all Preferred Securities entitled to vote in respect of such action
(or such lesser or greater proportion thereof as shall be required by any other
provision of this Trust Agreement) shall consent to the action in writing; provided,
that notice of such action is promptly provided to the Holders of Preferred
Securities that did not consent to such action. 
Any action that may be taken by the Holders of all the Common Securities
may be taken without a meeting and without prior notice if such Holders shall
consent to the action in writing.

 

SECTION 6.6.                       Record Date for
Voting and Other Purposes.

 

Except
as provided in Section 6.10(a), for the purposes of determining the
Holders who are entitled to notice of and to vote at any meeting or to act 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 ninety (90) days prior to the
date of any meeting of Holders or the payment of a Distribution or other
action, as the case may be, as a record date for the determination of the
identity of the Holders of record for such purposes.

 

SECTION 6.7.                       Acts of
Holders.

 

(a)                                  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
Holders may be embodied in and evidenced by one or more instruments of
substantially similar tenor signed by such Holders in person or by an agent
thereof duly appointed in writing; and, except as otherwise expressly provided
herein, such action shall become effective when such instrument or instruments
are delivered to an Administrative Trustee. Such instrument or instruments (and
the action embodied therein and evidenced thereby) are herein sometimes
referred to as the “Act” of the Holders 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
conclusive in favor of the Trustees, if made in the manner provided in this Section 6.7.

 

(b)                                 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 such signer’s individual capacity, such
certificate or affidavit shall also constitute sufficient proof of such signer’s
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 that any Trustee receiving the same deems sufficient.

 

(c)                                  The ownership
of Trust Securities shall be proved by the Securities Register.

 

35

 

(d)                                 Any request,
demand, authorization, direction, notice, consent, waiver or other Act of the
Holder of any Trust Security shall bind every future Holder of the same Trust
Security and the Holder 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, the Administrative
Trustees or the Trust in reliance thereon, whether or not notation of such
action is made upon such Trust Security.

 

(e)                                  Without
limiting the foregoing, a Holder 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.

 

(f)                                    If any dispute
shall arise among the Holders or the Trustees with respect to the authenticity,
validity or binding nature of any request, demand, authorization, direction,
notice, consent, waiver or other Act of such Holder 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 6.8.                       Inspection of
Records.

 

Upon
reasonable written notice to the Administrative Trustees and the Property
Trustee, the records of the Trust shall be open to inspection by any Holder
during normal business hours for any purpose reasonably related to such Holder’s
interest as a Holder.

 

SECTION 6.9.                       Limitations on
Voting Rights.

 

(a)                                  Except as
expressly provided in this Trust Agreement and in the 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 Securities
Certificates, be construed so as to constitute the Holders from time to time as
partners or members of an association.

 

(b)                                 So long as any
Notes 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 Note Trustee, or exercise any trust
or power conferred on the Property Trustee with respect to the Notes, (ii) waive
any past default that may be waived under Section 5.13 of the
Indenture, (iii) exercise any right to rescind or annul a declaration that
the principal of all the Notes shall be due and payable or (iv) consent to
any amendment, modification or termination of the Indenture or the Notes, 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, that where a consent under the Indenture would
require the consent of each holder of Notes (or each Holder of Preferred
Securities) 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 the Preferred

 

36

 

Securities, except by a
subsequent vote of the Holders of the Preferred Securities.  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 shall not cause the Trust to be taxable as a
corporation or classified as other than a grantor trust for United States
federal income tax purposes.

 

(c)                                  If any proposed
amendment to the Trust Agreement provides for, or the Trustees otherwise
propose to effect, (i) any action that would adversely affect in any
material respect the 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 Preferred
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. 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 as a corporation or
classified as other than a grantor trust for United States federal income tax
purposes.

 

SECTION 6.10.                 Acceleration of Maturity;
Rescission of Annulment; Waivers of Past Defaults.

 

(a)                                  For so long as
any Preferred Securities remain Outstanding, if, upon a Note Event of Default
pursuant to paragraphs (c), (e), (f), (g) or (h) of Section 5.1
of the Indenture, the Note Trustee fails or the holders of not less than twenty
five percent (25%) in principal amount of the outstanding Notes fail to declare
the principal of all of the Notes to be immediately due and payable, the
Holders of at least twenty-five percent (25%) in Liquidation Amount of the
Preferred Securities then Outstanding shall have the right to make such
declaration by a notice in writing to the Property Trustee, the Depositor and
the Note Trustee.  At any time after a
declaration of acceleration with respect to the Notes has been made and before
a judgment or decree for payment of the money due has been obtained by the Note
Trustee as provided in the Indenture, the Holders of at least a Majority in
Liquidation Amount of the Preferred Securities, by written notice to the
Property Trustee, the Depositor and the Note Trustee, may rescind and annul
such declaration and its consequences if:

 

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

 

(A)                              all overdue
installments of interest on all of the Notes;

 

(B)                                any accrued
Additional Interest on all of the Notes;

 

(C)                                the principal
of and premium, if any, on any Notes that have become due otherwise than by
such declaration of acceleration and interest and Additional Interest thereon
at the rate borne by the Notes; and

 

37

 

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

 

(ii)                                  all Note Events
of Default, other than the non-payment of the principal of the Notes that has
become due solely by such acceleration, have been cured or waived as provided
in Section 5.13 of the Indenture.

 

Upon
receipt by the Property Trustee of written notice requesting such an
acceleration, or rescission and annulment thereof, by Holders of any part of
the Preferred Securities, 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 that is
ninety (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 ninety (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 that 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 6.10(a).

 

(b)                                 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 Indenture, upon a
Note Event of Default specified in paragraph (a), (b) or (c) of Section 5.1
of the Indenture, any Holder of Preferred Securities shall have the right to
institute a proceeding directly against the Depositor, pursuant to Section 5.8
of the Indenture, for enforcement of payment to such Holder of any amounts
payable in respect of Notes having an aggregate principal amount equal to the
aggregate Liquidation Amount of the Preferred Securities of such Holder.  Except as set forth in Section 6.10(a) and
this Section 6.10(b), 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 Notes.

 

(c)                                  Notwithstanding
paragraphs (a) and (b) of this Section 6.10, 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 Note Event
of Default, except any Note Event of Default arising from the failure to pay
any principal of or premium, if any, or interest on (including any Additional
Interest) the Notes (unless such Note Event of Default has been cured and a sum
sufficient to pay all matured installments of interest and all principal and
premium, if any, on all Notes due otherwise than by acceleration has been
deposited with the Note Trustee) or a Note Event of Default in respect of a
covenant or provision that under the Indenture cannot be modified or amended
without the consent of the holder of each outstanding Note.  Upon any such waiver, such Note Event of
Default shall cease to exist and any Note Event of Default arising therefrom
shall be deemed to have been cured for every purpose of the Indenture; but no

 

38

 

such waiver shall affect any
subsequent Note Event of Default or impair any right consequent thereon.

 

(d)                                 Notwithstanding
paragraphs (a) and (b) of this Section 6.10, 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 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 Trust Agreement, but no such waiver shall extend to any subsequent or
other Event of Default or impair any right consequent thereon.

 

(e)                                  The Holders of
a Majority in Liquidation Amount of the Preferred Securities shall have the
right to direct the time, method and place of conducting any proceeding for any
remedy available to the Property Trustee in respect of this Trust Agreement or
the Notes or exercising any trust or power conferred upon the Property Trustee
under this Trust Agreement; provided, that, subject to Sections 8.5 and 8.7,
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, by an officer or officers of the Property Trustee, determine
that the proceedings so directed would be illegal or involve it in personal
liability or be unduly prejudicial to the rights of Holders not party 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.

 

ARTICLE VII.

 

REPRESENTATIONS AND WARRANTIES

 

SECTION 7.1.                       Representations
and Warranties of the Property Trustee and the Delaware Trustee.

 

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

 

(a)                                  the Property
Trustee is a Delaware banking corporation with trust powers, duly organized,
validly existing and in good standing under the laws of the State of Delaware;

 

(b)                                 the Property
Trustee has full corporate power, authority and legal right to execute, deliver
and perform its 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)                                  the Delaware
Trustee is a Delaware banking corporation, duly organized with trust powers,
validly existing and in good standing under the laws of the State of Delaware
and with its principal place of business in the State of Delaware;

 

(d)                                 the Delaware
Trustee has full corporate power, authority and legal right to execute, deliver
and perform its obligations under this Trust Agreement and has taken all

 

39

 

necessary action to
authorize the execution, delivery and performance by it of this Trust
Agreement;

 

(e)                                  this Trust
Agreement has been duly authorized, executed and delivered by the Property
Trustee and the Delaware Trustee and constitutes the legal, valid and binding
agreement of each of the Property Trustee and the Delaware Trustee enforceable
against each of them in accordance with its terms, subject to applicable
bankruptcy, insolvency and similar laws affecting creditors’ rights generally
and to general principles of equity and the discretion of the court (regardless
of whether considered in a proceeding in equity or at law);

 

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

 

(g)                                 neither the
authorization, execution or delivery by the Property Trustee or the Delaware
Trustee of this Trust Agreement nor the consummation of any of the transactions
by the Property Trustee or the Delaware Trustee contemplated herein requires
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 law of the United States or the State of Delaware
governing the banking and trust powers of the Property Trustee or the Delaware
Trustee, as the case may be; and

 

(h)                                 to the best of
each of the Property Trustee’s and the Delaware Trustee’s knowledge, there are
no proceedings pending or threatened against or affecting the Property Trustee
or the Delaware Trustee in any court or before any governmental authority,
agency or arbitration board or tribunal that, individually or in the aggregate,
would materially and adversely affect the Trust or would question the right,
power and authority of the Property Trustee or the Delaware Trustee, as the
case may be, to enter into or perform its obligations as one of the Trustees
under this Trust Agreement.

 

SECTION 7.2.                       Representations
and Warranties of Depositor.

 

The
Depositor hereby represents and warrants for the benefit of the Holders that:

 

(a)                                  the Depositor
is a corporation duly organized, validly existing and in good standing under
the laws of its state of incorporation;

 

(b)                                 the Depositor
has full corporate power, authority and legal right to execute, deliver and
perform its 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 the Depositor and
constitutes the legal, valid and binding agreement of the Depositor enforceable

 

40

 

against the Depositor in
accordance with its terms, subject to applicable bankruptcy, insolvency and
similar laws affecting creditors’ rights generally and to general principles of
equity;

 

(d)                                 the Securities
Certificates issued at the Closing Date on behalf of the Trust have been duly
authorized and will have been duly and validly executed, issued and delivered
by the applicable Trustees pursuant to the terms and provisions of, and in
accordance with the requirements of, this Trust Agreement and the Holders will
be, as of such date, entitled to the benefits of this Trust Agreement;

 

(e)                                  the execution,
delivery and performance of this Trust Agreement have been duly authorized by
all necessary corporate or other action on the part of the Depositor and do not
require any approval of stockholders of the Depositor and such execution,
delivery and performance will not (i) violate the articles or certificate
of incorporation or by-laws (or other organizational documents) of the
Depositor or (ii) violate any applicable law, governmental rule or
regulation governing the Depositor or any material portion of its property or
any order, judgment or decree applicable to the Depositor or any material
portion of its property;

 

(f)                                    neither the
authorization, execution or delivery by the Depositor of this Trust Agreement
nor the consummation of any of the transactions by the Depositor contemplated
herein requires 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 law governing the Depositor
or any material portion of its property; and

 

(g)                                 there are no
proceedings pending or, to the best of the Depositor’s knowledge, threatened
against or affecting the Depositor or any material portion of its property in
any court or before any governmental authority, agency or arbitration board or
tribunal that, individually or in the aggregate, would materially and adversely
affect the Trust or would question the right, power and authority of the
Depositor, as the case may be, to enter into or perform its obligations under
this Trust Agreement.

 

ARTICLE VIII.

 

THE TRUSTEES

 

SECTION 8.1.                       Number of
Trustees.

 

The
number of Trustees shall be five (5), provided, that the Property Trustee and
the Delaware Trustee may be the same Person, in which case the number of
Trustees shall be four (4).  The number
of Trustees may be increased or decreased by Act of the Holder of the Common
Securities subject to Sections 8.2, 8.3, and 8.4.  The death, resignation, retirement, removal,
bankruptcy, incompetence or incapacity to perform the duties of a Trustee shall
not operate to annul, dissolve or terminate the Trust.

 

SECTION 8.2.                       Property
Trustee Required.

