Document:

<PAGE>

                                    EXHIBIT A

                          AGREEMENT AND PLAN OF MERGER

         Identical to Exhibit 2.1 to this Current Report on Form 8-K, which
Agreement and Plan of Merger was previously filed by the Company as an exhibit
to its Current Report on Form 8-K, filed August 13, 2004 (SEC File No.
000-30831), and is incorporated herein by reference.

<PAGE>

                                    EXHIBIT B

               STOCK OWNERSHIP, DEBT HOLDINGS AND NEW CGSI SHARES

<TABLE>
<CAPTION>
                                                                                                  CURRENT CREDITOR OWNERSHIP OF
                                                                                              -------------------------------------
                                                   FUNDS          FUNDS         NEW CGSI
                                                 PROVIDED        PROVIDED        COMMON       CURRENT      COMPANY        COMPANY
                                                 COMPRISING     COMPRISING       STOCK        COMPANY     PREFERRED      PREFERRED
                                                  COMEXPO        2003-2004    ISSUABLE FOR    COMMON       STOCK -         STOCK -
NAME OF CREDITOR                                LIABILITIES      FUNDINGS    OBLIGATIONS(2)    STOCK       JUNIOR         JUNIOR A
----------------                                -----------      --------    --------------    -----       ------         --------
<S>                                             <C>             <C>           <C>             <C>          <C>            <C>
BLUESTEM CAPITAL PARTNERS II,
  LIMITED PARTNERSHIP                                   --      $  215,000       113,438             0           --        2,500
MESIROW CAPITAL PARTNERS VI                     $  300,802         619,307       326,756    29,202,632          700          181
THE EDGEWATER PRIVATE EQUITY
  FUND II, L.P.                                    300,802         519,179       273,928    29,161,031          699          181
21ST CENTURY COMMUNICATIONS
  PARTNERS L.P.(3)                                 229,333          46,184        24,368    21,746,758          533           94
21ST CENTURY COMMUNICATIONS
  T-E PARTNERS, L.P.(3)                                 --          15,692         8,279            --           --           32
21ST CENTURY COMMUNICATIONS
  FOREIGN PARTNERS, L.P.(3)                             --           6,124         3,231            --           --           12
PHILIP KENNY(2)                                         --               0        75,000             0                        --
JOHN JELLINEK(2)                                        --               0        75,000             0
JAMES CUPPINI(2)                                        --               0       100,000             0           --
                                                ----------      ----------    ----------    ----------   ----------   ----------
                                      Total:    $  830,937(1)   $1,421,486(1)  1,000,000    80,110,421        1,932        3,000
                                                ==========      ==========    ==========    ==========   ==========   ==========
</TABLE>

(1)        DOES NOT INCLUDE ACCRUED, UNPAID INTEREST OR OTHER CLAIMS OF CREDITOR
           AGAINST COMPANY, ALL OF WHICH ARE EXTINGUISHED EFFECTIVE UPON THE
           CLOSING DATE, WHICH OBLIGATIONS EXCEED THE ESTIMATED FAIR MARKET
           VALUE OF THE NEW CGSI COMMON STOCK PER COLUMN 3 ALLOCABLE TO
           CREDITOR.

(2)        CREDITOR IS A CREDITOR WITH RESPECT TO ANY PAYMENTS MADE TO OR ON
           BEHALF OF THE COMPANY AS A GUARANTOR OF COMPANY OBLIGATIONS AND/OR
           WITH RESPECT TO CLAIMS FROM TIME TO TIME BY COMPANY OF BREACH OF
           CONTRACT, ALL OF WHICH OBLIGATIONS ARE EXTINGUISHED EFFECTIVE AS OF
           THE CLOSING DATE, WHICH OBLIGATIONS EXCEED THE ESTIMATED FAIR MARKET
           VALUE OF THE NEW CGSI COMMON STOCK PER COLUMN 3 ALLOCABLE TO
           CREDITOR.

(3)        SUBJECT TO REALLOCATION AMONG THE 21ST CENTURY FUNDS TO THE EXTENT
           PROVIDED BY THEM TO COMPANY PRIOR TO THE CLOSING DATE.

