Document:

Eleventh Amendment Agreement dated May 21, 2008

 Exhibit 10.24 
 ELEVENTH AMENDMENT AGREEMENT 
 THIS ELEVENTH AMENDMENT AGREEMENT (this
“Agreement”), is dated as of May 21, 2008 by and between Q.E.P. CO., INC., a Delaware corporation with its chief executive office and principal place of business at 1001 Broken Sound Parkway NW, Suite A, Boca Raton,
Florida 33487, Q.E.P. - O’TOOL, INC., a corporation with its chief executive office and principal place of business at 1001 Broken Sound Parkway, NW, Suite A, Boca Raton, Florida, 33437, MARION TOOL CORPORATION, a corporation with
its chief executive office and principal place of business at 1001 Broken Sound Parkway NW, Suite A, Boca Raton, Florida 33487, ROBERTS CONSOLIDATED INDUSTRIES, INC., a Delaware corporation with its chief executive office and principal place
of business at 1001 Broken Sound Parkway NW, Suite A, Boca Raton, Florida 33487, ROBERTS HOLDING INTERNATIONAL, INC., a Delaware corporation with its chief executive office and principal place of business at 1001 Broken Sound Parkway NW,
Suite A, Boca Raton, Florida 33487, ROBERTS COMPANY CANADA LIMITED, an entity organized in Ontario, Canada with its chief executive office and principal place of business at 2070 Steeles Avenue, Bramalea, Ontario, Canada L6T1A7, Q.E.P.
STONE HOLDINGS, INC., a Florida corporation with a place of business at 1001 Broken Sound Parkway NW, Suite A, Boca Raton, Florida 33487, Q.E.P. ZOCALIS HOLDING L.L.C., a Delaware limited liability company with a place of business at 1001
Broken Sound Parkway NW, Suite A, Boca Raton, Florida 33487, BOIARDI PRODUCTS CORPORATION, an Ohio corporation, with its chief executive office and principal place of business at 453 Main Street, Little Falls, New Jersey 07424, ROBERTS
CAPITOL, INC., a Florida corporation with a chief executive office and principal place of business at 1001 Broken Sound Parkway NW, Suite A, Boca Raton, Florida 33487, QEP CALIFORNIA, INC., a California corporation with its chief
executive office and principal place of business at 1001 Broken Sound Parkway NW, Suite A, Boca Raton, Florida 33487, (all of the foregoing are hereinafter collectively referred to as, the “Borrower”), BANK OF AMERICA, N.A.,
successor-in-interest to FLEET CAPITAL CORPORATION (“BOA”) and HSBC BANK USA, NATIONAL ASSOCIATION, successor-by-merger to HSBC BANK USA (“HSBC” and together with BOA, the “Lenders” and each
individually a “Lender”), and BANK OF AMERICA, N.A., successor-in-interest to FLEET CAPITAL CORPORATION, with an office at 200 Glastonbury Boulevard, Glastonbury, Connecticut, 06033, as agent for the Lenders,
(hereinafter referred to as the “Agent”). 
 PREAMBLE 
 WHEREAS, pursuant to that certain Second Amended and Restated Loan Agreement dated as of November 14, 2002 by and among the Borrower, the
Lenders and the Agent (as amended and in effect from time to time, the “Loan Agreement”), the Lenders made, or agreed to make in the future, certain Loans to the Borrower; 
 WHEREAS, the Borrower has requested that the Agent and the Lenders amend the Loan Agreement in order to, among other things, remove the Foreign
Companies as Borrowers so that the only Borrowers are the companies listed above in the Preamble and collectively defined as the “Borrowers”, delete certain covenants, release certain Collateral of the Foreign Companies, and extend the
Maturity Date of the Revolving Loan and the Mortgage Loan; and 
  

 WHEREAS, the Agent and the Lenders are willing to amend the Loan Agreement and waive such
requirements subject to and in reliance upon the representations, warranties, acknowledgments, covenants and agreements of Borrower contained herein. 
 AGREEMENT 
 NOW, THEREFORE, in consideration of the mutual promises and covenants contained
herein and acknowledging that the Agent and the Lenders are relying upon the representations, warranties, acknowledgments, covenants and agreements of Borrower contained herein, Borrower, the Agent and the Lenders agree as follows: 
 I. Acknowledgments and Affirmations. 
 A. Borrower, the Agent and the Lenders acknowledge and agree that capitalized terms used herein and without definition shall have the meanings assigned to them in the Loan Agreement. 
 B. Borrower acknowledges and affirms that: 
 1. As of May 1, 2008, Borrower is legally and validly indebted to the Lenders under the Loan Agreement in the principal amount (including the face amount of outstanding Letters of Credit) of $20,744,894.24 with respect to the Revolving
Loan, $0 with respect to the Term Loans, $0 with respect to the BV Loans and $1.795,714.86 (USD) with respect to the Mortgage Loan, plus interest, fees and charges accrued and accruing thereon and thereunder, and there is no defense, offset or
counterclaim with respect to any such indebtedness or independent claim or action against the Agent or the Lenders. 
 2. Before giving
effect to this Amendment, all indebtedness of Borrower to the Agent and the Lenders, whenever and however arising, is secured by a duly perfected, first priority security interest in the Collateral (or, in the case of QEP UK, Vitrex, Roberts
Mexicana, S.A. de C.V., and P.R.C.I. SA a second priority security interest in the Collateral which is and shall be junior only to the liens described in subsection III (ii) of the Fourth Amendment and Waiver Agreement dated as of
March 31, 2005, by and between the Borrowers, the Lenders and the Agent). 
 C. Borrower represents and warrants that: 
 1. The resolutions previously adopted by the Board of Directors of each Borrower with respect to the Loan Agreement and provided to Lenders have not in
any way been rescinded or modified and have been in full force and effect since their adoption to and including the date hereof and are now in full force and effect, except to the extent that they have been modified or supplemented to authorize this
Agreement and the documents and transactions described herein. 
  

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 2. Each Borrower has the corporate power and authority to enter into this Agreement and the transactions
contemplated herein, and each Borrower has taken all necessary corporate action to authorize this Agreement and the transactions contemplated herein. 
 3. Except as amended by this Agreement, all representations, warranties and covenants contained in the Loan Agreement, and in the schedules and exhibits attached thereto, are true and correct on and as of the date
hereof, are incorporated herein by reference and, with respect to each Borrower organized under the laws of any jurisdiction within the United States or Canada are hereby remade. 
 4. No Borrower is currently in default under the Loan Agreement, and, except as otherwise consented to in writing by the Agent and the Lenders, no
condition exists or has occurred which would constitute a default thereunder but for the giving of notice or passage of time, or both. 
 D.
The consummation of the transactions contemplated herein (a) is not prevented or limited by, nor does it conflict with or result in a breach of the terms, conditions or provisions of, any Borrower’s articles of incorporation or bylaws, or
any evidence of indebtedness, agreement or instrument of whatever nature to which any Borrower is a party or by which any of them is bound, (b) does not constitute a default under any of the foregoing, and (c) does not violate any federal,
state or local law, regulation or order of any court or agency which is binding upon any Borrower. 
 II. Amendments to Loan
Agreement. The Loan Agreement is hereby amended as follows: 
 A. Section 1.1 is hereby amended by deleting the definitions of
“Borrower”, “Borrowing Base”, “Foreign Companies, “Loans”, “Maturity Date”, “Note”, and “Revolving Advance” and replacing them with the following: 
 “Borrower” means that term as defined in the preamble to the Eleventh Amendment Agreement dated as of May 21, 2008.” 
 “Borrowing Base” means, at the relevant time of reference, the amount which is equal to (i) 85% of Eligible Accounts Receivable, plus
(ii) the lesser of (a) the sum of (1) 44% of Eligible Raw Material Inventory of Q.E.P. Co., Inc., Roberts Consolidated Industries, Inc., Roberts Holding International, Inc., Roberts Company Canada Limited and Roberts Capitol, Inc.,
plus (2) 65% of Eligible Finished Goods Inventory of Q.E.P. Co., Inc., Roberts Consolidated Industries, Inc., Roberts Holding International, Inc., Roberts Company Canada Limited and Roberts Capitol, Inc., plus (3) 26% of Eligible Raw
Materials Inventory of Boiardi Products Corporation, plus (4) 51% of Eligible Finished Goods Inventory of Boiardi Products Corporation or (b) $14,000,000, provided that the Required Lenders may, in their sole discretion, at any time and
from time to time upon three (3) Business Days’ prior written notice (unless a Default or an Event of Default shall have occurred and be continuing, in which event no such notice shall be required), adjust the advance rates set forth
within this definition of “Borrowing Base”. 
 “Foreign Companies” shall mean Roberts Japan KK, Roberts U.K. Limited,
Roberts Deutschland GmbH, Roberts 

  

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S.A.R.L., Roberts Holland B.V., Q.E.P. Holding B.V., Q.E.P. Aust. Pty. Limited, Q.E.P. Chile Limitada, Q.E.P. Co., New Zealand Limited, Q.E.P. Zocalis
S.R.L., Q.E.P. Co., U.K. Limited, Vitrex Limited, Roberts Mexicana, S.A. de C.V., P.R.C.I. SA, Q.E.P. HK Limited, Q.E.P. Co. Aust. Pty. Limited, Roberts Distribution S.A.R.L., Q.E.P. Roberts Ireland Limited, and Harmony Depot Shanghai Trading
Company Limited. 
 “Loans” means the Revolving Advances and the Mortgage Loan made or to be made pursuant to this Agreement.

 “Maturity Date” means, (i) in the case of the Revolving Credit Loan, May 20, 2011 and (ii) in the case of the
Mortgage Loan, May 20, 2011, in each case or earlier as set forth in this Agreement. 
 “Notes” means collectively the
Revolving Credit Notes and the Mortgage Notes. 
 “Revolving Advance” or “Revolving Advances” means that term as defined
in Section 2.1(a). 
 B. Section 1.1 is hereby amended by deleting the definitions of “BV”, “BV Advance, “BV
Advances”, “BV Borrowing Base”, “BV Loan”, “BV Note”, “BV Sublimit”, “Domestic Advances”, “Domestic Companies”, “Eligible BV Accounts Receivable”, “Excess Borrowing
Base”, “Foreign Advances”, “Foreign Advance Note”, “Foreign Borrowing Base”, “Foreign Sublimit”, “Term Loan Commitment”, “2005 Term Loan” and “2005 Term Note”. 
 C. Section 2.1 (c) of the Loan Agreement is hereby deleted and replaced with the following: 
 (c) All Revolving Advances shall be evidenced by, and repaid with interest in accordance with one or more promissory notes of Borrower, each substantially
in the form of Exhibit A hereto (each such promissory note is referred to herein as a “Revolving Credit Note”, and all such notes are collectively referred to as “Revolving Credit Notes”). The Revolving Credit Note issued to each
Lender shall (i) be executed by the Borrower, (ii) be payable to such Lender or its registered assigns and be dated the Fourth Amendment Effective Date, (iii) be in a stated principal amount equal to the Revolving Loan Commitment of
such Lender and be payable in the outstanding principal amount of the Revolving Loans evidenced thereby, (iv) mature on the Maturity Date, (v) bear interest as provided in the appropriate clause of Section 2.3 in respect of the Prime
Rate Advances and LIBOR Rate Advances, as the case may be, evidenced thereby, and (vi) be entitled to the benefits of this Agreement and the other Loan Documents. Borrower hereby authorizes each Lender to record on its Revolving Credit Note or
in its internal computerized records the amount of each Revolving Advance and of each payment of principal received by such Lender on account of the Revolving Loan, which recordation shall, in the absence of manifest error, be conclusive as to the
outstanding principal balance of the Revolving Loan and shall be considered correct and binding on Borrower provided, however, that the failure to make such recordation with respect to any Revolving Advance or payment shall not limit or otherwise
affect the obligations of Borrower under this Agreement or the Revolving Credit Note. With respect to the Revolving Loan, Borrower shall pay to the Agent, for the ratable benefit of the Lenders, a fee on the first day of each 

  

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month and on the Maturity Date, in an amount equal to one-quarter of one percent (.25%) per annum of the difference between the Revolving Loan Commitment and
the average daily outstanding principal balance of the Revolving Loan for the prior one month period. 
 D. Sections 2.1A, 2.1B, and 2.2 are
hereby deleted and each is replaced with “Intentionally Omitted”. 
 E. Section 2.3(a) of the Loan Agreement is hereby deleted
and replaced with the following: 
 Section 2.3(a) Interest Provisions. 
 (a) Commencing with the first such date following the date of this Agreement, Borrower promises to pay interest to the Agent, on the outstanding and
unpaid principal balances of the Revolving Loan, at a rate per annum equal to, at the option of Borrower, (i) the Prime Rate or (ii) the LIBOR Rate plus the LIBOR Spread (the “LIBOR Spread”) as set forth in the following table:

  

							
	 	 	 Fixed Charge Coverage Ratio
	  	 LIBOR SPREAD (Revolving Loan)
	  	 
		 	 < 1.00
	  	225 basis points	  	
				
		 	 > 1.00 - < 1.30
	  	200 basis points	  	
				
		 	 > 1.30 - < 1.75
	  	175 basis points	  	
				
		 	 > 1.75 x
	  	150 basis points	  	

 Changes in the LIBOR Spread resulting from a change in the above ratios shall become effective on
the due date of delivery by the Borrower of a compliance certificate evidencing such change. If the Borrower shall fail to timely deliver a compliance certificate within five days of such certificate’s due date in accordance with
Section 5.8(c) of this Agreement, the LIBOR Spread shall be 225 basis points from the day such certificate was due until the day a certificate evidencing a lower LIBOR Spread is actually delivered to the Lender. Each Revolving Advance
shall be comprised entirely of a Prime Rate Advance or a LIBOR Rate Advance as Borrower may request pursuant to Section 2.4. Borrower shall not be entitled to request any Revolving Advance which, if made, would result in more than six
(6) LIBOR Rate Advances outstanding hereunder at any time. For purposes of the foregoing, LIBOR Rate Advances having different Interest Periods, regardless of whether they commence on the same date, shall be considered separate LIBOR Rate
Advances. Each LIBOR Rate Advance shall be in a principal amount of $500,000 (or the equivalent in an Alternative Currency) or in $50,000 (or the equivalent in an Alternative Currency) increments in excess thereof. 
  

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 F. Section 2.4(a) and 2.4(b) are hereby amended by deleting the phrases “or a BV Advance”
and “or BV Advance” wherever they appear. 
 G. Section 2.5 is hereby amended by deleting the phrase “and BV Loans”
wherever it appears. 
 H. Section 2.8 is hereby deleted and replaced with the following: 
 Section 2.8 Collection of Funds. All proceeds of notes, instruments, Inventory and Receivables of Borrower shall be collected into a lockbox
account established by Borrower with the Agent pursuant to the Lockbox Agreement (the “Lockbox Account”). Promptly after the execution of this Agreement, Borrower shall direct each of its Account Debtors to make all payments to Borrower
directly into the Lockbox Account. Borrower shall hold in trust for the Agent and immediately remit to the Agent by depositing the same into the Lockbox Account all checks, notes, cash and other proceeds of its Receivables as well as all proceeds
from the sale of inventory, securities (other than securities issued by Borrower) and other Collateral and other cash receipts of every kind and nature (other than the proceeds of other borrowings expressly permitted by this Agreement). Borrower
agrees that all payments received in the Lockbox Account will be the sole and exclusive property of the Agent. The Agent shall on the Business Day on which any payment is received into the Lockbox Account, and on a provisional basis until the final
receipt of good funds, credit such payments to the principal amount of the outstanding Revolving Advances as a prepayment of such Revolving Advances. Any such provisional credit is subject to reversal if the final collection of a payment is not
received by the Agent within five (5) Business Days following the initial receipt of such payment and will thereafter be credited when such payment is actually received in good funds. If at the time of any such credit there are no outstanding
Revolving Advances such credit shall (i) if a Default or an Event of Default shall exist, be credited to a cash collateral account under the sole dominion and control of the Agent until such Default or Event of Default is cured by Borrower or
waived by Agent or (ii) subject to the provisions of Section 2.2B(d), to amounts due on the Mortgage Loan, in each case in the inverse order of maturity, (iii) be applied to cash collateralize any outstanding Letters of Credit, or
(iv) otherwise be made to Borrower’s regular account with Lender. 
 I. Section 2.17 is hereby deleted and replaced with the
following: 
 Use of Proceeds. The proceeds of the Revolving Loans made hereunder shall be used by Borrower for Borrower’s short
term working capital requirements. The proceeds of the Mortgage Loan were used to refinance existing mortgage debt of Borrower in favor of a third party lender. Borrower will not, directly or indirectly, use any part of the proceeds of any of the
Loans for the purpose of purchasing or carrying any margin stock within the meaning of Regulation U of the Board of Governors of the Federal Reserve System or to extend credit to any Person for the purpose of purchasing or carrying any such margin
stock. 
 J. Section 2.25 is hereby deleted and replaced with “Intentionally Omitted”. 
 K. Section 6.1 is hereby amended by adding the following new subsections thereto: 
  

	 	(f)	Liens on the assets of Roberts U.K. Limited, Q.E.P. Aust. Pty. Limited, Q.E.P. Co. New Zealand Limited, Q.E.P. Co. U.K. Limited, Vitrex Limited, and P.R.C.I. SA;

  

 6 

	 	(g)	Liens on the assets of Foreign Companies listed on Schedule 6.1; and 

  

	 	(h)	Liens securing capitalized leases of Foreign Companies not to exceed an aggregate dollar amount of $500,000 at any time. 

 L. The following new Section 6.15 is added to the Loan Agreement: 
 “Section 6.15. Foreign Companies. Send or otherwise transfer funds to the Foreign Companies in an aggregate amount in excess of $500,000 in any calendar year, other than (i) intercompany trade
transactions in the ordinary course of business and consistent with past practice, (ii) up to $300,000 to Harmony Trading; and (iii) to Roberts Mexicana S.A. de C.V. in amounts not to exceed (a) $350,000 for operations in any calendar
year and (b) $150,000 for inventory purchasing in any calendar year. 
 M. Section 7.1 and 7.2 are hereby deleted and each is
replaced with “Intentionally Omitted”. 
 N. Section 7.3 of the Loan Agreement is hereby deleted and replaced with the
following: 
 Section 7.3 Leverage Ratio. Maintain as of the end of each quarter of the Borrower, a ratio of (i) Total
Liabilities minus Subordinated Debt to (ii) Tangible Net Worth of not more than 3.75:1.00. 
 O. Section 7.4 of the Loan Agreement
is hereby deleted and replaced with the following: 
 Section 7.4 Senior Debt to Trailing EBITDA Ratio. The Borrower shall
maintain as of the end of each fiscal quarter of the Borrower, on a rolling four quarter basis, a ratio of (i) Senior Debt to (ii) trailing twelve-month Earnings Before Interest, Taxes, Depreciation and Amortization of not more than
4.00:1.00. 
 P. Section 7.7 of the Loan Agreement is hereby deleted and replaced with the following: 
 Section 7.7 Fixed Charge Coverage Ratio. The Borrower shall maintain, as of the end of each fiscal quarter of the Borrower, on a rolling four
quarter basis, a ratio of (i) Earnings Before Interest, Taxes, Depreciation and Amortization minus unfinanced Capital Expenditures minus all taxes paid during such period minus all dividends paid during such period, to
(ii) Current Maturities of Long-Term Debt plus Interest Expense of not less than 1.15:1.00. 
 O. Schedule 1 to the Loan
Agreement is hereby deleted and replaced with the following: 
 Borrowers: 
 Q.E.P. Co., Inc. 
  