 

There
shall at all times be a Property Trustee hereunder with respect to the Trust
Securities. The Property Trustee shall be a corporation organized and doing
business under the laws of the United States or of any state thereof, authorized
to exercise corporate trust powers,

 

41

 

having a combined capital and surplus of at least fifty million dollars
($50,000,000), subject to supervision or examination by federal or state
authority and having an office within the United States.  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 8.2,
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 shall cease to be
eligible in accordance with the provisions of this Section 8.2, it
shall resign immediately in the manner and with the effect hereinafter
specified in this Article VIII.

 

SECTION 8.3.                       Delaware
Trustee Required.

 

(a)                                  If required by
the Delaware Statutory Trust Act, 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 that has its principal place
of business in the State of Delaware, otherwise meets the requirements of
applicable Delaware law and shall act through one or more persons authorized to
bind such entity.  If at any time the
Delaware Trustee shall cease to be eligible in accordance with the provisions
of this Section 8.3, it shall resign immediately in the manner and
with the effect hereinafter specified in this Article VIII.

 

(b)                                 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 of the Trust for the sole and limited purpose of fulfilling the
requirements of Section 3807 of the Delaware Statutory Trust Act and for
taking such actions as are required to be taken by a Delaware trustee under the
Delaware Statutory Trust Act.  The duties
(including fiduciary duties), liabilities and obligations of the Delaware
Trustee shall be limited to (a) accepting legal process served on the
Trust in the State of Delaware and (b) the execution of any certificates
required to be filed with the Secretary of State of the State of Delaware that
the Delaware Trustee is required to execute under Section 3811 of the
Delaware Statutory Trust Act and there shall be no other duties (including
fiduciary duties) or obligations, express or implied, at law or in equity, of
the Delaware Trustee.

 

SECTION 8.4.                       Appointment of
Administrative Trustees.

 

(a)                                  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 that entity. 
Each of the individuals identified as an “Administrative Trustee” in the
preamble of this Trust Agreement hereby accepts his or her appointment as such.

 

(b)                                 Except where a
requirement for action by a specific number of Administrative Trustees is
expressly set forth in this Trust Agreement, any act required or permitted to
be taken by, and any power of the Administrative Trustees may be exercised by,
or with the consent of, any one such Administrative Trustee.  Whenever a vacancy in the number of
Administrative Trustees shall occur, until such vacancy is filled by the
appointment of an Administrative Trustee

 

42

 

in accordance with Section 8.11,
the Administrative Trustees in office, regardless of their number (and
notwithstanding any other provision of this Trust Agreement), shall have all
the powers granted to the Administrative Trustees and shall discharge all the
duties imposed upon the Administrative Trustees by this Trust Agreement.

 

SECTION 8.5.                       Duties and
Responsibilities of the Trustees.

 

(a)                                  The rights,
immunities, duties and responsibilities of the Trustees shall be as provided by
this Trust Agreement and there shall be no other duties (including fiduciary
duties) or obligations, express or implied, at law or in equity, of the
Trustees; provided, however, that if an Event of Default known to the Property
Trustee has occurred and is continuing, the Property Trustee shall, prior to
the receipt of directions, if any, from the Holders of at least a Majority in
Liquidation Amount of the Preferred Securities, exercise such of the rights and
powers vested in it by this Trust Agreement, and use the same degree of care
and skill in its exercise, as a prudent person would exercise or use under the
circumstances in the conduct of such person’s own affairs.  Notwithstanding the foregoing, no provision
of this Trust Agreement shall require any of the Trustees to expend or risk its
own funds or otherwise incur any financial liability in the performance of any
of its duties hereunder, or in the exercise of any of its or their rights or
powers, if it or 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 it. Whether or not herein 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 8.5. To the extent that, at law or
in equity, a Trustee has duties and liabilities relating to the Trust or to the
Holders, such Trustee shall not be liable to the Trust or to any Holder for
such 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 Trustees otherwise existing at law or in equity,
are agreed by the Depositor and the Holders to replace such other duties and
liabilities of the Trustees.

 

(b)                                 All payments
made by the Property Trustee or a Paying Agent in respect of the Trust
Securities shall be made only from the revenue and proceeds from the Trust
Property and only to the extent that there shall be sufficient revenue or
proceeds from the Trust Property to enable the Property Trustee or a Paying
Agent to make payments in accordance with the terms hereof. Each Holder, by its
acceptance of a Trust Security, agrees that it will look solely to the revenue
and proceeds from the Trust Property to the extent legally 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 8.5(b) does
not limit the liability of the Trustees expressly set forth elsewhere in this
Trust Agreement.

 

(c)                                  No provisions
of this Trust Agreement shall be construed to relieve the Property Trustee from
liability with respect to matters that are within the authority of the Property
Trustee under this Trust Agreement for its own negligent action, negligent
failure to act or willful misconduct, except that:

 

43

 

(i)                                     the Property
Trustee shall not be liable for any error or judgment made in good faith by an
authorized officer of the Property Trustee, unless it shall be proved that the
Property Trustee was negligent in ascertaining the pertinent facts;

 

(ii)                                  the Property
Trustee shall not be liable with respect to any action taken or omitted to be
taken by it in good faith in accordance with the direction of the Holders of at
least 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 Property Trustee hereunder or under the Indenture, or
exercising any trust or power conferred upon the Property Trustee under this
Trust Agreement;

 

(iii)                               the Property
Trustee’s sole duty with respect to the custody, safe keeping and physical
preservation of the Notes and the Payment Account shall be to deal with such
Property in a similar manner as the Property Trustee deals with similar
property for its own account, subject to the protections and limitations on
liability afforded to the Property Trustee under this Trust Agreement;

 

(iv)                              the Property
Trustee shall not be liable for any interest on any money received by it; and
money held by the Property Trustee need not be segregated from other funds held
by it except in relation to the Payment Account maintained by the Property
Trustee pursuant to Section 3.1 and except to the extent otherwise
required by law; and

 

(v)                                 the Property
Trustee shall not be responsible for monitoring the compliance by the
Administrative Trustees or the Depositor with their respective duties under
this Trust Agreement, nor shall the Property Trustee be liable for the default
or misconduct of any other Trustee or the Depositor.

 

SECTION 8.6.                       Notices of
Defaults and Extensions.

 

(a)                                  Within ninety
(90) days after the occurrence of a default actually known to the Property
Trustee, the Property Trustee shall transmit notice of such default to the
Holders, the Administrative Trustees and the Depositor, unless such default
shall have been cured or waived; provided, that, except in the case of a
default in the payment of the principal of or any premium or interest
(including any Additional Interest) on any Trust Security, the Property Trustee
shall be fully 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 Holders of the Trust
Securities.  For the purpose of this Section 8.6,
the term “default” means any event that is, or after notice or lapse of time or
both would become, an Event of Default.

 

(b)                                 Within three (3) Business
Days after the receipt of written notice of the Depositor’s exercise of its right
to defer the payment of interest on the Notes pursuant to the Indenture, the
Property Trustee shall transmit, in the manner and to the extent provided in Section 10.8,
notice of such exercise to the Holders and the Administrative Trustees, unless
such exercise shall have been revoked.

 

(c)                                  The Property
Trustee shall not be deemed to have knowledge of any default or Event of
Default unless the Property Trustee shall have received written notice thereof
from the

 

44

 

Depositor, any
Administrative Trustee or any Holder or unless a Responsible Officer of the
Property Trustee shall have obtained actual knowledge of such default or Event
of Default.

 

(d)                                 The Property
Trustee shall notify all Holders of the Preferred Securities of any notice of
default received with respect to the Notes.

 

SECTION 8.7.                       Certain Rights
of Property Trustee.

 

Subject
to the provisions of Section 8.5:

 

(a)                                  the Property
Trustee may conclusively rely and shall be protected in acting or refraining
from acting in good faith and in accordance with the terms hereof upon any
resolution, Opinion of Counsel, certificate, written representation of a Holder
or transferee, certificate of auditors or any other resolution, certificate,
statement, instrument, opinion, report, notice, request, direction, consent,
order, appraisal, bond, debenture, note, other evidence of indebtedness 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, (ii) in
construing any of the provisions of this Trust Agreement the Property Trustee
finds a provision 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 Holders of the Preferred Securities are entitled to vote under the terms of
this Trust Agreement, the Property Trustee shall deliver a notice to the
Depositor requesting the Depositor’s written instruction as to the course of
action to be taken and 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, that if the
Property Trustee does not receive such instructions of the Depositor within ten
(10) Business Days after it has delivered such notice or such reasonably
shorter period of time set forth in such notice, the Property Trustee may, but
shall be under no duty to, take such action, or refrain from taking such
action, as the Property Trustee shall deem advisable and in the best interests
of the Holders, in which event the Property Trustee shall have no liability
except for its own negligence, bad faith or willful misconduct;

 

(c)                                  any direction
or act of the Depositor contemplated by this Trust Agreement shall be
sufficiently evidenced by an Officers’ Certificate unless otherwise expressly
provided herein;

 

(d)                                 any direction
or act of an Administrative Trustee contemplated by this Trust Agreement shall
be sufficiently evidenced by a certificate executed by such Administrative
Trustee and setting forth such direction or act;

 

(e)                                  the Property
Trustee shall have no duty to see to any recording, filing or registration of
any instrument (including any financing or continuation statement or any filing
under tax or securities laws) or any re-recording, re-filing or re-registration
thereof;

 

(f)                                    the Property
Trustee may consult with counsel (which counsel may be counsel to the Property
Trustee, the Depositor or any of its Affiliates, and may include any of its
employees) and the advice of such counsel shall be full and complete
authorization and

 

45

 

protection in respect of any
action taken, suffered or omitted by it hereunder in good faith and in reliance
thereon and in accordance with such advice; the Property Trustee shall have the
right at any time to seek instructions concerning the administration of this
Trust Agreement from any court of competent jurisdiction;

 

(g)                                 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
Holders pursuant to this Trust Agreement, unless such Holders shall have
offered to the Property Trustee reasonable security or indemnity against the
costs, expenses (including reasonable attorneys’ fees and expenses) and
liabilities that might be incurred by it in compliance with such request or
direction, including reasonable advances as may be requested by the Property
Trustee;

 

(h)                                 the Property
Trustee shall not be bound to make any investigation into the facts or matters
stated in any resolution, certificate, statement, instrument, opinion, report,
notice, request, direction, consent, order, approval, bond, debenture, note or
other evidence of indebtedness or other paper or document, unless requested in
writing to do so by one or more Holders, but the Property Trustee may make such
further inquiry or investigation into such facts or matters as it may see fit,
and, if the Property Trustee shall determine to make such inquiry or
investigation, it shall be entitled to examine the books, records and premises
of the Depositor, personally or by agent or attorney;

 

(i)                                     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, attorneys, custodians or
nominees and the Property Trustee shall not be responsible for any negligence
or misconduct on the part of any such agent, attorney, custodian or nominee
appointed with due care by it hereunder;

 

(j)                                     whenever in the
administration of this Trust Agreement the Property Trustee shall deem it
desirable to receive instructions with respect to enforcing any remedy or right
hereunder, the Property Trustee (i) may request instructions from the
Holders (which instructions may only be given by the Holders of the same
proportion in Liquidation Amount of the Trust Securities as would be entitled
to direct the Property Trustee under this Trust Agreement in respect of such remedy,
right or action), (ii) may refrain from enforcing such remedy or right or
taking such other action until such instructions are received and (iii) shall
be protected in acting in accordance with such instructions;

 

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

 

(l)                                     without
prejudice to any other rights available to the Property Trustee under applicable
law, when the Property Trustee incurs expenses or renders services in
connection with a Bankruptcy Event, such expenses (including legal fees and
expenses of its agents and counsel) and the compensation for such services are
intended to constitute expenses of administration under any bankruptcy law or
law relating to creditors rights generally; and

 

46

 

 

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

 

No
provision of this Trust Agreement shall be deemed to impose any duty or
obligation on any 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 such Person 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.

 

SECTION 8.8.                       Delegation of
Power.

 

Any
Trustee may, by power of attorney or otherwise delegate to any other Person
its, his or her power for the purpose of executing any documents contemplated
in Section 2.5.  The Trustees
shall have power to delegate from time to time to such of their number or to
the Depositor the doing of such things and the execution of such instruments either
in the name of the Trust or the names of the Trustees or otherwise as the
Trustees may deem expedient, to the extent such delegation is not prohibited by
applicable law or contrary to the provisions of this Trust Agreement.

 

SECTION 8.9.                       May Hold
Securities.

 

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

 

SECTION 8.10.                 Compensation; Reimbursement;
Indemnity.

