Document:

EX-4.13

 

Exhibit 4.13

DECLARATION OF TRUST OF

MAX CAPITAL TRUST I

     THIS
DECLARATION OF TRUST, dated as of August 10, 2007, among Max Capital Group Ltd., a
Bermuda holding company, as Depositor (the “Depositor”), C T Corporation Staffing, Inc., a Delaware
corporation, not in its individual capacity but solely as trustee (the “Delaware Trustee”,) and
Peter A. Minton and Joseph W. Roberts, as trustees (the “Regular Trustees” and collectively with
the Delaware Trustee, the “Trustees”). The Depositor and the Trustees hereby agree as follows:

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

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

     3. The Depositor and Trustees will enter into an Amended and Restated Declaration of Trust,
satisfactory to each such party, to provide for the contemplated operation of the Trust created
hereby and the issuance by such Trust of the Preferred Securities and Common Securities referred to
in the 1933 Act Registration Statement referred to below. Prior to the execution and delivery of
such Amended and Restated Declaration of Trust, the Trustees shall not have any duty or obligation
hereunder or with respect to the trust estate, except as otherwise required by applicable law or as
may be necessary to obtain prior to such execution and delivery any licenses, consents or approvals
required by applicable law or otherwise.

     4. The Depositor and the Trustees hereby authorize and direct the Depositor, as the sponsor of
the Trust, (i) to file with the Securities and Exchange Commission (the “Commission”) and execute,
in each case on behalf of the Trust, (a) the Registration Statement on Form S-3 (the “1933 Act
Registration Statement”), including any pre-effective or post-effective amendments to such 1933 Act
Registration Statement, relating to the registration under the Securities Act of 1933, as amended,
of the Preferred Securities of the Trust and certain other securities and (b) a Registration
Statement on Form 8-A (the “1934 Act Registration Statement”) (including all pre-effective and
post-effective amendments thereto) relating to the registration of the Preferred Securities of the
Trust under Section 12(b) of the Securities Exchange Act of 1934, as amended; (ii) to file with the
Nasdaq Global Select Market and/or the Bermuda Stock Exchange (the “Exchanges”) and execute on
behalf of the Trust a listing application and all other applications, statements, certificates,
agreements and other instruments as shall be
necessary or desirable to cause the Preferred Securities to be listed on one or both of the

1

 

Exchanges; (iii) to file and execute on behalf of the Trust such applications, reports, surety
bonds, irrevocable consents, appointments of attorney for service of process and other papers and
documents as shall be necessary or desirable to register the Preferred Securities under the
securities or blue sky laws of such jurisdictions as the Depositor, on behalf of the Trust, may
deem necessary or desirable and (iv) to execute on behalf of the Trust an underwriting agreement
relating to the Preferred Securities, among the Trust, the Depositor and the underwriters named
therein. In the event that any filing referred to in clauses (i) through (iii) above is required
by the rules and regulations of the Commission, the Exchanges or any other national stock exchange
or state securities or blue sky laws, to be executed on behalf of the Trust by the Trustees, any
Regular Trustee, in his capacity as Trustee of the Trust, is hereby authorized and directed to join
in any such filing and to execute on behalf of the Trust any and all of the foregoing, it being
understood that CT Corporation Staffing, Inc., in its capacity as Trustee of the Trust, shall not
be required to join in any such filing or execute on behalf of the Trust any such document unless
required by the rules and regulations of the Commission, the Exchanges or any other national stock
exchange or state securities or blue sky laws. In connection with all of the foregoing, the
Depositor hereby constitutes and appoints Peter A. Minton
and Joseph W. Roberts, and each of them, as its true
and lawful attorneys-in-fact and agents, with full power of substitution and resubstitution, for
the Depositor or in the Depositor’s name, place and stead, in any and all capacities, to sign any
and all amendments (including post- effective amendments) to the 1933 Act Registration Statement
and the 1934 Act Registration Statement and to file the same, with all exhibits thereto, and other
documents in connection therewith, with the Commission, granting unto said attorneys-in-fact and
agents full power and authority to do and perform each and every act and thing requisite and
necessary to be done in connection therewith, as fully to all intents and purposes as the Depositor
might or could do in person, thereby ratifying and confirming all that said attorneys-in-fact and
agents or any of them, or their respective substitute or substitutes, shall do or cause to be done
by virtue hereof.

     5. This Declaration of Trust may be executed in one or more counterparts.

     6. The number of Trustees initially shall be three (3) and thereafter the number of Trustees
shall be such number as shall be fixed from time to time by a written instrument signed by the
Depositor which may increase or decrease the number of Trustees; provided, however, that to the
extent required by the Statutory Trust Act, one Trustee shall either be a natural person who is a
resident of the State of Delaware or, if not a natural person, an entity which has its principal
place of business in the State of Delaware and otherwise meets the requirements of applicable
Delaware law. In addition, the Trust shall always have at least one other Trustee other than the
Delaware Trustee to perform all obligations and duties other than fulfilling the Trust’s
obligations pursuant to Section 3807(a) of the Statutory Trust Act. Subject to the foregoing, the
Depositor is entitled to appoint or remove without cause any Trustee at any time. Any Trustee may
resign upon thirty days’ prior written notice to the Depositor.

     7. The Delaware Trustee shall be a Trustee hereunder for the sole and limited purpose of
fulfilling the requirements of Section 3807 of the Statutory Trust Act. The Delaware Trustee is
serving the Trust solely to fulfill the Trust’s obligation pursuant to Section 3807(a) of
the Statutory Trust Act to have at least one trustee who has its principal place of business in the
State of Delaware.

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     8. The Delaware Trustee shall not be liable to the Trust or its beneficiaries for any of its
acts or omissions except for acts or omissions constituting bad faith or willful misconduct.

     9. The Delaware Trustee shall not have any duty or obligation to manage or deal with the
Trust’s property, or to otherwise take or refrain from taking any action under, or in connection
with, any document contemplated hereby to which the Delaware Trustee is a party, except as
expressly provided by the terms of this Declaration of Trust, and no implied duties or obligations
shall be read herein against the Delaware Trustee, including without limitation that no action
requested of the Delaware Trustee shall require the performance of any investigation, analysis, or
other due diligence activities by the Delaware Trustee in respect to such action or the performance
of its duties on behalf of the Trust generally.

     10. Pursuant to Section 3803(b) of the Statutory Trust Act, the Delaware Trustee shall not be
liable to any person other than the Trust or a beneficiary of the Trust for any act, omission or
obligation of the Trust or any trustee thereof and all persons having any claim against the
Delaware Trustee by reason of the transactions contemplated by this Declaration of Trust or any
other agreement or instrument related to the Trust shall look only to the Trust’s property for
payment or satisfaction thereof.

     11. Pursuant to Section 3806(c) of the Statutory Trust Act, to the extent that at law or in
equity the Delaware Trustee, as trustee, has duties (including fiduciary duties) and liabilities
relating to the Trust or to beneficiaries thereof, the Delaware Trustee’s duties and liabilities
are hereby eliminated and restricted to the fullest extent allowable under applicable law and the
Delaware Trustee shall not be liable to the Trust or to any beneficial owner of the Trust for any
action taken in good faith reliance on the terms of this Declaration of Trust.

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

[signature page follows]

3

 

[Signature Page to Declaration of Trust of Max Capital Trust I]

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

	 	 	 	 	 	 	 
	 	 	MAX CAPITAL GROUP LTD.,
as Depositor	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	/s/ Peter Minton	 	 
	 

	 	Name:
	 	 

Peter Minton
	 	 
	 

	 	 	 	 	 	 
	 

	 	Title:	 	Executive Vice President and Chief
Operating Officer	 	 
	 

	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 	 	C T CORPORATION STAFFING, INC.,

not in its individual capacity but solely as
Delaware Trustee	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	/s/ Jennifer A. Schwartz	 	 
	 

	 	 	 	 	 	 
	 

	 	Name:	 	Jennifer A. Schwartz	 	 
	 

	 	 	 	 	 	 
	 

	 	Title:	 	Assistant Vice President	 	 
	 

	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 
	 	/s/ Peter Minton	 	 
	 	 	 	 	 
	 	 	as Regular Trustee	 	 
	 

	 	Name:	 	Peter Minton	 	 
	 

	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 
	 	/s/ Joseph Roberts	 	 
	 	 	 	 	 
	 	 	as Regular Trustee	 	 
	 

	 	Name:	 	Joseph Roberts	 	 
	 

	 	 	 	 	 	 

4EX-4.14

 

Exhibit 4.14

 

FORM OF

AMENDED AND RESTATED DECLARATION

OF TRUST

MAX CAPITAL TRUST I

Dated as of [   ]

 

 

TABLE OF CONTENTS

	 	 	 	 	 	 	 
	 	 	 	 	Page	 
	ARTICLE 1. INTERPRETATION AND DEFINITIONS
	 	 	 	 
	Section 1.01
	 	Definitions	 	 	1	 
	 
	 	 	 	 	 	 
	ARTICLE 2. TRUST INDENTURE ACT
	 	 	 	 
	Section 2.01
	 	Trust Indenture Act; Application	 	 	7	 
	Section 2.02
	 	Lists of Holders of Securities	 	 	7	 
	Section 2.03
	 	Reports by the Institutional Trustee	 	 	8	 
	Section 2.04
	 	Periodic Reports to Institutional Trustee	 	 	8	 
	Section 2.05
	 	Evidence of Compliance with Conditions Precedent	 	 	8	 
	Section 2.06
	 	Events of Default; Waiver	 	 	8	 
	Section 2.07
	 	Event of Default; Notice	 	 	10	 
	 
	 	 	 	 	 	 
	ARTICLE 3. ORGANIZATION
	 	 	 	 
	Section 3.01
	 	Name	 	 	10	 
	Section 3.02
	 	Office	 	 	11	 
	Section 3.03
	 	Purpose	 	 	11	 
	Section 3.04
	 	Authority	 	 	11	 
	Section 3.05
	 	Title to Property of the Trust	 	 	11	 
	Section 3.06
	 	Powers and Duties of the Administrative Trustees	 	 	11	 
	Section 3.07
	 	Prohibition of Actions by the Trust and the Trustees	 	 	14	 
	Section 3.08
	 	Powers and Duties of the Institutional Trustee	 	 	14	 
	Section 3.09
	 	Certain Duties and Responsibilities of the Institutional Trustee	 	 	16	 
	Section 3.10
	 	Rights of Institutional Trustee	 	 	18	 
	Section 3.11
	 	Delaware Trustee	 	 	20	 
	Section 3.12
	 	Execution of Documents	 	 	20	 
	Section 3.13
	 	Not Responsible for Recitals or Issuance of Securities	 	 	20	 
	Section 3.14
	 	Duration of Trust	 	 	21	 
	Section 3.15
	 	Mergers	 	 	21	 
	 
	 	 	 	 	 	 
	ARTICLE 4. SPONSOR
	 	 	 	 
	Section 4.01
	 	Sponsor’s Purchase of Common Securities	 	 	22	 
	Section 4.02
	 	Responsibilities of the Sponsor	 	 	22	 
	 
	 	 	 	 	 	 
	ARTICLE 5. TRUSTEES
	 	 	 	 
	Section 5.01
	 	Number of Trustees	 	 	23	 
	Section 5.02
	 	Delaware Trustee	 	 	23	 
	Section 5.03
	 	Institutional Trustee; Eligibility	 	 	24	 
	Section 5.04
	 	Qualifications of Administrative Trustees and Delaware Trustee Generally	 	 	24	 
	Section 5.05
	 	Initial Trustees	 	 	25	 
	Section 5.06
	 	Appointment, Removal and Resignation of Trustees	 	 	25	 
	Section 5.07
	 	Vacancies among Trustees	 	 	26	 
	Section 5.08
	 	Effect of Vacancies	 	 	27	 

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	 	 	 	 	Page	 
	Section 5.09
	 	Meetings	 	 	27	 
	Section 5.10
	 	Delegation of Power	 	 	27	 
	Section 5.11
	 	Merger, Conversion, Consolidation or Succession to Business	 	 	27	 
	 
	 	 	 	 	 	 
	ARTICLE 6. DISTRIBUTIONS
	 	 	 	 
	Section 6.01
	 	Distributions	 	 	28	 
	 
	 	 	 	 	 	 
	ARTICLE 7. INSURANCE OF SECURITIES
	 	 	 	 
	Section 7.01
	 	General Provisions Regarding Securities	 	 	28	 
	Section 7.02
	 	Execution and Authentication	 	 	28	 
	Section 7.03
	 	[Reserved]	 	 	29	 
	Section 7.04
	 	Registrar, Paying Agent and Conversion Agent	 	 	29	 
	Section 7.05
	 	Paying Agent to Hold Money in Trust	 	 	30	 
	Section 7.06
	 	[Reserved]	 	 	30	 
	Section 7.07
	 	[Reserved]	 	 	30	 
	Section 7.08
	 	Outstanding Preferred Securities	 	 	30	 
	Section 7.09
	 	Preferred Securities in Treasury	 	 	30	 
	Section 7.10
	 	[Reserved]	 	 	30	 
	Section 7.11
	 	Cancellation	 	 	30	 
	Section 7.12
	 	CUSIP Numbers	 	 	31	 
	 
	 	 	 	 	 	 
	ARTICLE 8. TERMINATION OF TRUST
	 	 	 	 
	Section 8.01
	 	Termination of Trust	 	 	31	 
	 
	 	 	 	 	 	 
	ARTICLE 9. TRANSFER AND EXCHANGE
	 	 	 	 
	Section 9.01
	 	General	 	 	32	 
	Section 9.02
	 	Transfer of Certificates	 	 	33	 
	Section 9.03
	 	Deemed Security Holders	 	 	33	 
	Section 9.04
	 	Book Entry Interests	 	 	33	 
	Section 9.05
	 	Notices to Clearing Agency	 	 	34	 
	Section 9.06
	 	Appointment of Successor Clearing Agency	 	 	34	 
	Section 9.07
	 	Definitive Preferred Security Certificates	 	 	34	 
	Section 9.08
	 	Mutilated, Destroyed, Lost or Stolen Certificates	 	 	35	 
	 
	 	 	 	 	 	 
	ARTICLE 10. LIMITATION OF LIABILITY OF HOLDERS OF SECURITIES, TRUSTEES OR OTHERS
	 	 	 	 
	Section 10.01
	 	Liability	 	 	35	 
	Section 10.02
	 	Exculpation	 	 	36	 
	Section 10.03
	 	Fiduciary Duty	 	 	36	 
	Section 10.04
	 	Indemnification	 	 	37	 
	Section 10.05
	 	Outside Businesses	 	 	38	 
	 
	 	 	 	 	 	 
	ARTICLE 11. ACCOUNTING
	 	 	 	 
	Section 11.01
	 	Fiscal Year	 	 	38	 
	Section 11.02
	 	Certain Accounting Matters	 	 	38	 
	Section 11.03
	 	Banking	 	 	39	 
	Section 11.04
	 	Withholding	 	 	39	 

ii

 

	 	 	 	 	 	 	 
	 	 	 	 	Page	 
	ARTICLE 12. AMENDMENTS AND MEETINGS
	 	 	 	 
	Section 12.01
	 	Amendments	 	 	39	 
	Section 12.02
	 	Meetings of the Holders of Securities; Action by Written Consent	 	 	41	 
	 
	 	 	 	 	 	 
	ARTICLE 13. REPRESENTATIONS OF INSTITUTIONAL TRUSTEE AND DELAWARE TRUSTEE
	 	 	 	 
	Section 13.01
	 	Representations and Warranties of Institutional Trustee	 	 	42	 
	Section 13.02
	 	Representations and Warranties of Delaware Trustee	 	 	43	 
	 
	 	 	 	 	 	 
	ARTICLE 14. [RESERVED]
	 	 	 	 
	Section 14.01
	 	[Reserved]	 	 	44	 
	 
	 	 	 	 	 	 
	ARTICLE 15. MISCELLANEOUS
	 	 	 	 
	Section 15.01
	 	Notices	 	 	44	 
	Section 15.02
	 	Governing Law; Waiver of Jury Trial	 	 	45	 
	Section 15.03
	 	Intention of the Parties	 	 	45	 
	Section 15.04
	 	Headings	 	 	45	 
	Section 15.05
	 	Successors and Assigns	 	 	45	 
	Section 15.06
	 	Partial Enforceability	 	 	45	 
	Section 15.07
	 	Counterpart	 	 	45	 
	Section 15.08
	 	Force Majeure	 	 	45	 
	Section 15.09
	 	Submission to Jurisdiction (NY) and
Appointment of Agent for Service of Process	 	 	46	 

	 	 	 	 	 
	ANNEX

	 	TERMS OF SECURITIES
	 	I-1
	EXHIBIT A-1

	 	FORM OF PREFERRED SECURITY CERTIFICATE
	 	A1-1
	EXHIBIT A-2

	 	FORM OF COMMON SECURITY CERTIFICATE
	 	A2-1

iii

 

CROSS-REFERENCE TABLE(1)

	 	 	 
	Section of	 	 
	Trust Indenture Act,	 	Section of
	as amended	 	Declaration
	310
	 	2.01(c)
	310(a)
	 	Inapplicable
	310(b)
	 	5.03(c), 5.03(d)
	311(a)
	 	2.02(b)
	311(b)
	 	2.02(b)
	311(c)
	 	Inapplicable
	312(a)
	 	Inapplicable
	312(b)
	 	2.02(b)
	313
	 	2.03
	314
	 	2.04
	314(a)
	 	3.06(j)
	314(b)
	 	Inapplicable
	314(c)
	 	2.05
	314(d)
	 	Inapplicable
	314(f)
	 	Inapplicable
	315(a)
	 	Inapplicable
	315(c)
	 	Inapplicable
	315(d)
	 	Inapplicable
	316(a)
	 	Inapplicable
	316(c)
	 	3.06(e)
	317
	 	2.01(c)
	317(b)
	 	3.08(h)

 

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

iv

 

AMENDED AND RESTATED

DECLARATION OF TRUST

OF MAX CAPITAL TRUST I

     This AMENDED AND RESTATED DECLARATION OF TRUST (“Declaration”) dated and effective as of [   ], by the Trustees (as defined herein), the Sponsor (as defined herein), and
by the holders, from time to time, of undivided beneficial interests in the Trust issued pursuant
to this Declaration;

     WHEREAS, the Trustees and the Sponsor established Max Capital Trust I (the “Trust”) under the
Delaware Statutory Trust Act (as defined herein) pursuant to a Declaration of Trust dated as of
August 10, 2007, (the “Original Declaration”) and a Certificate of Trust filed with the Secretary
of State of the State of Delaware on August 10, 2007, for the sole purpose of issuing and selling
certain securities representing undivided beneficial interests in the assets of the Trust and
investing the proceeds thereof in certain Debentures of the Debenture Issuer;

     WHEREAS, as of the date hereof, no interests in the Trust have been issued;

     WHEREAS, all of the Trustees and the Sponsor, by this Declaration, amend and restate each and
every term and provision of the Original Declaration; and

     NOW, THEREFORE, it being the intention of the parties hereto to continue the Trust as a
statutory trust under the Statutory Trust Act and that this Declaration constitute the governing
instrument of such statutory trust, the Trustees declare that all assets contributed to the Trust
will be held in trust for the benefit of the holders, from time to time, of the securities
representing undivided beneficial interests in the assets of the Trust issued hereunder, subject to
the provisions of this Declaration.

ARTICLE 1.

INTERPRETATION AND DEFINITIONS

     Section 1.01 Definitions. Unless the context otherwise requires:

     (a) Capitalized terms used in this Declaration but not defined in the preamble above have the
respective meanings assigned to them in this Section 1.01;

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

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

     (d) all references in this Declaration to Articles and Sections and Annexes and Exhibits are
to Articles and Sections and Annexes and Exhibits to this Declaration unless otherwise specified;

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

1

 

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

     “Additional Amounts” shall mean any additional amounts which are required hereby or by any
Security, under circumstances specified herein or therein, to be paid by the Issuer, in respect of
certain taxes, assessments or other governmental charges imposed on Holders specified therein and
which are owing to such Holders.

     “Administrative Trustee” has the meaning set forth in Section 5.01.

     “Affiliate” has the same meaning as given to that term in Rule 405 of the Securities Act or
any successor rule thereunder.

     “Agent” means any Registrar, Paying Agent, conversion agent or co- registrar.

     “Authorized Officer” of a Person means any Person that is authorized to bind such Person.

