Document:

Exhibit 4.6

 

 

 

MORTGAGE LOAN PURCHASE AGREEMENT

 

between

 

[SPONSOR]

as Seller

 

and

 

[PURCHASER]

as Purchaser

 

Dated [DATE]

 

 

 

    	 

    	 

    

 

Table of Contents

 

Page

 

	1.   	AGREEMENT TO PURCHASE	1
	 	 	 
	2.  	CONVEYANCE OF MORTGAGE LOANS	2
	 	 	 
	3. 	EXAMINATION OF MORTGAGE FILES AND DUE DILIGENCE REVIEW	11
	 	 	 
	4.   	REPRESENTATIONS, WARRANTIES AND COVENANTS OF SELLER AND PURCHASER	12
	 	 	 
	5.   	REMEDIES UPON BREACH OF REPRESENTATIONS AND WARRANTIES MADE BY SELLER	18
	 	 	 
	6.  	 CLOSING	24
	 	 	 
	7.  	 CLOSING DOCUMENTS	25
	 	 	 
	8.   	COSTS	28
	 	 	 
	9.  	 NOTICES	28
	 	 	 
	10.  	 SEVERABILITY OF PROVISIONS	28
	 	 	 
	11.  	 FURTHER ASSURANCES	28
	 	 	 
	12. 	  SURVIVAL	28
	 	 	 
	13.  	 GOVERNING LAW; WAIVER OF JURY TRIAL; CONSENT TO JURISDICTION	28
	 	 	 
	14.  	 BENEFITS OF MORTGAGE LOAN PURCHASE AGREEMENT	29
	 	 	 
	15.   	MISCELLANEOUS	30
	 	 	 
	16.  	 ENTIRE AGREEMENT	30

 

Exhibit 1          Mortgage Loan Schedule

Exhibit 2          Mortgage Loan Representations and Warranties

Exhibit 3          Form of Bill of Sale

Exhibit 4          Form of Limited Power of Attorney

Schedule  A     List of Mortgagors that are Third Party Beneficiaries

 

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Index of Defined Terms

 

	15Ga-1 Notice	22
	Accountants’ Due Diligence Report	16
	Affected Loan(s)	20
	Agreement	1
	Asset Representations Reviewer	1
	Authenticating Agent	1
	Bill of Sale	2
	Certificate Administrator	1
	Certificate Purchase Agreement	1
	Certificate Registrar	1
	Certificates	1
	Closing Date	2
	Collateral Information	11
	Crossed Mortgage Loans	20
	Cure Request	18
	Custodian	1
	Defective Mortgage Loan	19
	Dispute	22
	Final Judicial Determination	23
	Final Memorandum	1
	Form 15G	17
	Indemnification Agreement	14
	Initial Purchasers	1
	Issuing Entity	1
	Loss of Value Payment	19
	Master Servicer	1
	Material Breach	18

	Material Document Defect	18
	Mortgage File	3
	Mortgage Loan Schedule	2
	Mortgage Loans	1
	MOU	28
	Officer’s Certificate	7
	Operating Advisor	1
	Other Mortgage Loans	1
	Pooling and Servicing Agreement	1
	Preliminary Memorandum	1
	Preliminary Prospectus	1
	Private Certificates	1
	Prospectus	1
	Public Certificates	1
	Purchaser	1
	Repurchase Request	22
	Seller	1
	Seller Reporting Information	14
	Seller’s Information	14
	Special Servicer	1
	Trustee	1
	UBSRES Lender Successor Borrower Right	23
	UCC	5
	Underwriters	1
	Underwriting Agreement	1

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Mortgage Loan Purchase Agreement (“Agreement”),
dated [DATE, between [SPONSOR] (“Seller”) and [PURCHASER] (“Purchaser”).

 

Seller agrees to sell, and Purchaser agrees
to purchase, certain mortgage loans listed on Exhibit 1 hereto (the “Mortgage Loans”) and evidenced by
the related note or other evidence of indebtedness (each a “Mortgage Note”) evidencing the indebtedness of the
related obligor under the related Mortgage Loan (each a “Mortgagor”), as described herein. Purchaser will convey
the Mortgage Loans to a trust (the “Issuing Entity”) created pursuant to a Pooling and Servicing Agreement (the
“Pooling and Servicing Agreement”), to be dated as of [DATE], between Purchaser, as depositor, [MASTER SERVICER],
as master servicer (the “Master Servicer”), [SPECIAL SERVICER], as special servicer (the “Special Servicer”),
[OPERATING ADVISOR], as operating advisor (the “Operating Advisor”), [TRUSTEE], as trustee (the “Trustee”),
[ASSET REPRESENTATIONS REVIEWER], as Asset Representations Reviewer (the “Asset Representations Reviewer”),
[CERTIFICATE ADMINISTRATOR], as certificate administrator (the “Certificate Administrator”), [CUSTODIAN], as
custodian (the “Custodian”), [CERTIFICATE REGISTRAR], as certificate registrar (the “Certificate Registrar”),
and [AUTHENTICATING AGENT], as authenticating agency (the “Authenticating Agent”). In exchange for the Mortgage
Loans, certain other mortgage loans to be purchased by Purchaser (collectively the “Other Mortgage Loans”) and,
in the case of the [SPECIFIC LOAN], the [LOAN SPECIFIC] Trust B Note,
the Issuing Entity will issue to the Depositor pass-through certificates to be known as [CERTIFICATE CAPTION] (the “Certificates”).
The Certificates will be issued pursuant to the Pooling and Servicing Agreement. Capitalized terms used herein but not defined
herein shall have the meanings assigned to them in the Pooling and Servicing Agreement.

 

The Class [PUBLICLY OFFERED CLASSES] Certificates
(the “Public Certificates”) will be sold by Purchaser to [UNDERWRITERS], as underwriters (in such capacities,
the “Underwriters”), pursuant to an Underwriting Agreement, between Purchaser and the Underwriters, dated as
of the date hereof (the “Underwriting Agreement”), and the Class [PRIVATELY OFFERED CLASSES] Certificates (the
“Private Certificates”) will be sold by Purchaser to [INITIAL PURCHASERS], as initial purchasers (in such capacities,
the “Initial Purchasers”) pursuant to a Certificate Purchase Agreement, between Purchaser and the Initial Purchasers,
dated as of the date hereof (the “Certificate Purchase Agreement”). The Underwriters will offer the Public Certificates
for sale publicly pursuant to a Preliminary Prospectus dated [DATE] (the “Preliminary Prospectus”) and a Prospectus
dated [DATE] (the “Prospectus”), and the Initial Purchasers will offer the Private Certificates for sale in
transactions exempt from the registration requirements of the Securities Act of 1933 pursuant to a Private Placement Memorandum
dated the date hereof (the “Final Memorandum”) and a preliminary version thereof dated [DATE] (as supplemented
by the preliminary private placement memorandum supplement, dated [DATE], the “Preliminary Memorandum”).

 

In consideration of the mutual agreements
contained herein, Seller and Purchaser hereby agree as follows:

 

1.          AGREEMENT
TO PURCHASE.

 

    	 

    	 

    

 

 

1.1          Seller
agrees to sell, and Purchaser agrees to purchase, on a servicing released basis, the Mortgage Loans identified on the schedule
(the “Mortgage Loan Schedule”) annexed hereto as Exhibit 1, as such schedule may be amended to reflect
the actual Mortgage Loans accepted by Purchaser pursuant to the terms hereof. The Cut-Off Date with respect to the Mortgage Loans
is [DATE]; provided, that for purposes of determining amounts allocable to the related Seller, with respect to any Mortgage
Loans not having due dates on the first day of each month, the scheduled payments of principal and/or interest due thereon during
[MONTH] 20[__] are deemed to have been due and received on [DATE] rather than the actual date of receipt. The Mortgage Loans will
have an aggregate principal balance as of the close of business on the Cut-Off Date, after giving effect to any payments during
or prior to [MONTH] 20[__], whether or not received, of $[_________]. The sale of the Mortgage Loans shall take place on [DATE]
or such other date as shall be mutually acceptable to the parties hereto (the “Closing Date”). The purchase
price to be paid by Purchaser for the Mortgage Loans shall equal the amount to be set forth as such purchase price in the Bill
of Sale (substantially in the form of Exhibit 3 hereto), to be entered into between the parties to this Agreement in connection
with this Agreement and the issuance of the Certificates (the “Bill of Sale”). On the Closing Date, the Seller
shall cause to be delivered to the Depositor (i) an amount equal to the aggregate Interest Reserve Initial Deposit with respect
to the Mortgage Loans that accrue interest on an Actual/360 Basis, to be deposited by the Depositor into the Interest Reserve Account
on behalf of the Seller and for the benefit of the Issuing Entity, which Interest Reserve Initial Deposit for each such Mortgage
Loan represents an amount equal to [_____] days’ interest at the related Net Mortgage Rate on the related Stated Principal
Balance as of the Cut-off Date of such Mortgage Loan and (ii) an amount equal to the aggregate Initial Due Date Loan Initial Deposit,
if applicable, with respect to any applicable Mortgage Loan with an initial Due Date in [________] 20[__], to be deposited by the
Depositor into the Distribution Account on behalf of the Seller and for the benefit of the Trust which for each such Mortgage Loan
shall be an amount equal to [__] days of interest at the related Net Mortgage Rate on the related Stated Principal Balance of such
Mortgage Loan as of the Cut-Off Date. The purchase price shall be paid to Seller by wire transfer in immediately available funds
on the Closing Date.

 

1.2          On
the Closing Date, Purchaser will assign to the Trustee pursuant to the Pooling and Servicing Agreement all of its right, title
and interest in and to the Mortgage Loans and its rights under this Agreement (to the extent set forth in Section 14 hereof),
and the Trustee shall succeed to such right, title and interest in and to the Mortgage Loans and Purchaser’s rights under
this Agreement (to the extent set forth in Section 14 hereof).

 

2.          CONVEYANCE
OF MORTGAGE LOANS.

 

2.1          Effective
as of the Closing Date, subject only to receipt of the consideration referred to in Section 1 hereof and the satisfaction
of the conditions specified in Sections 6 and 7 hereof, Seller does hereby transfer, assign, set over and otherwise
convey to Purchaser, without recourse, except as specifically provided herein all the right, title and interest of Seller in and
to the Mortgage Loans identified on the Mortgage Loan Schedule as of the Closing Date, with the understanding that a servicing
rights purchase and sale agreement or comparable agreement may be executed by Seller and the Master Servicer. The Mortgage Loan
Schedule, as it may be amended from time to time on or prior to the Closing Date, shall conform to the requirements of this Agreement
and the Pooling and Servicing Agreement. In connection with such transfer and

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assignment, Seller shall deliver to the Trustee (or
the Custodian on its behalf), on behalf of Purchaser, on or prior to the Closing Date, the Mortgage Note (as described in clause
2.2.1 hereof) for each Mortgage Loan and on or prior to the fifth Business Day after the Closing Date, five limited powers
of attorney substantially in the form attached hereto as Exhibit 4 in favor of the Custodian (on behalf of the Trustee)
and the Special Servicer to empower the Custodian (on behalf of the Trustee) and, in the event of the failure or incapacity of
the Custodian (on behalf of the Trustee), the Special Servicer, to submit, or to cause the Custodian to submit for recording, at
the expense of Seller, any mortgage loan documents required to be recorded as described in the Pooling and Servicing Agreement
and any intervening assignments with evidence of recording thereon that are required to be included in the Mortgage Files (so long
as original counterparts have previously been delivered to the Trustee (or the Custodian on its behalf)). Seller agrees to reasonably
cooperate with the Custodian, the Trustee and the Special Servicer in connection with any additional powers of attorney or revisions
thereto that are requested by such parties for purposes of such recordation. The parties hereto agree that no such power of attorney
shall be used with respect to any Mortgage Loan by or under authorization by any party hereto except to the extent that the absence
of a document described in the second preceding sentence with respect to such Mortgage Loan remains unremedied as of the earlier
of (i) the date that is [___] days following the delivery of notice of such absence to Seller, but in no event earlier than [__]
months from the Closing Date, and (ii) the date (if any) on which such Mortgage Loan becomes a Specially Serviced Mortgage Loan.
The Custodian shall submit such documents for recording, at Seller’s expense, after the periods set forth above, provided,
the Custodian shall not submit such assignments for recording if Seller produces evidence that it has sent any such assignment
for recording and certifies that Seller is awaiting its return from the applicable recording office. In addition, not later than
the [__] day following the Closing Date, Seller shall deliver to the Trustee (or the Custodian on its behalf) each of the remaining
documents or instruments specified in Section 2.2 hereof (with such exceptions as are permitted by this Section 2)
with respect to each Mortgage Loan (each, a “Mortgage File”). (Seller acknowledges that the term “without
recourse” does not modify the duties of Seller under Section 5 hereof.)

 

2.2          All
Mortgage Files, or portions thereof, delivered prior to the Closing Date are to be held by the Trustee (or the Custodian on its
behalf) in escrow on behalf of Seller at all times prior to the Closing Date. The Mortgage Files shall be released from escrow
upon closing of the sale of the Mortgage Loans and payments of the purchase price therefor as contemplated hereby. The Mortgage
File for each Mortgage Loan shall contain the following documents:

 

2.2.1          The
original Mortgage Note bearing, or accompanied by, all prior or intervening endorsements, endorsed either in blank or to the order
of the Trustee in the following form: “[_________]” or if the original Mortgage Note is not included therein, then
a lost note affidavit, with a copy of the Mortgage Note attached thereto;

 

2.2.2          The
original Mortgage, with evidence of recording thereon, and, if the Mortgage was executed pursuant to a power of attorney, a certified
true copy of the power of attorney certified by the public recorder’s office, with evidence of recording thereon (if recording
is customary in the jurisdiction in which such power of attorney was executed), or certified by a title insurance company or escrow
company to be a true copy thereof; provided that if such original Mortgage cannot be delivered with evidence of recording
thereon on or prior to the 45th day following the Closing Date because of a delay caused by the public recording office
where

 

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such original Mortgage has been delivered for recordation or because such original Mortgage has been lost after recordation,
Seller shall deliver or cause to be delivered to the Trustee (or the Custodian on its behalf) a true and correct copy of such Mortgage,
together with (i) in the case of a delay caused by the public recording office, an Officer’s Certificate (as defined below)
of Seller stating that such original Mortgage has been sent to the appropriate public recording official for recordation or (ii)
in the case of an original Mortgage that has been lost after recordation, a certification by the appropriate county recording office
where such Mortgage is recorded that such copy is a true and complete copy of the original recorded Mortgage;

 

2.2.3          The
originals of all agreements modifying a Money Term or other material modification, consolidation and extension agreements, if any,
with evidence of recording thereon, or if any such original modification, consolidation or extension agreement has been delivered
to the appropriate recording office for recordation and either has not yet been returned on or prior to the 45th day
following the Closing Date with evidence of recordation thereon or has been lost after recordation, a true copy of such modification,
consolidation or extension certified by Seller together with (i) in the case of a delay caused by the public recording office,
an Officer’s Certificate of Seller stating that such original modification, consolidation or extension agreement has been
dispatched or sent to the appropriate public recording official for recordation or (ii) in the case of an original modification,
consolidation or extension agreement that has been lost after recordation, a certification by the appropriate county recording
office where such document is recorded that such copy is a true and complete copy of the original recorded modification, consolidation
or extension agreement, and the originals of all assumption agreements, if any;

 

2.2.4          An
original Assignment of Mortgage for the Mortgage Loan, in form and substance acceptable for recording, signed by the holder of
record in blank or in favor of “[_________]” (or, in the case of an A/B Whole Loan or Loan Pair, substantially similar
language notating an assignment in favor of the Trustee (in such capacity and on behalf of the holders of any related B Note or
Serviced Companion Loan));

 

2.2.5          Originals
of all intervening assignments of Mortgage, if any, with evidence of recording thereon or, if such original assignments of Mortgage
have been delivered to the appropriate recorder’s office for recordation, certified true copies of such assignments of Mortgage
certified by Seller, or in the case of an original blanket intervening assignment of Mortgage retained by Seller, a copy thereof
certified by Seller or, if any original intervening assignment of Mortgage has not yet been returned on or prior to the [__] day
following the Closing Date from the applicable recording office or has been lost after recordation, a true and correct copy thereof,
together with (i) in the case of a delay caused by the public recording office, an Officer’s Certificate of Seller stating
that such original intervening assignment of Mortgage has been sent to the appropriate public recording official for recordation
or (ii) in the case of an original intervening assignment of Mortgage that has been lost after recordation, a certification by
the appropriate county recording office where such assignment is recorded that such copy is a true and complete copy of the original
recorded intervening assignment of Mortgage;

 

2.2.6          If
the related Assignment of Leases is separate from the Mortgage, the original of such Assignment of Leases with evidence of recording
thereon or, if such Assignment

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of Leases has not been returned on or prior to the 45th day following the Closing Date
from the applicable public recording office, a copy of such Assignment of Leases certified by Seller to be a true and complete
copy of the original Assignment of Leases submitted for recording, together with (i) an original of each assignment of such Assignment
of Leases with evidence of recording thereon and showing a complete recorded chain of assignment from the named assignee to the
holder of record, and if any such assignment of such Assignment of Leases has not been returned from the applicable public recording
office, a copy of such assignment certified by Seller to be a true and complete copy of the original assignment submitted for recording,
and (ii) an original assignment of such Assignment of Leases, in recordable form, signed by the holder of record in favor of “[_________]”
(or, in the case of an A/B Whole Loan or Loan Pair, substantially similar language notating an assignment in favor of the Trustee
(in such capacity and on behalf of the holders of any related B Note or Serviced Companion Loan)), which assignment may be effected
in the related Assignment of Mortgage;

 

2.2.7          The
original or a copy of each guaranty, if any, constituting additional security for the repayment of such Mortgage Loan;

 

2.2.8          The
original (which may be electronic) or a copy (which may be electronic) Title Insurance Policy or, if such Title Insurance Policy
has not been issued, an original binder or actual title commitment or a copy (which may be electronic) thereof certified by the
title company with the original (which may be electronic) or a copy (which may be electronic) Title Insurance Policy to follow
within [___] days of the Closing Date or a preliminary title report binding on the title company with an original (which may be
electronic) or a copy (which may be electronic) Title Insurance Policy to follow within [___] days of the Closing Date;

 

2.2.9          (A)
Uniform Commercial Code (“UCC”) financing statements (together with all assignments thereof) and (B) UCC-3 financing
statements to the Trustee delivered in connection with the Mortgage Loan;

 

2.2.10        Copies
of the related ground lease(s), space lease(s) or air rights lease(s), if any, related to any Mortgage Loan where the Mortgagor
is the lessee under any such lease and there is a lien in favor of the mortgagee in such lease;

 

2.2.11        Copies
of any loan agreements, lock-box agreements, co-lender agreements and intercreditor agreements (including, without limitation,
any Intercreditor Agreement or Non-Serviced Mortgage Loan Intercreditor Agreement, and a copy (that is, not the original) of the
mortgage note evidencing the related Serviced Companion Loan, Non-Serviced Companion Loan or B Note), if any, related to the Mortgage
Loan;

 

2.2.12        Either
(A) the original of each letter of credit, if any, constituting additional collateral for such Mortgage Loan, which shall be assigned
to the Trustee and delivered to the Custodian on behalf of the Trustee on behalf of the Issuing Entity with a copy to be held by
the Master Servicer, and applied, drawn, reduced or released in accordance with documents evidencing or securing the applicable
Mortgage Loan and the Pooling and Servicing Agreement or (B) the original of each letter of credit, if any, constituting additional
collateral for such Mortgage Loan, which shall be held by the Master Servicer on behalf of the Trustee, with a

 

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copy to be held
by the Custodian on behalf of the Trustee, and applied, drawn, reduced or released in accordance with documents evidencing or securing
the applicable Mortgage Loan and the Pooling and Servicing Agreement (it being understood that Seller has agreed (a) that the proceeds
of such letter of credit belong to the Issuing Entity, (b) to notify, on or before the Closing Date, the bank issuing the letter
of credit that the letter of credit and the proceeds thereof belong to the Issuing Entity, and to use reasonable efforts to obtain
within [_____] days (but in any event to obtain within [__] days) following the Closing Date, an acknowledgement thereof by the
bank (with a copy of such acknowledgement to be sent to the Master Servicer (who shall forward a copy of such acknowledgement to
the Custodian and the Trustee) or a reissued letter of credit and (c) to indemnify the Issuing Entity for any liabilities, charges,
costs, fees or other expenses accruing from the failure of Seller to assign all rights in and to the letter of credit hereunder
including the right and power to draw on the letter of credit). In the case of clause (B) above, the Master Servicer has acknowledged
that any letter of credit held by the Master Servicer shall be held in its capacity as agent of the Issuing Entity, and if the
Master Servicer sells its rights to service the applicable Mortgage Loan, the Master Servicer has agreed to assign the applicable
letter of credit to the Issuing Entity or (with respect to any Specially Serviced Mortgage Loan) at the direction of the Special
Servicer to such party as the Special Servicer may instruct, in each case, at the expense of the Master Servicer. The Master Servicer
has agreed to indemnify the Issuing Entity for any loss caused by the ineffectiveness of such assignment;

 

2.2.13          The
original or a copy of the environmental indemnity agreement, if any, related to the Mortgage Loan;

 

2.2.14          Third-party
management agreements, if any, with respect to any Mortgaged Property;

 

2.2.15          Copies
of any Environmental Insurance Policy;

 

2.2.16          Copies
of any affidavit and indemnification agreement;

 

2.2.17          If
the related Mortgaged Property is a hospitality property that is subject to a franchise, management or similar arrangement, (a)
an original or a copy of any franchise, management or similar agreement provided to Seller in connection with the Seller’s
origination or acquisition of the Mortgage Loan; (b) a copy of any related estoppel certificate or any comfort letter delivered
by the franchisor for the benefit of the holder of the Mortgage Loan in connection with the Seller’s origination or acquisition
of the Mortgage Loan; and (c) if the related Mortgage Loan is a Franchise Mortgage Loan, a copy of the notice (to the extent such
a notice is required under the terms of the related franchise, management or similar agreement) to the related franchisor stating
that the Franchise Mortgage Loan has been transferred to the Issuing Entity and requesting a replacement comfort letter in favor
of the Issuing Entity (or any such new document or acknowledgement as may be contemplated under the existing comfort letter); and

 

2.2.18          With
respect to any Non-Serviced Mortgage Loan, a copy of the related Non-Serviced Mortgage Loan Pooling and Servicing Agreement.

 

The original of each letter of credit referred
to in clause 2.2.12 above shall be delivered to the Master Servicer or the Custodian (as the case may be) within [___] Business

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Days of the Closing Date. In addition, a copy of any ground lease, space lease or air rights lease shall be delivered to the Master
Servicer within [___] days of the Closing Date.

 

“Officer’s Certificate”
shall mean a certificate signed by one or more of the Chairman of the Board, any Vice Chairman, the President, any Senior Vice
President, any Vice President, any Assistant Vice President, any Treasurer or any Assistant Treasurer.

 

Notwithstanding any of the foregoing to the
contrary, with respect to any Non-Serviced Mortgage Loan, (A) the preceding document delivery requirements shall be met by the
delivery by the Depositor of copies of the documents specified above (other than the Mortgage Notes (and all intervening endorsements)
respectively evidencing such Non-Serviced Mortgage Loan with respect to which the originals shall be required), including a copy
of the Non-Serviced Mortgage Loan Mortgage, and (B) the requirement to deliver any of the preceding documents in the name of the
Trustee shall be met by the delivery of such documents in the name of the Non-Serviced Mortgage Loan Trustee for the benefit of,
among others, the Trustee, as holder of such Non-Serviced Mortgage Loan.

 

2.3          The
Assignments of Mortgage and assignment of Assignment of Leases referred to in Sections 2.2.4 and 2.2.6(ii) hereof
may be in the form of a single instrument assigning the Mortgage and the Assignment of Leases to the extent permitted by applicable
law. To avoid the unnecessary expense and administrative inconvenience associated with the execution and recording or filing of
multiple assignments of mortgages, assignments of leases (to the extent separate from the mortgages) and assignments of UCC financing
statements, Seller shall execute, in accordance with Section 2.6 hereof, the assignments of mortgages, the assignments of
leases (to the extent separate from the mortgages) and the assignments of UCC financing statements relating to the Mortgage Loans
naming the Trustee on behalf of the Certificateholders as assignee. Notwithstanding the fact that such assignments of mortgages,
assignments of leases (to the extent separate from the assignments of mortgages) and assignments of UCC financing statements shall
name the Trustee on behalf of the Certificateholders as the assignee, the parties hereto acknowledge and agree that the Mortgage
Loans shall for all purposes be deemed to have been transferred from Seller to Purchaser and from Purchaser to the Trustee on behalf
of the Certificateholders.

 

2.4          If
Seller cannot deliver, or cause to be delivered, as to any Mortgage Loan, any of the documents and/or instruments referred to in
Sections 2.2.2, 2.2.3, 2.2.5 or 2.2.6 hereof (exclusive of Section 2.2.6(ii) hereof), with evidence
of recording thereon, solely because of a delay caused by the public recording office where such document or instrument has been
delivered for recordation within the 45 day period following the Closing Date, but Seller delivers a photocopy thereof (certified
by the appropriate county recorder’s office to be a true and complete copy of the original thereof submitted for recording),
to the Trustee within such 45 day period, Seller shall then deliver within [__] days after the Closing Date the recorded document
(or within such longer period after the Closing Date as the Trustee may consent to, which consent shall not be unreasonably withheld
so long as Seller is, as certified in writing to the Trustee no less often than monthly, in good faith attempting to obtain from
the appropriate county recorder’s office such original or photocopy).

 

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2.5          The
Trustee, as assignee or transferee of Purchaser, shall be entitled to all scheduled payments of principal due on the Mortgage Loans
after the Cut-Off Date, all other payments of principal collected after the Cut-Off Date (other than scheduled payments of principal
due on or before the Cut-Off Date), and all payments of interest on the Mortgage Loans allocable to the period commencing on the
Cut-Off Date. All scheduled payments of principal and interest due on or before the Cut-Off Date and collected after the Cut-Off
Date shall belong to, and shall promptly be remitted to, Seller.

 

2.6          Within
45 days following the Closing Date, other than with respect to any Non-Serviced Mortgage Loan, Seller shall deliver and Purchaser,
the Custodian (on behalf of the Trustee) or the agents of either may submit or cause to be submitted for recordation at the expense
of Seller, in the appropriate public office for real property records, each assignment referred to in clauses 2.2.4 and
2.2.6(ii) above. Within [__] days following the Closing Date, other than with respect to any Non-Serviced Mortgage Loan,
Seller shall deliver and Purchaser, the Custodian (on behalf of the Trustee) or the agents of either may submit or cause to be
submitted for filing, at the expense of Seller, in the appropriate public office for UCC financing statements, the assignment referred
to in clause 2.2.9(B). Each such assignment shall reflect that it should be returned by the public recording office to the
Custodian (on behalf of the Trustee) following recording or filing; provided that in those instances where the public recording
office retains the original Assignment of Mortgage, assignment of Assignment of Leases or assignment of UCC financing statements,
the Seller shall obtain therefrom a certified copy of the recorded original and forward such copy to the Custodian (on behalf of
the Trustee) and the Special Servicer. If any such document or instrument is lost or returned unrecorded or unfiled, as the case
may be, because of a defect therein, Seller shall prepare a substitute therefor or cure such defect, and Seller shall, at its own
expense (except in the case of a document or instrument that is lost by the Custodian), record or file, as the case may be, and
deliver such document or instrument in accordance with this Section 2.

 

2.7          Documents
that are in the possession of Seller, its agents or its subcontractors that relate to the Mortgage Loans and that are not required
to be delivered to the Trustee (or the Custodian on its behalf) shall be shipped by Seller to or at the direction of the Master
Servicer, on behalf of Purchaser, on or prior to the 45th day after the Closing Date, in accordance with Section
2.01(g) of the Pooling and Servicing Agreement, if applicable.

 

2.8          The
documents required to be delivered to the Master Servicer shall include copies of the mortgage documents listed in the definition
of “Mortgage File” relating to the applicable Mortgage Loan and shall also include, to the extent required to be (and
actually) delivered to Seller pursuant to the applicable Mortgage Loan documents, copies of the following items: any guaranty/indemnity
agreement, any insurance policies or certificates, as applicable, any property inspection reports, any financial statements on
the property, any escrow analysis, any tax bills, any Appraisal, any environmental report, any engineering report, third-party
management agreements, any asset summary and financial information on the Borrower/sponsor and any guarantors. Notwithstanding
the foregoing, Seller shall not be required to deliver any draft documents, or any attorney-client communications that are privileged
communications or constitute legal or other due diligence analyses or attorney work product, or internal communications of Seller
or its affiliates among themselves or with their respective attorneys, or credit underwriting or other analyses or data (and, if
any such items are received, they shall be

 

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returned and any copies thereof destroyed). Delivery of any of the foregoing documents
to any sub-servicer shall be deemed a delivery to the Master Servicer and satisfy Seller’s obligations under this subparagraph.

 

2.9          Upon
the sale of the Mortgage Loans by Seller to Purchaser pursuant to this Agreement, the ownership of each Mortgage Note, Mortgage
and the other contents of the related Mortgage File shall be vested in Purchaser and its assigns, and the ownership of all records
and documents with respect to the related Mortgage Loan prepared by or that come into the possession of Seller shall immediately
vest in Purchaser and its assigns, and shall be delivered promptly by Seller to the Trustee (or the Custodian on its behalf) or
the Master Servicer as set forth herein, subject to the requirements of the Pooling and Servicing Agreement. Seller’s and
Purchaser’s records shall reflect the transfer of each Mortgage Loan from Seller to Purchaser and its assigns as a sale.

 

2.10        It
is the express intent of the parties hereto that the conveyance of the Mortgage Loans and related property to Purchaser by Seller
as provided in this Section 2 be, and be construed as, an absolute sale of the Mortgage Loans and related property. It is,
further, not the intention of the parties that such conveyance be deemed a pledge of the Mortgage Loans and related property by
Seller to Purchaser to secure a debt or other obligation of Seller. However, if, notwithstanding the intent of the parties, the
Mortgage Loans or any related property are held to be the property of Seller, or if for any other reason this Agreement is held
or deemed to create a security interest in the Mortgage Loans or any related property, then:

 

2.10.1     this
Agreement shall be deemed to be a security agreement; and

 

2.10.2     the
conveyance provided for in this Section 2 shall be deemed to be a grant by Seller to Purchaser of, and Seller hereby grants
to Purchaser, a security interest in all of Seller’s right, title, and interest, whether now owned or existing or hereafter
acquired or arising, in, to and under:

 

A.          All
accounts, general intangibles, chattel paper, instruments, documents, money, deposit accounts, certificates of deposit, goods,
letters of credit, advices of credit and investment property consisting of, arising from or relating to any of the following property:
the Mortgage Loans identified on the Mortgage Loan Schedule, including the related Mortgage Notes, Mortgages, security agreements,
and title, hazard and other insurance policies, all distributions with respect thereto payable after the Cut-Off Date, all substitute
or replacement Mortgage Loans and all distributions with respect thereto, and the Mortgage Files;

 

B.          All
accounts, general intangibles, chattel paper, instruments, documents, money, deposit accounts, certificates of deposit, goods,
letters of credit, advices of credit, investment property and other rights arising from or by virtue of the disposition of, or
collections with respect to, or insurance proceeds payable with respect to, or claims against other Persons with respect to, all
or any part of the collateral described in clause (A) above (including any accrued discount realized on liquidation of any investment
purchased at a discount); and

 

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C.          All
cash and non-cash proceeds of the collateral described in clauses (A) and (B) above.

 

2.11          The
possession by Purchaser or its designee (including, with respect to any Non-Serviced Mortgage Loan, the Non-Serviced Mortgage Loan
Trustee for the benefit of, among others, the Trustee, as holder of such Non-Serviced Mortgage Loan) of the Mortgage Notes, the
Mortgages, and such other goods, letters of credit, advices of credit, instruments, money, documents, chattel paper or certificated
securities shall be deemed to be possession by the secured party or possession by a purchaser for purposes of perfecting the security
interest pursuant to the UCC (including, without limitation, Section 9-313 thereof) as in force in the relevant jurisdiction. Notwithstanding
the foregoing, Seller makes no representation or warranty as to the perfection of any such security interest.

 

2.12          Notifications
to Persons holding such property, and acknowledgments, receipts, or confirmations from persons holding such property, shall be
deemed to be notifications to, or acknowledgments, receipts or confirmations from, securities intermediaries, bailees or agents
of, or Persons holding for, Purchaser or its designee, as applicable, for the purpose of perfecting such security interest under
applicable law.

 

2.13          The
Seller hereby agrees to provide the Purchaser with prompt notice of any information it receives which indicates that the transfer
of each Mortgage Loan from the Seller to the Purchaser may not be treated as a sale. The Seller shall, to the extent consistent
with this Agreement, take such reasonable actions as may be necessary to ensure that, if this Agreement were deemed to create a
security interest in the property described above, such security interest would be deemed to be a perfected security interest of
first priority under applicable law and will be maintained as such throughout the term of the Agreement. In such case, the Seller
hereby authorizes the Master Servicer, the Trustee and the Custodian to file all filings necessary to maintain the effectiveness
of any original filings necessary under the UCC as in effect in any jurisdiction to perfect such security interest in such property.
In connection herewith, the Purchaser shall have all of the rights and remedies of a secured party and creditor under the UCC as
in force in the relevant jurisdiction.