 

The
Depositor agrees:

 

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

 

(b)                                 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 gross negligence, bad
faith or willful misconduct; and

 

(c)                                  to the fullest
extent permitted by applicable law, to indemnify and hold harmless (i) each
Trustee (including in its individual capacity), (ii) any Affiliate of any
Trustee, (iii) any officer, director, shareholder, employee,
representative or agent of any Trustee or any Affiliate of any Trustee and (iv) any
employee or agent of the Trust (referred to herein as an “Indemnified

 

47

 

Person”) from and against
any loss, damage, liability, tax (other than income, franchise or other taxes
imposed on amounts paid pursuant to Section 8.10(a) or (b) hereof),
penalty, expense or claim of any kind or nature whatsoever incurred without
negligence, bad faith or willful misconduct on its part, arising out of or in
connection with the acceptance or administration of the Trust hereunder,
including the advancement of funds to cover the reasonable 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
Trust shall have no payment, reimbursement or indemnity obligations to the
Trustees under this Section 8.10. 
The provisions of this Section 8.10 shall survive the
termination of this Trust Agreement and the earlier removal or resignation of
any Trustee.

 

No
Trustee may claim any Lien on any Trust Property whether before or after
termination of the Trust as a result of any amount due pursuant to this Section 8.10.

 

To
the fullest extent permitted by law, in no event shall the Property Trustee and
the Delaware Trustee be liable for any indirect, special, punitive or
consequential loss or damage of any kind whatsoever, including, but not limited
to, lost profits, even if the Trustee has been advised of the likelihood of
such loss or damage and regardless of the form of action.

 

In
no event shall the Property Trustee and the Delaware Trustee be liable for any
failure or delay in the performance of its obligations hereunder because of
circumstances beyond its control, including, but not limited to, acts of God,
flood, war (whether declared or undeclared), terrorism, fire, riot, embargo,
government action, including any laws, ordinances, regulations, governmental
action or the like which delay, restrict or prohibit the providing of the
services contemplated by this Trust Agreement.

 

SECTION 8.11.                 Resignation and Removal;
Appointment of Successor.

 

(a)                                  No resignation
or removal of any Trustee and no appointment of a successor Trustee pursuant to
this Article VIII shall become effective until the acceptance of
appointment by the successor Trustee in accordance with the applicable
requirements of Section 8.12.

 

(b)                                 A Trustee may
resign at any time by giving written notice thereof to the Depositor and, in
the case of the Property Trustee and the Delaware Trustee, to the Holders.

 

(c)                                  Unless an Event
of Default shall have occurred and be continuing, the Property Trustee or the
Delaware Trustee, or both of them, may be removed (with or without cause) at
any time by Act of the Holder of Common Securities.  If an Event of Default shall have occurred
and be continuing, the Property Trustee or the Delaware Trustee, or both of
them, may be removed (with or without cause) at such time by Act of the Holders
of at least a Majority in Liquidation Amount of the Preferred Securities,
delivered to the removed Trustee (in its individual capacity and on behalf of
the Trust).  An Administrative Trustee
may be removed (with or without cause) only by Act of the Holder of the Common
Securities at any time.

 

(d)                                 If any Trustee
shall resign, be removed or become incapable of acting as Trustee, or if a
vacancy shall occur in the office of any Trustee for any reason, at a time when
no Event of Default shall have occurred and be continuing, the Holder of the
Common Securities, by Act of

 

48

 

the Holder of the Common
Securities, shall promptly appoint a successor Trustee or Trustees, and such
successor Trustee and the retiring Trustee shall comply with the applicable
requirements of Section 8.12. 
If the Property Trustee or the Delaware Trustee shall resign, be removed
or become incapable of continuing to act as the Property Trustee or the
Delaware Trustee, as the case may be, at a time when an Event of Default shall
have occurred and be continuing, the Holders of the Preferred Securities, by
Act of the Holders of a Majority in Liquidation Amount of the Preferred
Securities, shall promptly appoint a successor Property Trustee or Delaware
Trustee, and such successor Property Trustee or Delaware Trustee and the
retiring Property Trustee or Delaware Trustee shall comply with the applicable
requirements of Section 8.12. 
If an Administrative Trustee shall resign, be removed or become
incapable of acting as Administrative Trustee, at a time when an Event of
Default shall have occurred and be continuing, the Holder of the Common
Securities by Act of the Holder of Common Securities shall promptly appoint a
successor Administrative Trustee and such successor Administrative Trustee and
the retiring Administrative Trustee shall comply with the applicable
requirements of Section 8.12. 
If no successor Trustee shall have been so appointed by the Holder of
the Common Securities or Holders of the Preferred Securities, as the case may
be, and accepted appointment in the manner required by Section 8.12
within thirty (30) days after the giving of a notice of resignation by a
Trustee, the removal of a Trustee, or a Trustee becoming incapable of acting as
such Trustee, any Holder who has been a Holder of Preferred Securities for at
least six (6) months may, on behalf of himself and all others similarly
situated, and any resigning Trustee may, in each case, at the expense of the
Depositor, petition any court of competent jurisdiction for the appointment of
a successor Trustee.

 

(e)                                  The Depositor
shall give notice of each resignation and each removal of the Property Trustee
or the Delaware Trustee and each appointment of a successor Property Trustee or
Delaware Trustee to all Holders in the manner provided in Section 10.8.  Each notice shall include the name of the
successor Property Trustee or Delaware Trustee and the address of its Corporate
Trust Office if it is the Property Trustee.

 

(f)                                    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, in the opinion of the Holder of Common Securities, incompetent or
incapacitated, the vacancy created by such death, incompetence or incapacity
may be filled by (i) the unanimous act of the remaining Administrative
Trustees if there are at least two of them or (ii) otherwise by the Holder
of the Common Securities (with the successor in each case being a Person who
satisfies the eligibility requirement for Administrative Trustees or Delaware
Trustee, as the case may be, set forth in Sections 8.3 and 8.4).

 

(g)                                 Upon the
appointment of a successor Delaware Trustee, such successor Delaware Trustee
shall file a Certificate of Amendment to the Certificate of Trust in accordance
with Section 3810 of the Delaware Statutory Trust Act.

 

SECTION 8.12.                 Acceptance of Appointment by
Successor.

 

(a)                                  In case of the
appointment hereunder of a successor Trustee, each successor Trustee shall
execute and deliver to the Depositor and to the retiring Trustee an instrument
accepting such appointment, and thereupon the resignation or removal of the
retiring Trustee

 

49

 

shall become effective and
each such successor Trustee, without any further act, deed or conveyance, shall
become vested with all the rights, powers, trusts and duties of the retiring
Trustee; but, on request of the Trust or any successor Trustee such retiring
Trustee shall, upon payment of its charges, duly assign, transfer and deliver
to such successor Trustee all Trust Property, all proceeds thereof and money
held by such retiring Trustee hereunder with respect to the Trust Securities
and the Trust.

 

(b)                                 Upon request of
any such successor Trustee, the Trust (or the retiring Trustee if requested by
the Depositor) shall execute any and all instruments for more fully and
certainly vesting in and confirming to such successor Trustee all such rights,
powers and trusts referred to in the preceding paragraph.

 

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

 

SECTION 8.13.                 Merger, Conversion,
Consolidation or Succession to Business.

 

Any
Person into which the Property Trustee or the Delaware Trustee 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 Trustee shall be a party,
or any Person succeeding to all or substantially all the corporate trust
business of such Trustee, shall be the successor of such Trustee hereunder,
without the execution or filing of any paper or any further act on the part of
any of the parties hereto, provided, that such Person shall be otherwise
qualified and eligible under this Article VIII.

 

SECTION 8.14.                 Not Responsible for Recitals
or Issuance of Securities.

 

The
recitals contained herein and in the Securities Certificates shall be taken as
the statements of the Trust and the Depositor, and the Trustees do not assume
any responsibility for their correctness. 
The Trustees make no representations as to the title to, or value or
condition of, the property of the Trust or any part thereof, nor as to the
validity or sufficiency of this Trust Agreement, the Notes or the Trust
Securities.  The Trustees shall not be
accountable for the use or application by the Depositor of the proceeds of the
Notes.

 

SECTION 8.15.                 Property Trustee May File
Proofs of Claim.

 

(a)                                  In case of any
Bankruptcy Event (or event that with the passage of time would become a
Bankruptcy Event) relative to the Trust or any other obligor upon the Trust
Securities or the property of the Trust or of such other obligor or their
creditors, the Property Trustee (irrespective of whether any Distributions on
the Trust Securities shall then be due and payable and irrespective of whether
the Property Trustee shall have made any demand on the Trust for the payment of
any past due Distributions) shall be entitled and empowered, to the fullest
extent permitted by law, by intervention in such proceeding or otherwise:

 

(i)                                     to file and
prove a claim for the whole amount of any Distributions owing and unpaid in
respect of the Trust Securities and to file such other papers or documents as
may be necessary or advisable in order to have the claims of the Property Trustee
(including any claim for the reasonable compensation, expenses, disbursements
and

 

50

 

advances of the Property Trustee, its agents
and counsel) and of the Holders allowed in such judicial proceeding; and

 

(ii)                                  to collect and
receive any monies or other property payable or deliverable on any such claims
and to distribute the same;

 

and
any custodian, receiver, assignee, trustee, liquidator, sequestrator or other
similar official in any such proceeding is hereby authorized by each Holder to
make such payments to the Property Trustee and, in the event the Property
Trustee shall consent to the making of such payments directly to the Holders,
to pay to the Property Trustee first any amount due it for the reasonable
compensation, expenses, disbursements and advances of the Property Trustee, its
agents and counsel, and any other amounts due the Property Trustee.

 

(b)                                 Nothing herein
contained shall be deemed to authorize the Property Trustee to authorize or
consent to or accept or adopt on behalf of any Holder any plan of
reorganization, arrangement, adjustment or compensation affecting the Trust
Securities or the rights of any Holder thereof or to authorize the Property
Trustee to vote in respect of the claim of any Holder in any such proceeding.

 

SECTION 8.16.                 Reports to and from the
Property Trustee.

 

(a)                                  The Depositor
and the Administrative Trustees shall deliver to the Property Trustee, not
later than forty five (45) days after the end of each of the first three fiscal
quarters of the Depositor and not later than ninety (90) days after the end of
each fiscal year of the Depositor ending after the date of this Trust
Agreement, an Officers’ Certificate (substantially in the form attached hereto
as Exhibit H) covering the preceding fiscal period, stating whether
or not to the knowledge of the signers thereof the Depositor, the
Administrative Trustees or the Trust are in default in the performance or
observance of any of the terms, provisions and conditions of this Trust
Agreement (without regard to any period of grace or requirement of notice
provided hereunder) and, if the Depositor, the Administrative Trustees or the
Trust shall be in default, specifying all such defaults and the nature and
status thereof of which they have knowledge.

 

(b)                                 The Depositor
shall furnish to (i) the Property Trustee, (ii) the Purchaser, (iii) any
Owner of the Preferred Securities reasonably identified to the Depositor or the
Trust (which identification may be made either by such Owner or by the
Placement Agent or Purchaser) and (iv) any designee of (i), (ii) or (iii) above,
a duly completed and executed certificate in the form attached hereto as Exhibit G,
including the financial statements referenced in such Exhibit, which
certificate and financial statements shall be so furnished by the Depositor not
later than forty five (45) days after the end of each of the first three fiscal
quarters of each fiscal year of the Depositor and not later than ninety (90)
days after the end of each fiscal year of the Depositor.

 

(c)                                  The Property
Trustee shall receive all reports, certificates and information, which it is
entitled to obtain under each of the Operative Documents, and deliver to (i) the
Purchaser, (ii) the Placement Agent and (iii) a designee of (i) or
(ii) above, as identified in writing to the Property Trustee, copies of
all such reports, certificates or information promptly upon receipt thereof.

 

51

 

ARTICLE IX.

TERMINATION, LIQUIDATION AND MERGER

 

SECTION 9.1.                       Dissolution
Upon Expiration Date.

 

Unless
earlier dissolved, the Trust shall automatically dissolve on September 30,
2040 (the “Expiration Date”), and the Trust Property shall be liquidated in
accordance with Section 9.4.

 

SECTION 9.2.                       Early
Termination.