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 Q.E.P. – O’Tool, Inc. 
 Marion Tool Corporation 
 Roberts Consolidated
Industries, Inc. 
 Roberts Holding International, Inc. 
 Roberts Company Canada Limited 
 Q.E.P. Stone Holdings, Inc. 
 Q.E.P. Zocalis Holdings L.L.C. 
 Q.E.P.
California, Inc. 
 Boiardi Products Corporation 
 Roberts Capitol, Inc. 
 R. Schedule 2 to the Loan Agreement is hereby deleted and replaced with the
following: 
 SCHEDULE 2 
 COMMITMENTS 
  

											
	 Lender
	  	Mortgage Loan
Commitment	 	 	Revolving Loan
Commitment	  	Total Commitment
	 Bank of America, N.A.
	  	$	1,077,428.92 	(USD)	 	$	17,400,000	  	$	18,477,428.92
	 HSBC Bank USA, National Association
	  	$	718,285.94 	(USD)	 	$	11,600,000	  	$	12,318,285.94
		  	 	 	 	 	 	 	  	 	 
	 TOTAL
	  	$	1,795,714.86	 	 	$	29,000,000	  	$	30,795,714.86

 III. Release of Certain Collateral. The Agent hereby releases the Collateral consisting of
the assets of the Foreign Companies other than (i) any shares of capital stock or other ownership interest in a Foreign Company which are pledged to the Agent, and (ii) any such assets of any Foreign Company which secure indebtedness to
the Agent or any Lender other than the Loans (it being understood and agreed that such assets shall continue to secure such other indebtedness but shall no longer secure the Loans), as more particularly set forth on Schedule 3. 
 IV. Conditions Precedent; Covenant 
 A. The effectiveness of this Agreement shall be subject to the prior satisfaction of each of the following conditions: 
 1. the
Agent and the Lenders shall have received each of the following, in form and substance satisfactory to the Agent and its counsel: 
 (a) This Agreement, duly executed by Borrower; 
  

 8 

 (b) A certificate, dated as of the date of this Agreement, of the Secretary of Q.E.P.
Co., Inc., certifying the names and true signatures of the officers of such Borrower authorized to sign this Agreement and the other documents to be delivered by it under this Agreement; 
 (c) Copies of all corporate action taken by Q.E.P. Co., Inc., including resolutions of its Board of Directors, authorizing the execution,
delivery, and performance of this Agreement and each other document to be delivered pursuant to this Agreement, certified as of the date of this Agreement by the Secretary of such Borrower; 
 (d) A negative pledge agreement, duly executed by each Foreign Company; 
 (e) An amended and restated stock pledge agreement duly executed by the applicable Borrowers and/or Foreign Companies; 
 (f) An amendment and renewal fee of $30,000; and 
 (g) All other documents, instruments and agreements that the Agent and the Lenders shall reasonably require in connection with this
Agreement, including without limitation those documents, instruments, and agreements required under previous amendments to the Loan Agreement which have not yet been delivered to the Agent and the Lenders. 
 B. On or prior to June 21, 2008, the Borrowers and, as applicable, the Foreign Companies, will deliver to the Lender: 
 (b) A certificate, dated as of the date of this Agreement, of the Secretary of each Borrower (other than Q.E.P., Co., Inc.) certifying the names and true
signatures of the officers of such Borrower authorized to sign this Agreement and the other documents to be delivered by it under this Agreement: 
 (c) Copies of all corporate action taken by each Borrower (other than Q.E.P., Co., Inc.) and each Foreign Company, including resolutions of its Board of Directors, authorizing the execution, delivery, and performance of this Agreement or,
as applicable, the negative pledge agreement, and each other document to be delivered pursuant to this Agreement, certified as of the date of this Agreement by the Secretary of such Borrower or Foreign Company. 
 V. Miscellaneous. 
 A. This Agreement
shall be governed by and construed in accordance with the laws of the State of Connecticut (except its conflicts of laws provisions). 
  

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 B. Upon the execution of this Agreement, the Loan Agreement is amended to the extent this Agreement
amends the Loan Agreement. Except as specifically amended by the terms of this Agreement, all terms and conditions set forth in the Loan Agreement shall remain in full force and effect. 
 C. This Agreement may be executed in any number of counterparts, each of which shall constitute an original and all of which taken together shall
constitute one instrument. 
 [The remainder of this page has been left blank intentionally.] 
  

 10 

 IN WITNESS WHEREOF, the parties have caused this Agreement to be executed and delivered as of the date
first above written. 
  

			
	 BORROWER:

	 Q.E.P. CO., INC.

		
	 By:
	 	 /s/ Lewis Gould

	 Name:
	 	Lewis Gould
	 Title:
	 	 Authorized Signatory
 Duly
Authorized

	
	 Q.E.P.-O’TOOL, INC.

		
	 By:
	 	 /s/ Lewis Gould

	 Name:
	 	Lewis Gould
	 Title:
	 	 Authorized Signatory
 Duly
Authorized

	
	 MARION TOOL CORPORATION

		
	 By:
	 	 /s/ Lewis Gould

	 Name:
	 	Lewis Gould
	 Title:
	 	 Authorized Signatory
 Duly
Authorized

	
	 ROBERTS CONSOLIDATED INDUSTRIES, INC.

		
	 By:
	 	 /s/ Lewis Gould

	 Name:
	 	Lewis Gould
	 Title:
	 	 Authorized Signatory
 Duly
Authorized

			
	 ROBERTS HOLDING INTERNATIONAL INC.

		
	 By:
	 	 /s/ Lewis Gould

	 Name:
	 	Lewis Gould
	 Title:
	 	 Authorized Signatory
 Duly
Authorized

	
	 ROBERTS COMPANY CANADA LIMITED

		
	 By:
	 	 /s/ Lewis Gould

	 Name:
	 	Lewis Gould
	 Title:
	 	 Authorized Signatory
 Duly
Authorized

	
	 Q.E.P. STONE HOLDINGS, INC.

		
	 By:
	 	 /s/ Lewis Gould

	 Name:
	 	Lewis Gould
	 Title:
	 	 Authorized Signatory
 Duly
Authorized

	
	 Q.E.P. ZOCALIS HOLDING, L.L.C.

		
	 By:
	 	 /s/ Lewis Gould

	 Name:
	 	Lewis Gould
	 Title:
	 	 Authorized Signatory
 Duly
Authorized

	
	 BOIARDI PRODUCTS CORPORATION

		
	 By:
	 	 /s/ Lewis Gould

	 Name:
	 	Lewis Gould
	 Title:
	 	 Authorized Signatory
 Duly
Authorized

			
	 ROBERTS CAPITOL, INC.

		
	 By:
	 	 /s/ Lewis Gould

	 Name:
	 	Lewis Gould
	 Title:
	 	 Authorized Signatory
 Duly
Authorized

	
	 QEP-CALIFORNIA, INC.

		
	 By:
	 	 /s/ Lewis Gould

	 Name:
	 	Lewis Gould
	 Title:
	 	 Authorized Signatory
 Duly
Authorized

 Execution Version 
  

			
	 AGENT:

	
	 BANK OF AMERICA, N.A., successor-in-interest
 to FLEET CAPITAL CORPORATION

		
	 By:
	 	 /s/ Deirdre Z. Sikora

	 Name:
	 	Deirdre Z. Sikora
	 Title:
	 	 Vice President
 Duly Authorized

	
	 LENDERS:

	
	 BANK OF AMERICA, N.A., successor-in-interest
 to FLEET CAPITAL CORPORATION

		
	 By:
	 	 /s/ Deirdre Z. Sikora

	 Name:
	 	Deirdre Z. Sikora
	 Title:
	 	 Vice President
 Duly Authorized

	
	 HSBC BANK USA,
 NATIONAL ASSOCIATION
 successor-by-merger to HSBC Bank USA

		
	 By:
	 	 /s/ Jose V. Mazariegos

	 Name:
	 	Jose V. Mazariegos
	 Title:
	 	 Senior Vice President
 Duly
Authorized

 AMENDED AND RESTATED 
 STOCK PLEDGE AGREEMENT 
 THIS AMENDED AND RESTATED STOCK PLEDGE AGREEMENT
(“Agreement”) made as of the 21st day of May, 2008 by and between Q.E.P. CO., INC., a Delaware corporation with its chief executive office and principal place of business at 1081 Holland Drive, Boca Raton, Florida 33487
(“Q.E.P.”), ROBERTS CONSOLIDATED INDUSTRIES, INC., a Delaware corporation with its chief executive office and principal place of business at 1001 Broken Sound Parkway NW, Suite A, Boca Raton Florida 33487 (“Roberts
Consolidated”), MARION TOOL CORPORATION, an Indiana corporation with its chief executive office and principal place of business at 1001 Broken Sound Parkway NW, Suite A Boca Raton, Florida 33487 (“Marion Tool”),
Q.E.P. ZOCALIS HOLDING L.L.C., a Delaware limited liability company with a place of business at 1001 Broken Sound Parkway NW, Suite A, Boca Raton Florida 33487 (“Zocalis” and together with Q.E.P., Roberts Consolidated, and
Marion Tool, the “Borrower”), Q.E.P. Aust. Pty. Limited, an entity organized in Australia with a place of business at No. 2 Dunlopillo Drive, Dandenong, Victoria, Australia 3175 (“Q.E.P. Aust.”), Q.E.P.
Co. U.K. Limited, an entity organized in England with its chief executive office in Everest Road, Lytham St. Annes, Lancashire FY8 3AZ (“Q.E.P. U.K.”), Vitrex Limited, an entity organized in England with its chief executive
office and principal place of business at Everest Road, Lytham St. Annes, Lancashire FY8 3AZ (“Vitrex”), Q.E.P. Holding B.V., an entity organized in the Netherlands with its chief executive office and principal place of
business at 3360 AB Sliedrecht, Parrallelweg, The Netherlands (“Q.E.P. Holding”), Roberts Holland B.V., an entity organized in the Netherlands with its chief executive office and principal place of business at Everest
Road, Lytham St. Annes, Lancashire FY8 3AZ, (“Roberts Holland”), Roberts S.A.R.L., an entity organized in France with its chief executive office and principal place of business at 25 rue de la Gare, 78370 Plaisir, France
(“S.A.R.L” and together with Q.E.P. Aust., Q.E.P. U.K., Vitrex, Q.E.P. Holding, and Roberts Holland, the “Foreign Pledgors” and the Foreign Pledgors together with the Borrower collectively, the “Pledgor”),
BANK OF AMERICA, N.A., successor-in-interest to FLEET CAPITAL CORPORATION (the “Agent”) as agent for BANK OF AMERICA, N.A., successor-in-interest to FLEET CAPITAL CORPORATION (“BOA”) and HSBC BANK USA,
NATIONAL ASSOCIATION successor-by-merger to HSBC BANK USA (“HSBC” and BOA together “Lender”). 
 WITNESSETH:

 WHEREAS, Q.E.P. and certain of its affiliates and Fleet National Bank (“Assignor”) entered into a certain
Amended and Restated Loan Agreement, dated as of October 21, 1997, as amended from time to time (the “Original Loan Agreement”), which was assigned by Assignor to the Fleet Capital Corporation (“Original
Lender”) pursuant to an Assignment and Assumption Agreement dated as of November 30, 2000; and 
 WHEREAS, the Q.E.P.
and the Original Lender previously entered into that certain Stock Pledge Agreement dated as of April 5, 2001 (the “Original Pledge Agreement”) in which Q.E.P. granted the Original Lender a security interest in the Pledged Collateral
as provided in the Original Pledge Agreement; and 

 WHEREAS, the Original Loan Agreement has been amended and restated pursuant to that certain Second
Amended and Restated Loan Agreement dated as of November 15, 2002 by and among the Borrower and certain of its affiliates, the Lender and the Agent (as amended and in effect from time to time, the “Loan Agreement”) and Pledgor,
the Lender and the Agent, wish to amend and restate the Original Pledge agreement in its entirety; 
 WHEREAS, Pledgor owns, directly
or indirectly, substantially all of the equity interests in the entities listed on Schedule A and Schedule B attached hereto (the “Entities”); and 
 WHEREAS, the obligation of the Lender to enter into that certain Eleventh Amendment to the Loan Agreement dated as of the date hereof and to make
loans or extensions of credit or furnish financial accommodations to the Borrower is subject to the condition, among others, that the Pledgor shall execute and deliver this Agreement amending and restating in its entirety the Original Pledge
Agreement and granting the security interest hereinafter described; 
 NOW, THEREFORE, in consideration of the premises, and for other good
and valuable consideration, receipt of which is acknowledged, it is hereby agreed as follows: 
 I. Definitions; Rules of
Interpretation. The following additional terms, as used herein, have the respective meanings set forth below: 
 “Affiliate” shall mean any Person controlling, controlled by or under common control with another Person. 
 “Associate” shall have the meaning ascribed to such term in Rule 405 promulgated by the Securities and Exchange Commission under the Securities Act of 1933, as amended. 
 “Default” shall mean any event or condition the occurrence of which would, with the lapse of time or the giving of notice, or both,
constitute an Event of Default. 
 “Event of Default” shall mean any default hereunder or under the Loan Agreement, and any
other Event of Default as defined in any one or more of the Financing Documents. 
 “Financing Documents” means any and all
documents evidencing, securing or relating to the Obligations. 
 “Lien” or “Liens” shall mean any interest in
property securing an obligation owed to, or a claim by, a Person other than the owner of the property, whether such interest is based on the common law, statute or contract, and including but not limited to the security interest lien arising from a
security agreement, mortgage, encumbrance, pledge, conditional sale or trust receipt or a lease, consignment or bailment for security purposes. 

 “Obligations” shall mean all indebtedness, advances, obligations and liabilities of
every kind and description now or in the future owing by Borrower to Lender under the Financing Documents or otherwise, whether direct or indirect, joint or several, absolute or contingent; due or to become due. 
 “Person” shall mean any individual, corporation, partnership, joint venture, association, joint stock company, limited liability
company, trust (including any beneficiary thereof), unincorporated organization or government or any agency or political subdivision thereof. 
 “Pledged Collateral” shall mean (a) the Shares, (b) all income and profits on the Shares, including all interest, dividends, and other payments and distributions with respect to the Shares, including without
limitation promissory notes, other instruments, distributions in connection with total or partial liquidation or dissolution of the Entities and distributions in connection with a reduction of capital, capital surplus or paid-in-surplus of the
Entities, (c) all proceeds of the foregoing, and (d) all other rights and privileges with respect to the Shares. 
 “Security Interest” shall mean the pledge and security interest granted by Pledgor under this Agreement. 
 “Shares” shall mean (a) one hundred percent (100%) of the equity interests in the Entities formed under the laws of any jurisdiction in the United States of America or Canada, and sixty-five percent (65%) of
the equity interests in the Entities formed under the laws of any jurisdiction outside of the United States of America or Canada, (b) all substitutions and replacements thereof, (c) all warrants, options and rights (if any) for the
purchase of equity interests in the Entities, and (d) any additional equity interests in or capital stock of the Entities required to be pledged and delivered to Lender pursuant to Section 9 hereof. 
 This Agreement shall be governed by the following rules of interpretation: The use of any gender shall include all genders. The singular number shall
include the plural and the plural the singular as the context may require. Whenever the context may require, any pronouns used herein shall include the corresponding masculine, feminine or neuter forms. The words “include,”
“including,” and “such as” shall each be construed as if followed by the phrases “without being limited to.” The words “herein,” “hereof,” “hereunder” and words of similar import shall be
construed to refer to this Agreement as a whole and not to any particular Section hereof unless expressly so stated. The section headings herein are for convenience of reference only and shall not affect in any way the interpretation of any of the
provisions hereof. 
 II. Pledge. The Pledgor hereby pledges and grants a security interest to Lender in the Pledged Collateral, now
existing and hereafter arising or acquired, as security for the payment and performance of the Obligations. 
 III. Delivery of the
Shares. The Shares have been previously delivered to the Lender accompanied by duly executed instruments of transfer, or assignment in blank, with signatures appropriately guaranteed, accompanied by any required transfer tax stamps, all in form
and substance satisfactory to Lender. Lender may at any time in its discretion, without notice to the Pledgor, transfer or register in the name of the Lender or any of its nominees any or all of the Shares. 

 IV. Representations and Warranties. The Pledgor represents and warrants that: 
 A. The Pledgor owns all of the Pledged Collateral, free and clear of any Liens other than the Security Interest. The equity interests shown on Schedule
A, are all of the Pledged Collateral. All of such equity interests have been duly authorized and validly issued, are fully paid and non-assessable, and none of such equity interests are subject to options to purchase or similar rights of any
Person. The remaining equity interests of the Entities formed under the law of any jurisdiction outside the United States of America or Canada are set forth on Schedule B. 
 B. There are no restrictions upon the voting rights or upon the transfer of any of the Shares other than as may appear on the face of the certificates
evidencing the Shares or as provided under applicable state, federal or foreign securities laws. The Pledgor has the right to vote, pledge and grant a security interest in or otherwise transfer such Pledged Collateral free of any encumbrances. The
Pledgor is not a party to or otherwise bound by any agreement, other than this Agreement, which restricts in any manner the rights of any present or future holder of any of the Shares with respect thereto. 
 C. Lender has a valid perfected first priority security interest in all of the Pledged Collateral, subject to no prior Lien. No registration, recordation
or filing with any governmental body, agency or authority is required in connection with the execution or delivery of this Agreement or necessary for the validity or enforceability hereof or for the perfection or enforcement of the Security
Interest. 
 V. Authority. The Pledgor hereby appoints the Lender as its attorney-in-fact to arrange, at Lender’s option, for the
transfer upon, or at any time after, the existence or occurrence of an Event of Default, of the Pledged Collateral on the books of the Pledgor or on the books of each of the Entities to the name of the Lender or to the name of the Lender’s
nominee. 
 VI. Certain Restrictions. Neither the Pledgor nor any Affiliate or Associate of the Pledgor shall sell, transfer or grant
any rights with respect to any equity interests in the Entities or any subsidiary of the Entities without the prior written consent of Lender. 
 VII. Voting Rights; Dividends. 
 A. During the term of this Agreement, and so long as there shall not occur a Default or an
Event of Default: 
 1. the Pledgor shall have the right to vote the Shares on all corporate questions for all purposes not inconsistent with
the terms of this Agreement or the Financing Documents and, to that end, if Lender transfers the Shares into its name or the name of its nominee, Lender shall, upon the request of the Pledgor, unless a Default or an Event of Default shall have
occurred, execute and deliver or cause to be executed and delivered to the Pledgor proxies with respect to the Shares; and 

 2. the Pledgor may receive and retain any and all dividends or other distributions paid in respect of the
Pledged Collateral; provided, however, that any and all (A) dividends and interest paid or payable other than in cash in respect of, and instruments and other property received, receivable or otherwise distributed in respect of or
in exchange for, any Pledged Collateral, (B) dividends and other distributions paid or payable in cash in respect of any Pledged Collateral in connection with a partial or total liquidation or dissolution or in connection with a reduction of
capital, capital surplus or paid-in surplus and (C) cash paid, payable or otherwise distributed in any permitted redemption of, or permitted exchange of, any Pledged Collateral, shall be, and shall forthwith be delivered to or at the direction
of the Lender to hold as Pledged Collateral and shall, if received by the Pledgor, be received in trust for the benefit of the Lender, shall be segregated from the other property or funds of the Pledgor, and shall be forthwith delivered to or at the
direction of the Lender in the exact form received with any necessary endorsement and/or appropriate stock powers duly executed in blank, to be held by the Lender as Pledged Collateral and as further collateral security for the Obligations;

 B. Upon the occurrence of an Event of Default: 
 1. the Lender shall thereafter be entitled to exercise all voting powers pertaining to the Shares and all proxies theretofore executed by Lender shall terminate and thereafter be null and void and of no effect
whatsoever, and the Pledgor, forthwith upon the request of the Lender, shall secure (if not already secured by the Lender) executed resignations of the officers and directors of the Pledgor and of the Entities in order that the Lender may elect the
officers and directors of the Pledgor and of the Entities designated by Lender; and 
 2. all rights of the Pledgor to receive the dividends,
payments or other distributions which it would otherwise be authorized to receive and retain pursuant to Section 7(a)(ii), shall cease, and all such rights shall thereupon become vested in the Lender which shall thereupon have the sole right to
receive and hold as Pledged Collateral such dividends and interest payments; and 
 3. all dividends and interest payments which are received
by the Pledgor contrary to the provisions of this Section 7 shall be received in trust for the benefit of the Lender, shall be segregated from other funds of the Pledgor, and shall be forthwith paid over to the Lender as Pledged Collateral in
the exact form received with any necessary endorsement and/or appropriate stock powers duly executed in blank, to be held by or on behalf of the Lender as Pledged Collateral and as further collateral security for the Obligations. 