     “Book Entry Interest” means a beneficial interest in a Global Certificate, ownership and
transfers of which shall be maintained and made through book entries by a Depositary as described
in Section 9.04.

     “Business Day” means any day other than a Saturday, Sunday or a day on which banking
institutions in New York, New York are authorized or required by law to close.

     “Certificate” means a certificate in global or definitive form representing a Preferred
Security substantially in the form of Exhibit A-1 or a Common Security substantially in the form of
Exhibit A-2.

     “Clearing Agency” means an organization registered as a “clearing agency” pursuant to Section
17A of the Exchange Act that is acting as depositary for the Preferred Securities and in whose name
or in the name of a nominee of that organization shall be registered a Global Certificate and which
shall undertake to effect book entry transfers and pledges of the Preferred Securities. The
Depository Trust Company will be the initial Clearing Agency.

     “Closing Date” means [   ].

     “Code” means the Internal Revenue Code of 1986 as amended from time to time, or any successor
legislation.

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

     “Common Securities” has the meaning set forth in Section 7.01(a).

     “Conversion Agent” has the meaning set forth in Section 7.04.

2

 

     “Covered Person” means: (a) any officer, director, shareholder, partner, member,
representative, employee or agent of (i) the Trust or (ii) the Trust’s Affiliates; and (b) any
Holder of Securities.

     “Debenture Issuer” means the Sponsor in its capacity as issuer of the Debentures.

     “Debenture Trustee” means [   ], a [   ] banking
corporation, as trustee under the Indenture until a successor is appointed thereunder, and
thereafter means such successor trustee.

     “Debentures” means the series of Debentures to be issued by the Debenture Issuer under the
Indenture to be held by the Institutional Trustee, a specimen certificate for such series of
Debentures being Exhibit B.

     “Definitive Preferred Securities” means the Preferred Securities in definitive form issued by
the Trust.

     “Definitive Preferred Security Certificate” has the meaning set forth in Section 9.04.

     “Delaware Trustee” has the meaning set forth in Section 5.02.

     “Distribution” means a distribution payable to Holders of Securities in accordance with
Section 6.01.

     “Depositary” means The Depository Trust Company, the initial Clearing Agency.

     “Event of Default” in respect of the Securities means an Event of Default (as defined in the
Indenture) has occurred and is continuing in respect of the Debentures.

     “Exchange Act” means the Securities Exchange Act of 1934, as amended from time to time, or any
successor legislation.

     “Global Certificate” has the meaning set forth in Section 9.04.

     “Holder” means a Person in whose name a Certificate representing a Security is registered,
such Person being a beneficial owner within the meaning of the Statutory Trust Act.

     “Indemnified Person” means (a) any Trustee; (b) any Affiliate of any Trustee; (c) any
officers, directors, shareholders, members, partners, employees, representatives or agents of any
Trustee; or (d) any employee or agent of the Trust or its Affiliates.

     “Indenture” means the Indenture dated as of [   ], between the
Debenture Issuer and [   ], as trustee, and any indenture
supplemental thereto pursuant to which the Debentures are to be issued.

     “Institutional Trustee” means the Trustee meeting the eligibility requirements set forth in
Section 5.03.

     “Institutional Trustee Account” has the meaning set forth in Section 3.08(c).

3

 

     “Investment Company” means an investment company as defined in the Investment Company Act.

     “Investment Company Act” means the U.S. Investment Company Act of 1940, as amended from time
to time, or any successor legislation.

     “Investment Company Event” means that the Administrative Trustees shall have received an
opinion of a nationally recognized independent counsel experienced in practice under the Investment
Company Act to the effect that, as a result of the occurrence of a change in law or regulation or a
written change in interpretation or application of law or regulation by any legislative body,
court, governmental agency or regulatory authority (a “Change in 1940 Act Law”), there is a more
than an insubstantial risk that the Trust is or will be considered an Investment Company that is
required to be registered under the Investment Company Act, which Change in 1940 Act Law becomes
effective on or after the date of the issuance of the Preferred Securities.

     “Legal Action” has the meaning set forth in Section 3.06(g).

     “Majority in liquidation preference of the Securities” means, except as provided in the terms
of the Preferred Securities or by the Trust Indenture Act, Holders of outstanding Securities voting
together as a single class or, as the context may require, Holders of outstanding Preferred
Securities or Holders of outstanding Common Securities voting separately as a class, who are the
record owners of more than 50% of the aggregate liquidation preference (including the stated amount
that would be paid on redemption, liquidation or otherwise, plus accrued and unpaid Distributions
to the date upon which the voting percentages are determined) of all outstanding Securities of the
relevant class.

     “Ministerial Action” has the meaning set forth in the terms of the Securities as set forth in
Annex I.

     “Officers’ Certificate” means, with respect to any Person, a certificate signed by two
Authorized Officers of such Person. Any Officers’ Certificate delivered with respect to compliance
with a condition or covenant provided for in this Declaration shall include:

     (a) a statement that each officer signing the Certificate has read the covenant or
condition and the definition relating thereto;

     (b) a brief statement of the nature and scope of the examination or investigation
undertaken by each officer in rendering the Certificate;

     (c) a statement that each such officer has made such examination or investigation as,
in such officer’s opinion, is necessary to enable such officer to express
an informed opinion as to whether or not such covenant or condition has been complied
with; and

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

4

 

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

     “Paying Agent” has the meaning specified in Section 3.08(h).

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

     “Preferred Securities” has the meaning specified in Section 7.01(a).

     “Preferred Security Beneficial Owner” means, with respect to a Book Entry Interest, a Person
who is the beneficial owner of such Book Entry Interest, as reflected on the books of the
Depositary, or on the books of a Person maintaining an account with such Depositary (directly as a
Participant or as an indirect participant, in each case in accordance with the rules of such
Depositary).

     “Preferred Securities Guarantee” means the guarantee agreement to be dated as of [
], of the Sponsor in respect of the Preferred Securities.

     “Prospectus Supplement,” as used in Annex I hereto, means the prospectus supplement, dated as
of [ ], relating to the issuance and sale by the Trust of Preferred
Securities.

     “Quorum” means a majority of the Administrative Trustees or, if there are only two
Administrative Trustees, both of them.

     “Registrar” has the meaning set forth in Section 7.04.

     “Related Party” means, with respect to the Sponsor, any direct or indirect wholly owned
subsidiary of the Sponsor or any other Person that owns, directly or indirectly, 100% of the
outstanding voting securities of the Sponsor.

     “Responsible Officer” means, with respect to the Preferred Guarantee Trustee, any
vice-president, any assistant vice-president, any assistant treasurer, any trust officer or
assistant trust officer or any other officer of the Preferred Guarantee Trustee customarily
performing functions similar to those performed by any of the above designated officers and also
means, with respect to a particular corporate trust matter, any other officer to whom such matter
is referred because of that officer’s knowledge of and familiarity with the particular subject and
who shall have direct responsibility for the administration of this Declaration.

     “Rule 3a-5” means Rule 3a-5 under the Investment Company Act.

     “Securities” means the Common Securities and the Preferred Securities.

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     “Securities Act” means the Securities Act of 1933, as amended from time to time, or any
successor legislation.

     “Securities Custodian” means the custodian with respect to the Global Preferred Security and
any other Preferred Security in global form.

     “66 2/3% in liquidation preference of the Securities” means, except as provided in the terms
of the Preferred Securities and by the Trust Indenture Act, Holders of outstanding Securities
voting together as a single class or, as the context may require, Holders of Preferred Securities
or Holders of outstanding Common Securities voting separately as a class, representing at least 66
2/3% of the aggregate liquidation preference (including the stated amount that would be paid on
redemption, liquidation or otherwise, plus accrued and unpaid Distributions, to the date upon which
the voting percentages are determined) of all outstanding Securities of the relevant class.

     “Sponsor” means Max Capital Group Ltd., a company incorporated in Bermuda as a holding
company, in its capacity as sponsor of the Trust.

     “Statutory Trust Act” means Chapter 38 of Title 12 of the Delaware Code, 12 Del. Code Section
3801 et seq., as it may be amended from time to time, or any successor legislation.

     “Successor Delaware Trustee” has the meaning set forth in Section 5.06(c).

     “Successor Entity” has the meaning set forth in Section 3.15(b).

     “Successor Institutional Trustee” has the meaning set forth in Section 5.06(b).

     “Super Majority” has the meaning set forth in Section 2.06(a)(ii).

     “Tax Event” means the Administrative Trustees shall have received an opinion of nationally
recognized independent tax counsel experienced in such matters to the effect that, as a result of
(a) any amendment to, or change (including any announced prospective change) in, the laws (or any
regulations thereunder) of the United States or any political subdivision or taxing authority
thereof or therein or (b) any amendment to or change in an interpretation or application of such
laws or regulations by any legislative body, court, governmental agency or regulatory authority
(including the enactment of any legislation and the publication of any judicial decision or
regulatory determination on or after the effective date of the issuance of the Preferred
Securities), in either case after the effective date of the issuance of the Preferred Securities,
there is more than an insubstantial risk that (i) the Trust would be subject to United States
federal income tax with respect to income accrued or received on the Debentures, or (ii) the Trust
would be subject to more than a de minimis amount of other taxes, duties or other governmental
charges.

     “10% in liquidation preference of the Securities” means, except as provided in the terms of
the Preferred Securities or by the Trust Indenture Act, Holders of outstanding Securities voting
together as a single class or, as the context may require, Holders of outstanding Preferred
Securities or Holders of outstanding Common Securities, voting separately as a class, representing
10% of the aggregate liquidation preference (including the stated amount that would

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be paid on
redemption, liquidation or otherwise, plus accrued and unpaid Distributions to the date upon which
the voting percentages are determined) of all outstanding Securities of the relevant class.

     “Treasury Regulations” means the income tax regulations, including temporary and proposed
regulations, promulgated under the Code by the United States Treasury, as such regulations may be
amended from time to time (including corresponding provisions of succeeding regulations).

     “Trustee” or “Trustees” means each Person who has signed this Declaration as a trustee, so
long as such Person shall continue in office in accordance with the terms hereof, and all other
Persons who may from time to time be duly appointed, qualified and serving as Trustees in
accordance with the provisions hereof, and references herein to a Trustee or the Trustees shall
refer to such Person or Persons solely in their capacity as trustees hereunder.

     “Trust Indenture Act” means the U.S. Trust Indenture Act of 1939, as amended from time to
time, or any successor legislation.

ARTICLE 2.

TRUST INDENTURE ACT

     Section 2.01 Trust Indenture Act; Application.

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

     (b) The Institutional Trustee shall be the only Trustee that is a Trustee for the purposes of
the Trust Indenture Act.

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

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

     Section 2.02 Lists of Holders of Securities.

     (a) Each of the Sponsor and the Administrative Trustees on behalf of the Trust shall provide
the Institutional Trustee (i) within 15 days after each record date for payment of Distributions, a
list, in such form as the Institutional Trustee may reasonably require, of the
names and addresses of the Holders of the Securities (“List of Holders”) as of such record
date, provided that neither the Sponsor nor the Administrative Trustees on behalf of the Trust
shall be obligated to provide such List of Holders at any time the List of Holders does not differ
from the most recent List of Holders given to the Institutional Trustee by the Sponsor and the
Administrative Trustees on behalf of the Trust, and (ii) at any other time, within 30 days of

7

 

receipt by the Trust of a written request for a List of Holders as of a date no more than 15 days
before such List of Holders is given to the Institutional Trustee. The Institutional Trustee shall
preserve, in as current a form as is reasonably practicable, all information contained in Lists of
Holders given to it or which it receives in the capacity as Paying Agent (if acting in such
capacity) provided that the Institutional Trustee may destroy any List of Holders previously given
to it on receipt of a new List of Holders.

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

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

     Section 2.04 Periodic Reports to Institutional Trustee. Each of the Sponsor and the Administrative
Trustees on behalf of the Trust shall provide to the Institutional Trustee such documents, reports
and information (if any) as required by Section 314 of the Trust Indenture Act and the compliance
certificate required by Section 314 of the Trust Indenture Act in the form, in the manner and at
the times required by Section 314 of the Trust Indenture Act. Delivery of such reports, information
and documents to the Trustee is for informational purposes only and the Trustee’s receipt of such
shall not constitute constructive notice of any information contained therein or determinable from
information contained therein, including the Sponsor’s compliance with any of its covenants
hereunder (as to which the Trustee is entitled to rely exclusively on Officers’ Certificates).

     Section 2.05 Evidence of Compliance with Conditions Precedent. Each of the Sponsor and the
Administrative Trustees on behalf of the Trust shall provide to the Institutional Trustee such
evidence of compliance with any conditions precedent, if any, provided for in this Declaration that
relate to any of the matters set forth in Section 314(c) of the Trust Indenture Act. Any
certificate or opinion required to be given by an officer pursuant to Section 314(c)(1) of the
Trust Indenture Act may be given in the form of an Officers’ Certificate.

     Section 2.06 Events of Default; Waiver.

     (a) The Holders of a Majority in liquidation preference of Preferred Securities may, by vote,
on behalf of the Holders of all of the Preferred Securities, waive any past Event of
Default in respect of the Preferred Securities and its consequences, provided that, if the
underlying Event of Default under the Indenture:

     (i) is not waivable under the Indenture, such Event of Default under the Declaration
shall also not be waivable; or

     (ii) is waivable only with the consent or vote of holders of greater than a majority in
principal amount of the Debentures (a “Super Majority”) affected thereby, such Event of
Default under the Declaration may be waived only by the vote of the Holders of at least the
proportion in liquidation preference of the Preferred Securities that

8

 

the relevant Super
Majority represents of the aggregate principal amount of the Debentures outstanding.

     The foregoing provisions of this Section 2.06(a) shall be in lieu of §316(a)(1)(B) of the
Trust Indenture Act and such Section 316(a)(1)(B) of the Trust Indenture Act is hereby expressly
excluded from this Declaration and the Securities, as permitted by the Trust Indenture Act. Upon
such waiver, any such default shall cease to exist, and any Event of Default with respect to the
Preferred Securities arising therefrom shall be deemed to have been cured, for every purpose of
this Declaration, but no such waiver shall extend to any subsequent or other default or an Event of
Default with respect to the Preferred Securities or impair any right consequent thereon. Any waiver
by the Holders of the Preferred Securities of an Event of Default with respect to the Preferred
Securities shall also be deemed to constitute a waiver by the Holders of the Common Securities of
any such Event of Default with respect to the Common Securities for all purposes of this
Declaration without any further act, vote, or consent of the Holders of the Common Securities.

     (b) The Holders of a Majority in liquidation preference of the Common Securities may, by vote,
on behalf of the Holders of all of the Common Securities, waive any past Event of Default with
respect to the Common Securities and its consequences, provided that, if the underlying Event of
Default under the Indenture:

     (i) is not waivable under the Indenture, except where the Holders of the Common
Securities are deemed to have waived such Event of Default under the Declaration as provided
in this Section 2.06(b), the Event of Default under the Declaration shall also not be
waivable; or

     (ii) is waivable only with the consent or vote of a Super Majority to be waived, except
where the Holders of the Common Securities are deemed to have waived such Event of Default
under the Declaration as provided in this Section 2.06(b), the Event of Default under the
Declaration may be waived only by the vote of the Holders of at least the proportion in
liquidation preference of the Common Securities that the relevant Super Majority represents
of the aggregate principal amount of the Debentures outstanding; provided further, each
Holder of Common Securities will be deemed to have waived any such Event of Default and all
Events of Default with respect to the Common Securities and its consequences until all
Events of Default with respect to the Preferred Securities have been cured, waived or
otherwise eliminated, and until such Events of Default with respect to the Preferred
Securities have been so cured, waived or otherwise
eliminated, the Institutional Trustee will be deemed to be acting solely on behalf of
the Holders of the Preferred Securities and only the Holders of the Preferred Securities
will have the right to direct the Institutional Trustee in accordance with the terms of the
Securities. The foregoing provisions of this Section 2.06(b) shall be in lieu of Sections
316(a)(1)(A) and 316(a)(1)(B) of the Trust Indenture Act and such Sections 316(a)(1)(A) and
316(a)(1)(B) of the Trust Indenture Act are hereby expressly excluded from this Declaration
and the Securities, as permitted by the Trust Indenture Act. Subject to the foregoing
provisions of this Section 2.06(b), upon the waiver of an Event of Default by the Holders of
a Majority in liquidation preference of the Common Securities, any such default shall cease
to exist and any Event of Default with respect to

9

 

the Common Securities arising therefrom
shall be deemed to have been cured for every purpose of this Declaration, but no such waiver
shall extend to any subsequent or other default or Event of Default with respect to the
Common Securities or impair any right consequent thereon.

     (c) A waiver of an Event of Default under the Indenture by the Institutional Trustee at the
direction of the Holders of the Preferred Securities, constitutes a waiver of the corresponding
Event of Default under this Declaration. The foregoing provisions of this Section 2.06(c) shall be
in lieu of Section 316(a)(1)(B) of the Trust Indenture Act and such Section 316(a)(1)(B) of the
Trust Indenture Act is hereby expressly excluded from this Declaration and the Securities, as
permitted by the Trust Indenture Act.

     Section 2.07 Event of Default; Notice.

     (a) The Institutional Trustee shall, within 90 days after the occurrence of an Event of
Default, transmit by mail, first class postage prepaid, to the Holders of the Securities, notices
of (i) all defaults with respect to the Securities known to a Responsible Officer of the
Institutional Trustee, unless such defaults have been cured before the giving of such notice (the
term “defaults” for the purposes of this Section 2.07(a) being hereby defined to be an Event of
Default as defined in the Indenture, not including any periods of grace provided for therein and
irrespective of the giving of any notice provided therein) and (ii) any notice of default received
from the Institutional Trustee with respect to the Debentures, which notice from the Institutional
Trustee to the Holders shall state that an Event of Default under the Indenture also constitutes an
Event of Default with respect to the Securities; provided that, except for a default in the payment
of principal of (or premium, if any) or interest or Additional Amounts on any of the Debentures or
in the payment of any sinking fund installment established for the Debentures, the Institutional
Trustee shall be protected in withholding such notice if and so long as a Responsible Officer of
the Institutional Trustee in good faith determines that the withholding of such notice is in the
interests of the Holders of the Securities.

     (b) The Institutional Trustee shall not be deemed to have knowledge of any default except:

     (i) a default under Sections 6.1(a) and 6.1(b) of the Indenture; or

     (ii) any default as to which the Institutional Trustee shall have received written
notice or of which a Responsible Officer of the Institutional Trustee charged with the
administration of the Declaration shall have actual knowledge.

ARTICLE 3.

ORGANIZATION

     Section 3.01 Name. The Trust is named “Max Capital Trust I,” as such name may be modified from
time to time by the Administrative Trustees following written notice to the Institutional Trustee,
the Delaware Trustee and the Holders of Securities. The Trust’s activities may be conducted under
the name of the Trust or any other name deemed advisable by the Administrative Trustees.

10

 

     Section 3.02 Office. The address of the principal office of the Trust is c/o Max Capital Group
Ltd., 2 Front Street, Hamilton, HM 11, Bermuda. At any time, the Administrative Trustees may
designate another principal office.

     Section 3.03 Purpose. The exclusive purposes and functions of the Trust are (a) to issue and sell
Securities and use the proceeds from such sale to acquire the Debentures, and (b) except as
otherwise limited herein, to engage in only those other activities necessary, or incidental
thereto. The Trust shall not borrow money, issue debt or reinvest proceeds derived from
investments, pledge any of its assets, or otherwise undertake (or permit to be undertaken) any
activity that would cause the Trust not to be classified for United States federal income tax
purposes as a grantor trust.

     Section 3.04 Authority. Subject to the limitations provided in this Declaration and to the
specific duties of the Institutional Trustee, the Administrative Trustees shall have exclusive and
complete authority to carry out the purposes of the Trust. An action taken by the Administrative
Trustees in accordance with their powers shall constitute the act of and serve to bind the Trust
and an action taken by the Institutional Trustee on behalf of the Trust in accordance with its
powers shall constitute the act of and serve to bind the Trust. In dealing with the Trustees acting
on behalf of the Trust, no person shall be required to inquire into the authority of the Trustees
to bind the Trust. Persons dealing with the Trust are entitled to rely conclusively on the power
and authority of the Trustees as set forth in this Declaration.

     Section 3.05
Title to Property of the Trust. Except as provided in Section 3.08 with respect to the
Debentures and the Institutional Trustee Account or as otherwise provided in this Declaration,
legal title to all assets of the Trust shall be vested in the Trust. The Holders shall not have
legal title to any part of the assets of the Trust, but shall have an undivided beneficial interest
in the assets of the Trust.