 

The
first to occur of any of the following events is an “Early Termination Event”,
upon the occurrence of which the Trust shall be dissolved:

 

(a)                                  the occurrence
of a Bankruptcy Event in respect of, or the dissolution or liquidation of, the
Depositor, in its capacity as the Holder of the Common Securities, unless the
Depositor shall have transferred the Common Securities as provided by Section 5.11,
in which case this provision shall refer instead to any such successor Holder
of the Common Securities;

 

(b)                                 the written
direction to the Property Trustee from the Holder of the Common Securities at
any time to dissolve the Trust and, after satisfaction of any liabilities of
the Trust as required by applicable law, to distribute the Notes to Holders in
exchange for the Preferred Securities (which direction is optional and wholly
within the discretion of the Holder of the Common Securities), provided, that
the Holder of the Common Securities shall have received the prior approval of
the Federal Reserve if then required;

 

(c)                                  the redemption
of all of the Preferred Securities in connection with the payment at maturity
or redemption of all the Notes; and

 

(d)                                 the entry of an
order for dissolution of the Trust by a court of competent jurisdiction.

 

SECTION 9.3.                       Termination.

 

The
respective obligations and responsibilities of the Trustees and the Trust shall
terminate upon the latest to occur of the following: (a) the distribution
by the Property Trustee to Holders of all amounts required to be distributed
hereunder upon the liquidation of the Trust pursuant to Section 9.4,
or upon the redemption of all of the Trust Securities pursuant to Section 4.2;
(b) the satisfaction 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 Holders.

 

SECTION 9.4.                       Liquidation.

 

(a)                                  If an Early
Termination Event specified in Section 9.2(a), (b) or (d) occurs
or upon the Expiration Date, the Trust shall be liquidated by the Property
Trustee as expeditiously as the Property Trustee shall determine to be possible
by distributing, after satisfaction of

 

52

 

liabilities to creditors of
the Trust as provided by applicable law, to each Holder a Like Amount of Notes,
subject to Section 9.4(d). Notice of liquidation shall be given by
the Property Trustee not less than thirty (30) nor more than sixty (60) days
prior to the Liquidation Date to each Holder of Trust Securities at such Holder’s
address appearing in the Securities Register. All such 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 (subject to Section 9.4(d)) any Securities
Certificates not surrendered for exchange will be deemed to represent a Like
Amount of Notes; and

 

(iii)                               provide such
information with respect to the mechanics by which Holders may exchange
Securities Certificates for Notes, or if Section 9.4(d) applies,
receive a Liquidation Distribution, as the Property Trustee shall deem
appropriate.

 

(b)                                 Except where Section 9.2(c) or
9.4(d) applies, in order to effect the liquidation of the Trust and
distribution of the Notes to Holders, the Property Trustee, either itself
acting as exchange agent or through the appointment of a separate exchange
agent, shall establish a record date for such distribution (which shall not be
more than forty-five (45) days prior to the Liquidation Date nor prior to the
date on which notice of such liquidation is given to the Holders) and establish
such procedures as it shall deem appropriate to effect the distribution of
Notes in exchange for the Outstanding Securities Certificates.

 

(c)                                  Except where Section 9.2(c) or
9.4(d) applies, after the Liquidation Date, (i) the Trust
Securities will no longer be deemed to be Outstanding, (ii) certificates
representing a Like Amount of Notes will be issued to Holders of Securities
Certificates, upon surrender of such Certificates to the exchange agent for
exchange, (iii) the Depositor shall use its best efforts to have the Notes
listed on the New York Stock Exchange or on such other exchange, interdealer
quotation system or self-regulatory organization on which the Preferred
Securities are then listed, if any, (iv) Securities Certificates not so
surrendered for exchange will be deemed to represent a Like Amount of Notes
bearing accrued and unpaid interest in an amount equal to the accumulated and
unpaid Distributions on such Securities 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 Securities Certificates
with respect to such Notes) and (v) all rights of Holders holding Trust
Securities will cease, except the right of such Holders to receive Notes upon
surrender of Securities Certificates.

 

(d)                                 Notwithstanding
the other provisions of this Section 9.4, if distribution of the
Notes in the manner provided herein is determined by the Property Trustee not
to be permitted or practical, the Trust Property shall be liquidated, and the
Trust shall be wound up by the Property Trustee in such manner as the Property
Trustee determines.  In such event,
Holders will be entitled to receive out of the assets of the Trust available
for distribution to Holders, after satisfaction of liabilities to creditors of
the Trust as provided by applicable law, an amount equal to the Liquidation
Amount per Trust Security plus accumulated and unpaid Distributions thereon to
the date of payment (such amount being the “Liquidation Distribution”). If,
upon any such

 

53

 

winding up the Liquidation
Distribution can be paid only in part because the Trust has insufficient assets
available to pay in full the aggregate Liquidation Distribution, then, 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 winding up pro rata (based upon Liquidation
Amounts) with Holders of all Trust Securities, except that, if an Event of
Default has occurred and is continuing, the Preferred Securities shall have a
priority over the Common Securities as provided in Section 4.3.

 

SECTION 9.5.                       Mergers,
Consolidations, Amalgamations or Replacements of 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 Person except pursuant to this Article IX. At the
request of the Holders of the Common Securities, 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, that:

 

(a)                                  such successor
entity either (i) expressly assumes all of the obligations of the Trust
under this Trust Agreement with respect to the Preferred Securities or (ii) substitutes
for the Preferred Securities other securities having substantially the same
terms as the Preferred Securities (such other Securities, the “Successor
Securities”) so long as the Successor Securities have the same priority as the
Preferred Securities with respect to distributions and payments upon
liquidation, redemption and otherwise;

 

(b)                                 a trustee of
such successor entity possessing substantially the same powers and duties as
the Property Trustee is appointed to hold the Notes;

 

(c)                                  if the
Preferred Securities or the Notes are rated, such merger, consolidation,
amalgamation, replacement, conveyance, transfer or lease does not cause the
Preferred Securities or the Notes (including any Successor Securities) to be
downgraded by any nationally recognized statistical rating organization that
then assigns a rating to the Preferred Securities or the Notes;

 

(d)                                 the Preferred
Securities are listed, or any Successor Securities will be listed upon notice
of issuance, on any national securities exchange or interdealer quotation system
on which the Preferred Securities are then listed, if any;

 

(e)                                  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 Securities) in any material
respect;

 

(f)                                    such successor
entity has a purpose substantially identical to that of the Trust;

 

(g)                                 prior to such
merger, consolidation, amalgamation, replacement, conveyance, transfer or
lease, the Depositor has received an Opinion of Counsel to the effect that (i) 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

 

54

 

(including any Successor
Securities) in any material respect; (ii) 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 (iii) following such merger,
consolidation, amalgamation, replacement, conveyance, transfer or lease, the
Trust (or the successor entity) will continue to be classified as a grantor
trust for U.S. federal income tax purposes; and

 

(h)                                 the Depositor
or its permitted transferee owns all of the common securities of such successor
entity and guarantees the obligations of such successor entity under the
Successor Securities at least to the extent provided by the Guarantee
Agreement.

 

Notwithstanding
the foregoing, the Trust shall not, except with the consent of Holders of all
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 Person or permit any other entity to
consolidate, amalgamate, merge with or into, or replace, the Trust if such
consolidation, amalgamation, merger, replacement, conveyance, transfer or lease
would cause the Trust or the successor entity to be taxable as a corporation or
classified as other than a grantor trust for United States federal income tax
purposes or cause the Notes to be treated as other than indebtedness of the
Depositor for United States federal income tax purposes.

 

ARTICLE X.

 

INFORMATION TO PURCHASER

 

SECTION 10.1.                 Depositor Obligations to
Purchaser.

 

Notwithstanding
any other provision herein, the Depositor shall furnish to (a) the
Purchaser, (b) any Owner of the Preferred Securities reasonably identified
to the Depositor or the Trust (which identification may be made either by such
Owner or by the Placement Agent or Purchaser) and (c) any designee of (a) or
(b) above, copies of all correspondence, notices, forms, filings, reports
and other documents required to be provided by the Depositor, whether acting
through an Administrative Trustee or otherwise, to the Property Trustee or
Delaware Trustee under this Trust Agreement.

 

SECTION 10.2.                 Property Trustee’s
Obligations to Purchaser.

 

Notwithstanding
any other provision herein, the Property Trustee shall furnish to (a) the
Purchaser, (b) the Placement Agent and (c) a designee of (a) or (b) above
as identified in writing to the Property Trustee, copies of all (i) correspondence,
notices, forms, filings, reports and other documents received by the Property
Trustee or Delaware Trustee from the Depositor, whether acting through an
Administrative Trustee or otherwise, under this Trust Agreement, and (ii) all
correspondence, notices, forms, filings, reports and other documents required
to be provided to the Depositor or a Holder by the Property Trustee or Delaware
Trustee under this Trust Agreement.

 

55

 

ARTICLE XI.

MISCELLANEOUS PROVISIONS

 

SECTION 11.1.                 Limitation of Rights of
Holders.

 

Except
as set forth in Section 9.2, the death, bankruptcy, termination,
dissolution or incapacity of any Person having an interest, beneficial or
otherwise, in Trust Securities shall not operate to terminate this Trust
Agreement, nor annul, dissolve or terminate the Trust nor entitle the legal
representatives or heirs of such Person or any Holder for such Person, to claim
an accounting, take any action or bring any proceeding in any court 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 11.2.                 Agreed Tax Treatment of
Trust and Trust Securities.

 

The
parties hereto and, by its acceptance or acquisition of a Trust Security or a
beneficial interest therein, the Holder of, and any Person that acquires a
beneficial interest in, such Trust Security intend and agree to treat the Trust
as a grantor trust for United States federal, state and local tax purposes, and
to treat the Trust Securities (including all payments and proceeds with respect
to such Trust Securities) as undivided beneficial ownership interests in the
Trust Property (and payments and proceeds therefrom, respectively) for United
States federal, state and local tax purposes and to treat the Notes as
indebtedness of the Depositor for United States federal, state and local tax
purposes.  The provisions of this Trust
Agreement shall be interpreted to further this intention and agreement of the
parties.

 

SECTION 11.3.                 Amendment.

 

(a)                                  This Trust
Agreement may be amended from time to time by the Property Trustee, the
Administrative Trustees and the Holder of all the Common Securities, without
the consent of any Holder of the Preferred Securities, (i) to cure any
ambiguity, correct or supplement any provision herein that may be defective or
inconsistent with any other provision herein, or to make or amend any other
provisions with respect to matters or questions arising under this Trust
Agreement, which shall not be inconsistent with the other provisions of this
Trust Agreement, (ii) 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 neither be taxable as a corporation nor be classified as other than
a grantor trust for United States federal income tax purposes at all times that
any Trust Securities are Outstanding or to ensure that the Notes are treated as
indebtedness of the Depositor for United States federal income tax purposes, or
to ensure that the Trust will not be required to register as an “investment
company” under the Investment Company Act or (iii) to add to the
covenants, restrictions or obligations of the Depositor; provided, that in the
case of clauses (i), (ii) or (iii), such action shall not adversely affect
in any material respect the interests of any Holder.

 

(b)                                 Except as
provided in Section 11.3(c), any provision of this Trust Agreement
may be amended by the Property Trustee, the Administrative Trustees and the
Holder of all of the Common Securities and with (i) the consent of Holders
of at least a Majority in Liquidation

 

56

 

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 cause the Trust to be
taxable as a corporation or classified as other than a grantor trust for United
States federal income tax purposes or affect the treatment of the Notes as
indebtedness of the Depositor for United States federal income tax purposes or
affect the Trust’s exemption from status (or from any requirement to register)
as an “investment company” under the Investment Company Act.

 

(c)                                  Notwithstanding
any other provision of this Trust Agreement, without the consent of each
Holder, this Trust Agreement may not be amended to (i) change the accrual
rate, amount, currency or timing of any Distribution on or the redemption price
of the Trust Securities or otherwise adversely affect the amount of any
Distribution or other payment required to be made in respect of the Trust
Securities as of a specified date, (ii) restrict or impair the right of a
Holder to institute suit for the enforcement of any such payment on or after
such date, (iii) reduce the percentage of aggregate Liquidation Amount of
Outstanding Preferred Securities, the consent of whose Holders is required for
any such amendment, or the consent of whose Holders is required for any waiver
of compliance with any provision of this Trust Agreement or of defaults
hereunder and their consequences provided for in this Trust Agreement; (iv) impair
or adversely affect the rights and interests of the Holders in the Trust
Property, or permit the creation of any Lien on any portion of the Trust
Property; or (v) modify the definition of “Outstanding,” this Section 11.3(c),
Sections 4.1, 4.2, 4.3, 6.10(e) or Article IX.