 

2.14          Notwithstanding
anything to the contrary contained herein, and subject to Section 2.1 hereof, Purchaser shall not be required to purchase
any Mortgage Loan as to which any Mortgage Note (endorsed as described in clause 2.2.1 hereof) required to be delivered
to the Trustee (or the Custodian on its behalf) or the Master Servicer pursuant to this Section 2 on or before the Closing
Date is not so delivered, or is not properly executed or is defective on its face, and Purchaser’s acceptance of the related
Mortgage Loan on the Closing Date shall in no way constitute a waiver of such omission or defect of Purchaser’s or its successors’
and assigns’ rights in respect thereof pursuant to Section 5 hereof.

 

2.15          The
Seller shall not (i) re-acquire the Mortgage Loans or any portion thereof or interest therein (other than as required in order
to comply with its obligations under this Agreement) or (ii) acquire any Certificates or interests therein in amounts that may
cause the Seller to recognize the Mortgage Loans (or any portion thereof) as an asset of such Seller in its books and records.
The Seller has internal accounting and finance controls in place to, in each case (a) monitor any such re-acquisition of the Mortgage
Loans or acquisition of the Certificates 

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and (b) prevent any such recognition of the Mortgage Loans (or any portion thereof) as
an asset of the Seller. In the event the Seller is required to recognize the Mortgage Loans (or any portion thereof) as an asset
of the Seller for tax and/or accounting purposes, the Seller shall take immediate corrective action, such that the Mortgage Loans
shall not be treated as an asset of the Seller for tax or accounting purposes.

 

2.16          The
Seller (solely in respect of the Franchise Mortgage Loans it is selling to the Depositor) or its designee shall, within [__] days
of the Closing Date (or any shorter period if required by the applicable comfort letter) and with a copy to the Master Servicer,
notify the related franchisor in writing that such Franchise Mortgage Loan has been transferred to the Issuing Entity and request
a replacement comfort letter (or any such new document or acknowledgement as may be contemplated under the existing comfort letter).

 

3.          EXAMINATION
OF MORTGAGE FILES AND DUE DILIGENCE REVIEW.

 

3.1          Seller
shall (i) deliver to Purchaser on or before the Closing Date a diskette acceptable to Purchaser that contains such information
about the Mortgage Loans as may be reasonably requested by Purchaser, (ii) deliver to Purchaser on or before the Closing Date investor
files (collectively the “Collateral Information”) with respect to the assets proposed to be included in the
Issuing Entity and made available at Purchaser’s headquarters in New York, and (iii) otherwise cooperate fully with Purchaser
in its examination of the credit files, underwriting documentation and Mortgage Files for the Mortgage Loans and its due diligence
review of the Mortgage Loans. The fact that Purchaser has conducted or has failed to conduct any partial or complete examination
of the credit files, underwriting documentation or Mortgage Files for the Mortgage Loans shall not affect the right of Purchaser
or the Trustee to cause Seller to cure any Material Document Defect or Material Breach (each as defined below), or to repurchase
or replace the defective Mortgage Loans pursuant to Section 5 hereof.

 

3.2          On
or prior to the Closing Date, Seller shall allow representatives of Purchaser and any designees thereof to examine and audit
all books, records and files pertaining to the Mortgage Loans, Seller’s underwriting procedures and Seller’s ability
to perform or observe all of the terms, covenants and conditions of this Agreement. Such examinations and audits shall take place
upon reasonable prior advance notice at one or more offices of Seller during normal business hours and shall not be conducted in
a manner that is disruptive to Seller’s normal business operations. In the course of such examinations and audits, Seller
will make available to such representatives of Purchaser and any designees thereof reasonably adequate facilities, as well as the
assistance of a sufficient number of knowledgeable and responsible individuals who are familiar with the Mortgage Loans and the
terms of this Agreement, and Seller shall cooperate fully with any such examination and audit in all material respects. On or prior
to the Closing Date, Seller shall provide Purchaser with all material information regarding Seller’s financial condition
and access to knowledgeable financial or accounting officers for the purpose of answering questions with respect to Seller’s
financial condition, financial statements as provided to Purchaser or other developments affecting Seller’s ability to consummate
the transactions contemplated hereby or otherwise affecting Seller in any material respect. Within [__] days after the Closing
Date, Seller shall provide the Master Servicer with any additional information identified by the Master Servicer as necessary to
complete the CREFC® Property File, to the extent that such information is available to Seller.

 

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3.3          Purchaser
may exercise any of its rights hereunder through one or more designees or agents, provided Purchaser has provided Seller with prior
notice of the identity of such designee or agent.

 

3.4          Purchaser
shall keep confidential any information regarding Seller and, to the extent required pursuant to the terms of the Pooling and Servicing
Agreement, the Mortgage Loans that has been delivered into Purchaser’s possession and that is not otherwise publicly available;
provided, that such information shall not be kept confidential (and the right to require confidentiality under any confidentiality
agreement is hereby waived) to the extent Purchaser deems such information necessary and appropriate or required to be included
in the Preliminary Memorandum, the Final Memorandum, the Prospectus, the Free Writing Prospectus (as defined in the Pooling and
Servicing Agreement) or any other disclosure document relating to the Certificates or Purchaser is required by law or court order
to disclose such information. If Purchaser is required or otherwise deems it necessary and appropriate to disclose in the Free
Writing Prospectus, the Preliminary Memorandum, the Final Memorandum, the Prospectus or any other disclosure document relating
to the Certificates confidential information regarding Seller as described in the preceding sentence, Purchaser shall provide to
Seller a copy of the proposed form of such disclosure prior to making such disclosure and Seller shall promptly, and in any event
within [_____] Business Days, notify Purchaser of any inaccuracies therein, in which case Purchaser shall modify such form in a
manner that corrects such inaccuracies. If Purchaser is required by law or court order to disclose confidential information regarding
Seller as described in the second preceding sentence, Purchaser shall notify Seller and cooperate in Seller’s efforts to
obtain a protective order or other reasonable assurance that confidential treatment will be accorded such information and, if in
the absence of a protective order or such assurance, Purchaser is compelled as a matter of law to disclose such information, Purchaser
shall, prior to making such disclosure, advise and consult with Seller and its counsel as to such disclosure and the nature and
wording of such disclosure and Purchaser shall use reasonable efforts to obtain confidential treatment therefor. Notwithstanding
the foregoing, if reasonably advised by counsel that Purchaser is required by a regulatory agency or court order to make such disclosure
immediately, then Purchaser shall be permitted to make such disclosure without prior review by Seller and shall give Seller prompt
notice of such disclosure.

 

4.          REPRESENTATIONS,
WARRANTIES AND COVENANTS OF SELLER AND PURCHASER.

 

4.1          To
induce Purchaser to enter into this Agreement, Seller hereby makes for the benefit of Purchaser and its assigns with respect to
each Mortgage Loan as of the date hereof (or as of such other date specifically set forth in the particular representation and
warranty) each of the representations and warranties set forth on Exhibit 2 hereto, except as otherwise set forth on Schedule
2-A attached to such Exhibit 2, and hereby further represents, warrants and covenants to Purchaser as of the date hereof that:

 

4.1.1          Seller
is duly organized and validly exists as a [_____] in good standing under the laws of [_____]. Seller has the requisite power and
authority and legal right to own the Mortgage Loans and to transfer and convey the Mortgage Loans to Purchaser and has the requisite
power and authority to execute and deliver, engage in the transactions contemplated by, and perform and observe the terms and conditions
of, this Agreement.

 

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4.1.2          This
Agreement has been duly and validly authorized, executed and delivered by Seller, and assuming the due authorization, execution
and delivery hereof by Purchaser, this Agreement constitutes the valid, legal and binding agreement of Seller, enforceable in accordance
with its terms, except as such enforcement may be limited by (A) laws relating to bankruptcy, insolvency, reorganization, receivership
or moratorium, (B) other laws relating to or affecting the rights of creditors generally, (C) general equity principles (regardless
of whether such enforcement is considered in a proceeding in equity or at law) or (D) public policy considerations underlying the
securities laws, to the extent that such public policy considerations limit the enforceability of the provisions of this Agreement
that purport to provide indemnification from liabilities under applicable securities laws.

 

4.1.3          No
consent, approval, authorization or order of, registration or filing with, or notice to, any governmental authority or court is
required, under federal or state law, for the execution, delivery and performance of or compliance by Seller with this Agreement,
or the consummation by Seller of any transaction contemplated hereby, other than (A) such qualifications as may be required under
state securities or blue sky laws, (B) the filing or recording of financing statements, instruments of assignment and other similar
documents necessary in connection with Seller’s sale of the Mortgage Loans to Purchaser, (C) such consents, approvals, authorizations,
qualifications, registrations, filings or notices as have been obtained and (D) where the lack of such consent, approval, authorization,
qualification, registration, filing or notice would not have a material adverse effect on the performance by Seller under this
Agreement.

 

4.1.4          Neither
the transfer of the Mortgage Loans to Purchaser, nor the execution, delivery or performance of this Agreement by Seller, conflicts
or will conflict with, results or will result in a breach of, or constitutes or will constitute a default under (A) any term or
provision of Seller’s articles of organization or by-laws, (B) any term or provision of any material agreement, contract,
instrument or indenture to which Seller is a party or by which it or any of its assets is bound or results in the creation or imposition
of any lien, charge or encumbrance upon any of its property pursuant to the terms of any such indenture, mortgage, contract or
other instrument, other than pursuant to this Agreement, or (C) after giving effect to the consents or taking of the actions contemplated
in Section 4.1.3 hereof, any law, rule, regulation, order, judgment, writ, injunction or decree of any court or governmental
authority having jurisdiction over Seller or its assets, except where in any of the instances contemplated by clauses (B) or (C)
above, any conflict, breach or default, or creation or imposition of any lien, charge or encumbrance, will not have a material
adverse effect on the consummation of the transactions contemplated hereby by Seller or its ability to perform its obligations
and duties hereunder or result in any material adverse change in the business, operations, financial condition, properties or assets
of Seller, or in any material impairment of the right or ability of Seller to carry on its business substantially as now conducted.

 

4.1.5          There
are no actions or proceedings against, or investigations of, Seller pending or, to Seller’s knowledge, threatened in writing
against Seller before any court, administrative agency or other tribunal, the outcome of which could reasonably be expected to
materially and adversely affect the transfer of the Mortgage Loans to Purchaser or the execution or delivery by, or enforceability
against, Seller of this Agreement or have an effect on the

 

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financial condition of Seller that would materially and adversely affect
the ability of Seller to perform its obligations under this Agreement.

 

4.1.6          On
the Closing Date, the sale of the Mortgage Loans pursuant to this Agreement will effect a transfer by Seller of all of its right,
title and interest in and to the Mortgage Loans to Purchaser.

 

4.1.7          To
Seller’s knowledge, the information in the Preliminary Prospectus, the Prospectus, the Preliminary Memorandum and the Final
Memorandum as to which the Seller is providing indemnification pursuant to that certain indemnification agreement, dated the date
hereof, between Seller, Purchaser, the Underwriters, and the Initial Purchasers (the “Indemnification Agreement”,
and such information the “Seller’s Information”) does not contain any untrue statement of a material fact
or omit to state a material fact required to be stated therein (solely in the case of the Prospectus) or necessary to make the
statements therein, in the light of the circumstances under which they were made, not misleading. The Seller has complied with
the disclosure requirements of Regulation AB that arise from its role as “originator” and “sponsor” (or,
if Seller was not the originator with respect to any Mortgage Loan, the role of the related originator as “originator”)
in connection with the issuance of the Public Certificates. The review described under “Transaction Parties – The Sponsors
and Mortgage Loan Sellers – UBS Real Estate Securities Inc. – Review of UBSRES Loans” in the Prospectus was designed
and effected to provide reasonable assurance that the disclosure regarding the Mortgage Loans in the Prospectus is accurate in
all material respects. Notwithstanding anything contained herein to the contrary, this subparagraph 4.1.7 shall run exclusively
to the benefit of Purchaser and no other party.

 

4.1.8          The
Seller hereby agrees to deliver to the Purchaser and to the Certificate Administrator or the Trustee, as applicable, any Additional
Form 10-D Disclosure, any Additional Form 10-K Disclosure and any Form 8-K Disclosure Information set forth next to the Seller’s
name on Exhibit BB, Exhibit CC or Exhibit DD of the Pooling and Servicing Agreement (in formatting reasonably appropriate for inclusion
in such form) (collectively, “Seller Reporting Information”); provided, that the Seller Reporting Information
shall not be exclusive of any additional disclosure items specifically related to the Seller or any related Mortgage Loan originator
that may be added to Form 10-K, Form 10-D or Form 8-K subsequent to the date hereof that are required to be included in the Exchange
Act reports related to the Issuing Entity if the Depositor or the Certificate Administrator provides the Seller with notice of
such additional requirements. The Seller shall use its best efforts to deliver proposed disclosure language relating to any such
event described under Items 1100(e), 1117 and 1119 of Regulation AB and Item 1.03 to Form 8-K to the Certificate Administrator
or the Trustee, as applicable, and the Purchaser within [_____] Business Day and in any event no later than [_____] Business Days
of the Seller becoming aware of such event and shall provide disclosure relating to any other Seller Reporting Information required
to be disclosed by Seller pursuant to this Section 4.1.8 on Form 8-K, Form 10-D or Form 10-K within [_____] Business Days
following the Purchaser’s request for such disclosure language. In connection with providing such disclosure language and
Seller’s reporting obligations under Item 1119 of Regulation AB, upon reasonable request by Seller, Purchaser shall provide
Seller with a list of all parties to the Pooling and Servicing Agreement and any Servicing Function Participant with respect to
which it has received notice pursuant to the terms of the Pooling and Servicing Agreement. The obligation of the Seller to

 

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provide
the above-referenced disclosure materials shall be suspended (for so long as neither the Issuing Entity nor, with respect to any
Serviced Companion Loan related to a Serviced Pari Passu Mortgage Loan sold to the Issuing Entity by the Seller, the trust in the
related Other Securitization, is subject to the reporting requirements of the Exchange Act), as to any fiscal year, upon the Certificate
Administrator or the Trustee, as applicable, filing the form necessary to be filed with the Commission to suspend the Issuing Entity’s
reporting obligations under the Exchange Act as to that fiscal year in accordance with Section 11.08 of the Pooling
and Servicing Agreement or the reporting requirements with respect to the Trust under the Exchange Act have otherwise been automatically
suspended; provided, that for the avoidance of doubt, the suspension of such information reporting does not apply to Seller
Reporting Information that is required to be provided for the fiscal year prior to suspension of the Issuing Entity’s reporting
requirements under the Exchange Act (including Additional Form 10-K Disclosure required to be disclosed on the Form 10-K related
to the fiscal year preceding the year in which the form necessary to be filed with the Commission to suspend the Issuing Entity’s
reporting obligations under the Exchange Act was filed). The Purchaser shall provide the Seller with notice (which notice may be
sent via facsimile or by email) if the Certificate Administrator or the Trustee, as applicable, does file the form necessary to
be filed with the Commission to suspend the Issuing Entity’s reporting obligations under the Exchange Act pursuant to Section
11.08 of the Pooling and Servicing Agreement. The Seller hereby acknowledges that the information to be provided by it pursuant
to this Section will be used in the preparation of reports meeting the reporting requirements of the Issuing Entity under Section
13(a) and/or Section 15(d) of the Exchange Act.

 

4.1.9           To
induce Purchaser to enter into this Agreement, Seller hereby covenants that the foregoing representations and warranties and those
set forth on Exhibit 2 hereto, subject to the exceptions set forth in Schedule 2-A to Exhibit 2, will be true
and correct in all material respects on and as of the Closing Date with the same effect as if made on the Closing Date.

 

4.1.10         With
respect to each Mortgage Loan, the Seller shall deliver within [__] days of the Closing Date a copy of the Diligence File for each
Mortgage Loan together with a certification by an authorized officer of the Seller that such Diligence File contains all documents
related to the origination or the servicing of the related Mortgage Loan;

 

4.1.11         Upon
written request of the Asset Representations Reviewer, it shall provide to the Asset Representations Reviewer (or the Special Servicer
at its request) within [__] days, copies of all information, documents and records (including, but not limited to, records stored
electronically on computer tapes, electronic discs, and similar media) reasonably available to the Seller relating to each Delinquent
Mortgage Loan (as defined in the Pooling and Servicing Agreement) to enable the Asset Representations Reviewer to perform its duties
under the Pooling and Servicing Agreement;

 

4.1.12         The
Seller acknowledges and agrees that in the event an Enforcing Party elects a Resolution Method pursuant to Section 2.04(b) of the
Pooling and Servicing Agreement, the Seller shall abide by the selected Resolution Method and otherwise comply with the terms and
provisions set forth in the Pooling and Servicing Agreement (including the exhibits thereto) related to the Resolution Method;
[and]

 

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4.1.13          [The
Seller shall timely deliver (or cause any Originator of the Mortgage Loans to timely deliver) to the Certificate Administrator
each Retention Certificate required to be delivered pursuant to Section 3.33 of the Pooling and Servicing Agreement and, if the
Seller or any Originator transfers its Required Sponsor Retention Amount or Required Originator Retention Amount, as applicable,
as contemplated therein, the Seller shall cause its transferee or the transferee of such Originator to deliver any Retention Certificate
required pursuant to Section 3.33 of the Pooling and Servicing Agreement; and][Applicable to offerings on or after December 24,
2016]

 

4.1.14          Except
for the agreed-upon procedures report obtained from the accounting firm engaged to provide procedures involving a comparison of
information in loan files for the Mortgage Loans to information on a data tape relating to the Mortgage Loans (the “Accountants’
Due Diligence Report”), the Mortgage Loan Seller has not obtained (and, through and including the Closing Date, will
not obtain without the consent of the Purchaser) any “third party due diligence report” (as defined in Rule 15Ga-2
under the Exchange Act) in connection with the transactions contemplated herein and in the Prospectus and Private Placement Memorandum
and, except for the accountants with respect to the Accountants’ Due Diligence Report, the Mortgage Loan Seller has not employed
(and, through and including the Closing Date, will not employ without the consent of the Purchaser) any third party to engage in
any activity that constitutes “due diligence services” within the meaning of Rule 17g-10 under the Exchange Act in
connection with the transactions contemplated herein and in the Prospectus and Private Placement Memorandum. The Underwriters and
Initial Purchasers are third-party beneficiaries of the provisions set forth in this Section 4.1.14.

 

Each of the representations, warranties
and covenants made by Seller pursuant to this Section 4.1 shall survive the sale of the Mortgage Loans and shall continue
in full force and effect notwithstanding any restrictive or qualified endorsement on the Mortgage Notes.

 

4.2          To
induce Seller to enter into this Agreement, Purchaser hereby represents and warrants to Seller as of the date hereof:

 

4.2.1          Purchaser
is a corporation duly organized, validly existing, and in good standing under the laws of the State of Delaware with full power
and authority to carry on its business as presently conducted by it.

 

4.2.2          Purchaser
has full power and authority to acquire the Mortgage Loans, to execute and deliver this Agreement and to enter into and consummate
all transactions contemplated by this Agreement. Purchaser has duly and validly authorized the execution, delivery and performance
of this Agreement and has duly and validly executed and delivered this Agreement. This Agreement, assuming due authorization, execution
and delivery by Seller, constitutes the valid, legal and binding obligation of Purchaser, enforceable against it in accordance
with its terms, except as such enforceability may be limited by bankruptcy, insolvency, reorganization, moratorium and other similar
laws affecting the enforcement of creditors’ rights generally and by general principles of equity, regardless of whether
such enforcement is considered in a proceeding in equity or at law.

 

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4.2.3          No
consent, approval, authorization or order of, registration or filing with, or notice to, any governmental authority or court is
required, under federal or state law, for the execution, delivery and performance of or compliance by Purchaser with this Agreement,
or the consummation by Purchaser of any transaction contemplated hereby that has not been obtained or made by Purchaser.

 

4.2.4          Neither
the purchase of the Mortgage Loans nor the execution, delivery and performance of this Agreement by Purchaser will violate Purchaser’s
certificate of incorporation or by-laws or constitute a default (or an event that, with notice or lapse of time or both, would
constitute a default) under, or result in a breach of, any material agreement, contract, instrument or indenture to which Purchaser
is a party or that may be applicable to Purchaser or its assets.

 

4.2.5          Purchaser’s
execution and delivery of this Agreement and its performance and compliance with the terms of this Agreement will not constitute
a violation of any law, rule, writ, injunction, order or decree of any court, or order or regulation of any federal, state or municipal
government agency having jurisdiction over Purchaser or its assets, which violation could materially and adversely affect the condition
(financial or otherwise) or the operation of Purchaser or its assets or could materially and adversely affect its ability to perform
its obligations and duties hereunder.

 

4.2.6          There
are no actions or proceedings against, or investigations of, Purchaser pending or, to Purchaser’s knowledge, threatened against
Purchaser before any court, administrative agency or other tribunal, the outcome of which could reasonably be expected to adversely
affect the transfer of the Mortgage Loans, the issuance of the Certificates, the execution, delivery or enforceability of this
Agreement or have an effect on the financial condition of Purchaser that would materially and adversely affect the ability of Purchaser
to perform its obligations under this Agreement.

 

4.2.7          Purchaser
has not dealt with any broker, investment banker, agent or other person, other than Seller, the Underwriters, the Initial Purchasers
and their respective affiliates, that may be entitled to any commission or compensation in connection with the sale of the Mortgage
Loans or consummation of any of the transactions contemplated hereby.

 

4.2.8          The
Purchaser (A) prepared one or more reports on Form ABS-15G (each, a “Form 15G”) containing the findings and
conclusions of the Accountants’ Due Diligence Report and meeting the requirements of that Form 15G, Rule 15Ga-2, any other
rules and regulations of the Commission and the Exchange Act; (B) provided a copy of the final draft of each such Form 15G to the
Underwriters and Initial Purchasers at least [___] Business Days before the first sale in the offering contemplated by the Offering
Documents; and (C) furnished each such Form 15G to the Commission on EDGAR at least five (5) Business Days before the first sale
in the offering contemplated by the Offering Documents as required by Rule 15Ga-2.

 

To induce Seller to enter into this Agreement,
Purchaser hereby covenants that the foregoing representations and warranties will be true and correct in all material respects
on and as of the Closing Date with the same effect as if made on the Closing Date.

 

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Each of the representations and warranties made by Purchaser pursuant to this Section 4.2 shall survive
the purchase of the Mortgage Loans.

 

5.           REMEDIES
UPON BREACH OF REPRESENTATIONS AND WARRANTIES MADE BY SELLER.

 

5.1          It
is hereby acknowledged that Seller shall make for the benefit of the Trustee on behalf of the holders of the Certificates, whether
directly or by way of Purchaser’s assignment of its rights hereunder to the Trustee, the representations and warranties set
forth on Exhibit 2 hereto (each as of the date hereof unless otherwise specified).

 

5.2          It
is hereby further acknowledged that if any document required to be delivered to the Trustee (or the Custodian on its behalf) pursuant
to Section 2 hereof is not delivered as and when required, not properly executed or is defective on its face, or if there
is a breach of any of the representations and warranties required to be made by Seller regarding the characteristics of the Mortgage
Loans and/or the related Mortgaged Properties as set forth in Exhibit 2 hereto, and in either case (i) the defect or breach
materially and adversely affects the interests of the holders of the Certificates in the related Mortgage Loan or (ii) both (A)
the defect or breach materially and adversely affects the value of the Mortgage Loan and (B) the Mortgage Loan is a Specially Serviced
Mortgage Loan or Rehabilitated Mortgage Loan (any such defect described in the preceding clause (i) or (ii), a “Material
Document Defect” and any such breach described in the preceding clause (i) or (ii), a “Material Breach”),
the Pooling and Servicing Agreement requires any party thereunder that determines such Material Document Defect or Material Breach
exists, to promptly so notify Seller, among others, in writing. Seller may or, following receipt of a request to cure the related
Material Document Defect or Material Breach as provided under the Pooling and Servicing Agreement by a party thereto (a “Cure
Request”), Seller shall, not later than 90 days from Seller’s receipt of the notice of, and a Cure Request with
respect to, such Material Document Defect or Material Breach, cure such Material Document Defect or Material Breach, as the case
may be, in all material respects; provided, that if such Material Document Defect or Material Breach, as the case may be,
cannot be corrected or cured in all material respects within such 90 day period, and such Material Document Defect or Material
Breach would not cause the Mortgage Loan to be other than a “qualified mortgage” (as defined in the Code) but Seller
is diligently attempting to effect such correction or cure, as certified by Seller in an Officer’s Certificate delivered
to the Trustee and the Custodian, then the cure period will be extended for an additional 90 days unless, solely in the case of
a Material Document Defect, (x) the Mortgage Loan is then a Specially Serviced Mortgage Loan and a Servicing Transfer Event has
occurred as a result of a monetary default or as described in clause (ii) or clause (v) of the definition of “Servicing Transfer
Event” in the Pooling and Servicing Agreement and (y) the Material Document Defect was identified in a certification delivered
to Seller by the Custodian (on behalf of the Trustee) pursuant to Section 2.02 of the Pooling and Servicing Agreement not less
than [__] days prior to the Seller’s receipt of the notice of such Material Document Defect. The parties acknowledge that
neither delivery of a certification or schedule of exceptions to Seller pursuant to Section 2.02 of the Pooling and Servicing
Agreement or otherwise nor possession of such certification or schedule by Seller shall, in and of itself, constitute delivery
of notice of any Material Document Defect or knowledge or awareness by Seller, the Master Servicer or the Special Servicer of any
Material Document Defect listed therein.

 

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5.3          Seller
hereby covenants and agrees that, if any such Material Document Defect or Material Breach that exists cannot be corrected or cured
in all material respects or Seller otherwise fails to correct or cure within the above cure periods, Seller shall, on or before
the termination of such cure periods, either (i) repurchase the affected Mortgage Loan or REO Mortgage Loan (or interest therein)
from Purchaser or its assignee at the Purchase Price as defined in the Pooling and Servicing Agreement, or (ii) if within the [_____]-month
period commencing on the Closing Date (or prior to the [_____] anniversary of the Closing Date if the related Mortgage Loan is
a “defective obligation” within the meaning of Section 860G(a)(4)(B)(ii) of the Code and Treasury Regulations Section
1.860G-2(f)), at its option replace, without recourse (other than the representations and warranties made with respect thereto),
any Mortgage Loan or REO Mortgage Loan to which such defect relates with a Qualifying Substitute Mortgage Loan. If such Material
Document Defect or Material Breach would cause the Mortgage Loan to be other than a “qualified mortgage” (as defined
in the Code), then notwithstanding the previous sentence or the previous paragraph, the cure, repurchase or substitution must occur
within [__] days from the date Seller was notified of the defect or breach; provided, that in any event, any such cure,
repurchase or substitution must occur no later than [__] days from the date of determination of the existence of a Material Document
Defect or Material Breach as determined in Section 5.2 hereof. Seller agrees that any substitution shall be completed in
accordance with the terms, conditions and requirements of the Pooling and Servicing Agreement, including the payment of a substitution
shortfall amount equal to the excess, if any, of the applicable Purchase Price for the Mortgage Loan or REO Mortgage Loan to be
replaced, over the Stated Principal Balance of the applicable Qualifying Substitute Mortgage Loan (together with any additional
amounts specified in the Pooling and Servicing Agreement).

 

Notwithstanding the foregoing provisions
of this Section 5.3, in lieu of the Seller performing its obligations with respect to any Material Breach or Material Document
Defect provided in this Section 5.3, to the extent that the Seller and the Purchaser (or, following the assignment of the
Mortgage Loans to the Trust Fund, the Special Servicer on behalf of the Trust Fund, and, if no Control Termination Event has occurred
and is continuing, with the consent of the Controlling Class Representative) are able to agree upon a cash payment payable by the
Seller to the Purchaser (or its assignee) that would be deemed sufficient to compensate the Purchaser (or its assignee) for a Material
Breach or Material Document Defect (a “Loss of Value Payment”), the Seller may elect, in its sole discretion,
to pay such Loss of Value Payment to the Purchaser (or its assignee); provided that a Material Document Defect or a Material
Breach as a result of a Mortgage Loan not constituting a “qualified mortgage”, within the meaning of Code Section 860G(a)(3),
may not be cured by a Loss of Value Payment. [The Loss of Value Payment shall include the portion of any Liquidation Fees payable
to the Special Servicer in respect of such Loss of Value Payment and the portion of fees and reimbursable expenses of the Asset
Representations Reviewer attributable to the Asset Review of such Mortgage Loan.] Upon its making such payment, the Seller shall
be deemed to have cured such Material Breach or Material Document Defect in all respects. Provided such payment is made, this paragraph
describes the sole remedy available to the Purchaser and its assignees regarding any such Material Breach or Material Document
Defect, and the Seller shall not be obligated to repurchase or replace the related Mortgage Loan or otherwise cure such Material
Breach or Material Document Defect.

 

5.4          If
(x) a Mortgage Loan is to be repurchased or replaced as contemplated above (a “Defective Mortgage Loan”), (y)
such Defective Mortgage Loan is cross-collateralized and

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cross-defaulted with one or more other Mortgage Loans (such Defective
Mortgage Loan and such other Mortgage Loans, collectively, “Crossed Mortgage Loans”) and (z) the applicable
document defect or breach does not constitute a Material Document Defect or Material Breach, as the case may be, as to such other
Crossed Mortgage Loans (without regard to this paragraph), then the applicable document defect or breach (as the case may be) shall
be deemed to constitute a Material Document Defect or Material Breach, as the case may be, as to each such other Crossed Mortgage
Loan for purposes of the above provisions, and Seller shall be obligated to repurchase or replace each such other Crossed Mortgage
Loan in accordance with the provisions above, unless, in the case of such breach or document defect, (A) Seller provides a Nondisqualification
Opinion to the Trustee at the expense of Seller and (B) both of the following conditions would be satisfied if Seller were to repurchase
or replace only those Mortgage Loans as to which a Material Breach or Material Document Defect had occurred without regard to this
paragraph (the “Affected Loan(s)”): (i) the Debt Service Coverage Ratio for all those Crossed Mortgage Loans
(excluding the Affected Loan(s)) for the [_____] calendar quarters immediately preceding the repurchase or replacement is not less
than the lesser of (A) [___]x below the debt service coverage ratio for all such Crossed Mortgage Loans (including the Affected
Loans(s)) set forth in Annex A-1 to the Prospectus and (B) the Debt Service Coverage Ratio for all such Crossed Mortgage Loans
(including the Affected Loan(s)) for the [_____] preceding calendar quarters preceding the repurchase or replacement, and (ii)
the Loan-to-Value Ratio for all such Crossed Mortgage Loans (excluding the Affected Loan(s)) is not greater than the greater of
(A) the loan-to-value ratio, expressed as a whole number (taken to one decimal place), for all such Crossed Mortgage Loans (including
the Affected Loan(s)) set forth in Annex A-1 to the Prospectus plus [__]% and (B) the Loan-to-Value Ratio for all such Crossed
Mortgage Loans (including the Affected Loans(s)), at the time of repurchase or replacement. The determination of the Master Servicer
as to whether the conditions set forth above have been satisfied shall be conclusive and binding in the absence of manifest error.
The Master Servicer will be entitled to cause to be delivered, or direct Seller to (in which case Seller shall) cause to be delivered
to the Master Servicer, an Appraisal of any or all of the related Mortgaged Properties for purposes of determining whether the
condition set forth in clause (ii) above has been satisfied, in each case at the expense of Seller if the scope and cost of the
Appraisal is approved by Seller (such approval not to be unreasonably withheld).

 

5.5          With
respect to any Defective Mortgage Loan, to the extent that Seller is required to repurchase or substitute for such Defective Mortgage
Loan in the manner set forth in Section 5.4 while the Custodian (on behalf of the Trustee, as assignee of Purchaser) continues
to hold any related Crossed Mortgage Loan, Seller and Purchaser hereby agree to forebear from enforcing any remedies against the
other’s Primary Collateral but may exercise remedies against the Primary Collateral securing their respective Mortgage Loans,
including with respect to the Trustee, the Primary Collateral securing the Mortgage Loans still held by the Trustee, so long as
such exercise does not impair the ability of the other party to exercise its remedies against its Primary Collateral. If the exercise
of remedies by one party would impair the ability of the other party to exercise its remedies with respect to the Primary Collateral
securing the Mortgage Loan or Mortgage Loans held by such party, then both parties shall forbear from exercising such remedies
until the loan documents evidencing and securing the relevant Mortgage Loans can be modified in a manner that complies with the
Pooling and Servicing Agreement to remove the threat of impairment as a result of the exercise of remedies. Any reserve or other
cash collateral or letters of credit securing the Crossed Mortgage Loans shall be allocated between such

    	20

    	 

    

 

Mortgage Loans in accordance
with the Mortgage Loan documents, or otherwise on a pro rata basis based upon their outstanding principal balances. All other terms
of the Mortgage Loans shall remain in full force and effect, without any modification thereof. The Mortgagors set forth on Schedule
A hereto are intended third-party beneficiaries of the provisions set forth in Section 5.4 and this Section 5.5.
The provisions of this paragraph and the preceding paragraph may not be modified with respect to any Mortgage Loan without the
related Mortgagor’s consent.