 VIII. Subsequent Changes Affecting Pledged Collateral. The Pledgor represents to the Lender that
the Pledgor has made its own arrangements for keeping informed of changes or potential changes affecting the Pledged Collateral (including, but not limited to, rights to convert, rights to subscribe, payment of dividends, reorganization or other
exchanges, tender offers and voting rights), and the Pledgor agrees that the Lender shall have no responsibility or liability for informing the Pledgor of any such changes or potential changes or for taking any action or omitting to take any action
with respect thereto. The Lender may, upon or at any time after the occurrence of an Event of Default, without notice and at its option, transfer or register the Pledged Collateral or any part thereof into its or its nominee’s name with or
without any indication that such Pledged Collateral is subject to the security interest hereunder. 
 IX. Shares Adjustments; Warrants and
Rights; Dividends. In the event that, during the term of this Agreement, (a) any stock dividend, reclassification, recapitalization, readjustment or other change is declared or made in the capital structure of the Pledgor or of any of the
Entities, (b) any option included within the Pledged Collateral is exercised, (c) the Pledgor or any of the Entities issue any additional or substitute shares of its capital stock, (d) subscription rights, options, warrants or any
other rights shall be issued or exercised in connection with the Pledged Collateral, or (e) if the Pledgor shall otherwise receive or be entitled to receive any (i) shares of capital stock of any of the Entities, (ii) promissory note
or other instrument by virtue of its being or having been an owner of any Pledged Collateral, (iii) payment of dividends or other distribution payable in cash or in securities or other property (but only to the extent permitted under
subparagraph 7(ii) hereof), or (iv) payment of dividends or other distribution in connection with a partial or total liquidation or dissolution or in connection with a reduction of capital, capital surplus or paid-in surplus, all such shares,
promissory notes, instruments, options, warrants, rights, dividends, payments or distributions and all new stock or other securities so acquired by the Pledgor as a result of any of the foregoing, shall be immediately pledged and assigned by the
Pledgor to the Lender and immediately delivered to and held by Lender under the terms of this Agreement in the same manner as the Pledged Collateral originally pledged hereunder; and in the event that the Pledgor shall receive such shares,
promissory notes, instruments, options, warrants, rights, dividends, payments or distributions, the same shall be held in trust for the benefit of the Lender, and the Pledgor shall segregate them from the Pledgor’s other property and shall
deliver the same forthwith to or at the direction of the Lender in the exact form received, with any necessary endorsement and/or appropriate stock powers duly executed in blank, to be held by or on behalf of the Lender as Pledged Collateral.
Nothing contained in this Section shall be deemed to permit any issuance of stock, subscription rights, options, warrants or any other rights, or any stock dividend, reclassification, readjustment or other change in the capital structure of the
Pledgor or of any of the Entities which is not expressly permitted in the Financing Documents. 
 X. Registration. In the event that
Lender determines that it is advisable to register under or otherwise comply in any way with the Securities Act of 1933 or any similar Federal or State Law, or if such registration or compliance is required with respect to the securities included in
the Pledged Collateral prior to the sale thereof by Lender, upon or at any time after the occurrence of an Event of Default, the Pledgor will use its best efforts to cause such registration to be effectively made, at no expense to Lender, and to
continue such registration effective for such time as may be reasonably necessary in the option of the Lender, and will reimburse Lender for any expense incurred by Lender, including reasonable attorneys’ and accountants’ fees and
expenses, in connection therewith. 

 XI. Default. 
 A. Upon the occurrence and during the continuance of an Event of Default, the Lender shall have, in addition to any other rights given by law or the rights hereunder or in the Financing Documents, all of the rights
and remedies with respect to the Pledged Collateral of a secured party under the Uniform Commercial Code. In addition, with respect to the Pledged Collateral, or any part thereof, which shall then be or shall thereafter come into the possession or
custody of the Lender, the Lender may sell the Pledged Collateral or any part thereof at public or private sale or at any broker’s board or on any securities exchange, for cash, upon credit (without assumption of any credit risk) or for future
delivery, and at such price or prices as the Lender may deem satisfactory. Lender may be the purchaser of any or all of the Pledged Collateral so sold at any public sale (or, if the Pledged Collateral is of a type customarily sold in a recognized
market or is of a type which is the subject of widely distributed standard price quotations, at any private sale). 
 B. The Pledgor
recognizes that the Lender may deem it impracticable to effect a public sale of all or any part of the Pledged Collateral or any other securities constituting Pledged Collateral and that the Lender may, therefore, determine to make one or more
private sales of any such securities to a restricted group of purchasers who will be obligated to agree, among other things, to acquire such securities for their own account, for investment and not with a view to the distribution or resale thereof.
The Lender is authorized, in connection with any sale of the Pledged Collateral, if it deems it advisable so to do, (i) to restrict the prospective bidders on or purchasers of any of the Shares to a limited number of sophisticated investors who
will represent and agree that they are purchasing for their own account for investment and not with a view to the distribution or sale of any of such Shares, (ii) to cause to be placed on certificates for any or all of the Shares or on any
other securities pledged hereunder a legend to the effect that such security has not been registered under the Securities Act of 1933 and may not be disposed of in violation of the provision of said Act, and (iii) to impose such other
limitations or conditions in connection with any such sale as the Lender deems necessary or advisable in order to comply with said Act or any other law. The Pledgor acknowledges that any such private sale may be at prices and on terms less favorable
to the seller than the prices and other terms which might have been obtained at a public sale and, notwithstanding the foregoing, agrees that such private sales shall be deemed to have been made in a commercially reasonable manner and that the
Lender shall have no obligation to delay sale of any such securities for the period of time necessary to permit the issuer of such securities to register such securities for public sale under the Securities Act of 1933. 
 C. The Pledgor covenants and agrees that it will execute and deliver such documents and take such other action as the Lender deems necessary or advisable
in order that any sale hereunder may be made in compliance with law. 

 D. Upon any sale hereunder the Lender shall have the right to deliver, assign and transfer to the
purchaser thereof the Pledged Collateral so sold. Each purchaser at such sale shall hold the Pledged Collateral so sold absolutely and free from any claim or right of whatsoever kind, including any equity or right of redemption of the Pledgor which
may be waived, and the Pledgor, to the extent permitted by law, hereby specifically waive all rights of redemption, stay or appraisal which they have or may have under any law now existing or hereafter adopted. 
 E. Unless the Collateral threatens to decline speedily in value or is or becomes of a type sold on a recognized market, Lender will give the Pledgor
reasonable notice of the time and place of any public sale thereof, or of the time after which any private sale or other intended disposition is to be made. Any requirements of reasonable notice shall be met if such notice is sent to the Lender in
conformity with Section 23 hereof, at least ten (10) days before the time of the sale or disposition. Any other requirement of notice, demand or advertisement for sale is, to the extent permitted by law, waived. The notice (if any) of any
sale hereunder shall (1) in case of a public sale, state the time and place fixed for such sale, (2) in case of sale at a broker’s board or on a securities exchange, state the board or exchange at which such sale is to be made and the
day on which the Pledged Collateral, or the portion thereof so being sold, will first be offered for sale at such board or exchange, and (3) in the case of a private sale, state the day after which such sale may be consummated. Any such public
sale shall be held at such time or times within ordinary business hours and at such place or places as the Lender may fix in the notice of such sale. At any such sale the Pledged Collateral may be sold in one lot as an entirety or in separate
parcels, as the Lender may determine. The Lender shall not be obligated to make any such sale pursuant to any such notice. The Lender may, without notice or publication, adjourn any public or private sale or cause the same to be adjourned from time
to time by announcement at the time and place fixed for the sale, and such sale may be made at any time or place to which the same may be so adjourned. In case of any sale of all or any part of the Pledged Collateral on credit or for future
delivery, the Pledged Collateral so sold may be retained by the Lender until the selling price is paid by the purchaser thereof, but the Lender shall not incur any liability in case of the failure of such purchaser to take up and pay for the Pledged
Collateral so sold and, in case of any such failure, such Pledged Collateral may again be sold upon like notice. The Lender, instead of exercising the power of sale herein conferred upon it, may proceed by a suit or suits at law or in equity to
foreclose the security interest granted under this Agreement and sell the Pledged Collateral, or any portion thereof, under a judgment or decree of a court or courts of competent jurisdiction. 
 XII. Proceeds of Dispositions; Expenses. The Pledgor shall pay to the Lender on demand any and all expenses, including court costs and reasonable
attorneys’ fees and disbursements, incurred or paid by the Lender in protecting, preserving or enforcing the Lender’s rights under or in respect of any of the Pledged Collateral. After deducting all of said expenses, the residue of any
proceeds of collection or sale of the Pledged Collateral shall, to the extent actually received in cash, be applied to the payment of the Obligations in such order or preference as the Lender may determine, proper allowance being made for any
Obligations not then due. Upon the final payment and satisfaction in full of all of the Obligations and after making any payments required by the Uniform Commercial Code of the State of Connecticut, any excess shall be returned to the Pledgor.

 XIII. Waivers. The Pledgor hereby waives notice of acceptance of this Agreement and of extensions
of credit, loans, advances or other financial assistance by the Lender to any Borrowers under the Financing Documents or under any other agreement, note, document or instrument now or at any time or times hereafter executed by any of the Borrowers
and delivered to the Lender. The Pledgor further waives presentment and demand for payment of any of the Obligations, protest and notice of dishonor or default with respect to any of the Obligations, and all other notices and demands of any
description to which the Pledgor might otherwise be entitled except as herein otherwise expressly provided. The Pledgor further waives all defenses based upon suretyship or impairment of collateral. The Lender shall not be deemed to have waived any
of its rights upon or under the Obligations or the Pledged Collateral unless such waiver shall be in writing and signed by the Lender. No delay or omission on the part of the Lender in exercising any right shall operate as a waiver of such right or
any other right. A waiver on any one occasion shall not be construed as a bar to or waiver of any right on any future occasion. All rights and remedies of the Lender with respect to the Obligations or the Pledged Collateral, whether evidenced hereby
or by any other instrument or papers, shall be cumulative and may be exercised singularly, alternatively, successfully or concurrently at such time or at such times as the Lender deems expedient. 
 XIV. Consent. The Pledgor hereby consents that from time to time, before or after the occurrence or existence of any Default or Event of Default,
with or without notice to or assent from the Pledgor, any other security at any time held by or available to the Lender for any of the Obligations or any other security at any time held by or available to the Lender for any obligation of any other
person, firm or corporation secondarily or otherwise liable for any of the Obligations, may be exchanged, surrendered or released and any of the Obligations may be changed, altered, renewed, extended, continued, surrendered, compromised, waived or
released, in whole or in part, as Lender may see fit, and Pledgor shall remain bound under this Agreement notwithstanding any such exchange, surrender, release, alteration, renewal, extension, continuance, compromise, waiver or inaction, extension
of further credit or other dealing. Without limiting the generality of the foregoing, the Pledgor assents to any extension or postponement of the time of payment or any other indulgence, to the addition or release of any party or person primarily or
secondarily liable, to the acceptance of partial payment on any Obligation, and the settlement, compromising or adjusting of any thereof, all in such manner and at such time or times as the Lender may deem advisable. 
 XV. Limitation of Lender’s Duty. Lender shall have no duty with respect to any Pledged Collateral in its possession or control or in the
possession or control of any agent or bailee, other than the duty to use reasonable care in the safe custody thereof. Without limiting the generality of the foregoing, Lender shall be under no obligation to take any steps necessary as to
(a) the collection or protection of the Pledged Collateral, (b) the preservation of rights in Pledged Collateral against any other parties, (c) or the preservation of any other rights. Lender may take such steps at its option, but all
expenses incurred in connection therewith shall be for the sole account of the Pledgor. The Lender shall be deemed to have exercised reasonable care in the custody and preservation of the Pledged Collateral in its possession or control if the
Pledged Collateral is accorded treatment substantially equal to that which it 

 
accords its own property. Lender shall not be liable or responsible for any loss or damage to any of the Pledged Collateral, or for any diminution in the
value thereof, by reason of the act or omission of any agent or bailee selected by the Lender in good faith. 
 XVI. Term. This
Agreement shall remain in full force and effect until all of the Obligations have been fully paid and satisfied. 
 XVII. Successors and
Assigns. This Agreement shall be binding upon and inure to the benefit of the Pledgor, the Lender and its respective successors and assigns, and the transferees and holders of any of the Obligations. This Agreement may be sold, assigned and
transferred to any other person, firm, association or corporation to whom any of the Obligations may be sold, assigned, transferred and when so sold, assigned, negotiated or transferred this Agreement shall apply to, and the Pledged Collateral shall
secure, any credit given, loans or advances made or financial assistance otherwise extended at any time or from time to time by such assignee to Borrower and any notes, mortgages, conditional sale contracts, security agreements or other forms of
obligations and all other debts, obligations and liabilities then or thereafter existing, direct or indirect, absolute or contingent, howsoever evidenced and without limitation as to amount, of the Borrower to such assignee and transferee, and any
renewal or extensions thereof, as if such assignee or transferee had been the original Lender hereunder. 
 XVIII. Applicable Law.
This Agreement shall be governed by and construed under the laws of the State of Connecticut. Whenever possible, each provision of this Agreement shall be interpreted in such manner as to be effective and valid under applicable law, but, if any
provision of this Agreement shall be held to be prohibited or invalid under applicable law, such provision shall be ineffective only to the extent of such prohibition or invalidity, without invalidating the remainder of such provision or the
remaining provisions of this Agreement. 
 XIX. Service of Process; Consent to Jurisdiction 
 A. The Pledgor represents, warrants and covenants that the Pledgor is subject to service of process in the State of Connecticut and that the Pledgor will
remain subject to such service of process so long as any of the Obligations is outstanding. If for any reason the Pledgor should not be subject to such service of process, the Pledgor hereby designates and appoints, without power of revocation, the
Connecticut Secretary of State as the Pledgor’s agent upon whom may be served all process, pleadings, notices or other papers which may be served upon the Pledgor as a result of the Pledgor’s obligations under this Agreement. 

B. The Pledgor irrevocably (i) agrees that any suit, action or other legal proceeding arising out of this Agreement may be brought in the courts
of record of the State of Connecticut or the courts of the United States located in such state; (ii) consents to the jurisdiction of each such court in any such suit, action or proceeding; and (iii) waives any objection which the Pledgor
may have to the laying of venue of any such suit, action or proceeding in any of such courts. For such time as any of the liabilities is outstanding, the Pledgor’s agent designated in Section 19(a) hereof shall accept and acknowledge on
the Pledgor’s behalf services of any and all 

 
process in any such suit, action or proceeding brought in any such court. The Pledgor agrees and consents that any such services of process upon such agent
and written notice of such service to the Pledgor by registered mail shall be taken and held to be valid personal service upon the Pledgor and that any such service of process shall be of the same force and validity as if services were made upon the
Pledgor according to the laws governing the validity and requirements of such service in such state, and waives all claim of error by reason of any such service. 
 XX. Prejudgment Remedies. THE PLEDGOR AGREES THAT THIS IS A COMMERCIAL TRANSACTION AND NOT A CONSUMER TRANSACTION, AND WAIVES WITH RESPECT TO ALL RIGHTS OF CREDITORS TO PROPERTY UNDER CONNECTICUT LAW, ANY RIGHT
TO A NOTICE AND HEARING UNDER CHAPTER 903a OF THE CONNECTICUT GENERAL STATUTES, AS AMENDED, OR OTHER STATUTE OR STATUTES AFFECTING PREJUDGMENT REMEDIES AND AUTHORIZES LENDER’S ATTORNEY TO ISSUE A WRIT FOR A PREJUDGMENT REMEDY WITHOUT COURT
ORDER, PROVIDED THE COMPLAINT SHALL SET FORTH A COPY OF THIS WAIVER, AND WAIVES ANY CLAIM IN TORT, CONTRACT OR OTHERWISE AGAINST LENDER’S ATTORNEY WHICH MAY ARISE OUT OF SUCH ISSUANCE OF THE WRIT FOR A PREJUDGMENT REMEDY WITHOUT COURT ORDER.

 XXI. Waiver of Jury Trial. PLEDGOR HEREBY EXPRESSLY WAIVES ANY AND ALL RIGHTS IT MAY HAVE TO TRIAL BY JURY OF ANY CLAIM, DEMAND,
ACTION, OR CAUSE OF ACTION (1) ARISING UNDER THIS AGREEMENT OR ANY OTHER INSTRUMENT, DOCUMENT, OR AGREEMENT EXECUTED OR DELIVERED IN CONNECTION HEREWITH, OR (2) IN ANY WAY CONNECTED WITH OR RELATED OR INCIDENTAL TO THE DEALINGS OF THE
PARTIES HERETO OR ANY OF THEM WITH RESPECT TO THIS AGREEMENT OR ANY OTHER INSTRUMENT, DOCUMENT, OR AGREEMENT EXECUTED OR DELIVERED IN CONNECTION HEREWITH, OR THE TRANSACTIONS RELATED HERETO OR THERETO, IN EACH CASE WHETHER NOW EXISTING OR HEREAFTER
ARISING, AND WHETHER SOUNDING IN CONTRACT OR TORT OR OTHERWISE; AND PLEDGOR HEREBY AGREES AND CONSENTS THAT ANY SUCH CLAIM, DEMAND, ACTION, OR CAUSE OF ACTION SHALL BE DECIDED BY COURT TRIAL WITHOUT A JURY, AND THE LENDER MAY FILE AN ORIGINAL
COUNTERPART OR A COPY OF THIS SECTION WITH ANY COURT AS WRITTEN EVIDENCE OF DEBTOR’S CONSENT TO THE WAIVER OF ITS RIGHT TO TRIAL BY JURY. EXCEPT AS PROHIBITED BY LAW, THE PLEDGOR WAIVES ANY RIGHT WHICH IT MAY HAVE TO CLAIM OR RECOVER IN ANY
LITIGATION REFERRED TO IN THE PRECEDING SENTENCE ANY SPECIAL, EXEMPLARY, PUNITIVE OR CONSEQUENTIAL DAMAGES OR ANY DAMAGES OTHER THAN, OR IN ADDITION TO, ACTUAL DAMAGES. The Pledgor (a) certifies that neither the Lender nor any representative,
agent or attorney of the Lender has represented, expressly or otherwise, that the Lender would not, in the event of litigation, seek to enforce the foregoing waivers, and (b) acknowledges that, in entering into the LSA and the other Financing
Agreements to which the Lender is a party, the Lender is relying upon, among other things, the waivers and certifications contained in this Section 21. 