 

(d)                                 Notwithstanding
any other provision of this Trust Agreement, no Trustee shall enter into or
consent to any amendment to this Trust Agreement that would cause the Trust to
be taxable as a corporation or to be classified as other than a grantor trust for
United States federal income tax purposes or that would cause the Notes to fail
or cease to be treated as indebtedness of the Depositor for United States
federal income tax purposes or that would cause the Trust to fail or cease to
qualify for the exemption from status (or from any requirement to register) as
an “investment company” under the Investment Company Act.

 

(e)                                  If any
amendment to this Trust Agreement is made, the Administrative Trustees or the
Property Trustee shall promptly provide to the Depositor and the Note Trustee a
copy of such amendment.

 

(f)                                    No Trustee
shall be required to enter into any amendment to this Trust Agreement that
affects its own rights, duties or immunities under this Trust Agreement.  The Trustees shall be entitled to receive an
Opinion of Counsel and an Officers’ Certificate stating that any amendment to
this Trust Agreement is in compliance with this Trust Agreement and all
conditions precedent herein provided for relating to such action have been met.

 

(g)                                 No amendment or
modification to this Trust Agreement that adversely affects in any material
respect the rights, duties, liabilities, indemnities or immunities of the
Delaware Trustee hereunder shall be permitted without the prior written consent
of the Delaware Trustee.

 

57

 

SECTION 11.4.                 Separability.

 

If
any provision in this Trust Agreement or in the 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, and there shall be deemed substituted for the provision at issue a
valid, legal and enforceable provision as similar as possible to the provision
at issue.

 

SECTION 11.5.                 Governing Law.

 

THIS
TRUST AGREEMENT AND THE RIGHTS AND OBLIGATIONS OF EACH OF THE HOLDERS, THE
TRUST, THE DEPOSITOR AND THE TRUSTEES WITH RESPECT TO THIS TRUST AGREEMENT AND
THE TRUST SECURITIES SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH AND
GOVERNED BY THE LAWS OF THE STATE OF DELAWARE WITHOUT REFERENCE TO ITS
CONFLICTS OF LAWS PROVISIONS.

 

SECTION 11.6.                 Successors.

 

This
Trust Agreement shall be binding upon and shall inure to the benefit of any
successor to the Depositor, the Trust and any Trustee, including any successor
by operation of law. Except in connection with a transaction involving the
Depositor that is permitted under Article VIII of the Indenture and
pursuant to which the assignee agrees in writing to perform the Depositor’s
obligations hereunder, the Depositor shall not assign its obligations
hereunder.

 

SECTION 11.7.                 Headings.

 

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

 

SECTION 11.8.                 Reports, Notices and
Demands.

 

(a)                                  Any report,
notice, demand or other communication that by any provision of this Trust
Agreement is required or permitted to be given or served to or upon any Holder
or the Depositor may be given or served in writing delivered in person, or by
reputable, overnight courier, by telecopy or by deposit thereof, first-class
postage prepaid, in the United States mail, addressed, (a) in the case of
a Holder of Preferred Securities, to such Holder as such Holder’s name and
address may appear on the Securities Register; and (b) in the case of the
Holder of all the Common Securities or the Depositor, to Republic Bancorp, Inc.,
601 West Market Street, Louisville, Kentucky 40202, Attention: Chief Financial
Officer, or to such other address as may be specified in a written notice by
the Holder of all the Common Securities or the Depositor, as the case may be,
to the Property Trustee. Such report, notice, demand or other communication to
or upon a Holder or the Depositor shall be deemed to have been given when
received in person, within one (1) Business Day following delivery by
overnight courier, when telecopied with receipt confirmed, or within three (3) Business
Days following delivery by mail, 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.

 

58

 

(b)                                 Any notice,
demand or other communication that by any provision of this Trust Agreement is
required or permitted to be given or served to or upon the Property Trustee,
the Delaware Trustee, the Administrative Trustees or the Trust shall be given
in writing by deposit thereof, first-class postage prepaid, in the U.S. mail,
personal delivery or facsimile transmission, addressed to such Person as
follows: (a) with respect to the Property Trustee and the Delaware
Trustee, to Wilmington Trust Company, Rodney Square North, 1100 North Market
Street, Wilmington, Delaware 19890-0001, Attention: Corporate Capital Markets,
facsimile no. (302) 636-4140; (b) with respect to the Administrative
Trustees, to them at the address above for notices to the Depositor, marked “Attention:
Administrative Trustees of Republic Bancorp Capital Trust,” and (c) with
respect to the Trust, to its principal executive office specified in Section 2.2,
with a copy to the Property Trustee. Such notice, demand or other communication
to or upon the Trust, the Property Trustee or the Administrative Trustees shall
be deemed to have been sufficiently given or made only upon actual receipt of
the writing by the Trust, the Property Trustee or the Administrative Trustees.

 

SECTION 11.9.                 Agreement Not to Petition.

 

Each
of the Trustees and the Depositor agree for the benefit of the Holders that,
until at least one year and one day after the Trust has been terminated in
accordance with Article IX, they shall not file, or join in the
filing of, a petition against the Trust under any Bankruptcy Law or otherwise
join in the commencement of any proceeding against the Trust under any
Bankruptcy Law. If the Depositor takes action in violation of this Section 11.9,
the Property Trustee agrees, for the benefit of Holders, that at the expense of
the Depositor, it shall file an answer with the applicable 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 estopped and
precluded therefrom and such other defenses, if any, as counsel for the
Property Trustee or the Trust may assert.

 

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.

 

[REMAINDER OF THIS PAGE INTENTIONALLY LEFT BLANK]

 

59

 

IN
WITNESS WHEREOF, the parties hereto have executed this Amended and Restated
Trust Agreement as of the day and year first above written.

 

	
   

  	
  REPUBLIC BANCORP, INC.,

  
	
   

  	
  as Depositor

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Kevin Sipes

  	
   

  
	
   

  	
   

  	
  Kevin Sipes

  
	
   

  	
   

  	
  Executive Vice President and Chief

  Financial Officer

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Wilmington Trust Company, as Property Trustee

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ W.T. Morris, II

  	
   

  
	
   

  	
   

  	
  Name: W. Thomas Morris, II

  
	
   

  	
   

  	
  Title:  Senior Financial Services Officer

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Wilmington Trust Company, as Delaware Trustee

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ W.T. Morris, II

  	
   

  
	
   

  	
   

  	
  Name: W. Thomas Morris, II

  
	
   

  	
   

  	
  Title:  Senior Financial Services Officer

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  /s/ Steven E. Trager

  	
   

  
	
   

  	
  Steven E. Trager

  
	
   

  	
  Administrative Trustee

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  /s/ Bill Petter

  	
   

  
	
   

  	
  Bill Petter

  
	
   

  	
  Administrative Trustee

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  /s/ Kevin Sipes

  	
   

  
	
   

  	
  Kevin Sipes

  
	
   

  	
  Administrative Trustee

  
					

 

 

Exhibit A

 

CERTIFICATE OF TRUST

 

OF

 

REPUBLIC BANCORP CAPITAL TRUST

 

This
Certificate of Trust of Republic Bancorp Capital Trust (the “Trust”) is being
duly executed and filed on behalf of the Trust by the undersigned, as trustees,
to form a statutory trust under the Delaware Statutory Trust Act (12 Del.
C. §3801 et  seq.) (the “Act”).

 

1.                                       Name.  The name of the statutory trust formed by
this Certificate of Trust is:  Republic
Bancorp Capital Trust.

 

2.                                       Delaware Trustee.  The name and business address of the trustee
of the Trust with its principal place of business in the State of Delaware are Wilmington
Trust Company, Rodney Square North, 1100 North Market Street, Wilmington, Delaware
19890-0001, Attention: Corporate Capital Markets.

 

3.                                       Effective Date.  This Certificate of Trust shall be effective
upon 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.

 

	
   

  	
  Wilmington Trust Company, not in its individual

  capacity, but solely as Property Trustee

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  
	
   

  	
   

  
	
   

  	
  Wilmington Trust Company, not in its individual

  capacity, but solely as Delaware Trustee

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  

 

A-1

 

Exhibit B

 

FORM OF COMMON SECURITIES CERTIFICATE

 

THIS COMMON SECURITY HAS NOT BEEN REGISTERED UNDER THE
SECURITIES ACT OF 1933, AS AMENDED, OR ANY STATE SECURITIES LAWS OR ANY OTHER
APPLICABLE SECURITIES LAWS AND MAY NOT BE OFFERED, SOLD, PLEDGED OR
OTHERWISE TRANSFERRED EXCEPT PURSUANT TO AN EXEMPTION FROM REGISTRATION.  THIS CERTIFICATE IS NOT TRANSFERABLE EXCEPT
IN COMPLIANCE WITH APPLICABLE LAW AND SECTION 5.11 OF THE TRUST AGREEMENT

 

	
  Certificate Number

  	
   

  	
                    
  Common Securities

  
	
   

  	
   

  	
   

  
	
  C-

  	
   

  	
   

  

 

 

Certificate Evidencing Common Securities

 

of

 

Republic Bancorp Capital Trust

 

Common Securities

 

(liquidation amount $1,000 per Common Security)

 

Republic
Bancorp Capital Trust, a statutory trust created under the laws of the State of
Delaware (the “Trust”), hereby certifies that                                        (the “Holder”) is the registered owner of                       common
securities of the Trust representing undivided common beneficial interests in
the assets of the Trust and designated the Republic Bancorp Capital Trust
Common Securities (liquidation amount $1,000 per Common Security) (the “Common
Securities”). Except in accordance with Section 5.11 of the Trust
Agreement (as defined below), the Common Securities are not transferable and,
to the fullest extent permitted by law, any attempted transfer hereof other
than in accordance therewith 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 August 16, 2005, as the same may be amended from time
to time (the “Trust Agreement”), among Republic Bancorp, Inc., as
Depositor, Wilmington Trust Company, as Property Trustee, Wilmington Trust
Company, as Delaware Trustee, the Administrative Trustees named therein and the
Holders, from time to time, of Trust Securities. The Trust will furnish a copy
of the Trust Agreement 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.

 

B-1

 

This
Common Securities Certificate shall be governed by and construed in accordance
with the laws of the State of Delaware.

 

Terms
used but not defined herein have the meanings set forth in the Trust Agreement.

 

IN WITNESS
WHEREOF, one of the Administrative Trustees of the Trust
has executed on behalf of the Trust this certificate this            
day of                             .

 

	
   

  	
  REPUBLIC BANCORP CAPITAL TRUST

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  	
   

  
	
   

  	
   

  	
  Administrative Trustee

  	
   

  

 

B-2

 

Exhibit C

 

FORM OF PREFERRED SECURITIES CERTIFICATE

 

“[IF
THIS SECURITY IS A GLOBAL SECURITY INSERT: THIS PREFERRED SECURITY IS A
GLOBAL SECURITY WITHIN THE MEANING OF THE TRUST AGREEMENT HEREINAFTER REFERRED
TO AND IS REGISTERED IN THE NAME OF THE DEPOSITORY TRUST COMPANY (“DTC”) OR A
NOMINEE OF DTC.  THIS PREFERRED SECURITY
IS EXCHANGEABLE FOR PREFERRED SECURITIES REGISTERED IN THE NAME OF A PERSON
OTHER THAN DTC OR ITS NOMINEE ONLY IN THE LIMITED CIRCUMSTANCES DESCRIBED IN
THE TRUST AGREEMENT, AND NO TRANSFER OF THIS PREFERRED SECURITY (OTHER THAN A
TRANSFER OF THIS PREFERRED SECURITY AS A WHOLE BY DTC TO A NOMINEE OF DTC OR BY
A NOMINEE OF DTC TO DTC OR ANOTHER NOMINEE OF DTC) MAY BE REGISTERED
EXCEPT IN LIMITED CIRCUMSTANCES.

 

UNLESS
THIS PREFERRED SECURITY IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF DTC TO REPUBLIC
BANCORP CAPITAL TRUST OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR
PAYMENT, AND ANY PREFERRED SECURITY ISSUED IS REGISTERED IN THE NAME OF CEDE &
CO. OR IN SUCH OTHER NAME AS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC
(AND ANY PAYMENT HEREON IS 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 HEREOF, CEDE & CO., HAS AN INTEREST
HEREIN.]

 

THE
PREFERRED SECURITIES REPRESENTED BY THIS CERTIFICATE WERE ORIGINALLY ISSUED IN
A TRANSACTION EXEMPT FROM REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS
AMENDED (THE “SECURITIES ACT”), AND SUCH PREFERRED SECURITIES OR ANY INTEREST
THEREIN MAY NOT BE OFFERED, SOLD OR OTHERWISE TRANSFERRED IN THE ABSENCE
OF SUCH REGISTRATION OR AN APPLICABLE EXEMPTION THEREFROM.  EACH PURCHASER OF ANY PREFERRED SECURITIES IS
HEREBY NOTIFIED THAT THE SELLER OF THE PREFERRED SECURITIES MAY BE RELYING
ON THE EXEMPTION FROM THE PROVISIONS OF SECTION 5 OF THE SECURITIES ACT
PROVIDED BY RULE 144A UNDER THE SECURITIES ACT.