     Section 3.06 Powers and Duties of the Administrative Trustees. The Administrative Trustees shall
have the exclusive power, duty and authority to cause the Trust to engage in the following
activities:

     (a) to issue and sell the Securities in accordance with this Declaration; provided, however,
that the Trust may issue no more than one series of Preferred Securities and no more than one
series of Common Securities, and, provided further, that there shall be no interests in the Trust
other than the Securities, and the issuance of Securities shall be limited to a one-time,
simultaneous issuance of both Preferred Securities and Common Securities on the Closing Date;

     (b) in connection with the issue and sale of the Preferred Securities, at the direction of the
Sponsor, to:

     (i) execute and file with the Commission on behalf of the Trust, at such time as
determined by the Sponsor, a registration statement on Form S-3 or on another appropriate
form, or a registration statement under Rule 462(b) of the Securities Act, in each case
prepared by the Sponsor, including all pre-effective or post-effective amendments thereto in
relation to the Preferred Securities;

11

 

     (ii) prepare and file with the Commission, at such time as determined by the Sponsor,
any preliminary prospectus or prospectus or supplement thereto relating to the Preferred
Securities of the Trust required to be filed pursuant to the Securities Act,

     (iii) execute and file any documents prepared by the Sponsor, or take any acts as
determined by the Sponsor to be necessary in order to qualify or register all or part of the
Preferred Securities in any State or foreign jurisdiction in which the Sponsor has
determined to qualify or register such Preferred Securities for sale;

     (iv) execute and file an application, prepared by or on behalf of the Sponsor, at such
time as determined by the Sponsor, to the Private Offerings, Resale and Trading through
Automated Linkages (“PORTAL”) Market to the New York Stock Exchange or any other national
stock exchange or the Nasdaq Global Select Market for listing or quotation of the Preferred
Securities;

     (v) to execute and deliver letters, documents, or instruments with The Depository Trust
Company relating the Preferred Securities;

     (vi) execute and file with the Commission on behalf of the Trust, at such time as
determined by the Sponsor, a registration statement on Form 8-A, including any pre-effective
or post-effective amendments thereto, prepared by the Sponsor relating to the registration
of the Preferred Securities under Section 12(b) of the Exchange Act; and

     (vii) execute and enter into the purchase agreement, registration rights agreement and
other related agreements providing for the sale of the Preferred Securities;

     (c) to acquire the Debentures with the proceeds of the sale of the Securities; provided,
however, that the Administrative Trustees shall cause legal title to the Debentures to be held of
record in the name of the Institutional Trustee for the benefit of the Holders of the
Preferred Securities and the Holders of Common Securities;

     (d) to give the Sponsor and the Institutional Trustee prompt written notice of the occurrence
of a Tax Event or Investment Company Event; provided that the Administrative Trustees shall consult
with the Sponsor and the Institutional Trustee before taking or refraining from taking any
Ministerial Action in relation to a Tax Event or Investment Company Event;

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

     (f) to take all actions and perform such duties as may be required of the Administrative
Trustees pursuant to the terms of the Securities;

     (g) to bring or defend, pay, collect, compromise, arbitrate, resort to legal action, or
otherwise adjust claims or demands of or against the Trust (“Legal Action”), unless pursuant to
Section 3.08(e), the Institutional Trustee has the exclusive power to bring such Legal Action;

12

 

     (h) to employ or otherwise engage employees and agents (who may be designated as officers with
titles) and managers, contractors, advisors, and consultants and pay reasonable compensation for
such services;

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

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

     (k) to incur expenses that are necessary or incidental to carry out any of the purposes of the
Trust;

     (l) to act as, or appoint another Person to act as, registrar and transfer agent for the
Securities;

     (m) to give prompt written notice to the Holders of the Securities of any notice received from
the Debenture Issuer of its election (i) to defer payments of interest on the Debentures by
extending the interest payment period under the Indenture or (ii) to extend the scheduled maturity
date on the Debentures;

     (n) to take all action that may be necessary or appropriate for the preservation and the
continuation of the Trust’s valid existence, rights, franchises and privileges as a statutory trust
under the laws of the State of Delaware and of each other jurisdiction in which such existence is
necessary to protect the limited liability of the Holders of the Preferred Securities or to enable
the Trust to effect the purposes for which the Trust was created;

     (o) to take any action, not inconsistent with this Declaration or with applicable law, that
the Administrative Trustees determine in their discretion to be necessary or desirable in carrying
out the activities of the Trust as set out in this Section 3.06, including, but not limited to:

     (i) causing the Trust not to be deemed to be an Investment Company required to be
registered under the Investment Company Act;

     (ii) causing the Trust to be classified for United States federal income tax purposes
as a grantor trust; and

     (iii) cooperating with the Debenture Issuer to ensure that the Debentures will be
treated as indebtedness of the Debenture Issuer for United States federal income tax
purposes, provided that such action does not adversely affect the interests of Holders;

     (p) to take all action necessary to cause all applicable tax returns and tax information
reports that are required to be filed with respect to the Trust to be duly prepared and filed by
the Administrative Trustees, on behalf of the Trust; and

     (q) to execute all documents or instruments, perform all duties and powers, and do all things
for and on behalf of the Trust in all matters necessary or incidental to the foregoing.

13

 

     The Administrative Trustees must exercise the powers set forth in this Section 3.06 in a
manner that is consistent with the purposes and functions of the Trust set out in Section 3.03, and
the Administrative Trustees shall not take any action that is inconsistent with the purposes and
functions of the Trust set forth in Section 3.03.

     Subject to this Section 3.06, the Administrative Trustees shall have none of the powers or the
authority of the Institutional Trustee set forth in Section 3.08. Any expenses incurred by the
Administrative Trustees pursuant to this Section 3.06 shall be reimbursed by the Debenture Issuer.

     Section 3.07 Prohibition of Actions by the Trust and the Trustees.

     (a) The Trust shall not, and the Trustees (including the Institutional Trustee) shall not
cause the Trust to, engage in any activity other than as required or authorized by this
Declaration. In particular, the Trust shall not and the Trustees (including the Institutional
Trustee) shall not cause the Trust to:

     (i) invest any proceeds received by the Trust from holding the Debentures, but shall
distribute all such proceeds to Holders of Securities pursuant to the terms of this
Declaration and of the Securities;

     (ii) acquire any assets other than as expressly provided herein;

     (iii) possess Trust property for other than a Trust purpose;

     (iv) make any loans or incur any indebtedness other than loans represented by the
Debentures;

     (v) possess any power or otherwise act in such a way as to vary the Trust assets or the
terms of the Securities in any way whatsoever;

     (vi) issue any securities or other evidences of beneficial ownership of, or beneficial
interest in, the Trust other than the Securities; or

     (vii) (A) other than as provided in this Declaration or Annex I, direct the time,
method and place of exercising any trust or power conferred upon the Debenture Trustee with
respect to the Debentures, (B) waive any past default that is waivable under the Indenture,
(C) exercise any right to rescind or annul any declaration that the principal of all the
Debentures shall be due and payable, or (D) consent to any amendment, modification or
termination of the Indenture or the Debentures where such consent shall be required unless
the Trust shall have received an opinion of tax counsel to the effect that as a result of
such modification, the Trust will not fail to be classified as a grantor trust for United
States Federal income tax purposes.

     Section 3.08 Powers and Duties of the Institutional Trustee.

     (a) The legal title to the Debentures shall be owned by and held of record in the name of the
Institutional Trustee in trust for the benefit of the Holders of the Securities. The right, title

14

 

and interest of the Institutional Trustee to the Debentures shall vest automatically in each Person
who may hereafter be appointed as Institutional Trustee in accordance with Section 5.06. Such
vesting and cessation of title shall be effective whether or not conveyancing documents with regard
to the Debentures have been executed and delivered.

     (b) The Institutional Trustee shall not transfer its right, title and interest in the
Debentures to the Administrative Trustees or to the Delaware Trustee (if the Institutional Trustee
does not also act as Delaware Trustee).

     (c) The Institutional Trustee shall:

     (i) establish and maintain a segregated non-interest bearing trust account (the
“Institutional Trustee Account”) in the name of and under the exclusive control of the
Institutional Trustee on behalf of the Holders of the Securities and, upon the receipt of
payments of funds made in respect of the Debentures held by the Institutional Trustee,
deposit such funds into the Institutional Trustee Account and make payments to the Holders
of the Preferred Securities and Holders of the Common Securities from the Institutional
Trustee Account in accordance with Section 6.01. Funds in the Institutional Trustee Account
shall be held uninvested until disbursed in accordance with this Declaration. The
Institutional Trustee Account shall be an account that is maintained with a banking
institution the rating on whose long-term unsecured indebtedness assigned by a “nationally
recognized statistical rating organization,” as that term is defined for purposes of Rule
436(g)(2) under the Securities Act, is at least equal to the rating assigned to the
Preferred Securities by a nationally recognized statistical rating organization;

     (ii) engage in such ministerial activities and as shall be necessary or appropriate to
effect the redemption of the Preferred Securities and the Common Securities to the extent
the Debentures are redeemed or mature; and

     (iii) upon notice of distribution issued by the Administrative Trustees in accordance
with the terms of the Securities, engage in such ministerial activities as shall be
necessary or appropriate to effect the distribution of the Debentures to Holders of
Securities upon the occurrence of certain special events (as may be defined in the terms of
the Securities) arising from a change in law or a change in legal interpretation or other
specified circumstances pursuant to the terms of the Securities.

     (d) The Institutional Trustee shall take all actions and perform such duties as may be
specifically required of the Institutional Trustee pursuant to the terms of the Securities.

     (e) Subject to Section 2.06, the Institutional Trustee shall take any Legal Action which
arises out of or in connection with an Event of Default or the Institutional Trustee’s duties and
obligations under this Declaration or the Trust Indenture Act.

     (f) The Institutional Trustee shall not resign as a Trustee unless either:

     (i) the Trust has been completely liquidated and the proceeds of the liquidation
distributed to the Holders of Securities pursuant to the terms of the Securities; or

15

 

     (ii) a Successor Institutional Trustee has been appointed and has accepted that
appointment in accordance with Section 5.06.

     (g) The Institutional Trustee shall have the legal power to exercise all of the rights, powers
and privileges of a holder of Debentures under the Indenture and, if an Event of Default occurs and
is continuing, the Institutional Trustee shall, for the benefit of Holders of the Securities,
enforce its rights as holder of the Debentures subject to the rights of the Holders pursuant to the
terms of such Securities, this Declaration, the Statutory Trust Act and the Trust Indenture Act.

     (h) The Institutional Trustee will act as Paying Agent and Registrar in New York (the “Paying
Agent”) to pay Distributions, redemption payments or liquidation payments on behalf of the Trust
with respect to all securities and any such Paying Agent shall comply with Section 317(b) of the
Trust Indenture Act. Any Paying Agent may be removed by the Institutional Trustee at any time and a
successor Paying Agent or additional Paying Agents may be appointed at any time by the
Institutional Trustee.

     (i) Subject to this Section 3.08, the Institutional Trustee shall have none of the duties,
liabilities, powers or the authority of the Administrative Trustees set forth in Section 3.06.

     The Institutional Trustee must exercise the powers set forth in this Section 3.08 in a manner
that is consistent with the purposes and functions of the Trust set out in Section 3.03, and the
Institutional Trustee shall not take any action that is inconsistent with the purposes and
functions of the Trust set out in Section 3.03.

     Section 3.09 Certain Duties and Responsibilities of the Institutional Trustee.

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

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

     (i) prior to the occurrence of an Event of Default and after the curing or waiving of
all such Events of Default that may have occurred:

     (A) the duties and obligations of the Institutional Trustee shall be determined
solely by the express provisions of this Declaration and the Institutional Trustee
shall not be liable except for the performance of such duties and obligations as are
specifically set forth in this Declaration, and no implied

16

 

covenants or obligations
shall be read into this Declaration against the Institutional Trustee; and

     (B) in the absence of bad faith on the part of the Institutional Trustee, the
Institutional Trustee may conclusively rely, as to the truth of the statements and
the correctness of the opinions expressed therein, upon any certificates or opinions
furnished to the Institutional Trustee and conforming to the requirements of this
Declaration; but in the case of any such certificates or opinions that by any
provision hereof are specifically required to be furnished to the Institutional
Trustee, the Institutional Trustee shall be under a duty to examine the same to
determine whether or not they conform to the requirements of this Declaration (but
need not confirm or investigate the accuracy of mathematical calculations or other
facts stated therein, unless specifically required by this Declaration);

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

     (iii) the Institutional 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
not less than a Majority in liquidation preference of the Securities relating to the time,
method and place of conducting any proceeding for any remedy available to the Institutional
Trustee, or exercising any trust or power conferred upon the Institutional Trustee under
this Declaration;

     (iv) no provision of this Declaration shall require the Institutional Trustee to expend
or risk its own funds or otherwise incur any liability in the performance of any of
its duties or in the exercise of any of its rights or powers, if it shall have
reasonable grounds for believing that the repayment of such funds or liability is not
reasonably assured to it under the terms of this Declaration or adequate indemnity
satisfactory to it against such risk or liability is not reasonably assured to it;

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

     (vi) the Institutional Trustee shall have no duty or liability for or with respect to
the value, genuineness, existence or sufficiency of the Debentures or the payment of any
taxes or assessments levied thereon or in connection therewith;

     (vii) the Institutional Trustee shall not be liable for any interest on any money
received by it except as it may otherwise agree with the Sponsor. Money held by the
Institutional Trustee need not be segregated from other funds held by it except in relation

17

 

to the Institutional Trustee Account maintained by the Institutional Trustee pursuant to
Section 3.08(c)(i)) and except to the extent otherwise required by law; and

     (viii) the Institutional Trustee shall not be responsible for monitoring the compliance
by the Administrative Trustees or the Sponsor with their respective duties under this
Declaration, nor shall the Institutional Trustee be liable for the default or misconduct of
the Administrative Trustees or the Sponsor.

     Section 3.10 Rights of Institutional Trustee.

     (a) Subject to the provisions of Section 3.09:

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

     (ii) any direction or act of the Sponsor or the Administrative Trustees contemplated by
this Declaration shall be sufficiently evidenced by an Officers’ Certificate;

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

     (iv) the Institutional Trustee shall have no duty to see to any recording, filing or
registration of any instrument (including any financing or continuation statement or any
filing under tax or securities laws) or any rerecording, refiling or registration thereof;

     (v) the Institutional Trustee may consult with counsel of its selection or other
experts and the advice or opinion of such counsel and experts with respect to legal matters
or advice within the scope of such experts’ area of expertise shall be full and complete
authorization and protection in respect of any action taken, suffered or omitted by it
hereunder in good faith and in accordance with such advice or opinion, such counsel may be
counsel to the Sponsor or any of its Affiliates, and may include any of its employees. The
Institutional Trustee shall have the right at any time to seek instructions concerning the
administration of this Declaration from any court of competent jurisdiction;

     (vi) the Institutional Trustee shall be under no obligation to exercise any of the
rights or powers vested in it by this Declaration at the request or direction of any Holder,
unless such Holder shall have provided to the Institutional Trustee adequate security and
indemnity, reasonably satisfactory to the Institutional Trustee, against the costs, expenses
(including reasonable attorneys’ fees and expenses) and liabilities that might be incurred

18

 

by it in complying with such request or direction, including such reasonable advances as may
be requested by the Institutional Trustee provided, that, nothing contained in this Section
3.10(a)(iv)shall be taken to relieve the Institutional Trustee, upon the occurrence of an
Event of Default, of its obligation to exercise the rights and powers vested in it by this
Declaration;

     (vii) the Institutional 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, security, bond, debenture, note, other
evidence of indebtedness or other paper or document, but the Institutional Trustee, may make
such further inquiry or investigation into such facts or matters as it may see fit and, if
the Institutional Trustee shall determine to make such further inquiry or investigation, it
shall be entitled, at a time and place reasonably determined by the Administrative Trustees,
to examine the books and records of the Trust, personally or by agent or attorney, and shall
incur no additional liability by reason of such inquiry or investigation;

     (viii) the Institutional 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
Institutional 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;

     (ix) any action taken by the Institutional Trustee or its agents hereunder shall bind
the Trust and the Holders of the Securities, and the signature of the Institutional Trustee
or its agents alone shall be sufficient and effective to perform any such action and no
third party shall be required to inquire as to the authority of the Institutional Trustee to
so act or as to its compliance with any of the terms and provisions of this Declaration,
both of which shall be conclusively evidenced by the Institutional Trustee’s or its agent’s
taking such action;

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

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

     (xii) the rights, privileges, protections, immunities and benefits given to the
Institutional Trustee, including, without limitation, its right to indemnification, are
extended to, and shall be enforceable by, the Institutional Trustee in each of its
capacities hereunder, and each agent, custodian and other Person employed to act hereunder;

19

 

     (xiii) the Institutional Trustee shall not be deemed to have notice of any Default or
Event of Default unless a Responsible Officer of the Institutional Trustee has actual
knowledge thereof or unless written notice of any event which is in fact such a default is
received by the Institutional Trustee, and such notice references the Securities and this
Indenture;

     (xiv) in no event shall the Institutional Trustee be responsible or liable for special,
indirect, or consequential loss or damage of any kind whatsoever (including, but not limited
to, loss of profit) irrespective of whether the Institutional Trustee has been advised of
the likelihood of such loss or damage and regardless of the form of action; and

     (xv) the Institutional Trustee may request that the Sponsor deliver a Certificate
setting forth the names of individuals and/or titles of officers authorized at such time to
take specified actions pursuant to this Declaration, which Certificate may be signed by any
person authorized to sign an Officers’ Certificate, including any person specified as so
authorized in any such certificate previously delivered and not superseded.

     (b) No provision of this Declaration shall be deemed to impose any duty or obligation on the
Institutional Trustee to perform any act or acts or exercise any right, power, duty or obligation
conferred or imposed on it, in any jurisdiction in which it shall be illegal, or in which the
Institutional Trustee shall be unqualified or incompetent in accordance with applicable law, to
perform any such act or acts, or to exercise any such right, power, duty or obligation. No
permissive power or authority available to the Institutional Trustee shall be construed to be a
duty.

     Section 3.11 Delaware Trustee. Notwithstanding any other provision of this Declaration other than
Section 5.02, the Delaware Trustee shall not be entitled to exercise any powers, nor shall the
Delaware Trustee have any of
the duties and responsibilities of the Administrative Trustees or the Institutional Trustee
described in this Declaration. Except as set forth in Section 5.02, the Delaware Trustee shall be a
Trustee for the sole and limited purpose of fulfilling the requirements of Section 3807 of the
Statutory Trust Act.

     Section 3.12 Execution of Documents. Unless otherwise determined by the Administrative Trustees,
and except as otherwise required by the Statutory Trust Act, any Administrative Trustee is
authorized to execute on behalf of the Trust any documents that the Administrative Trustees have
the power and authority to execute pursuant to Section 3.06; provided that, the registration
statement referred to in Section 3.06(b)(i)), including any amendments thereto, shall be signed by
a majority of the Administrative Trustees.

     Section 3.13 Not Responsible for Recitals or Issuance of Securities. The recitals contained in
this Declaration and the Securities shall be taken as the statements of the Sponsor, and the
Trustees do not assume any responsibility for their correctness. The Trustees make no
representations as to the value or condition of the property of the Trust or any part thereof. The
Trustees make no representations as to the validity or sufficiency of this Declaration or the
Securities.

20

 

     Section 3.14 Duration of Trust. The Trust, unless terminated pursuant to the provisions of Article
8 hereof, shall exist until 30 years from the date of its formation.

     Section 3.15
Mergers. (a) The Trust may not consolidate, amalgamate, merge with or into, or be
replaced by, or convey, transfer or lease its properties and assets substantially as an entirety to
any corporation or other entity or person, except as described in Section 3.15(b)and Section
3.15(c).