 XXII. Further Assurances. The Pledgor agrees that it will cooperate with the Lender and, at its
own expense, shall do, make, execute and deliver all such additional and further acts, things, deeds, assurances, assignments, documents, agreements and instruments as the Lender may require more completely to vest in and assure to the Lender its
rights hereunder or in any of the Pledged Collateral. Without limiting the generality of the foregoing, Pledgor shall execute and deliver, or cause to be executed and delivered, all such other stock powers, proxies, instruments, documents and
resignations of officers and directors, as the Lender may request from time to time in order to carry out the provisions and purposes hereof. 
 XXIII. Notices. Any notice or other communication required or desired to be served, given or delivered hereunder shall be in writing, and shall be deemed to have been validly served, given or delivered upon deposit in the United
States mails, as registered or certified mail, with proper postage prepaid and addressed to the party to be notified as provided in the Loan Agreement, or to such other address as either party may hereafter designate for itself by written notice to
the other party in the manner herein prescribed. 
 [The remainder of this page has been left blank intentionally.] 

 IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first above written.

  

			
	 PLEDGOR:

	 Q.E.P. CO., INC.

		
	 By
	 	 /s/ Lewis Gould

	 Name:
	 	Lewis Gould
	 Its:
	 	 Authorized Signatory
 Duly
Authorized

	
	 ROBERTS CONSOLIDATED INDUSTRIES, INC.

		
	 By
	 	 /s/ Lewis Gould

	 Name:
	 	Lewis Gould
	 Its:
	 	 Authorized Signatory
 Duly
Authorized

	
	 MARION TOOL CORPORATION

		
	 By
	 	 /s/ Lewis Gould

	 Name:
	 	Lewis Gould
	 Its:
	 	 Authorized Signatory
 Duly
Authorized

	
	 Q.E.P. ZOCALIS HOLDING L.L.C.

		
	 By
	 	 /s/ Lewis Gould

	 Name:
	 	Lewis Gould
	 Its:
	 	 Authorized Signatory
 Duly
Authorized

	
	 Q.E.P. Aust. Pty. Limited

		
	 By
	 	 /s/ Lewis Gould

	 Name:
	 	Lewis Gould
	 Its:
	 	 Authorized Signatory
 Duly
Authorized

			
	 Q.E.P. Co. U.K. Limited

		
	 By
	 	 /s/ Lewis Gould

	 Name:
	 	Lewis Gould
	 Its:
	 	 Authorized Signatory
 Duly
Authorized

	
	 Vitrex Limited

		
	 By
	 	 /s/ Lewis Gould

	 Name:
	 	Lewis Gould
	 Its:
	 	 Authorized Signatory
 Duly
Authorized

	
	 Q.E.P. Holding B.V.

		
	 By
	 	 /s/ Lewis Gould

	 Name:
	 	Lewis Gould
	 Its:
	 	 Authorized Signatory
 Duly
Authorized

	
	 Roberts Holland B.V.

		
	 By
	 	 /s/ Lewis Gould

	 Name:
	 	Lewis Gould
	 Its:
	 	 Authorized Signatory
 Duly
Authorized

	
	 Roberts S.A.R.L.

		
	 By
	 	 /s/ Lewis Gould

	 Name:
	 	Lewis Gould
	 Its:
	 	 Authorized Signatory
 Duly
Authorized

			
	 AGENT:

	
	 BANK OF AMERICA, N.A., successor-in-interest
 to FLEET CAPITAL CORPORATION as agent
 for itself and HSBC Bank USA, National Association

		
	 By:
	 	 /s/ Deirdre Z. Sikora

	 Name:
	 	Deirdre Z. Sikora
	 Its:
	 	Vice President
		 	Duly Authorized

 Schedule A 
 List of all of the equity interests that make up the Pledged Collateral: 
  

			
	 Pledgor
	  	 Pledged Collateral

	Q.E.P. Co., Inc.	  	 100% of Q.E.P. Co., Inc.’s equity interests in the following entities:
  
 1.      Roberts Consolidated
Industries Inc., a Delaware corporation
  
 2.      American Trowel and Float Co. Inc. (inactive)
  
 3.      Q.E.P. Andrews, Inc. (inactive)
  
 4.      Marion Tool
Corporation (Inactive), an Indiana corporation
  
 5.      Q.E.P. TradeMates Pty., Ltd., (inactive)
  
 6.      Q.E.P. Stone Holdings Inc., a Florida corporation
  
 7.      Boiardi Products
Corporation, an Ohio corporation
  
 8.      Q.E.P. Nevada, Inc. (Inactive), a Nevada entity
  
 9.      Q.E.P.-O’Tool, Inc. (Inactive), a California corporation
  
 10.    QEP-California, a California
corporation
  
 11.    Q.E.P.
Zocalis Holding L.L.C., a Delaware limited liability company
  
 65% of Q.E.P. Co.,
Inc’s equity interests in the following entities:
  
 1.      Q.E.P. Chile Limitada, a Chilean entity
  
 2.      Q.E.P. Roberts Mexicana, S.A. DE C.V., a Mexican entity
  
 3.      Q.E.P. Co. New Zealand
Limited, a New Zealand entity
  
 4.      P.R.C.I. SA, a French entity
  
 5.      Q.E.P. Co., HK Limited, a Hong Kong entity,
  
 6.      Harmony Depot Trading Shanghai Company Limited, a Chinese entity, (WFOE: Limited liability
corporation)
  
 7.      Q.E.P. Aust. Pty. Limited (Australia)
  
 8.      Q.E.P. Co. U.K. Limited, a United Kingdom Company
  
 9.      Q.E.P. Holding B.V., a
Holland entity

			
	 Roberts Consolidated Industries, Inc.
	  	 100% of Roberts Consolidated Industries, Inc.’s equity interests in the following entities:
  
 1.      Roberts Company Canada
Limited, a Canadian corporation
  
 2.      Roberts Capitol, Inc., a Florida corporation
  
 3.      Roberts Holding International Inc., a Delaware corporation
  
 65% of Roberts Consolidated Industries., Inc.’s equity interests in the following entities:

  
 1.      Roberts
Japan KK (Inactive)

		
	 Marion Tool Corporation
	  	100% of Westpoint Foundry, Inc. (Inactive), an Indiana corporation
		
	 Q.E.P. Zocalis Holding L.L.C
	  	65% of Zocalis S.R.L. (Argentina)
		
	 Q.E.P. Aust. Pty. Limited
	  	65% of Q.E.P. Co. Aust. Pty. Limited (Australia)
		
	 Q.E.P. Co. U.K. Limited
	  	65% of Vitrex Limited, a United Kingdom Company
		
	 Vitrex Limited
	  	65% of Roberts U.K., Limited, a United Kingdom entity
		
	 Q.E.P. Holding B.V.
	  	65% of Roberts Holland B.V. (Holland)
		
	 Roberts Holland B.V.
	  	 65% of Roberts Holland B.V.’s equity interests in:
  
 1.      Roberts S.A.R.L. (Inactive), a French entity
  
 2.      Roberts Germany GmbH
(Inactive), a German entity
  
 3.      Q.E.P. Roberts Ireland Limited, an Ireland entity

		
	 Roberts S.A.R.L.
	  	65% of Roberts Distribution S.A.R.L. (Inactive), a French entity

 Schedule B 
 List of all the equity interests which make up the non-pledged collateral broken down by ownership 
  

						
	 Entity
	  	Percentage
Interest	 	 	 Owner

	 Q.E.P. AUST. PTY. LIMITED, an Australian entity
	  	35	%	 	100% owned by Q.E.P. Co., Inc.
	 Q.E.P, CO. AUST. PTY. LIMITED (Inactive), an Australian entity
	  	35	%	 	100% owned by Q.E.P. AUST. PTY. LIMITED, an Australian entity
	 Q.E.P. Holding B.V., a Holland entity
	  	35	%	 	100% owned by Q.E.P. Co., Inc.
	 Roberts Holland B.V.,
	  	35	%	 	100% owned by Q.E.P. Holding B.V.
	 Roberts S.A.R.L. (Inactive), a French entity
	  	35	%	 	100% owned by Roberts Holland B.V.
	 Roberts Distribution S.A.R.L. (Inactive), a French entity
	  	35	%	 	100% owned by Roberts S.A.R.L.
	 Roberts Germany GmbH (Inactive), a German entity
	  	35	%	 	100% owned by Roberts Holland B.V.
	 Q.E.P. Roberts Ireland Limited, an Ireland entity
	  	35	%	 	100% owned by Roberts Holland B.V.
	 Q.E.P. Co. New Zealand Limited, a New Zealand entity
	  	35	%	 	100% owned by Q.E.P. Co., Inc.
	 Q.E.P. Co. U.K. Limited, a United Kingdom Company
	  	35	%	 	100% owned by Q.E.P. Co., Inc.
	 Vitrex Limited, a United Kingdom Company
	  	35	%	 	100% owned by Q.E.P. Co. U.K. Limited
	 Roberts U.K., Limited, a United Kingdom entity
	  	35	%	 	100% owned by Q.E.P. Co. U.K. Limited
	 Roberts Mexicana, S.A. de C.V., a Mexican entity
	  	35	%	 	100% owned by Q.E.P. Co, Inc.
	 Q.E.P. Co., HK Limited, a Hong Kong entity
	  	35	%	 	100% owned by Q.E.P. Co, Inc.
	 Harmony Depot Trading Shanghai Company Limited, a Chinese entity, (WFOE: Limited liability corporation)
	  	35	%	 	100% owned by Q.E.P. Co, Inc.
	 P.R.C.I. SA, a French entity
	  	35	%	 	100% owned by Q.E.P. Co, Inc.
	 Q.E.P. Chile Limitada, a Chilean entity
	  	35	%	 	100% owned by Q.E.P. Co, Inc.
	 Zocalis S.R.L, an Argentinean entity
	  	35	%	 	95% of the total stock of Zocalis S.R.L. or more is owned by Q.E.P. Zocalis Holding L.L.C and 5% or less of the total stock is owned by Lewis Gould.

 Execution Version 
 NEGATIVE PLEDGE AGREEMENT 
 This AGREEMENT made as of the 21st day of May, 2008, by and among
Roberts Japan KK, an entity organized in Japan with its chief executive office and principal place of business at 1001 Broken Sound Parkway NV, Suite A, Boca Raton, Florida 33487, Roberts Deutschland GmbH, an entity organized in
Germany with its chief executive office and principal place of business at Everest Road, Lytham St. Annes, Lancashire FY8 3AZ, Q.E.P. Holdings B.V., an entity organized in the Netherlands with its chief executive office and principal place of
business at Everest Road, Lytham St. Annes, Lancashire FY8 3AZ, Q.E.P. Chile Limitada, an entity organized in Chile with a place of business at San Gerardo 731, Comuna de Recoleta, Santiago, Chile, Zocalis S.R.L., an entity organized
in Argentina with its chief executive office and principal place of business at 1607 Villa Adelina, Buenos Aries, Argentina, Q.E.P. Roberts Mexicana, S.A. de C.V., an entity organized in Mexico with its chief executive office and
principal place of business at Poniente 152, numero 935, Colonia Industrial Vallejo, C.P. 02300, Mexico, D.F. and Harmony Depot Trading Shanghai Company Limited, a Chinese limited liability company with its chief executive office and
principal place of business at 1001 Broken Sound Parkway NW, Suite A, Boca Raton, Florida 3348, Roberts Holland B.V., an entity organized in the Netherlands with its chief executive office and principal place of business at Everest Road,
Lytham St. Annes, Lancashire FY8 3AZ, Q.E.P. CO., HK Limited, an entity organized in China with its chief executive office and principal place of business at Cross Region Plaza, Suite 16A, 899 Lingling Road, Shanghai, China 200030,
(individually each a “Foreign Company” and collectively the “Foreign Companies”) and Bank of America, N.A., successor in interest to Fleet Capital Corporation, as Agent for itself and HSBC Bank, USA,
National Association (the “Agent”). 
 W I T N E S S E T H: 
 WHEREAS, the Foreign Companies are foreign direct and indirect subsidiaries of Q.E.P. Co., Inc., a Delaware corporation (“QEP”) party to
that certain Second Amended and Restated Loan Agreement dated as of November 14, 2002 (as amended and in effect from time to time, the “Loan Agreement”) by and among QEP and certain subsidiaries named in the Purchase Agreement
(QEP and such subsidiaries together “Borrower”) Bank of America, N.A. and HSBC Bank USA, National Association, successor by merger to HSBC Bank USA (collectively the “Lenders”), and the Agent, pursuant to which the Lenders
made, subject to the terms and conditions of the Loan Agreement, certain loans or otherwise extended credit or provided financial accommodations to the Borrower as set forth in the Loan Agreement (hereinafter the “Loans”); and 

WHEREAS, Borrower has requested that the Loan Agreement be amended by delivery of that certain Eleventh Amendment Agreement dated as of the date
hereof in order to, among other things, remove the Foreign Companies as Borrowers and release certain Collateral of the Foreign Companies; and 

 WHEREAS, as a condition precedent to its making the changes set forth in the Amendment and a condition
therefor, the Agent has required, and each Foreign Company has agreed, that each Foreign Company shall not encumber in any way any of its assets (collectively, “Assets”); and 
 NOW, THEREFORE, in consideration of the mutual promises and covenants contained herein the parties hereto agree as follows: 
 1. Each Foreign Company represents and warrants to, and covenants with, Agent that, as of the date hereof, its Assets are not subject to any pledge, lien, security interest, charge or encumbrances except (i) in
favor of the Agent or (ii) as set forth in Schedule A. 
 2. Each Foreign Company agrees from the date hereof, during the term of
the Loans, not to sell or transfer its Assets or create, assume or suffer to exist any mortgage, pledge, encumbrance, lien, security interest or other charges of any kind upon its Assets, except (i) to the extent permitted by Section 6.1
(f), (g), or (h) of the Loan Agreement, (ii) with the prior written consent of the Agent, which may be given or withheld in its sole discretion, or (iii) transactions in the ordinary course of business. 
 3. Each Foreign Company agrees from the date hereof, during the term of the Loans, not to grant a negative pledge agreement or any other instrument
similar to this Negative Pledge Agreement to any other entity other than the Agent with respect to its Assets. 
 4. QEP agrees to cause each
Foreign Company to comply with the terms of this Agreement and further agrees that any failure by it or by any Foreign Company to comply with the terms hereof shall constitute an Event of Default (as defined in the Loan Agreement). 
 5. EACH FOREIGN COMPANY IRREVOCABLY WAIVES ALL OF ITS RIGHT TO A TRIAL BY JURY IN ANY PROCEEDING HEREAFTER INSTITUTED BY OR AGAINST IT IN RESPECT OF THIS
DOCUMENT. 
 6. This Agreement shall inure to, and be binding upon, the parties hereto and their successors and assigns. 
 7. If all sums and indebtedness owing under the Loans shall be fully and indefeasibly paid in cash, the right of the Borrowers to request advances
terminated, and all other obligations, agreements and provisions in the documents evidencing, securing or otherwise relating to the Loans are fully kept and performed, then this Agreement shall become null and void, otherwise to remain in full force
and effect. 

 8. This Agreement shall be governed by and construed and enforced in accordance with the laws of the
State of Connecticut, without regard to conflicts of law principles. 
 9. This Agreement may be executed in counterparts, each of which
shall constitute an original and all of which taken together shall constitute one instrument. 
 [signature page to follow] 

 Execution Version 
 IN WITNESS WHEREOF, the Company and the Purchaser have each caused this Agreement to be executed and delivered as an instrument under seal as of the day and year first above written. 
  

			
	 AGENT:

	
	 BANK OF AMERICA, N.A., successor-in-interest
 to FLEET CAPITAL CORPORATION, as Agent

		
	 By:
	 	 /s/ Deirdre Z. Sikora

	 Name:
	 	Deirdre Z. Sikora
	 Title:
	 	Vice President
	
	 FOREIGN COMPANIES:

	
	 ROBERTS JAPAN KK

		
	 By:
	 	 /s/ Lewis Gould

	 Name:
	 	Lewis Gould
	 Its:
	 	Authorized Signatory
	
	 ROBERTS DEUTSCHLAND GMBH

		
	 By:
	 	 /s/ Lewis Gould

	 Name:
	 	Lewis Gould
	 Its:
	 	Authorized Signatory
	
	 Q.E.P. HOLDING B.V.,

		
	 By:
	 	 /s/ Lewis Gould

	 Name:
	 	Lewis Gould
	 Its:
	 	Authorized Signatory

			
	 Q.E.P. CHILE LIMITADA

		
	 By:
	 	 /s/ Lewis Gould

	 Name:
	 	Lewis Gould
	 Its:
	 	Authorized Signatory
	
	 ZOCALIS S.R.L.

		
	 By:
	 	 /s/ Lewis Gould

	 Name:
	 	Lewis Gould
	 Its:
	 	Authorized Signatory
	
	 Q.E.P. ROBERTS MEXICANA, S.A. DE C.V.

		
	 By:
	 	 /s/ Lewis Gould

	 Name:
	 	Lewis Gould
	 Its:
	 	Authorized Signatory
	
	 HARMONY DEPOT TRADING SHANGHAI
 COMPANY LIMITED

		
	 By:
	 	 /s/ Lewis Gould

	 Name:
	 	Lewis Gould
	 Its:
	 	Authorized Signatory

			
	 ROBERTS HOLLAND B.V.