 

THE
HOLDER OF THE PREFERRED SECURITIES REPRESENTED BY THIS CERTIFICATE AGREES FOR
THE BENEFIT OF THE TRUST AND THE DEPOSITOR THAT (A) SUCH PREFERRED
SECURITIES MAY BE OFFERED, RESOLD OR OTHERWISE TRANSFERRED ONLY (I) TO THE
TRUST, (II) TO A PERSON WHOM THE SELLER REASONABLY BELIEVES IS A “QUALIFIED
INSTITUTIONAL BUYER” (AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT) IN A
TRANSACTION MEETING THE REQUIREMENTS OF RULE 144A, (III) TO AN INSTITUTIONAL “ACCREDITED
INVESTOR” WITHIN THE MEANING OF SUBPARAGRAPH (a) (1), (2), (3) OR (7) OF
RULE 501 UNDER THE SECURITIES ACT THAT IS ACQUIRING THE

 

C-1

 

SECURITY FOR ITS OWN ACCOUNT, OR FOR THE ACCOUNT OF AN “ACCREDITED
INVESTOR,” FOR INVESTMENT PURPOSES AND NOT WITH A VIEW TO, OR FOR OFFER OR SALE
IN CONNECTION WITH, ANY DISTRIBUTION IN VIOLATION OF THE SECURITIES ACT, (IV)
PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR (V)
PURSUANT TO AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT, IN EACH
CASE IN ACCORDANCE WITH ANY APPLICABLE SECURITIES LAWS OF ANY STATE OF THE
UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION AND, IN THE CASE OF (III) OR
(V), SUBJECT TO THE RIGHT OF THE TRUST AND THE DEPOSITOR TO REQUIRE AN OPINION
OF COUNSEL AND OTHER INFORMATION SATISFACTORY TO EACH OF THEM AND (B) THE
HOLDER WILL NOTIFY ANY PURCHASER OF ANY PREFERRED SECURITIES FROM IT OF THE
RESALE RESTRICTIONS REFERRED TO IN (A) ABOVE.

 

THE
PREFERRED SECURITIES WILL BE ISSUED AND MAY BE TRANSFERRED ONLY IN BLOCKS
HAVING AN AGGREGATE LIQUIDATION AMOUNT OF NOT LESS THAN $100,000.  TO THE FULLEST EXTENT PERMITTED BY LAW, ANY
ATTEMPTED TRANSFER OF PREFERRED SECURITIES OR ANY INTEREST THEREIN IN A BLOCK
HAVING AN AGGREGATE LIQUIDATION AMOUNT OF LESS THAN $100,000 AND MULTIPLES OF
$1,000 IN EXCESS THEREOF SHALL BE DEEMED TO BE VOID AND OF NO LEGAL EFFECT
WHATSOEVER.  TO THE FULLEST EXTENT
PERMITTED BY LAW, ANY SUCH PURPORTED TRANSFEREE SHALL BE DEEMED NOT TO BE THE
HOLDER OF SUCH PREFERRED SECURITIES FOR ANY PURPOSE, INCLUDING, BUT NOT LIMITED
TO, THE RECEIPT OF LIQUIDATION AMOUNT OF OR DISTRIBUTIONS ON SUCH PREFERRED SECURITIES
OR ANY INTEREST THEREIN, AND SUCH PURPORTED TRANSFEREE SHALL BE DEEMED TO HAVE
NO INTEREST WHATSOEVER IN SUCH PREFERRED SECURITIES.

 

THE
HOLDER OF THIS SECURITY, OR ANY INTEREST THEREIN,  BY ITS ACCEPTANCE HEREOF OR THEREOF ALSO
AGREES, REPRESENTS AND WARRANTS THAT IT IS NOT AN EMPLOYEE BENEFIT PLAN,
INDIVIDUAL RETIREMENT ACCOUNT OR OTHER PLAN OR ARRANGEMENT SUBJECT TO TITLE I
OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”),
OR SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”)
(EACH A “PLAN”), OR AN ENTITY WHOSE UNDERLYING ASSETS INCLUDE “PLAN ASSETS” BY
REASON OF ANY PLAN’S INVESTMENT IN THE ENTITY, AND NO PERSON INVESTING “PLAN
ASSETS” OF ANY PLAN MAY ACQUIRE OR HOLD THIS PREFERRED SECURITY OR ANY
INTEREST THEREIN, UNLESS SUCH PURCHASER OR HOLDER IS ELIGIBLE FOR THE EXEMPTIVE
RELIEF AVAILABLE UNDER U.S. DEPARTMENT OF LABOR PROHIBITED TRANSACTION CLASS EXEMPTION
96-23, 95-60, 91-38, 90-1 OR 84-14 OR ANOTHER APPLICABLE EXEMPTION OR ITS
PURCHASE AND HOLDING OF THIS SECURITY, OR ANY INTEREST THEREIN, ARE NOT
PROHIBITED BY SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE WITH
RESPECT TO SUCH PURCHASE AND HOLDING. ANY PURCHASER OR HOLDER OF THE PREFERRED
SECURITIES OR ANY INTEREST THEREIN WILL BE DEEMED TO HAVE REPRESENTED BY ITS
PURCHASE AND HOLDING THEREOF THAT EITHER (i) IT IS NOT AN EMPLOYEE BENEFIT
PLAN OR

 

C-2

 

OTHER PLAN TO WHICH TITLE I OF ERISA OR SECTION 4975 OF THE CODE
IS APPLICABLE, A TRUSTEE OR OTHER PERSON ACTING ON BEHALF OF ANY SUCH EMPLOYEE
BENEFIT PLAN OR PLAN, OR ANY OTHER PERSON OR ENTITY USING THE “PLAN ASSETS” OF
ANY SUCH EMPLOYEE BENEFIT PLAN OR PLAN TO FINANCE SUCH PURCHASE, OR (ii) SUCH
PURCHASE OR HOLDING WILL NOT RESULT IN A PROHIBITED TRANSACTION UNDER SECTION 406
OF ERISA OR SECTION 4975 OF THE CODE FOR WHICH FULL EXEMPTIVE RELIEF IS
NOT AVAILABLE UNDER AN APPLICABLE STATUTORY OR ADMINISTRATIVE EXEMPTION.

 

THIS
OBLIGATION IS NOT A DEPOSIT AND IS NOT INSURED BY THE UNITED STATES OR ANY
AGENCY OR FUND OF THE UNITED STATES, INCLUDING THE FEDERAL DEPOSIT INSURANCE
CORPORATION (THE “FDIC”).

 

C-3

 

 

	
  Certificate Number

  	
   

  	
               
  Preferred Securities

  
	
   

  	
   

  	
  Aggregate
  Liquidation Amount

  

 

 

CUSIP NO.

 

 

Certificate Evidencing Preferred Securities

 

of

 

Republic Bancorp Capital Trust

 

Preferred Securities

(liquidation amount $1,000 per Preferred Security)

 

Republic
Bancorp Capital Trust, a statutory trust created under the laws of the State of
Delaware (the “Trust”), hereby certifies that                                   
(the “Holder”) is the registered owner of                     
Preferred Securities [if the Preferred Security is a Global Security, then
insert—,or such other number of Preferred Securities represented hereby as may
be set forth in the records of the Securities Registrar hereinafter referred to
in accordance with the Trust Agreement (as defined below),] of the Trust
representing an undivided preferred beneficial interest in the assets of the
Trust and designated the Republic Bancorp Capital Trust Preferred Securities
(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 5.7
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 August 16, 2005, as the same may be amended from time
to time (the “Trust Agreement”), among Republic Bancorp, Inc., a Kentucky
corporation, as Depositor, Wilmington Trust Company, as Property Trustee, Wilmington
Trust Company, as Delaware Trustee, the Administrative Trustees named therein
and the Holders, from time to time, of Trust Securities. The Holder is entitled
to the benefits of the Guarantee Agreement entered into by Republic Bancorp, Inc.
and Wilmington Trust Company, as Guarantee Trustee, dated as of August 16,
2005, as the same may be amended from time to time (the “Guarantee Agreement”),
to the extent provided therein. The Trust will furnish a copy of each of the
Trust Agreement and the Guarantee Agreement to the Holder without charge upon
written request to the Property Trustee 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.

 

C-4

 

This
Preferred Securities Certificate shall be governed by and construed in
accordance with the laws of the State of Delaware.

 

All
capitalized terms used but not defined in this Preferred Securities Certificate
are used with the meanings specified in the Trust Agreement, including the
Schedules and Exhibits thereto.

 

IN WITNESS
WHEREOF, one of the Administrative Trustees of the Trust
has executed on behalf of the Trust this certificate this      
day of                ,
        .

 

	
   

  	
  REPUBLIC BANCORP CAPITAL TRUST

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  	
   

  
	
   

  	
   

  	
  Administrative Trustee

  	
   

  

 

This
represents Preferred Securities referred to in the within-mentioned Trust
Agreement.

 

	
  Dated:

  	
   

  
	
   

  	
   

  
	
   

  	
  Wilmington Trust Company, not in its

  individual capacity, but solely as Property

  Trustee

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Authorized officer

  	
   

  

 

C-5

 

FORM OF REVERSE OF SECURITY

 

The
Trust promises to pay Distributions from             ,
20     , or from the most recent Distribution Date to
which Distributions have been paid or duly provided for, quarterly (subject to
deferral as set forth herein) in arrears on March 30th, June 30th,
September 30th and December 30th of each year,
commencing on              ,
20   , at a fixed rate per annum equal to 6.015% of the
Liquidation Amount of the Preferred Securities represented by this Preferred
Securities Certificate through the Distribution Date in September, 2015 and a
variable rate per annum, reset quarterly, equal to LIBOR plus 1.42% of the
Liquidation Amount of the Preferred Securities represented by this Preferred
Securities Certificate, thereafter, together with any Additional Interest
Amounts, in respect to such period.

 

Distributions
on the Trust Securities shall be made by the Paying Agent from the Payment
Account and shall be payable on each Distribution Date only to the extent that
the Trust has funds then on hand and available in the Payment Account for the
payment of such Distributions.

 

In
the event (and to the extent) that the Depositor exercises its right under the
Indenture to defer the payment of interest on the Notes, Distributions on the
Preferred Securities shall be deferred.

 

Under
the Indenture, so long as no Note Event of Default pursuant to paragraphs (c),
(e), (f), (g) or (h) of Section 5.1 of the Indenture has
occurred and is continuing, the Depositor shall have the right, at any time and
from time to time during the term of the Notes, to defer the payment of
interest on the Notes for a period of up to twenty (20) consecutive quarterly
interest payment periods (each such extended interest payment period, an “Extension
Period”), during which Extension Period no interest shall be due and payable
(except any Additional Tax Sums that may be due and payable).  No interest on the Notes shall be due and
payable during an Extension Period, except at the end thereof, but each
installment of interest that would otherwise have been due and payable during
such Extension Period shall bear Additional Interest (to the extent payment of
such interest would be legally enforceable) at a fixed rate per annum equal to 6.015%
through the Interest Payment Date in September, 2015, and a variable rate per
annum, reset quarterly, equal to LIBOR plus 1.42% thereafter, compounded
quarterly, from the dates on which amounts would have otherwise been due and
payable until paid or until funds for the payment thereof have been made
available for payment.  If Distributions
are deferred, the deferred Distributions (including Additional Interest
Amounts) shall be paid on the date that the related Extension Period terminates
to Holders (as defined in the Trust Agreement) of the Trust Securities as they
appear on the books and records of the Trust on the record date immediately
preceding such termination date.

 

Distributions
on the Securities must be paid on the dates payable (after giving effect to any
Extension Period) to the extent that the Trust has funds available for the
payment of such Distributions in the Payment Account of the Trust.  The Trust’s funds available for Distribution
to the Holders of the Preferred Securities will be limited to payments received
from the Depositor.  The payment of
Distributions out of moneys held by the Trust is guaranteed by the Depositor
pursuant to the Guarantee Agreement.