<PAGE>

                                ESCROW AGREEMENT

         This Escrow Agreement (the "Agreement") is made and entered into this
14th day of September, 2004, by and among Capital Growth Systems, Inc. a Florida
corporation ("CGSI"), Frontrunner Representative, Inc., as the escrow agent (the
"Representative") and each party named on the signature line below under
"Creditor" (each a "Creditor" and collectively, the "Creditors").

                                    RECITALS

         A. Pursuant to each of those certain Creditor Waiver and Consent
Agreements, each dated August 6, 2004 (each, a "Creditor Agreement" and
collectively the "Creditor Agreements"), by and among CGSI, Frontrunner Network
Systems Corp., a Delaware corporation (the "Company") and each of the Creditors,
an aggregate of 133,368 shares of common stock of CGSI (the "Escrowed Shares")
are being delivered to the Representative for the benefit of the Creditors to
secure the indemnification obligations of the Creditors under the Creditor
Agreements.

         B. The parties hereto desire to have the Representative hold and
release the Escrowed Shares and any proceeds thereof pursuant to the terms
hereof.

         NOW, THEREFORE, in consideration of the foregoing recitals and the
mutual covenants and agreements hereinafter set forth, the parties hereto agree
as follows:

         1. Representative. The Representative hereby agrees to hold and release
the Escrowed Shares and any proceeds thereof (collectively, the "Collateral") in
accordance with the terms hereof.

         2. Escrow Account.

                  (a) Pursuant to and in accordance with Section 3 of the
         Creditor Agreements, and out of the shares of common stock of CGSI
         ("CGSI Common Stock") to be issued to the Creditors in connection with
         the Creditor Agreements, CGSI is delivering, for and on behalf of the
         Creditors, the following into escrow with the Representative: (i) the
         Escrowed Shares; and (ii) stock powers (duly executed in blank)
         covering the Escrowed Shares. The Representative hereby acknowledges
         receipt of the Escrowed Shares and stock powers. The Creditors hereby
         (i) authorize CGSI to deliver directly to the Representative all
         non-cash dividends and distributions made in respect of any Escrowed
         Shares (whether paid in shares of CGSI Common Stock, other securities
         or other property, in each case other than cash), all of which
         dividends and distributions shall be added to and become part of the
         Collateral, and (ii) agree to deliver to the Representative such
         additional stock powers and other instruments of transfer (duly
         executed in blank) as CGSI shall reasonably request from time to time
         in respect of all securities and other property (other than cash)
         deposited with the Representative from time to time pursuant to clause
         (i) of this sentence.

                  (b) The Representative shall maintain a separate account for
         each of the Creditors (each such account, the "Creditor's Escrow
         Account"), including the number of

<PAGE>

         Escrowed Shares held on such Creditor's behalf and any subsequent
         non-cash dividends or distributions deposited with the Representative
         with respect to such Creditor's Escrowed Shares. The initial number of
         Escrowed Shares held on behalf of each Creditor is set forth on
         Schedule A attached to this Agreement. The Collateral shall not be
         subject to any lien or attachment by any creditor of CGSI, the
         Representative or any of the Creditors.

         3. Rights in Escrowed Shares. Except as provided herein, all legal and
beneficial ownership rights to the Collateral shall remain with the Creditors
during such time as the Collateral is held by the Representative, including, but
not limited to, any right to vote or to receive distributions thereon. All
communications, cash distributions and cash dividends paid or sent by CGSI with
respect to the Collateral shall be paid or sent directly to the Creditors.

         4. Procedures for Claims. Upon delivery by CGSI to the Representative
of a Claim Notice (as defined in the Creditor Agreement) pursuant to Section
3(d) of the Creditor Agreements prior to the Termination Date (as defined
herein), the Representative and CGSI shall promptly meet to resolve the Claim
Notice. Pursuant to the Creditor Agreement, Representative shall have full legal
right and authority to settle any claims on behalf of the Creditors and to
release the Escrowed Shares in settlement of such claims. If Representative and
CGSI do not reach a settlement within thirty-days of the date of the Claim
Notice, CGSI shall have the right to bring suit against the Creditors to resolve
such claim and pursue any other legal remedies it may have with respect to such
claim. Upon delivery to Representative of (i) a written agreement signed by the
Representative and CGSI, or (ii) a certified copy of a final judgment or decree
binding on the Creditors, each of which fixes the amount of the Merger Agreement
Losses (as defined in the Creditor Agreement) to which CGSI is entitled to be
indemnified (the "Indemnifiable Damages"), the Representative shall deliver to
CGSI that portion of the Collateral equal in value to the Indemnifiable Damages.
For purposes of this Agreement, a share of CGSI Common Stock shall have a value
of $1.35. In accordance with Section 3 of the Creditor Agreement, the Creditors
shall share any Indemnifiable Damages in accordance with their Pro Rata Share
(as defined in the Creditor Agreement), and the Representative shall make
corresponding deductions of Collateral from each Creditor's Escrow Account.