		
	 By:
	 	 /s/ Lewis Gould

	 Name:
	 	Lewis Gould
	 Its:
	 	Authorized Signatory
	
	 Q.E.P. Co., HK LIMITED

		
	 By:
	 	 /s/ Lewis Gould

	 Name:
	 	Lewis Gould
	 Its:
	 	Authorized Signatory

 Schedule A 
 As to any Foreign Company, as such defined in the Agreement, we are aware of only two capital leases of de minimis amounts.Form of Indenture

 Exhibit 4.1 
 AMERICANWEST BANCORPORATION 
 as Issuer 
 INDENTURE 
 Dated as of
            , 2008 
 WILMINGTON TRUST COMPANY 
 as Trustee 
 FIXED RATE JUNIOR SUBORDINATED
DEBT SECURITIES DUE 2038 

 TABLE OF CONTENTS 
  

					
	 ARTICLE I DEFINITIONS
	  	1
			
	 Section 1.01
	  	Definitions	  	1
		
	 ARTICLE II DEBT SECURITIES
	  	8
			
	 Section 2.01
	  	Authentication and Dating	  	8
	 Section 2.02
	  	Form of Trustee’s Certificate of Authentication	  	9
	 Section 2.03
	  	Form and Denomination of Debt Securities	  	9
	 Section 2.04
	  	Execution of Debt Securities	  	10
	 Section 2.05
	  	Exchange and Registration of Transfer of Debt Securities	  	10
	 Section 2.06
	  	Mutilated, Destroyed, Lost or Stolen Debt Securities	  	11
	 Section 2.07
	  	Temporary Debt Securities	  	12
	 Section 2.08
	  	Payment of Interest	  	12
	 Section 2.09
	  	Cancellation of Debt Securities Paid, etc	  	14
	 Section 2.10
	  	Intentionally Left Blank	  	14
	 Section 2.11
	  	Extension of Interest Payment Period	  	14
	 Section 2.12
	  	CUSIP Numbers	  	15
	 Section 2.13
	  	Global Debentures	  	15
		
	 ARTICLE III PARTICULAR COVENANTS OF THE COMPANY
	  	17
			
	 Section 3.01
	  	Payment of Principal, Premium and Interest; Agreed Treatment of the Debt Securities	  	17
	 Section 3.02
	  	Offices for Notices and Payments, etc	  	18
	 Section 3.03
	  	Appointments to Fill Vacancies in Trustee’s Office	  	19
	 Section 3.04
	  	Provision as to Paying Agent	  	19
	 Section 3.05
	  	Certificate to Trustee	  	20
	 Section 3.06
	  	Additional Amounts	  	20
	 Section 3.07
	  	Compliance with Consolidation Provisions	  	21
	 Section 3.08
	  	Limitation on Dividends	  	21
	 Section 3.09
	  	Covenants as to the Trust	  	22
		
	 ARTICLE IV LISTS
	  	22
			
	 Section 4.01
	  	Securityholders’ Lists	  	22
	 Section 4.02
	  	Preservation and Disclosure of Lists	  	22
	 Section 4.03
	  	Financial and Other Information	  	23
		
	 ARTICLE V REMEDIES OF THE TRUSTEE AND SECURITYHOLDERS
	  	24
			
	 Section 5.01
	  	Events of Default	  	24
	 Section 5.02
	  	Payment of Debt Securities on Default; Suit Therefor	  	26
	 Section 5.03
	  	Application of Moneys Collected by Trustee	  	27

  

 i 

					
	 Section 5.04
	  	Proceedings by Securityholders	  	28
	 Section 5.05
	  	Proceedings by Trustee	  	28
	 Section 5.06
	  	Remedies Cumulative and Continuing	  	28
	 Section 5.07
	  	Direction of Proceedings and Waiver of Defaults by Majority of Securityholders	  	29
	 Section 5.08
	  	Notice of Defaults	  	30
	 Section 5.09
	  	Undertaking to Pay Costs	  	30
		
	 ARTICLE VI CONCERNING THE TRUSTEE
	  	30
			
	 Section 6.01
	  	Duties and Responsibilities of Trustee	  	30
	 Section 6.02
	  	Reliance on Documents, Opinions, etc	  	32
	 Section 6.03
	  	No Responsibility for Recitals, etc	  	33
	 Section 6.04
	  	Trustee, Authenticating Agent, Paying Agents, Transfer Agents or Registrar May Own Debt Securities	  	33
	 Section 6.05
	  	Moneys to be Held in Trust	  	33
	 Section 6.06
	  	Compensation and Expenses of Trustee	  	33
	 Section 6.07
	  	Officers’ Certificate as Evidence	  	34
	 Section 6.08
	  	Eligibility of Trustee	  	34
	 Section 6.09
	  	Resignation or Removal of Trustee	  	35
	 Section 6.10
	  	Acceptance by Successor Trustee	  	36
	 Section 6.11
	  	Succession by Merger, etc	  	37
	 Section 6.12
	  	Authenticating Agents	  	37
		
	 ARTICLE VII CONCERNING THE SECURITYHOLDERS
	  	38
			
	 Section 7.01
	  	Action by Securityholders	  	38
	 Section 7.02
	  	Proof of Execution by Securityholders	  	39
	 Section 7.03
	  	Who Are Deemed Absolute Owners	  	39
	 Section 7.04
	  	Debt Securities Owned by Company Deemed Not Outstanding	  	40
	 Section 7.05
	  	Revocation of Consents; Future Holders Bound	  	40
		
	 ARTICLE VIII SECURITYHOLDERS’ MEETINGS
	  	41
			
	 Section 8.01
	  	Purposes of Meetings	  	41
	 Section 8.02
	  	Call of Meetings by Trustee	  	41
	 Section 8.03
	  	Call of Meetings by Company or Securityholders	  	41
	 Section 8.04
	  	Qualifications for Voting	  	42
	 Section 8.05
	  	Regulations	  	42
	 Section 8.06
	  	Voting	  	42
	 Section 8.07
	  	Quorum; Actions	  	43
		
	 ARTICLE IX SUPPLEMENTAL INDENTURES
	  	44
			
	 Section 9.01
	  	Supplemental Indentures without Consent of Securityholders	  	44
	 Section 9.02
	  	Supplemental Indentures with Consent of Securityholders	  	45

  

 ii 

					
	 Section 9.03
	  	Effect of Supplemental Indentures	  	46
	 Section 9.04
	  	Notation on Debt Securities	  	46
	 Section 9.05
	  	Evidence of Compliance of Supplemental Indenture to be Furnished to Trustee	  	46
		
	 ARTICLE X REDEMPTION OF SECURITIES
	  	47
			
	 Section 10.01
	  	Optional Redemption	  	47
	 Section 10.02
	  	Special Event Redemption	  	47
	 Section 10.03
	  	Notice of Redemption; Selection of Debt Securities	  	47
	 Section 10.04
	  	Payment of Debt Securities Called for Redemption	  	48
		
	 ARTICLE XI CONSOLIDATION, MERGER, SALE, CONVEYANCE AND LEASE
	  	48
			
	 Section 11.01
	  	Company May Consolidate, etc., on Certain Terms	  	48
	 Section 11.02
	  	Successor Entity to be Substituted	  	49
	 Section 11.03
	  	Opinion of Counsel to be Given to Trustee	  	50
		
	 ARTICLE XII SATISFACTION AND DISCHARGE OF INDENTURE
	  	50
			
	 Section 12.01
	  	Discharge of Indenture	  	50
	 Section 12.02
	  	Deposited Moneys to be Held in Trust by Trustee	  	51
	 Section 12.03
	  	Paying Agent to Repay Moneys Held	  	51
	 Section 12.04
	  	Return of Unclaimed Moneys	  	51
		
	 ARTICLE XIII IMMUNITY OF INCORPORATORS, STOCKHOLDERS, OFFICERS
	  	
	 AND DIRECTORS
	  	51
			
	 Section 13.01
	  	Indenture and Debt Securities Solely Corporate Obligations	  	51
		
	 ARTICLE XIV MISCELLANEOUS PROVISIONS
	  	52
			
	 Section 14.01
	  	Successors	  	52
	 Section 14.02
	  	Official Acts by Successor Entity	  	52
	 Section 14.03
	  	Surrender of Company Powers	  	52
	 Section 14.04
	  	Addresses for Notices, etc	  	52
	 Section 14.05
	  	Governing Law	  	52
	 Section 14.06
	  	Evidence of Compliance with Conditions Precedent	  	53
	 Section 14.07
	  	Business Day Convention	  	53
	 Section 14.08
	  	Table of Contents, Headings, etc	  	53
	 Section 14.09
	  	Execution in Counterparts	  	53
	 Section 14.10
	  	Separability	  	54
	 Section 14.11
	  	Assignment	  	54
	 Section 14.12
	  	Acknowledgment of Rights	  	54
		
	 ARTICLE XV SUBORDINATION OF DEBT SECURITIES
	  	54

  

 iii 

					
	 Section 15.01
	  	Agreement to Subordinate	  	54
	 Section 15.02
	  	Default on Senior Indebtedness	  	55
	 Section 15.03
	  	Liquidation; Dissolution; Bankruptcy	  	55
	 Section 15.04
	  	Subrogation	  	56
	 Section 15.05
	  	Trustee to Effectuate Subordination	  	57
	 Section 15.06
	  	Notice by the Company	  	57
	 Section 15.07
	  	Rights of the Trustee; Holders of Senior Indebtedness	  	58
	 Section 15.08
	  	Subordination May Not Be Impaired	  	59

 EXHIBITS 
 EXHIBIT A Form of Debt Security 
 EXHIBIT B Form of Certificate of Officer of the Company 
  

 iv 

 THIS INDENTURE, dated as of
            , 2008, between AmericanWest Bancorporation, a bank holding company incorporated in Washington (hereinafter sometimes called the “Company”), and Wilmington
Trust Company, a Delaware banking corporation, as trustee (hereinafter sometimes called the “Trustee”). 
 WITNESSETH : 

WHEREAS, for its lawful corporate purposes, the Company has duly authorized the issuance of its Fixed Rate Junior Subordinated Debt Securities due
2038 (the “Debt Securities”) under this Indenture and to provide, among other things, for the execution and authentication, delivery and administration thereof, the Company has duly authorized the execution of this Indenture. 

NOW, THEREFORE, in consideration of the premises, and the purchase of the Debt Securities by the holders thereof, the Company covenants and agrees
with the Trustee for the equal and proportionate benefit of the respective holders from time to time of the Debt Securities as follows: 
 ARTICLE I 
 DEFINITIONS 
 Section 1.01 Definitions. 
 The terms defined in this Section 1.01 (except as herein otherwise expressly provided
or unless the context otherwise requires) for all purposes of this Indenture and of any indenture supplemental hereto shall have the respective meanings specified in this Section 1.01. All accounting terms used herein and not expressly defined
shall have the meanings assigned to such terms in accordance with generally accepted accounting principles and the term “generally accepted accounting principles” means such accounting principles as are generally accepted in the United
States at the time of any computation. The words “herein,” “hereof” and “hereunder” and other words of similar import refer to this Indenture as a whole and not to any particular Article, Section or other subdivision.

 “Additional Amounts” has the meaning set forth in Section 3.06. 
 “Additional Provisions” has the meaning set forth in Section 15.01. 
 “Administrative Action” has the meaning specified within the definition of “Tax Event” in this Section 1.01. 
 “Applicable Depositary Procedures” means, with respect to any transfer or transaction involving a Book-Entry Capital Security or a Debt
Security represented by a Global Debenture, the rules and procedures of the Depositary for such Book-Entry Capital Security or Debt Security represented by a Global Debenture, in each case to the extent applicable to such transaction and as in
effect from time to time. 
 “Authenticating Agent” means any agent or agents of the Trustee which at the time shall be appointed
and acting pursuant to Section 6.12. 
  

 1 

 “Bankruptcy Law” means Title 11 of the United States Code, or any successor statute thereto, in
each case as amended from time to time. 
 “Board of Directors” means the board of directors or the executive committee or any
other duly authorized designated officers of the Company. 
 “Board Resolution” means a copy of a resolution certified by the
Secretary or an Assistant Secretary of the Company to have been duly adopted by the Board of Directors and to be in full force and effect on the date of such certification and delivered to the Trustee. 
 “Book-Entry Capital Security” means a Capital Security the ownership and transfers of which shall be reflected and made, as applicable, through
book entries by the Depositary. 
 “Business Day” means any day other than a Saturday, Sunday or any other day on which banking
institutions in Wilmington, Delaware, The City of New York or Spokane, Washington are permitted or required by law or executive order to close. 
 “Capital Securities” means undivided beneficial interests in the assets of the Trust which rank pari passu with Common Securities issued by the Trust; provided, however, that if an Event of Default (as defined
in the Declaration) has occurred and is continuing, the rights of holders of such Common Securities to payment in respect of distributions and payments upon liquidation, redemption and otherwise are subordinated to the rights of holders of such
Capital Securities. 
 “Capital Securities Guarantee” means the guarantee agreement that the Company will enter into with
Wilmington Trust Company or other Persons that operates directly or indirectly for the benefit of holders of Capital Securities of the Trust. 
 “Capital Treatment Event” means the receipt by the Company and the Trust of an Opinion of Counsel experienced in such matters to the effect that, as a result of (a) any amendment to, or change (including any announced
prospective change) in, the laws, rules or regulations of the United States or any political subdivision thereof or therein, or any rules, guidelines or policies of an applicable regulatory authority for the Company or (b) any official or
administrative pronouncement or action or decision interpreting or applying such laws, rules or regulations, which amendment or change is effective or which pronouncement, action or decision is announced on or after the date of original issuance of
the Debt Securities, there is more than an insubstantial risk that the Company will not, within 90 days of the date of such opinion, be entitled to treat Capital Securities as “Tier 1 Capital” or “Tier II Capital” (or the then
equivalents) for purposes of the capital adequacy guidelines of the Federal Reserve (or any successor regulatory authority with jurisdiction over bank holding companies), or any capital adequacy guidelines as then in effect and applicable to the
Company; provided, however, that the inability of the Company to treat all or any portion of the aggregate Liquidation Amount of the Capital Securities as “Tier 1 Capital” or “Tier II Capital” shall not constitute
the basis for a Capital Treatment Event if such inability results from the Company having preferred stock, minority interests in consolidated subsidiaries and any other class of security or interest which the Federal Reserve (or any successor
regulatory authority with jurisdiction over bank holding 

  

 2 

 
companies) may now or hereafter accord “Tier 1 Capital” or “Tier II Capital” treatment that, in the aggregate, exceed the amount which
may now or hereafter qualify for treatment as “Tier 1 Capital” or “Tier II Capital” under applicable capital adequacy guidelines the Federal Reserve (or any successor regulatory authority with jurisdiction over bank holding
companies), applied as if the Company (or its successor) were a bank holding company for purposes of the capital adequacy guidelines of the Federal Reserve (or any successor regulatory authority with jurisdiction over bank holding companies);
provided, further, that the distribution of the Debt Securities in connection with the liquidation of the Trust by the Company shall not in and of itself constitute a Capital Treatment Event unless such liquidation shall have occurred
in connection with a Tax Event or an Investment Company Event. For the avoidance of doubt, the inability of the Company to treat all or any portion of the aggregate Liquidation Amount of the Capital Securities as “Tier 1 Capital” as a
result of the changes effected by the final rule adopted by the Federal Reserve on March 1, 2005 shall not constitute the basis for a Capital Treatment Event. 
 “Certificate” means a certificate signed by any one of the principal executive officer, the principal financial officer or the principal accounting officer of the Company. 
 “Code” means the Internal Revenue Code of 1986, as amended. 
 “Common Securities” means undivided beneficial interests in the assets of the Trust which are designated as “Common Securities” and rank pari passu with Capital Securities issued by the
Trust; provided, however, that if an Event of Default (as defined in the Declaration) has occurred and is continuing, the rights of holders of such Common Securities to payment in respect of distributions and payments upon liquidation,
redemption and otherwise are subordinated to the rights of holders of such Capital Securities. 
 “Company” means AmericanWest
Bancorporation, a bank holding company incorporated in Washington, and, subject to the provisions of Article XI, shall include its successors and assigns. 
 “Debt Security” or “Debt Securities” has the meaning stated in the first recital of this Indenture. 
 “Debt Security Register” has the meaning specified in Section 2.05. 
 “Declaration”
means the Amended and Restated Declaration of Trust of the Trust, dated as of             , 2008, as amended or supplemented from time to time. 
 “Default” means any event, act or condition that with notice or lapse of time, or both, would constitute an Event of Default. 
 “Defaulted Interest” has the meaning set forth in Section 2.08. 
 “Deferred Interest” has the meaning set forth in Section 2.11. 
  

 3 

 “Depositary” means an organization registered as a clearing agency under the Exchange Act that
is designated as Depositary by the Company. DTC will be the initial Depositary. 
 “Depositary Participant” means a broker, dealer,
bank, other financial institution or other Person for whom from time to time the Depositary effects book-entry transfers and pledges of securities deposited with or on behalf of the Depositary. 
 “DTC” means The Depository Trust Company, a New York corporation. 
 “Event of Default” means any event specified in Section 5.01, which has continued for the period of time, if any, and after the giving of
the notice, if any, therein designated. 
 “Exchange Act” means the Securities Exchange Act of 1934, as amended. 
 “Extension Period” has the meaning set forth in Section 2.11. 
 “Federal Reserve” means the Board of Governors of the Federal Reserve System. 
 “Global Debenture” means a global certificate that evidences all or part of the Debt Securities the ownership and transfers of which shall be
reflected and made, as applicable, through book entries by the Depositary and the Depositary Participants. 
 “Indenture” means
this Indenture as originally executed or, if amended or supplemented as herein provided, as so amended or supplemented, or both. 
 “Institutional Trustee” has the meaning set forth in the Declaration. 
 “Interest Payment Date” means
                    ,
                    ,
                     and
                     of each year, commencing on             , 2008,
subject to Section 14.07. 
 “Interest Rate” means a per annum rate of interest equal to     %.

 “Investment Company Event” means the receipt by the Company and the Trust of an Opinion of Counsel experienced in such matters
to the effect that, as a result of a change in law or regulation (including any announced prospective change) or written change in interpretation or application of law or regulation by any legislative body, court, governmental agency or regulatory
authority, there is more than an insubstantial risk that the Trust is or, within 90 days of the date of such opinion will be, considered an “investment company” that is required to be registered under the Investment Company Act of 1940, as
amended, which change or prospective change becomes effective, as the case may be, on or after the date of the original issuance of the Debt Securities. 
 “Liquidation Amount” means the liquidation amount of $10.00 per Trust Security. 
  

 4 

 “Major Depository Institution Subsidiary” means any subsidiary of the Company that (i) is
a depository institution and (ii) meets the definition of “significant subsidiary” within the meaning of Rule 405 under the Securities Act. 
 “Maturity Date” means             , 2038, subject to Section 14.07. 
 “Officers’ Certificate” means a certificate signed by the Chairman of the Board, the Vice Chairman, the President or any Vice President,
and by the Chief Financial Officer, the Treasurer, an Assistant Treasurer, the Comptroller, an Assistant Comptroller, the Secretary or an Assistant Secretary of the Company, and delivered to the Trustee. Each such certificate shall include the
statements provided for in Section 14.06 if and to the extent required by the provisions of such Section. 
 “Opinion of
Counsel” means an opinion in writing signed by legal counsel, who may be an employee of or counsel to the Company or may be other counsel reasonably satisfactory to the Trustee. Each such opinion shall include the statements provided for in
Section 14.06 if and to the extent required by the provisions of such Section. 
 The term “outstanding,” when used with
reference to Debt Securities, subject to the provisions of Section 7.04, means, as of any particular time, all Debt Securities authenticated and delivered by the Trustee or the Authenticating Agent under this Indenture, except: 
 (a) Debt Securities theretofore canceled by the Trustee or the Authenticating Agent or delivered to the Trustee for cancellation; 
 (b) Debt Securities, or portions thereof, for the payment or redemption of which moneys in the necessary amount shall have been deposited in trust with
the Trustee or with any Paying Agent (other than the Company) or shall have been set aside and segregated in trust by the Company (if the Company shall act as its own Paying Agent); provided, that, if such Debt Securities, or portions
thereof, are to be redeemed prior to maturity thereof, notice of such redemption shall have been given as provided in Articles X and XIV or provision satisfactory to the Trustee shall have been made for giving such notice; and 
 (c) Debt Securities paid pursuant to Section 2.06 or in lieu of or in substitution for which other Debt Securities shall have been authenticated and
delivered pursuant to the terms of Section 2.06 unless proof satisfactory to the Company and the Trustee is presented that any such Debt Securities are held by bona fide holders in due course. 
 “Optional Redemption Date” has the meaning set forth in Section 10.01. 
 “Optional Redemption Price” means an amount in cash equal to [100]% of the principal amount of the Debt Securities being redeemed plus unpaid
interest accrued on such Debt Securities to the related Optional Redemption Date. 
 “Paying Agent” has the meaning set forth in
Section 3.04(e). 
 “Person” means a legal person, including any individual, corporation, estate, partnership, joint venture,
association, joint-stock company, limited liability company, trust, unincorporated association, or government or any agency or political subdivision thereof, or any other entity of whatever nature. 
  

 5 

 “Predecessor Security” of any particular Debt Security means every previous Debt Security
evidencing all or a portion of the same debt as that evidenced by such particular Debt Security; and, for the purposes of this definition, any Debt Security authenticated and delivered under Section 2.06 in lieu of a lost, destroyed or stolen
Debt Security shall be deemed to evidence the same debt as the lost, destroyed or stolen Debt Security. 
 “Principal Office of the
Trustee” means the office of the Trustee at which at any particular time its corporate trust business shall be principally administered, which at all times shall be located within the United States and at the time of the execution of this
Indenture shall be Rodney Square North, 1100 North Market Street, Wilmington, DE 19890-0001. 
 “Responsible Officer” means, with
respect to the Trustee, any officer within the Principal Office of the Trustee with direct responsibility for the administration of the Indenture, including any vice-president, any assistant vice-president, any secretary, any assistant secretary,
the treasurer, any assistant treasurer, any trust officer or other officer of the Principal Office of the 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. 
 “Securities Act” means the Securities Act of 1933, as amended. 
 “Securityholder,” “holder of Debt Securities” or other similar terms, means any Person in whose name at the time a particular Debt Security is registered on the Debt Security Register. 