 

C-6

 

During
any such Extension Period, the Depositor shall not (i) declare or pay any
dividends or distributions on, or redeem, purchase, acquire or make a
liquidation payment with respect to, any of the Depositor’s capital stock or (ii) make
any payment of principal of or any interest or premium on or repay, repurchase
or redeem any debt securities of the Depositor that rank pari passu in all
respects with or junior in interest to the Notes (other than (a) repurchases,
redemptions or other acquisitions of shares of capital stock of the Depositor
in connection with (1) any employment contract, benefit plan or other
similar arrangement with or for the benefit of any one or more employees, officers,
directors or consultants, (2) a dividend reinvestment or stockholder stock
purchase plan or (3) the issuance of capital stock of the Depositor (or
securities convertible into or exercisable for such capital stock) as
consideration in an acquisition transaction entered into prior to the
applicable Extension Period, (b) as a result of an exchange or conversion
of any class or series of the Depositor’s capital stock (or any capital stock
of a Subsidiary (as defined in the Indenture) of the Depositor) for any class
or series of the Depositor’s capital stock or of any class or series of the
Depositor’s indebtedness for any class or series of the Depositor’s capital
stock, (c) the purchase of fractional interests in shares of the Depositor’s
capital stock pursuant to the conversion or exchange provisions of such capital
stock or the security being converted or exchanged, (d) any declaration of
a dividend in connection with any Rights Plan (as defined in the Indenture),
the issuance of rights, stock or other property under any Rights Plan, or the
redemption or repurchase of rights pursuant thereto or (e) any dividend in
the form of stock, warrants, options or other rights where the dividend stock
or the stock issuable upon exercise of such warrants, options or other rights
is the same stock as that on which the dividend is being paid or ranks pari
passu with or junior to such stock).

 

On
each Note Redemption Date, on the stated maturity (or any date of principal
repayment upon early maturity) of the Notes and on each other date on (or in
respect of) which any principal on the Notes is repaid, the Trust will be
required to redeem a Like Amount of Trust Securities at the Redemption
Price.  Under the Indenture, the Notes may
be redeemed by the Depositor on any Interest Payment Date, at the Depositor’s
option, on or after September 30, 2015 in whole or in part from time to
time at a redemption price equal to one hundred percent (100%) of the principal
amount thereof or the redeemed portion thereof, as applicable, together, in the
case of any such redemption, with accrued interest, including any Additional
Interest, to but excluding the date fixed for redemption; provided, that the
Depositor shall have received the prior approval of the Federal Reserve if then
required.  The Notes may also be redeemed
by the Depositor, at its option, at any time, in whole but not in part, upon
the occurrence of a Capital Disqualification Event, an Investment Company Event
or a Tax Event at the Special Event Redemption Price.

 

The
Trust Securities redeemed on each Redemption Date shall be redeemed at the
Redemption Price with the proceeds from the contemporaneous redemption or
payment at maturity of Notes. Redemptions of the Trust Securities (or portion
thereof) 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.

 

Payments
of Distributions (including any Additional Interest Amounts), the Redemption
Price, Liquidation Amount or any other amounts in respect of the Preferred
Securities shall be made by wire transfer at such place and to such account at
a banking institution in the United

 

C-7

 

States as may be designated in writing at least ten (10) Business
Days prior to the date for payment by the Person entitled thereto unless proper
written transfer instructions have not been received by the relevant record
date, in which case such payments shall be made by check mailed to the address
of such Person as such address shall appear in the Security Register.  If any Preferred Securities are held by a
Depositary, such Distributions shall be made to the Depositary in immediately
available funds.

 

The
indebtedness evidenced by the Notes is, to the extent provided in the
Indenture, subordinate and junior in right of payment to the prior payment in
full of all Senior Debt (as defined in the Indenture), and this Security is
issued subject to the provisions of the Indenture with respect thereto.

 

C-8

 

 

ASSIGNMENT

 

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

 

 

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

 

 

(Insert address and zip code of assignee)

 

and
irrevocably appoints

 

 

agent to
transfer this 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)

  

 

The
signature(s) should be guaranteed by an eligible guarantor institution (banks,
stockbrokers, savings and loan associations and credit unions with membership
in an approved signature guarantee medallion program), pursuant to S.E.C. Rule 17Ad-15.

 

C-9

 

Exhibit D

 

Junior Subordinated Indenture

 

D-1

 

Exhibit E

 

FORM OF TRANSFEREE CERTIFICATE

TO BE EXECUTED BY TRANSFEREES OTHER THAN QIBS

 

                           , [       ]

 

Republic
Bancorp, Inc.

Republic
Bancorp Capital Trust

601 West
Market Street

Louisville, Kentucky 40202

 

Re:                               Purchase
of $1,000 stated liquidation amount of Preferred

Securities (the “Preferred Securities”) of Republic Bancorp Capital Trust

 

Ladies and
Gentlemen:

 

In connection with our purchase of the Preferred Securities we confirm
that:

 

1.                                       We
understand that the Preferred Securities (the “Preferred Securities”) of
Republic Bancorp Capital Trust (the “Trust”) (including the guarantee (the “Guarantee”)
of Republic Bancorp, Inc. (the “Company”) executed in connection
therewith) and the Junior Subordinated Notes due 2035 of the Company (the “Subordinated
Notes”) (the Preferred Securities, the Guarantee and the Subordinated Notes together
being referred to herein as the “Offered Securities”), have not been registered
under the Securities Act of 1933, as amended (the “Securities Act”), and may
not be offered or sold except as permitted in the following sentence. We agree
on our own behalf and on behalf of any investor account for which we are
purchasing the Offered Securities that, if we decide to offer, sell or
otherwise transfer any such Offered Securities, (i) such offer, sale or
transfer will be made only (a) to the Trust, (b) to a person we
reasonably believe is a “qualified institutional buyer” (a “QIB”) (as defined
in Rule 144 under the Securities Act) in a transaction meeting the
requirements of Rule 144A, (c) to an institutional “accredited
investor” within the meaning of subparagraph (a) (1), (2), (3) or (7) of
Rule 501 under the Securities Act that is acquiring Offered Securities for
its own account, or for the account of such an “accredited investor,” for
investment purposes and not with a view to, or for offer or sale in connection
with, any distribution thereof in violation of the Securities Act, (d) pursuant
to an effective registration statement under the Securities Act, or (e) pursuant
to an exemption from registration under the Securities Act, in each case in
accordance with any applicable securities laws of any state of the United
States or any other applicable jurisdiction and, in the case of (c) or
(e), subject to the right of the Trust and the depositor to require an opinion
of counsel and other information satisfactory to each of them. The foregoing
restrictions on resale will not apply subsequent to the date on which, in the
written opinion of counsel, the Preferred Securities are not “restricted
securities” within the meaning of Rule 144 under the Securities Act.  If any resale or other transfer of the
Offered Securities is proposed to be made pursuant to clause (c) or (e) above,
the transferor shall deliver a letter from the transferee substantially in the
form of this letter to the Property Trustee as Transfer Agent, which shall
provide as applicable, among other things, that the transferee is an “accredited
investor” within the meaning of subparagraph (a) (1), (2), (3) or (7) of
Rule 501 under the Securities Act that is acquiring such Securities for
investment purposes and not for distribution in violation of the

 

E-1

 

Securities Act. We acknowledge on our behalf
and on behalf of any investor account for which we are purchasing Securities
that the Trust and the Company reserve the right prior to any offer, sale or
other transfer pursuant to clause (c) or (e) to require the delivery
of any opinion of counsel, certifications and/or other information satisfactory
to the Trust and the Company.  We
understand that the certificates for any Offered Security that we receive will
bear a legend substantially to the effect of the foregoing.

 

2.                                       We
are an “accredited investor” within the meaning of subparagraph (a) (1),
(2), (3) or (7) of Rule 501 under the Securities Act purchasing
for our own account or for the account of such an “accredited investor,” and we
are acquiring the Offered Securities for investment purposes and not with view
to, or for offer or sale in connection with, any distribution in violation of
the Securities Act, and we have such knowledge and experience in financial and
business matters as to be capable of evaluating the merits and risks of our
investment in the Offered Securities, and we and any account for which we are
acting are each able to bear the economic risks of our or its investment.

 

3.                                       We
are acquiring the Offered Securities purchased by us for our own account (or
for one or more accounts as to each of which we exercise sole investment
discretion and have authority to make, and do make, the statements contained in
this letter) and not with a view to any distribution of the Offered Securities,
subject, nevertheless, to the understanding that the disposition of our
property will at all times be and remain within our control.

 

4.                                       In
the event that we purchase any Preferred Securities or any Subordinated Notes,
we will acquire such Preferred Securities having an aggregate stated
liquidation amount of not less than $100,000 or such Subordinated Notes having
an aggregate principal amount not less than $100,000, for our own account and
for each separate account for which we are acting.

 

5.                                       We
acknowledge that either (A) we are not and are not acting as a fiduciary
of or on behalf of an employee benefit, individual retirement account or other
plan or arrangement subject to Title I of the Employee Retirement Income
Security Act of 1974, as amended (“ERISA”), or Section 4975 of the
Internal Revenue Code of 1986, as amended (the “Code”) (each a “Plan”), or an
entity whose underlying assets include “plan assets” by reason of any Plan’s
investment in the entity, and are not purchasing the Offered Securities on
behalf of or with “plan assets” by reason of any Plan’s investment in the
entity; (B) we are eligible for the exemptive relief available under one
or more of the following prohibited transaction class exemptions (“PTCEs”)
issued by the U.S. Department of Labor: 
PTCE 96-23, 95-60, 91-38, 90-1 or 84-14 or another applicable exemption;
or (C) our purchase and holding of this security, or any interest therein,
is not prohibited by Section 406 of ERISA or Section 4975 of the Code
with respect to such purchase or holding.

 

6.                                       We
acknowledge that the Trust and the Company and others will rely upon the truth
and accuracy of the foregoing acknowledgments, representations, warranties and
agreements and agree that if any of the acknowledgments, representations,
warranties and agreements deemed to have been made by our purchase of the
Offered Securities are no longer accurate, we shall promptly notify the
Company.  If we are acquiring any Offered
Securities as a fiduciary or agent for one or more investor accounts, we
represent that we have sole discretion

 

E-2

 

with respect to each such investor account
and that we have full power to make the foregoing acknowledgments,
representations and agreement on behalf of each such investor account.

 

	
   

  	
  (Name of
  Purchaser)

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  
	
   

  	
  Date:

  	
   

  

 

Upon transfer, the Offered Securities would be registered in the name
of the new beneficial owner as follows.

 

	
  Name:

  	
   

  	
   

  
	
   

  	
   

  
	
  Address:

  	
   

  	
   

  
	
   

  	
   

  
	
  Taxpayer ID
  Number:

  	
   

  	
   

  
					

 

E-3

 

Exhibit F

 

FORM OF TRANSFEROR CERTIFICATE

TO BE EXECUTED FOR QIBs

 

                            , [       ]

 

Republic
Bancorp, Inc.

Republic
Bancorp Capital Trust

601 West
Market Street

Louisville, Kentucky 40202

 

Re:                               Purchase
of $1,000 stated liquidation amount of

Preferred Securities (the “Preferred Securities”) of Republic Bancorp Capital
Trust

 

Reference is hereby made to
the Amended and Restated Trust Agreement of Republic Bancorp Capital
Trust, dated as of August 16,
2005 (the “Trust Agreement”), among Steven E. Trager, Bill Petter and Kevin
Sipes, as Administrative Trustees, Wilmington Trust Company, as Delaware
Trustee, Wilmington Trust Company, as Property Trustee, Republic Bancorp, Inc.,
as Depositor, and the holders from time to time of undivided beneficial
interests in the assets of Republic Bancorp Capital Trust. 
Capitalized terms used but not defined herein shall have the meanings
given them in the Trust Agreement.

 

This letter relates to $                                               aggregate
liquidation amount of Preferred Securities which are held in the name of                                  (the
“Transferor”).

 

In accordance with Article V of the Trust Agreement, the
Transferor hereby certifies that such Preferred Securities are being
transferred in accordance with (i) the transfer restrictions set forth in
the Preferred Securities and (ii) Rule 144A under the Securities Act
(“Rule 144A”), to a transferee that the Transferor reasonably believes is
purchasing the Preferred Securities for its own account or an account with
respect to which the transferee exercises sole investment discretion and the
transferee and any such account is a “qualified institutional buyer” within the
meaning of Rule 144A, in a transaction meeting the requirements of Rule 144A
and in accordance with applicable securities laws of any state of the United
States or any other jurisdiction.

 

You are entitled to rely upon this letter and are irrevocably
authorized to produce this letter or a copy hereof to any interested party in
any administrative or legal proceeding or official inquiry with respect to the
matters covered hereby.