         5. Termination of Escrow. Upon the first anniversary of the date of
this Agreement (the "Termination Date") the Representative shall release to each
Creditor the Collateral in its Creditor Escrow Account, less each Creditor's Pro
Rata Share of the amount of any unresolved claims as set forth in a Claim Notice
that has been delivered prior to the Termination Date ("Pending Claims"). The
Representative shall continue to hold the Collateral after the Termination Date
until the Pending Claims are settled in accordance with Section 4 of this
Agreement, and upon resolution of such Pending Claims, disburse the Collateral
to the CGSI in the amount of the Indemnifiable Damages, if any, and any balance
to the Creditors.

         6. Representative Provisions.

                  (a) The Creditors agree to indemnify and hold Representative
         harmless from all losses, costs, damages, expenses and reasonable
         attorneys' fees incurred by Representative arising from acts or
         omissions of Representative in the performance of or pursuant to this
         Agreement, except such acts or omissions as may be the result of

                                       2
<PAGE>

         Representative's gross negligence or misconduct. Representative shall
         have no liability to the Creditors arising from acts or omissions of
         Representative pursuant to this Agreement except such acts or omissions
         as may be the result of the Representative's gross negligence or
         misconduct.

                  (b) The Representative may rely upon any instrument in writing
         believed by it to be genuine, sufficient and properly presented.

                  (c) The Representative may execute any of its duties under
         this Agreement by or through agents or employees.

         7. Amendments. This Agreement may not be amended, revoked or terminated
except upon the written consent of all of the parties hereto.

         8. Notices. All notices, requests, demands, claims, and other
communications hereunder shall be in writing and shall be delivered by certified
or registered mail (first class postage prepaid), guaranteed overnight delivery,
or facsimile transmission if such transmission is confirmed by delivery by
certified or registered mail (first class postage prepaid) or guaranteed
overnight delivery, to the following addresses and facsimile numbers (or to such
other addresses or facsimile numbers which such party shall designate in writing
to the other party):

         IF TO CGSI TO:

                  Capital Growth Systems, Inc.
                  1100 East Woodfield Road, Suite 100
                  Schaumburg, Illinois  60173

         WITH A COPY TO:

                  Shefsky & Froelich Ltd.
                  444 N. Michigan Avenue
                  Suite 2500
                  Chicago, IL  60611
                  Attn: Mitchell D. Goldsmith
                  Phone: 312-836-4006
                  Fax: 312-527-5921

         IF TO REPRESENTATIVE:

                  c/o Phil Kenny
                  Seven K Construction Company
                  144 Green Bay Road
                  Winnetka, IL  60093
                  Phone:  847-446-7224
                  Fax:     847-446-7228

or to such other address as any party hereto may, from time to time, designate
in writing delivered in a like manner to the other parties hereto. Notice given
as set out above shall be

                                       3
<PAGE>

deemed delivered (i) if by mail, three (3) days after deposit, (ii) if by
facsimile, on the day sent if received prior to 5:00 p.m. local time of the
receiving party and if after 5:00 p.m., on the next business day, and (iii) if
by overnight mail, the next business day. Each party hereto shall send a copy of
all notices and correspondence sent hereunder to the other parties to this
Agreement.

         9. Successors and Assigns. This Agreement shall be binding upon and
inure to the benefit of the parties hereto and to their respective heirs,
executors, successors and assigns. Nothing contained herein is intended to
confer upon any person other than the parties hereto and their respective heirs,
executors, successors and assigns as aforesaid, any rights or remedies under or
by reason of this Agreement.

         10. Controlling Law. This Agreement shall be construed and enforced in
accordance with the laws of Illinois.

         11. Counterparts. This Agreement may be executed in one or more
counterparts, each of which shall be deemed an original agreement but all of
which shall be considered one and the same instrument.