 

5.6          Any
of the following document defects shall be conclusively presumed to materially and adversely affect the interests of Certificateholders
in a Mortgage Loan and be a Material Document Defect: (a) the absence from the Mortgage File of the original signed Mortgage Note,
unless the Mortgage File contains a signed lost note affidavit and indemnity that appears to be regular on its face (if such absence
results from Seller’s failure to deliver such item); (b) the absence from the Mortgage File of the original signed Mortgage
(or, with respect to any Non-Serviced Mortgage Loan, a copy thereof) that appears to be regular on its face, unless there is included
in the Mortgage File a certified copy of the Mortgage by the local authority with which the Mortgage was recorded (if such absence
results from Seller’s failure to deliver such item); (c) the absence from the Mortgage File of the item specified in paragraph
2.2.8 (if such absence results from Seller’s failure to deliver such item); (d) the absence from the Mortgage File of
the original or a copy of any letter of credit in effect as of the Closing Date (if such absence results from Seller’s failure
to deliver such item); or (e) the absence from the Mortgage File of a copy of the item specified in paragraph 2.2.10 (if
such absence results from Seller’s failure to deliver such item) if the related Mortgage Loan is secured only by the related
ground lease, space lease or air rights lease.

 

5.7          If
Seller disputes that a Material Document Defect or Material Breach exists with respect to a Mortgage Loan or otherwise refuses
(i) to effect a correction or cure of such Material Document Defect or Material Breach, (ii) to repurchase the affected Mortgage
Loan from Purchaser or its assignee or (iii) to replace such Mortgage Loan with a Qualifying Substitute Mortgage Loan, each in
accordance with this Agreement, then provided that (x) the period of time provided for Seller to correct, repurchase or cure has
expired and (y) the Mortgage Loan is then in default and is then a Specially Serviced Mortgage Loan, the Special Servicer may,
subject to the Servicing Standard, modify, workout or foreclose, sell or otherwise liquidate (or permit the liquidation of) the
Mortgage Loan pursuant to the Pooling and Servicing Agreement, while pursuing the repurchase claim. Seller acknowledges and agrees
that any modification of the Mortgage Loan pursuant to a workout shall not constitute a defense to any repurchase claim nor shall
such modification and workout change the Purchase Price due from Seller for any repurchase claim. In the event of any such modification
and workout, Seller shall be obligated to repurchase the Mortgage Loan as modified and the Purchase Price shall include any Workout
Fee paid to the Special Servicer up to the date of repurchase plus the present value (calculated at the applicable Calculation
Rate) of the Workout Fee that would have been payable to the Special Servicer in respect of such Mortgage Loan if the Mortgage
Loan performed in accordance with its terms to its Maturity Date, provided that no amount shall be paid by Seller in respect of
any Workout Fee if a Liquidation Fee already comprises a portion of the Purchase Price or if the related Mortgagor has already
paid such fee. Seller is entitled to be notified promptly and in writing by the Special Servicer of any offer that it receives
to purchase the applicable Mortgage Loan or related REO Property, each in connection with such liquidation. Any sale of the related

    	21

    	 

    

 

Mortgage Loan, or foreclosure upon such Mortgage Loan and sale of the related REO Property, to a Person other than Seller shall
be without (i) recourse of any kind (either expressed or implied) by such Person against Seller and (ii) representation or warranty
of any kind (either expressed or implied) by Seller to or for the benefit of such Person.

 

5.8          (a)
If Seller (i) receives from any Person (other than the Depositor) any request or demand for repurchase or replacement of a Mortgage
Loan because of a breach of a representation or warranty or a document defect (any such request or demand for repurchase or replacement,
a “Repurchase Request”); (ii) rejects any Repurchase Request or is in dispute with the Person making any Repurchase
Request as to the merits of such Repurchase Request (a “Dispute”); or (iii) receives any withdrawal of a Repurchase
Request by the Person making such Repurchase Request, then Seller shall deliver notice of such Repurchase Request, rejection, Dispute
or withdrawal (each, a “15Ga-1 Notice”) to the Depositor within [_____] Business Days of Seller’s receipt
thereof (or in the case of a rejection or Dispute, the occurrence thereof).

 

(b)          Seller shall provide to the Depositor
relevant portions of any Form ABS-15G that Seller is required to file with the Commission (only to the extent that such portions
relate to the Mortgage Loans) on or before the date that is [_____] Business Days before the date such Form ABS-15G is required
to be filed with the Commission. Promptly upon request, the Depositor shall provide or cause to be provided to Seller such information
regarding the principal balances of the Mortgage Loans in order for Seller to prepare any such form ABS-15G.

 

(c)          Seller agrees that a Repurchase Request
Recipient (as defined in the Pooling and Servicing Agreement) will not, in connection with providing Seller with any 15Ga-1 Notice
(as defined in the Pooling and Servicing Agreement), be required to provide any information protected by the attorney-client privilege
or attorney work product doctrines. In addition, Seller hereby acknowledges that (i) any 15Ga-1 Notice provided pursuant to Section
2.02(g) of the Pooling and Servicing Agreement is so provided only to assist the Purchaser, Seller and their respective Affiliates
to comply with Rule 15Ga-1 under the Exchange Act, Items 1104 and 1121 of Regulation AB and any other requirement of law or regulation
and (ii) (A) no action taken by, or inaction of, a Repurchase Request Recipient and (B) no information provided pursuant to Section
2.02(g) of the Pooling and Servicing Agreement by a Repurchase Request Recipient shall be deemed to constitute a waiver or defense
to the exercise of any legal right the Repurchase Request Recipient may have with respect to this Agreement, including with respect
to any Repurchase Request that is the subject of a Rule 15Ga-1 Notice (as defined in the Pooling and Servicing Agreement).

 

(d)          Seller represents and warrants that
any information Seller provides to the Depositor pursuant to this Section 5.8 shall be true, complete and correct as of
the date Seller provides such information to the Depositor.

 

5.9          The
fact that a Material Document Defect or Material Breach is not discovered until after completion of foreclosure (but in all instances
prior to the sale of the related REO Property) shall not prejudice any claim against Seller for repurchase of the REO Property
(or the Issuing Entity’s interest therein). If the Master Servicer or Special Servicer, as applicable, notifies Seller of
the discovery of the Material Document Defect or Material Breach then Seller shall have 90 days to correct or cure such Material
Document Defect or Material Breach or

    	22

    	 

    

 

purchase the REO Property (or the Issuing Entity’s interest therein) at the Purchase
Price. After a final liquidation of the Mortgage Loan or REO Property, if a court of competent jurisdiction issues a final order
after the expiration of any applicable appeal period that Seller is or was obligated to repurchase the related Mortgage Loan or
REO Property (or the Issuing Entity’s interest therein) (a “Final Judicial Determination”) or Seller otherwise
accepts liability, then, but in no event later than the termination of the Trust pursuant to Section 9.01 of the Pooling and Servicing
Agreement, Seller will be obligated to pay to the Issuing Entity the difference between any Liquidation Proceeds received upon
such liquidation in accordance with the Pooling and Servicing Agreement (including those arising from any sale to Seller) and the
Purchase Price.

 

5.10          Reserved.

 

5.11          The
obligations of Seller set forth in this Section 5 to cure a Material Document Defect or a Material Breach or repurchase
or replace a defective Mortgage Loan or pay the Loss of Value Payment constitute the sole remedies of Purchaser or its assignees
with respect to a Material Document Defect or Material Breach in respect of an outstanding Mortgage Loan; provided, that
this limitation shall not in any way limit Purchaser’s rights or remedies upon breach of any other representation or warranty
or covenant by Seller set forth in this Agreement (other than those set forth in Exhibit 2).

 

5.12          Notwithstanding
the foregoing, if there is a breach of the representations and warranties set forth in paragraph [__] or paragraph [__] in Exhibit
2 hereto, and as a result the payments, by a Mortgagor, of reasonable costs and expenses associated with securing the consent
or approval of the holder of the Mortgage for a waiver of a “due-on-sale” or “due-on-encumbrance” clause
or the defeasance of a Mortgage Loan are insufficient such that the Issuing Entity incurs an Additional Trust Expense in an amount
equal to such reasonable costs and expenses not paid by such Mortgagor, Seller hereby covenants and agrees to reimburse the Issuing
Entity within 90 days of the receipt of notice of such breach in an amount sufficient to avoid such Additional Trust Expense (including,
if applicable, the amount of any fees and expenses of the Asset Representations Reviewer related to the Asset Review of such Mortgage
Loan). The parties hereto acknowledge that such reimbursement shall be the only obligation of Seller with respect to the breach
discussed in the previous sentence.

 

5.13          Notwithstanding
the foregoing, Purchaser and Seller hereby acknowledge and agree that Seller has retained the right of the lender under the Mortgage
Loan documents with respect to the Mortgage Loans to receive a percentage of the economic benefit associated with the ownership
of the successor borrower, and to designate and establish the successor borrower and to purchase or cause the purchase on behalf
of the related borrower of the related defeasance collateral, if there is a defeasance of such Mortgage Loan (“UBSRES
Lender Successor Borrower Right”). Purchaser shall cause the Pooling and Servicing Agreement to provide that (i) if the
Master Servicer receives notice of a defeasance request with respect to a Mortgage Loan subject to defeasance, then the Master
Servicer shall provide upon receipt of such notice, written notice of such defeasance request to Seller or its assignee and (ii)
until such time as Seller provides written notice to the contrary, notice of a defeasance of a Mortgage Loan with UBSRES Lender
Successor Borrower Right shall be delivered to Seller pursuant to the notice provisions of the Pooling and Servicing Agreement.

 

    	23

    	 

    

5.14        The
Pooling and Servicing Agreement shall provide that (a) any party that is required to report the discovery of a Material Document
Defect or Material Breach shall give written notice promptly to Seller of any such discovery and (b) the Master Servicer shall
give prompt written notice to Seller if any Mortgage Loan becomes a Specially Serviced Mortgage Loan (as defined in the Pooling
and Servicing Agreement).

 

5.15        If
Seller repurchases any Mortgage Loan pursuant to this Section 5, Purchaser or its assignee, following receipt by the Trustee
of the Purchase Price therefor, promptly shall deliver or cause to be delivered to Seller all Mortgage Loan documents with respect
to such Mortgage Loan, and each document that constitutes a part of the Mortgage File that was endorsed or assigned to the Trustee
shall be endorsed and assigned to Seller in the same manner such that Seller shall be vested with legal and beneficial title to
such Mortgage Loan, in each case without recourse, including any property acquired in respect of such Mortgage Loan or proceeds
of any insurance policies with respect thereto.

 

6.          CLOSING.

 

6.1          The
closing of the sale of the Mortgage Loans shall be held at the offices of [ADDRESS] at [TIME], New York time, on the Closing Date.
The closing shall be subject to each of the following conditions:

 

 6.1.1          All
of the representations and warranties of Seller and Purchaser specified in Section 4 hereof (including, without limitation,
the representations and warranties set forth on Exhibit 2 hereto) shall be true and correct as of the Closing Date (to the
extent of the standard, if any, set forth in each representation and warranty).

 

 6.1.2          All
Closing Documents specified in Section 7 hereof, in such forms as are agreed upon and reasonably acceptable to Seller or
Purchaser, as applicable, shall be duly executed and delivered by all signatories as required pursuant to the respective terms
thereof.

 

 6.1.3          Seller
shall have delivered and released to Purchaser or its designee all documents required to be delivered to Purchaser as of the Closing
Date pursuant to Section 2 hereof.

 

 6.1.4          The
result of the examination and audit performed by Purchaser and its affiliates pursuant to Section 3 hereof shall be satisfactory
to Purchaser and its affiliates in their sole determination and the parties shall have agreed to the form and contents of Seller’s
Information to be disclosed in the Free Writing Prospectus, the Preliminary Memorandum, the Final Memorandum and the Prospectus.

 

 6.1.5          All
other terms and conditions of this Agreement required to be complied with on or before the Closing Date shall have been complied
with, and Seller and Purchaser shall have the ability to comply with all terms and conditions and perform all duties and obligations
required to be complied with or performed after the Closing Date.

 

 6.1.6          Seller
shall have paid all fees and expenses payable by it to Purchaser pursuant to Section 8 hereof.

 

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 6.1.7          The
Private Certificates shall have received the ratings indicated in the Final Memorandum and the Public Certificates shall have received
the ratings indicated in the Free Writing Prospectus.

 

 6.1.8          No
Underwriter shall have terminated the Underwriting Agreement and none of the Initial Purchasers shall have terminated the Certificate
Purchase Agreement or suspended, delayed or otherwise cancelled the Closing Date.

 

 6.1.9          Seller
shall have received the purchase price for the Mortgage Loans pursuant to Section 1 hereof.

 

 6.1.10        The
Seller shall have executed and delivered the Credit Risk Retention Compliance Agreement.

 

6.2          Each
party agrees to use its best efforts to perform its respective obligations hereunder in a manner that will enable Purchaser to
purchase the Mortgage Loans on the Closing Date.

 

7.          CLOSING
DOCUMENTS. The Closing Documents shall consist of the following:

 

7.1          This
Agreement duly executed by Purchaser and Seller.

 

7.2          A
certificate of Seller, executed by a duly authorized officer of Seller and dated the Closing Date, and upon which the Purchaser,
its successors and assigns, and the Underwriters and the Initial Purchasers may rely, to the effect that: (i) the representations
and warranties of Seller in this Agreement are true and correct in all material respects on and as of the Closing Date with the
same force and effect as if made on the Closing Date, provided that any representations and warranties made as of a specified date
shall be true and correct as of such specified date; and (ii) Seller has complied with all agreements and satisfied all conditions
on its part to be performed or satisfied on or prior to the Closing Date.

 

7.3          True,
complete and correct copies of Seller’s articles of association and bylaws.

 

7.4          A
certificate of good standing with respect to Seller from the Comptroller of the Currency of the United States dated not earlier
than [__] days prior to the Closing Date.

 

7.5          A
certificate of the Secretary or Assistant Secretary of Seller, dated the Closing Date, and upon which Purchaser, its successors
and assigns, the Underwriters and the Initial Purchasers may rely, to the effect that each individual who, as an officer or representative
of Seller, signed this Agreement or any other document or certificate delivered on or before the Closing Date in connection with
the transactions contemplated herein, was at the respective times of such signing and delivery, and is as of the Closing Date,
duly elected or appointed, qualified and acting as such officer or representative, and the signatures of such persons appearing
on such documents and certificates are their genuine signatures.

 

7.6          An
opinion of counsel (which, other than as to the opinion described in paragraph 7.6.4(C) (but only insofar as it relates
to any law, rule or regulation of a federal or state governmental authority) and paragraph 7.6.6 below, may be in-house
counsel) to Seller,

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dated the Closing Date, and addressed to Purchaser, the Underwriters and the Initial Purchasers, substantially
to the effect of the following (with such changes and modifications as Purchaser may approve and subject to such counsel’s
reasonable qualifications):

 

7.6.1          Seller
is validly existing under the laws of the United States and has full corporate or organizational power and authority to enter into
and perform its obligations under this Agreement.

 

7.6.2          This
Agreement has been duly authorized, executed and delivered by Seller.

 

7.6.3          No
consent, approval, authorization or order of any federal court or governmental agency or body is required for the consummation
by Seller of the transactions contemplated by the terms of this Agreement except any approvals as have been obtained.

 

7.6.4          Neither
the execution, delivery or performance of this Agreement by Seller, nor the consummation by Seller of any of the transactions contemplated
by the terms of this Agreement (A) conflicts with or results in a breach or violation of, or constitutes a default under, the organizational
documents of Seller, (B) to the knowledge of such counsel, constitutes a default under any term or provision of any material agreement,
contract, instrument or indenture, to which Seller is a party or by which it or any of its assets is bound or results in the creation
or imposition of any lien, charge or encumbrance upon any of its property pursuant to the terms of any such indenture, mortgage,
contract or other instrument, other than pursuant to this Agreement, or (C) conflicts with or results in a breach or violation
of any law, rule, regulation, order, judgment, writ, injunction or decree of any federal or State of New York court or governmental
authority having jurisdiction over Seller or its assets, except where in any of the instances contemplated by clauses (B) or (C)
above, any conflict, breach or default, or creation or imposition of any lien, charge or encumbrance, will not have a material
adverse effect on the consummation of the transactions contemplated hereby by Seller or materially and adversely affect its ability
to perform its obligations and duties hereunder or result in any material adverse change in the business, operations, financial
condition, properties or assets of Seller, or in any material impairment of the right or ability of Seller to carry on its business
substantially as now conducted.

 

7.6.5          To
his or her knowledge, there are no legal or governmental actions, investigations or proceedings pending to which Seller is a party,
or threatened against Seller, (a) asserting the invalidity of this Agreement or (b) which materially and adversely affect the performance
by Seller of its obligations under, or the validity or enforceability of, this Agreement.

 

7.6.6          This
Agreement is a valid and binding agreement of Seller, enforceable against Seller in accordance with its terms, except as such enforcement
may be limited by (1) laws relating to bankruptcy, insolvency, reorganization, receivership or moratorium, (2) other laws relating
to or affecting the rights of creditors generally, (3) general equity principles (regardless of whether such enforcement is considered
in a proceeding in equity or at law) or (4) public policy considerations underlying the securities laws, to the extent that such
public

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policy considerations limit the enforceability of the provisions of this Agreement that purport to provide indemnification
from liabilities under applicable securities laws.

 

Such opinion may express its reliance as
to factual matters on, among other things specified in such opinion, the representations and warranties made by, and on certificates
or other documents furnished by officers of, the parties to this Agreement.

 

In rendering the opinions expressed above,
such counsel may limit such opinions to matters governed by the federal laws of the United States and the corporate laws of the
State of Delaware and the State of New York, as applicable.

 

7.7          Such
other opinions of counsel as any Rating Agency may request in connection with the sale of the Mortgage Loans by Seller to Purchaser
or Seller’s execution and delivery of, or performance under, this Agreement, in each case also addressed to the Purchaser,
the Underwriters and the Initial Purchasers.

 

7.8          A
negative assurance letter, dated the Closing Date and addressed to the Purchaser, the Underwriters, and the Initial Purchasers,
in form reasonably acceptable to Purchaser, the Underwriters, and the Initial Purchasers, as to the disclosure provided by Seller
to Purchaser with respect to itself and the Mortgage Loans for inclusion in the Free Writing Prospectus, the Preliminary Memorandum,
the Final Memorandum and the Prospectus.

 

7.9          An
opinion of counsel, dated the Closing Date and addressed to Purchaser and the Underwriters, in form reasonably acceptable to Purchaser
and the Underwriters, that such disclosure complies as to form with the applicable requirements of Regulation AB with respect to
Seller’s role as “Sponsor” and as an “Originator” (or, if Seller was not the originator with
respect to any Mortgage Loan, the role of the related originator as an “Originator”) (each as defined in Regulation
AB) in connection with the Certificates.

 

7.10          A
letter from a nationally recognized certified public accounting firm in form reasonably acceptable to Purchaser, the Underwriters
and the Initial Purchasers, dated the date hereof, addressed to Purchaser, the Underwriters and the Initial Purchasers, to the
effect that they have performed certain specified procedures as a result of which they determined that certain information of an
accounting, financial or statistical nature set forth in the Free Writing Prospectus, the Preliminary Memorandum, the Final Memorandum,
and the Prospectus agrees with the records of Seller.

 

7.11          Such
further certificates, opinions and documents as Purchaser may reasonably request.

 

7.12          An
officer’s certificate of Purchaser, dated the Closing Date, with the resolutions of Purchaser authorizing the transactions
described herein attached thereto, together with certified copies of the charter, by-laws and certificate of good standing of Purchaser
dated not earlier than [__] days prior to the Closing Date.

 

7.13          Such
other certificates of Purchaser’s officers or others and such other documents to evidence fulfillment of the conditions set
forth in this Agreement as Seller or its counsel may reasonably request.

 

    	27

    	 

    

7.14          An
executed Bill of Sale.

 

8.           COSTS.
Seller shall pay Purchaser the costs and expenses as agreed upon by Seller and Purchaser in a separate Memorandum of Understanding
dated as of [DATE] and entered into between Seller and [PURCHASER] in connection with this Agreement and the issuance of the Certificates
(the “MOU”).

 

9.           NOTICES.
All communications provided for or permitted hereunder shall be in writing and shall be deemed to have been duly given if (a)
personally delivered, (b) mailed by registered or certified mail, postage prepaid and received by the addressee, (c) sent by express
courier delivery service and received by the addressee, or (d) transmitted by facsimile transmission (or any other type of electronic
transmission agreed upon by the parties) and confirmed by a writing delivered by any of the means described in (a), (b) or (c),
if (i) to Purchaser, addressed to [PURCHASER], [ADDRESS], or if (ii) to Seller, addressed to [SPONSOR], [ADDRESS], and with a
copy to: [SPONSOR’S COUNSEL], [ADDRESS], facsimile number: [FAX] (or to such other address as may hereafter be furnished
in writing by Seller).

 

10.         SEVERABILITY
OF PROVISIONS. Any part, provision, representation, warranty or covenant of this Agreement that is prohibited or that is held
to be void or unenforceable shall be ineffective to the extent of such prohibition or unenforceability without invalidating the
remaining provisions hereof. Any part, provision, representation, warranty or covenant of this Agreement that is prohibited or
unenforceable or is held to be void or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the
extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition
or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction.
To the extent permitted by applicable law, the parties hereto waive any provision of law that prohibits or renders void or unenforceable
any provision hereof.

 

11.         FURTHER
ASSURANCES. Seller and Purchaser each agree to execute and deliver such instruments and take such actions as the other may,
from time to time, reasonably request in order to effectuate the purpose and to carry out the terms of this Agreement and the
Pooling and Servicing Agreement.

 

12.         SURVIVAL.
Each party hereto agrees that the representations, warranties and agreements made by it herein and in any certificate or other
instrument delivered pursuant hereto shall be deemed to be relied upon by the other party, notwithstanding any investigation heretofore
or hereafter made by the other party or on its behalf, and that the representations, warranties and agreements made by such other
party herein or in any such certificate or other instrument shall survive the delivery of and payment for the Mortgage Loans and
shall continue in full force and effect, notwithstanding any restrictive or qualified endorsement on the Mortgage Notes and notwithstanding
subsequent termination of this Agreement.

 

13.         GOVERNING
LAW; WAIVER OF JURY TRIAL; CONSENT TO JURISDICTION. THIS AGREEMENT AND THE RIGHTS, DUTIES, OBLIGATIONS AND RESPONSIBILITIES
OF THE PARTIES HERETO SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE INTERNAL LAWS AND DECISIONS OF THE STATE OF NEW
YORK. THE PARTIES HERETO INTEND

    	28

    	 

    

 

THAT THE PROVISIONS OF SECTION 5-1401 OF THE NEW YORK GENERAL OBLIGATIONS LAW
SHALL APPLY TO THIS AGREEMENT.

 

EACH PARTY HERETO WAIVES ITS RESPECTIVE RIGHTS TO A TRIAL
BY JURY OF ANY CLAIM OR CAUSE OF ACTION BASED UPON OR ARISING OUT OF OR RELATED TO THIS AGREEMENT, ANY ASSIGNMENT OR THE TRANSACTIONS
CONTEMPLATED HEREBY, IN ANY ACTION, PROCEEDING OR OTHER LITIGATION OF ANY TYPE BROUGHT BY ANY PARTY AGAINST THE OTHER PARTY, WHETHER
WITH RESPECT TO CONTRACT CLAIMS, TORT CLAIMS, OR OTHERWISE. EACH PARTY HERETO AGREES THAT ANY SUCH CLAIM OR CAUSE OF ACTION SHALL
BE TRIED BY A COURT TRIAL WITHOUT A JURY. WITHOUT LIMITING THE FOREGOING, THE PARTIES FURTHER AGREE THAT THEIR RESPECTIVE RIGHT
TO A TRIAL BY JURY IS WAIVED BY OPERATION OF THIS SECTION AS TO ANY ACTION, COUNTERCLAIM OR OTHER PROCEEDING WHICH SEEKS, IN WHOLE
OR IN PART, TO CHALLENGE THE VALIDITY OR ENFORCEABILITY OF THIS AGREEMENT, ANY ASSIGNMENT OR ANY PROVISION HEREOF OR THEREOF. THIS
WAIVER SHALL APPLY TO ANY SUBSEQUENT AMENDMENTS, RENEWALS, SUPPLEMENTS OR MODIFICATIONS TO THIS AGREEMENT OR ANY ASSIGNMENT.

 

TO THE FULLEST EXTENT PERMITTED UNDER APPLICABLE LAW, EACH
PARTY HERETO HEREBY IRREVOCABLY (I) SUBMITS TO THE JURISDICTION OF ANY NEW YORK STATE AND FEDERAL COURTS SITTING IN NEW YORK CITY
WITH RESPECT TO MATTERS ARISING OUT OF OR RELATING TO THIS AGREEMENT; (II) AGREES THAT ALL CLAIMS WITH RESPECT TO SUCH MATTERS
MAY BE HEARD AND DETERMINED IN SUCH NEW YORK STATE OR FEDERAL COURTS; (III) WAIVES THE DEFENSE OF AN INCONVENIENT FORUM IN ANY
ACTION OR PROCEEDING INVOLVING SUCH CLAIMS IN ANY SUCH COURT; AND (IV) AGREES THAT A FINAL JUDGMENT IN ANY SUCH ACTION OR PROCEEDING
IN ANY SUCH COURT SHALL BE CONCLUSIVE AND MAY BE ENFORCED IN OTHER JURISDICTIONS BY SUIT ON THE JUDGMENT OR IN ANY OTHER MANNER
PROVIDED BY LAW.

 

14.          BENEFITS
OF MORTGAGE LOAN PURCHASE AGREEMENT. This Agreement shall inure to the benefit of and shall be binding upon Seller, Purchaser
and their respective successors, legal representatives, and permitted assigns, and nothing expressed or mentioned in this Agreement
is intended or shall be construed to give any other person any legal or equitable right, remedy or claim under or in respect of
this Agreement, or any provisions herein contained, this Agreement and all conditions and provisions hereof being intended to
be and being for the sole and exclusive benefit of such persons and for the benefit of no other person except that the rights
and obligations of Purchaser pursuant to Sections 2, 4.1 (other than clause 4.1.7), 5, 9, 10,
11, 12, 13, 15 and 16 hereof may be assigned to the Trustee as may be required to effect the
purposes of the Pooling and Servicing Agreement and, upon such assignment, the Trustee shall succeed to the rights and obligations
hereunder of Purchaser. No owner of a Certificate issued pursuant to the Pooling and Servicing Agreement shall be deemed a successor
or permitted assign because of such ownership.

 

    	29

    	 

    

 

15.          MISCELLANEOUS.
This Agreement may be executed in two or more counterparts, each of which when so executed and delivered shall be an original,
but all of which together shall constitute one and the same instrument. Delivery of an executed counterpart of a signature page
of this Agreement in Portable Document Format (PDF) or by facsimile transmission shall be as effective as delivery of a manually
executed original counterpart of this Agreement. Neither this Agreement nor any term hereof may be changed, waived, discharged
or terminated orally, but only by an instrument in writing signed by the party against whom enforcement of the change, waiver,
discharge or termination is sought. The headings in this Agreement are for purposes of reference only and shall not limit or otherwise
affect the meaning hereof. The rights and obligations of Seller under this Agreement shall not be assigned by Seller without the
prior written consent of Purchaser, except that any person into which Seller may be merged or consolidated, or any corporation
resulting from any merger, conversion or consolidation to which Seller is a party, or any person succeeding to the entire business
of Seller shall be the successor to Seller hereunder.

 

16.          ENTIRE
AGREEMENT. This Agreement contains the entire agreement and understanding between the parties hereto with respect to the subject
matter hereof (other than the MOU (solely with respect to those portions of this Agreement that are not assigned to the Trustee),
Bill of Sale, the Indemnification Agreement and the Pooling and Servicing Agreement), and supersedes all prior and contemporaneous
agreements, understandings, inducements and conditions, express or implied, oral or written, of any nature whatsoever with respect
to the subject matter hereof. The express terms hereof control and supersede any course of performance or usage of the trade inconsistent
with any of the terms hereof.

 

[Signature pages follow.]

 

    	30

    	 

    

 

IN WITNESS WHEREOF, Purchaser and
Seller have caused this Agreement to be executed by their respective duly authorized officers on the date first above written.

	 	 	 
	 	[SPONSOR]
	 	 	 
	 	By: 	 
	 	 	Name:
	 	 	Title:
	 	 	 
	 	[PURCHASER]
	 	 	 
	 	By: 	 
	 	 	Name:
	 	 	Title:

 

Mortgage
Loan Purchase Agreement

 

    	 

    	 

    

EXHIBIT 1

MORTGAGE LOAN SCHEDULE

 

	·	Mortgage Loan Seller

	·	Loan Number

	·	Property Name

	·	Street Address

	·	City

	·	State

	·	Date of Maturity

	·	Cut-off Date Balance

	·	Note Date

	·	Original Term to Maturity or ARD

	·	Remaining Term to Maturity or ARD

	·	Original Amortization

	·	Note Rate

	·	ARD Loan (Yes/No)

	·	Master Servicing Fee Rate

	·	Pari Passu Loan Primary Servicing Fee Rate

  

[See attached]

 

    	1-1

    	 

    

 

[CERTIFICATE
CAPTION] Mortgage Loan 

Schedule

[SPONSOR]

                                                       

    	1-2

    	 

    

EXHIBIT 2

REPRESENTATIONS AND WARRANTIES REGARDING

INDIVIDUAL MORTGAGE LOANS

 

[REPRESENTATIONS AND WARRANTIES
CONFORMING TO PROSPECTUS DESCRIPTION TO BE ADDED]

 

    	2-1

    	 

    

 

Schedule 2-A

 

EXCEPTIONS TO REPRESENTATIONS AND WARRANTIES
REGARDING

INDIVIDUAL MORTGAGE LOANS

 

	EXHIBIT
    I

    ID#	Mortgage
    Loan	Representation	Exception
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	
         

         

          
	 	 	 
	 	 	 	 
	 

                                                                                 
	 

                                                                                 

                                                                                 
	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	
        
	
         

         

         

        
	 	 
	
         

         

         

         
	
         

          

         

         
	 	 
	 	
         

         

         
	 	 
	 	 	 	 

 

    	Sch. 2-A-1

    	 

    

 

	 	 

                                                                                 
	 	 
	 	 

                                                                                 

                                                                                 
	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	
        

        

         
	
         
	 	 
	 	 

                                                                                 

                                                                                 
	 

                                                                                 
	 
	 	 	 	 
	 	 	 	 
	
         

         

         

         

         

         

         
			 

  

    	Sch. 2-A-2

    	 

    

 

Schedule 2-B

 

List of Cross-Collateralized
or Cross-Defaulted Mortgage Loans

 

    	Sch. 2-B-1

    	 

    

 

EXHIBIT 3

 

FORM OF BILL OF SALE

 

1.            Parties. The parties to this Bill of Sale
are the following:

 

	Seller:	[SPONSOR]
	 	 
	Purchaser:	[PURCHASER]

 

2.            Sale. For value received, Seller hereby
conveys to Purchaser, without recourse, all right, title and interest, whether now owned or hereafter acquired, in and to the Mortgage
Loans identified on Exhibit 1 (the “Mortgage Loan Schedule”) to the Mortgage Loan Purchase Agreement, dated
[DATE] (the “Mortgage Loan Purchase Agreement”), between Seller and Purchaser and all of the following property:

 

(a)          All accounts, general intangibles,
chattel paper, instruments, documents, money, deposit accounts, certificates of deposit, goods, letters of credit, advices of credit
and investment property consisting of, arising from or relating to any of the following property: the Mortgage Loans identified
on the Mortgage Loan Schedule including the related Mortgage Notes, Mortgages, security agreements, and title, hazard and other
insurance policies, all distributions with respect thereto payable after the Cut-Off Date, all substitute or replacement Mortgage
Loans and all distributions with respect thereto, and the Mortgage Files;

 

(b)          All accounts, general intangibles,
chattel paper, instruments, documents, money, deposit accounts, certificates of deposit, goods, letters of credit, advices of credit,
investment property, and other rights arising from or by virtue of the disposition of, or collections with respect to, or insurance
proceeds payable with respect to, or claims against other Persons with respect to, all or any part of the collateral described
in clause (a) above (including any accrued discount realized on liquidation of any investment purchased at a discount); and

 

(c)          All cash and non-cash proceeds
of the collateral described in clauses (a) and (b) above.

 

3.            Purchase
Price. The par amount equal to $[_________] (plus accrued interest and subject to certain adjustments pursuant to that certain
Memorandum of Understanding dated as of [DATE] and entered into between Seller and [PURCHASER]).

 

4.            Definitions. Terms used but not defined herein
shall have the meanings assigned to them in the Mortgage Loan Purchase Agreement.