     (b) The Trust may, with the consent of the Administrative Trustees or, if there are more than
two, a majority of the Administrative Trustees and without the consent of the Holders of the
Securities, the Delaware Trustee or the Institutional Trustee, consolidate, amalgamate, merge with
or into, or be replaced by a trust organized as such under the laws of any State or the District of
Columbia; provided that:

     (i) if the Trust is not the surviving entity, the successor entity (the “Successor
Entity”) either:

     (A) expressly assumes all of the obligations of the Trust under the Securities;
or

     (B) substitutes for the Securities other securities having substantially the
same terms as the Preferred Securities (the “Successor Securities”) as long as
the Successor Securities rank the same as the Preferred Securities, with
respect to Distributions and payments upon liquidation, redemption and otherwise;

     (ii) the Debenture Issuer expressly acknowledges a trustee of the Successor Entity that
possesses the same powers and duties as the Institutional Trustee in its capacity as the
Holder of the Debentures;

     (iii) the Preferred Securities or any Successor Securities are listed, or any Successor
Securities will be listed upon notification of issuance, on any national securities exchange
or with any other organization on which the Preferred Securities are then listed or quoted;

     (iv) such merger, consolidation, amalgamation or replacement does not cause the
Preferred Securities (including any Successor Securities) to be downgraded by any nationally
recognized statistical rating organization;

     (v) such merger, consolidation, amalgamation or replacement does not adversely affect
the powers, preferences and other special rights of the Holders of the Preferred Securities
(including any Successor Securities) in any material respect (other than with respect to any
dilution of such Holders’ interests in the new entity as a result of such merger,
consolidation, amalgamation or replacement);

     (vi) such Successor Entity has a purpose substantially identical to that of the Trust;

21

 

     (vii) prior to such merger, consolidation, amalgamation or replacement, the Sponsor has
received an opinion of a nationally recognized independent counsel (reasonably acceptable to
the Institutional Trustee) to the Trust experienced in such matters to the effect that:

     (A) following such merger, consolidation, amalgamation or replacement, the
Trust or the Successor Entity, as the case may be, will be treated as a grantor
trust for United States Federal income tax purposes;

     (B) following such merger, consolidation, amalgamation or replacement, neither
the Trust nor the Successor Entity will be required to register as an Investment
Company; and

     (C) such merger, consolidation, amalgamation or replacement will not materially
adversely affect the rights, preferences and privileges of the Holders of the
Securities (including any Successor Securities) (other than with respect to any
dilution of such Holders’ interests in the new entity as a result of such merger,
consolidation, amalgamation or replacement); and

     (viii) the Sponsor provides a guarantee to the Holders of the Successor Securities with
respect to the Successor Entity having substantially the same terms as the Preferred
Securities Guarantee.

     (c) Notwithstanding Section 3.15(b), the Trust shall not, except with the consent of Holders
of 100% in liquidation preference of the Common Securities, consolidate, amalgamate, merge with or
into, or be replaced by any other entity or permit any other entity to consolidate, amalgamate,
merge with or into, or replace it if, in the opinion of tax counsel to the Trust, such
consolidation, amalgamation, merger or replacement would cause the Trust or Successor Entity to be
classified as other than a grantor trust for United States Federal income tax purposes.

ARTICLE 4.

SPONSOR

     Section 4.01 Sponsor’s Purchase of Common Securities. On the Closing Date the Sponsor will
purchase all the Common Securities issued by the Trust, in an aggregate liquidation preference
equal to 3% or more of the total capital of the Trust, at the same time as the Preferred Securities
are sold.

     Section 4.02 Responsibilities of the Sponsor. In connection with the issue and sale of the
Preferred Securities, the Sponsor shall have the exclusive right and responsibility to engage in
the following activities:

     (a) to prepare for filing by the Trust with the Commission a registration statement on Form
S-3 or on another appropriate form, or a registration statement under Rule 462(b) of the Securities
Act, including any pre-effective or post-effective amendments thereto in relation to the Preferred
Securities;

22

 

     (b) to determine when to file with the Commission any preliminary prospectus or prospectus or
supplement thereto relating to the Preferred Securities of the Trust required to be filed pursuant
to the Securities Act;

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

     (d) to prepare for filing by the Trust an application to the PORTAL Market, the New York Stock
Exchange or any other national stock exchange or the Nasdaq Global Select Market for listing or
quotation of the Preferred Securities;

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

     (f) to
negotiate the terms of the purchase agreement and registration rights agreement.

ARTICLE 5.

TRUSTEES

     Section 5.01 Number of Trustees. The number of Trustees shall initially be five (5), and:

     (a) at any time before the issuance of any Securities, the Sponsor may, by written instrument,
increase or decrease the number of Trustees; and

     (b) after the issuance of any Securities the number of Trustees may be increased or decreased
by vote of the Holders of a Majority in liquidation preference of the Common Securities voting as a
class at a meeting of the Holders of the Common Securities; provided, however, that the number of
Trustees shall in no event be less than two (2); provided further that (1) one Trustee, shall be
the Delaware Trustee; (2) there shall be at least one Trustee who is an employee or officer of, or
is affiliated with the Sponsor (a “Administrative Trustee”); and (3) one Trustee shall be the
Institutional Trustee for so long as this Declaration is required to qualify as an indenture under
the Trust Indenture Act, and such Trustee may also serve as Delaware Trustee if it meets the
applicable requirements.

     Section 5.02 Delaware Trustee. If required by the Statutory Trust Act, one Trustee (the “Delaware
Trustee”) shall be:

     (a) a natural person who is a resident of the State of Delaware; or

     (b) not a natural person, an entity which has its principal place of business in the State of
Delaware, and otherwise meets the requirements of applicable law; provided, that if the
Institutional Trustee has its principal place of business in the State of Delaware and otherwise

23

 

meets the requirements of applicable law, then the Institutional Trustee shall also be the Delaware
Trustee and Section 3.11 shall have no application.

     Section 5.03 Institutional Trustee; Eligibility.

     (a) There shall at all times be one Trustee that shall act as Institutional Trustee and shall:

     (i) not be an Affiliate of the Sponsor;

     (ii) be a corporation organized and doing business under the laws of the United States
of America or any State or Territory thereof or of the District of Columbia, or a
corporation or Person permitted by the Commission to act as an institutional trustee under
the Trust Indenture Act, authorized under such laws to exercise corporate trust powers,
having a combined capital and surplus of at least 50 million U.S. dollars ($50,000,000), and
subject to supervision or examination by Federal, State, Territorial or District of Columbia
authority. If such corporation publishes reports of condition at least annually, pursuant to
law or to the requirements of the supervising or examining authority referred to above, then
for the purposes of Section 5.03(a)(i), the combined capital and
surplus of such corporation shall be deemed to be its combined capital and surplus as
set forth in its most recent report of condition so published; and

     (iii) if the Trust is excluded from the definition of an Investment Company solely by
means of Rule 3a-7 and to the extent Rule 3a-7 requires a trustee having certain
qualifications to hold title to the “eligible assets” of the Trust, the Institutional
Trustee shall possess those qualifications.

     (b) If at any time the Institutional Trustee shall cease to be eligible to so act under
Section 5.03(a), the Institutional Trustee shall immediately resign in the manner and with the
effect set forth in Section 5.06(c).

     (c) If the Institutional Trustee has or shall acquire any “conflicting interest” within the
meaning of Section 3.10(b) of the Trust Indenture Act, the Institutional Trustee and the Holder of
the Common Securities (as if it were the obligor referred to in Section 310(b) of the Trust
Indenture Act) shall in all respects comply with the provisions of Section 310(b) of the Trust
Indenture Act.

     (d) The Preferred Securities Guarantee shall be deemed to be specifically described in this
Declaration for purposes of clause (i) of the first provision contained in Section 3.10(b) of the
Trust Indenture Act.

     Section 5.04 Qualifications of Administrative Trustees and Delaware Trustee Generally. Each
Administrative Trustee and the Delaware Trustee (unless the Institutional Trustee also acts as
Delaware Trustee) shall be either a natural person who is at least 21 years of age or a legal
entity that shall act through one or more Authorized Officers.

24

 

     Section 5.05 Initial Trustees. The initial Administrative Trustees shall be:

          [            ]

          [            ]

          [            ]

          The initial Delaware Trustee shall be:

          [            ]

          [            ]

          [            ]

          The initial Institutional Trustee shall be:

          [            ]

          [            ]

          [            ]

     Section 5.06 Appointment, Removal and Resignation of Trustees.

     (a) Subject to (b), Trustees may be appointed or removed without cause at any time:

     (i) until the issuance of any Securities, by written instrument executed by the
Sponsor; and

     (ii) in the case of Administrative Trustees, after the issuance of any Securities by
vote of the Holders of a Majority in liquidation preference of the Common Securities voting
as a class at a meeting of the Holders of the Common Securities;

     (iii) in the case of the Institutional Trustee and the Delaware Trustee, unless an
Event of Default shall have occurred and be continuing after the issuance of any Securities,
by a vote of the Holders of a Majority in liquidation preference of the Common Securities
voting as a class at a meeting of the Holders of the Common Securities; and

     (iv) in the case of the Institutional Trustee and the Delaware Trustee, if an Event of
Default shall have occurred and be continuing after the issuance of the Securities, by a
vote of the Holders of a Majority in liquidation preference of the Preferred Securities
voting as a class at a meeting of the Holders of the Preferred Securities.

     (b) The Trustee that acts as Institutional Trustee shall not be removed in accordance with
Section 5.06(a) until a successor Institutional Trustee possessing the qualifications to act as
Institutional Trustee under Section 5.03(the “Successor Institutional Trustee”) has been appointed
and has accepted such appointment by written instrument executed by such Successor Institutional
Trustee and delivered to the Administrative Trustees and the Sponsor; and

25

 

     (c) The Trustee that acts as Delaware Trustee shall not be removed in accordance with this
Section 5.06(a) until a successor Trustee possessing the qualifications to act as Delaware Trustee
under Section 5.02 and Section 5.04(a “Successor Delaware Trustee”) has been appointed and has
accepted such appointment by written instrument executed by such Successor Delaware Trustee and
delivered to the Administrative Trustees and the Sponsor.

     (d) A Trustee appointed to office shall hold office until his successor shall have been
appointed or until his death, removal or resignation. Any Trustee may resign from office (without
need for prior or subsequent accounting) by an instrument in writing signed by the Trustee and
delivered to the Sponsor and the Trust, which resignation shall take effect upon such delivery or
upon such later date as is specified therein; provided, however, that:

     (i) No such resignation of the Trustee that acts as the Institutional Trustee shall be
effective:

     (A) until a Successor Institutional Trustee has been appointed and has accepted
such appointment by instrument executed by such Successor Institutional Trustee and
delivered to the Trust, the Sponsor and the resigning Institutional Trustee; or

     (B) until the assets of the Trust have been completely liquidated and the
proceeds thereof distributed to the holders of the Securities; and

     (ii) no such resignation of the Trustee that acts as the Delaware Trustee shall be
effective until a Successor Delaware Trustee has been appointed and has accepted such
appointment by instrument executed by such Successor Delaware Trustee and delivered to the
Trust, the Sponsor and the resigning Delaware Trustee.

     (e) The Holders of the Common Securities shall use their best efforts to promptly appoint a
Successor Institutional Trustee or Successor Delaware Trustee, as the case may be, if the
Institutional Trustee or the Delaware Trustee delivers an instrument of resignation in accordance
with this Section 5.06.

     (f) If no Successor Institutional Trustee or Successor Delaware Trustee shall have been
appointed and accepted appointment as provided in this
Section 5.06 within 60 days after delivery to
the Sponsor and the Trust of an instrument of resignation, the resigning Institutional Trustee or
Delaware Trustee, as applicable, may petition any court of competent jurisdiction at the expense of
the Sponsor for appointment of a Successor Institutional Trustee or Successor Delaware Trustee.
Such court may thereupon, after prescribing such notice, if any, as it may deem proper and
prescribe, appoint a Successor Institutional Trustee or Successor Delaware Trustee, as the case may
be.

     Section 5.07 Vacancies among Trustees. If a Trustee ceases to hold office for any reason and the
number of Trustees is not reduced pursuant to Section 5.01, or if the number of Trustees is
increased pursuant to Section 5.01, a vacancy shall occur. A resolution certifying the existence of
such vacancy by a majority of the Administrative Trustees shall be conclusive evidence of the
existence of such vacancy. The vacancy shall be filled with a Trustee appointed in accordance with
Section 5.06.

26

 

     Section 5.08 Effect of Vacancies. The death, resignation, retirement, removal, bankruptcy,
dissolution, liquidation, incompetence or incapacity to perform the duties of a Trustee shall not
operate to annul the Trust. Whenever a vacancy in the number of Administrative Trustees shall
occur, until such vacancy is filled by the appointment of a Administrative Trustee in accordance
with Section 5.06, the Administrative Trustees in office, regardless of their number, shall have
all the powers granted to the Administrative Trustees and shall discharge all the duties imposed
upon the Administrative Trustees by this Declaration.

     Section 5.09 Meetings. If there is more than one Administrative Trustee, meetings of the
Administrative Trustees shall be held from time to time upon the call of any Administrative
Trustee. Regular meetings of the Administrative Trustees may be held at a time and place fixed by
resolution of the Administrative Trustees. Notice of any in-person meetings of the Administrative
Trustees shall be hand delivered or otherwise delivered in writing (including by facsimile, with a
hard copy by overnight courier) not less than 48 hours before such meeting. Notice of any
telephonic meetings
of the Administrative Trustees or any committee thereof shall be hand delivered or otherwise
delivered in writing (including by facsimile, with a hard copy by overnight courier) not less than
24 hours before a meeting. Notices shall contain a brief statement of the time, place and
anticipated purposes of the meeting. The presence (whether in person or by telephone) of a
Administrative Trustee at a meeting shall constitute a waiver of notice of such meeting except
where a Administrative Trustee attends a meeting for the express purpose of objecting to the
transaction of any activity on the ground that the meeting has not been lawfully called or
convened. Unless provided otherwise in this Declaration, any action of the Administrative Trustees
may be taken at a meeting by vote of a majority of the Administrative Trustees present (whether in
person or by telephone) and eligible to vote with respect to such matter, provided that a Quorum is
present, or without a meeting by the unanimous written consent of the Administrative Trustees. In
the event there is only one Administrative Trustee, any and all action of such Administrative
Trustee shall be evidenced by a written consent of such Administrative Trustee.

     Section 5.10 Delegation of Power.

     (a) Any Administrative Trustee may, by power of attorney consistent with applicable law,
delegate to any other natural person over the age of 21 his or her power for the purpose of
executing any documents contemplated in Section 3.06, including any registration statement or
amendment thereto filed with the Commission, or making any other governmental filing; and

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

     Section 5.11 Merger, Conversion, Consolidation or Succession to Business. Any corporation or
national banking association into which the Institutional Trustee or the Delaware Trustee, as the
case may be, may be merged or converted or with which either may be consolidated, or any
corporation or national banking association resulting from any merger, conversion or consolidation
to which the Institutional Trustee or the Delaware Trustee, as the case may be, shall be a party,
or any corporation or national banking association succeeding to all or substantially all the
corporate trust business of the Institutional Trustee or the Delaware Trustee, as the

27

 

case may be,
shall be the successor of the Institutional Trustee or the Delaware Trustee, as the case may be,
hereunder, provided such corporation or national banking association 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.

ARTICLE 6.

DISTRIBUTIONS

     Section 6.01 Distributions. Holders shall receive Distributions (as defined herein) in accordance
with the applicable terms of the relevant Holder’s Securities. Distributions shall be made on the
Preferred Securities and the Common Securities in accordance with the preferences set forth in their respective terms. If
and to the extent that the Debenture Issuer makes a payment of interest (including any compounded
interest) and Additional Interest (as defined in the Indenture)) premium, Additional Amounts and
principal on the Debentures held by the Institutional Trustee (the amount of any such payment being
a “Payment Amount”), the Institutional Trustee shall and is directed, to the extent funds are
available for that purpose, to make a distribution (a “Distribution”) of the Payment Amount to
Holders.

ARTICLE 7.

INSURANCE OF SECURITIES

     Section 7.01 General Provisions Regarding Securities.

     (a) The Administrative Trustees shall on behalf of the Trust issue one class of preferred
securities, representing undivided beneficial interests in the assets of the Trust (the “Preferred
Securities”), having such terms (the “Terms”) as are set forth in Annex I and one class of common
securities, representing undivided beneficial interests in the assets of the Trust (the “Common
Securities”), having such terms as are set forth in Annex I. The Trust shall issue no securities or
other interests in the assets of the Trust other than the Preferred Securities and the Common
Securities.

     (b) The consideration received by the Trust for the issuance of the Securities shall
constitute a contribution to the capital of the Trust and shall not constitute a loan to the Trust.

     (c) Upon issuance of the Securities as provided in this Declaration, the Securities so issued
shall be deemed to be validly issued, fully paid and non-assessable, subject to Section 10.01 with
respect to the Common Securities.

     (d) Every Person, by virtue of having become a Holder of a Preferred Security Beneficial Owner
in accordance with the terms of this Declaration, shall be deemed to have expressly assented and
agreed to the terms of, and shall be bound by, this Declaration.

     Section 7.02 Execution and Authentication.

     (a) The Securities shall be signed on behalf of the Trust by one Administrative Trustee. In
case any Administrative Trustee of the

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Trust who shall have signed any of the Securities shall
cease to be such Administrative Trustee before the Securities so signed shall be delivered by the
Trust, such Securities nevertheless may be delivered as though the person who signed such
Securities had not ceased to be such Administrative Trustee ; and any Securities may be signed on
behalf of the Trust by such persons who, at the actual date of execution of such Security, shall be
the Administrative Trustees of the Trust, although at the date of the execution and delivery of the
Declaration any such person was not such a Administrative Trustee.

     (b) One Administrative Trustee shall sign the Preferred Securities for the Trust by manual or
facsimile signature. Unless otherwise determined by the Trust, such signature shall, in the case of
Common Securities, be a manual signature.

     A Preferred Security shall not be valid until authenticated by the manual signature of an
authorized officer of the Institutional Trustee. The signature shall be conclusive evidence that
the Preferred Security has been authenticated under this Declaration.

     Upon a written order of the Trust signed by one Administrative Trustee, the Institutional
Trustee shall authenticate the Preferred Securities for original issue. The aggregate number of
Preferred Securities outstanding at any time shall not exceed the number set forth in the Terms in
Annex A.

     The Institutional Trustee may appoint an authenticating agent acceptable to the Trust to
authenticate Preferred Securities. An authenticating agent may authenticate Preferred Securities
whenever the Institutional Trustee may do so. Each reference in this Declaration to authentication
by the Institutional Trustee includes authentication by such agent. An authenticating agent has the
same rights as the Institutional Trustee to deal with the Sponsor or an Affiliate.

     Section 7.03 [Reserved].

     Section 7.04 Registrar, Paying Agent and Conversion Agent. In the event that the Preferred
Securities are not in book-entry only form, the Trust shall maintain in the Borough of Manhattan,
The City of New York, State of New York, (i) an office or agency where Preferred Securities may be
presented for registration of transfer or exchange (“Registrar”), (ii) an office or agency where
Preferred Securities may be presented for payment (“Paying Agent”) and (iii) an office or agency
where Preferred Securities may be presented for conversion (“Conversion Agent”). The Registrar
shall keep a register of the Preferred Securities and of their transfer and exchange. The Trust may
appoint the Registrar, the Paying Agent and the Conversion Agent and may appoint one or more
co-registrars, one or more additional paying agents and one or more additional conversion agents in
such other locations as it shall determine. The term “Paying Agent” includes any additional paying
agent. The Trust may change any Paying Agent, Registrar or co-registrar without prior notice to any
Holder. The Trust shall notify the Institutional Trustee of the name and address of any Agent not a
party to this Declaration. If the Trust fails to appoint or maintain another entity as Registrar or
Paying Agent, the Institutional Trustee shall act as such. The Trust or any of its Affiliates may
act as Paying Agent or Registrar. The Trust shall act as Paying Agent, Registrar or co-registrar
for the Common Securities.

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     The Trust initially appoints the Institutional Trustee as Registrar and Paying Agent for the
Preferred Securities.

     Section 7.05 Paying Agent to Hold Money in Trust. The Trust shall require each Paying Agent other
than the Institutional Trustee to agree in writing that the Paying Agent will hold in trust for the
benefit of Holders or the Institutional Trustee all money held by the Paying Agent for the payment
of principal or distribution on the Securities, and will notify the Institutional Trustee if there
are insufficient funds to make any required payment. While any such insufficiency continues, the
Institutional Trustee may require a Paying Agent to pay all money held by it to the Institutional
Trustee. The Trust at any time may require a Paying Agent to pay all money held by it to the
Institutional Trustee and to account for any money disbursed by it. Upon payment over to the Institutional Trustee, the Paying Agent (if
other than the Trust or an Affiliate of the Trust) shall have no further liability for the money.
If the Trust or the Sponsor or an Affiliate of the Trust or the Sponsor acts as Paying Agent, it
shall segregate and hold in a separate trust fund for the benefit of the Holders all money held by
it as Paying Agent.