         12. Final Judgments. A judgment or decree or arbitration award shall be
deemed final for purposes hereof when the time for approval, if any, shall have
expired and no appeal shall have been taken or any appeals taken shall have been
finally determined.

         13. Severability. If any provisions of this Agreement shall, for any
reason, be held unenforceable, such provision to the extent unenforceable shall
be severed from this Agreement unless, as a result of such severance, the Escrow
Agreement fails to reflect the basic intent of the parties. If this Agreement
continues to reflect the basic intent of the parties, then the invalidity of
such specific provisions shall not affect the enforceability of any other
provision herein, and the remaining provisions shall remain in full force and
effect.

         14. Entire Agreement. This Escrow Agreement, the Creditor Agreements,
and the Agreement and Plan of Merger dated August 9, 2004 by and among CGSI, the
Company and Frontrunner Acquisition Inc., contain the entire agreement between
the parties with respect to the transactions contemplated hereby, and supersede
all written or verbal understandings prior to the date hereof between the CGSI,
the Creditors and the Representative.

         15. Waivers. Any term of this Agreement may be waived by the party or
parties entitled to the benefits thereof but only by a writing executed by such
party. No waiver or any breach of this Agreement shall be held to constitute a
waiver of any other subsequent breach.

         16. Recitals. The recitals set forth above are hereby incorporated into
and made a part of this Agreement by this reference.

                                       4
<PAGE>

         IN WITNESS WHEREOF, the parties hereto have executed this Agreement
effective this 14th day of September, 2004.

                                       CAPITAL GROWTH SYSTEMS, INC.

                                       BY:  /s/ Doug Stukel
                                          --------------------------------------

                                       FRONTRUNNER REPRESENTATIVE, INC.

                                       BY:  /s/ Philip B. Kenny
                                          --------------------------------------

                                       BLUESTEM CAPITAL PARTNERS II,
                                       LIMITED PARTNERS

                                       BY:  /s/ Sandy Horst
                                          --------------------------------------
                                            Name:   Sandy Horst
                                                  ------------------------------
                                            Its:    CFO of the General Partner
                                                  ------------------------------

                                       MESIROW CAPITAL PARTNERS VI

                                       BY:  /s/ Thomas E. Galuhn
                                          --------------------------------------
                                            Name:   Thomas E. Galuhn
                                                  ------------------------------
                                            Its:    Sr. Managing Director of its
                                                  ------------------------------
                                                    General Partner
                                                  ------------------------------

                                       EDGEWATER PRIVATE EQUITY FUND II, L.P.

                                       BY:  /s/ David M. Tolmie
                                          --------------------------------------
                                                David M. Tolmie, Partner

                                         /s/ Philip Kenny
                                       -----------------------------------------
                                       Philip Kenny

                                         /s/ James Cuppini
                                       -----------------------------------------
                                       James Cuppini

                                       5
<PAGE>

                                   SCHEDULE A

                            CREDITOR'S ESCROW ACCOUNT

<TABLE>
<CAPTION>
                         CREDITOR                                            NUMBER OF ESCROW SHARES
                         --------                                            -----------------------
<S>                                                                          <C>
Bluestem Capital Partners, II Limited Partnership                                     17,016
Mesirow Capital Partners VI                                                           49,013
Edgewater Private Equity Fund II, L.P.                                                41,089
Philip Kenny                                                                          11,250
James Cuppini                                                                         15,000
</TABLE>

                                       6EX-4.1  FLOATING RATE SENIOR NOTE DUE JULY 20,2007

 

Exhibit 4.1

     THIS NOTE IS A GLOBAL NOTE WITHIN THE MEANING OF THE INDENTURE HEREINAFTER
REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE THEREOF.
THIS NOTE MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITARY TO A
NOMINEE OF THE DEPOSITARY OR BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY
OR ANOTHER NOMINEE OF THE DEPOSITARY OR BY THE DEPOSITARY OR ANY SUCH NOMINEE
TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY, UNLESS AND
UNTIL THIS NOTE IS EXCHANGED IN WHOLE OR IN PART FOR NOTES IN DEFINITIVE FORM.

     UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF
THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO DORAL
FINANCIAL CORPORATION OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE, OR
PAYMENT, AND ANY CERTIFICATE ISSUED UPON REGISTRATION OF TRANSFER OF, OR IN
EXCHANGE FOR, OR IN LIEU OF, THIS CERTIFICATE 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 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.