 

    	3-1

    	 

    

 

IN WITNESS WHEREOF, each of the parties
hereto has caused this Bill of Sale to be duly executed and delivered on the Closing Date (as defined in the Mortgage Loan Purchase
Agreement).

	 	 	 
	 SELLER:	[SPONSOR]
	 	 	 
	 	By: 	 
	 	 	Name:	 
	 	 	Title:	 
	 	 	 
	PURCHASER:	[PURCHASER]
	 	 	 
	 	By: 	 
	 	 	Name:	 
	 	 	Title:	 

 

    	3-2

    	 

    
 

EXHIBIT 4

 

FORM OF LIMITED POWER OF ATTORNEY

 

TO [CUSTODIAN] AND
[SPECIAL SERVICER] WITH RESPECT TO [CERTIFICATE CAPTION]

 

KNOW ALL MEN BY THESE PRESENTS:

 

WHEREAS, pursuant to
the terms of the Mortgage Loan Purchase Agreement dated [DATE] (the “Mortgage Loan Purchase Agreement”), between
[SPONSOR] (“Seller”) and [DEPOSITOR] (“Depositor”), Seller is selling certain multifamily
and commercial mortgage loans (the “Mortgage Loans”) to Depositor;

 

WHEREAS, pursuant to
the terms of the Pooling and Servicing Agreement dated as of [DATE] (the “Pooling and Servicing Agreement”),
between the Depositor, [MASTER SERVICER], as master servicer (the “Master Servicer”), [SPECIAL SERVICER], as
special servicer (the “Special Servicer”), [OPERATING ADVISOR], as operating advisor (the “Operating
Advisor”), [TRUSTEE], as trustee (the “Trustee”), [CERTIFICATE ADMINISTRATOR], as certificate administrator
(the “Certificate Administrator”), [CUSTODIAN], as custodian (the “Custodian”), [CERTIFICATE
REGISTRAR], as certificate registrar (the “Certificate Registrar”), and [AUTHENTICATING AGENT], as authenticating
agency (the “Authenticating Agent”), both the Trustee and the Special Servicer are granted certain powers, responsibilities
and authority in connection with the completion and the filing and recording of assignments of mortgage, deeds of trust or similar
documents, Form UCC-3 assignments of financing statements, reassignments of assignments of leases, rents and profits and other
Mortgage Loan documents required to be filed or recorded in appropriate public filing and recording offices;

 

WHEREAS, Seller has
agreed to provide this Limited Power of Attorney pursuant to the Mortgage Loan Purchase Agreement;

 

NOW, THEREFORE, Seller
does hereby make, constitute and appoint the Custodian (on behalf of the Trustee), acting solely in its capacity as Custodian under,
and in accordance with the terms of, the Pooling and Servicing Agreement, Seller’s true and lawful agent and attorney-in-fact
with respect to each Mortgage Loan in Seller’s name, place and stead: (i) to complete (to the extent necessary) and to cause
to be submitted for filing or recording in the appropriate public filing or recording offices, all assignments of mortgage, deeds
of trust or similar documents, assignments or reassignments of rents, leases and profits, in each case in favor of the Trustee,
as set forth in the definition of “Mortgage File” in Section 1.01 of the Pooling and Servicing Agreement, that have
been received by the Trustee or a Custodian on its behalf, and all Form UCC-3 assignments of financing statements and all other
comparable instruments or documents with respect to the Mortgage Loans which are customarily and reasonably necessary or appropriate
to assign agreements, documents and instruments pertaining to the Mortgage Loans, in each case in favor of the Trustee as set forth
in the definition of “Mortgage File” in, and in accordance with Section 1.01 of, the Pooling and Servicing Agreement,
and to evidence, provide notice of and perfect such assignments and conveyances in favor of the Trustee in the public records of
the appropriate filing and recording offices; and (ii) to file or record in the appropriate public filing or recording offices,
all other Mortgage Loan documents to be recorded under the terms of the Pooling and Servicing Agreement or any such Mortgage Loan
documents which have not been submitted for filing or recordation by Seller on or before the date hereof or

 

    	4-1

    	 

    

 

which have been so
submitted but are subsequently lost or returned unrecorded or unfiled as a result of actual or purported defects therein, in order
to evidence, provide notice of and perfect such documents in the public records of the appropriate filing and recording offices.
Notwithstanding the foregoing, this Limited Power of Attorney shall grant to the Custodian (on behalf of the Trustee) and the Special
Servicer only such powers, responsibilities and authority as are set forth in Section 2.1 of the Mortgage Loan Purchase
Agreement.

 

Seller does also hereby
make, constitute and appoint the Special Servicer, acting solely in its capacity as Special Servicer under the Pooling and Servicing
Agreement, Seller’s true and lawful agent and attorney-in-fact with respect to the Mortgage Loans in Seller’s name,
place and stead solely to exercise and perform all of the rights, authority and powers of the Custodian (on behalf of the Trustee)
as set forth in the preceding paragraph in the event of the failure or the incapacity of the Custodian to do so for any reason.
As between the Special Servicer and any third party, no evidence of the failure or incapacity of the Custodian shall be required
and such third party may rely upon the Special Servicer’s written statement that it is acting pursuant to the terms of this
Limited Power of Attorney.

 

The enumeration of
particular powers herein is not intended in any way to limit the grant to either the Custodian (on behalf of the Trustee) or the
Special Servicer as Seller’s attorney-in-fact of full power and authority with respect to the Mortgage Loans to complete
(to the extent necessary), file and record any documents, instruments or other writings referred to above as fully, to all intents
and purposes, as Seller might or could do if personally present, hereby ratifying and confirming whatsoever such attorney-in-fact
shall and may do by virtue hereof; and Seller agrees and represents to those dealing with such attorney-in-fact that they may rely
upon this Limited Power of Attorney until termination thereof under the provisions of the second following paragraph below. As
between Seller, the Depositor, the Master Servicer, the Special Servicer, the Custodian, the Issuing Entity and the Certificateholders,
neither the Custodian nor the Special Servicer may exercise any right, authority or power granted by this Limited Power of Attorney
in a manner which would violate the terms of the Pooling and Servicing Agreement, but any and all third parties dealing with either
the Custodian (on behalf of the Trustee) or the Special Servicer as Seller’s attorney-in-fact may rely completely, unconditionally
and conclusively on the authority of the Custodian or the Special Servicer, as applicable, and need not make any inquiry about
whether the Custodian or the Special Servicer is acting pursuant to the Pooling and Servicing Agreement. Any purchaser, title insurance
company or other third party may rely upon a written statement by either the Custodian or the Special Servicer that any particular
Mortgage Loan or related mortgaged real property in question is subject to and included under this Limited Power of Attorney and
the Pooling and Servicing Agreement.

 

Any act or thing lawfully
done hereunder by either the Custodian (on behalf of the Trustee) or the Special Servicer shall be binding on Seller and Seller’s
successors and assigns.

 

This Limited Power
of Attorney shall continue in full force and effect with respect to the Custodian (on behalf of the Trustee) and the Special Servicer,
as applicable, until the earliest occurrence of any of the following events:

 

		(1)	with respect to the Custodian (on behalf of the Trustee), the termination of the Custodian and
its replacement with a successor Custodian under the terms of the Pooling and Servicing Agreement;

 

    	4-2

    	 

    

 

		(2)	with respect to the Special Servicer, the termination of the Special Servicer and its replacement
with a successor Special Servicer under the terms of the Pooling and Servicing Agreement;

 

		(3)	with respect to the Custodian (on behalf of the Trustee), the appointment of a receiver or conservator
with respect to the business of the Custodian, or the filing of a voluntary or involuntary petition in bankruptcy by or against
the Custodian;

 

		(4)	with respect to the Special Servicer, the appointment of a receiver or conservator with respect
to the business of the Special Servicer, or the filing of a voluntary or involuntary petition in bankruptcy by or against the Special
Servicer;

 

		(5)	with respect to each of the Custodian (on behalf of the Trustee) and the Special Servicer and any
Mortgage Loan, such Mortgage Loan is no longer a part of the Issuing Entity;

 

		(6)	with respect to each of the Custodian (on behalf of the Trustee) and the Special Servicer, the
termination of the Pooling and Servicing Agreement in accordance with its terms; and

 

		(7)	with respect to the Special Servicer, the occurrence and continuance of, or failure to cure, any
of the events described under Section 7.01(a) of the Pooling and Servicing Agreement with respect to the Special Servicer.

 

Nothing herein shall
be deemed to amend or modify the Pooling and Servicing Agreement, the Mortgage Loan Purchase Agreement or the respective rights,
duties or obligations of Seller under the Mortgage Loan Purchase Agreement, and nothing herein shall constitute a waiver of any
rights or remedies under the Pooling and Servicing Agreement.

 

Capitalized terms used
but not defined herein have the respective meanings assigned thereto in the Mortgage Loan Purchase Agreement or, if not defined
therein, then in the Pooling and Servicing Agreement.

 

THIS POWER OF ATTORNEY
AND THE RIGHTS, DUTIES, OBLIGATIONS AND RESPONSIBILITIES OF THE PARTIES HERETO SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE
WITH THE INTERNAL LAWS AND DECISIONS OF THE STATE OF NEW YORK. THE PARTIES HERETO INTEND THAT THE PROVISIONS OF SECTION 5-1401
OF THE NEW YORK GENERAL OBLIGATIONS LAW SHALL APPLY TO THIS AGREEMENT.

 

[Signature on next page]

 

    	4-3

    	 

    

IN WITNESS WHEREOF,
Seller has caused this instrument to be executed and its corporate seal to be affixed hereto by its officer duly authorized as
of _______________, 20[_].

	 	 	 
	 	[SPONSOR]
	 	 	 
	 	By: 	 
	 	 	Name:
	 	 	Title:

 

    	4-4

    	 

    

 

ACKNOWLEDGEMENT

	 	 	 
	STATE OF NEW YORK 	)	 
	 	)	ss:
	COUNTY OF NEW YORK	)	 
	 	 	 

 

 

On this ____ day of
_____________ 20[__], before me appeared __________________, to me personally known, who, being by me duly sworn did say that he/she
is the ___________________ of [SPONSOR], and that the seal affixed to the foregoing instrument is the corporate seal of said corporation,
and that said instrument was signed and sealed in behalf of said corporation by authority of its board of directors, and said ___________________
acknowledged said instrument to be the free act and deed of said corporation.

	 	 	 	 
	 		 
	 	 	Name: 	 
	 	 	 	Notary Public in and for said County and State
	My Commission Expires:

         
	 	

          

 

 

    	4-5

    	 

    

 

Schedule A

 

List of Mortgagors that are Third-Party
Beneficiaries Under Section 5.5

 

    	Sch. A-1Exhibit

Exhibit 4.3

THE SOUTHERN COMPANY

TO

WELLS FARGO BANK, NATIONAL ASSOCIATION,
TRUSTEE

            

SUBORDINATED NOTE INDENTURE

DATED AS OF OCTOBER 1, 2015

            

    

THE SOUTHERN COMPANY
RECONCILIATION AND TIE BETWEEN TRUST INDENTURE ACT OF 1939 AND
SUBORDINATED NOTE INDENTURE, DATED AS OF OCTOBER 1, 2015
	
									
	 
	 
	TRUST INDENTURE   
ACT SECTION
	 
	 
	INDENTURE SECTION
	 

	 
	 
	 
	 
	 
	 
	 
	 

	(S)
	 
	310(a)(1)
	 
	 
	 
	609
	

	 
	 
	 
	(a)(2)
	 
	 
	 
	609
	

	 
	 
	 
	(a)(3)
	 
	 
	Not Applicable
	 

	 
	 
	 
	(a)(4)    
	 
	 
	Not Applicable
	 

	 
	 
	 
	(b)
	 
	 
	 
	608
	

	 
	 
	 
	 
	 
	 
	 
	610
	

	(S)
	 
	311(a)
	 
	 
	 
	613
	

	 
	 
	311(b)(4)
	 
	 
	 
	613(a)
	

	 
	 
	 
	(b)(6)
	 
	 
	 
	613(b)
	

	(S)
	 
	312(a)
	 
	 
	 
	701
	

	 
	 
	 
	 
	 
	 
	 
	702(a)
	

	 
	 
	(c)
	 
	 
	 
	 
	702(b)
	

	(S)
	 
	313(a)
	 
	 
	 
	703(a)
	

	 
	 
	313(b)
	 
	 
	 
	703(b)
	

	 
	 
	313(c)
	 
	 
	 
	703(c)
	

	 
	 
	 
	 
	 
	 
	 
	704
	

	 
	 
	 
	(d)
	 
	 
	 
	703(c)
	

	(S)
	 
	314(a)
	 
	 
	704, 1007
	 

	 
	 
	 
	(b)
	 
	 
	Not Applicable
	 

	 
	 
	 
	(c)(1)
	 
	 
	 
	102
	

	 
	 
	 
	(c)(2)
	 
	 
	 
	102
	

	 
	 
	 
	(c)(3)
	 
	 
	Not Applicable
	 

	 
	 
	 
	(d)
	 
	 
	Not Applicable
	 

	 
	 
	 
	(e)
	 
	 
	 
	102
	

	(S)
	 
	315(a)
	 
	 
	 
	601(a)
	

	 
	 
	 
	(b)
	 
	 
	 
	602
	

	 
	 
	 
	(c)
	 
	 
	 
	601(b)
	

	 
	 
	 
	(d)
	 
	 
	 
	601(c)
	

	 
	 
	 
	(d)(1)
	 
	 
	 
	601(a)(1)
	

	 
	 
	 
	(d)(2)
	 
	 
	 
	601(c)(2)
	

	 
	 
	 
	(d)(3)    
	 
	 
	 
	601(c)(3)
	

	 
	 
	 
	(e)
	 
	 
	 
	514
	

	(S)
	 
	316(a)
	 
	 
	 
	101
	

	 
	 
	 
	(a)(1)(A)
	 
	 
	 
	502
	

	 
	 
	 
	 
	 
	 
	 
	512
	

	 
	 
	 
	(a)(1)(B)
	 
	 
	 
	513
	

	 
	 
	 
	(a)(2)
	 
	 
	Not Applicable
	 

	 
	 
	 
	(b)
	 
	 
	 
	508
	

	(S)
	 
	317(a)(1)
	 
	 
	 
	503
	

	 
	 
	 
	(a)(2)
	 
	 
	 
	504
	

	 
	 
	 
	(b)
	 
	 
	 
	1003
	

	(S)
	 
	318(a)
	 
	 
	 
	107
	

TABLE OF CONTENTS
	
						
	 
	 
	 
	 
	PAGE
	

	 
	 
	 
	 
	 

	Parties
	 
	 
	 
	1
	

	Recitals of the Company
	 
	 
	1
	

	 
	 
	 
	 
	 

	ARTICLE ONE
	 
	 
	1
	

	 
	 
	 
	 
	 

	SECTION 101.
	DEFINITIONS
	 
	1
	

	 
	Act
	 
	2
	

	 
	Additional Interest
	 
	2
	

	 
	Affiliate
	 
	2
	

	 
	Authenticating Agent
	 
	2
	

	 
	Board of Directors
	 
	2
	

	 
	Board Resolution
	 
	3
	

	 
	Business Day
	 
	3
	

	 
	Commission
	 
	3
	

	 
	Company
	 
	3
	

	 
	Company Request or Company Order
	 
	3
	

	 
	Corporate Trust Office
	 
	3
	

	 
	Defaulted Interest
	 
	3
	

	 
	Depositary
	 
	3
	

	 
	Event of Default
	 
	3
	

	 
	Global Security
	 
	3
	

	 
	Government Obligations
	 
	4
	

	 
	Guarantee
	 
	4
	

	 
	Holder    
	 
	4
	

	 
	Indenture or Subordinated Note Indenture
	 
	4
	

	 
	Interest Payment Date    
	 
	4
	

	 
	Junior Subordinated Note
	 
	4
	

	 
	Maturity
	 
	4
	

	 
	Officers' Certificate
	 
	5
	

	 
	Opinion of Counsel
	 
	5
	

	 
	Outstanding
	 
	5
	

	 
	Paying Agent
	 
	6
	

	 
	Person    
	 
	6
	

	 
	Predecessor Security
	 
	6
	

	 
	Property Trustee
	 
	6
	

	 
	Redemption Date
	 
	6
	

	 
	Redemption Price
	 
	6
	

	 
	Regular Record Date
	 
	6
	

	 
	Responsible Officer
	 
	6
	

i

	
						
	 
	Securities Trust
	 
	6
	

	 
	Security Register and Security Registrar
	 
	6
	

	 
	Senior Indebtedness
	 
	6
	

	 
	Special Record Date
	 
	7
	

	 
	Stated Maturity
	 
	7
	

	 
	Trust Agreement
	 
	7
	

	 
	Trust Indenture Act
	 
	7
	

	 
	Trust Securities
	 
	7
	

	 
	Trustee    
	 
	7
	

	 
	Vice President
	 
	8
	

	 
	 
	 
	 
	 

	SECTION 102.
	COMPLIANCE CERTIFICATES AND OPINIONS    
	8
	

	 
	 
	 
	 
	 

	SECTION 103.
	FORM OF DOCUMENTS DELIVERED TO TRUSTEE
	8
	

	 
	 
	 
	 
	 

	SECTION 104.
	ACTS OF HOLDERS
	9
	

	 
	 
	 
	 
	 

	SECTION 105.
	NOTICES, ETC., TO TRUSTEE AND COMPANY    
	10
	

	 
	 
	 
	 
	 

	SECTION 106.
	NOTICE TO HOLDERS OF JUNIOR SUBORDINATED NOTES;
	 

	 
	 
	WAIVER
	 
	10
	

	 
	 
	 
	 
	 

	SECTION 107.
	CONFLICT WITH TRUST INDENTURE ACT
	11
	

	 
	 
	 
	 
	 

	SECTION 108.
	EFFECT OF HEADINGS AND TABLE OF CONTENTS
	11
	

	 
	 
	 
	 
	 

	SECTION 109.
	SUCCESSORS AND ASSIGNS
	11
	

	 
	 
	 
	 
	 

	SECTION 110.
	SEPARABILITY CLAUSE
	11
	

	 
	 
	 
	 
	 

	SECTION 111.
	BENEFITS OF INDENTURE
	11
	

	 
	 
	 
	 
	 

	SECTION 112.
	GOVERNING LAW
	11
	

	 
	 
	 
	 
	 

	SECTION 113.
	LEGAL HOLIDAYS
	12
	

	 
	 
	 
	 
	 

	 
	 
	 
	 
	 

	 
	 
	 
	 
	 

ii

	
						
	SECTION 114.
	APPOINTMENT OF AGENT FOR SERVICE
	12
	

	 
	 
	 
	 
	 

	SECTION 115.
	FORCE MAJEURE
	12
	

	 
	 
	 
	 
	 

	SECTION 116.
	WAIVER OF TRIAL BY JURY
	12
	

	 
	 
	 
	 
	 

	SECTION 117.
	USA PATRIOT ACT
	13
	

	 
	 
	 
	 
	 

	ARTICLE TWO
	 
	 
	13
	

	 
	 
	 
	 
	 

	SECTION 201.
	FORMS GENERALLY
	13
	

	 
	 
	 
	 
	 

	SECTION 202.
	FORM OF TRUSTEE'S CERTIFICATE OF AUTHENTICATION    
	13
	

	 
	 
	 
	 
	 

	SECTION 203.
	JUNIOR SUBORDINATED NOTES ISSUABLE IN THE FORM
	 

	 
	 
	OF A GLOBAL SECURITY
	14
	

	 
	 
	 
	 
	 

	ARTICLE THREE
	 
	 
	16
	

	 
	 
	 
	 
	 

	SECTION 301.
	AMOUNT UNLIMITED; ISSUABLE IN SERIES
	16
	

	 
	 
	 
	 
	 

	SECTION 302.
	EXECUTION, AUTHENTICATION, DELIVERY AND DATING
	18
	

	 
	 
	 
	 
	 

	SECTION 303.
	REGISTRATION, REGISTRATION OF TRANSFER AND
	 

	 
	 
	EXCHANGE
	 
	19
	

	 
	 
	 
	 
	 

	SECTION 304.
	MUTILATED, DESTROYED, LOST AND STOLEN JUNIOR
	 

	 
	 
	SUBORDINATED NOTES
	21
	

	 
	 
	 
	 
	 

	SECTION 305.
	PAYMENT OF INTEREST; INTEREST RIGHTS PRESERVED
	22
	

	 
	 
	 
	 
	 

	SECTION 306.
	PERSONS DEEMED OWNERS
	23
	

	 
	 
	 
	 
	 

	SECTION 307.
	CANCELLATION
	23
	

	 
	 
	 
	 
	 

	 
	 
	 
	 
	 

iii

	
						
	SECTION 308.
	COMPUTATION OF INTEREST
	23
	

	 
	 
	 
	 
	 

	ARTICLE FOUR
	 
	 
	24
	

	 
	 
	 
	 
	 

	SECTION 401.
	SATISFACTION AND DISCHARGE OF INDENTURE
	24
	

	 
	 
	 
	 
	 

	SECTION 402.
	APPLICATION OF TRUST MONEY; INDEMNIFICATION
	25
	

	 
	 
	 
	 
	 

	ARTICLE FIVE
	 
	 
	26
	

	 
	 
	 
	 
	 

	SECTION 501.
	EVENTS OF DEFAULT
	26
	

	 
	 
	 
	 
	 

	SECTION 502.
	ACCELERATION OF MATURITY; RESCISSION AND
	 

	 
	 
	ANNULMENT
	 
	28
	

	 
	 
	 
	 
	 

	SECTION 503.
	COLLECTION OF INDEBTEDNESS AND SUITS FOR 
	 

	 
	 
	ENFORCEMENT BY TRUSTEE
	29
	

	 
	 
	 
	 
	 

	SECTION 504.
	TRUSTEE MAY FILE PROOFS OF CLAIM
	29
	

	 
	 
	 
	 
	 

	SECTION 505.
	TRUSTEE MAY ENFORCE CLAIMS WITHOUT POSSESSION
	 

	 
	 
	OF JUNIOR SUBORDINATED NOTES
	30
	

	 
	 
	 
	 
	 

	SECTION 506.
	APPLICATION OF MONEY COLLECTED    
	31
	

	 
	 
	 
	 
	 

	SECTION 507.
	LIMITATION ON SUITS
	 
	31
	

	 
	 
	 
	 
	 

	SECTION 508.
	UNCONDITIONAL RIGHT OF HOLDERS TO RECEIVE 
	 

	 
	 
	 PRINCIPAL, PREMIUM AND INTEREST    
	32
	

	 
	 
	 
	 
	 

	SECTION 509.
	RESTORATION OF RIGHTS AND REMEDIES
	32
	

	 
	 
	 
	 
	 

	SECTION 510.
	RIGHTS AND REMEDIES CUMULATIVE
	32
	

	 
	 
	 
	 
	 

	SECTION 511.
	DELAY OR OMISSION NOT WAIVER
	33
	

iv

	
						
	SECTION 512.
	CONTROL BY HOLDERS OF JUNIOR SUBORDINATED 
	 

	 
	 
	NOTES
	 
	33
	

	 
	 
	 
	 
	 

	SECTION 513.
	WAIVER OF PAST DEFAULTS
	33
	

	 
	 
	 
	 
	 

	SECTION 514.
	UNDERTAKING FOR COSTS
	34
	

	 
	 
	 
	 
	 

	SECTION 515.
	WAIVER OF STAY OR EXTENSION LAWS
	34
	

	 
	 
	 
	 
	 

	ARTICLE SIX
	 
	 
	34
	

	 
	 
	 
	 
	 

	SECTION 601.
	CERTAIN DUTIES AND RESPONSIBILITIES
	34
	

	 
	 
	 
	 
	 

	SECTION 602.
	NOTICE OF DEFAULTS
	36
	

	 
	 
	 
	 
	 

	SECTION 603.
	CERTAIN RIGHTS OF TRUSTEE
	36
	

	 
	 
	 
	 
	 

	SECTION 604.
	NOT RESPONSIBLE FOR RECITALS OR ISSUANCE OF 
	 

	 
	 
	JUNIOR SUBORDINATED NOTES
	38
	

	 
	 
	 
	 
	 

	SECTION 605.
	MAY HOLD JUNIOR SUBORDINATED NOTES
	38
	

	 
	 
	 
	 
	 

	SECTION 606.
	MONEY HELD IN TRUST
	38
	

	 
	 
	 
	 
	 

	SECTION 607.
	COMPENSATION AND REIMBURSEMENT
	39
	

	 
	 
	 
	 
	 

	SECTION 608.
	DISQUALIFICATION; CONFLICTING INTERESTS
	39
	

	 
	 
	 
	 
	 

	SECTION 609.
	CORPORATE TRUSTEE REQUIRED; ELIGIBILITY
	40
	

	 
	 
	 
	 
	 

	SECTION 610.
	RESIGNATION AND REMOVAL; APPOINTMENT OF
	 

	 
	 
	SUCCESSOR
	 
	40
	

	 
	 
	 
	 
	 

	SECTION 611.
	ACCEPTANCE OF APPOINTMENT BY SUCCESSOR
	41
	

v

	
						
	SECTION 612.
	MERGER, CONVERSION, CONSOLIDATION OR 
	 

	 
	 
	SUCCESSION TO BUSINESS
	43
	

	 
	 
	 
	 
	 

	SECTION 613.
	PREFERENTIAL COLLECTION OF CLAIMS AGAINST
	 

	 
	 
	COMPANY
	 
	43
	

	 
	 
	 
	 
	 

	SECTION 614.
	APPOINTMENT OF AUTHENTICATING AGENT
	43
	

	 
	 
	 
	 
	 

	ARTICLE SEVEN
	 
	 
	45
	

	 
	 
	 
	 
	 

	SECTION 701.
	COMPANY TO FURNISH TRUSTEE NAMES AND
	 

	 
	 
	ADDRESSES OF HOLDERS
	45
	

	 
	 
	 
	 
	 

	SECTION 702.
	PRESERVATION OF INFORMATION; COMMUNICATIONS
	 

	 
	 
	TO HOLDERS
	 
	45
	

	 
	 
	 
	 
	 

	SECTION 703.
	REPORTS BY TRUSTEE
	46
	

	 
	 
	 
	 
	 

	SECTION 704.
	REPORTS BY COMPANY
	46
	

	 
	 
	 
	 
	 

	SECTION 705.
	ORIGINAL ISSUE DISCOUNT
	47
	

	 
	 
	 
	 
	 

	ARTICLE EIGHT
	 
	 
	47
	

	 
	 
	 
	 
	 

	SECTION 801.
	COMPANY MAY CONSOLIDATE, ETC., ONLY ON CERTAIN
	 

	 
	    
	TERMS
	 
	47
	

	 
	 
	 
	 
	 

	SECTION 802.
	SUCCESSOR CORPORATION SUBSTITUTED
	48
	

	 
	 
	 
	 
	 

	ARTICLE NINE
	 
	 
	48
	

	 
	 
	 
	 
	 

	SECTION 901.
	SUPPLEMENTAL INDENTURES WITHOUT CONSENT OF
	 

	 
	    
	HOLDERS
	 
	48
	

vi

	
						
	SECTION 902.
	SUPPLEMENTAL INDENTURES WITH CONSENT OF
	 

	 
	 
	HOLDERS
	 
	49
	

	 
	 
	 
	 
	 

	SECTION 903.
	GENERAL PROVISIONS REGARDING SUPPLEMENTAL
	 

	 
	 
	INDENTURE    
	 
	50
	

	 
	 
	 
	 
	 

	SECTION 904.
	EXECUTION OF SUPPLEMENTAL INDENTURES
	51
	

	 
	 
	 
	 
	 

	SECTION 905.
	EFFECT OF SUPPLEMENTAL INDENTURES
	51
	

	 
	 
	 
	 
	 

	SECTION 906.
	CONFORMITY WITH TRUST INDENTURE ACT
	51
	

	 
	 
	 
	 
	 

	SECTION 907.
	REFERENCE IN JUNIOR SUBORDINATED NOTES TO
	 

	 
	 
	SUPPLEMENTAL INDENTURES
	51
	

	 
	 
	 
	 
	 

	ARTICLE TEN
	 
	 
	52
	

	 
	 
	 
	 
	 

	SECTION 1001.
	PAYMENT OF PRINCIPAL AND INTEREST
	52
	

	 
	 
	 
	 
	 

	SECTION 1002.
	MAINTENANCE OF OFFICE OR AGENCY
	52
	

	 
	 
	 
	 
	 

	SECTION 1003.
	MONEY FOR JUNIOR SUBORDINATED NOTES PAYMENTS
	 

	 
	 
	TO BE HELD IN TRUST
	52
	

	 
	 
	 
	 
	 

	SECTION 1004.
	ADDITIONAL INTEREST
	54
	

	 
	 
	 
	 
	 

	SECTION 1005.
	CORPORATE EXISTENCE
	54
	

	 
	 
	 
	 
	 

	SECTION 1006.
	LIMITATIONS ON DIVIDEND AND CERTAIN OTHER
	 

	 
	 
	PAYMENTS
	 
	54
	

	 
	 
	 
	 
	 

	SECTION 1007.
	STATEMENT AS TO COMPLIANCE
	55
	

	 
	 
	 
	 
	 

	SECTION 1008.
	WAIVER OF CERTAIN COVENANTS
	55
	

	 
	 
	 
	 
	 

vii

	
						
	SECTION 1009.
	COVENANTS REGARDING TRUST
	55
	

	 
	 
	 
	 
	 

	ARTICLE ELEVEN
	 
	 
	56
	

	 
	 
	 
	 
	 

	SECTION 1101.
	APPLICABILITY OF ARTICLE
	56
	

	 
	 
	 
	 
	 

	SECTION 1102.
	ELECTION TO REDEEM; NOTICE TO TRUSTEE
	56
	

	 
	 
	 
	 
	 

	SECTION 1103.
	SELECTION BY TRUSTEE OF JUNIOR SUBORDINATED
	 

	 
	 
	NOTES TO BE REDEEMED
	57
	

	 
	 
	 
	 
	 

	SECTION 1104.
	NOTICE OF REDEMPTION
	57
	

	 
	 
	 
	 
	 

	SECTION 1105.
	DEPOSIT OF REDEMPTION PRICE
	58
	

	 
	 
	 
	 
	 

	SECTION 1106.
	JUNIOR SUBORDINATED NOTES PAYABLE ON
	 

	 
	 
	REDEMPTION DATE
	58
	

	 
	 
	 
	 
	 

	SECTION 1107.
	JUNIOR SUBORDINATED NOTES REDEEMED IN PART
	59
	

	 
	 
	 
	 
	 

	ARTICLE TWELVE
	 
	 
	59
	

	 
	 
	 
	 
	 

	SECTION 1201.
	APPLICABILITY OF ARTICLE
	59
	

	 
	 
	 
	 
	 

	SECTION 1202.
	SATISFACTION OF SINKING FUND PAYMENTS WITH
	 

	 
	 
	JUNIOR SUBORDINATED NOTES
	59
	

	 
	 
	 
	 
	 

	SECTION 1203.
	REDEMPTION OF JUNIOR SUBORDINATED NOTES FOR 
	 

	 
	 
	SINKING FUND
	60
	

	 
	 
	 
	 
	 

	ARTICLE THIRTEEN
	 
	 
	60
	

	 
	 
	 
	 
	 

	SECTION 1301.
	JUNIOR SUBORDINATED NOTES SUBORDINATE TO 
	 

	 
	 
	SENIOR INDEBTEDNESS
	60
	

	 
	 
	 
	 
	 

viii

	
						
	SECTION 1302.
	PAYMENT OF PROCEEDS UPON DISSOLUTION, ETC.
	61
	

	 
	 
	 
	 
	 

	SECTION 1303.
	NO PAYMENT WHEN SENIOR INDEBTEDNESS IN DEFAULT
	62
	

	 
	 
	 
	 
	 

	SECTION 1304.
	PAYMENT PERMITTED IF NO DEFAULT
	62
	

	 
	 
	 
	 
	 

	SECTION 1305.
	SUBROGATION TO RIGHTS OF HOLDERS OF SENIOR
	 

	 
	 
	INDEBTEDNESS
	63
	

	 
	 
	 
	 
	 

	SECTION 1306.
	PROVISIONS SOLELY TO DEFINE RELATIVE RIGHTS
	63
	

	 
	 
	 
	 
	 

	SECTION 1307.
	TRUSTEE TO EFFECTUATE SUBORDINATION    
	63
	

	 
	 
	 
	 
	 

	SECTION 1308.
	NO WAIVER OF SUBORDINATION PROVISIONS
	63
	

	 
	 
	 
	 

	SECTION 1309.    
	TRUST MONEYS NOT SUBORDINATED    
	64
	

	 
	 
	 
	 
	 

	SECTION 1310.
	NOTICE TO THE TRUSTEE
	64
	

	 
	 
	 
	 
	 

	SECTION 1311.
	RELIANCE ON JUDICIAL ORDER OR CERTIFICATE OF
	 

	 
	 
	LIQUIDATING AGENT
	65
	

	 
	 
	 
	 
	 

	SECTION 1312.
	TRUSTEE NOT FIDUCIARY FOR HOLDERS OF SENIOR
	 

	 
	 
	INDEBTEDNESS
	66
	

	 
	 
	 
	 
	 

	SECTION 1313.
	RIGHTS OF TRUSTEE AS HOLDER OF SENIOR
	 

	 
	 
	INDEBTEDNESS; PRESERVATION OF TRUSTEE'S RIGHTS
	66
	

	 
	 
	 
	 
	 

	SECTION 1314.
	ARTICLE APPLICABLE TO PAYING AGENTS
	66
	

	 
	 
	 
	 

	SECTION 1315.
	RELIANCE BY HOLDERS OF SENIOR INDEBTEDNESS ON
	 

	 
	 
	SUBORDINATION PROVISIONS
	66
	

	 
	 
	 
	 
	 

ix

	
						
	ARTICLE FOURTEEN
	 
	 
	67
	

	 
	 
	 
	 
	 

	SECTION 1401.
	NO RECOURSE AGAINST OTHERS
	67
	

	 
	 
	 
	 
	 

	SECTION 1402.
	SET-OFF
	66
	

	 
	 
	 
	 
	 

	SECTION 1403.
	ASSIGNMENT; BINDING EFFECT
	67
	

	 
	 
	 
	 
	 

	SECTION 1404.
	ADDITIONAL INTEREST
	68
	

x

SUBORDINATED NOTE INDENTURE

THIS SUBORDINATED NOTE INDENTURE is made as of October 1, 2015, between THE SOUTHERN COMPANY, a corporation duly organized and existing under the laws of the State of Delaware (herein called the “Company”), having its principal office at 30 Ivan Allen Jr., Blvd., N.W., Atlanta, Georgia  30308, and Wells Fargo Bank, National Association, a national banking association having its principal corporate trust office at 150 East 42nd Street, 40th Floor, New York, New York 10017, as Trustee (herein called the “Trustee”).