“Senior Indebtedness” means, with respect to the Company, (i) the principal, premium, if any, and interest in respect of
(A) indebtedness of the Company for money borrowed, as well as similar obligations arising from off-balance sheet guarantees and direct credit substitutes and (B) indebtedness evidenced by securities, debentures, notes, bonds or other
similar instruments issued by the Company, (ii) all capital lease obligations of the Company, (iii) all obligations of the Company issued or assumed as the deferred purchase price of property, all conditional sale obligations of the
Company and all obligations of the Company under any title retention agreement (but excluding trade accounts payable and other accrued liabilities arising in the ordinary course of business), (iv) all obligations of the Company for the
reimbursement of any letter of credit, any banker’s acceptance, any security purchase facility, any repurchase agreement or similar arrangement, all obligations associated with derivative products such as interest rate and foreign exchange
contracts and commodity contracts, any interest rate swap, any other hedging arrangement, any obligation under options or any similar credit or other transaction, (v) all obligations of the type referred to in clauses (i) through
(iv) above of other Persons for the payment of which the Company is responsible or liable as obligor, guarantor or otherwise and (vi) all obligations of the type referred to in clauses (i) through (v) above of other Persons
secured by any lien on any property or asset of the Company (whether or not such obligation is assumed by the Company), whether the obligations of the type referred to in clauses 

  

 6 

 
(i) through (vi) above were incurred on or prior to the date of this Indenture or thereafter incurred, unless, with the prior approval of the Federal
Reserve if not otherwise generally approved, it is provided in the instrument creating or evidencing the same or pursuant to which the same is outstanding that such obligations are not superior or are pari passu in right of payment to the
Debt Securities; provided, however, that Senior Indebtedness shall not include (A) any debt securities issued to any trust other than the Trust (or a trustee of such trust) that is a financing vehicle of the Company (a
“financing entity”), in connection with the issuance by such financing entity of equity or other securities in transactions substantially similar in structure to the transactions contemplated hereunder and in the Declaration or
(B) any guarantees of the Company in respect of the equity or other securities of any financing entity referred to in clause (A) above. 
 “Special Event” means any of a Tax Event, an Investment Company Event or a Capital Treatment Event. 
 “Special
Redemption Date” has the meaning set forth in Section 10.02. 
 “Special Redemption Price” means, with respect to the
redemption of any Debt Security following a Special Event, an amount in cash equal to     % of the principal amount of Debt Securities to be redeemed prior to
            , 2009 and thereafter equal to the percentage of the principal amount of the Debt Securities that is specified below for the Special Redemption Date plus, in each case,
unpaid interest accrued thereon to the Special Redemption Date: 
  

				
	 Special Redemption During the 12-Month Period Beginning        ,
	  	Percentage of Principal Amount	 
	 2009
	  	                    	%
		
	 2010
	  	                    	%
		
	 2011
	  	                    	%
		
	 2012
	  	                    	%
		
	 2013 and thereafter
	  	                    	%

 “Subsidiary” means, with respect to any Person, (i) any corporation, at least a
majority of the outstanding voting stock of which is owned, directly or indirectly, by such Person or one or more of its Subsidiaries or by such Person and one or more of its Subsidiaries, (ii) any general partnership, joint venture or similar
entity, at least a majority of the outstanding partnership or similar interests of which shall at the time be owned by such Person or one or more of its Subsidiaries or by such Person and one or more of its Subsidiaries, and (iii) any limited
partnership of which such Person or any of its Subsidiaries is a general partner. For the purposes of this definition, “voting stock” means shares, interests, participations or other equivalents in the equity interest (however designated)
in such Person having ordinary voting power for the election of a majority of the directors (or the equivalent) of such Person, other than shares, interests, participations or other equivalents having such power only by reason of the occurrence of a
contingency. 
  

 7 

 “Tax Event” means the receipt by the Company and the Trust of an Opinion of Counsel experienced
in such matters to the effect that, as a result of 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 as a result of any official administrative pronouncement (including any private letter ruling, technical advice memorandum, regulatory procedure, notice or announcement (an “Administrative Action”)) or judicial decision
interpreting or applying such laws or regulations, regardless of whether such Administrative Action or judicial decision is issued to or in connection with a proceeding involving the Company or the Trust and whether or not subject to review or
appeal, which amendment, clarification, change, Administrative Action or decision is enacted, promulgated or announced, in each case on or after the date of original issuance of the Debt Securities, there is more than an insubstantial risk that:
(i) the Trust is, or will be within 90 days of the date of such opinion, subject to United States federal income tax with respect to income received or accrued on the Debt Securities; (ii) interest payable by the Company on the Debt
Securities is not, or within 90 days of the date of such opinion, will not be, deductible by the Company, in whole or in part, for United States federal income tax purposes; or (iii) the Trust is, or will be within 90 days of the date of such
opinion, subject to or otherwise required to pay, or required to withhold from distributions to holders of Trust Securities, more than a de minimis amount of other taxes (including withholding taxes), duties, assessments or other governmental
charges. 
 “Trust” means AmericanWest Capital Trust IV, the Delaware statutory trust, or any other similar trust created for the
purpose of issuing Capital Securities in connection with the issuance of Debt Securities under this Indenture, of which the Company is the sponsor. 
 “Trust Indenture Act” means the Trust Indenture Act of 1939, as amended from time to time, or any successor legislation. 
 “Trust Securities” means Common Securities and Capital Securities of the Trust. 
 “Trustee” means the Person
identified as “Trustee” in the first paragraph hereof, and, subject to the provisions of Article VI hereof, shall also include its successors and assigns as Trustee hereunder. 
 “United States” means the United States of America and the District of Columbia. 
 “U.S. Person” has the meaning given to United States Person as set forth in Section 7701(a)(30) of the Code. 
 ARTICLE II 
 DEBT SECURITIES 
 Section 2.01 Authentication and Dating. 
 Upon the execution and delivery of this Indenture, or from time to time thereafter, Debt Securities in an aggregate principal amount not in excess of $         may be 

  

 8 

 
executed and delivered by the Company to the Trustee for authentication, and the Trustee shall thereupon authenticate and make available for delivery said
Debt Securities to or upon the written order of the Company, signed by its Chairman of the Board of Directors, Vice Chairman, President or Chief Financial Officer or one of its Vice Presidents, without any further action by the Company hereunder. In
authenticating such Debt Securities, and accepting the additional responsibilities under this Indenture in relation to such Debt Securities, the Trustee shall be entitled to receive, and (subject to Section 6.01) shall be fully protected in
relying upon a copy of any Board Resolution or Board Resolutions relating thereto and, if applicable, an appropriate record of any action taken pursuant to such resolution, in each case certified by the Secretary or an Assistant Secretary or other
officers with appropriate delegated authority of the Company as the case may be. 
 The Trustee shall have the right to decline to
authenticate and deliver any Debt Securities under this Section if the Trustee, being advised by counsel, determines that such action may not lawfully be taken or if a Responsible Officer of the Trustee in good faith shall determine that such action
would expose the Trustee to personal liability to existing Securityholders. 
 The definitive Debt Securities shall be typed, printed,
lithographed or engraved on steel engraved borders or may be produced in any other manner, all as determined by the officers executing such Debt Securities, as evidenced by their execution of such Debt Securities. 
 Section 2.02 Form of Trustee’s Certificate of Authentication. 
 The Trustee’s certificate of authentication on all Debt Securities shall be in substantially the following form: 
 This certificate represents Debt Securities referred to in the within-mentioned Indenture. 
  

			
	 Wilmington Trust Company,
 not in its individual capacity
 but solely as trustee

		
	By:	 	  

		 	Authorized Officer

 Section 2.03 Form and Denomination of Debt Securities. 
 The Debt Securities shall be substantially in the form of Exhibit A hereto. The Debt Securities shall be in registered form without coupons and in
minimum denominations of $100,000 and any multiple of $1,000 in excess thereof. The Debt Securities shall be numbered, lettered, or otherwise distinguished in such manner or in accordance with such plans as the officers executing the same may
determine with the approval of the Trustee as evidenced by the execution and authentication thereof. 
  

 9 

 Section 2.04 Execution of Debt Securities. 
 The Debt Securities shall be signed in the name and on behalf of the Company by the manual or facsimile signature of its Chairman of the Board of
Directors, Vice Chairman, President or Chief Financial Officer or one of its Executive Vice Presidents, Senior Vice Presidents or Vice Presidents, under its corporate seal (if legally required) which may be affixed thereto or printed, engraved or
otherwise reproduced thereon, by facsimile or otherwise, and which need not be attested. Only such Debt Securities as shall bear thereon a certificate of authentication substantially in the form herein before recited, executed by the Trustee or the
Authenticating Agent by the manual or facsimile signature of an authorized officer, shall be entitled to the benefits of this Indenture or be valid or obligatory for any purpose. Such certificate by the Trustee or the Authenticating Agent upon any
Debt Security executed by the Company shall be conclusive evidence that the Debt Security so authenticated has been duly authenticated and delivered hereunder and that the holder is entitled to the benefits of this Indenture. 
 In case any officer of the Company who shall have signed any of the Debt Securities shall cease to be such officer before the Debt Securities so signed
shall have been authenticated and delivered by the Trustee or the Authenticating Agent, or disposed of by the Company, such Debt Securities nevertheless may be authenticated and delivered or disposed of as though the Person who signed such Debt
Securities had not ceased to be such officer of the Company; and any Debt Security may be signed on behalf of the Company by such Persons as, at the actual date of the execution of such Debt Security, shall be the proper officers of the Company,
although at the date of the execution of this Indenture any such person was not such an officer. 
 Every Debt Security shall be dated the
date of its authentication. 
 Section 2.05 Exchange and Registration of Transfer of Debt Securities. 
 The Company shall cause to be kept, at the office or agency maintained for the purpose of registration of transfer and for exchange as provided in
Section 3.02, a register (the “Debt Security Register”) for the Debt Securities issued hereunder in which, subject to such reasonable regulations as it may prescribe, the Company shall provide for the registration and transfer of all
Debt Securities as provided in this Article II. Such register shall be in written form or in any other form capable of being converted into written form within a reasonable time. 
 Debt Securities to be exchanged may be surrendered at the Principal Office of the Trustee or at any office or agency to be maintained by the Company for
such purpose as provided in Section 3.02, and the Company shall execute, the Company or the Trustee shall register and the Trustee or the Authenticating Agent shall authenticate and make available for delivery in exchange therefor, the Debt
Security or Debt Securities which the Securityholder making the exchange shall be entitled to receive. Upon due presentment for registration of transfer of any Debt Security at the Principal Office of the Trustee or at any office or agency of the
Company maintained for such purpose as provided in Section 3.02, the Company shall execute, the Company or the Trustee shall register and the Trustee or the Authenticating Agent shall authenticate and make available for delivery in the name of
the transferee or transferees, a 

  

 10 

 
new Debt Security for a like aggregate principal amount. Registration or registration of transfer of any Debt Security by the Trustee or by any agent of the
Company appointed pursuant to Section 3.02, and delivery of such Debt Security, shall be deemed to complete the registration or registration of transfer of such Debt Security. 
 All Debt Securities presented for registration of transfer or for exchange or payment shall (if so required by the Company or the Trustee or the
Authenticating Agent) be duly endorsed by, or be accompanied by, a written instrument or instruments of transfer in form satisfactory to the Company and either the Trustee or the Authenticating Agent duly executed by, the holder or such
holder’s attorney duly authorized in writing. 
 No service charge shall be made for any exchange or registration of transfer of Debt
Securities, but the Company or the Trustee may require payment of a sum sufficient to cover any tax, fee or other governmental charge that may be imposed in connection therewith other than exchanges pursuant to Section 2.07, Section 9.04
or Section 10.04 not involving any transfer. 
 The Company or the Trustee shall not be required to exchange or register a transfer of
any Debt Security for a period of 15 days immediately preceding the date of selection of Debt Securities for redemption. 
 Section 2.06
Mutilated, Destroyed, Lost or Stolen Debt Securities. 
 In case any Debt Security shall become mutilated or be destroyed, lost or
stolen, the Company shall execute, and upon its written request the Trustee shall authenticate and deliver, a new Debt Security bearing a number not contemporaneously outstanding, in exchange and substitution for the mutilated Debt Security, or in
lieu of and in substitution for the Debt Security so destroyed, lost or stolen. In every case the applicant for a substituted Debt Security shall furnish to the Company and the Trustee such security or indemnity as may be required by them to save
each of them harmless, and, in every case of destruction, loss or theft, the applicant shall also furnish to the Company and the Trustee evidence to their satisfaction of the destruction, loss or theft of such Debt Security and of the ownership
thereof. 
 The Trustee may authenticate any such substituted Debt Security and deliver the same upon the written request or authorization of
any officer of the Company. Upon the issuance of any substituted Debt Security, the Company may require the payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in relation thereto and any other expenses
connected therewith. In case any Debt Security which has matured or is about to mature or has been called for redemption in full shall become mutilated or be destroyed, lost or stolen, the Company may, instead of issuing a substitute Debt Security,
pay or authorize the payment of the same (without surrender thereof except in the case of a mutilated Debt Security) if the applicant for such payment shall furnish to the Company and the Trustee such security or indemnity as may be required by them
to save each of them harmless and, in case of destruction, loss or theft, evidence satisfactory to the Company and to the Trustee of the destruction, loss or theft of such Security and of the ownership thereof. 
  

 11 

 Every substituted Debt Security issued pursuant to the provisions of this Section 2.06 by virtue of
the fact that any such Debt Security is destroyed, lost or stolen shall constitute an additional contractual obligation of the Company, whether or not the destroyed, lost or stolen Debt Security shall be found at any time, and shall be entitled to
all the benefits of this Indenture equally and proportionately with any and all other Debt Securities duly issued hereunder. All Debt Securities shall be held and owned upon the express condition that, to the extent permitted by applicable law, the
foregoing provisions are exclusive with respect to the replacement or payment of mutilated, destroyed, lost or stolen Debt Securities and shall preclude any and all other rights or remedies notwithstanding any law or statute existing or hereafter
enacted to the contrary with respect to the replacement or payment of negotiable instruments or other securities without their surrender. 
 Section 2.07 Temporary Debt Securities. 
 Pending the preparation of definitive Debt Securities, the Company may execute
and the Trustee shall authenticate and make available for delivery temporary Debt Securities that are typed, printed, lithographed, typewritten, mimeographed or otherwise produced in any authorized denomination, substantially in the form of the
definitive Debt Securities but with such omissions, insertions and variations as may be appropriate for temporary Debt Securities, all as may be determined by the Company. Every such temporary Debt Security shall be executed by the Company and be
authenticated by the Trustee upon the same conditions and in substantially the same manner, and with the same effect, as the definitive Debt Securities. Without unreasonable delay, the Company will execute and deliver to the Trustee or the
Authenticating Agent definitive Debt Securities and thereupon any or all temporary Debt Securities may be surrendered in exchange therefor, at the Principal Office of the Trustee or at any office or agency maintained by the Company for such purpose
as provided in Section 3.02, and the Trustee or the Authenticating Agent shall authenticate and make available for delivery in exchange for such temporary Debt Securities a like aggregate principal amount of such definitive Debt Securities.
Such exchange shall be made by the Company at its own expense and without any charge therefor except that in case of any such exchange involving a registration of transfer the Company may require payment of a sum sufficient to cover any tax, fee or
other governmental charge that may be imposed in relation thereto. Until so exchanged, the temporary Debt Securities shall in all respects be entitled to the same benefits under this Indenture as definitive Debt Securities authenticated and
delivered hereunder. 
 Section 2.08 Payment of Interest. 
 Each Debt Security will bear interest at the Interest Rate on the principal thereof, on any overdue principal and (to the extent that payment of such
interest is enforceable under applicable law) on Deferred Interest and on any overdue installment of interest (including Defaulted Interest), payable (subject to the provisions of Article XV) on each Interest Payment Date and on the Maturity Date,
any Optional Redemption Date or the Special Redemption Date, as the case may be. Interest and any Deferred Interest on any Debt Security that is payable, and is punctually paid or duly provided for by the Company, on any Interest Payment Date shall
be paid to the Person in whose name such Debt Security (or one or more Predecessor Securities) is registered at the close of business on the regular record date for such interest installment, except that interest and any Deferred Interest payable on
the Maturity Date, any Optional Redemption 

  

 12 

 
Date or the Special Redemption Date, as the case may be, other than any Interest Payment Date shall be paid to the Person to whom principal is paid. In case
(i) the Maturity Date of any Debt Security or (ii) any Debt Security or portion thereof is called for redemption and the related Optional Redemption Date or the Special Redemption Date, as the case may be, is subsequent to the regular
record date with respect to any Interest Payment Date and prior to such Interest Payment Date, interest on such Debt Security will be paid upon presentation and surrender of such Debt Security. 
 Any interest on any Debt Security, other than Deferred Interest, that is payable, but is not punctually paid or duly provided for by the Company, on any
Interest Payment Date (herein called “Defaulted Interest”) shall forthwith cease to be payable to the holder on the relevant regular record date by virtue of having been such holder, and such Defaulted Interest shall be paid by the Company
to the Persons in whose names such Debt Securities (or their respective Predecessor Securities) are registered at the close of business on a special record date for the payment of such Defaulted Interest, which shall be fixed in the following
manner: the Company shall notify the Trustee in writing of the amount of Defaulted Interest proposed to be paid on each such Debt Security and the date of the proposed payment, and at the same time the Company shall deposit with the Trustee an
amount of money equal to the aggregate amount proposed to be paid in respect of such Defaulted Interest or shall make arrangements reasonably satisfactory to the Trustee for such deposit prior to the date of the proposed payment, such money when
deposited to be held in trust for the benefit of the Persons entitled to such Defaulted Interest as provided in this paragraph. Thereupon the Trustee shall fix a special record date for the payment of such Defaulted Interest, which shall not be more
than fifteen nor less than ten days prior to the date of the proposed payment and not less than ten days after the receipt by the Trustee of the notice of the proposed payment. The Trustee shall promptly notify the Company of such special record
date and, in the name and at the expense of the Company, shall cause notice of the proposed payment of such Defaulted Interest and the special record date therefor to be mailed, first class postage prepaid, to each Securityholder at his or her
address as it appears in the Debt Security Register, not less than ten days prior to such special record date. Notice of the proposed payment of such Defaulted Interest and the special record date therefor having been mailed as aforesaid, such
Defaulted Interest shall be paid to the Persons in whose names such Debt Securities (or their respective Predecessor Securities) are registered on such special record date and thereafter the Company shall have no further payment obligation in
respect of the Defaulted Interest. 
 Payments of interest on the Debt Securities shall include interest accrued to but excluding the
respective Interest Payment Dates. The amount of interest payable for any interest period shall be computed and paid on the basis of a 360-day year consisting of twelve 30-day months. Any interest scheduled to become payable on an Interest Payment
Date occurring during an Extension Period shall not be Defaulted Interest and shall be payable on such other date as may be specified in the terms of such Debt Securities. 
 The term “regular record date”, as used in this Section, shall mean the fifteenth day prior to the applicable Interest Payment Date, whether or
not such day is a Business Day. 
 Subject to the foregoing provisions of this Section, each Debt Security delivered under this Indenture
upon registration of transfer of or in exchange for or in lieu of any other Debt Security shall carry the rights to interest accrued and unpaid, and to accrue, that were carried by such other Debt Security. 
  