     THIS NOTE IS A DIRECT, UNCONDITIONAL AND UNSECURED OBLIGATION OF DORAL
FINANCIAL CORPORATION, IS NOT A SAVINGS ACCOUNT, DEPOSIT OR OTHER OBLIGATION OF
ANY BANK OR NONBANK SUBSIDIARY OF DORAL FINANCIAL CORPORATION, AND IS NOT
INSURED OR GUARANTEED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION OR ANY OTHER
GOVERNMENTAL AGENCY.

	 	 	 
	CUSIP NO. 25811P AK 6

	 	PRINCIPAL AMOUNT: $150,000,000
	No. 3
	 	 

DORAL FINANCIAL CORPORATION

Floating Rate Senior Notes Due July 20, 2007

     DORAL FINANCIAL CORPORATION, a corporation duly organized and existing
under the laws of the Commonwealth of Puerto Rico (herein called the “Company,”
which term includes any successor Person under the Indenture hereinafter
referred to), for value received, hereby promises to pay to CEDE & CO., or
registered assigns, the principal sum of U.S. One Hundred Fifty Million Dollars
($150,000,000) on July 20, 2007, and to pay interest thereon from July 20, 2004
or from the most recent Interest
Payment Date to which interest has been paid or duly provided for,
quarterly on

 

 

January 20, April 20, July 20 and October 20 of each year,
commencing October 20, 2004, at the rate per annum for each Interest Period of
three-month LIBOR plus 0.83%, determined as provided herein, until the
principal hereof is paid or made available for payment. The interest so
payable, and punctually paid or duly provided for, on any Interest Payment Date
will, as provided in the Indenture, be paid to the Person in whose name this
Note (or one or more Predecessor Securities) is registered at the close of
business on the Regular Record Date for such interest, which shall be the
fifteenth calendar day prior to the applicable Interest Payment Date (whether
or not a Business Day). Any such interest not so punctually paid or duly
provided for will 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 Note (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 of this
series not less than 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 Debt Securities of this series may be
listed, and upon such notice as may be required by such exchange, all as more
fully provided in said Indenture.

     Interest hereon will be calculated on the basis of the actual number of
days elapsed in an Interest Period and a 360-day year. Dollar amounts
resulting from such calculation will be rounded to the nearest cent, with
one-half cent being rounded upward. An “Interest Period” shall be the period
from and including an Interest Payment Date (or from July 20, 2004 in the case
of the first Interest Payment Date) to and including the day immediately
preceding the next Interest Payment Date.

     If any Interest Payment Date falls on a day that is not a Business Day,
other than an Interest Payment Date that is also the date of Maturity, such
Interest Payment Date will be postponed to the next succeeding Business Day
except that if such next Business Day is in a different month, then that
Interest Payment Date will be the immediately preceding day that is a Business
Day. If the Maturity of the Notes falls on a day that is not a Business Day,
the payment due on Maturity will be postponed to the next succeeding Business
Day, and no further interest will accrue with respect to the period from and
after Maturity.

     For these purposes, “Business Day” means a day other than a Saturday, a
Sunday or any other day on which banking institutions in San Juan, Puerto Rico,
New York, New York or London, England are

2

 

authorized or required by law,
regulation or executive order to remain closed.

     Payment of interest on this Note due on any Interest Payment Date (other
than interest on this Note due to the Holder hereof at Maturity) shall be paid
by check mailed to the Person entitled thereto at his last address as it
appears on the Security Register or, if a U.S. Depositary with respect to this
Note is specified above or if $10,000,000 aggregate principal amount of Debt
Securities of this series are registered in the name of the Holder hereof, in
immediately available funds by wire transfer to such account as may have been
designated by the Person entitled thereto as set forth herein in time for the
Paying Agent under the Indenture to make such payments in accordance with its
normal procedures. Payment of the principal of (and premium, if any) and
interest on this Note due to the Holder hereof at Maturity shall be paid in
immediately available funds upon presentation of this Note for surrender at the
office or agency of the Paying Agent in the Borough of Manhattan, The City of
New York, provided that this Note is presented for surrender in time for the
Paying Agent to make such payment in such funds in accordance with its normal
procedures.