W I T N E S S E T H:

WHEREAS, the Company has duly authorized the execution and delivery of this Subordinated Note Indenture to provide for the issuance from time to time of its unsecured subordinated debentures, notes or other evidences of indebtedness (herein called the “Junior Subordinated Notes”), to be issued in one or more series as in this Subordinated Note Indenture provided; and

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

NOW, THEREFORE, for and in consideration of the premises and the purchase of the Junior Subordinated Notes by the Holders thereof, it is mutually covenanted and agreed, for the equal and proportionate benefit of all Holders of the Junior Subordinated Notes or of series thereof, as follows:

ARTICLE ONE

DEFINITIONS AND OTHER PROVISIONS
OF GENERAL APPLICATION
SECTION 101.    DEFINITIONS.

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

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

(2)    all other terms used herein which are defined in the Trust Indenture Act, either directly or by reference therein, have the meanings assigned to them therein;

(3)    all accounting terms not otherwise defined herein have the meanings assigned to them in accordance with generally accepted accounting principles in the United States of America, and, except as otherwise herein expressly provided, the term “generally 

accepted accounting principles” with respect to any computation required or permitted hereunder shall mean such accounting principles as are generally accepted in the United States of America at the date of such computation;

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

(5)    Trust Securities related to a particular series of Junior Subordinated Notes means the series of Trust Securities the proceeds of the sale of which were loaned to the Company in exchange for such series of Junior Subordinated Notes, and the guarantee related to such series of Trust Securities means the guarantee pursuant to which the Company has guaranteed, to the extent stated therein, the payment of distributions and certain other amounts with respect to such series of Trust Securities.

Certain terms, used principally in Article Six, are defined in that Article.

“Act”, when used with respect to any Holder of a Junior Subordinated Note, has the meaning specified in Section 104.

“Additional Interest” means (i) such additional amounts as may be required so that the net amounts received and retained by the Holder (if the Holder is a Securities Trust) after paying taxes, duties, assessments or governmental charges of whatever nature (other than withholding taxes) imposed by the United States or any other taxing authority will not be less than the amounts the Holder would have received had no such taxes, duties, assessments, or other governmental charges been imposed; and (ii) any interest not paid on an Interest Payment Date (whether by virtue of deferral or extension, or otherwise), together with interest thereon from such Interest Payment Date to the date of payment, compounded quarterly, on each Interest Payment Date.

“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.  Notwithstanding the foregoing, any Securities Trust organized by the Company shall not be deemed to be an Affiliate of the Company.

“Authenticating Agent” means any Person or Persons authorized by the Trustee to authenticate one or more series of Junior Subordinated Notes.

“Board of Directors” means either the board of directors of the Company or any duly authorized committee of the officers and/or directors of the Company appointed by that board.

    

2

“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, and delivered to the Trustee.

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

“Commission” means the Securities and Exchange Commission, as from time to time constituted, created under the Securities Exchange Act of 1934, as amended, or, if at any time after the execution of this instrument such Commission is not existing and performing the duties now assigned to it under the Trust Indenture Act, then the body performing such duties at such time.

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

“Company Request” or “Company Order” means a written request or order signed in the name of the Company by its Chairman of the Board, its President or a Vice President, and by its Treasurer, an Assistant Treasurer, its Secretary or an Assistant Secretary, and delivered to the Trustee.

“Corporate Trust Office” means the office of the Trustee at which at any particular time this Indenture shall be administered, which office at the date of execution of this Subordinated Note Indenture is located at 171 17th Street, N.W., 4th Floor, Atlanta, Georgia 30363.

“corporation” includes corporations, partnerships, limited liability companies, associations, companies and business trusts.

“Defaulted Interest” has the meaning specified in Section 305.

“Depositary” means, unless otherwise specified by the Company pursuant to either Section 203 or 301, with respect to Junior Subordinated Notes of any series issuable or issued as a Global Security, The Depository Trust Company, New York, New York, or any successor thereto registered as a clearing agency under the Securities Exchange Act of 1934, as amended, or other applicable statute or regulation.

“Event of Default” has the meaning specified in Section 501.

“Global Security” means, with respect to any series of Junior Subordinated Notes issued hereunder, a Junior Subordinated Note that is executed by the Company and authenticated and 

3

delivered by the Trustee to the Depositary or pursuant to the Depositary’s instruction, all in accordance with Section 203 of this Indenture and any supplemental indenture hereto.

“Government Obligations” means securities which are (i) direct obligations of the United States of America for the payment of which its full faith and credit is pledged or (ii) obligations of a Person controlled or supervised by and acting as an agency or instrumentality of the United States of America the payment of which is unconditionally guaranteed as to the timely payment of principal and interest as a full faith and credit obligation by the United States of America, which, in either case, are not callable or redeemable at the option of the issuer thereof, and shall also include a depository receipt issued by a bank or trust company which is a member of the Federal Reserve System and having a combined capital and surplus of at least $50,000,000 as custodian with respect to any such obligation evidenced by such depository receipt or a specific payment of interest on or principal of any such obligation held by such custodian for the account of the holder of a depository receipt; provided, however, that (except as required by law) such custodian is not authorized to make any deduction from the amount payable to the holder of such depository receipt from any amount received by the custodian in respect of the obligation set forth in (i) or (ii) above or the specific payment of interest on or principal of such obligation evidenced by such depository receipt. 

“Guarantee” means a Guarantee Agreement, if any, executed and delivered by the Company for the benefit of the holders from time to time of all or a portion of the Trust Securities of a Securities Trust.

“Holder”, when used with respect to any Junior Subordinated Note, means the Person in whose name the Junior Subordinated Note is registered in the Security Register.

“Indenture” or “Subordinated Note Indenture” means this instrument as originally executed or as it may from time to time be supplemented or amended by one or more supplemental indentures entered into pursuant to the applicable provisions hereof and shall include the terms of the particular series of Junior Subordinated Notes established as contemplated by Section 301.

“Interest Payment Date”, when used with respect to any series of Junior Subordinated Notes, means the dates established for the payment of interest thereon, as provided in the supplemental indenture for such series.

“Junior Subordinated Note” has the meaning stated in the first recital of this Indenture and more particularly means any Junior Subordinated Notes authenticated and delivered under this Indenture.

“Maturity”, when used with respect to any Junior Subordinated Note, means the date on which the principal of such Junior Subordinated Note or an 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.

    

4

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

“Opinion of Counsel” means a written opinion of counsel, who may be counsel for the Company, and who shall be acceptable to the Trustee.

“Outstanding”, when used with respect to Junior Subordinated Notes, means, as of the date of determination, all Junior Subordinated Notes theretofore authenticated and delivered under this Indenture, except:

(i)    Junior Subordinated Notes theretofore canceled by the Trustee or delivered to the Trustee for cancellation;

(ii)    Junior Subordinated Notes for whose payment or redemption money and/or Government Obligations (if permitted hereby) 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 Company shall act as its own Paying Agent) for the Holders of such Junior Subordinated Notes; provided that if such Junior Subordinated Notes are to be redeemed, notice of such redemption has been duly given pursuant to this Indenture or provision for the giving of such notice satisfactory to the Trustee has been made;

(iii)    Junior Subordinated Notes that have been paid or in exchange for or in lieu of which other Junior Subordinated Notes have been authenticated and delivered pursuant to this Indenture, other than any such Junior Subordinated Notes in respect of which there shall have been presented to the Trustee proof satisfactory to it that such Junior Subordinated Notes are held by a bona fide purchaser in whose hands such Junior Subordinated Notes are valid obligations of the Company; and

(iv)    Junior Subordinated Notes, or portions thereof, converted into or exchanged for another security if the terms of such Junior Subordinated Notes provide for such conversion or exchange;

provided, however, that in determining, during any period in which any Junior Subordinated Notes of a series are owned by any Person other than the Company or any Affiliate thereof, whether the Holders of the requisite principal amount of Outstanding Junior Subordinated Notes of such series have given any request, demand, authorization, direction, notice, consent or waiver hereunder, Junior Subordinated Notes of such series owned by the Company or any Affiliate thereof shall be disregarded and deemed not to be Outstanding.  In determining whether the Trustee shall be protected in relying upon any such request, demand, authorization, direction, notice, consent or waiver, only Junior Subordinated Notes that the Trustee knows to be so owned by the Company or an Affiliate of the Company in the above circumstances shall be so disregarded.  Junior Subordinated Notes 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 

5

right so to act with respect to such Junior Subordinated Notes and that the pledgee is not the Company or any Affiliate of the Company.

“Paying Agent” means any Person authorized by the Company to pay the principal of (and premium, if any) or interest on any Junior Subordinated Notes on behalf of the Company.

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

“Predecessor Security” of any particular Junior Subordinated Note means every previous Junior Subordinated Note evidencing all or a portion of the same debt as that evidenced by such particular Junior Subordinated Note; and, for the purposes of this definition, any Junior Subordinated Note authenticated and delivered under Section 304 in exchange for or in lieu of a mutilated, destroyed, lost or stolen Junior Subordinated Note shall be deemed to evidence the same debt as the mutilated, destroyed, lost or stolen Junior Subordinated Note.

“Property Trustee”, when used with respect to the Junior Subordinated Notes of any series, means the Person designated as such in the related Trust Agreement.

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

“Redemption Price”, when used with respect to any Junior Subordinated Note to be redeemed, means the price at which it is to be redeemed pursuant to this Indenture.

“Regular Record Date” for the interest payable on any Interest Payment Date on the Junior Subordinated Notes of any series means the date specified for that purpose as contemplated by Section 301, whether or not a Business Day.

“Responsible Officer,” when used with respect to the Trustee, means any officer of the Trustee assigned by the Trustee to administer its corporate trust matters with respect to this Indenture.

“Securities Trust” means any statutory business trust formed by the Company or an Affiliate to issue Trust Securities, the proceeds of which will be used to purchase Junior Subordinated Notes of one or more series.

“Security Register” and “Security Registrar” have the respective meanings specified in Section 303.

“Senior Indebtedness” means, with respect to the Company, (i) any payment due in respect of indebtedness of the Company, whether outstanding at the date of execution of this Subordinated Note Indenture or thereafter incurred, created, or assumed, (a) in respect of money borrowed (including any financial derivative, hedging or futures contract or similar instrument) 

6

and (b) evidenced by securities, debentures, bonds, notes or other similar instruments issued by the Company which, by their terms, are senior or senior subordinated debt securities including, without limitation, all obligations under its indentures with various trustees; (ii) all capital lease obligations; (iii) all obligations issued or assumed as the deferred purchase price of property, all conditional sale obligations and all obligations of the Company under any title retention agreement (but excluding trade accounts payable arising in the ordinary course of business and long-term purchase obligations); (iv) all obligations for the reimbursement of any letter of credit, banker’s acceptance, security purchase facility or similar credit transaction; (v) all obligations of the type referred to in clauses (i) through (iv) above of other persons the payment of which the Company is responsible or liable as obligor, guarantor or otherwise; and (vi) all obligations of the type referred to in clauses (i) through (v) above of other persons secured by any lien on any property or asset of the Company (whether or not such obligation is assumed by the Company), except for (1) any such indebtedness that is by its terms subordinated to or pari passu with the Junior Subordinated Notes and (2) any unsecured indebtedness between or among the Company or its Affiliates.  Such Senior Indebtedness shall continue to be entitled to the benefits of the subordination provisions contained in Article Thirteen irrespective of any amendment, modification or waiver of any term of such Senior Indebtedness.

“Special Record Date” for the payment of any Defaulted Interest on the Junior Subordinated Notes of any series means a date fixed by the Trustee pursuant to Section 305.

“Stated Maturity”, when used with respect to any Junior Subordinated Note or any installment of principal thereof or interest thereon, means the date specified in such Junior Subordinated Note as the fixed date on which the principal of such Junior Subordinated Note or such installment of principal or interest is due and payable.

“Trust Agreement”, when used with respect to a Securities Trust, means the agreement or instrument that governs the affairs of such Securities Trust.

“Trust Indenture Act” means the Trust Indenture Act of 1939, as amended, and any reference herein to the Trust Indenture Act or a particular provision thereof shall mean such Trust Indenture Act or provision, as the case may be, as amended or replaced from time to time.

“Trust Securities” means the securities issued by a Securities Trust evidencing the entire beneficial interest therein.

“Trustee” means the Person named as the “Trustee” in the first paragraph of this instrument until a successor Trustee shall have become such with respect to one or more series of Junior Subordinated Notes pursuant to the applicable provisions of this Indenture, and thereafter “Trustee” shall mean or include each Person who is then a Trustee hereunder, and if at any time there is more than one such Person, “Trustee” as used with respect to the Junior Subordinated Notes of any series shall mean the Trustee with respect to Junior Subordinated Notes of that series.

    

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“Vice President”, when used with respect to the Company or the Trustee, means any vice president, whether or not designated by a number or a word or words added before or after the title “vice president.”

SECTION 102.    COMPLIANCE CERTIFICATES AND OPINIONS.

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, 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, 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.

Every certificate or opinion with respect to compliance with a condition or covenant provided for in this Indenture shall include

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

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

(iii)    a statement that, in the opinion of each such individual, he has made such examination or investigation as is necessary to enable him 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 each such individual, such condition or covenant has been complied with.

SECTION 103.    FORM OF DOCUMENTS DELIVERED TO TRUSTEE.

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 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.

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 in the exercise of reasonable care should know, that the certificate or opinion or representations with respect to the matters upon which his certificate or opinion is based are 

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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 in the exercise of reasonable care should know, that the certificate or opinion or representations with respect to such matters are erroneous.

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.

SECTION 104.    ACTS OF HOLDERS.

(a)    Any request, demand, authorization, direction, notice, consent, waiver or other action provided by this Indenture to be given 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 agent duly appointed in writing.  Except as herein otherwise expressly provided, such action shall become effective when such instrument or instruments 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 (subject to Section 601) conclusive in favor of the Trustee and the Company, if made in the manner provided in this Section.

(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 in a capacity other than his individual capacity, such certificate or affidavit shall also constitute sufficient proof of his authority.

(c)    The principal amount and serial numbers of Junior Subordinated Notes held by any Person, and the date of holding the same, shall be proved by the Security Register.

(d)    Any request, demand, authorization, direction, notice, consent, election, waiver or other Act of the Holder of any Junior Subordinated Note shall bind every future Holder of the same Junior Subordinated Note and the Holder of every Junior Subordinated Note 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 Trustee or the Company in reliance thereon, whether or not notation of such action is made upon such Junior Subordinated Note.

(e)    The fact and date of execution of any such instrument or writing and the authority of the Person executing the same may also be proved in any other manner which the Trustee deems sufficient; and the Trustee may in any instance require further proof with respect to any of the matters referred to in this Section.

    

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(f)    If the Company shall solicit from the Holders of Junior Subordinated Notes of any series any Act, the Company may, at its option, by Board Resolution, fix in advance a record date for the determination of Holders of Junior Subordinated Notes entitled to take such Act, but the Company shall have no obligation to do so.  Any such record date shall be fixed at the Company’s discretion.  If such a record date is fixed, such Act may be sought or given before or after the record date, but only the Holders of record at the close of business on such record date shall be deemed to be Holders of Junior Subordinated Notes for the purpose of determining whether Holders of the requisite proportion of Junior Subordinated Notes of such series Outstanding have authorized or agreed or consented to such Act, and for that purpose the Junior Subordinated Notes of such series Outstanding shall be computed as of such record date.

SECTION 105.    NOTICES, ETC., TO TRUSTEE AND COMPANY.

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

(1)    the Trustee by any Holder of a Junior Subordinated Note or by 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, Attention: Corporate, Municipal and Escrow Services, or

(2)    the Company by the Trustee or by any Holder shall be sufficient for every purpose hereunder (unless otherwise herein expressly provided) if in writing and mailed, first-class postage prepaid, to the Company addressed to the attention of its Secretary, at 30 Ivan Allen, Jr. Blvd., N.W., Atlanta, Georgia 30308, with a copy to Southern Company Services, Inc., 30 Ivan Allen, Jr. Blvd., N.W., Atlanta, Georgia 30308, Attention:  Corporate Finance Department, or at any other address previously furnished in writing to the Trustee by the Company.

		
	SECTION 106.
	NOTICE TO HOLDERS OF JUNIOR SUBORDINATED NOTES; WAIVER.

Except as otherwise expressly provided herein, where this Indenture provides for notice to Holders of Junior Subordinated Notes of any event, such notice shall be sufficiently given if in writing and mailed, first-class postage prepaid, to each Holder affected by such event, at his address as it appears in the Security Register, not later than the latest date, and not earlier than the earliest date, prescribed for the giving of such Notice; provided, that in case the Junior Subordinated Notes of a series are represented by one or more Global Securities, notices to the Depositary therefor shall be given in accordance with its standard procedures for notices.

In case by reason of the suspension of regular mail service or by reason of any other cause it shall be impracticable to give such notice by mail, then such notification as shall be made with the approval of the Trustee shall constitute a sufficient notification for every purpose hereunder.  

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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 of Junior Subordinated Notes 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 107.    CONFLICT WITH TRUST INDENTURE ACT.

If any provision hereof limits, qualifies or conflicts with a provision of the Trust Indenture Act that is required to be a part of and govern this Indenture, such required provision shall control.

SECTION 108.    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 hereof.

SECTION 109.    SUCCESSORS AND ASSIGNS.

All covenants and agreements in this Indenture by the Company shall bind its successors and assigns, whether so expressed or not.

SECTION 110.    SEPARABILITY CLAUSE.

In case any provision in this Indenture or the Junior Subordinated Notes shall be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby.

SECTION 111.    BENEFITS OF INDENTURE.

Nothing in this Indenture or the Junior Subordinated Notes, express or implied, shall give to any Person, other than the parties hereto, their successors hereunder and the Holders of Junior Subordinated Notes and, to the extent provided in Section 1403, the holders of Senior Indebtedness or Trust Securities, any benefit or any legal or equitable right, remedy or claim under this Indenture.

SECTION 112.    GOVERNING LAW.

This Indenture and the Junior Subordinated Notes shall be governed by, and construed in accordance with, the internal laws of the State of New York.

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SECTION 113.    LEGAL HOLIDAYS.

In any case where any Interest Payment Date, Redemption Date or Stated Maturity of any Junior Subordinated Note shall not be a Business Day, then (notwithstanding any other provision of this Indenture or of the Junior Subordinated Notes) payment of interest or principal (and premium, if any) need not be made on such date, but may be made on the next succeeding Business Day, except that, if such Business Day is 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 or Redemption Date, or at the Stated Maturity, provided that no interest shall accrue on the amount so payable for the period from and after such Interest Payment Date, Redemption Date or Stated Maturity, as the case may be.

SECTION 114.    APPOINTMENT OF AGENT FOR SERVICE.

By the execution and delivery of this Indenture, the Secretary of the Company is hereby appointed as the Company’s agent upon which process may be served in any legal action or proceeding which may be instituted in any Federal or State court in the Borough of Manhattan, New York City, arising out of or relating to the Junior Subordinated Notes or this Indenture.  Service of process upon such agent at the office of such agent at 30 Ivan Allen, Jr. Blvd., N.W., Atlanta, Georgia 30308, Attention: Secretary, or at such other address as shall be given to the Trustee as provided in Section 105, shall be deemed in every respect effective service of process upon the Company in any such legal action or proceeding, and the Company hereby submits to the jurisdiction of any such court in which any such legal action or proceeding is so instituted.  Such appointment shall be irrevocable so long as the Holders of Junior Subordinated Notes shall have any rights pursuant to the terms thereof or of this Indenture until the appointment of a successor by the Company and such successor’s acceptance of such appointment.  The Company further agrees to take any and all action, including the execution and filing of any and all such documents and instruments, as may be necessary to continue such designation and appointment of such agent or successor.

SECTION 115.    FORCE MAJEURE

In no event shall the Trustee be responsible or liable for any failure or delay in the performance of its obligations hereunder arising out of or caused by, directly or indirectly, forces beyond its control, including, without limitation, strikes, work stoppages, accidents, acts of war or terrorism, civil or military disturbances, nuclear or natural catastrophes or acts of God, and interruptions, loss or malfunctions of utilities, communications or computer (software and hardware) services; it being understood that the Trustee shall use reasonable efforts which are consistent with accepted practices in the banking industry to resume performance as soon as practicable under the circumstances.

SECTION 116.    WAIVER OF TRIAL BY JURY

EACH OF THE COMPANY AND THE TRUSTEE HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND 

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ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS INDENTURE, THE JUNIOR SUBORDINATED NOTES OR THE TRANSACTIONS CONTEMPLATED HEREBY.

SECTION 117.    USA PATRIOT ACT

The Company acknowledges that in accordance with Section 326 of the U.S.A. PATRIOT Act, the Trustee, like all financial institutions and in order to help fight the funding of terrorism and money laundering, is required to obtain, verify, and record information that identifies each Person or legal entity that establishes a relationship or opens an account with the Trustee. The Company agrees that it will provide the Trustee with such information as it may request in order for the Trustee to satisfy the requirements of the U.S.A. PATRIOT Act.

ARTICLE TWO

FORMS OF JUNIOR SUBORDINATED NOTES

SECTION 201.    FORMS GENERALLY.

The Junior Subordinated Notes of each series shall be in substantially the form appended to the supplemental indenture authorizing such series, in each case with such appropriate insertions, omissions, substitutions and other variations as are required or permitted by this Indenture, and may have such letters, numbers or other marks of identification and such legends or endorsements placed thereon as may be required to comply with the rules of any securities exchange or as may, consistently herewith, be determined by the officers executing such Junior Subordinated Notes, as evidenced by their execution of the Junior Subordinated Notes.

The Junior Subordinated Notes of each series shall be issuable in registered form without coupons in such denominations as shall be specified as contemplated by Section 301.  In the absence of such specified denominations with respect to the Junior Subordinated Notes of any series, the Junior Subordinated Notes of such series shall be issuable in denominations of $1,000 and any integral multiple thereof.

The definitive Junior Subordinated Notes may be printed, typewritten, lithographed or engraved on steel engraved borders or may be produced in any other manner, all as determined by the officers executing such Junior Subordinated Notes, as evidenced by their execution of such Junior Subordinated Notes.

SECTION 202.    FORM OF TRUSTEE'S CERTIFICATE OF AUTHENTICATION.

The form of the Trustee’s Certificate of Authentication for a series of Junior Subordinated Notes shall be in substantially the form appended to the supplemental indenture authorizing such series.

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	SECTION 203.
	JUNIOR SUBORDINATED NOTES ISSUABLE IN THE FORM OF A GLOBAL SECURITY.

(a)    If the Company shall establish pursuant to Section 301 that the Junior Subordinated Notes of a particular series are to be issued in whole or in part in the form of one or more Global Securities, then the Company shall execute and the Trustee shall, in accordance with Section 302 and the Company Order delivered to the Trustee thereunder, authenticate and deliver such Global Security or Securities, which (i) shall represent, and shall be denominated in an amount equal to the aggregate principal amount of the Outstanding Junior Subordinated Notes of such series to be represented by such Global Security or Securities, (ii) may provide that the aggregate amount of Outstanding Junior Subordinated Notes represented thereby may from time to time be increased or reduced to reflect exchanges, (iii) shall be registered in the name of the Depositary for such Global Security or Securities or its nominee, (iv) shall be delivered by the Trustee to the Depositary or pursuant to the Depositary’s instruction and (v) shall bear a legend in accordance with the requirements of the Depositary.

(b)    Notwithstanding any other provision of this Section 203 or of Section 303, subject to the provisions of paragraph (c) below, unless the terms of a Global Security expressly permit such Global Security to be exchanged in whole or in part for individual Junior Subordinated Notes, a Global Security may be transferred, in whole but not in part and in the manner provided in Section 303, only to a nominee of the Depositary for such Global Security, or to the Depositary, or to a successor Depositary for such Global Security selected or approved by the Company, or to a nominee of such successor Depositary.

(c)    (1)  If at any time the Depositary for a Global Security notifies the Company that it is unwilling or unable to continue as Depositary for such Global Security or if at any time the Depositary for the Junior Subordinated Notes for such series shall no longer be eligible or in good standing under the Securities Exchange Act of 1934, as amended, or other applicable statute or regulation, the Company shall appoint a successor Depositary with respect to such Global Security.  If a successor Depositary for such Global Security is not appointed by the Company within 90 days after the Company receives such notice or becomes aware of such ineligibility, the Company will execute, and the Trustee, upon receipt of a Company Order for the authentication and delivery of individual Junior Subordinated Notes of such series in exchange for such Global Security, will authenticate and deliver individual Junior Subordinated Notes of such series of like tenor and terms in definitive form in an aggregate principal amount equal to the principal amount of the Global Security in exchange for such Global Security.

(2)    The Company may at any time and in its sole discretion, subject to the procedures of the Depositary, determine that the Junior Subordinated Notes of any series issued or issuable in the form of one or more Global Securities shall no longer be represented by such Global Security or Securities.  In such event the Company will execute, and the Trustee, upon receipt of a Company Request for the authentication and delivery of individual Junior Subordinated Notes of such series in exchange in whole or in part for such Global Security, will authenticate and deliver individual Junior Subordinated Notes of such series of like tenor and 

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terms in definitive form in an aggregate principal amount equal to the principal amount of such Global Security or Securities representing such series in exchange for such Global Security or Securities.

(3)    If specified by the Company pursuant to Section 301 with respect to Junior Subordinated Notes issued or issuable in the form of a Global Security, the Depositary for such Global Security may surrender such Global Security in exchange in whole or in part for individual Junior Subordinated Notes of such series of like tenor and terms in definitive form on such terms as are acceptable to the Company and such Depositary.  Thereupon the Company shall execute, and the Trustee shall authenticate and deliver, without service charge, (A) to each Person specified by such Depositary a new Junior Subordinated Note or Notes of the same series of like tenor and terms and of any authorized denomination as requested by such Person in aggregate principal amount equal to and in exchange for such Person’s beneficial interest in the Global Security; and (B) to such Depositary a new Global Security of like tenor and terms and in an authorized denomination equal to the difference, if any, between the principal amount of the surrendered Global Security and the aggregate principal amount of Junior Subordinated Notes delivered to Holders thereof.

(4)    In any exchange provided for in any of the preceding three paragraphs, the Company will execute and the Trustee will authenticate and deliver individual Junior Subordinated Notes in definitive form in authorized denominations.  Upon the exchange of the entire principal amount of a Global Security for individual Junior Subordinated Notes, such Global Security shall be cancelled by the Trustee.  Except as provided in the preceding paragraph, Junior Subordinated Notes issued in exchange for a Global Security pursuant to this Section shall be registered in such names and in such authorized denominations as the Depositary for such Global Security, pursuant to instructions from its direct or indirect participants or otherwise, shall instruct the Trustee.  Provided that the Company and the Trustee have so agreed, the Trustee shall deliver such Junior Subordinated Notes to the Persons in whose names the Junior Subordinated Notes are registered.

(5)    Any endorsement of a Global Security to reflect the amount, or any increase or decrease in the amount, or changes in the rights of Holders, of Outstanding Junior Subordinated Notes represented thereby shall be made in such manner and by such Person or Persons as shall be specified therein or in the Company Order to be delivered pursuant to Section 302 with respect thereto.  Subject to the provisions of Section 302, the Trustee shall deliver and redeliver any such Global Security in the manner and upon instructions given by the Person or Persons specified therein or in the applicable Company Order.  If a Company Order pursuant to Section 302 has been, or simultaneously is, delivered, any instructions by the Company with respect to such Global Security shall be in writing but need not be accompanied by or contained in an Officers’ Certificate and need not be accompanied by an Opinion of Counsel.

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ARTICLE THREE

THE JUNIOR SUBORDINATED NOTES

SECTION 301.    AMOUNT UNLIMITED; ISSUABLE IN SERIES.

The aggregate principal amount of Junior Subordinated Notes which may be authenticated and delivered under this Indenture is unlimited.

The Junior Subordinated Notes may be issued in one or more series.  There may be established, pursuant to one or more supplemental indentures hereto, prior to the issuance of Junior Subordinated Notes of any series,

(1)    the title of the Junior Subordinated Notes of the series (which shall distinguish the Junior Subordinated Notes of the series from Junior Subordinated Notes of all other series);

(2)    any limit upon the aggregate principal amount of the Junior Subordinated Notes of the series which may be authenticated and delivered under this Indenture (except for Junior Subordinated Notes authenticated and delivered upon registration of transfer of, or in exchange for, or in lieu of, other Junior Subordinated Notes of the series pursuant to Sections 203, 303, 304, 907 or 1107);

(3)    the Person to whom interest on a Junior Subordinated Note of the series shall be payable if other than the Person in whose name that Junior Subordinated Note (or one or more Predecessor Securities) is registered at the close of business on the Regular Record Date for such interest;

(4)    the date or dates on which the principal of the Junior Subordinated Notes of the series is payable, and the right, if any, to extend or advance the Stated Maturity of the Junior Subordinated Notes and the conditions to such extension or advancement;

(5)    the rate or rates at which the Junior Subordinated Notes of the series shall bear interest, if any, or any method by which such rate or rates shall be determined, the date or dates from which such interest shall accrue, the Interest Payment Dates on which such interest shall be payable, the Regular Record Date for the interest payable on Junior Subordinated Notes on any Interest Payment Date and the basis upon which interest shall be calculated if other than that of a 360-day year consisting of twelve 30-day months;

(6)    the place or places where the principal of (and premium, if any) and interest, if any, on Junior Subordinated Notes of the series shall be payable;

(7)    the period or periods within which, the price or prices at which and the terms and conditions upon which Junior Subordinated Notes of the series may be redeemed, in whole or in part, at the option of the Company;

        

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(8)    the obligation, if any, of the Company to redeem or purchase Junior Subordinated Notes of the series pursuant to any sinking fund or analogous provision or at the option of a Holder thereof and the period or periods within which, the price or prices at which, and the terms and conditions upon which, Junior Subordinated Notes of the series shall be redeemed or purchased, in whole or in part, pursuant to such obligation;

(9)    the date or dates, if any, after which such Junior Subordinated Notes may be converted or exchanged at the option of the Holder into or for shares of common stock of the Company and the terms for any such conversion or exchange; 

(10)    if other than denominations of $1,000 and any integral multiple thereof, the denominations in which Junior Subordinated Notes of the series shall be issuable;

(11)    if the amount of payments of principal of (and premium, if any) or interest (including Additional Interest) on the Junior Subordinated Notes of the series may be determined with reference to an index or formula, the manner in which such amounts shall be determined;

(12)    if other than the principal amount thereof, the portion of the principal amount of Junior Subordinated Notes of the series which shall be payable upon declaration of acceleration of the Maturity thereof pursuant to Section 502;

(13)    any deletions from, modifications of or additions to the Events of Default or covenants of the Company as provided herein pertaining to the Junior Subordinated Notes of the series, and any change in the rights of the Trustee or Holders of such series pursuant to Section 901 or 902;

(14)    any additions to the definitions currently set forth in this Indenture with respect to such series;

(15)    whether the Junior Subordinated Notes of the series shall be issued in whole or in part in the form of a Global Security or Securities; the terms and conditions, if any, upon which such Global Security or Securities may be exchanged in whole or in part for certificated Junior Subordinated Notes of such series and of like tenor of any authorized denomination and the circumstances under which such exchange may occur, if other than in the manner provided for in Section 203; the Depositary for such Global Security or Securities; and the form of any legend or legends to be borne by any such Global Security in addition to or in lieu of the legend referred to in Section 203;

(16)    the right, if any, of the Company to defer interest payments or to extend the interest payment periods of such series of Junior Subordinated Notes, including the maximum duration of any such deferral or deferrals or any such extension or extensions, the Additional Interest, if any, payable on such Junior Subordinated Notes during any deferral or extension of the interest payment period and any notice (which shall include notice to the Trustee) that must 

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be given upon the exercise of such right to defer interest payments or to extend interest payment periods;

(17)    any restriction or condition on the transferability of such Junior Subordinated Notes; and

(18)    any other terms of the series.