 

	
   

  	
  (Name of
  Transferor)

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  
	
  Date:

  	
   

  	
   

  	
   

  	
   

  
						

 

F-1

 

Exhibit G

 

Form of Officer’s Financial Certificate

 

The undersigned, the [Chief Financial Officer] [Treasurer] [Executive
Vice President] hereby certifies, pursuant to Section 8.16(b) of the
Amended and Restated Trust Agreement, dated as of August 16, 2005, among
Republic Bancorp, Inc. (the “Company”), Wilmington Trust Company, as
property trustee, Wilmington Trust Company, as Delaware trustee and the administrative
trustees named therein, that, as of [date], [20    ], the
Company had the following ratios and balances:

 

BANK HOLDING COMPANY

As of [Quarterly Financial Dates]

 

	
  Tier 1 Risk Weighted Assets

  	
   

  	
   

  	
  %

  
	
  Ratio of Double Leverage

  	
   

  	
   

  	
  %

  
	
  Non-Performing Assets to Loans and OREO

  	
   

  	
   

  	
  %

  
	
  Tangible Common Equity as a Percentage of
  Tangible Assets

  	
   

  	
   

  	
  %

  
	
  Ratio of Reserves to Non-Performing Loans

  	
   

  	
   

  	
  %

  
	
  Ratio of Net Charge-Offs to Loans

  	
   

  	
   

  	
  %

  
	
  Return on Average Assets (annualized)

  	
   

  	
   

  	
  %

  
	
  Net Interest Margin (annualized)

  	
   

  	
   

  	
  %

  
	
  Efficiency Ratio

  	
   

  	
   

  	
  %

  
	
  Ratio of Loans to Assets

  	
   

  	
   

  	
  %

  
	
  Ratio of Loans to Deposits

  	
   

  	
   

  	
  %

  
	
  Double Leverage (exclude trust preferred as
  equity)

  	
   

  	
   

  	
  %

  
	
  Total Assets

  	
   

  	
  $

  	
   

  	
   

  
	
  Year to Date Income

  	
   

  	
  $

  	
   

  	
   

  

 

* A table describing the
quarterly report calculation procedures is attached.

 

[FOR FISCAL YEAR END: Attached hereto are
the audited consolidated financial statements (including the balance sheet,
income statement and statement of cash flows, and notes thereto, together with
the report of the independent accountants thereon) of the Company and its
consolidated subsidiaries for the three years ended                  ,
20       .]

 

[FOR FISCAL QUARTER END: Attached hereto are
the unaudited consolidated and consolidating financial statements (including
the balance sheet and income statement) of the Company and its consolidated
subsidiaries for the fiscal quarter] ended [date], 20      .

 

G-2

 

The financial
statements fairly present in all material respects, in accordance with U.S.
generally accepted accounting principles (“GAAP”), the financial position of
the Company and its consolidated subsidiaries, and the results of operations
and changes in financial condition as of the date, and for the [       quarter
interim] [annual] period ended [date], 20   , and such financial
statements have been prepared in accordance with GAAP consistently applied
throughout the period involved (expect as otherwise noted therein).

 

IN WITNESS WHEREOF, the undersigned has executed this Officer’s Certificate
as of this           day
of                               ,
20   

 

 

	
   

  	
   

  	
   

  
	
   

  	
  Name:

  
	
   

  	
  Title:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Republic
  Bancorp, Inc.

  
	
   

  	
  601 West
  Market Street

  
	
   

  	
  Louisville,
  Kentucky 40202

  
	
   

  	
  (502)
  560-8628

  

 

G-3

 

Financial
Definitions

 

	
  Report Item

  	
   

  	
  Corresponding FRY-9C or
  LP Line Items with

  Line Item corresponding Schedules

  	
   

  	
  Description of

  Calculation

  
	
  Tier 1 Risk
  Weighted Assets

  	
   

  	
  BHCK7206

  Schedule HC-R

  	
   

  	
  Tier 1 Risk
  Ratio: Core Capital (Tier 1)/ Risk-Adjusted Assets

  
	
  Ratio of
  Double Leverage

  	
   

  	
  (BHCP0365)/(BCHCP3210)

  Schedule PC in the LP

  	
   

  	
  Total equity
  investments in subsidiaries divided by the total equity capital. This field
  is calculated at the parent company level. “Subsidiaries” include bank, bank
  holding company, and non-bank subsidiaries.

  
	
  Non-Performing
  Assets to Loans and OREO

  	
   

  	
  (BHCK5525-BHCK3506+BHCK5526-BHCK3507+BHCK2744/(BHCK2122+BHCK2744)

  Schedules HC-C, HC-M & HC-N

  	
   

  	
  Total
  Nonperforming Assets (NPLs+Foreclosed Real Estate+Other Nonaccrual &
  Repossessed Assets)/Total Loans+Foreclosed Real Estate

  
	
  Tangible
  Common Equity as a Percentage of Tangible Assets

  	
   

  	
  (BHDM3210-BHCK3163)/(BHCK2170-BHCK3163)

  Schedule HC

  	
   

  	
  (Equity
  Capital – Goodwill)/(Total Assets – Goodwill)

  
	
  Ratio of
  Reserves to Non-Performing Loans

  	
   

  	
  (BHCK3123+BHCK3128)/(BHCK5525-BHCK3506+BHCK5526-BHCK3507)

  Schedules HC & HC-N & HC-R

  	
   

  	
  Total Loan
  Loss and Allocated Transfer Risk Reserves/ Total Nonperforming Loans
  (Nonaccrual + Restructured)

  
	
  Ratio of Net
  Charge-Offs to Loans

  	
   

  	
  (BHCK4635-BHCK4605)/(BHCK3516)

  Schedules HI-B & HC-K

  	
   

  	
  Net charge
  offs for the period as a percentage of average loans.

  
	
  Return on
  Average Assets (annualized)

  	
   

  	
  (BHCK4340/BHCK3368)

  Schedules HI & HC-K

  	
   

  	
  Net Income
  as a percentage of Assets.

  

 

G-4

 

	
  Report Item

  	
   

  	
  Corresponding FRY-9C or
  LP Line Items with

  Line Item corresponding Schedules

  	
   

  	
  Description of

  Calculation

  
	
  Net Interest
  Margin (annualized)

  	
   

  	
  (BHCK4519/(BHCK3515+BHCK3365+BHCK3516+BHCK3401+BHCKB985)

  Schedules HI Memorandum and HC-K

  	
   

  	
  (Net Interest
  Income Fully Taxable Equivalent, if available/Average Earning Assets)

  
	
  Efficiency
  Ratio

  	
   

  	
  (BHCK4093)/(BHCK4519+BHCK4079)

  Schedule HI

  	
   

  	
  (Non-interest
  Expense)/(Net Interest Income Fully Taxable Equivalent, if available, plus
  Non-interest Income)

  
	
  Ratio of
  Loans to Assets

  	
   

  	
  (BHCKB528+BHCK5369)/(BHCK2170)

  Schedule HC

  	
   

  	
  Total
  Loans & Leases (Net of Unearned Income & Gross of
  Reserve)/Total Assets

  
	
  Ratio of
  Loans to Deposits

  	
   

  	
  (BHCKB528+BHCK5369)/(BHDM6631+BHDM6636+BHFN6631+BHFN6636)

  Schedule HC

  	
   

  	
  Total
  Loans & Leases (Net of Unearned Income & Gross of
  Reserve)/Total Deposits (Includes Domestic and Foreign Deposits)

  
	
  Total Assets

  	
   

  	
  (BHCK2170)

  Schedule HC

  	
   

  	
  The sum of
  total assets. Includes cash and balances due from depository institutions;
  securities; federal funds sold and securities purchased under agreements to
  resell; loans and lease financing receivables; trading assets; premises and
  fixed assets; other real estate owned; investments in unconsolidated
  subsidiaries and associated companies; customer’s liability on acceptances
  outstanding; intangible assets; and other assets.

  
	
  Net Income

  	
   

  	
  (BHCK4300)

  Schedule HI

  	
   

  	
  The sum of
  income (loss) before extraordinary items and other adjustments and
  extraordinary items; and other adjustments, net of income taxes.

  

 

G-5

 

Exhibit H

 

FORM OF

OFFICERS’ CERTIFICATE

UNDER

SECTION 8.16(a)

 

Pursuant
to Section 8.16(a) of the Amended and Restated Trust Agreement, dated
as of August 16, 2005 (as modified, supplemented or amended from time to
time, the “Trust Agreement”) of Republic Bancorp Capital Trust, a Delaware
statutory trust (the “Trust”), each of the undersigned hereby certifies that,
to the knowledge of the undersigned, none of the Depositor, the Administrative
Trustees and the Trust are in default in the performance or observance of any
of the terms, provisions and conditions of the Trust Agreement (without regard
to any period of grace or requirement of notice provided under the Trust
Agreement) for the fiscal period ending on                      ,
20    [, except as follows: specify
each such default and the nature and status thereof].

 

Capitalized
terms used herein, and not otherwise defined herein, have the respective
meanings assigned thereto in the Trust Agreement.

 

[signatures appear on the next page]

 

H-1

 

IN
WITNESS WHEREOF, the undersigned have executed this Officers’ Certificate as of
                        ,
20   .

 

 

	
   

  	
   

  	
   

  
	
   

  	
  Name:

  	
   

  
	
   

  	
  Title:

  	
  [Must be the Chief Executive Officer, the

  
	
   

  	
   

  	
  President,
  or an Executive Vice President]

  
	
   

  	
   

  	
  of Republic
  Bancorp, Inc.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Name:

  	
   

  
	
   

  	
  Title:

  	
  [Must be the Chief Financial Officer, the

  
	
   

  	
   

  	
  Treasurer,
  or an Assistant Treasurer] of

  
	
   

  	
   

  	
  Republic
  Bancorp, Inc.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Administrative Trustee of
  Republic Bancorp Capital

  
	
   

  	
  Trust

  	
   

  
	
   

  	
  Name:

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Administrative Trustee of
  Republic Bancorp Capital

  
	
   

  	
  Trust

  	
   

  
	
   

  	
  Name:

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Administrative Trustee of
  Republic Bancorp Capital

  
	
   

  	
  Trust

  	
   

  
	
   

  	
  Name:

  	
   

  
				

 

H-2

 

Schedule A

 

With respect to the Trust Securities, the London interbank offered rate
(“LIBOR”) shall be determined by the Calculation Agent in accordance with the
following provisions (in each case rounded to the nearest .000001%):

 

(1)                                  On
the second LIBOR Business Day (as defined below) prior to a Distribution Date
(each such day, a “LIBOR Determination Date”), LIBOR for any given security
shall, for the following distribution period, equal the rate, as obtained by
the Calculation Agent from Bloomberg Financial Markets Commodities News, for
three-month U.S. Dollar deposits in Europe, which appears on Dow Jones Telerate
Page 3750 (as defined in the International Swaps and Derivatives
Association, Inc. 1991 Interest Rate and Currency Exchange Definitions),
or such other page as may replace such Page 3750, as of 11:00 a.m.
(London time) on such LIBOR Determination Date.

 

(2)                                  If,
on any LIBOR Determination Date, such rate does not appear on Dow Jones
Telerate Page 3750 or such other page as may replace such Page 3750,
the Calculation Agent shall determine the arithmetic mean of the offered
quotations of the Reference Banks (as defined below) to leading banks in the
London interbank market for three-month U.S. Dollar deposits in Europe in an
amount determined by the Calculation Agent by reference to requests for
quotations as of approximately 11:00 a.m. (London time) on the LIBOR
Determination Date made by the Calculation Agent to the Reference Banks.  If, on any LIBOR Determination Date, at least
two of the Reference Banks provide such quotations, LIBOR shall equal such
arithmetic mean of such quotations.  If,
on any LIBOR Determination Date, only one or none of the Reference Banks
provide such quotations, LIBOR shall be deemed to be the arithmetic mean of the
offered quotations that leading banks in the City of New York selected by the
Calculation Agent are quoting on the relevant LIBOR Determination Date for
three-month U.S. Dollar deposits in Europe in an amount determined by the
Calculation Agent by reference to the principal London offices of leading banks
in the London interbank market; provided, that if the Calculation Agent is
required but is unable to determine a rate in accordance with at least one of
the procedures provided above, LIBOR shall be LIBOR as determined on the
previous LIBOR Determination Date.

 

(3)                                  As
used herein: “Reference Banks” means four major banks in the London interbank
market selected by the Calculation Agent; and “LIBOR Business Day” means a day
on which commercial banks are open for business (including dealings in foreign
exchange and foreign currency deposits) in London.

 

1

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