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 Section 2.09 Cancellation of Debt Securities Paid, etc. 
 All Debt Securities surrendered for the purpose of payment, redemption, exchange or registration of transfer, shall, if surrendered to the Company or any
Paying Agent, be surrendered to the Trustee and promptly canceled by it, or, if surrendered to the Trustee or any Authenticating Agent, shall be promptly canceled by it, and no Debt Securities shall be issued in lieu thereof except as expressly
permitted by any of the provisions of this Indenture. All Debt Securities canceled by any Authenticating Agent shall be delivered to the Trustee. The Trustee shall destroy all canceled Debt Securities unless the Company otherwise directs the Trustee
in writing, in which case the Trustee shall dispose of such Debt Securities as directed by the Company. If the Company shall acquire any of the Debt Securities, however, such acquisition shall not operate as a redemption or satisfaction of the
indebtedness represented by such Debt Securities unless and until the same are surrendered to the Trustee for cancellation. 
 Section 2.10 Intentionally Left Blank. 
 Section 2.11 Extension of Interest Payment Period. 
 So long as no Event of Default pursuant to Sections 5.01(b), (e), (f), (g), (h) or (i) of this Indenture has occurred and is continuing, the
Company shall have the right, from time to time and without causing an Event of Default, to defer payments of interest on the Debt Securities by extending the interest payment period on the Debt Securities for up to 20 consecutive quarterly periods
(each such extended interest payment period, together with all previous and further consecutive extensions thereof, is referred to herein as an “Extension Period”). No Extension Period may end on a date other than an Interest Payment Date
or extend beyond the Maturity Date, any Optional Redemption Date or the Special Redemption Date, as the case may be. During any Extension Period, interest will continue to accrue on the Debt Securities, and interest on such accrued interest (such
accrued interest and interest thereon referred to herein as “Deferred Interest”) will accrue at an annual rate equal to the Interest Rate, compounded quarterly from the date such Deferred Interest would have been payable were it not for
the Extension Period, to the extent permitted by applicable law. No interest or Deferred Interest (except any Additional Amounts that may be due and payable) shall be due and payable during an Extension Period, except at the end thereof. At the end
of any Extension Period, the Company shall pay all Deferred Interest then accrued and unpaid on the Debt Securities; provided, however, that during any Extension Period, the Company shall be subject to the restrictions set forth in
Section 3.08. Prior to the termination of any Extension Period, the Company may further extend such Extension Period, provided, that no Extension Period (including all previous and further consecutive extensions that are part of such
Extension Period) shall exceed 20 consecutive quarterly periods. Upon the termination of any Extension Period and upon the payment of all Deferred Interest, the Company may commence a new Extension Period, subject to the foregoing requirements. The
Company must give the Trustee notice of its election to begin or extend an Extension Period no later than the close of business on the fifteenth Business Day prior to the applicable Interest Payment Date. The Trustee shall give notice of the
Company’s election to begin or extend an Extension Period to the Securityholders, promptly after receipt of notice from the Company of its election to begin or extend an Extension Period. 
  

 14 

 Section 2.12 CUSIP Numbers. 
 The Company in issuing the Debt Securities may use a “CUSIP” number (if then generally in use), and, if so, the Trustee shall use a
“CUSIP” number in notices of redemption as a convenience to Securityholders; provided, that any such notice may state that no representation is made as to the correctness of such number either as printed on the Debt Securities or as
contained in any notice of a redemption and that reliance may be placed only on the other identification numbers printed on the Debt Securities, and any such redemption shall not be affected by any defect in or omission of such numbers. The Company
will promptly notify the Trustee in writing of any change in the CUSIP number. 
 Section 2.13 Global Debentures. 
 (a) Upon the election of an owner of beneficial interests in outstanding Debt Securities, the Debt Securities owned by such beneficial owner shall be
issued in the form of one or more Global Debentures. Each Global Debenture issued under this Indenture shall be registered in the name of the Depositary designated by the Company for such Global Debenture or a nominee of such Depositary and
delivered to such Depositary or a nominee thereof or custodian therefor, and each such Global Debenture shall constitute a single Debt Security for all purposes of this Indenture. 
 (b) Notwithstanding any other provision in this Indenture, no Global Debenture may be exchanged in whole or in part for Debt Securities registered, and
no transfer of a Global Debenture in whole or in part may be registered in the name of any Person other than the Depositary for such Global Debenture or a nominee thereof unless (i) such Depositary advises the Trustee and the Company in writing
that such Depositary is no longer willing or able to properly discharge its responsibilities as Depositary with respect to such Global Debenture, and no qualified successor is appointed by the Company within ninety (90) days of receipt by the
Company of such notice, (ii) such Depositary ceases to be a clearing agency registered under the Exchange Act and no successor is appointed by the Company within ninety (90) days after obtaining knowledge of such event or (iii) an
Event of Default shall have occurred and be continuing. Upon obtaining knowledge of the occurrence of any event specified in clause (i), (ii) or (iii) above, the Trustee shall notify the Depositary and instruct the Depositary to notify all
owners of beneficial interests in such Global Debenture of the occurrence of such event and of the availability of Debt Securities to such beneficial owners requesting the same. Upon the issuance of such Debt Securities and the registration in the
Debt Security Register of such Debt Securities in the names of the holders thereof, the Trustee shall recognize such holders as holders of Debt Securities for all purposes of this Indenture and the Debt Securities. 
 (c) If any Global Debenture is to be exchanged for other Debt Securities or canceled in part, or if another Debt Security is to be exchanged in whole or
in part for a beneficial interest in any Global Debenture, then either (i) such Global Debenture shall be so surrendered for exchange or cancellation as provided herein or (ii) the principal amount thereof shall be reduced or increased,
subject to Section 2.03, by an amount equal to the portion thereof 

  

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to be so exchanged or canceled, or equal to the principal amount of such Debt Security to be so exchanged for a beneficial interest therein, as the case may
be, by means of an appropriate adjustment made on the records of the Debt Security registrar, whereupon the Trustee, in accordance with the Applicable Depositary Procedures, shall instruct the Depositary or its authorized representative to make a
corresponding adjustment to its records. Upon any such surrender or adjustment of a Global Debenture by the Depositary, accompanied by registration instructions, the Company shall execute and the Trustee shall authenticate and deliver Debt
Securities issuable in exchange for such Global Debenture (or any portion thereof) in accordance with the instructions of the Depositary. The Trustee may conclusively rely on, and shall be fully protected in relying on, such instructions.

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

 (e) Debt Securities distributed to holders of Book-Entry Capital Securities (as defined in the Declaration) upon the dissolution of the
Trust shall be distributed in the form of one or more Global Debentures registered in the name of the Depositary or its nominee, and deposited with the Debt Securities registrar, as custodian for such Depositary, or with such Depositary, for credit
by the Depositary to the owners of beneficial interests in such Book-Entry Capital Securities. Debt Securities distributed to holders of Capital Securities other than Book-Entry Capital Securities upon the dissolution of the Trust shall not be
issued in the form of a Global Debenture or any other form intended to facilitate book-entry trading in beneficial interests in such Debt Securities. 
 (f) The Depositary or its nominee, as the registered owner of a Global Debenture, shall be the holder of such Global Debenture for all purposes under this Indenture and the Debt Securities, and owners of beneficial
interests in a Global Debenture shall hold such interests pursuant to the Applicable Depositary Procedures. Accordingly, any such owner’s beneficial interest in a Global Debenture shall be shown only on, and the transfer of such interest shall
be effected only through, records maintained by the Depositary or its nominee or its Depositary Participants. The Debt Securities registrar and the Trustee shall be entitled to deal with the Depositary for all purposes of this Indenture relating to
a Global Debenture as the sole holder of the Debt Security and shall have no obligation to any beneficial owner of a Global Debenture. Neither the Trustee nor the Debt Securities registrar shall have any liability in respect of any transfers
affected by the Depositary or its Depositary Participants. 
 (g) The rights of owners of beneficial interests in a Global Debenture shall be
exercised only through the Depositary and shall be limited to those established by law and agreements between such owners and the Depositary and/or its Depositary Participants. 
 (h) No owner of any beneficial interest in any Global Debenture shall have any rights under this Indenture with respect to such Global Debenture, and the
Depositary may be treated by the Company, the Trustee and any agent of the Company or the Trustee as the owner and holder of such Global Debenture for all purposes under the Indenture. None of the 

  

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Company, the Trustee nor any agent of the Company or the Trustee will have any responsibility or liability for any aspect of the records relating to or
payments made on account of beneficial ownership interests in a Global Debenture or maintaining, supervising or reviewing any records relating to such beneficial ownership interests. Notwithstanding the foregoing, nothing herein shall prevent the
Company, the Trustee or any agent of the Company or the Trustee from giving effect to any written certification, proxy or other authorization furnished by the Depositary or impair, as between the Depositary and such beneficial owners, the operation
of customary practices governing the exercise of the rights of the Depositary or its nominee as holder of any Debt Security. 
 (i) Global
Debentures shall bear the following legend on the face thereof: 
 THIS SECURITY IS A GLOBAL DEBENTURE WITHIN THE MEANING OF THE INDENTURE
HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF THE DEPOSITORY TRUST COMPANY (“DTC”) OR A NOMINEE OF DTC. THIS SECURITY IS EXCHANGEABLE FOR SECURITIES REGISTERED IN THE NAME OF A PERSON OTHER THAN DTC OR ITS NOMINEE ONLY IN THE
LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE, AND NO TRANSFER OF THIS SECURITY (OTHER THAN A TRANSFER OF THIS SECURITY AS A WHOLE BY DTC TO A NOMINEE OF DTC OR BY A NOMINEE OF DTC TO DTC OR ANOTHER NOMINEE OF DTC) MAY BE REGISTERED EXCEPT IN
LIMITED CIRCUMSTANCES. 
 UNLESS THIS SECURITY IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF DTC TO THE COMPANY OR ITS AGENT FOR
REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY SECURITY ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR
TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN
INTEREST HEREIN. 
 ARTICLE III 
 PARTICULAR COVENANTS OF THE COMPANY 
 Section 3.01 Payment of Principal, Premium and Interest; Agreed Treatment of the Debt
Securities. 
 (a) The Company covenants and agrees that it will duly and punctually pay or cause to be paid all payments due in respect
of the Debt Securities at the place, at the respective times and in the manner provided in this Indenture and the Debt Securities. Payment of the principal of and premium, if any, and interest on the Debt Securities due on the Maturity Date, any
Optional Redemption Date or the Special Redemption Date, as the case may be, will be made by the Company in immediately available funds against presentation and surrender of such 

  

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Debt Securities. At the option of the Company, each installment of interest on the Debt Securities due on an Interest Payment Date other than the Maturity
Date, any Optional Redemption Date or the Special Redemption Date, as the case may be, may be paid (i) by mailing checks for such interest payable to the order of the holders of Debt Securities entitled thereto as they appear on the Debt
Security Register or (ii) by wire transfer of immediately available funds to any account with a banking institution located in the United States designated by such holders to the Paying Agent no later than the related record date.
Notwithstanding anything to the contrary contained in this Indenture or any Debt Security, if the Trust or the trustee of the Trust is the holder of any Debt Security, then all payments in respect of such Debt Security shall be made by the Company
in immediately available funds when due. 
 (b) The Company will treat the Debt Securities as indebtedness, and the interest payable in
respect of such Debt Securities (including any Additional Amounts) as interest, for all U.S. federal income tax purposes. All payments in respect of such Debt Securities will be made free and clear of U.S. withholding tax provided, that (i) any
beneficial owner thereof that is a “United States person” within the meaning of Section 7701(a)(30) of the Code (A) has provided an Internal Revenue Service Form W-9 (or any substitute or successor form) in the manner required
establishing its status as a “United States person” for U.S. federal income tax purposes, and (B) the Internal Revenue Service has neither notified the Issuer that the taxpayer identification number furnished by such beneficial owner
is incorrect nor notified the Issuer that there is underreporting by such beneficial owner, and (ii) any beneficial owner thereof that is not a “United States person” within the meaning of Section 7701(a)(30) of the Code has
provided an Internal Revenue Service Form W-8 BEN, Internal Revenue Service Form W-8ECI, or Internal Revenue Service Form W-8EXP, as applicable (or any substitute or successor form) in the manner required establishing its non-U.S. status for U.S.
federal income tax purposes. 
 (c) As of the date of this Indenture, the Company represents that it has no intention to exercise its right
under Section 2.11 to defer payments of interest on the Debt Securities by commencing an Extension Period. 
 (d) As of the date of this
Indenture, the Company represents that the likelihood that it would exercise its right under Section 2.11 to defer payments of interest on the Debt Securities by commencing an Extension Period at any time during which the Debt Securities are
outstanding is remote because of the restrictions that would be imposed on the Company’s ability to declare or pay dividends or distributions on, or to redeem, purchase or make a liquidation payment with respect to, any of its outstanding
equity and on the Company’s ability to make any payments of principal of or premium, if any, or interest on, or repurchase or redeem, any of its debt securities that rank pari passu in all respects with or junior in interest to the Debt
Securities. 
 Section 3.02 Offices for Notices and Payments, etc. 
 So long as any of the Debt Securities remain outstanding, the Company will maintain in Wilmington, Delaware or in Spokane, Washington an office or agency
where the Debt Securities may be presented for payment, an office or agency where the Debt Securities may be presented for registration of transfer and for exchange as provided in this Indenture and an office or agency where notices and demands to
or upon the Company in respect of the Debt 

  

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Securities or of this Indenture may be served. The Company will give to the Trustee written notice of the location of any such office or agency and of any
change of location thereof. Until otherwise designated from time to time by the Company in a notice to the Trustee, or specified as contemplated by Section 2.05, such office or agency for all of the above purposes shall be the Principal Office
of the Trustee. In case the Company shall fail to maintain any such office or agency in Wilmington, Delaware or in Spokane, Washington, or shall fail to give such notice of the location or of any change in the location thereof, presentations and
demands may be made and notices may be served at the Principal Office of the Trustee. 
 In addition to any such office or agency, the
Company may from time to time designate one or more offices or agencies outside Wilmington, Delaware or Spokane, Washington where the Debt Securities may be presented for registration of transfer and for exchange in the manner provided in this
Indenture, and the Company may from time to time rescind such designation, as the Company may deem desirable or expedient; provided, however, that no such designation or rescission shall in any manner relieve the Company of its
obligation to maintain any such office or agency in Wilmington, Delaware or in Spokane, Washington for the purposes above mentioned. The Company will give to the Trustee prompt written notice of any such designation or rescission thereof.

 Section 3.03 Appointments to Fill Vacancies in Trustee’s Office. 
 The Company, whenever necessary to avoid or fill a vacancy in the office of Trustee, will appoint, in the manner provided in Section 6.09, a Trustee,
so that there shall at all times be a Trustee hereunder. 
 Section 3.04 Provision as to Paying Agent. 
 (a) If the Company shall appoint a Paying Agent other than the Trustee, it will cause such Paying Agent to execute and deliver to the Trustee an
instrument in which such agent shall agree with the Trustee, subject to the provision of this Section 3.04, 
 (i) that
it will hold all sums held by it as such agent for the payment of all payments due on the Debt Securities (whether such sums have been paid to it by the Company or by any other obligor on the Debt Securities) in trust for the benefit of the holders
of the Debt Securities; 
 (ii) that it will give the Trustee prompt written notice of any failure by the Company (or by any
other obligor on the Debt Securities) to make any payment on the Debt Securities when the same shall be due and payable; and 
 (iii) that it will, at any time during the continuance of any Event of Default, upon the written request of the Trustee, forthwith pay to the Trustee all sums so held in trust by such Paying Agent. 
 (b) If the Company shall act as its own Paying Agent, it will, on or before each due date of the payments due on the Debt Securities, set aside,
segregate and hold in trust for the benefit of the holders of the Debt Securities a sum sufficient to make such payments so becoming due and will notify the Trustee in writing of any failure to take such action and of any failure by the Company (or
by any other obligor under the Debt Securities) to make any payment on the Debt Securities when the same shall become due and payable. 
  

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 Whenever the Company shall have one or more Paying Agents for the Debt Securities, it will, on or prior
to each due date of the payments on the Debt Securities, deposit with a Paying Agent a sum sufficient to pay all payments so becoming due, such sum to be held in trust for the benefit of the Persons entitled thereto and (unless such Paying Agent is
the Trustee) the Company shall promptly notify the Trustee in writing of its action or failure to act. 
 (c) Anything in this
Section 3.04 to the contrary notwithstanding, the Company may, at any time, for the purpose of obtaining a satisfaction and discharge with respect to the Debt Securities, or for any other reason, pay, or direct any Paying Agent to pay, to the
Trustee all sums held in trust by the Company or any such Paying Agent, such sums to be held by the Trustee upon the same terms and conditions herein contained. 
 (d) Anything in this Section 3.04 to the contrary notwithstanding, the agreement to hold sums in trust as provided in this Section 3.04 is subject to Sections 12.03 and 12.04. 
 (e) The Company hereby initially appoints the Trustee to act as paying agent for the Debt Securities (the “Paying Agent”). 
 Section 3.05 Certificate to Trustee. 
 The Company will deliver to the Trustee on or before 120 days after the end of each fiscal year, so long as Debt Securities are outstanding hereunder, a Certificate, substantially in the form of Exhibit B attached hereto, stating
that in the course of the performance by the signers of their duties as officers of the Company they would normally have knowledge of any default by the Company in the performance of any covenants of the Company contained herein, stating whether or
not they have knowledge of any such default and, if so, specifying each such default of which the signers have knowledge and the nature thereof. 
 Section 3.06 Additional Amounts. 
 If and for so long as the Trust is the holder of all Debt Securities and is subject
to or otherwise required to pay (or is required to withhold from distributions to holders of Trust Securities) any additional taxes (including withholding taxes), duties, assessments or other governmental charges as a result of a Tax Event, the
Company will pay such additional amounts (the “Additional Amounts”) on the Debt Securities or the Trust Securities, as the case may be, as shall be required so that the net amounts received and retained by the holders of Debt Securities or
Trust Securities, as the case may be, after payment of all taxes (including withholding taxes), duties, assessments or other governmental charges, will be equal to the amounts that such holders would have received and retained had no such taxes
(including withholding taxes), duties, assessments or other governmental charges been imposed. 
 Whenever in this Indenture or the Debt
Securities there is a reference in any context to the payment of principal of or premium, if any, or interest on the Debt Securities, such mention shall be deemed to include mention of payments of the Additional Amounts provided 

  

 20 

 
for in this Section to the extent that, in such context, Additional Amounts are, were or would be payable in respect thereof pursuant to the provisions of
this Section and express mention of the payment of Additional Amounts (if applicable) in any provisions hereof shall not be construed as excluding Additional Amounts in those provisions hereof where such express mention is not made, provided,
however, that, notwithstanding anything to the contrary contained in this Indenture or any Debt Security, the deferral of the payment of interest during an Extension Period pursuant to Section 2.11 shall not defer the payment of any
Additional Amounts that may be due and payable. 
 Section 3.07 Compliance with Consolidation Provisions. 
 The Company will not, while any of the Debt Securities remain outstanding, consolidate with, or merge into, any other Person, or merge into itself, or
sell, convey, transfer or otherwise dispose of all or substantially all of its property or capital stock to any other Person unless the provisions of Article XI hereof are complied with. 
 Section 3.08 Limitation on Dividends. 
 If (i) there shall have occurred and be continuing a Default or an Event of Default, (ii) the Company shall be in default with respect to its payment of any obligations under the Capital Securities Guarantee or (iii) the
Company shall have given notice of its election to defer payments of interest on the Debt Securities by extending the interest payment period as provided herein and such period, or any extension thereof, shall have commenced and be continuing, then
the Company may not (A) declare or pay any dividends or distributions on, or redeem, purchase, acquire, or make a liquidation payment with respect to, any of the Company’s capital stock, (B) make any payment of principal of or
premium, if any, or interest on or repay, repurchase or redeem any debt securities of the Company that rank pari passu in all respects with or junior in interest to the Debt Securities or (C) make any payment under any guarantees of the
Company that rank pari passu in all respects with or junior in interest to the Capital Securities Guarantee (other than (a) repurchases, redemptions or other acquisitions of shares of capital stock of the Company (I) in connection
with any employment contract, benefit plan or other similar arrangement with or for the benefit of one or more employees, officers, directors or consultants, (II) in connection with a dividend reinvestment or stockholder stock purchase plan or (III)
in connection with the issuance of capital stock of the Company (or securities convertible into or exercisable for such capital stock) as consideration in an acquisition transaction entered into prior to the occurrence of (i), (ii) or
(iii) above, (b) as a result of any exchange or conversion of any class or series of the Company’s capital stock (or any capital stock of a subsidiary of the Company) for any class or series of the Company’s capital stock or of
any class or series of the Company’s indebtedness for any class or series of the Company’s capital stock, (c) the purchase of fractional interests in shares of the Company’s capital stock pursuant to the conversion or exchange
provisions of such capital stock or the security being converted or exchanged, (d) any declaration of a dividend in connection with any stockholder’s rights plan, or the issuance of rights, stock or other property under any
stockholder’s rights plan, or the redemption or repurchase of rights pursuant thereto or (e) any dividend in the form of stock, warrants, options or other rights where the dividend stock or the stock issuable upon exercise of such
warrants, options or other rights is the same stock as that on which the dividend is being paid or ranks pari passu with or junior in interest to such stock). 
  