All Junior Subordinated Notes of any one series shall be substantially identical except as to the date or dates from which interest, if any, shall accrue and denomination and except as may otherwise be provided in the terms of such Junior Subordinated Notes determined or established as provided above.  All Junior Subordinated Notes of any one series need not be issued at the same time and, unless otherwise provided, a series may be reopened for issuances of additional Junior Subordinated Notes of such series.

SECTION 302.    EXECUTION, AUTHENTICATION, DELIVERY AND DATING.

The Junior Subordinated Notes shall be executed on behalf of the Company by its Chairman of the Board, its President or one of its Vice Presidents.  The signature of any of these officers on the Junior Subordinated Notes may be manual or facsimile.

Junior Subordinated Notes bearing the manual or facsimile signatures of individuals who were at the time relevant to the authorization thereof 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 Junior Subordinated Notes or did not hold such offices at the date of such Junior Subordinated Notes.

At any time and from time to time after the execution and delivery of this Indenture, the Company may deliver Junior Subordinated Notes of any series executed by the Company to the Trustee for authentication, together with a Company Order for the authentication and delivery of such Junior Subordinated Notes, and the Trustee, in accordance with the Company Order, shall authenticate and deliver such Junior Subordinated Notes.  If all of the Junior Subordinated Notes of any series are not to be issued at one time and if the supplemental indenture establishing such series shall so permit, such Company Order may set forth procedures acceptable to the Trustee for the issuance of such Junior Subordinated Notes and determining the terms of particular Junior Subordinated Notes of such series, such as interest rate, maturity date, date of issuance and date from which interest shall accrue.  In authenticating Junior Subordinated Notes hereunder, and accepting the additional responsibilities under this Indenture in relation to such Junior Subordinated Notes, the Trustee shall be entitled to receive, and (subject to Section 601) shall be fully protected in relying upon:

(1)    an Opinion of Counsel, to the effect that:

                

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(a)    the form and terms of such Junior Subordinated Notes or the manner of determining such terms have been established in conformity with the provisions of this Indenture; and

(b)    such Junior Subordinated Notes, 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, enforceable in accordance with their terms, subject, as to enforcement, to bankruptcy, insolvency, reorganization and other laws of general applicability relating to or affecting the enforcement of creditors’ rights and to general equity principles; and

(2)    an Officers’ Certificate stating, to the best knowledge of each signer of such certificate, that no event which is, or after notice or lapse of time would become, an Event of Default with respect to any of the Junior Subordinated Notes shall have occurred and be continuing.

The Trustee shall not be required to authenticate such Junior Subordinated Notes if the issue of such Junior Subordinated Notes pursuant to this Indenture will affect the Trustee’s own rights, duties or immunities under the Junior Subordinated Notes and this Indenture or otherwise in a manner which is not reasonably acceptable to the Trustee.

If all the Junior Subordinated Notes of any series are not to be issued at one time, it shall not be necessary to deliver an Opinion of Counsel and Officers’ Certificate at the time of issuance of each such Junior Subordinated Note, but such opinion and certificate shall be delivered at or before the time of issuance of the first Junior Subordinated Note of such series to be issued.

Each Junior Subordinated Note shall be dated the date of its authentication.

No Junior Subordinated Note shall be entitled to any benefit under this Indenture or be valid or obligatory for any purpose unless there appears on such Junior Subordinated Note a certificate of authentication substantially in the form provided for herein executed by the Trustee by manual signature of an authorized signatory, and such certificate upon any Junior Subordinated Note shall be conclusive evidence, and the only evidence, that such Junior Subordinated Note has been duly authenticated and delivered hereunder and is entitled to the benefits of this Indenture.

		
	SECTION 303.
	REGISTRATION, REGISTRATION OF TRANSFER AND EXCHANGE.

The Company shall cause to be kept at the office of the Security Registrar designated pursuant to this Section 303 or Section 1002 a register (referred to as the “Security Register”) in which, subject to such reasonable regulations as it may prescribe, the Company shall provide for the registration of Junior Subordinated Notes and of transfers of Junior Subordinated Notes.  The 

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Trustee is hereby initially appointed as “Security Registrar” for the purpose of registering Junior Subordinated Notes and transfers of Junior Subordinated Notes as herein provided.

Subject to Section 203, upon surrender for registration of transfer of any Junior Subordinated Note of any series at the office or agency maintained for such purpose for such series, the Company shall execute, and the Trustee shall authenticate and deliver, in the name of the designated transferee or transferees, one or more new Junior Subordinated Notes of the same series, Stated Maturity and original issue date, of any authorized denominations and of like tenor and aggregate principal amount.

Subject to Section 203, Junior Subordinated Notes of any series may be exchanged, at the option of the Holder, for Junior Subordinated Notes of the same series, Stated Maturity and original issue date, of any authorized denominations and of like tenor and aggregate principal amount, upon surrender of the Junior Subordinated Notes to be exchanged at any such office or agency.

Whenever any Junior Subordinated Notes are so surrendered for exchange, the Company shall execute, and the Trustee shall authenticate and deliver, the Junior Subordinated Notes that the Holder making the exchange is entitled to receive.

All Junior Subordinated Notes issued upon any registration of transfer or exchange of Junior Subordinated Notes shall be the valid obligations of the Company, evidencing the same debt, and entitled to the same benefits under this Indenture, as the Junior Subordinated Notes surrendered upon such registration of transfer or exchange.

Every Junior Subordinated Note presented or surrendered for registration of transfer or for 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 Security Registrar duly executed, by the Holder thereof or his attorney duly authorized in writing.

No service charge shall be made for any registration of transfer or exchange of Junior Subordinated Notes, 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 registration of transfer or exchange of Junior Subordinated Notes, other than exchanges pursuant to Section 304, 907 or 1107 not involving any transfer.

The Company shall not be required (i) to issue, to register the transfer of or to exchange Junior Subordinated Notes of any series during a period of 15 days immediately preceding the date notice is given identifying the serial numbers of the Junior Subordinated Notes of that series called for redemption, or (ii) to issue, to register the transfer of or to exchange any Junior Subordinated Notes so selected for redemption in whole or in part, except the unredeemed portion of any Junior Subordinated Note being redeemed in part.

None of the Company, the Trustee, any Paying Agent or the Security Registrar will have any responsibility or liability for any aspect of the records relating to or payments made on 

20

account of beneficial ownership interests of a Global Security or for maintaining, supervising or reviewing any records relating to such beneficial ownership interests.

The Trustee shall have no obligation or duty to monitor, determine or inquire as to compliance with any restrictions on transfer imposed under this Indenture or under applicable law with respect to any transfer of any interest in any Note (including any transfers between or among Depositary participants, members or beneficial owners in any Global Security) other than to require delivery of such certificates and other documentation or evidence as are expressly required by, and to do so if and when expressly required by, the terms of this Indenture, and to examine the same to determine substantial compliance as to form with the express requirements hereof.

		
	SECTION 304.
	MUTILATED, DESTROYED, LOST AND STOLEN JUNIOR SUBORDINATED NOTES.

If any mutilated Junior Subordinated Note is surrendered to the Trustee, the Company shall execute and the Trustee shall authenticate and deliver in exchange therefor a new Junior Subordinated Note of the same series, Stated Maturity and original issue date, and of like tenor and principal amount and bearing a number not contemporaneously outstanding.

If there shall be delivered to the Company and the Trustee (i) evidence to their satisfaction of the destruction, loss or theft of any Junior Subordinated Note and (ii) such security or indemnity as may be required by them to save each of them and any agent of either of them harmless, then, in the absence of notice to the Company or the Trustee that such Junior Subordinated Note has been acquired by a bona fide purchaser, the Company shall execute and upon its request the Trustee shall authenticate and deliver, in lieu of any such destroyed, lost or stolen Junior Subordinated Note, a new Junior Subordinated Note of the same series, Stated Maturity and original issue date, and of like tenor and principal amount and bearing a number not contemporaneously outstanding.

In case any such mutilated, destroyed, lost or stolen Junior Subordinated Note has become or is about to become due and payable, the Company in its discretion may, instead of issuing a new Junior Subordinated Note, pay such Junior Subordinated Note.

Upon the issuance of any new Junior Subordinated Note under this Section, 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.

Every new Junior Subordinated Note of any series issued pursuant to this Section in lieu of any destroyed, lost or stolen Junior Subordinated Note shall constitute an original additional contractual obligation of the Company, whether or not the destroyed, lost or stolen Junior Subordinated Note shall be at any time enforceable by anyone, and any such new Junior Subordinated Note shall be entitled to all the benefits of this Indenture equally and 

21

proportionately with any and all other Junior Subordinated Notes of that series duly issued hereunder.

The provisions of this Section 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 Junior Subordinated Notes.

SECTION 305.    PAYMENT OF INTEREST; INTEREST RIGHTS PRESERVED.

Unless otherwise provided as contemplated by Section 301 with respect to any series of Junior Subordinated Notes, interest (including Additional Interest) on any Junior Subordinated Note 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 Junior Subordinated Note (or one or more Predecessor Securities) is registered at the close of business on the Regular Record Date for such interest.

Any interest (including Additional Interest) on any Junior Subordinated Note of any series that is payable, but is not punctually paid or duly provided for on any Interest Payment Date (herein called “Defaulted Interest”) shall forthwith cease to be payable to the 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 Clause (1) or (2) below:

(1)    The Company may elect to make payment of any Defaulted Interest to the Persons in whose names the Junior Subordinated Notes of such series (or their respective Predecessor Securities) are registered at the close of business on a Special Record Date for the payment of such Defaulted Interest, which shall be fixed in the following manner.  The Company shall notify the Trustee in writing of the amount of Defaulted Interest proposed to be paid on each Junior Subordinated Note of such series 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 as in this Clause provided.  Thereupon the Trustee shall fix a Special Record Date for the payment of such Defaulted Interest which shall be not more than 15 days and not less than 10 days prior to the date of the proposed payment and not less than 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 Junior Subordinated Notes of such series at the address of such Holder as it appears in the Security Register, not less than 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 Junior Subordinated Notes of such series (or their respective Predecessor Securities) are registered at the close of business on such Special Record Date and shall no longer be payable pursuant to the following Clause (2).

        

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(2)    The Company may make payment of any Defaulted Interest (including Additional Interest, if any) on the Junior Subordinated Notes of any series in any other lawful manner not inconsistent with the requirements of any securities exchange on which such Junior Subordinated Notes may be listed, and upon such notice as may be required by such exchange, if, after notice given by the Company to the Trustee of the proposed payment pursuant to this Clause, such manner of payment shall be deemed practicable by the Trustee.

Subject to the foregoing provisions of this Section, each Junior Subordinated Note delivered under this Indenture upon registration of transfer of or in exchange for or in lieu of any other Junior Subordinated Note shall carry the rights to interest accrued (including Additional Interest, if any) and unpaid, and to accrue (including Additional Interest, if any), which were carried by such other Junior Subordinated Note.

SECTION 306.    PERSONS DEEMED OWNERS.

Prior to due presentment of a Junior Subordinated 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 such Junior Subordinated Note is registered as the owner of such Junior Subordinated Note for the purpose of receiving payment of principal of (and premium, if any) and (subject to Section 305) interest (including Additional Interest, if any) on such Junior Subordinated Note and for all other purposes whatsoever, whether or not such Junior Subordinated Note be overdue, and neither the Company, the Trustee nor any agent of the Company or the Trustee shall be affected by notice to the contrary.

SECTION 307.    CANCELLATION.

All Junior Subordinated Notes surrendered for payment, redemption, registration of transfer or exchange or for credit against any sinking fund payment shall, if surrendered to any Person other than the Trustee, be delivered to the Trustee and shall be promptly cancelled by the Trustee.  The Company may at any time deliver to the Trustee for cancellation any Junior Subordinated Notes previously authenticated and delivered hereunder which the Company may have acquired in any manner whatsoever, and all Junior Subordinated Notes so delivered shall be canceled by the Trustee.  No Junior Subordinated Notes shall be authenticated in lieu of or in exchange for any Junior Subordinated Notes canceled as provided in this Section, except as expressly permitted by this Indenture.  All cancelled Junior Subordinated Notes held by the Trustee shall be disposed of in accordance with its customary procedures and the Trustee shall promptly deliver a certificate of disposition to the Company.

SECTION 308.    COMPUTATION OF INTEREST.

Except as otherwise specified as contemplated by Section 301 for Junior Subordinated Notes of any series, interest on the Junior Subordinated Notes of each series shall be computed on the basis of a 360-day year consisting of twelve 30-day months.

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ARTICLE FOUR

SATISFACTION AND DISCHARGE

SECTION 401.    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 Junior Subordinated Notes herein expressly provided for) and the Trustee, at the expense of the Company, shall execute proper instruments acknowledging satisfaction and discharge of this Indenture, when

(1)    either

(A)    all Junior Subordinated Notes theretofore authenticated and delivered (other than (i) Junior Subordinated Notes that have been destroyed, lost or stolen and that have been replaced or paid as provided for in Section 304 and (ii) Junior Subordinated Notes 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 1003) have been delivered to the Trustee for cancellation; or

(B)    all such Junior Subordinated Notes not theretofore delivered to the Trustee for cancellation
		
	(i)
	have become due and payable,

		
	(ii)
	will become due and payable at their Stated Maturity within one year, or

		
	(iii)
	have been called for redemption or 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 (B) above, has deposited or caused to be deposited with the Trustee as funds in trust for the purpose described above (i) money in an amount sufficient, or (ii) (a) Government Obligations which through the payment of interest and principal in respect thereof in accordance with their terms will provide not later than one day before the due date of any payment referred to in clause (B) of this subparagraph money in an amount, or (b) a combination of such money and such Government Obligations, 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 Junior Subordinated Notes not theretofore delivered to the Trustee for cancellation, for principal (and premium, if any) and interest to the date of the Stated Maturity or Redemption Date, as the case may be, or if later, the date of payment;

        

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

(3)    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.

In the event there are Junior Subordinated Notes of two or more series hereunder, the Trustee shall be required to execute an instrument acknowledging satisfaction and discharge of this Indenture only if requested to do so with respect to Junior Subordinated Notes of all series as to which it is Trustee and if the other conditions thereto are met.  In the event there are two or more Trustees hereunder, then the effectiveness of any such instrument shall be conditioned upon receipt of such instruments from all Trustees hereunder.

If, subsequent to the date a discharge is effected pursuant to this Section 401, Additional Interest (in excess of that established as of the date such discharge is effected) becomes payable in respect of the series of Junior Subordinated Notes discharged, in order to preserve the benefits of the discharge established hereunder, the Company shall irrevocably deposit or cause to be irrevocably deposited in accordance with the provisions of this Section 401, within ten Business Days prior to the date the first payment in respect of any portion of such excess Additional Interest becomes due, such additional funds as are necessary to satisfy the provisions of this Section 401 as if a discharge were being effected as of the date of such subsequent deposit.  Failure to comply with the requirements of this paragraph shall result in the termination of the benefits of the discharge established by this Section 401.

Notwithstanding the satisfaction and discharge of this Indenture, the obligations of the Company to the Trustee under Section 607, the obligations of the Company to any Authenticating Agent under Section 614, and, if money or Government Obligations shall have been deposited with the Trustee pursuant to subclause (B) of clause (1) of this Section, the obligations of the Trustee under Section 402 and the last paragraph of Section 1003 shall survive.

SECTION 402.    APPLICATION OF TRUST MONEY INDEMNIFICATION.

(a)Subject to the provisions of the last paragraph of Section 1003, all money or Government Obligations deposited with the Trustee pursuant to Section 401 and all money received by the Trustee in respect of Government Obligations deposited with the Trustee pursuant to Section 401 shall be held in trust and applied by it, in accordance with the provisions of the Junior Subordinated Notes, and this Indenture, to the payment, either directly or through any Paying Agent (including the Company or an Affiliate acting as its own Paying Agent) as the Trustee may determine, to the Persons entitled thereto, of the principal (and premium, if any) and interest for whose payment such money has been deposited with or received by the Trustee.

(b)The Company shall pay and shall indemnify the Trustee against any tax, fee or other charge imposed on or assessed against Government Obligations deposited pursuant to Section 401, 

25

or the interest and principal received in respect of such obligations other than any amount payable by or on behalf of Holders.

(c)The Trustee shall deliver or pay to the Company from time to time upon Company Request any Government Obligations or money held by it as provided in Section 401 which, in the opinion of a nationally recognized firm of independent public accountants expressed in a written certification thereof delivered to the Trustee (which may be the same opinion given to the Trustee pursuant to said Section), is then in excess of the amount thereof which then would have been required to be deposited for the purpose for which such obligations or money was deposited or received.

ARTICLE FIVE

REMEDIES

SECTION 501.    EVENTS OF DEFAULT.

“Event of Default”, wherever used herein with respect to Junior Subordinated Notes of any series, means any one of the following events (whatever the reason for such Event of Default and whether it shall be voluntary or involuntary or be effected by operation of law or pursuant to any judgment, decree or order of any court or any order, rule or regulation of any administrative or governmental body or occasioned by the operation of Article Thirteen):

(1)    default in the payment of any interest upon any Junior Subordinated Note of that series when it becomes due and payable on an Interest Payment Date other than at Maturity, including Additional Interest (as defined in clause (ii) of the definition thereof) in respect thereof, and continuance of such default for a period of thirty (30) days; provided, however, that (i) a valid extension of the interest payment period by the Company pursuant to the terms of a supplemental indenture authorizing the Junior Subordinated Notes of that series shall not constitute a default in the payment of interest for this purpose and (ii) no such default shall be deemed to exist if, on or prior to the date on which such interest became due, the Company shall have made a payment sufficient to pay such interest pursuant to the Guarantee related to the Trust Securities of the Securities Trust owning such series of Junior Subordinated Notes, and shall have delivered a notice to the Trustee to that effect; or

(2)    default in payment of Additional Interest (as defined in clause (i) of the definition thereof) and the continuance of such default for a period of thirty (30) days; or 

(3)    default in the payment of the principal of, (or premium, if any) or interest (including Additional Interest as defined in clause (ii) of the definition thereof) on any Junior Subordinated Note of that series at its Maturity; provided, however, that no such default in the payment of principal (or premium, if any) or interest (including Additional Interest as defined in clause (ii) of the definition thereof) shall be deemed to exist if, on or prior to the date such 

26

principal (and premium, if any) or interest (including Additional Interest as defined in clause (ii) of the definition thereof) became due, the Company shall have made a payment sufficient to pay such principal (and premium, if any) or interest (including Additional Interest as defined in clause (ii) of the definition thereof) pursuant to the Guarantee related to the Trust Securities of the Securities Trust owning such series of Junior Subordinated Notes, and shall have delivered a notice to the Trustee to that effect; or

(4)    default in the deposit of any sinking fund payment, when and as due by the terms of a Junior Subordinated Note of that series and continuance of such default for a period of three Business Days; or

(5)    default in the performance or breach of any covenant or warranty of the Company in this Indenture (other than a covenant or warranty a default in whose performance or whose breach is elsewhere in this Section specifically dealt with or which has expressly been included in this Indenture solely for the benefit of one or more series of Junior Subordinated Notes other than that series), and continuance of such default or breach for a period of 90 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 25% in principal amount of the Outstanding Junior Subordinated Notes of that series, 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

(6)    the entry by a court having jurisdiction in the premises of (A) a decree or order for relief in respect of the Company in an involuntary case or proceeding under any applicable federal or state bankruptcy, insolvency, reorganization or other similar law or (B) a decree or order adjudging the Company a bankrupt or insolvent, or approving as properly filed a petition by one or more Persons other than the Company seeking reorganization, arrangement, adjustment or composition of or in respect of the Company under any applicable federal or state law, or appointing a custodian, receiver, liquidator, assignee, trustee, sequestrator or other similar official for the Company or for 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 90 consecutive days; or

(7)    the commencement by the Company of a case or proceeding under any applicable federal or state bankruptcy, insolvency, reorganization or other similar law or of any other case or proceeding to be adjudicated a bankrupt or insolvent, or the consent by it to the entry of a decree or order for relief in respect of the Company in a case or proceeding under any applicable federal or state bankruptcy, insolvency, reorganization or other similar law or to the commencement of any bankruptcy or insolvency case or proceeding against it, or the filing by it of a petition or answer or consent seeking reorganization or relief under any applicable federal or state 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 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 its inability to pay its debts generally 

27

as they become due, or the taking of corporate action by the Company in furtherance of any such action; or

(8)    any other Event of Default provided with respect to Junior Subordinated Notes of that series in the supplemental indenture authorizing such series.

		
	SECTION 502.
	ACCELERATION OF MATURITY; RESCISSION AND ANNULMENT.

If an Event of Default with respect to Junior Subordinated Notes of any series at the time Outstanding occurs and is continuing, then in every such case the Trustee or the Holders of not less than 25% in principal amount of the Outstanding Junior Subordinated Notes of that series may declare the principal amount (or such portion of the principal amount as may be specified in the terms of that series) of all of the Junior Subordinated Notes of that series to be due and payable immediately, by a notice in writing to the Company (and to the Trustee if given by Holders), and upon any such declaration such principal amount (or specified amount) shall become immediately due and payable.

At any time after such a declaration of acceleration with respect to Junior Subordinated Notes of any series has been made and before a judgment or decree for payment of the money due has been obtained by the Trustee as hereinafter in this Article provided, the Holders of not less than a majority in principal amount of the Outstanding Junior Subordinated Notes of that series, by written notice to the Company and the Trustee, may rescind and annul such declaration and its consequences if

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

(A)    all overdue interest (including any Additional Interest) on all Junior Subordinated Notes of that series,

(B)    the principal of (and premium, if any) any Junior Subordinated Notes of that series which have become due otherwise than by such declaration of acceleration and interest thereon at the rate or rates prescribed therefor in such Junior Subordinated Notes,

(C)    to the extent that payment of such interest is lawful, interest upon overdue interest (including any Additional Interest) at the rate or rates prescribed therefor in such Junior Subordinated Notes, and

(D)    all sums paid or advanced by the Trustee hereunder and the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, and any other amounts due to the Trustee under Section 607; and

(2)    all Events of Default with respect to Junior Subordinated Notes of that series, other than the non-payment of the principal of Junior Subordinated Notes of that series 

28

which have become due solely by such declaration of acceleration, have been cured or waived as provided in Section 513.

No such rescission shall affect any subsequent default or impair any right consequent thereon.

		
	SECTION 503.
	COLLECTION OF INDEBTEDNESS AND SUITS FOR ENFORCEMENT BY TRUSTEE.

The Company covenants that if an Event of Default occurs under Section 501(1), (2), (3) or (4) with respect to any Junior Subordinated Notes the Company will, upon demand of the Trustee, pay to it, for the benefit of the Holders of such Junior Subordinated Notes, the whole amount then due and payable on such Junior Subordinated Notes for principal (and premium, if any) and interest (including Additional Interest, if any) and, to the extent that payment of such interest shall be legally enforceable, interest on any overdue principal (and premium, if any) and on any overdue interest (including Additional Interest, if any), at the rate or rates prescribed therefor in such Junior Subordinated Notes, and, in addition thereto, such further amount as shall be sufficient to cover the costs and expenses of collection, including the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, and any other amounts due to the Trustee under Section 607.

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, may prosecute such proceeding to judgment or final decree and may enforce the same against the Company or any other obligor upon such Junior Subordinated Notes 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 such Junior Subordinated Notes, wherever situated.

If an Event of Default with respect to Junior Subordinated Notes of any series occurs and is continuing, the Trustee may in its discretion proceed to protect and enforce its rights and the rights of the Holders of Junior Subordinated Notes of such series by such appropriate judicial proceedings as the Trustee shall deem most 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 504.    TRUSTEE MAY FILE PROOFS OF CLAIM.

In case of the pendency of any receivership, insolvency, liquidation, bankruptcy, reorganization, arrangement, adjustment, composition or other judicial proceeding relative to the Company or any other obligor upon the Junior Subordinated Notes or the property of the Company or of such other obligor or their creditors, the Trustee (irrespective of whether the principal of the Junior Subordinated Notes shall then be due and payable as therein expressed or by declaration or otherwise and irrespective of whether the Trustee shall have made any demand on the Company for the payment of overdue principal or interest) shall be entitled and empowered, by intervention in such proceeding or otherwise,

        

29

(1)    to file and prove a claim for the whole amount of principal (and premium, if any) and interest owing and unpaid in respect of the Junior Subordinated Notes and to file such other papers or documents as may be necessary or advisable in order to have the claims of the Trustee (including any claim for the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, and any other amounts due to the Trustee under Section 607) and of the Holders of Junior Subordinated Notes allowed in such judicial proceeding, and

(2)    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 of Junior Subordinated Notes 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 of Junior Subordinated Notes, to 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 due the Trustee under Section 607.  To the extent that the payment of any such compensation, expenses, disbursements and advances and any other amounts due the Trustee under Section 607 out of the estate in any such proceeding shall be denied for any reason, payment of the same shall be secured by a lien on, and shall be paid out of, any and all distributions, dividends, money, securities and other properties that the Holders may be entitled to receive in such proceeding whether in liquidation or under any plan of reorganization or arrangement or otherwise.

Nothing herein contained shall be deemed to authorize the Trustee to authorize or consent to or accept or adopt on behalf of any Holder of a Junior Subordinated Note any plan of reorganization, arrangement, adjustment or composition affecting the Junior Subordinated Notes or the rights of any Holder thereof or to authorize the Trustee to vote in respect of the claim of any Holder of a Junior Subordinated Note in any such proceeding.

		
	SECTION 505.
	TRUSTEE MAY ENFORCE CLAIMS WITHOUT POSSESSION OF JUNIOR SUBORDINATED NOTES.

All rights of action and claims under this Indenture or the Junior Subordinated Notes may be prosecuted and enforced by the Trustee without the possession of any of the Junior Subordinated Notes 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, after provision for the payment of the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, be for the ratable benefit of the Holders of the Junior Subordinated Notes in respect of which such judgment has been recovered.

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SECTION 506.    APPLICATION OF MONEY COLLECTED.

Any money collected by the Trustee pursuant to this Article 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 on account of principal (or premium, if any) or interest, upon presentation of the Junior Subordinated Notes, 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 under Section 607; and

Second:  Subject to Article Thirteen, to the payment of the amounts then due and unpaid for principal of (and premium, if any) and interest (including Additional Interest, if any) on the Junior Subordinated Notes in respect of which or for the benefit of which such money has been collected, ratably, without preference or priority of any kind, according to the amounts due and payable on such Junior Subordinated Notes for principal (and premium, if any) and interest (including Additional Interest, if any), respectively; and

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

SECTION 507.    LIMITATION ON SUITS.

No Holder of any Junior Subordinated Note of any series shall have any right to institute any proceeding, judicial or otherwise, with respect to this Indenture, or for the appointment of a receiver or trustee, or for any other remedy hereunder, unless:

(1)    such Holder has previously given written notice to the Trustee of a continuing Event of Default with respect to the Junior Subordinated Notes of that series;

(2)    the Holders of not less than 25% in principal amount of the Outstanding Junior Subordinated Notes of that series 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;

(3)    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;

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

(5)    no direction inconsistent with such written request has been given to the Trustee during such 60-day period by the Holders of a majority in principal amount of the Outstanding Junior Subordinated Notes of that series;

it being understood and intended that no one or more of such Holders shall have any right in any manner whatsoever by virtue of, or by availing of, any provision of this Indenture to affect, disturb or prejudice the rights of any other of such Holders or to obtain or to seek to obtain 

31

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 of such Holders.

		
	SECTION 508.
	UNCONDITIONAL RIGHT OF HOLDERS TO RECEIVE PRINCIPAL, PREMIUM AND INTEREST.

Notwithstanding any other provision in this Indenture but subject to Article Thirteen, (1) the Holder of any Junior Subordinated Notes shall have the right, which is absolute and unconditional, to receive payment of the principal of (and premium, if any) and (subject to Section 305) interest (including any Additional Interest) on such Junior Subordinated Note on the due dates expressed in such Junior Subordinated Note (or, in the case of redemption, on the Redemption Date) and to institute suit for the enforcement of any such payment, and such rights shall not be impaired without the consent of such Holder; and (2) so long as the Junior Subordinated Notes of any series are held by a Securities Trust, a registered holder of preferred securities issued by such Securities Trust may institute a legal proceeding directly against the Company, without first instituting a legal proceeding directly against or requesting or directing that action be taken by the Property Trustee of such Securities Trust or any other Person, for enforcement of payment to such registered holder of principal of or interest on Junior Subordinated Notes of such series having a principal amount equal to the aggregate stated liquidation amount of such preferred securities of such registered holder on or after the due dates therefor specified or provided for in the Junior Subordinated Notes of such series.

SECTION 509.    RESTORATION OF RIGHTS AND REMEDIES.

If the Trustee or any Holder of a Junior Subordinated Note 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 or to such Holder, then and in every such case, subject to any determination in such proceeding, the Company, the Trustee and the Holders of Junior Subordinated Notes shall be restored severally and respectively to their former positions hereunder and thereafter all rights and remedies of the Trustee and the Holders shall continue as though no such proceeding had been instituted.

SECTION 510.    RIGHTS AND REMEDIES CUMULATIVE.

Except as otherwise provided with respect to the replacement or payment of mutilated, destroyed, lost or stolen Junior Subordinated Notes in the last paragraph of Section 304, no right or remedy herein conferred upon or reserved to the Trustee or to the Holders of Junior Subordinated Notes 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.

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SECTION 511.    DELAY OR OMISSION NOT WAIVER.

No delay or omission of the Trustee or of any Holder of any Junior Subordinated Note to exercise any right or remedy 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 or by law to the Trustee or to the Holders of Junior Subordinated Notes may be exercised from time to time, and as often as may be deemed expedient, by the Trustee or by the Holders of Junior Subordinated Notes.

SECTION 512.    CONTROL BY HOLDERS OF JUNIOR SUBORDINATED NOTES.

The Holders of not less than a majority in principal amount of the Outstanding Junior Subordinated Notes of any series 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, with respect to the Junior Subordinated Notes of such series, provided that

(1)    such direction shall not be in conflict with any rule of law or with this Indenture, and could not involve the Trustee in personal liability in circumstances where reasonable indemnity would not be adequate, and

(2)    the Trustee may take any other action deemed proper by the Trustee which is not inconsistent with such direction.

SECTION 513.    WAIVER OF PAST DEFAULTS.

The Holders of not less than a majority in principal amount of the Outstanding Junior Subordinated Notes of any series may, on behalf of the Holders of all the Junior Subordinated Notes of such series, waive any past default hereunder with respect to such series and its consequences, except a default

(1)    in the payment of the principal of (or premium, if any) or interest (including Additional Interest) on any Junior Subordinated Note of such series, or

(2)    in respect of a covenant or provision hereof which under Article Nine cannot be modified or amended without the consent of the Holder of each Outstanding Junior Subordinated Note of such series affected.

Upon any such waiver, such 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 default or impair any right consequent thereon.

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SECTION 514.    UNDERTAKING FOR COSTS.

All parties to this Indenture agree, and each Holder of any Junior Subordinated Note by his 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, suffered 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, 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 shall not apply to any suit instituted by the Company, to any suit instituted by the Trustee, to any suit instituted by any Holder, or group of Holders, holding in the aggregate more than 10% in principal amount of the Outstanding Junior Subordinated Notes of any series, or to any suit instituted by any Holder of any Junior Subordinated Note for the enforcement of the payment of the principal of (or premium, if any) or interest (including Additional Interest) on any Junior Subordinated Note on or after the Stated Maturity or Maturities expressed in such Junior Subordinated Note (or, in the case of redemption, on or after the Redemption Date).

SECTION 515.    WAIVER OF 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, any 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 SIX

THE TRUSTEE

SECTION 601.    CERTAIN DUTIES AND RESPONSIBILITIES.

(a)    Except during the continuance of an Event of Default with respect to Junior Subordinated Notes of any series,

(1)    the Trustee undertakes to perform, with respect to Junior Subordinated Notes of such series, 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

        

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(2)    in the absence of bad faith on its part, the Trustee may, with respect to Junior Subordinated Notes of such series, 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; but in the case of any such certificates or opinions which by any provision hereof are specifically required to be furnished to the Trustee, the Trustee shall be under a duty to examine the same to determine whether or not they conform to the requirements of this Indenture.

(b)    In case an Event of Default with respect to Junior Subordinated Notes of any series has occurred and is continuing, the Trustee shall exercise, with respect to Junior Subordinated Notes of such series, such of the rights and powers vested in it by this Indenture, and use the same degree of care and skill in their exercise, as a prudent man would exercise or use under the circumstances in the conduct of his own affairs.