     Section 7.06 [Reserved].

     Section 7.07 [Reserved].

     Section 7.08 Outstanding Preferred Securities. The Preferred Securities outstanding at any time
are all the Preferred Securities authenticated by the Institutional Trustee except for those
canceled by it, those delivered to it for cancellation, and those described in this Section as not
outstanding.

     If a Preferred Security is replaced, paid or purchased pursuant to Section 7.07, it ceases to
be outstanding unless the Institutional Trustee receives proof satisfactory to it that the
replaced, paid or purchased Preferred Security is held by a bona fide purchaser.

     If Preferred Securities are considered paid in accordance with the terms of this Declaration,
they cease to be outstanding and interest on them ceases to accrue.

     A Preferred Security does not cease to be outstanding because one of the Trust, the Sponsor or
an Affiliate of the Sponsor holds the Security.

     Section 7.09 Preferred Securities in Treasury. In determining whether the Holders of the required
amount of Securities have concurred in any direction, waiver or consent, Preferred Securities owned
by the Trust, the Sponsor or an Affiliate of the Sponsor, as the case may be, shall be disregarded
and deemed not to be outstanding, except that for the purposes of determining whether the
Institutional Trustee shall be protected in conclusively relying on any such direction, waiver or
consent, only Securities which a Responsible Officer of the Institutional Trustee actually knows
are so owned shall be so disregarded.

     Section 7.10 [Reserved].

     Section 7.11 Cancellation. The Trust at any time may deliver Preferred Securities to the
Institutional Trustee for cancellation. The Registrar, Paying Agent and Conversion Agent shall
forward to the Institutional Trustee any Preferred Securities surrendered to them for

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registration
of transfer, redemption, conversion, exchange or payment. The Institutional Trustee shall promptly
cancel all Preferred Securities surrendered for registration of transfer, redemption, conversion,
exchange, payment, replacement or cancellation and shall dispose of cancelled Preferred Securities
in accordance with its customary procedures for the disposition of cancelled securities in effect at the time of
such cancellation. The Trust may not issue new Preferred Securities to replace Preferred Securities
that it has paid or that have been delivered to the Institutional Trustee for cancellation or that
any holder has converted.

     Section 7.12 CUSIP Numbers. The Trust in issuing the Securities may use “CUSIP” numbers (if then
generally in use), and, if so used by the Trust, the Institutional Trustee shall use “CUSIP”
numbers in notices as a convenience to Holders; provided that any such notice may state that no
representation is made as to the correctness of such numbers either as printed on the Securities or
as contained in any notice and that reliance may be placed only on the other identification numbers
printed on the Securities, and the subject of such notice shall not be affected by any defect in or
omission of such numbers. The Administrative Trustees or the Sponsor will promptly notify the
Trustee in writing of any change in the “CUSIP” numbers.

ARTICLE 8.

TERMINATION OF TRUST

     Section 8.01 Termination of Trust.

     (a) The Trust shall terminate upon the earliest to occur of the following:

     (i) the bankruptcy of any Holder of the Common Securities or the Sponsor;

     (ii) the filing of a certificate of dissolution or its equivalent with respect to any
Holder of the Common Securities or the Sponsor; the filing of a certificate of cancellation
with respect to the Trust or the revocation of the charter of the Holder of the Common
Securities or the Sponsor and the expiration of 90 days after the date of revocation without
a reinstatement thereof;

     (iii) the entry of a decree of judicial dissolution of any Holder of the Common
Securities, the Sponsor or the Trust;

     (iv) all of the Securities shall have been called for redemption and the amounts
necessary for redemption thereof shall have been paid to the Holders in accordance with the
terms of the Securities;

     (v) before the issuance of any Securities, with the consent of all the Administrative
Trustees and the Sponsor;

     (vi) the occurrence and continuation of a Tax Event or Investment Company Event
pursuant to which the Trust shall have been dissolved in accordance with the terms of the
Securities and all of the Debentures endorsed thereon shall have been distributed to the
Holders of Securities in exchange for all of the Securities; or

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     (vii) the expiration of the term of the Trust on 30 years from the date of its
formation.

     (b) As soon as is practicable after the occurrence of an event referred to in Section
8.01(a), the Trustees shall file a certificate of cancellation with the Secretary of State of the
State of Delaware.

     (c) The provisions of Section 3.09 and Article 10 shall survive the termination of the Trust.

ARTICLE 9.

TRANSFER AND EXCHANGE

     Section 9.01 General.

     (a) Where Preferred Securities are presented to the Registrar or a co-registrar with a request
to register a transfer or to exchange them for an equal number of Preferred Securities represented
by different certificates, the Registrar shall register the transfer or make the exchange if its
requirements for such transactions are met. To permit registrations of transfers and exchanges, the
Trust shall issue and the Institutional Trustee shall authenticate Preferred Securities at the
Registrar’s request.

     (b) Securities may only be transferred, in whole or in part, in accordance with the terms and
conditions set forth in this Declaration and in the terms of the Securities. Any transfer or
purported transfer of any Security not made in accordance with this Declaration shall be null and
void.

     Subject to this Article 9, the Sponsor and any Related Party may only transfer Common
Securities to the Sponsor or a Related Party of the Sponsor; provided that, any such transfer is
subject to the condition precedent that the transferor obtain the written opinion of nationally
recognized independent counsel experienced in such matters that such transfer would not cause more
than an insubstantial risk that:

     (i) the Trust would not be classified for United States federal income tax purposes as
a grantor trust; and

     (ii) the Trust would be an Investment Company or the transferee would become an
Investment Company.

     (c) The Administrative Trustees shall provide for the registration of Securities and of
transfers of Securities, which will be effected without charge but only upon payment (with
indemnity satisfactory to the Administrative Trustees) in respect of any tax or other governmental
charges that may be imposed in relation to it. Upon surrender for registration of transfer of any
Securities, the Administrative Trustees shall cause one or more new Securities to be issued in the
name of the designated transferee or transferees. Every Security surrendered for registration of
transfer shall be accompanied by a written instrument of transfer in form satisfactory to the
Administrative Trustees duly executed by the Holder or such Holder’s attorney duly authorized in
writing. Each Security surrendered for registration of transfer shall be

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canceled by the
Administrative Trustees. A transferee of a Security shall be entitled to the rights and subject to
the obligations of a Holder hereunder upon the receipt by such transferee of a
Security. By acceptance of a Security, each transferee shall be deemed to have agreed to be
bound by this Declaration.

     (d) The Trust shall not be required (i) to issue, register the transfer of, or exchange,
Preferred Securities during a period beginning at the opening of business 15 days before the day of
any selection of Preferred Securities for redemption set forth in the terms and ending at the close
of business on the day of selection, or (ii) to register the transfer or exchange of any Preferred
Security so selected for redemption in whole or in part, except the unredeemed portion of any
Preferred Security being redeemed in part.

     Section 9.02 Transfer of Certificates. The Administrative Trustees shall provide for the
registration of Certificates and of transfers of Certificates, which will be effected without
charge but only upon payment (with such indemnity as the Administrative Trustees may require) in
respect of any tax or other government charges that may be imposed in relation to it. Upon
surrender for registration of transfer of any Certificate, the Administrative Trustees shall cause
one or more new Certificates to be issued in the name of the designated transferee or transferees.
Every Certificate surrendered for registration of transfer shall be accompanied by a written
instrument of transfer in form satisfactory to the Administrative Trustees duly executed by the
Holder or such Holder’s attorney duly authorized in writing. Each Certificate surrendered for
registration of transfer shall be cancelled by the Administrative Trustees. A transferee of a
Certificate shall be entitled to the rights and subject to the obligations of a Holder hereunder
upon the receipt by such transferee of a Certificate. By acceptance of a Certificate, each
transferee shall be deemed to have agreed to be bound by this Declaration.

     Section 9.03 Deemed Security Holders. The Trustees may treat the Person in whose name any
Certificate shall be registered on the books and records of the Trust as the sole holder of such
Certificate and of the Securities represented by such Certificate for purposes of receiving
Distributions and for all other purposes whatsoever and, accordingly, shall not be bound to
recognize any equitable or other claim to or interest in such Certificate or in the Securities
represented by such Certificate on the part of any Person, whether or not the Trust, the
Institutional Trustee, the Registrar or an co-registrar shall have actual or other notice thereof.

     Section 9.04 Book Entry Interests. Unless otherwise specified in the terms of the Preferred
Securities, the Preferred Securities Certificates, on original issuance, will be issued in the form
of one or more, fully registered, global Preferred Security Certificates (each a “Global
Certificate”), to be delivered to the Depositary, the initial Clearing Agency, by, or on behalf of,
the Trust. Such Global Certificates shall initially be registered on the books and records of the
Trust in the name of Cede & Co., the nominee of the Depositary, and no Preferred Security
Beneficial Owner will receive a Definitive Preferred Security Certificate representing such
Preferred Security Beneficial Owner’s interests in such Global Certificates, except as provided in
Section 9.07 . Unless and until definitive, fully
registered Preferred Security Certificates (the “Definitive Preferred Security Certificates”) have
been issued to the Preferred Security Beneficial Owners pursuant to Section 9.07:

     (a) the provisions of this Section 9.04 shall be in full force and effect;

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     (b) the Trust and the Trustees shall be entitled to deal with the Depositary for all purposes
of this Declaration (including the payment of Distributions on the relevant Global Certificates and
receiving approvals, votes or consents hereunder) as the Holder of the Preferred Securities and the
sole holder of the Global Certificates and shall have no obligation to the Preferred Security
Beneficial Owners;

     (c) to the extent that the provisions of this Section 9.04 conflict with any other provisions
of this Declaration, the provisions of this Section 9.04 shall control; and

     (d) the rights of the Preferred Security Beneficial Owners shall be exercised only through the
Depositary and shall be limited to those established by law and agreements between such Preferred
Security Beneficial Owners and the Depositary and/or the Participants and receive and transmit
payments of Distributions on the Global Certificates to such Participants. The Depositary will make
book entry transfers among the Participants.

     Section 9.05 Notices to Clearing Agency. Whenever a notice or other communication to the Preferred
Security Holders is required under this Declaration, unless and until Definitive Preferred Security
Certificates shall have been issued to the Preferred Security Beneficial Owners pursuant to Section
9.07, the Administrative Trustees shall give all such notices and communications specified herein
to be given to the Preferred Security Holders to the Depositary, and shall have no notice
obligations to the Preferred Security Beneficial Owners.

     Section 9.06 Appointment of Successor Clearing Agency. If any Clearing Agency elects to
discontinue its services as securities depositary with respect to the Preferred Securities, the
Administrative Trustees may, in their sole discretion, appoint a successor Clearing Agency with
respect to such Preferred Securities.

     Section 9.07 Definitive Preferred Security Certificates.

If:

     (a) a Clearing Agency notifies the Sponsor and the Trust that it elects to discontinue its
services as securities depositary with respect to the Preferred Securities or if at any time such
Clearing Agency ceases to be a “clearing agency” registered under the Exchange Act and a successor
Clearing Agency is not appointed within 90 days after such discontinuance pursuant to Section 9.06;
or

     (b) the Administrative Trustees elect after consultation with the Sponsor and the Trust to
terminate the book entry system through the Clearing Agency with respect to the Preferred
Securities; or

     (c) an Event of Default has occurred and is continuing, then:

     (i) Definitive Preferred Security Certificates shall be prepared by the Administrative
Trustees on behalf of the Trust with respect to such Preferred Securities; and

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     (ii) Upon surrender of the Global Certificates by the Clearing Agency, accompanied by
registration instructions, the Administrative Trustees shall cause Definitive Preferred
Security Certificates to be delivered to Preferred Security Beneficial Owners in accordance
with the instructions of the Clearing Agency. Neither the Trustees nor the Trust shall be
liable for any delay in delivery of such instructions and each of them may conclusively rely
on and shall be protected in relying on, said instructions of the Clearing Agency. The
Definitive Preferred Security Certificates shall be printed, lithographed or engraved or may
be produced in any other manner as is reasonably acceptable to the Administrative Trustees,
as evidenced by their execution thereof, and may have such letters, numbers or other marks
of identification or designation and such legends or endorsements as the Administrative
Trustees may deem appropriate, or as may be required to comply with any law or with any rule
or regulation made pursuant thereto or with any rule or regulation of any stock exchange on
which Preferred Securities may be listed, or to conform to usage.

     Section 9.08 Mutilated, Destroyed, Lost or Stolen Certificates.

If:

     (a) any mutilated Certificates should be surrendered to the Administrative Trustees, or if the
Administrative Trustees shall receive evidence to their satisfaction of the destruction, loss or
theft of any Certificate; and

     (b) there shall be delivered to the Administrative Trustees such security or indemnity
satisfactory to them to keep each of them harmless;

     (c) then, in the absence of notice that such Certificate shall have been acquired by a bona
fide purchaser, any Administrative Trustee on behalf of the Trust shall execute and deliver, in
exchange for or in lieu of any such mutilated, destroyed, lost or stolen Certificate, a new
Certificate of like denomination. In connection with the issuance of any new Certificate under this
Section 9.08, the Administrative Trustees may require the payment of a sum sufficient to cover any
tax or other governmental charge that may be imposed in connection therewith. Any duplicate
Certificate issued pursuant to this Section 9.08 shall constitute conclusive evidence of an
ownership interest in the relevant Securities, as if originally issued, whether or not the lost,
stolen or destroyed Certificate shall be found at any time.

ARTICLE 10.

LIMITATION OF LIABILITY OF HOLDERS OF

SECURITIES, TRUSTEES OR OTHERS

     Section 10.01 Liability.

     (a) Except as expressly set forth in this Declaration, the Preferred Securities Guarantee and
the terms of the Securities, the Sponsor shall not be:

     (i) personally liable for the return of any portion of the capital contributions (or
any return thereon) of the Holders of the Securities which shall be made solely from assets
of the Trust; and

35

 

     (ii) required to pay to the Trust or to any Holder of Securities any deficit upon
dissolution of the Trust or otherwise.

     (b) The Holder of the Common Securities shall be liable for all of the debts and obligations
of the Trust (other than with respect to the Securities) to the extent not satisfied out of the
Trust’s assets.

     (c) Pursuant to Section 3803(a) of the Statutory Trust Act, the Holders of the Preferred
Securities shall be entitled to the same limitation of personal liability extended to stockholders
of private corporations for profit organized under the General Corporation Law of the State of
Delaware.

     Section 10.02 Exculpation.

     (a) No Indemnified Person shall be liable, responsible or accountable in damages or otherwise
to the Trust or any Covered Person for any loss, damage or claim incurred by reason of any act or
omission performed or omitted by such Indemnified Person in good faith on behalf of the Trust and
in a manner such Indemnified Person reasonably believed to be within the scope of the authority
conferred on such Indemnified Person by this Declaration or by law, except that an Indemnified
Person shall be liable for any such loss, damage or claim incurred by reason of such Indemnified
Person’s negligence, bad faith or willful misconduct with respect to such acts or omissions.

     (b) An Indemnified Person shall be fully protected in relying in good faith upon the records
of the Trust and upon such information, opinions, reports or statements presented to the Trust by
any Person as to matters the Indemnified Person reasonably believes are within such other Person’s
professional or expert competence and who has been selected with reasonable care by or on behalf of
the Trust, including information, opinions, reports or statements as to the value and amount of the
assets, liabilities, profits, losses, or any other facts pertinent to the existence and amount of
assets from which Distributions to Holders of Securities might properly be paid.

     Section 10.03 Fiduciary Duty.

     (a) To the extent that, at law or in equity, an Indemnified Person has duties (including
fiduciary duties) and liabilities relating thereto to the Trust or to any other Covered Person, an
Indemnified Person acting under this Declaration shall not be liable to the Trust or to any other
Covered Person for its good faith reliance on the provisions of this Declaration. The provisions of
this Declaration, to the extent that they restrict the duties and liabilities of an Indemnified
Person otherwise existing at law or in equity (other than the duties imposed on the Institutional
Trustee under the Trust Indenture Act), are agreed by the parties hereto to replace such other
duties and liabilities of such Indemnified Person.

     (b) Unless otherwise expressly provided herein:

     (i) whenever a conflict of interest exists or arises between an Indemnified Person and
any Covered Person; or

36

 

     (ii) whenever this Declaration or any other agreement contemplated herein or therein
provides that an Indemnified Person shall act in a manner that is, or provides terms that
are, fair and reasonable to the Trust or any Holder of Securities, the Indemnified Person
shall resolve such conflict of interest, take such action or provide such terms, considering
in each case the relative interest of each party (including its own interest) to such
conflict, agreement, transaction or situation and the benefits and burdens relating to such
interests, any customary or accepted industry practices, and any applicable generally
accepted accounting practices or principles. In the absence of bad faith by the Indemnified
Person, the resolution, action or term so made, taken or provided by the Indemnified Person
shall not constitute a breach of this Declaration or any other agreement contemplated herein
or of any duty or obligation of the Indemnified Person at law or in equity or otherwise.

     (c) Whenever in this Declaration an Indemnified Person is permitted or required to make a
decision:

     (i) in its “discretion” or under a grant of similar authority, the Indemnified Person
shall be entitled to consider such interests and factors as it desires, including its own
interests, and shall have no duty or obligation to give any consideration to any interest of
or factors affecting the Trust or any other Person; or

     (ii) in its “good faith” or under another express standard, the Indemnified Person
shall act under such express standard and shall not be subject to any other or different
standard imposed by this Declaration or by applicable law.

     Section 10.04 Indemnification.

     (a) To the fullest extent permitted by applicable law, the Sponsor shall indemnify and hold
harmless each Indemnified Person from and against any and all loss, liability, damage or claim or
expense, including taxes (other than taxes measured by the income of any Indemnified Person, or
otherwise applicable to the Indemnified Person for operations outside the scope of this
Declaration) incurred by such Indemnified Person by reason of any act or omission performed or
omitted by such Indemnified Person in good faith on behalf of the Trust and in a manner such
Indemnified Person reasonably believed to be within the scope of authority conferred on such
Indemnified Person by this Declaration, except that no Indemnified Person shall be entitled to be
indemnified in respect of any loss, damage or claim incurred by such Indemnified Person by reason
of negligence, bad faith or willful misconduct with respect to such acts or omissions.

     (b) To the fullest extent permitted by applicable law, expenses (including reasonable legal
fees and expenses) incurred by an Indemnified Person in defending any claim, demand,
action, suit or proceeding shall be advanced by the Sponsor prior to the final disposition of
such claim, demand, action, suit or proceeding upon receipt by the Sponsor of an undertaking by or
on behalf of the Indemnified Person to repay such amount if it shall be determined that the
Indemnified Person is not entitled to be indemnified as authorized in Section 10.03(a). The
indemnification shall survive the termination of this Declaration.

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     Section 10.05 Outside Businesses. Any Covered Person, the Sponsor, the Delaware Trustee and the
Institutional Trustee may engage in or possess an interest in other business ventures of any nature
or description, independently or with others, similar or dissimilar to the business of the Trust,
and the Trust and the Holders of Securities shall have no rights by virtue of this Declaration in
and to such independent ventures or the income or profits derived therefrom and the pursuit of any
such venture, even if competitive with the business of the Trust, shall not be deemed wrongful or
improper. No Covered Person, the Sponsor, the Delaware Trustee, or the Institutional Trustee shall
be obligated to present any particular investment or other opportunity to the Trust even if such
opportunity is of a character that, if presented to the Trust, could be Sponsor, the Delaware
Trustee and the Institutional Trustee shall have the right to take for its own account
(individually or as a partner or fiduciary) or to recommend to others any such particular
investment or other opportunity. Any Covered Person, the Delaware Trustee and the Institutional
Trustee may engage or be interested in any financial or other transaction with the Sponsor or any
Affiliate of the Sponsor, or may act as depositary for, trustee or agent for, or act on any
committee or body of holders of, securities or other obligations of the Sponsor or its Affiliates.

ARTICLE 11.

ACCOUNTING

     Section 11.01 Fiscal Year. The fiscal year of the Trust (“Fiscal Year”) shall be the calendar
year, or such other year as is required by the Code.

     Section 11.02 Certain Accounting Matters.

     (a) At all times during the existence of the Trust, the Administrative Trustees shall keep, or
cause to be kept, full books of account, records and supporting documents, which shall reflect in
reasonable detail, each transaction of the Trust. The books of account shall be maintained on the
accrual method of accounting, in accordance with generally accepted accounting principles,
consistently applied. The Trust shall use the accrual method of accounting for United States
federal income tax purposes. The books of account and the records of the Trust shall be examined by
and reported upon as of the end of each Fiscal Year by a firm of independent certified public
accountants selected by the Administrative Trustees.