     Any such designation for wire transfer purposes shall be made by filing
the appropriate information with the Trustee at its Corporate Trust Office in
the Borough of Manhattan, The City of New York and, unless revoked by written
notice to the Trustee received on or prior to the Regular Record Date
immediately preceding the applicable Interest Payment Date or the fifteenth
calendar day preceding Maturity, shall remain in effect with respect to any
further payments with respect to this Note payable to such Holder.

     This Note is one of a duly authorized issue of Debt Securities of the
Company (together herein called the “Securities”)issued and to be issued in one
or more series under a senior indenture, dated as of May 14, 1999, as
supplemented by a First Supplemental Indenture, dated as of March 30, 2001
(herein called the “Indenture”), between the Company and Deutsche Bank Trust
Company Americas (formerly known as Bankers Trust Company), as Trustee (herein
called 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 and the Holders of
the Securities and of the terms upon which the Securities are, and are to be,
authenticated and delivered. This Note is one of the series designated Floating
Rate Senior Notes due July 20, 2007 (herein

3

 

called the “Notes”), initially
limited in aggregate principal amount to U.S. $625,000,000. This Note is
issued subject to the provisions of the Indenture with respect thereto.

     This Note will bear interest for each Interest Period at a rate determined
by the Calculation Agent. Deutsche Bank Trust Company Americas will initially
act as Calculation Agent for the Notes. The interest rate on this Note for a
particular Interest Period will be a per annum rate equal to LIBOR as
determined on the related Determination Date plus 0.83%. The Determination Date
for an Interest Period will be the second London Banking Day preceding such
Interest Period. The Determination Date with respect to the first Interest
Period was July 16, 2004. Promptly upon determination, the Calculation Agent
will inform the Trustee and the Company of the interest rate for the next
Interest Period. Absent manifest error, the determination of the interest rate
by the Calculation Agent shall be binding and conclusive on the holders of
Notes, the Trustee and the Company.

     A London Banking Day is any day on which dealings in U.S. dollars are
transacted or, with respect to any future date, are expected to be transacted
in the London interbank market.

     With respect to any Interest Period, LIBOR shall be the rate (expressed as
a percentage per annum) equal to the offered rate for deposits in U.S. dollars
for a three-month period beginning on the second London Banking Day after the
Determination Date, as such rate appears on Telerate Page 3750 as of 11:00
a.m., London time, on such Determination Date.

     If Telerate Page 3750 does not include this rate or is unavailable on the
Determination Date, the Calculation Agent will request the principal London
office of each of four major banks in the London interbank market, as selected
by the Calculation Agent, to provide that bank’s offered quotation (expressed
as a percentage per annum) as of approximately 11:00 a.m., London time, on the
Determination Date to prime banks in the London interbank market for deposits
in a Representative Amount (as defined below) in U.S. dollars for a three-month
period beginning on the second London Banking Day after the Determination
Date. If at least two offered quotations are so provided, LIBOR for the
Interest Period will be the arithmetic mean of those quotations. If fewer than
two quotations are so provided, the Calculation Agent will request each of
three major banks in New York City, as selected by the Calculation Agent, to
provide that bank’s rate (expressed as a percentage per annum), as of
approximately 11:00 a.m., New York City time, on the Determination Date for
loans in a Representative

4

 

Amount in U.S. dollars to leading European banks for
a three-month period beginning on the second London Banking Day after the
Determination Date. If at least two rates are so provided, LIBOR for the
Interest Period will be the arithmetic mean of those rates. If fewer than two
rates are so provided, then LIBOR for the Interest Period will be LIBOR in
effect with respect to the immediately preceding Interest Period.

     Representative Amount means a principal amount that is representative for
a single transaction in the relevant market at the relevant time.

     If an Event of Default with respect to the Notes shall occur and be
continuing, the principal of the Notes may be declared due and payable in the
manner and with the effect provided in the Indenture.

     The Indenture permits, with certain exceptions as therein provided, the
amendment thereof and the modification of the rights and obligations of the
Company and the rights of the Holders of the Securities of each series to be
affected under the Indenture at any time by the Company and the Trustee with
the consent of the Holders of not less than a majority in principal amount of
the Securities at the time Outstanding of each series to be affected. The
Indenture also contains provisions permitting the Holders of specified
percentages in principal amount of the Securities of each series at the time
Outstanding, on behalf of the Holders of all Securities of such series, 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 Note shall be conclusive and binding
upon such Holder and upon all future Holders of this Note and of any Note
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 Note.