(c)    No provision of this Indenture shall be construed to relieve the Trustee from liability for its own negligent action, its own negligent failure to act, or its own willful misconduct, except that

(1)    this Subsection shall not be construed to limit the effect of Subsection (a) of this Section;

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

(3)    the Trustee shall not be liable with respect to any action taken or omitted to be taken by it in good faith in accordance with the direction of the Holders of a majority in principal amount of the Outstanding Junior Subordinated Notes of any series relating to the time, method and place of conducting any proceeding for any remedy available to the Trustee, or exercising any trust or power conferred upon the Trustee, under this Indenture with respect to the Junior Subordinated Notes of such series; and

(4)    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.

(d)    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.

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SECTION 602.    NOTICE OF DEFAULTS.

Within 90 days after the occurrence of any default hereunder with respect to the Junior Subordinated Notes of any series, the Trustee shall transmit by mail to all Holders of Junior Subordinated Notes of such series entitled to receive reports pursuant to Section 313(c) of the Trust Indenture Act, notice of all defaults hereunder known to the Trustee, unless such default shall have been cured or waived; provided, however, that, except in the case of a default in the payment of the principal of (or premium, if any) or interest (including Additional Interest) on any Junior Subordinated Note of such series or in the payment of any sinking fund installment with respect to Junior Subordinated Notes of such series, the Trustee shall be protected in withholding such notice if and so long as the board of directors, the executive committee or a trust committee of directors or Responsible Officers of the Trustee in good faith determine that the withholding of such notice is in the interest of the Holders of Junior Subordinated Notes of such series; and provided, further, that in the case of any default of the character specified in Section 501(5) with respect to Junior Subordinated Notes of such series, no such notice to Holders shall be given until at least 45 days after the occurrence thereof.  For the purpose of this Section, the term “default” means any event which is, or after notice or lapse of time or both would become, an Event of Default with respect to Junior Subordinated Notes of such series.

SECTION 603.    CERTAIN RIGHTS OF TRUSTEE.

Subject to the provisions of Section 601:

(a)    the Trustee may rely and shall be protected in acting or refraining from acting upon any resolution, certificate, statement, instrument, opinion, report, notice, request, direction, consent, order, bond, debenture, note, other evidence of indebtedness or other paper or document believed by it to be genuine and to have been signed or presented by the proper party or parties;

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

(c)    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, rely upon an Officers’ Certificate or an Opinion of Counsel;

(d)    the Trustee may consult with counsel and the written 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 of Junior 

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Subordinated Notes of any series pursuant to this Indenture, unless such Holders shall have offered to the Trustee reasonable security or indemnity against the costs, expenses and liabilities which might be incurred by it in compliance with such request or direction;

(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, debenture, note, other evidence of indebtedness or other paper or document, but the Trustee, in its discretion, may make such further inquiry or investigation into such facts or matters as it may see fit, and, if the Trustee shall determine to make such further 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 or attorneys and the Trustee shall not be responsible for any misconduct or negligence on the part of any agent or attorney appointed with due care by it hereunder; and

(h)    the Trustee shall not be charged with knowledge of any default or Event of Default with respect to the Junior Subordinated Notes of any series for which it is acting as Trustee unless either (1) a Responsible Officer of the Trustee shall have actual knowledge of such default or Event of Default or (2) written notice of such default or Event of Default shall have been given to the Trustee by the Company, any other obligor on such Junior Subordinated Notes or by the Holders of at least 25% in aggregate principal amount of such Junior Subordinated Notes.

(i)    the Trustee shall not be required to give any bond or surety in respect of the execution of its trusts or powers or otherwise in respect of this Indenture.

(j)    the Trustee shall not be liable for any action it takes or omits to take which it in good faith reasonably believes to be authorized or within its powers other than for its own negligence or willful misconduct.

(k)     anything in this Indenture notwithstanding, in no event shall the Trustee be liable for special, indirect, punitive or consequential loss or damage of any kind whatsoever (including but not limited to loss of profit), even if the Trustee has been advised as to the likelihood of such loss or damage and regardless of the form of action arising in connection with this Indenture.

(l)   any action taken, or omitted to be taken, by the Trustee in good faith pursuant to this Indenture upon the request or authority or consent of any Person who, at the time of making such request or giving such authority or consent, is the Holder of any Junior Subordinated Note of a series shall be conclusive and binding upon all future Holders of Junior Subordinated Notes of such series and upon Junior Subordinated Notes executed and delivered in exchange therefor or in place thereof.

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(m)    the Trustee may intervene in any judicial proceeding and shall do so if directed to do so pursuant to Section 512, subject to Section 603(e). 

(n)    the permissive right of the Trustee to take actions enumerated in this Indenture shall not be construed as a duty.

		
	SECTION 604.
	NOT RESPONSIBLE FOR RECITALS OR ISSUANCE OF JUNIOR SUBORDINATED NOTES.

The recitals contained herein and in the Junior Subordinated Notes (except the Trustee’s certificates of authentication) shall be taken as the statements of the Company, and the Trustee or any Authenticating Agent assumes no responsibility for their correctness.  The Trustee makes no representations as to the validity or sufficiency of this Indenture or of the Junior Subordinated Notes.  The Trustee or any Authenticating Agent shall not be accountable for the use or application by the Company of Junior Subordinated Notes or the proceeds thereof.

The Trustee shall not be deemed to owe any fiduciary duty to the holders of Trust Securities and shall be entitled to rely on the delivery to it of a written notice by a Person representing himself to be a holder of a Trust Security to establish that such Person is such a holder.  The Trustee may conclusively rely on an Officers’ Certificate as evidence that the holders of the necessary percentage of liquidation preference of Trust Securities have taken any action contemplated hereunder and shall have no duty to investigate the truth or accuracy of any statement contained therein. 

The Trustee shall have no responsibility or liability with respect to any information, statement or recital in any offering memorandum, prospectus, prospectus supplement or other disclosure material prepared or distributed with respect to any of the Junior Subordinated Notes.

SECTION 605.    MAY HOLD JUNIOR SUBORDINATED NOTES.

The Trustee, any Authenticating Agent, any Paying Agent, any Security Registrar or any other agent of the Company, in its individual or any other capacity, may become the owner or pledgee of Junior Subordinated Notes and, subject to Sections 608 and 613, may otherwise deal with the Company with the same rights it would have if it were not Trustee, Authenticating Agent, Paying Agent, Security Registrar or such other agent.

SECTION 606.    MONEY HELD IN TRUST.

Money held by the Trustee in trust hereunder need not be segregated from other funds except to the extent required by law.  The Trustee shall be under no liability for interest on any money received by it hereunder except as otherwise agreed with the Company.

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SECTION 607.    COMPENSATION AND REIMBURSEMENT.

The Company agrees

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

(2)    except as otherwise expressly provided herein, 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, willful misconduct or bad faith; and

(3)    to indemnify the Trustee for, and to hold it harmless against, any loss, liability, damages, costs or expense incurred without negligence, willful misconduct or bad faith on its part, arising out of or in connection with the acceptance or administration of the trust or trusts hereunder, including the costs and expenses of defending itself against any claim or liability in connection with the exercise or performance of any of its powers or duties hereunder.

As security for the performance of the obligations of the Company under this Section the Trustee shall have a lien prior to the Junior Subordinated Notes upon all property and funds held or collected by the Trustee as such, except funds held in trust for the payment of principal of, premium, if any, or interest, if any, on particular Junior Subordinated Notes.

The obligations of the Company under this Section 607 shall survive the satisfaction and discharge of this Indenture and the resignation or removal of the Trustee. 

In addition to and without prejudice to its other rights hereunder or under applicable law, when the Trustee incurs expenses or renders services after an Event of Default specified in Section 501(6) or (7) occurs, the expenses and the compensation for the services are intended to constitute expenses of administration under Title 11, U.S. Code or any similar federal, state or foreign law for the relief of debtors.

SECTION 608.    DISQUALIFICATION; CONFLICTING INTERESTS.

If the Trustee has or shall acquire any conflicting interest, within the meaning of the Trust Indenture Act, it shall, within 90 days after ascertaining that it has such conflicting interest, either eliminate such conflicting interest or resign, to the extent and in the manner provided by, and subject to the provisions of, the Trust Indenture Act and this Indenture.  To the extent permitted by the Trust Indenture Act, the Trustee shall not be deemed to have a conflicting interest by virtue of being trustee under (i) this Indenture with respect to Junior Subordinated Notes of one 

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or more series or (ii) any other indenture to which the Trustee and the Company are a party, if any, or with respect to the securities issued thereunder, if any.

SECTION 609.    CORPORATE TRUSTEE REQUIRED; ELIGIBILITY.

There shall at all times be a Trustee hereunder which shall be a corporation organized and doing business under the laws of the United States of America, any State thereof or the District of Columbia, authorized under such laws 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 qualified and eligible under this Article and otherwise permitted by the Trust Indenture Act to act as Trustee under an Indenture qualified under the Trust Indenture Act.  If such corporation 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, the combined capital and surplus of such corporation shall be deemed to be its combined capital 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, it shall resign immediately in the manner and with the effect hereinafter specified in this Article.

SECTION 610.    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 shall become effective until the acceptance of appointment by the successor Trustee in accordance with the applicable requirements of Section 611.

(b)    The Trustee may resign at any time with respect to the Junior Subordinated Notes of one or more series by giving written notice thereof to the Company.  If the instrument of acceptance by a successor Trustee required by Section 611 shall not have been delivered to the Trustee within 30 days after the giving of such notice of resignation, the resigning Trustee may petition any court of competent jurisdiction for the appointment of a successor Trustee with respect to the Junior Subordinated Notes of such series.

(c)    The Trustee may be removed at any time with respect to the Junior Subordinated Notes of any series upon 30 days notice by Act of the  Holders of a majority in principal amount of the Outstanding Junior Subordinated Notes of such series delivered to the Trustee and to the Company.

(d)    If at any time:

(1)    the Trustee shall fail to comply with Section 608 after written request therefor by the Company or by any Holder of a Junior Subordinated Note who has been a Holder of a Junior Subordinated Note for at least six months, or

(2)    the Trustee shall cease to be eligible under Section 609 and shall fail to resign after written request therefor by the Company or by any such Holder, or

        

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(3)    the Trustee shall become incapable of acting or shall be adjudged a bankrupt or insolvent or a receiver of the Trustee or of its property shall be appointed or any public officer shall take charge or control of the Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation,

then, in any such case, (i) the Company, by a Board Resolution, may remove the Trustee with respect to all Junior Subordinated Notes, or (ii) subject to Section 514, any Holder of a Junior Subordinated Note who has been a bona fide Holder of a Junior Subordinated Note for at least six months may, on behalf of himself and all others similarly situated, petition any court of competent jurisdiction for the removal of the Trustee with respect to all Junior Subordinated Notes and the appointment of a successor Trustee or Trustees.

(e)    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 cause, with respect to the Junior Subordinated Notes of one or more series, the Company, by a Board Resolution, shall promptly appoint a successor Trustee or Trustees with respect to the Junior Subordinated Notes of that or those series (it being understood that any such successor Trustee may be appointed with respect to the Junior Subordinated Notes of one or more or all of such series and that at any time there shall be only one Trustee with respect to the Junior Subordinated Notes of any particular series) and shall comply with the applicable requirements of Section 611.  If, within one year after such resignation, removal or incapability, or the occurrence of such vacancy, a successor Trustee with respect to the Junior Subordinated Notes of any series shall be appointed by Act of the Holders of a majority in principal amount of the Outstanding Junior Subordinated Notes of such series delivered to the Company and the retiring Trustee, the successor Trustee so appointed shall, forthwith upon its acceptance of such appointment in accordance with the applicable requirements of Section 611, become the successor Trustee with respect to the Junior Subordinated Notes of such series and to that extent supersede the successor Trustee appointed by the Company.  If no successor Trustee with respect to the Junior Subordinated Notes of any series shall have been so appointed by the Company or the Holders of Junior Subordinated Notes and accepted appointment in the manner required by Section 611, any Holder of a Junior Subordinated Note who has been a bona fide Holder of a Junior Subordinated Note of such series for at least six months may, on behalf of himself and all others similarly situated, petition any court of competent jurisdiction for the appointment of a successor Trustee with respect to the Junior Subordinated Notes of such series.

(f)    The Company shall give notice of each resignation and each removal of the Trustee with respect to the Junior Subordinated Notes of any series and each appointment of a successor Trustee with respect to the Junior Subordinated Notes of any series by mailing written notice of such event by first-class mail, postage prepaid, to all Holders of such series of Junior Subordinated Notes as their names and addresses appear in the Security Register.

SECTION 611.    ACCEPTANCE OF APPOINTMENT BY SUCCESSOR.

(a)    In case of the appointment hereunder of a successor Trustee with respect to all Junior Subordinated Notes, every such successor Trustee so appointed shall execute, 

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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 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)    In case of the appointment hereunder of a successor Trustee with respect to the Junior Subordinated Notes of one or more (but not all) series, the Company, the retiring Trustee and each successor Trustee with respect to the Junior Subordinated Notes of one or more series shall execute and deliver a supplemental indenture hereto wherein each successor Trustee shall accept such appointment and which (1) shall contain such provisions as shall be necessary or desirable to transfer and confirm to, and to vest in, each successor Trustee all the rights, powers, trusts and duties of the retiring Trustee with respect to the Junior Subordinated Notes of that or those series to which the appointment of such successor Trustee relates, (2) if the retiring Trustee is not retiring with respect to all Junior Subordinated Notes, shall contain such provisions as shall be deemed necessary or desirable to confirm that all the rights, powers, trusts and duties of the retiring Trustee with respect to the Junior Subordinated Notes of that or those series as to which the retiring Trustee is not retiring shall continue to be vested in the retiring Trustee, and (3) shall add to or change any of the provisions of this Indenture as shall be necessary to provide for or facilitate the administration of the trusts hereunder by more than one Trustee, it being understood that nothing herein or in such supplemental indenture shall constitute such Trustees co-trustees of the same trust and that each such Trustee shall be trustee of a trust or trusts hereunder separate and apart from any trust or trusts hereunder administered by any other such Trustee; and upon the execution and delivery of such supplemental indenture the resignation or removal of the retiring Trustee shall become effective to the extent provided therein 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 with respect to the Junior Subordinated Notes of that or those series to which the appointment of such successor Trustee relates; but, on request of the Company or any successor Trustee, such retiring Trustee shall duly assign, transfer and deliver to such successor Trustee all property and money held by such retiring Trustee hereunder with respect to the Junior Subordinated Notes of that or those series to which the appointment of such successor Trustee relates.

(c)    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 such rights, powers and trusts referred to in paragraph (a) or (b) of this Section, as the case may be.

(d)    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.

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	SECTION 612.
	MERGER, CONVERSION, CONSOLIDATION OR SUCCESSION TO BUSINESS.

Any corporation into which the Trustee may be merged or converted or with which it may be consolidated, or any corporation resulting from any merger, conversion or consolidation to which the Trustee shall be a party, or any corporation succeeding to all or substantially all the corporate trust business of the Trustee, shall be the successor of the Trustee hereunder, provided such corporation shall be otherwise qualified and eligible under this Article, without the execution or filing of any paper or any further act on the part of any of the parties hereto.  In case any Junior Subordinated Notes shall have been authenticated, but not delivered, by the Trustee then in office, any successor by merger, conversion or consolidation to such authenticating Trustee may adopt such authentication and deliver the Junior Subordinated Notes so authenticated with the same effect as if such successor Trustee had itself authenticated such Junior Subordinated Notes.

SECTION 613.    PREFERENTIAL COLLECTION OF CLAIMS AGAINST COMPANY.

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

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

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

SECTION 614.    APPOINTMENT OF AUTHENTICATING AGENT.

At any time when any of the Junior Subordinated Notes remain Outstanding the Trustee may appoint an Authenticating Agent or Agents with respect to one or more series of Junior Subordinated Notes that shall be authorized to act on behalf of the Trustee to authenticate Junior Subordinated Notes of such series issued upon exchange, registration of transfer or partial redemption thereof or pursuant to Section 304, and Junior Subordinated Notes 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 

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authentication and delivery of Junior Subordinated Notes 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 Authenticating Agent and a certificate of authentication executed on behalf of the Trustee by an 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, any State 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, 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, such Authenticating Agent shall resign immediately in the manner and with the effect specified in this Section.

Any corporation into which an Authenticating Agent may be merged or converted or with which it may be consolidated, or any corporation resulting from any merger, conversion or consolidation to which such Authenticating Agent shall be a party, or any corporation succeeding to the corporate agency or corporate trust business of an Authenticating Agent, shall continue to be an Authenticating Agent, provided such corporation shall be otherwise eligible under this Section, without the execution or filing of any paper or any further act on the part of the Trustee or the Authenticating Agent.

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, the Trustee may appoint a successor Authenticating Agent which shall be acceptable to the Company and shall mail written notice of such appointment by first-class mail, postage prepaid, to all Holders of Junior Subordinated Notes, if any, of the series with respect to which such Authenticating Agent will serve, as their names and addresses appear in the Security Register.  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.  No successor Authenticating Agent shall be appointed unless eligible under the provisions of this Section.

The Company agrees to pay to each Authenticating Agent from time to time reasonable compensation for its services under this Section.

The provisions of Sections 306, 604 and 605 shall be applicable to each Authenticating Agent.

    

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If an appointment with respect to one or more series is made pursuant to this Section, the Junior Subordinated Notes of such series may have endorsed thereon, in addition to the Trustee’s certificate of authentication, an alternate certificate of authentication in the following form:
        
This is one of the Junior Subordinated Notes of the series designated therein referred to in the within-mentioned Indenture.

    
	
			
	 
	 
	 

	 
	 
	As Trustee

	 
	 
	 

	 
	 
	 

	 
	By
	 

	 
	As Authenticating Agent

	 
	 
	 

	 
	 
	 

	 
	By
	 

	 
	Authorized Signatory

        
ARTICLE SEVEN

HOLDERS’ LISTS AND REPORTS BY TRUSTEE AND COMPANY

		
	SECTION 701.
	COMPANY TO FURNISH TRUSTEE NAMES AND ADDRESSES OF HOLDERS.

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

(a)    not later than each Interest Payment Date in each year, a list, in such form as the Trustee may reasonably require, containing all the information in the possession or control of the Company, or any of its Paying Agents other than the Trustee, as to the names and addresses of the Holders of Junior Subordinated Notes as of the preceding Regular Record Date, and

(b)    at such other times as the Trustee may request in writing, within 30 days after the receipt by the Company of any such request, a list of similar form and content as of the most recent Regular Record Date;

excluding from any such list names and addresses received by the Trustee in its capacity as Security Registrar.

		
	SECTION 702.
	PRESERVATION OF INFORMATION; COMMUNICATIONS TO HOLDERS.

(a)    The Trustee shall comply with the obligations imposed on it pursuant to Section 312 of the Trust Indenture Act.

    

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(b)    Every Holder of Junior Subordinated Notes, 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 any such information as to the names and addresses of the Holders of Junior Subordinated Notes in accordance with Section 312(b) of the Trust Indenture Act, regardless of the source from which such information was derived, and that the Trustee shall not be held accountable by reason of mailing any material pursuant to a request made under Section 312(b) of the Trust Indenture Act.

SECTION 703.    REPORTS BY TRUSTEE.

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

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

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

SECTION 704.    REPORTS BY COMPANY.

The Company, pursuant to Section 314(a) of the Trust Indenture Act, shall:

(1)    file with the Trustee, within 15 days after the Company is required to file the same with the Commission, copies of the annual reports and of the information, documents and other reports (or copies of such portions of any of the foregoing as the Commission may from time to time by rules and regulations prescribe) that the Company may be required to file with the Commission pursuant to Section 13 or Section 15(d) of the Securities Exchange Act of 1934, as amended; or, if the Company is not required to file information, documents or reports pursuant to either of said Sections, then it shall file with the Trustee and the Commission, in accordance with rules and regulations prescribed from time to time by the Commission, such of the supplementary and periodic information, documents and reports which may be required pursuant to Section 13 of the Securities Exchange Act of 1934, as amended, in respect of a security listed and registered on a national securities exchange as may be prescribed from time to time in such rules and regulations;

(2)    file with the Trustee and the Commission, in accordance with rules and regulations prescribed from time to time by the Commission, such additional information, documents and reports with respect to compliance by the Company with the conditions and covenants of this Indenture as may be required from time to time by such rules and regulations;

        

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(3)    transmit, within 30 days after the filing thereof with the Trustee, to the Holders of Junior Subordinated Notes, in the manner and to the extent provided in Section 313(c) of the Trust Indenture Act, such summaries of any information, documents and reports required to be filed by the Company pursuant to paragraphs (1) and (2) of this Section 704 as may be required by rules and regulations prescribed from time to time by the Commission; and

        
(4)    notify the Trustee when and as the Junior Subordinated Notes of any series become admitted to trading on any national securities exchange.

SECTION 705.    ORIGINAL ISSUE DISCOUNT.

Upon request by the Trustee, the Company shall file with the Trustee within a reasonable period of time after such request (i) a written notice specifying the amount of original issue discount (including daily rates and accrual periods) accrued by the Company on Junior Subordinated Notes that are outstanding as of the end of the prior calendar year and (ii) such other specific information relating to such original issue discount as may then be relevant under the Internal Revenue Code of 1986, as amended from time to time.

ARTICLE EIGHT

CONSOLIDATION, MERGER, CONVEYANCE, TRANSFER OR LEASE

		
	SECTION 801.
	COMPANY MAY CONSOLIDATE, ETC., ONLY ON CERTAIN TERMS.

The Company shall not consolidate with or merge into any other corporation or convey, transfer or lease its properties and assets substantially as an entirety to any Person, unless

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

(2)    immediately after giving effect to such transactions, no Event of Default, and no event which, after notice or lapse of time or both, would become an Event of Default, shall have happened and be continuing; and

        

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(3)    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 complies with this Article and that all conditions precedent herein provided for relating to such transaction have been complied with.

SECTION 802.    SUCCESSOR CORPORATION SUBSTITUTED.

Upon any consolidation by the Company with or merger by the Company into any corporation or any conveyance, transfer or lease of the properties and assets of the Company substantially as an entirety in accordance with Section 801, the successor corporation 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 corporation had been named as the Company herein, and thereafter, except in the case of a lease, the predecessor corporation shall be relieved of all obligations and covenants under this Indenture and the Junior Subordinated Notes.

ARTICLE NINE

SUPPLEMENTAL INDENTURES

		
	SECTION 901.
	SUPPLEMENTAL INDENTURES WITHOUT CONSENT OF HOLDERS.

Without the consent of any Holders of Junior Subordinated Notes, 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 supplemental indentures hereto, in form satisfactory to the Trustee, for any of the following purposes:

(1)    to evidence the succession of another corporation to the Company and the assumption by any such successor of the covenants of the Company herein and in the Junior Subordinated Notes; or

(2)    to add to the covenants of the Company for the benefit of the Holders of all or any series of Junior Subordinated Notes (and if such covenants are to be for the benefit of less than all series of Junior Subordinated Notes, stating that such covenants are expressly being included solely for the benefit of such series) or to surrender any right or power herein conferred upon the Company; or

(3)    to add any additional Events of Default; or

(4)    to add to or change any of the provisions of this Indenture, to change or eliminate any restrictions on the payment of principal (or premium, if any) on Junior 

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Subordinated Notes or to permit the issuance of Junior Subordinated Notes in uncertificated form, provided any such action shall not adversely affect the interests of the Holders of Junior Subordinated Notes of any series in any material respect; or

(5)    to change or eliminate any of the provisions of this Indenture with respect to any series of Junior Subordinated Notes theretofore unissued; or
        
(6)    to secure the Junior Subordinated Notes; or

(7)    to establish the form or terms of Junior Subordinated Notes of any series as permitted by Sections 201 and 301; or

(8)    to evidence and provide for the acceptance of appointment hereunder by a successor Trustee with respect to the Junior Subordinated Notes of one or more series and to add to or change any of the provisions of this Indenture as shall be necessary to provide for or facilitate the administration of the trusts hereunder by more than one Trustee, pursuant to the requirements of Section 611(b); or

(9)    to cure any ambiguity, to correct or supplement any provision herein which may be inconsistent with any other provision herein, or to make provisions with respect to matters or questions arising under this Indenture, provided such action shall not adversely affect the interests of the Holders of Junior Subordinated Notes of any series or holders of outstanding Trust Securities in any material respect; or

(10)    subject to Section 903(a), to make any change in Article Thirteen that would limit or terminate the benefits available to any holder of Senior Indebtedness under such Article; or

(11)    to modify, eliminate or add to the provisions of this Indenture to such extent as shall be necessary to effect the qualification of this Indenture under the Trust Indenture Act or under any similar federal statute hereafter enacted, and to add to this Indenture such other provisions as may be expressly required by the Trust Indenture Act.

SECTION 902.    SUPPLEMENTAL INDENTURES WITH CONSENT OF HOLDERS.

With the consent of the Holders of not less than a majority in principal amount of the Outstanding Junior Subordinated Notes of each series affected by such supplemental indenture, 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 one or more supplemental indentures 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 Junior Subordinated Notes of such series under this Indenture; provided, however, that no such supplemental indenture shall, without the consent of the Holder of each Outstanding Junior Subordinated Note affected thereby,

        

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(1)    change the Stated Maturity of the principal of, or any installment of principal of or interest on, any Junior Subordinated Note, or reduce the principal amount thereof or the rate of interest (including Additional Interest) thereon or any premium payable upon the redemption thereof, or change the method of calculating the rate of interest thereon, or impair the right to institute suit for the enforcement of any such payment on or after the Stated Maturity thereof (or, in the case of redemption, on or after the Redemption Date), or

        
(2)    reduce the percentage in principal amount of the Outstanding Junior Subordinated Notes of any series, 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 certain provisions of this Indenture or certain defaults hereunder and their consequences) provided for in this Indenture, or

(3)    modify any of the provisions of this Section 902, Section 513 or Section 1008, except to increase any such percentage or to provide that certain other provisions of this Indenture cannot be modified or waived without the consent of the Holder of each Outstanding Junior Subordinated Note affected thereby, provided, however, that this clause shall not be deemed to require the consent of any Holder of a Junior Subordinated Note with respect to changes in the references to “the Trustee” and concomitant changes in this Section and Section 1008, or the deletion of this proviso, in accordance with the requirements of Sections 611(b) and 901(8), or

(4)    modify the provisions of this Indenture with respect to the subordination of the Junior Subordinated Notes in a manner adverse to such Holder.

		
	SECTION 903.
	GENERAL PROVISIONS REGARDING SUPPLEMENTAL INDENTURE.

(a)    A supplemental indenture entered into pursuant to Section 901 or Section 902 may not make any change that adversely affects the rights under Article Thirteen of any holder of Senior Indebtedness then outstanding unless the holders of such Senior Indebtedness (or any group or representative thereof authorized to give a consent) consent to such change.

(b)    A supplemental indenture which changes or eliminates any covenant or other provision of this Indenture which has expressly been included solely for the benefit of one or more particular series of Junior Subordinated Notes, or which modifies the rights of the Holders of Junior Subordinated Notes of such series with respect to such covenant or other provision, shall be deemed not to affect the rights under this Indenture of the Holders of Junior Subordinated Notes of any other series.

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

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SECTION 904.    EXECUTION OF SUPPLEMENTAL INDENTURES.

In executing, or accepting the additional trusts created by, any supplemental indenture permitted by this Article or the modifications thereby of the trusts created by this Indenture, the Trustee shall be entitled to receive, and (subject to Section 601) shall be fully protected in relying upon, an Opinion of Counsel and an Officers’ Certificate stating that the execution of such supplemental indenture is authorized or permitted by this Indenture and that such supplemental indenture constitutes a valid and binding obligation of the Company enforceable against the Company in accordance with its terms.  The Trustee may, but shall not be obligated to, enter into any such supplemental indenture which affects the Trustee’s own rights, duties, immunities or liabilities under this Indenture or otherwise.

SECTION 905.    EFFECT OF SUPPLEMENTAL INDENTURES.

Upon the execution of any supplemental indenture under this Article, 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 Junior Subordinated Notes theretofore or thereafter authenticated and delivered hereunder shall be bound thereby.

SECTION 906.    CONFORMITY WITH TRUST INDENTURE ACT.

Every supplemental indenture executed pursuant to this Article shall conform to the requirements of the Trust Indenture Act.

		
	SECTION 907.
	REFERENCE IN JUNIOR SUBORDINATED NOTES TO SUPPLEMENTAL INDENTURES.

Junior Subordinated Notes of any series authenticated and delivered after the execution of any supplemental indenture pursuant to this Article may, and shall if required by the Trustee, bear a notation in form approved by the Trustee as to any matter provided for in such supplemental indenture.  If the Company shall so determine, new Junior Subordinated Notes of any series so modified as to conform, in the opinion of the Trustee and 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 Junior Subordinated Notes of such series.

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ARTICLE TEN

COVENANTS

SECTION 1001.    PAYMENT OF PRINCIPAL AND INTEREST.

The Company covenants and agrees for the benefit of each series of Junior Subordinated Notes that it will duly and punctually pay the principal of (and premium, if any) and interest, including Additional Interest (subject to the right of the Company to extend an interest payment period pursuant to the terms of a supplemental indenture authorizing the Junior Subordinated Notes of that series), on the Junior Subordinated Notes of that series in accordance with the terms of the Junior Subordinated Notes and this Indenture.

SECTION 1002.    MAINTENANCE OF OFFICE OR AGENCY.

The Company or its Affiliate will maintain an office or agency where Junior Subordinated Notes of each series may be presented or surrendered for payment, where Junior Subordinated Notes of that series may be surrendered for registration of transfer or exchange and where notices and demands to or upon the Company in respect of the Junior Subordinated Notes of that series and this Indenture may be served.  The Company will give prompt written notice to the Trustee of the location, and any change in the location, of such office or agency.  If at any time the Company shall fail to maintain any such required office or agency in respect of any series of Junior Subordinated Notes or shall fail to furnish the Trustee with the address thereof, such presentations and surrenders of Junior Subordinated Notes of that series may be made and notices and demands may be made or served at the Corporate Trust Office of the Trustee, and the Company hereby appoints the Trustee as its agent to receive such respective presentations, surrenders, notices and demands.

The Company may also from time to time designate one or more other offices or agencies where the Junior Subordinated Notes of one or more series may be presented or surrendered for any or all such purposes and may from time to time rescind such designations.  The Company will give prompt written notice to the Trustee of any such designation or rescission and of any change in the location of any such other office or agency.

		
	SECTION 1003.
	MONEY FOR JUNIOR SUBORDINATED NOTES PAYMENTS TO BE HELD IN TRUST.

If the Company or one of its Affiliates shall at any time act as its own Paying Agent with respect to any series of Junior Subordinated Notes, it will, on or before each due date of the principal of (and premium, if any) or interest (including Additional Interest, if any) on any of the Junior Subordinated Notes of that series, segregate and hold in trust for the benefit of the Persons entitled thereto a sum sufficient to pay the principal (and premium, if any) or interest (including Additional Interest, if any) 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 of its action or failure so to act.

    

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Whenever the Company shall have one or more Paying Agents for any series of Junior Subordinated Notes, it will, prior to each due date of the principal of (and premium, if any) or interest (including Additional Interest, if any) on any Junior Subordinated Notes of that series, deposit with a Paying Agent a sum sufficient to pay the principal (and premium, if any) or interest (including Additional Interest, if any) so becoming due, such sum to be held in trust for the benefit of the Persons entitled to such principal, premium or interest (including Additional Interest, if any), and (unless such Paying Agent is the Trustee) the Company will promptly notify the Trustee of its action or failure so to act.

The Company will cause each Paying Agent for any series of Junior Subordinated Notes 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, that such Paying Agent will:

        
(1)    hold all sums held by it for the payment of the principal of (and premium, if any) or interest (including Additional Interest, if any) on Junior Subordinated Notes of that series in trust for the benefit of the Persons entitled thereto until such sums shall be paid to such Persons or otherwise disposed of as herein provided;

(2)    give the Trustee notice of any default by the Company (or any other obligor upon the Junior Subordinated Notes of that series) in the making of any payment of principal of (and premium, if any) or interest (including Additional Interest, if any) on the Junior Subordinated Notes of that series; and

(3)    at any time during the continuance of any such default, upon the written request of the Trustee, forthwith pay to the Trustee all sums so held in trust by such Paying Agent.

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 trusts 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.

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 premium, if any) or interest (including Additional Interest, if any) on any Junior Subordinated Note of any series and remaining unclaimed for two years after such principal (and premium, if any) or interest (including Additional Interest, if any) has become due and payable shall be paid to the Company on Company Request, or (if then held by the Company) shall be discharged from such trust; and the Holder of such Junior Subordinated Note 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 

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thereupon cease; provided, however, 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 of general circulation in New York City notice that such money remains unclaimed and that, after a date specified therein, which shall not be less than 30 days from the date of such publication, any unclaimed balance of such money then remaining will be repaid to the Company.

SECTION 1004.    ADDITIONAL INTEREST.

If the Junior Subordinated Notes of a series provide for the payment of Additional Interest (for purposes of this Section 1004, as defined in clause (i) of the definition thereof) to the Holders of such Junior Subordinated Notes, then the Company shall pay to each Holder of such Securities the Additional Interest as provided therein.
    