     (b) The Administrative Trustees shall cause to be prepared and delivered to each of the
Holders of Securities to the extent, if any, required by the Trust Indenture Act, within 90 days
after the end of each Fiscal Year of the Trust, annual financial statements of the Trust, including
a balance sheet of the Trust as of the end of such Fiscal Year, and the related statements of
income or loss;

     (c) The Administrative Trustees shall cause to be duly prepared and delivered to each of the
Holders of Securities, any annual United States federal income tax information statement, required
by the Code, containing such information with regard to the Securities held by each Holder as is
required by the Code and the Treasury Regulations. Notwithstanding any right under the Code to
deliver any such statement at a later date, the Administrative Trustees shall endeavor to deliver
all such statements within 30 days after the end of each Fiscal Year of the Trust.

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     (d) The Administrative Trustees shall cause to be duly prepared and filed with the appropriate
taxing authority, an annual United States federal income tax return, on a Form 1041, Form 3520-A or
such other form required by United States federal income tax law, and any other annual income tax
returns required to be filed by the Administrative Trustees on behalf of the Trust with any state
or local taxing authority.

     Section 11.03 Banking. The Trust shall maintain one or more bank accounts in the name and for the
sole benefit of the Trust; provided, however, that all payments of funds in respect of the
Debentures held by the Institutional Trustee shall be made directly to the Institutional Trustee
Account and no other funds of the Trust shall be deposited in the Institutional Trustee Account.
The sole signatories for such accounts shall be designated by the Administrative Trustees;
provided, however, that the Institutional Trustee shall designate the signatories for the
Institutional Trustee Account.

     Section 11.04 Withholding. The Trust and the Administrative Trustees shall comply with all
withholding requirements under United States federal, state and local law. The Trust shall request,
and the Holders shall provide to the Trust, such forms or certificates as are necessary to
establish an exemption from withholding with respect to each Holder, and any representations and
forms as shall reasonably be requested by the Trust to assist it in determining the extent of, and
in fulfilling, its withholding obligations. The Administrative Trustee shall file required forms
with applicable jurisdictions and, unless an exemption from withholding is properly established by
a Holder, shall remit amounts withheld with respect to the Holder to applicable jurisdictions. To
the extent that the Trust is required to withhold and pay over any amounts to any authority with
respect to distributions or allocations to any Holder, the amount withheld shall be deemed to be a
distribution in the amount of the withholding to the Holder. In the event of any claimed over
withholding, Holders shall be limited to an action against the applicable jurisdiction. If the
amount required to be withheld was not withheld from actual Distributions made to any Holder, the
Trust may reduce subsequent Distributions to such Holder by the amount of such withholding.

ARTICLE 12.

AMENDMENTS AND MEETINGS

     Section 12.01 Amendments.

     (a) Except as otherwise provided in this Declaration or by any applicable terms of the
Securities, this Declaration may only be amended by a written instrument approved and executed by:

     (i) the Administrative Trustees (or, if there are more than two Administrative Trustees
a majority of the Administrative Trustees);

     (ii) if the amendment affects the rights, powers, duties, obligations or immunities of
the Institutional Trustee, the Institutional Trustee; and

     (iii) if the amendment affects the rights, powers, duties, obligations or immunities of
the Delaware Trustee, the Delaware Trustee;

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     (b) no amendment shall be made, and any such purported amendment shall be void and
ineffective:

     (i) unless, in the case of any proposed amendment, the Institutional Trustee shall have
first received an Officers’ Certificate from each of the Trust and the Sponsor that such
amendment is permitted by, and conforms to, the terms of this Declaration (including the
terms of the Securities);

     (ii) unless, in the case of any proposed amendment which affects the rights, powers,
duties, obligations or immunities of the Institutional Trustee, the Institutional Trustee
shall have first received:

     (A) an Officers’ Certificate from each of the Trust and the Sponsor that such
amendment is permitted by, and conforms to, the terms of this Declaration (including
the terms of the Securities); and

     (B) an opinion of counsel (who may be counsel to the Sponsor or the Trust) that
such amendment is permitted by, and conforms to, the terms of this Declaration
(including the terms of the Securities); and

     (iii) to the extent the result of such amendment would be to:

     (A) cause the Trust to fail to continue to be classified for purposes of United
States federal income taxation as a grantor trust;

     (B) reduce or otherwise adversely affect the powers of the Institutional
Trustee in contravention of the Trust Indenture Act; or

     (C) cause the Trust to be deemed to be an Investment Company required to be
registered under the Investment Company Act.

     (c) at such time after the Trust has issued any Securities that remain outstanding, any
amendment that would adversely affect the rights, privileges or preferences of any Holder of
Securities may be effected only with such additional requirements as may be set forth in the terms
of such Securities;

     (d) Section 9.01(a) and this Section 12.01 shall not be amended without the consent of all of
the Holders of the Securities;

     (e) Article 4 shall not be amended without the consent of the Holders of a Majority in
liquidation preference of the Common Securities and;

     (f) the rights of the holders of the Common Securities under Article 5 to increase or decrease
the number of, and appoint and remove Trustees shall not be amended without the consent of the
Holders of a Majority in liquidation preference of the Common Securities; and

     (g) subject to Section 12.01(c), this Declaration may be amended without the consent of the
Holders of the Securities to:

40

 

     (i) cure any ambiguity;

     (ii) correct or supplement any provision in this Declaration that may be defective or
inconsistent with any other provision of this Declaration;

     (iii) add to the covenants, restrictions or obligations of the Sponsor;

     (iv) conform to any change in Rule 3a-5 or written change in interpretation or
application of Rule 3a-5 by any legislative body, court, government agency or regulatory
authority which amendment does not have a material adverse effect on the rights, preferences
or privileges of the Holders; and

     (v) to modify, eliminate and add to any provision of the Declaration to such extent as
may be reasonably necessary to effectuate any of the foregoing or to otherwise comply with
applicable law.

     Section 12.02 Meetings of the Holders of Securities; Action by Written Consent.

     (a) Meetings of the Holders of any class of Securities may be called at any time by the
Administrative Trustees (or as provided in the terms of the Securities) to consider and act on any
matter on which Holders of such class of Securities are entitled to act under the terms of this
Declaration, the terms of the Securities or the rules of any stock exchange on which the Preferred
Securities are listed or admitted for trading. The Administrative Trustees shall call a meeting of
the Holders of such class if directed to do so by the Holders of Securities representing at least
10% in liquidation preference of such class of Securities. Such direction shall be given by
delivering to the Administrative Trustees one or more requests in a writing stating that the
signing Holders of Securities wish to call a meeting and indicating the general or specific purpose
for which the meeting is to be called. Any Holders of Securities calling a meeting shall specify in
writing the Certificates held by the Holders of Securities exercising the right to call a meeting
and only those Securities represented by the Certificates so specified shall be counted for
purposes of determining whether the required percentage set forth in the second sentence of this
paragraph has been met.

     (b) Except to the extent otherwise provided in the terms of the Securities, the following
provisions shall apply to meetings of Holders of Securities:

     (i) notice of any such meeting shall be given to all the Holders of Securities having a
right to vote thereat at least 7 days and not more than 60 days before the date of
such meeting. Whenever a vote, consent or approval of the Holders of Securities is
permitted or required under this Declaration or the rules of any stock exchange on which the
Preferred Securities are listed or admitted for trading, such vote, consent or approval may
be given at a meeting of the Holders of Securities. Any action that may be taken at a
meeting of the Holders of Securities may be taken without a meeting if a consent in writing
setting forth the action so taken is signed by the Holders of Securities owning not less
than the minimum aggregate liquidation preference of Securities that would be necessary to
authorize or take such action at a meeting at which all Holders of Securities having a right
to vote thereon were present and voting. Prompt notice of the taking of action without a
meeting shall be given to the Holders of Securities entitled to vote who

41

 

have not consented
in writing. The Administrative Trustees may specify that any written ballot submitted to the
Security Holders for the purpose of taking any action without a meeting shall be returned to
the Trust within the time specified by the Administrative Trustees;

     (ii) each Holder of a Security may authorize any Person to act for it by proxy on all
matters in which a Holder of Securities is entitled to participate, including waiving notice
of any meeting, or voting or participating at a meeting. No proxy shall be valid after the
expiration of 11 months from the date thereof unless otherwise provided in the proxy. Every
proxy shall be revocable at the pleasure of the Holder of Securities executing it. Except as
otherwise provided herein, all matters relating to the giving, voting or validity of proxies
shall be governed by the General Corporation Law of the State of Delaware relating to
proxies, and judicial interpretations thereunder, as if the Trust were a Delaware
corporation and the Holders of the Securities were stockholders of a Delaware corporation;

     (iii) each meeting of the Holders of the Securities shall be conducted by the
Administrative Trustees or by such other Person that the Administrative Trustees may
designate; and

     (iv) unless the Statutory Trust Act, this Declaration, the terms of the Securities, the
Trust Indenture Act or the listing rules of any stock exchange on which the Preferred
Securities are then listed or trading, provide otherwise, the Administrative Trustees, in
their sole discretion, shall establish all other provisions relating to meetings of Holders
of Securities, including notice of the time, place or purpose of any meeting at which any
matter is to be voted on by any Holders of Securities, waiver of any such notice, action by
consent without a meeting, the establishment of a record date, quorum requirements, voting
in person or by proxy or any other matter with respect to the exercise of any such right to
vote.

ARTICLE 13.

REPRESENTATIONS OF INSTITUTIONAL TRUSTEE AND DELAWARE TRUSTEE

     Section 13.01 Representations and Warranties of Institutional Trustee. The Trustee that acts as
initial Institutional Trustee represents and warrants to the Trust and to the Sponsor at the date
of this Declaration and at the time of Closing, and each Successor Institutional Trustee represents and warrants to the Trust and the Sponsor at the time of the
Successor Institutional Trustee’s acceptance of its appointment as Institutional Trustee that:

     (a) The Institutional Trustee is a New York banking corporation with trust powers, duly
organized, validly existing and in good standing under the laws of the jurisdiction of its
organization, with corporate power and authority to execute and deliver, and to carry out and
perform its obligations under the terms of, the Declaration.

     (b) The execution, delivery and performance by the Institutional Trustee of the Declaration
has been duly authorized by all necessary corporate action on the part of the Institutional
Trustee. The Declaration has been duly executed and delivered by the Institutional

42

 

Trustee, and
constitutes a legal, valid and binding obligation of the Institutional Trustee, enforceable against
it in accordance with its terms, subject to applicable bankruptcy, reorganization, moratorium,
insolvency, and other similar laws affecting creditors’ rights generally and to general principles
of equity and the discretion of the court (regardless of whether the enforcement of such remedies
is considered in a proceeding in equity or at law).

     (c) The execution, delivery and performance of the Declaration by the Institutional Trustee
does not conflict with or constitute a breach of the certificate of incorporation or By-laws of the
Institutional Trustee.

     (d) No consent, approval or authorization of, or registration with or notice to, any State or
Federal banking authority is required for the execution, delivery or performance by the
Institutional Trustee of the Declaration.

     Section 13.02 Representations and Warranties of Delaware Trustee. The Trustee that acts as initial
Delaware Trustee represents and warrants to the Trust and to the Sponsor at the date of this
Declaration and at the time of Closing, and each Successor Delaware Trustee represents and warrants
to the Trust and the Sponsor at the time of the Successor Institutional Trustee’s acceptance of its
appointment as Delaware Trustee that:

     (a) The Delaware Trustee is a banking corporation with trust powers, duly organized, validly
existing and in good standing under the laws of the jurisdiction of its organization, with
corporate power and authority to execute and deliver, and to carry out and perform its obligations
under the terms of, the Declaration.

     (b) The execution, delivery and performance by the Delaware Trustee of the Declaration has
been duly authorized by all necessary corporate action on the part of the Delaware Trustee. The
Declaration has been duly executed and delivered by the Delaware Trustee, and constitutes a legal,
valid and binding obligation of the Delaware Trustee, enforceable against it in accordance with its
terms, subject to applicable bankruptcy, reorganization, moratorium, insolvency, and other similar
laws affecting creditors’ rights generally and to general principles of equity and the discretion
of the court (regardless of whether the enforcement of such remedies is considered in a proceeding
in equity or at law).

     (c) The execution, delivery and performance of the Declaration by the Delaware Trustee does
not conflict with or constitute a breach of the certificate of incorporation or By-laws of the
Delaware Trustee.

     (d) No consent, approval or authorization of, or registration with or notice to, any State or
Federal banking authority is required for the execution, delivery or performance by the Delaware
Trustee, of the Declaration.

     (e) The Delaware Trustee is an entity which has its principal place of business in the State
of Delaware.

     (f) The Delaware Trustee has been authorized to perform its obligations under the Certificate
of Trust and the Declaration. The Declaration under Delaware law constitutes a legal, valid and
binding obligation of the Delaware Trustee, enforceable against it in accordance with

43

 

its terms,
subject to applicable bankruptcy, reorganization, moratorium, insolvency, and other similar laws
affecting creditors’ rights generally and to general principles of equity and the discretion of the
court (regardless of whether the enforcement of such remedies is considered in a proceeding in
equity or at law).

ARTICLE 14.

[RESERVED]

     Section 14.01 [Reserved].

ARTICLE 15.

MISCELLANEOUS

     Section 15.01 Notices. All notices provided for in this Declaration shall be in writing, duly
signed by the party giving such notice, and shall be delivered, telecopied or mailed by registered
or certified mail, as follows:

     (a) if given to the Trust, in care of the Administrative Trustees at the Trust’s mailing
address set forth below (or such other address as the Trust may give notice of to the Holders of
the Securities):

c/o Max Capital Group Ltd.

Max House

2 Front Street

Hamilton, HM 11, Bermuda

Attention: General Counsel

     (b) if given to the Institutional Trustee, at the mailing address set forth below (or such
other address as the Institutional Trustee may give notice of to the Holders of the Securities):

          [            ]

          [            ]

          [            ]

          Attention: [            ]

     (c) if given to the Holder of the Common Securities, at the mailing address of the Sponsor set
forth below (or such other address as the Holder of the Common Securities may give notice to the
Trust):

          [            ]

          [            ]

          [            ]

          Attention: [            ]

     (d) if given to any other Holder, at the address set forth on the books and records of the
Trust or the Registrar, as applicable.

44

 

All such notices shall be deemed to have been given when received in person, telecopied with receipt
confirmed, or mailed by first class mail, postage prepaid except that if a notice or other document
is refused delivery or cannot be delivered because of a changed address of which no notice was
given, such notice or other document shall be deemed to have been delivered on the date of such
refusal or inability to deliver.

     Section 15.02 Governing Law; Waiver of Jury Trial. This Declaration and the rights of the parties
hereunder shall be governed by and interpreted in accordance with the laws of the State of Delaware
and all rights and remedies shall be governed by such laws without regard to principles of conflict
of laws.

     EACH OF THE DEBENTURE ISSUER, THE DELAWARE TRUSTEE, THE ADMINISTRATIVE TRUSTEE AND THE
INSTITUTIONAL TRUSTEE HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW,
ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS
DECLARATION OF TRUST, THE SECURITIES OR THE TRANSACTION CONTEMPLATED HEREBY.

     Section 15.03 Intention of the Parties. It is the intention of the parties hereto that the Trust
be classified for United States federal income tax purposes as a grantor trust. The provisions of
this Declaration shall be interpreted to further this intention of the parties.

     Section 15.04 Headings. Headings contained in this Declaration are inserted for convenience of
reference only and do not affect the interpretation of this Declaration or any provision hereof.

     Section 15.05 Successors and Assigns. Whenever in this Declaration any of the parties hereto is named or referred to, the successors
and assigns of such party shall be deemed to be included, and all covenants and agreements in this
Declaration by the Sponsor and the Trustees shall bind and inure to the benefit of their respective
successors and assigns, whether so expressed.

     Section 15.06 Partial Enforceability. If any provision of this Declaration, or the application of
such provision to any Person or circumstance, shall be held invalid, the remainder of this
Declaration, or the application of such provision to persons or circumstances other than those to
which it is held invalid, shall not be affected thereby.

     Section 15.07 Counterparts. This Declaration may contain more than one counterpart of the
signature page and this Declaration may be executed by the affixing of the signature of each of the
Trustees to one of such counterpart signature pages. All of such counterpart signature pages shall
be read as though one, and they shall have the same force and effect as though all of the signers
had signed a single signature page.

     Section 15.08 Force Majeure. In no event shall the Institutional Trustee or the Delaware Trustee
be responsible or liable for any failure or delay in the performance of their obligations hereunder
arising out of or caused by, directly or indirectly, forces beyond their 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,

45

 

loss or
malfunctions of utilities, communications or computer (software and hardware) services; it being
understood that the Institutional Trustee and the Delaware 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 15.09 Submission to Jurisdiction (NY) and Appointment of Agent for Service of Process. The
Company agrees that any judicial proceedings instituted in relation to any matter arising under
this Indenture, the Securities appertaining thereto may be brought in any United States Federal or
New York State court sitting in the Borough of Manhattan, The City of New York, New York to the
extent that such court has subject matter jurisdiction over the controversy, and, by execution and
delivery of this Indenture, the Company hereby irrevocably accepts, generally and unconditionally,
the jurisdiction of the aforesaid courts, acknowledges their competence and irrevocably agrees to
be bound by any judgment rendered in such proceeding. The Company also irrevocably and
unconditionally waives for the benefit of the Trustee and the Holders of the Securities any
immunity from jurisdiction and any immunity from legal process (whether through service or notice,
attachment prior to judgment, attachment in the aid of execution, execution or otherwise) in
respect of this Indenture. The Company hereby irrevocably designates and appoints for the benefit
of the Trustee and the Holders of the Securities for the term of this Indenture CT Corporation
System, 111 Eighth Avenue, New York, New York 10011, as its agent
to receive on its behalf service of all process (with a copy of all such service of process to be
delivered to Max Capital Group, Ltd., Max House 2 Front Street, Hamilton, HM 11, Bermuda,
Attention: General Counsel) brought against it with respect to any such proceeding in any such
court in The City of New York, such service being hereby acknowledged by the Company to be
effective and binding service on it in every respect whether or not the Company shall then be doing
or shall have at any time done business in New York. Such appointment shall be irrevocable so long
as any of the Securities or the obligations of the Company hereunder remain outstanding until the
appointment of a successor by the Company and such successor’s acceptance of such appointment. Upon
such acceptance, the Company shall notify the Trustee in writing of the name and address of such
successor. The Company further agrees for the benefit of the Trustee and the Holders of the
Securities to take any and all action, including the execution and filing of any and all such
documents and instruments, as its agent in full force and effect so long as any of the Securities
or the obligations of the Company hereunder shall be outstanding. The Trustee shall not be
obligated and shall have no responsibility with respect to any failure by the Company to take any
such action. Nothing herein shall affect the right to serve process in any other manner permitted
by any law or limit the right of the Trustee or any Holder to institute proceedings against the
Company in the courts of any other jurisdiction or jurisdictions.

46

 

     IN WITNESS WHEREOF, the undersigned has caused these presents to be executed as of the day and
year first above written.