     No reference herein to the Indenture and no provision of this Note 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 on this Note at the times, place and rate, and in the coin or
currency, herein prescribed.

     The Notes may not be redeemed prior to maturity.

     As provided in the Indenture and subject to certain limitations therein
set forth, the transfer of this Security is

5

 

registerable in the Security
Register, upon surrender of this Note for registration of transfer at the
office or agency of the Company in any place where the principal of and any
premium and interest on this Note are payable, duly endorsed by, or accompanied
by a written instrument of transfer in form satisfactory to the Company and the
Security Registrar duly executed by, the Holder hereof or his attorney duly
authorized in writing, and thereupon one or more new Notes and of like tenor,
of authorized denominations and for the same aggregate principal amount, will
be issued to the designated transferee or transferees.

     The Notes are issuable only in registered form without coupons in
denominations of $1,000 and any integral multiple thereof. As provided in the
Indenture and subject to certain limitations therein set forth, Notes are
exchangeable for a like aggregate principal amount of Notes 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.

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

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

     All terms used in this Note which are defined in the Indenture shall have
the meanings assigned to them in the Indenture.

     This Note shall be governed by and construed in accordance with the laws
of the State of New York.

6

 

     IN WITNESS WHEREOF, DORAL FINANCIAL CORPORATION has caused this instrument
to be signed by its duly authorized officer, and has caused its corporate seal
or a facsimile thereof to be affixed herein or imprinted hereon.

Dated: September 20, 2004

	 	 	 	 	 	 	 	 	 	 	 
	

	 	 	 	 	 	 	DORAL FINANCIAL CORPORATION
	 
	 	 	 	 	 	 	 	 	 	 
	

	 	 	 	 	 	 	By:	/s/  Mario S.
Levis

	

	 	 	 	 	 	 	 	Name:
	 	Mario S. Levis
	

	 	 	 	 	 	 	 	Title:
	 	Senior Executive Vice

President and Treasurer
	 
	 	 	 	 	 	 	 	 	 	 
	Attest:	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	By:
	/s/  Sonia
Arroyo
	 	 	 	 	 	 
	

	Name:	Sonia Arroyo	 	 	 	 	 	 
	

	Title:	Assistant Secretary	 	 	 	 	 	 

7

 

TRUSTEE’S CERTIFICATE OF AUTHENTICATION

     This is one of the Debt Securities of the series designated therein issued
under the within-mentioned indenture.

	 	 	 	 	 	 	 
	

	 	 	 	 	Deutsche Bank Trust Company Americas,

                  as Trustee
	 	 	 	 	 	 	 
	Dated:

	September 20, 2004

	 	By: 	/s/  Susan Johnson

	

	 	 	 	 	 	          Name:  Susan Johnson
	

	 	 	 	 	 	          Title:  Vice
President

8

 

ABBREVIATIONS

     The following abbreviations, when used in the inscription on the face of
this instrument, shall be construed as though they were written out in full
according to applicable laws or regulations:

	 	 	 	 	 	 	 	 	 	 	 
	TEN COM —

	 	as tenants in common
	 	UNIF GIFT MIN ACT —
	
	Custodian
	

	TEN ENT  —

	 	as tenants by the entireties
	 	 	 	(Cust)
	 	 	(Minor)
	JT TEN      —

	 	as joint tenants with right
	 	Under Uniform Gifts to Minors Act
	

	 	of survivorship and not as	 	 	 	 	 	 	 	 
	

	 	tenants in common
	 	

	

	 	 	 	 	 	 	 	 	(State)

     Additional abbreviations may also be used though not in the above list.

     FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and
transfer(s) unto

Please Insert Social Security or

Other Identifying Number of Assignee

PLEASE PRINT OR TYPEWRITE NAME AND ADDRESS INCLUDING POSTAL ZIP CODE OF ASSIGNEE

the within Note of DORAL FINANCIAL CORPORATION and does hereby irrevocably
constitute and appoint                                           
attorney to transfer the said Note on the books of the Company, with full power
of substitution in the premises.

	 	 	 	 	 
	Dated:

	

	 	

	 
	 	 	 	 
	

	 	 	 	

NOTICE: The signature to this assignment must correspond with the name as
written upon the face of the within instrument in every particular, without
alteration or enlargement or any change whatsoever.

9

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