Except as otherwise provided in or pursuant to this Indenture, if the Junior Subordinated Notes of a series provide for the payment of Additional Interest, at least 10 days prior to the first Interest Payment Date with respect to that series of Junior Subordinated Notes upon which such Additional Interest shall be payable (or, if the Junior Subordinated Notes of that series shall not bear interest prior to Maturity, the first day on which a payment of principal and any premium is made), and at least 10 days prior to each date of payment of principal and any premium or interest if there has been any change with respect to the matters set forth in the below-mentioned Officers’ Certificate, the Company will furnish the Trustee and the Company’s Paying Agents, if other than the Trustee or the Company, with an Officers’ Certificate stating the amount of the Additional Interest payable per minimum authorized denomination of such Junior Subordinated Notes (and, if such Additional Interest is payable only with respect to particular Junior Subordinated Notes, then the names of the Holders of such Junior Subordinated Notes).

SECTION 1005.    CORPORATE EXISTENCE.

Subject to Article Eight, the Company will do or cause to be done all things necessary to preserve and keep in full force and effect its corporate (or if applicable, limited liability company) existence and the rights (charter and statutory) and franchises of the Company; provided, however, that the Company shall not be required to preserve any such right or franchise if the Board of Directors shall determine that the preservation thereof is no longer desirable in the conduct of the business of the Company, and that the loss thereof is not disadvantageous in any material respect to the Holders.

SECTION 1006.    LIMITATIONS ON DIVIDEND AND CERTAIN OTHER PAYMENTS.

The Company covenants, for the benefit of the Holders of each series of Junior Subordinated Notes, that, subject to the next succeeding sentence, (a) the Company shall not declare or pay any dividend or make any distributions with respect to, or redeem, purchase, acquire or make a liquidation payment with respect to, any of its capital stock, and (b) the Company shall not make any payment of interest, principal or premium, if any, on or repay, repurchase or redeem any debt securities (including guarantees other than the Guarantee with 

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respect to the series of Trust Securities, if any, related to such series of Junior Subordinated Notes) issued by the Company which rank pari passu with or junior to the Junior Subordinated Notes, (a) if at such time the Company shall have given notice of its election to extend an interest payment period for such series of Junior Subordinated Notes and such extension shall be continuing, (b) if at such time the Company shall be in default with respect to its payment or other obligations under the Guarantee with respect to the series of Trust Securities, if any, related to such series of Junior Subordinated Notes, or (c) if at such time an Event of Default hereunder with respect to such series of Junior Subordinated Notes shall have occurred and be continuing.  The preceding sentence, however, shall not restrict (i) any of the actions described in the preceding sentence resulting from any reclassification of the Company’s capital stock or the exchange or conversion of one class or series of the Company’s capital stock for another class or series of the Company’s capital stock, (ii) 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, (iii) dividends, payments or distributions payable in shares of capital stock, (iv) redemptions, purchases or other acquisitions of shares of capital stock in connection with any employment contract, incentive plan, benefit plan or other similar arrangement of the Company or any of its subsidiaries or in connection with a dividend reinvestment or stock purchase plan, or (v) any declaration of a dividend in connection with implementation of any stockholders’ rights plan, or the issuance of rights, stock or other property under any such plan, or the redemption, repurchase or other acquisition of any such rights pursuant thereto.

SECTION 1007.    STATEMENT AS TO COMPLIANCE.

(a)    The Company shall deliver to the Trustee, within 120 days after the end of each fiscal year, a written statement, which need not comply with Section 102, signed by the principal executive officer, the principal financial officer or the principal accounting officer of the Company, as to his or her knowledge of the Company’s compliance with all conditions and covenants under this Indenture.  For purposes of this Section 1007, such compliance shall be determined without regard to any period of grace or requirement of notice under this Indenture.

(b)    The Company shall deliver to the Trustee, no later than the Business Day on which the event occurs, written notice of the liquidation, dissolution or winding-up of a Securities Trust if such liquidation, dissolution or winding-up would occur earlier than the Stated Maturity of the Junior Subordinated Notes owned by such Securities Trust.

(c)    The Company shall deliver to the Trustee, within five days after the occurrence thereof, written notice of any event which after notice or lapse of time or both would become an Event of Default pursuant to Section 501.

SECTION 1008.    WAIVER OF CERTAIN COVENANTS.

The Company may omit in any particular instance to comply with any term, provision or condition set forth in Sections 1005 and 1006 with respect to the Junior Subordinated Notes of any series if before the time for such compliance the Holders of at least a majority in principal 

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amount of the Outstanding Junior Subordinated Notes of such series shall, by Act of such Holders, either waive such compliance in such instance or generally waive compliance with such term, provision or condition, but no such waiver shall extend to or affect such term, provision or condition except to the extent so expressly waived, and, until such waiver shall become effective, the obligations of the Company and the duties of the Trustee in respect of any such term, provision or condition shall remain in full force and effect.

SECTION 1009.    COVENANTS REGARDING TRUST.

For so long as the Trust Securities remain outstanding, the Company covenants (i) to directly or indirectly maintain 100% ownership of the Common Securities (as defined in the Trust Agreement relating to such securities) of the Trust; provided, however, that any permitted successor of the Company hereunder may succeed to the Company’s ownership of such Common Securities, and (ii) to use its reasonable efforts to cause the Trust (a) to remain a statutory business trust, except in connection with the distribution of Junior Subordinated Notes to the holders of Trust Securities in liquidation of the Trust, the redemption of all of the Trust Securities of the Trust, or certain mergers, consolidations or amalgamations, each as permitted under the Trust Agreement, and (b) to otherwise continue to be classified as a grantor trust for United States federal income tax purposes.

ARTICLE ELEVEN

REDEMPTION OF JUNIOR SUBORDINATED NOTES

SECTION 1101.    APPLICABILITY OF ARTICLE.

Junior Subordinated Notes of any series which are redeemable before their Stated Maturity shall be redeemable in accordance with their terms and (except as otherwise specified as contemplated by Section 301 for Junior Subordinated Notes of any series) in accordance with this Article.

SECTION 1102.    ELECTION TO REDEEM; NOTICE TO TRUSTEE.

The election of the Company to redeem any Junior Subordinated Notes shall be evidenced by a Board Resolution.  In case of any redemption at the election of the Company of all of the Junior Subordinated Notes of any series, the Company shall, at least 60 days prior to the Redemption Date fixed by the Company (unless a shorter notice shall be satisfactory to the Trustee and the related Property Trustee), notify the Trustee and the related Property Trustee in writing of such Redemption Date.  In case of any redemption at the election of the Company of less than all the Junior Subordinated Notes of any series, the Company shall, at least 60 days prior to the Redemption Date fixed by the Company (unless a shorter notice shall be satisfactory to the Trustee and the related Property Trustee), notify the Trustee and the related Property Trustee in writing of such Redemption Date and of the principal amount of Junior Subordinated Notes of such series to be redeemed.  In the case of any redemption of Junior Subordinated Notes 

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(i) prior to the expiration of any restriction on such redemption provided in the terms of such Junior Subordinated Notes or elsewhere in this Indenture, or (ii) pursuant to an election of the Company which is subject to a condition specified in the terms of such Junior Subordinated Notes, the Company shall furnish the Trustee with an Officers’ Certificate evidencing compliance with such restriction or condition.

		
	SECTION 1103.
	SELECTION BY TRUSTEE OF JUNIOR SUBORDINATED NOTES TO BE REDEEMED.

If the Junior Subordinated Notes are registered in the name of only one Holder, any partial redemptions shall be pro rata; provided that, in the case of any such Holder which is a Depositary or a nominee thereof, nothing in this sentence shall affect the right of such Depositary to select for redemption the positions held by its participants in accordance with the procedures of such Depositary.  If the Junior Subordinated Notes are held in definitive form by more than one Holder and if less than all the Junior Subordinated Notes of any series are to be redeemed, the particular Junior Subordinated Notes to be redeemed shall be selected not more than 60 days prior to the Redemption Date by the Trustee, from the Outstanding Junior Subordinated Notes of such series not previously called for redemption, by lot or other such method as the Trustee shall deem fair and appropriate and which may provide for the selection for redemption of portions (equal to the minimum authorized denomination for Junior Subordinated Notes of that series or any integral multiple thereof) of the principal amount of Junior Subordinated Notes of such series of a denomination larger than the minimum authorized denomination for Junior Subordinated Notes of that series.

The Trustee shall promptly notify the Company in writing of the Junior Subordinated Notes selected for redemption and, in the case of any Junior Subordinated Notes 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 Junior Subordinated Notes shall relate, in the case of any Junior Subordinated Notes redeemed or to be redeemed only in part, to the portion of the principal amount of such Junior Subordinated Notes which has been or is to be redeemed.

SECTION 1104.    NOTICE OF REDEMPTION.

Notice of redemption shall be given in the manner provided in Section 106 to the Holders of Junior Subordinated Notes to be redeemed not less than 30 nor more than 60 days prior to the Redemption Date.

All notices of redemption shall state:

(1)    the Redemption Date,

(2)    the Redemption Price (or if not then ascertainable, the manner of calculation thereof),

        

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(3)    if less than all the Outstanding Junior Subordinated Notes of any series are to be redeemed, the identification (and, in the case of partial redemption, the principal amounts) of the particular Junior Subordinated Notes to be redeemed,

(4)    that on the Redemption Date the Redemption Price will become due and payable upon each such Junior Subordinated Note to be redeemed and, if applicable, that interest thereon will cease to accrue on and after said date,

(5)    the place or places where such Junior Subordinated Notes are to be surrendered for payment of the Redemption Price, and

(6)    that the redemption is for a sinking fund, if such is the case.

    
Notice of redemption of Junior Subordinated Notes to be redeemed 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; provided, in the latter case, such request shall be given by the Company at least 60 days prior to the Redemption Date (unless a shorter notice shall be satisfactory to the Trustee), which request shall contain all information necessary to prepare such notice.

SECTION 1105.    DEPOSIT OF REDEMPTION PRICE.

Except as otherwise provided in a supplemental indenture pursuant to Section 301, prior to any Redemption Date, the Company shall deposit with the Trustee or with a Paying Agent (or, if the Company or its Affiliate is acting as its own Paying Agent, segregate and hold in trust as provided in Section 1003) an amount of money sufficient to pay the Redemption Price of and accrued interest, if any, on all the Junior Subordinated Notes which are to be redeemed on that date.

		
	SECTION 1106.
	JUNIOR SUBORDINATED NOTES PAYABLE ON REDEMPTION DATE.

Notice of redemption having been given as aforesaid, the Junior Subordinated Notes so to be redeemed shall, on the Redemption Date, become due and payable at the Redemption Price therein specified together with any accrued interest (including any Additional Interest) thereon, and from and after such date (unless the Company shall default in the payment of the Redemption Price and accrued interest) such Junior Subordinated Notes shall cease to bear interest.  Upon surrender of any such Junior Subordinated Note for redemption in accordance with such notice, such Junior Subordinated Note shall be paid by the Company at the Redemption Price, together with accrued interest, if any, and any Additional Interest to the Redemption Date; provided, however, that, except as otherwise provided in a supplemental indenture pursuant to Section 301, installments of interest on Junior Subordinated Notes whose Stated Maturity is on or prior to the Redemption Date shall be payable to the Holders of such Junior Subordinated Notes, or one or more Predecessor Securities, registered as such at the close 

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of business on the relevant Record Dates according to their terms and the provisions of Section 305.

If any Junior Subordinated Note called for redemption shall not be so paid upon surrender thereof for redemption, the principal (and premium, if any) shall, until paid, bear interest from the Redemption Date at the rate prescribed therefor in the Junior Subordinated Note.

SECTION 1107.    JUNIOR SUBORDINATED NOTES REDEEMED IN PART.

Any Junior Subordinated Note that is to be redeemed only in part shall be surrendered at an office or agency of the Company therefor (with, if the Company or the Trustee so requires, due endorsement by, or a written instrument of transfer in form satisfactory to the Company and the Trustee duly executed by, the Holder thereof or his attorney duly authorized in writing), and the Company shall execute, and the Trustee shall authenticate and deliver to the Holder of such Junior Subordinated Note without service charge, a new Junior Subordinated Note of the same series, Stated Maturity and original issue date of any authorized denomination as requested by such Holder, in aggregate principal amount equal to and in exchange for the unredeemed portion of the principal of the Junior Subordinated Note so surrendered.

ARTICLE TWELVE

SINKING FUNDS

SECTION 1201.    APPLICABILITY OF ARTICLE.

The provisions of this Article shall be applicable to any sinking fund for the retirement of Junior Subordinated Notes of a series except as otherwise specified as contemplated by Section 301 for Junior Subordinated Notes of such series.

The minimum amount of any sinking fund payment provided for by the terms of Junior Subordinated Notes of any series is herein referred to as a “mandatory sinking fund payment”, and any payment in excess of such minimum amount provided for by the terms of Junior Subordinated Notes of any series is herein referred to as an “optional sinking fund payment”.  If provided for by the terms of Junior Subordinated Notes of any series, the cash amount of any sinking fund payment may be subject to reduction as provided in Section 1202.  Each sinking fund payment shall be applied to the redemption of Junior Subordinated Notes of any series as provided for by the terms of Junior Subordinated Notes of such series.

		
	SECTION 1202.
	SATISFACTION OF SINKING FUND PAYMENTS WITH JUNIOR SUBORDINATED NOTES.

The Company (1) may deliver Outstanding Junior Subordinated Notes of a series (other than any previously called for redemption), and (2) may apply as a credit Junior Subordinated Notes of a series which have been redeemed either at the election of the Company pursuant to the 

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terms of such Junior Subordinated Notes or through the application of permitted optional sinking fund payments pursuant to the terms of such Junior Subordinated Notes, in each case in satisfaction of all or any part of any sinking fund payment with respect to the Junior Subordinated Notes of such series required to be made pursuant to the terms of such Junior Subordinated Notes as provided for by the terms of such series; provided that such Junior Subordinated Notes have not been previously so credited.  Such Junior Subordinated Notes shall be received and credited for such purpose by the Trustee at the Redemption Price specified in such Junior Subordinated Notes for redemption through operation of the sinking fund and the amount of such sinking fund payment shall be reduced accordingly.

		
	SECTION 1203.
	REDEMPTION OF JUNIOR SUBORDINATED NOTES FOR SINKING FUND.

Not less than 60 days prior to each sinking fund payment date for any series of Junior Subordinated Notes, the Company will deliver to the Trustee an Officers’ Certificate specifying the amount of the next ensuing sinking fund payment for that series pursuant to the terms of that series, the portion thereof, if any, which is to be satisfied by payment of cash and the portion thereof, if any, which is to be satisfied by delivering and crediting Junior Subordinated Notes of that series pursuant to Section 1202 and stating the basis for such credit and that such Junior Subordinated Notes have not previously been so credited and will also deliver to the Trustee any Junior Subordinated Notes to be so delivered.  Not less than 30 days before each such sinking fund payment date the Trustee shall select the Junior Subordinated Notes to be redeemed upon such sinking fund payment date in the manner specified in Section 1103 and cause notice of the redemption thereof to be given in the name of and at the expense of the Company in the manner provided in Section 1104.  Such notice having been duly given, the redemption of such Junior Subordinated Notes shall be made upon the terms and in the manner stated in Sections 1106 and 1107.

ARTICLE THIRTEEN

SUBORDINATION

		
	SECTION 1301.
	JUNIOR SUBORDINATED NOTES SUBORDINATE TO SENIOR

INDEBTEDNESS.

The Company covenants and agrees, and each Holder of a Junior Subordinated Note, by his acceptance thereof, likewise covenants and agrees, that, to the extent and in the manner hereinafter set forth in this Article (subject to Article Four), the payment of the principal of, premium, if any, and interest (including Additional Interest) on each and all of the Junior Subordinated Notes are hereby expressly made subordinate and subject in right of payment to the prior payment in full in cash of all Senior Indebtedness.

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SECTION 1302.    PAYMENT OF PROCEEDS UPON DISSOLUTION, ETC.

Upon any payment or distribution of assets of the Company to creditors upon any liquidation, dissolution, winding-up, reorganization, assignment for the benefit of creditors, marshalling of assets or liabilities or any bankruptcy, insolvency or similar proceedings of the Company (each such event, if any, referred to as a “Proceeding”), the holders of Senior Indebtedness shall be entitled to receive payment in full of all amounts due on or to become due on or in respect of all Senior Indebtedness (including any interest accruing thereon after the commencement of any such Proceeding, whether or not allowed as a claim against the Company in such Proceeding), before the Holders of the Junior Subordinated Notes are entitled to receive any payment or distribution (excluding any payment described in Section 1309) on account of the principal of, premium, if any, or interest (including Additional Interest, if any) on the Junior Subordinated Notes or on account of any purchase, redemption or other acquisition of Junior Subordinated Notes by the Company (all such payments, distributions, purchases, redemptions 
and acquisitions, whether or not in connection with a Proceeding, herein referred to, individually and collectively, as a “Payment”).

In the event that, notwithstanding the foregoing, any payment or distribution of assets of the Company of any kind or character, whether in cash, property or securities, prohibited by the foregoing shall be received by the Trustee or the Holders of the Junior Subordinated Notes before all Senior Indebtedness is paid in full, or provision is made for such payment in money in accordance with its terms, such payment or distribution shall be held in trust for the benefit of and shall be paid over or delivered to the holders of Senior Indebtedness or to the trustee or trustees under any indenture pursuant to which any instruments evidencing any such Senior Indebtedness may have been issued, as their respective interests may appear, as calculated by the Company, for application to the payment of all Senior Indebtedness remaining unpaid to the extent necessary to pay all Senior Indebtedness in full in accordance with its terms, after giving effect to any concurrent payment or distribution to or for the holders of such Senior Indebtedness.

For purposes of this Article, “assets of the Company” shall not be deemed to include shares of stock of the Company as reorganized or readjusted, or securities of the Company or any other corporation provided for by a plan of reorganization or readjustment, the payment of which is subordinated at least to the extent provided in this Article with respect to the Junior Subordinated Notes to the payment of all Senior Indebtedness that may at the time be outstanding, provided, however, that (i) the Senior Indebtedness is assumed by the new corporation, if any, resulting from any such reorganization or readjustment, and (ii) the rights of the holders of the Senior Indebtedness are not, without the consent of such holders, altered by such reorganization or readjustment.  The consolidation of the Company with, or the merger of the Company into, another corporation or the liquidation or dissolution of the Company following the conveyance or transfer of its property as an entirety, or substantially as an entirety, to another corporation upon the terms and conditions provided for in Article Eight hereof shall not be deemed a dissolution, winding-up, liquidation or reorganization for the purposes of this Section 1302 if such other corporation shall, as a part of such consolidation, merger, conveyance or transfer, comply with the conditions stated in Article Eight hereof.  Nothing in Section 1303 

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or in this Section 1302 shall apply to claims of, or payments to, the Trustee under or pursuant to Section 607.

SECTION 1303.    NO PAYMENT WHEN SENIOR INDEBTEDNESS IN DEFAULT.

No payment of any principal, including redemption payments, if any, premium, if any, or interest on (including Additional Interest) the Junior Subordinated Notes shall be made if

(i)    any Senior Indebtedness is not paid when due whether at the stated maturity of any such payment or by call for redemption and any applicable grace period with respect to such default has ended, with such default remaining uncured and such default has not been waived or otherwise ceased to exist;

(ii)    the maturity of any Senior Indebtedness has been accelerated because of a default; or

        
(iii)    notice has been given of the exercise of an option to require repayment, mandatory payment or prepayment or otherwise.

In the event that, notwithstanding the foregoing, the Company shall make any Payment to the Trustee or any Holder prohibited by the foregoing provisions of this Section, then in such event such Payment shall be held in trust and paid over and delivered forthwith to the holders of the Senior Indebtedness or to the trustee or trustees under any indenture pursuant to which any instruments evidencing any such Senior Indebtedness may have been issued, as their respective interests may appear, as calculated by the Company, for application to the payment of all Senior Indebtedness remaining unpaid to the extent necessary to pay all Senior Indebtedness in full in accordance with its terms, after giving effect to any concurrent payment or distribution to or for the holders of such Senior Indebtedness.

The provisions of this Section shall not apply to any Payment with respect to which Section 1302 hereof would be applicable.

SECTION 1304.    PAYMENT PERMITTED IF NO DEFAULT.

Nothing contained in this Article or elsewhere in this Indenture or in any of the Junior Subordinated Notes shall prevent the Company, at any time except during the pendency of any Proceeding referred to in Section 1302 hereof or under the conditions described in Section 1303 hereof, from making Payments.  Nothing in this Article shall have any effect on the right of the Holders or the Trustee to accelerate the maturity of the Junior Subordinated Notes upon the occurrence of an Event of Default, but, in that event, no payment may be made in violation of the provisions of this Article with respect to the Junior Subordinated Notes.  If payment of the Junior Subordinated Notes is accelerated because of an Event of Default, the Company shall promptly notify the holders of the Senior Indebtedness (or their representatives) of such acceleration.

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	SECTION 1305.
	SUBROGATION TO RIGHTS OF HOLDERS OF SENIOR INDEBTEDNESS.

The rights of the Holders of the Junior Subordinated Notes shall be subrogated to the rights of the holders of such Senior Indebtedness to receive payments and distributions of cash, property and securities applicable to the Senior Indebtedness until the principal of, premium, if any, and interest (including Additional Interest) on the Junior Subordinated Notes shall be paid in full.  For purposes of such subrogation, no payments or distributions to the holders of the Senior Indebtedness of any cash, property or securities to which the Holders of the Junior Subordinated Notes or the Trustee would be entitled except for the provisions of this Article, and no payments pursuant to the provisions of this Article to the holders of Senior Indebtedness by Holders of the Junior Subordinated Notes or the Trustee, shall, as among the Company, its creditors other than holders of Senior Indebtedness and the Holders of the Junior Subordinated Notes, be deemed to be a payment or distribution by the Company to or on account of the Senior Indebtedness.

SECTION 1306.    PROVISIONS SOLELY TO DEFINE RELATIVE RIGHTS.

The provisions of this Article are and are intended solely for the purpose of defining the relative rights of the Holders on the one hand and the holders of Senior Indebtedness on the other hand.  Nothing contained in this Article or elsewhere in this Indenture or in the Junior Subordinated Notes is intended to or shall (a) impair, as among the Company, its creditors other than holders of Senior Indebtedness and the Holders of the Junior Subordinated Notes, the obligation of the Company, which is absolute and unconditional (and which, subject to the rights under this Article of the holders of Senior Indebtedness, is intended to rank equally with all other general obligations of the Company), to pay to the Holders of the Junior Subordinated Notes the principal of, premium, if any, and interest (including Additional Interest) on the Junior Subordinated Notes as and when the same shall become due and payable in accordance with their terms; or (b) affect the relative rights against the Company of the Holders of the Junior Subordinated Notes and creditors of the Company other than the holders of Senior Indebtedness; or (c) prevent the Trustee or the Holder of any Junior Subordinated Note from exercising all remedies otherwise permitted by applicable law upon default under this Indenture, subject to the rights, if any, under this Article of the holders of Senior Indebtedness to receive cash, property and securities otherwise payable or deliverable to the Trustee or such Holder or, under the conditions specified in Section 1303, to prevent any payment prohibited by such Section or enforce their rights pursuant to the penultimate paragraph in Section 1303.

SECTION 1307.    TRUSTEE TO EFFECTUATE SUBORDINATION.

Each Holder of a Junior Subordinated Note by his acceptance thereof authorizes and directs the Trustee on his behalf to take such action as may be necessary or appropriate to effectuate the subordination provided in this Article and appoints the Trustee his attorney-in-fact for any and all such purposes, including, in the event of any dissolution, winding-up, liquidation or reorganization of the Company, whether in bankruptcy, insolvency, receivership proceedings, or otherwise, the timely filing of a claim for the unpaid balance of the indebtedness of the 
Company owing to such Holder in the form required in such proceedings and the causing of such claim to be approved.

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SECTION 1308.    NO WAIVER OF SUBORDINATION PROVISIONS.

No right of any present or future holder of any Senior Indebtedness to enforce the subordination provisions provided herein 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 any 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 any such holder may have or be otherwise charged with.

Without in any way limiting the generality of the foregoing paragraph, the holders of Senior Indebtedness may, at any time and from time to time, without the consent of or notice to the Trustee or the Holders of the Junior Subordinated Notes, without incurring responsibility to the Holders of the Junior Subordinated Notes and without impairing or releasing the subordination provided in this Article or the obligations hereunder of the Holders of the Junior 
Subordinated Notes to the holders of Senior Indebtedness, 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 Indebtedness, or otherwise amend or supplement in any manner Senior Indebtedness or any instrument evidencing the same or any agreement under which Senior Indebtedness is outstanding; (ii) permit the Company to borrow, repay and then reborrow any or all of the Senior Indebtedness; (iii) sell, exchange, release or otherwise deal with any property pledged, mortgaged or otherwise securing Senior Indebtedness; (iv) release any Person liable in any manner for the collection of Senior Indebtedness; (v) exercise or refrain from exercising any rights against the Company and any other Person; or (vi) apply any sums received by them to Senior Indebtedness.

SECTION 1309.    TRUST MONEYS NOT SUBORDINATED.

Notwithstanding anything contained herein to the contrary, payments from money held in trust by the Trustee under Article Four for the payment of the principal of, premium, if any, and interest (including Additional Interest) on any series of Junior Subordinated Notes shall not be subordinated to the prior payment of any Senior Indebtedness or subject to the restrictions set forth in this Article and no Holder of such Junior Subordinated Notes nor the Trustee shall be obligated to pay over such amount to the Company, any holder of Senior Indebtedness (or a designated representative of such holder) or any other creditor of the Company.

SECTION 1310.    NOTICE TO THE TRUSTEE.

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 of monies to or by the Trustee in respect of the Junior Subordinated Notes pursuant to the provisions of this Article.  Notwithstanding the provisions of this Article or any other provision of this Indenture, the Trustee shall not be charged with knowledge of the existence of any facts that would prohibit 

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the making of any payment of monies to or by the Trustee in respect of the Junior Subordinated Notes pursuant to the provisions of this Article unless and until a Responsible Officer of the Trustee shall have received written notice thereof at the Corporate Trust Office of the Trustee from the Company or a holder or holders of Senior Indebtedness or from any trustee therefor; and before the receipt of any such written notice, the Trustee, subject to the provisions of Section 601, shall be entitled in all respects to assume that no such facts exist; provided, however, that if the Trustee shall not have received the notice provided for in this Section 1310 at least two Business Days prior to the date upon which, by the terms hereof, any money may become payable for any purpose (including, without limitation, the payment of the principal of (or premium, if any) or interest on any Junior Subordinated Note), then, anything herein contained to the contrary notwithstanding, the Trustee shall have full power and authority to receive such money and to apply the same to the purposes 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.

The Trustee, subject to the provisions of Section 601, shall be entitled to rely on the delivery to it of a written notice by a Person representing himself to be a holder of Senior Indebtedness (or a trustee on behalf of such holder) to establish that such notice has been given by a holder of Senior Indebtedness or a trustee on behalf of any such holder or holders.  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 Indebtedness to participate in any payment or distribution pursuant to this Article, the Trustee may request such Person to furnish evidence to the reasonable satisfaction of the Trustee as to the amount of Senior Indebtedness 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, 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.

		
	SECTION 1311.
	RELIANCE ON JUDICIAL ORDER OR CERTIFICATE OF LIQUIDATING AGENT.

Upon any payment or distribution of assets of the Company referred to in this Article, the Trustee, subject to the provisions of Section 601 hereof, and the Holders of the Junior Subordinated Notes shall be entitled to 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 Junior Subordinated Notes, for the purpose of ascertaining the Persons entitled to participate in such payment or distribution, the holders of the Senior Indebtedness, the amount thereof or payable thereon, the amount or amounts paid or distributed thereon and all other facts pertinent thereto or to this Article, provided that the foregoing shall apply only if such court has been apprised of the provisions of this Article.

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	SECTION 1312.
	TRUSTEE NOT FIDUCIARY FOR HOLDERS OF SENIOR INDEBTEDNESS.

Subject to the provisions of Section 601, the Trustee shall not be deemed to owe any fiduciary duty to the holders of Senior Indebtedness and shall not be liable to any such holders if it shall in good faith mistakenly pay over or distribute to Holders of Junior Subordinated Notes or to the Company or to any other Person cash, property or securities to which any holders of Senior Indebtedness shall be entitled by virtue of this Article or otherwise.

		
	SECTION 1313.
	RIGHTS OF TRUSTEE AS HOLDER OF SENIOR INDEBTEDNESS; PRESERVATION OF TRUSTEE'S RIGHTS.

The Trustee in its individual capacity shall be entitled to all the rights set forth in this Article with respect to any Senior Indebtedness which may at any time be held by it, to the same extent as any other holder of Senior Indebtedness, and nothing in this Indenture shall deprive the Trustee of any of its rights as such holder.

Nothing in this Article shall apply to claims of, or payments to, the Trustee under or pursuant to Section 607 hereof.

SECTION 1314.    ARTICLE APPLICABLE TO PAYING AGENTS.

In case at any time any Paying Agent other than the Trustee (or the Company or an Affiliate of the Company) shall have been appointed by the Company and be then acting hereunder, the term “Trustee” as used in this Article 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 in addition to or in place of the Trustee.

		
	SECTION 1315.
	RELIANCE BY HOLDERS OF SENIOR INDEBTEDNESS ON SUBORDINATION PROVISIONS.

Each Holder by accepting a Junior Subordinated Note acknowledges and agrees that the foregoing subordination provisions are, and are intended to be, an inducement and a consideration to each holder of any Senior Indebtedness, whether such Senior Indebtedness was created or acquired before or after the issuance of the Junior Subordinated Notes, to acquire and continue to hold, or to continue to hold, such Senior Indebtedness and such holder of Senior Indebtedness shall be deemed conclusively to have relied on such subordination provisions in acquiring and continuing to hold, or to continue to hold, such Senior Indebtedness.

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ARTICLE FOURTEEN

MISCELLANEOUS PROVISIONS

SECTION 1401.    NO RECOURSE AGAINST OTHERS.

An incorporator or any past, present or future director, officer, employee or stockholder, as such, of the Company shall not have any liability for any obligations of the Company under the Junior Subordinated Notes or this Indenture or for any claim based on, in respect of or by reason of such obligations or their creation.  By accepting a Junior Subordinated Note, each Holder shall waive and release all such liability.  Such waiver and release shall be part of the consideration for the issue of the Junior Subordinated Notes.

SECTION 1402.    SET-OFF.

Notwithstanding anything to the contrary in this Indenture or in any Junior Subordinated Note of any series, prior to the dissolution of any Securities Trust that has issued Trust Securities related to a series of Junior Subordinated Notes, the Company shall have the right to set-off and apply against any payment it is otherwise required to make hereunder or thereunder with respect to the principal of or interest (including any Additional Interest) on the Junior Subordinated Notes of such series with and to the extent the Company has theretofore made, or is concurrently on the date of such payment making, a payment with respect to the Trust Securities of the series related to such series of Junior Subordinated Notes under the applicable Guarantee.  Contemporaneously with, or as promptly as practicable after, any such payment under such Guarantee, the Company shall deliver to the Trustee an Officers’ Certificate (upon which the Trustee shall be entitled to rely conclusively without any requirement to investigate the facts contained therein) to the effect that such payment has been made and that, as a result of such payment, the corresponding payment under the related series of Junior Subordinated Notes has been set-off in accordance with this Section 1402.

SECTION 1403.    ASSIGNMENT; BINDING EFFECT.

The Company shall have the right at all times to assign any of its rights or obligations under this Indenture to a direct or indirect wholly-owned subsidiary of the Company, provided that, in the event of any such assignment, the Company shall remain primarily liable for the performance of all such obligations.  This Indenture may also be assigned by the Company in connection with a transaction described in Article Eight.  This Indenture shall be binding upon and inure to the benefit of the Company, the Trustee, the Holders, any Security Registrar, Paying Agent, and Authenticating Agent and, to the extent specifically set forth herein, the holders of Senior Indebtedness and their respective successors and assigns.  The provisions of clause (2) of Section 508 and Section 1006 are for the benefit of the holders of the series of Trust Securities referred to therein and, prior to the dissolution of the related Securities Trust, may be enforced by such holders.  A holder of a Trust Security shall not have the right, as such a holder, to enforce any other provision of this Indenture.

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SECTION 1404.    ADDITIONAL INTEREST.

Whenever there is mentioned in this Indenture, in any context, the payment of the principal of, premium, if any, or interest on, or in respect of, any Junior Subordinated Note of any series, such mention shall be deemed to include mention of the payment of Additional Interest provided for by the terms of such series of Junior Subordinated Notes to the extent that, in such context, Additional Interest is, were or would be payable in respect thereof pursuant to such terms, and express mention of the payment of Additional Interest in any provisions hereof shall not be construed as excluding Additional Interest in those provisions hereof where such express mention is not made.

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.

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

	
		
	THE SOUTHERN COMPANY

	 
	 

	 
	 

	By
	/s/ Art P. Beattie

	Name:
	Art P. Beattie

	Title:
	Executive Vice President, Chief Financial Officer and Treasurer

	 
	 

	 
	 

	 
	 

	 
	 

	 
	 

	WELLS FARGO BANK, NATIONAL

	ASSOCIATION

	Trustee

	 
	 

	By
	/s/ Stefan Victory

	Name:
	Stefan Victory

	Title:
	Vice President

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