	 	 	 	 	 
	 	MAX CAPITAL GROUP LTD.

as Sponsor

 	 
	 	By:  	
 	 
	 	 	[                                                                      ] 	 
	 	 	Name:  [                                                        ]

Title:   [                                                        ]	 
	 
	 	 	 	 	 
	 	[                                                                      ]
as Institutional Trustee

 	 
	 	By:  	
 	 
	 	 	[                                                                      ] 	 
	 	 	Name:  [                                                        ]

Title:   [                                                        ]	 
	 
	 	 	 	 	 
	 	[                                                                      ]
as Delaware Trustee

 	 
	 	By:  	 	 
	 	 	[                                                                      ] 	 
	 	 	Name:  [                                                        ]

Title:   [                                                        ]	 
	 
	 	 	 	 	 
	 

	 	 
	 
	as Administrative Trustee
	 
	 

	     Name: [                                                        ]	 
	 
	 	 	 	 
	 

	 	 
	 

	as Administrative Trustee
	 
	 

	     Name: [                                                        ]	 
	 
	 	 	 	 
	 

	 	 
	 

	as Administrative Trustee
	 
	 

	     Name: [                                                        ]	 

47

 

ANNEX I

TERMS OF

[       ]% PREFERRED SECURITIES

[      ]% COMMON SECURITIES

     Pursuant to Section 7.01 of the Amended and Restated Declaration of Trust, dated as of [                 ] (as amended from time to time, the “Declaration”), the designation, rights,
privileges, restrictions, preferences and other terms and provisions of the Preferred Securities
and the Common Securities are set out below (each capitalized term used but not defined herein has
the meaning set forth in the Declaration or, if not defined in such Declaration, as defined in the
Prospectus Supplement referred to below):

1. Designation and Number.

     (a) Preferred Securities. [            ] Preferred Securities of the Trust with an aggregate
liquidation preference with respect to the assets of the Trust of [            ] Dollars ($[          ])[, plus up to an additional [            ] Preferred Securities of the Trust with an
aggregate liquidation preference with respect to the assets of the Trust of [            ] Dollars
($[            ]) solely to cover over-allotments, as provided for in the purchase agreement (the
“Additional Preferred Securities”),] and a liquidation preference with respect to the assets of the
Trust of $[       ] per Preferred Security, are hereby designated for the purposes of identification
only as “[            ]% Preferred Securities (liquidation preference $[            ] per Preferred
Security)” (the “Preferred Securities”). The Certificates evidencing the Preferred Securities shall
be substantially in the form attached as Exhibit A-1 to the Declaration, with such changes and
additions thereto or deletions therefrom as may be required by ordinary usage, custom or practice
or to conform to the rules of any stock exchange or other organization on which the Preferred
Securities are listed.

     (b) Common Securities. [            ] Common Securities of the Trust with an aggregate
liquidation preference with respect to the assets of the Trust of [            ] Dollars ($[    ])[, plus up to an additional [            ] Common Securities of the Trust with an aggregate
liquidation preference with respect to the assets of the Trust of [            ] Dollars ($[           ]) to meet the capital requirements of the Trust in the event of an issuance of Additional
Preferred Securities,] and a liquidation amount with respect to the assets of the Trust of $[           ] per Common Security, are hereby designated for the purposes of identification only as “[     ]% Common Securities (liquidation amount $[           ] per Common Security)” (the “Common
Securities”). The Certificates evidencing the Common Securities shall be substantially in the form
attached as Exhibit A-2 to the Declaration, with such changes and additions thereto or deletions
therefrom as may be required by ordinary usage, custom or practice.

2. Distributions.

     (a) Distributions payable on each Security will be fixed at a rate per annum of [           ]%
(the “Coupon Rate”) of the stated liquidation amount of $[                ] per Security, such
rate being the rate of interest payable on the Debentures to be held by the Institutional Trustee.
Distributions in arrears for more than one [semi-annual period] [quarter] will bear interest
thereon compounded [semi-annually] [quarterly] at the Coupon Rate (to the extent permitted by
applicable law). The term “Distributions” as used herein includes such cash

I-1

 

distributions and any such interest payable unless otherwise stated. A Distribution is payable
only to the extent that payments are made in respect of the Debentures held by the Institutional
Trustee and to the extent the Institutional Trustee has funds available therefor. The amount of
Distributions payable for any period will be computed for any full [semi-annually] [quarterly]
Distribution period on the basis of a 360- day year of twelve 30-day months, and for any period
shorter than a full [semi-annually] [quarterly] Distribution period for which Distributions are
computed, Distributions will be computed on the basis of the actual number of days elapsed per
30-day month.

     (b) Distributions on the Securities will be cumulative, will accrue from the date of original
issuance and will be payable [semi-annually] [quarterly] in arrears, on the following dates, which
dates correspond to the interest payment dates on the Debentures: [           ], of each year,
commencing on [           ], except as otherwise described below. When, as and if available for
payment, Distributions will be made by the Institutional Trustee. The Debenture Issuer has the
right under the Indenture to defer payments of interest on the Debentures by extending the interest
payment period from time to time on the Debentures for a period not exceeding [          ]
consecutive [semi-annual periods] [quarters] (each an “Extension Period”), during which Extension
Period no interest shall be due and payable on the Debentures, provided, that no Extension Period
may extend beyond the date of maturity of the Debentures. As a consequence of such deferral,
Distributions will also be deferred. Despite such deferral, [semi-annually] [quarterly]
Distributions will continue to accrue with interest thereon (to the extent permitted by applicable
law) at the Coupon Rate compounded [semi-annually] [quarterly] during any such Extension Period.
Prior to the termination of any such Extension Period, the Debenture Issuer may further extend such
Extension Period; provided that such Extension Period together with all such previous and further
extensions thereof may not exceed [           ] consecutive [semi-annual periods] [quarters]. And
provided further, that no Extension Period may extend beyond the maturity of the Debentures.
Payments of accrued Distributions will be payable to Holders as they appear on the books and
records of the Trust on the first record date after the end of the Extension Period. Upon the
termination of any Extension Period and the payment of all amounts then due, the Debenture Issuer
may commence a new Extension Period, subject to the above requirements. The Administrative Trustees
will give notice to each Holder of any Extension Period upon their receipt of notice thereof from
the Debenture Issuer.

     (c) Distributions on the Securities will be payable to the Holders thereof as they appear on
the books and records of the Trust at the close of business on the relevant record dates. The
relevant record dates shall be 15 days prior to the relevant payment dates, which payment dates
shall correspond to the interest payment dates on the Debentures. Subject to any applicable laws
and regulations and the provisions of the Declaration, each such payment in respect of Preferred
Securities being held in book-entry form through The Depository Trust Company (the “Depositary”)
will be made as described under the heading [“Description of the Preferred Securities—Book-Entry
Only Issuance—The Depository Trust Company”] in the Prospectus Supplement. The relevant record
dates for the Common Securities shall be the same record dates as for the Preferred Securities.
Distributions payable on any Securities that are not punctually paid on any Distribution payment
date, as a result of the Debenture Issuer having failed to make a payment under the Debentures,
will cease to be payable to the Person in whose name such Securities are registered on the relevant
record date, and such defaulted Distribution will instead be payable to the Person in whose name
such Securities are registered on the special record date

I-2

 

or other specified date determined in accordance with the Indenture. If any date on which
Distributions are payable on the Securities is not a Business Day, then payment of the Distribution
payable on such date will be made on the next succeeding day that is a Business Day (and without
any interest or other payment in respect of any such delay) except that, if such Business Day 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 such date.

     (d) In the event that there is any money or other property held by or for the Trust that is
not accounted for hereunder, such property shall be distributed Pro Rata (as defined herein) among
the Holders of the Securities.

3. Liquidation Distribution Upon Dissolution.

     In the event of any voluntary or involuntary dissolution, winding-up or termination of the
Trust, the Holders of the Securities on the date of the dissolution, winding-up or termination, as
the case may be, will be entitled to receive out of the assets of the Trust available for
distribution to Holders of Securities after satisfaction of liabilities of creditors of the Trust
an amount equal to the aggregate of the stated liquidation preference of $[           ] per
Security plus accrued and unpaid Distributions thereon to the date of payment (such amount being
the “Liquidation Distribution”), unless, in connection with such dissolution, winding-up or
termination, Debentures in an aggregate principal amount equal to the aggregate stated liquidation
preference of such Securities, with an interest rate equal to the Coupon Rate, and bearing accrued
and unpaid interest in an amount equal to the accrued and unpaid Distributions on, such Securities
outstanding at such time, have been distributed on a Pro Rata basis to the Holders of the
Securities in exchange for such Securities.

     If, upon any such dissolution, the Liquidation Distribution can be paid only in part because
the Trust has insufficient assets available to pay in full the aggregate Liquidation Distribution,
then the amounts payable directly by the Trust on the Securities shall be paid on a Pro Rata basis
in accordance with paragraph 9 hereof.

4. Redemption and Distribution.

     (a) Upon the repayment of the Debentures in whole or in part, whether at maturity or upon
redemption or otherwise, the proceeds from such repayment or redemption shall be simultaneously
applied to redeem Securities having an aggregate liquidation preference equal to the aggregate
principal amount of the Debentures so repaid or redeemed at a redemption price of $[          ]
per Security together with accrued and unpaid Distributions thereon through the date of the
redemption, payable in cash (the “Redemption Price”). Holders will be given not less than 30 nor
more than 60 days’ notice of such redemption. Upon the repayment of the Debentures at maturity or
upon any acceleration, earlier redemption or otherwise, the proceeds from such repayment will be
applied to redeem the Securities, in whole, upon not less than 30 nor more than 60 days’ notice.

I-3

 

     (b) If fewer than all the outstanding Securities are to be so redeemed, the Common Securities
and the Preferred Securities will be redeemed Pro Rata and the Preferred Securities to be redeemed
will be as described in Paragraph 4(f)(ii) below.

     (c) If, at any time, a Tax Event shall occur and be continuing the Sponsor shall cause the
Administrative Trustees to liquidate the Trust and, after satisfaction of creditors of the Trust,
cause Debentures to be distributed to the Holders of the Securities in liquidation of the Trust
within 90 days following the occurrence of such Tax Event (the “90 Day Period”); provided, however,
that such liquidation and distribution shall be conditioned on (i) the Administrative Trustees’
receipt of an opinion of tax counsel (reasonably acceptable to the Administrative Trustees)
experienced in such matters (a “No Recognition Opinion”), which opinion may rely on published
revenue rulings of the Internal Revenue Service, to the effect that the Holders of the Securities
will not recognize any income, gain or loss for United States Federal income tax purposes as a
result of such liquidation and distribution of Debentures, and (ii) the Sponsor being unable to
avoid such Tax Event within such 90 Day Period by taking some ministerial action or pursuing some
other reasonable measure that, in the sole judgment of the Sponsor, will have no adverse effect on
the Trust, the Sponsor or the Holders of the Securities and will involve no material cost
(“Ministerial Action”).

     If the Administrative Trustees shall have been informed by tax counsel experienced in such
matters that it cannot deliver a No Recognition Opinion, the Debenture Issuer shall have the right,
upon not less than 30 nor more than 60 days’ notice, and within 90 days following the occurrence of
such Tax Event, to redeem the Debentures in whole (but not in part) for cash, at the Tax Event
Prepayment Price plus accrued and unpaid interest and, following such redemption, all the
Securities will be redeemed by the Trust at the Tax Event Redemption Price plus accrued and unpaid
distributions; provided, however, that, if at the time there is available to the Debenture Issuer
or the Trust the opportunity to eliminate, within such 90 Day Period, the Tax Event by taking some
Ministerial Action, the Trust or the Debenture Issuer will pursue such Ministerial Action in lieu
of redemption.

     “Adjusted Treasury Rate” means, with respect to any prepayment date, the rate per annum equal
to the [semi-annual] equivalent yield to maturity of the Comparable Treasury Issue, assuming a
price for the Comparable Treasury Issue (expressed as a percentage of its principal amount) equal
to the Comparable Treasury Price for such prepayment date.

     “Comparable Treasury Issue” means the United States Treasury security selected by the
Quotation Agent as having a maturity comparable to the remaining term of the Debentures to be
prepaid that would be utilized, at the time of selection and in accordance with customary financial
practice, in pricing new issues of corporate debt securities of comparable maturity to the
remaining term of the Debentures.

     “Comparable Treasury Price” means, with respect to any prepayment date, (i) the average of the
bid and asked prices for the Comparable Treasury Issue (expressed in each case as a percentage of
its principal amount) on the third Business Day preceding such prepayment date, as set forth in the
daily statistical release (or any successor release) published by the Federal Reserve Bank of New
York and designated “Composite 3:30 p.m. Quotations for U.S. Government Securities” or (ii) if such
release (or any successor release) is not published or does

I-4

 

not contain such prices on such Business Day, (A) the average of the Reference Treasury Dealer
Quotations for such prepayment date, after excluding the highest and lowest such Reference Treasury
Dealer Quotations, or (B) if the Debenture Trustee obtains fewer than three such Reference Treasury
Dealer Quotations, the average of all such Quotations.

     “Quotation Agent” means the Reference Treasury Dealer appointed by the Debenture Issuer.

     “Reference Treasury Dealer” means a nationally recognized U.S. Government securities dealer in
New York City selected by the Debenture Issuer.

     “Reference Treasury Dealer Quotations” means, with respect to each Reference Treasury Dealer
and any prepayment date, the average, as determined by the Debenture Trustee, of the bid and asked
prices for the Comparable Treasury Issue (expressed in each case as a percentage of its principal
amount) quoted in writing to the Debenture Trustee by such Reference Treasury Dealer at 5:00 p.m.,
New York City time, on the third Business Day preceding such repayment date.

     “Tax Event” means that the Sponsor shall have received an opinion of tax counsel (reasonably
acceptable to the Administrative Trustees) experienced in such matters (a “Dissolution Tax
Opinion”) to the effect that as a result of (a) any amendment to, or change (including any
announced prospective change) in, the laws (or any regulations thereunder) of the United States or
any political subdivision or taxing authority therefor or therein, or (b) any amendment to, or
change in, an interpretation or application of any such laws or regulations by any legislative
body, court, governmental agency or regulatory authority (including the enactment of any
legislation and the publication of any judicial decision or regulatory determination on or after
the date of the Prospectus Supplement), in either case after the date of the Prospectus Supplement,
there is more than an insubstantial risk that (i) the Trust is or will be subject to United States
Federal income tax with respect to interest received on the Debentures or (ii) the Trust is, or
will be within 90 days of the date thereof, subject to more than a de minimis amount of taxes,
duties, assessments or other governmental charges.

     Tax Event Prepayment Price” means a prepayment price equal to the greater of (1) 100% of the
principal amount thereof or (2) the sum, as determined by a Quotation Agent, of the present values
of the remaining scheduled payments of principal and interest (after giving effect to payment of
accrued interest to the date of prepayment on the Debentures after the prepayment date), discounted
to the prepayment date on a [semi-annual] basis at the Adjusted Treasury Rate plus basis points if
prepaid on or prior to, and basis points if prepaid thereafter, plus, in any case, accrued and
unpaid interest to the prepayment date.

     “Tax Event Redemption Price” means the redemption price equal to the Tax Event Prepayment
Price upon an optional prepayment by the Debenture Issuer of the Debentures upon the occurrence and
continuation of a Tax Event.

     If an Investment Company Event (as hereinafter defined) shall occur and be continuing, the
Sponsor shall cause the Administrative Trustees to liquidate the Trust and cause the Debentures to
be distributed to the Holders of the Securities in liquidation of the Trust within 90 days
following the occurrence of such Investment Company Event.

I-5

 

     “Investment Company Event” means the occurrence of a change in law or regulation or a written
change in interpretation or application of law or regulation by any legislative body, court,
governmental agency or regulatory authority (a “Change in 1940 Act Law”), to the effect that the
Trust is or will be considered an “investment company” which is required to be registered under the
United States Investment Company Act, as amended, which Change in 1940 Act Law becomes effective on
or after the date of the Prospectus Supplement.

     On and after the date fixed for any distribution of Debentures: (i) the Securities will no
longer be deemed to be outstanding, (ii) the Depositary or its nominee (or any successor Clearing
Agency or its nominee), as record Holder of Preferred Securities represented by global
certificates, will receive a registered global certificate or certificates representing the
Debentures to be delivered upon such distribution and (iii) any certificates representing
Securities, except for certificates representing Preferred Securities held by the Depositary or its
nominee (or any successor Clearing Agency or its nominee), will be deemed to represent beneficial
interests in the Debentures having an aggregate principal amount equal to the aggregate stated
liquidation preference of such Securities, with accrued and unpaid interest equal to accrued and
unpaid Distributions on such Securities until such certificates are presented to the Debenture
Issuer or its agent for transfer or reissuance.

     (d) The Securities will not be redeemed unless all accrued and unpaid Distributions have been
paid on all Securities for all [semi-annual] [quarterly] Distribution periods terminating on or
before the date of redemption.

     (e) If the Debentures are distributed to the Holders of the Securities, pursuant to the terms
of the Indenture, the Debenture Issuer will use its reasonable best efforts to cause the Debentures
to be listed on the [                     ] or on such other exchange as the
Preferred Securities were listed immediately prior to the distribution of the Debentures.

     (f) “Redemption or Distribution Procedures.”

     (i) Notice of any redemption of, or notice of distribution of Debentures in
exchange for the Securities (a “Redemption/Distribution Notice”) will be given by
the Trust by mail to each Holder of Securities to be redeemed or exchanged not fewer
than 30 nor more than 60 days before the date fixed for redemption or exchange
thereof which, in the case of a redemption, will be the date fixed for redemption of
the Debentures. For purposes of the calculation of the date of redemption or
exchange and the dates on which notices are given pursuant to this paragraph
4(f)(i), a Redemption/Distribution Notice shall be deemed to be given on the day
such notice is first mailed by first-class mail, postage prepaid, to Holders of
Securities. Each Redemption/Distribution Notice shall be addressed to the Holders of
Securities at the address of each such Holder appearing in the books and records of
the Trust. No defect in the Redemption/Distribution Notice or in the mailing of
either thereof with respect to any Holder shall affect the validity of the
redemption or exchange proceedings with respect to any other Holder.

I-6

 

     (ii) In the event that fewer than all the outstanding Securities are to be
redeemed, the Securities to be redeemed shall be redeemed Pro Rata from each Holder
of Preferred Securities, it being understood that, in respect of Preferred
Securities registered in the name of and held of record by the Depositary (or any
successor Clearing Agency) or any nominee, the distribution of the proceeds of such
redemption will be made to each Clearing Agency Participant (or Person on whose
behalf such nominee holds such securities) in accordance with the procedures applied
by such agency or nominee.

     (iii) If Securities are to be redeemed and the Trust gives a
Redemption/Distribution Notice, which notice may only be issued if the Debentures
are redeemed as set out in this paragraph 4 (which notice will be irrevocable), then
(A) with respect to Preferred Securities held in book-entry form, by 12:00 noon, New
York City time, on the redemption date, provided that the Debenture Issuer has paid
the Institutional Trustee a sufficient amount of cash in connection with the related
redemption or maturity of the Debentures, the Institutional Trustee will deposit
irrevocably with the Depositary (or successor clearing agency) funds sufficient to
pay the amount payable on redemption with respect to such Preferred Securities and
will give the Depositary irrevocable instructions and authority to pay the amount
payable on redemption to the Holders of such Preferred Securities, and (B) with
respect to Preferred Securities issued in certificated form and Common Securities,
provided that the Debenture Issuer has paid the Institutional Trustee a sufficient
amount of cash in connection with the related redemption or maturity of the
Debentures, the Institutional Trustee will irrevocably deposit with the Paying Agent
funds sufficient to pay the amount payable on redemption to the Holders of such
Securities upon surrender of their certificates. If a Redemption/Distribution Notice
shall have been given and funds deposited as required, then on the date of such
deposit, all rights of Holders of such Securities so called for redemption will
cease, except the right of the Holders of such Securities to receive the redemption
price, but without interest on such redemption price. Neither the Administrative
Trustees nor the Trust shall be required to register or cause to be registered the
transfer of any Securities that have been so called for redemption. If any date
fixed for redemption of Securities is not a Business Day, then payment of the amount
payable on such date will be made on the next succeeding day that is a Business Day
(without any interest or other payment in respect of any such delay) except that, if
such Business Day falls in the next calendar year, such payment will be made on the
immediately preceding Business Day, in each case with the same force and effect as
if made on such date fixed for redemption. If payment of the redemption price in
respect of any Securities is improperly withheld or refused and not paid either by
the Trust or by the Sponsor as guarantor pursuant to the relevant Securities
Guarantee, Distributions on such Securities will continue to accrue at the then
applicable rate, from the original redemption date to the date of payment, in which
case the actual payment date will be considered the date fixed for redemption for
purposes of calculating the amount payable upon redemption (other than for purposes
of calculating any premium).

I-7

 

     (iv) Redemption/Distribution Notices shall be sent by the Administrative
Trustees on behalf of the Trust to (A) in the case of Preferred Securities held in
book-entry form, the Depositary and, in the case of Securities held in certificated
form, the Holders of such certificates and (B) in respect of the Common Securities,
the Holder thereof.

     (v) Subject to the foregoing and applicable law (including, without limitation,
United States Federal securities laws), the Sponsor or any of its subsidiaries may
at any time and from time to time purchase outstanding Preferred Securities by
tender, in the open market or by private agreement.

5. [RESERVED].

6. Voting Rights—Preferred Securities.

     (a) Except as provided under paragraph 7, in the Statutory Trust Act and as otherwise required
by law and the Declaration, the Holders of the Preferred Securities will have no voting rights.
Subject to the requirements set forth in this paragraph, the Holders of a majority in liquidation
preference of the Preferred Securities, voting separately as a class may direct the time, method,
and place of conducting any proceeding for any remedy available to the Institutional Trustee, or
direct the exercise of any trust or power conferred upon the Institutional Trustee under the
Declaration, including the right to direct the Institutional Trustee, as holder of the Debentures,
to (i) exercise the remedies available under the Indenture with respect to the Debentures, (ii)
waive any past Event of Default and its consequences that is waivable under Section 6.1 of the
Indenture, (iii) exercise any right to rescind or annul a declaration that the principal of all the
Debentures shall be due and payable, or (iv) consent to any amendment, modification or termination
of the Indenture or the Debentures where such consent shall be required; provided, however, that,
where a consent or action under the Indenture would require the consent or act of the Holders of
greater than a majority of the Holders in principal amount of Debentures affected thereby (a “Super
Majority”), the Institutional Trustee may only give such consent or take such action at the written
direction of the Holders of at least the proportion in liquidation preference of the Preferred
Securities that the relevant Super Majority represents of the aggregate principal amount of the
Debentures outstanding. The Institutional Trustee shall not revoke any action previously authorized
or approved by a vote of the Holders of the Preferred Securities. Other than with respect to
directing the time, method and place of conducting any remedy available to the Institutional
Trustee or the Debenture Trustee as set forth above, the Institutional Trustee shall not take any
action in accordance with the directions of the Holders of the Preferred Securities under this
paragraph unless the Institutional Trustee has received an opinion of tax counsel to the effect
that, as a result of such action, the Trust will not fail to be classified as a grantor trust for
United States Federal income tax purposes. If the Institutional Trustee fails to enforce its
rights, as holder of the Debentures, under the Indenture, any Holder of Preferred Securities may,
after a period of 30 days has elapsed from such Holder’s written request to the Institutional
Trustee to enforce such rights, institute a legal proceeding directly against the Debenture Issuer,
to enforce the rights of the Institutional Trustee, as holder of the Debentures, under the
Indenture, without first instituting any legal proceeding against the Institutional Trustee or any
other Person.

I-8

 

     Notwithstanding the foregoing, in the event the Debenture Issuer shall fail to make any
payment on the Debentures when due, holders of the Preferred Securities shall have the right to
institute a direct action against the Debenture Issuer for payment of such amounts. Any required
approval or direction of Holders of Preferred Securities may be given at a separate meeting of
Holders of Preferred Securities convened for such purpose, at a meeting of all of the Holders of
Securities in the Trust or pursuant to written consent. The Administrative Trustees will cause a
notice of any meeting at which Holders of Preferred Securities are entitled to vote, or of any
matter upon which action by written consent of such Holders is to be taken, to be mailed to each
Holder of record of Preferred Securities. Each such notice will include a statement setting forth
the following information: (i) the date of such meeting or the date by which such action is to be
taken, (ii) a description of any resolution proposed for adoption at such meeting on which such
Holders are entitled to vote or of such matter upon which written consent is sought and (iii)
instructions for the delivery of proxies or consents.

     No vote or consent of the Holders of the Preferred Securities will be required for the Trust
to redeem and cancel Preferred Securities or to distribute the Debentures in accordance with the
Declaration and the terms of the Securities.

     Notwithstanding that Holders of Preferred Securities are entitled to vote or consent under any
of the circumstances described above, any of the Preferred Securities that are owned by the Sponsor
or any Affiliate of the Sponsor shall not be entitled to vote or consent and shall, for purposes of
such vote or consent, be treated as if they were not outstanding.

7. Voting Rights—Common Securities.

     (a) The Holders of the Common Securities will only have such voting rights as provided under
paragraphs 7(b), (c) and 8 herein, in the Statutory Trust Act and as otherwise required by law and
the Declaration, the Holders of the Common Securities will have no voting rights.

     (b) The Holders of the Common Securities are entitled, in accordance with Article 5 of the
Declaration, to vote to appoint, remove or replace any Trustee.

     (c) Subject to Section 2.06 of the Declaration and only after the Event of Default with
respect to the Preferred Securities has been cured, waived, or otherwise eliminated and subject to
the requirements of the fourth to last sentence of this paragraph, the Holders of a Majority in
liquidation preference of the Common Securities, voting separately as a class, may direct the time,
method, and place of conducting any proceeding for any remedy available to the Institutional
Trustee, or exercising any trust or power conferred upon the Institutional Trustee under the
Declaration, including (i) directing the time, method, place of conducting any proceeding for any
remedy available to the Debenture Trustee, or exercising any trust or power conferred on the
Debenture Trustee with respect to the Debentures, (ii) waive any past default and its consequences
that is waivable under Section 6.1 of the Indenture, or (iii) exercise any right to rescind or
annul a declaration that the principal of all the Debentures shall be due and payable, provided
that, where a consent or action under the Indenture would require the consent or act of the Holders
of greater than a majority in principal amount of Debentures affected thereby (a “Super Majority”),
the Institutional Trustee may only give such consent or take such

I-9

 

action at the written direction of the Holders of at least the proportion in liquidation
preference of the Common Securities which the relevant Super Majority represents of the aggregate
principal amount of the Debentures outstanding. Pursuant to this paragraph 7(c), the Institutional
Trustee shall not revoke any action previously authorized or approved by a vote of the Holders of
the Preferred Securities. Other than with respect to directing the time, method and place of
conducting any proceeding for any remedy available to the Institutional Trustee or the Debenture
Trustee as set forth above, the Institutional Trustee shall not take any action in accordance with
the directions of the Holders of the Common Securities under this paragraph unless the
Institutional Trustee has received an opinion of tax counsel to the effect that, as a result of
such action the Trust will not fail to be classified as a grantor trust for United States Federal
income tax purposes. If the Institutional Trustee fails to enforce its rights, as holder of the
Debentures, under the Indenture, any Holder of Common Securities may, after a period of 30 days has
elapsed from such Holder’s written request to the Institutional Trustee to enforce such rights,
institute a legal proceeding directly against the Debenture Issuer, to enforce the Institutional
Trustee’s rights, as holder of the Debentures, under the Indenture, without first instituting any
legal proceeding against the Institutional Trustee or any other Person. Notwithstanding the
foregoing, in the event the Debenture Issuer shall fail to make any payment on the Debentures when
due, Holders of the Common Securities shall have the right to institute a direct action against the
Debenture Issuer for payment of such amounts. Any required approval or direction of Holders of
Common Securities may be given at a separate meeting of Holders of Common Securities convened for
such purpose, at a meeting of all of the Holders of Securities in the Trust or pursuant to written
consent. The Administrative Trustees will cause a notice of any meeting at which Holders of Common
Securities are entitled to vote, or of any matter upon which action by written consent of such
Holders is to be taken, to be mailed to each Holder of record of Common Securities. Each such
notice will include a statement setting forth the following information: (i) the date of such
meeting or the date by which such action is to be taken, (ii) a description of any resolution
proposed for adoption at such meeting on which such Holders are entitled to vote or of such matter
upon which written consent is sought and (iii) instructions for the delivery of proxies or
consents. No vote or consent of the Holders of the Common Securities will be required for the Trust
to redeem and cancel Common Securities or to distribute the Debentures in accordance with the
Declaration and the terms of the Securities.

8. Amendments to Declaration and Indenture.

     (a) In addition to any requirements under Section 12.01 of the Declaration, if any proposed
amendment to the Declaration provides for, or the Administrative Trustees otherwise propose to
effect, (i) any action that would adversely affect the powers, preferences or special rights of the
Securities, whether by way of amendment to the Declaration or otherwise, or (ii) the dissolution,
winding-up or termination of the Trust, other than as described in Section 8.01 of the Declaration,
then the Holders of outstanding Securities as a class, will be entitled to vote on such amendment
or proposal (but not on any other amendment or proposal) and such amendment or proposal shall not
be effective except with the approval of the Holders of at least 66-2/3% in liquidation preference
of the Securities, voting together as a single class; provided, however, if any amendment or
proposal referred to in clause (i) above would adversely affect only the Preferred Securities or
only the Common Securities, then only the affected class will be entitled to vote on such amendment
or proposal and such amendment or proposal shall not be effective except with the approval of
66-2/3% in liquidation preference of such class of Securities.

I-10

 

     (b) In the event the consent of the Institutional Trustee as the holder of the Debentures is
required under the Indenture with respect to any amendment, modification or termination on the
Indenture or the Debentures, the Institutional Trustee shall request the written direction of the
Holders of the Securities with respect to such amendment, modification or termination and shall
vote with respect to such amendment, modification or termination as directed, in writing, by a
Majority in liquidation preference of the Securities voting together as a single class; provided,
however, that where a consent under the Indenture would require the consent of the holders of
greater than a majority in aggregate principal amount of the Debentures (a “Super Majority”), the
Institutional Trustee may only give such consent at the written direction of the Holders of at
least the same proportion in aggregate stated liquidation preference of the Securities; provided,
further, that the Institutional Trustee shall not take any action in accordance with the directions
of the Holders of the Securities under this paragraph 8(b) unless the Institutional Trustee has
received an opinion of tax counsel to the effect that for the purposes of United States Federal
income tax the Trust will not be classified as other than a grantor trust on account of such
action.

9. Pro Rata.

     A reference in these terms of the Securities to any payment, distribution or treatment as
being “Pro Rata” shall mean pro rata to each Holder of Securities according to the aggregate
liquidation preference of the Securities held by the relevant Holder in relation to the aggregate
liquidation preference of all Securities outstanding unless, on any distribution date or redemption
date an Event of Default under the Declaration has occurred and is continuing, in which case no
payment of any distribution on, or amount payable upon redemption of, any Common Security, and no
other payment on account of the redemption, liquidation or other acquisition of Common Securities,
shall be made unless payment in full in cash of all accumulated and unpaid distributions on all
outstanding Preferred Securities for all distribution periods terminating on or prior thereto, or
in the case of payment of the amount payable upon redemption of the Preferred Securities, the full
amount of such amount in respect of all outstanding Preferred Securities shall have been made or
provided for, and all funds available to the Institutional Trustee shall first be applied to the
payment in full in cash of all distributions on, or the amount payable upon redemption of Preferred
Securities then due and payable.

10. Ranking.

     The Preferred Securities rank pari passu and payment thereon shall be made Pro Rata with the
Common Securities except that, where an Event of Default occurs and is continuing under the
Indenture in respect of the Debentures held by the Institutional Trustee, the rights of Holders of
the Common Securities to payment in respect of Distributions and payments upon liquidation,
redemption and otherwise are subordinated to the rights to payment of the Holders of the Preferred
Securities.

11. Listing.

     The Administrative Trustees shall use their best efforts to cause the Preferred Securities to
be listed on the [                     ].

I-11

 

12. Acceptance of Securities Guarantee and Indenture.

     Each Holder of Preferred Securities and Common Securities, by the acceptance thereof, agrees
to the provisions of the Preferred Securities Guarantee including the subordination provisions
therein and to the provisions of the Indenture.

13. No Preemptive Rights.

     The Holders of the Securities shall have no preemptive rights to subscribe for any additional
securities.

14. Miscellaneous.

     These terms constitute a part of the Declaration.

     The Sponsor will provide a copy of the Declaration or the Preferred Securities Guarantee and the
Indenture to a Holder without charge on written request to the Sponsor at its principal place of
business.

I-12

 

EXHIBIT A-1

FORM OF PREFERRED SECURITY

[FORM OF FACE OF SECURITY]

     [Include if Preferred Security is in global form and The Depository Trust Company is the U. S.
Depositary—UNLESS THIS PREFERRED SECURITY IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (the “DEPOSITARY”), NEW YORK, NEW YORK, TO THE
TRUST OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY PREFERRED SECURITY
ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF THE DEPOSITARY (AND ANY PAYMENT IS MADE TO CEDE & CO., OR TO SUCH OTHER ENTITY AS
IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DEPOSITARY) ANY TRANSFER, PLEDGE OR OTHER USE
HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER
HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.]

     [Include if Preferred Security is in global form—THIS PREFERRED SECURITY IS A GLOBAL
CERTIFICATE WITHIN THE MEANING OF THE DECLARATION REFERRED TO BELOW AND IS REGISTERED IN THE NAME
OF THE DEPOSITARY. TRANSFERS OF THIS GLOBAL SECURITY SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT
NOT IN PART, TO NOMINEES OF DEPOSITARY OR TO A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE AND
TRANSFERS OF PORTIONS OF THIS GLOBAL SECURITY SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH
THE RESTRICTIONS SET FORTH IN THE DECLARATION REFERRED TO BELOW.]

	 	 	 
	Certificate Number

	 	Number of Preferred Securities
	 

	 	[CUSIP NO. [           ]               

Certificate Evidencing

Preferred Securities

of

Max Capital Trust I

[           ]% Preferred Securities

(liquidation preference $[          ] per Preferred Security)

     Max Capital Trust I, a statutory trust formed under the laws of the State of Delaware (the
“Trust”), hereby certifies that [          ] (the “Holder”) is the registered owner of [          ]
preferred securities of the Trust representing undivided beneficial interests in the assets of the
Trust designated the [          ]% Preferred Securities (liquidation preference $[          ]
per Preferred Security) (the “Preferred Securities”). The Preferred Securities are transferable on
the books and records of the Trust, in person or by a duly authorized attorney, upon surrender of
this certificate duly endorsed and in proper form for transfer. The designation, rights,
privileges, restrictions, preferences and other terms and provisions of the Preferred Securities
represented hereby are

A1-1

 

issued and shall in all respects be subject to the provisions of the Amended and Restated
Declaration of Trust of the Trust dated as of [               ] as the same may be amended from
time to time (the “Declaration”), including the designation of the terms of the Preferred
Securities as set forth in Annex I to the Declaration. Capitalized terms used herein but not
defined shall have the meaning given them in the Declaration. The Holder is entitled to the
benefits of the Preferred Securities Guarantee to the extent provided therein. The Sponsor will
provide a copy of the Declaration, the Preferred Securities Guarantee and the Indenture to a Holder
without charge upon written request to the Trust at its principal place of business.

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

     By acceptance, the Holder agrees to treat, for United States Federal income tax purposes, the
Debentures as indebtedness and the Preferred Securities as evidence of indirect beneficial
ownership in the Debentures.

     Unless the Institutional Trustee’s Certificate of Authentication hereon has been properly
executed, these Preferred Securities shall not be entitled to any benefit under the Declaration or
be valid or obligatory for any purpose.

     IN WITNESS WHEREOF, the Trust has executed this certificate this day of [                    ].

	 	 	 	 	 
	 	MAX CAPITAL TRUST I

 	 
	 	By:  	 	 
	 	 	Name:  	[                              ] 	 
	 	 	Title:  	[                              ] 	 

A1-2

 

	 	 	 	 	 

INSTITUTIONAL TRUSTEE’S CERTIFICATE OF AUTHENTICATION

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

Dated: [               ]

	 	 	 	 	 
	 	[                    ],

as Institutional Trustee

 	 
	 	By:  	 	 
	 	 	Authorized Signatory 	 
	 	 	 	 

A1-3

 

	 	 	 	 	 

ASSIGNMENT

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

	 	 	 
	 

	 	 
	 
	 	 
	 

	 	 
	 
	 	 
	 

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

	 	 
	 
	 	 
	 

	 	 
	 
	 	 
	 

	 	 
	 
	 	 
	 

(Insert address and zip code of assignee)

	 	 
	 
	 	 
	and irrevocably appoints
	 	 
	 
	 	 
	 

	 	 
	 
	 	 
	 

	 	 
	 
	 	 
	 

	 	 

agent to transfer this Preferred Security Certificate on the books of the Trust. The agent may
substitute another to act for him or her.

	 	 	 	 	 
	Date:
	 	 	 	 
	 

	 	 

	 	 
	 
	 	 	 	 
	Signature:
	 	 	 	 
	 

	 	 

	 	 

(Sign exactly as your name appears on the other side of this Preferred Security Certificate)

Signature

	 	 	 	 	 
	Guarantee:(2)
	 	 	 	 
	 

	 	 

	 	 

 

	(2)	 	(Signature must be guaranteed by an “eligible guarantor institution” that is, a bank,
stockbroker, savings and loan association or credit union meeting the requirements of the
Registrar, which requirements include membership or participation in the Securities Transfer
Agents Medallion Program (“STAMP”) or such other “signature guarantee program” as may be
determined by the Registrar in addition to, or in substitution for, STAMP, all in accordance
with the Securities Exchange Act of 1934, as amended.)

A2-4

 

EXHIBIT A-2

FORM OF COMMON SECURITY

[FORM OF FACE OF SECURITY]

     [THIS COMMON SECURITY HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED,
AND MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED EXCEPT PURSUANT TO AN EXEMPTION FROM
REGISTRATION OR AN EFFECTIVE REGISTRATION STATEMENT.]

     [OTHER THAN AS PROVIDED IN THE DECLARATION (AS DEFINED HEREIN), THIS SECURITY MAY NOT BE
OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED EXCEPT TO A RELATED PARTY (AS DEFINED IN THE
DECLARATION) OF MAX CAPITAL GROUP LTD.]

	 	 	 
	Certificate Number [                ]

	 	Number of Common Securities

Certificate Evidencing

Common Securities

of

Max Capital Trust I

% Common Securities

(liquidation preference $[           ] per Common Security)

     Max Capital Trust I, a statutory trust formed under the laws of the State of Delaware (the
“Trust”), hereby certifies that [                ] (the “Holder”) is the registered owner of
common securities of the Trust representing undivided beneficial interests in the assets of the
Trust designated the      % Common Securities (liquidation preference $[          ] per Common
Security) (the “Common Securities”). The Common Securities are transferable on the books and
records of the Trust, in person or by a duly authorized attorney, upon surrender of this
certificate duly endorsed and in proper form for transfer and satisfaction of the other conditions
set forth in the Declaration (as defined below), including, without limitation, Article 9 thereof.
The designation, rights, privileges, restrictions, preferences and other terms and provisions of
the Common Securities represented hereby are issued and shall in all respects be subject to the
provisions of the Amended and Restated Declaration of Trust of the Trust dated as of [          ] as the same may be amended from time to time (the “Declaration”), including the
designation of the terms of the Common Securities as set forth in Annex I to the Declaration.
Capitalized terms used herein but not defined shall have the meaning given them in the Declaration.
The Sponsor will provide a copy of the Declaration and the Indenture to a Holder without charge
upon written request to the Sponsor at its principal place of business.

     Upon receipt of this certificate, the Sponsor is bound by the Declaration and is entitled to
the benefits thereunder.

A2-1

 

     By acceptance, the Holder agrees to treat for United States Federal income tax purposes the
Debentures as indebtedness and the Common Securities as evidence of indirect beneficial ownership
in the Debentures.

     IN WITNESS WHEREOF, the Trust has executed this certificate this [     ] day of [               ].

	 	 	 	 	 
	 	MAX CAPITAL TRUST I

 	 
	 	By:  	 	 
	 	 	Name:  	[                              ] 	 
	 	 	Title:  	[                              ] 	 

A2-2

 

	 	 	 	 	 

ASSIGNMENT

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

	 	 	 
	 

	 	 
	 
	 	 
	 

	 	 
	 
	 	 
	 

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

	 	 
	 
	 	 
	 

	 	 
	 
	 	 
	 

	 	 
	 
	 	 
	 

(Insert address and zip code of assignee)

	 	 
	 
	 	 
	and irrevocably appoints
	 	 
	 
	 	 
	 

	 	 
	 
	 	 
	 

	 	 
	 
	 	 
	 

	 	 

agent to transfer this Preferred Security Certificate on the books of the Trust. The agent may
substitute another to act for him or her.

	 	 	 	 	 
	Date:
	 	 	 	 
	 

	 	 

	 	 
	 
	 	 	 	 
	Signature:
	 	 	 	 
	 

	 	 

	 	 

(Sign exactly as your name appears on the other side of this Preferred Security Certificate)

Signature

	 	 	 	 	 
	Guarantee:(3)
	 	 	 	 
	 

	 	 

	 	 

 

	(3)	 	(Signature must be guaranteed by an “eligible guarantor institution” that is, a bank,
stockbroker, savings and loan association or credit union meeting the requirements of the
Registrar, which requirements include membership or participation in the Securities Transfer Agents
Medallion Program (“STAMP”) or such other “signature guarantee program” as may be determined by the
Registrar in addition to, or in substitution for, STAMP, all in accordance with the Securities
Exchange Act of 1934, as amended.)

A2-3

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