 21 

 Section 3.09 Covenants as to the Trust. 
 For so long as such Trust Securities remain outstanding, the Company shall maintain 100% ownership of the Common Securities; provided,
however, that any permitted successor of the Company under this Indenture may succeed to the Company’s ownership of such Common Securities. The Company, as owner of the Common Securities, shall use commercially reasonable efforts to
cause the Trust (a) to remain a statutory trust, except in connection with a distribution of Debt Securities to the holders of Trust Securities in liquidation of the Trust, the redemption of all of the Trust Securities or mergers,
consolidations or amalgamations, each as permitted by the Declaration, (b) to otherwise continue to be classified as a grantor trust for United States federal income tax purposes and (c) to cause each holder of Trust Securities to be
treated as owning an undivided beneficial interest in the Debt Securities. 
 ARTICLE IV 
 LISTS 
 Section 4.01
Securityholders’ Lists. 
 The Company covenants and agrees that it will furnish or cause to be furnished to the Trustee:

 (a) on each regular record date for an Interest Payment Date, a list, in such form as the Trustee may reasonably require, of the names and
addresses of the Securityholders of the Debt Securities as of such record date; and 
 (b) at such other times as the Trustee may request in
writing, within 30 days after the receipt by the Company of any such request, a list of similar form and content as of a date not more than 15 days prior to the time such list is furnished; except that no such lists need be furnished under this
Section 4.01 so long as the Trustee is in possession thereof by reason of its acting as Debt Security registrar. 
 Section 4.02
Preservation and Disclosure of Lists. 
 (a) The Trustee shall preserve, in as current a form as is reasonably practicable, all
information as to the names and addresses of the holders of Debt Securities (1) contained in the most recent list furnished to it as provided in Section 4.01 or (2) received by it in the capacity of Debt Securities registrar (if so
acting) hereunder. The Trustee may destroy any list furnished to it as provided in Section 4.01 upon receipt of a new list so furnished. 
 (b) [The rights of Holders to communicate with other Holders with respect to their rights under this Indenture or under the Debt Securities, and the corresponding rights and privileges of the Trustee, shall be as provided in the Trust
Indenture Act.] OR [In case three or more holders of Debt Securities (hereinafter referred to as “applicants”) apply in writing to the Trustee and furnish to the Trustee reasonable proof that each such applicant has owned a Debt
Security for a period of at least six months preceding the date of such application, and such application states that the applicants desire to communicate with other holders of Debt Securities with respect to their rights under this Indenture or
under such Debt Securities and is accompanied by a copy of the form of proxy or other communication which such applicants propose to transmit, then the Trustee shall within five Business Days after the receipt of such application, at its election,
either: 
 (i) afford such applicants access to the information preserved at the time by the Trustee in accordance with the
provisions of subsection (a) of this Section 4.02, or 
  

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 (ii) inform such applicants as to the approximate number of holders of Debt Securities
whose names and addresses appear in the information preserved at the time by the Trustee in accordance with the provisions of subsection (a) of this Section 4.02, and as to the approximate cost of mailing to such Securityholders the form
of proxy or other communication, if any, specified in such application. 
 If the Trustee shall elect not to afford such applicants access to
such information, the Trustee shall, upon the written request of such applicants, mail to each Securityholder of Debt Securities whose name and address appear in the information preserved at the time by the Trustee in accordance with the provisions
of subsection (a) of this Section 4.02 a copy of the form of proxy or other communication which is specified in such request with reasonable promptness after a tender to the Trustee of the material to be mailed and of payment, or provision
for the payment, of the reasonable expenses of mailing, unless within five days after such tender, the Trustee shall mail to such applicants and file with the Securities and Exchange Commission, if permitted or required by applicable law, together
with a copy of the material to be mailed, a written statement to the effect that, in the opinion of the Trustee, such mailing would be contrary to the best interests of the holders of all Debt Securities, as the case may be, or would be in violation
of applicable law. Such written statement shall specify the basis of such opinion. If said Commission, as permitted or required by applicable law, after opportunity for a hearing upon the objections specified in the written statement so filed, shall
enter an order refusing to sustain any of such objections or if, after the entry of an order sustaining one or more of such objections, said Commission shall find, after notice and opportunity for hearing, that all the objections so sustained have
been met and shall enter an order so declaring, the Trustee shall mail copies of such material to all such Securityholders with reasonable promptness after the entry of such order and the renewal of such tender; otherwise the Trustee shall be
relieved of any obligation or duty to such applicants respecting their application.] 
 (c) Each and every holder of Debt Securities, by
receiving and holding the same, agrees with the Company and the Trustee that none of the Company, the Trustee or any Paying Agent shall be held accountable by reason of the disclosure of any such information as to the names and addresses of the
holders of Debt Securities [made pursuant to the Trust Indenture Act] OR [in accordance with the provisions of subsection (b) of this Section 4.02, regardless of the source from which such information was derived, and that the
Trustee shall not be held accountable by reason of mailing any material pursuant to a request made under said subsection (b).] 
 Section 4.03 Financial and Other Information. 
 (a) The Company shall furnish to the Holders and to prospective
purchasers of Debt Securities, upon their request, the information required to be furnished pursuant to Rule 

  

 23 

 
144A(d)(4) under the Securities Act. The Company shall furnish to the Trustee (i) reports on Federal Reserve form FR Y-9C, FR Y-9LP and FR Y-6 promptly
following their filing with the Federal Reserve, or (ii) if at such time the Company is no longer required to file the reports set forth in (i) above, such other similar reports as the Company may be required to file at such time with the
Company’s primary federal banking regulator promptly following their filing with such banking regulator. 
 ARTICLE V 
 REMEDIES OF THE TRUSTEE AND SECURITYHOLDERS 
 Section 5.01 Events of Default. 
 The following events shall be “Events of Default” with respect to Debt
Securities: 
 (a) the Company defaults in the payment of any interest upon any Debt Security when it becomes due and payable, and continuance
of such default for a period of 30 days; for the avoidance of doubt, an extension of any interest payment period by the Company in accordance with Section 2.11 of this Indenture shall not constitute a default under this clause 5.01(a); or

 (b) the Company defaults in the payment of any interest upon any Debt Security, including any Additional Amounts in respect thereof,
following the nonpayment of any such interest for twenty or more consecutive quarterly interest payment periods; or 
 (c) the Company
defaults in the payment of all or any part of the principal of (or premium, if any, on) any Debt Securities as and when the same shall become due and payable, whether at maturity, upon redemption, by acceleration of maturity pursuant to
Section 5.01 of this Indenture or otherwise; or 
 (d) the Company defaults in the performance of, or breaches, any of its covenants or
agreements in Sections 3.06, 3.07, 3.08 or 3.09 of this Indenture (other than a covenant or agreement a default in whose performance or whose breach is elsewhere in this Section specifically dealt with), and continuance of such default or breach for
a period of 90 days after there has been given, by registered or certified mail, to the Company by the Trustee or to the Company and the Trustee by the holders of not less than 25% in aggregate principal amount of the outstanding Debt Securities, a
written notice specifying such default or breach and requiring it to be remedied and stating that such notice is a “Notice of Default” hereunder; or 
 (e) a court having jurisdiction in the premises shall enter a decree or order for relief in respect of the Company in an involuntary case under any applicable bankruptcy, insolvency or other similar law now or
hereafter in effect, or appoints a receiver, liquidator, assignee, custodian, trustee, sequestrator or other similar official of the Company or for any substantial part of its property, or orders the winding-up or liquidation of its affairs and such
decree, appointment or order shall remain unstayed and in effect for a period of 90 consecutive days; or 
  

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 (f) the Company shall commence a voluntary case under any applicable bankruptcy, insolvency or other
similar law now or hereafter in effect, shall consent to the entry of an order for relief in an involuntary case under any such law, or shall consent to the appointment of or taking possession by a receiver, liquidator, assignee, trustee, custodian,
sequestrator or other similar official of the Company or of any substantial part of its property, or shall make any general assignment for the benefit of creditors, or shall fail generally to pay its debts as they become due; or 
 (g) a court or administrative or governmental agency or body shall enter a decree or order for the appointment of a receiver of a Major Depository
Institution Subsidiary or all or substantially all of its property in any liquidation, insolvency or similar proceeding with respect to such Major Depository Institution Subsidiary or all or substantially all of its property; or 
 (h) a Major Depository Institution Subsidiary shall consent to the appointment of a receiver for it or all or substantially all of its property in any
liquidation, insolvency or similar proceeding with respect to it or all or substantially all of its property; or 
 (i) the Trust shall have
voluntarily or involuntarily liquidated, dissolved, wound-up its business or otherwise terminated its existence except in connection with (1) the distribution of the Debt Securities to holders of the Trust Securities in liquidation of their
interests in the Trust, (2) the redemption of all of the outstanding Trust Securities or (3) mergers, consolidations or amalgamations, each as permitted by the Declaration. 
 If an Event of Default specified under clause (b) of this Section 5.01 occurs and is continuing with respect to the Debt Securities, then, in
each and every such case, either the Trustee or the holders of not less than 25% in aggregate principal amount of the Debt Securities then outstanding hereunder, by notice in writing to the Company (and to the Trustee if given by Securityholders),
may declare the entire principal of the Debt Securities and any premium and interest accrued, but unpaid, thereon to be due and payable immediately, and upon any such declaration the same shall become immediately due and payable. If an Event of
Default specified under clause (e), (f), (g), (h) or (i) of this Section 5.01 occurs, then, in each and every such case, the entire principal amount of the Debt Securities and any premium and interest accrued, but unpaid, thereon
shall ipso facto become immediately due and payable without further action. 
 The foregoing provisions, however, are subject
to the condition that if, at any time after the principal of the Debt Securities shall have become due by acceleration, and before any judgment or decree for the payment of the moneys due shall have been obtained or entered as hereinafter provided,
(i) the Company shall pay or shall deposit with the Trustee a sum sufficient to pay all matured installments of interest upon all the Debt Securities and all payments on the Debt Securities which shall have become due otherwise than by
acceleration (with interest upon all such payments and Deferred Interest, to the extent permitted by law) and such amount as shall be sufficient to cover reasonable compensation to the Trustee and each predecessor Trustee, their respective agents,
attorneys and counsel, and all other amounts due to the Trustee pursuant to Section 6.06, if any, and (ii) all Events of Default under this Indenture, other than the non-payment of the payments in respect of Debt Securities which shall
have become due by 

  

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acceleration, shall have been cured, waived or otherwise remedied as provided herein, then, in each and every such case, the holders of a majority in
aggregate principal amount of the Debt Securities then outstanding, by written notice to the Company and to the Trustee, may waive all defaults and rescind and annul such acceleration and its consequences, but no such waiver or rescission and
annulment shall extend to or shall affect any subsequent default or shall impair any right consequent thereon; provided, however, that if the Debt Securities are held by the Trust or a trustee of the Trust, such waiver or rescission
and annulment shall not be effective until the holders of a majority in aggregate liquidation amount of the outstanding Capital Securities of the Trust shall have consented to such waiver or rescission and annulment. 
 In case the Trustee shall have proceeded to enforce any right under this Indenture and such proceedings shall have been discontinued or abandoned because
of such rescission or annulment or for any other reason or shall have been determined adversely to the Trustee, then and in every such case the Company, the Trustee and the holders of the Debt Securities shall be restored respectively to their
several positions and rights hereunder, and all rights, remedies and powers of the Company, the Trustee and the holders of the Debt Securities shall continue as though no such proceeding had been taken. 
 Section 5.02 Payment of Debt Securities on Default; Suit Therefor. 
 The Company covenants that upon the occurrence of an Event of Default pursuant to clause (b) of Section 5.01 and upon demand of the Trustee, the
Company will pay to the Trustee, for the benefit of the holders of the Debt Securities, the whole amount that then shall have become due and payable on all Debt Securities, including Deferred Interest accrued on the Debt Securities; and, in addition
thereto, such further amount as shall be sufficient to cover the costs and expenses of collection, including a reasonable compensation to the Trustee, its agents, attorneys and counsel, and any other amounts due to the Trustee under
Section 6.06. In case the Company shall fail forthwith to pay such amounts upon such demand, the Trustee, in its own name and as trustee of an express trust, shall be entitled and empowered to institute any actions or proceedings at law or in
equity for the collection of the sums so due and unpaid, and may prosecute any such action or proceeding to judgment or final decree, and may enforce any such judgment or final decree against the Company or any other obligor on such Debt Securities
and collect in the manner provided by law out of the property of the Company or any other obligor on such Debt Securities wherever situated the moneys adjudged or decreed to be payable. 
 In case there shall be pending proceedings for the bankruptcy or for the reorganization of the Company or any other obligor on the Debt Securities under
Bankruptcy Law, or in case a receiver or trustee shall have been appointed for the property of the Company or such other obligor, or in the case of any other similar judicial proceedings relative to the Company or other obligor upon the Debt
Securities, or to the creditors or property of the Company or such other obligor, the Trustee, irrespective of whether the principal of the Debt Securities shall then be due and payable as therein expressed or by acceleration or otherwise and
irrespective of whether the Trustee shall have made any demand pursuant to the provisions of this Section 5.02, shall be entitled and empowered, by intervention in such proceedings or otherwise, to file and prove a claim or claims for the whole
amount of principal and interest owing and unpaid in respect of the Debt Securities and, in case of any judicial proceedings, to file such proofs of claim and other papers or documents as may be necessary or advisable in 

  

 26 

 
order to have the claims of the Trustee (including any claim for reasonable compensation to the Trustee and each predecessor Trustee, and their respective
agents, attorneys and counsel, and for reimbursement of all other amounts due to the Trustee under Section 6.06) and of the Securityholders allowed in such judicial proceedings relative to the Company or any other obligor on the Debt
Securities, or to the creditors or property of the Company or such other obligor, unless prohibited by applicable law and regulations, to vote on behalf of the holders of the Debt Securities in any election of a trustee or a standby trustee in
arrangement, reorganization, liquidation or other bankruptcy or insolvency proceedings or Person performing similar functions in comparable proceedings, and to collect and receive any moneys or other property payable or deliverable on any such
claims, and to distribute the same after the deduction of its charges and expenses; and any receiver, assignee or trustee in bankruptcy or reorganization is hereby authorized by each of the Securityholders to make such payments to the Trustee, and,
in the event that the Trustee shall consent to the making of such payments directly to the Securityholders, to pay to the Trustee such amounts as shall be sufficient to cover reasonable compensation to the Trustee, each predecessor Trustee and their
respective agents, attorneys and counsel, and all other amounts due to the Trustee under Section 6.06. 
 Nothing herein contained shall
be construed to authorize the Trustee to authorize or consent to or accept or adopt on behalf of any Securityholder any plan of reorganization, arrangement, adjustment or composition affecting the Debt Securities or the rights of any holder thereof
or to authorize the Trustee to vote in respect of the claim of any Securityholder in any such proceeding. 
 All rights of action and of
asserting claims under this Indenture, or under any of the Debt Securities, may be enforced by the Trustee without the possession of any of the Debt Securities, or the production thereof at any trial or other proceeding relative thereto, and any
such suit or proceeding instituted by the Trustee shall be brought in its own name as trustee of an express trust, and any recovery of judgment shall be for the ratable benefit of the holders of the Debt Securities. 
 In any proceedings brought by the Trustee (and also any proceedings involving the interpretation of any provision of this Indenture to which the Trustee
shall be a party), the Trustee shall be held to represent all the holders of the Debt Securities, and it shall not be necessary to make any holders of the Debt Securities parties to any such proceedings. 
 Section 5.03 Application of Moneys Collected by Trustee. 
 Any moneys collected by the Trustee shall be applied in the following order, at the date or dates fixed by the Trustee for the distribution of such moneys, upon presentation of the several Debt Securities in respect
of which moneys have been collected, and stamping thereon the payment, if only partially paid, and upon surrender thereof if fully paid: 
 First: To the payment of costs and expenses incurred by, and reasonable fees of, the Trustee, its agents, attorneys and counsel, and of all other amounts due to the Trustee under Section 6.06; 
  

 27 

 Second: To the payment of all Senior Indebtedness of the Company if and to the extent required by Article
XV; 
 Third: To the payment of the amounts then due and unpaid upon Debt Securities, in respect of which or for the benefit of which money
has been collected, ratably, without preference or priority of any kind, according to the amounts due upon such Debt Securities; and 
 Fourth: The balance, if any, to the Company. 
 Section 5.04 Proceedings by Securityholders. 
 No holder of any Debt Security shall have any right to institute any suit, action or proceeding for any remedy hereunder, unless such holder previously
shall have given to the Trustee written notice of an Event of Default with respect to the Debt Securities and unless the holders of not less than 25% in aggregate principal amount of the Debt Securities then outstanding shall have given the Trustee
a written request to institute such action, suit or proceeding and shall have offered to the Trustee such reasonable indemnity as it may require against the costs, expenses and liabilities to be incurred thereby, and the Trustee for 60 days after
its receipt of such notice, request and offer of indemnity shall have failed to institute any such action, suit or proceeding; provided, that no holder of Debt Securities shall have any right to prejudice the rights of any other holder of
Debt Securities, obtain priority or preference over any other such holder or enforce any right under this Indenture except in the manner herein provided and for the equal, ratable and common benefit of all holders of Debt Securities. 
 Notwithstanding any other provisions in this Indenture, the right of any holder of any Debt Security to receive payment of the principal of and premium,
if any, and interest on such Debt Security when due, or to institute suit for the enforcement of any such payment, shall not be impaired or affected without the consent of such holder. For the protection and enforcement of the provisions of this
Section, each and every Securityholder and the Trustee shall be entitled to such relief as can be given either at law or in equity. 
 Section 5.05 Proceedings by Trustee. 
 In case of an Event of Default, the Trustee may in its discretion proceed to
protect and enforce the rights vested in it by this Indenture by such appropriate judicial proceedings as the Trustee shall deem most effectual to protect and enforce any of such rights, either by suit in equity or by action at law or by proceeding
in bankruptcy or otherwise, whether for the specific enforcement of any covenant or agreement contained in this Indenture or in aid of the exercise of any power granted in this Indenture, or to enforce any other legal or equitable right vested in
the Trustee by this Indenture or by law. 
 Section 5.06 Remedies Cumulative and Continuing. 
 Except as otherwise provided in Section 2.06, all powers and remedies given by this Article V to the Trustee or to the Securityholders shall, to the
extent permitted by law, be deemed cumulative and not exclusive of any other powers and remedies available to the Trustee or the holders of the Debt Securities, by judicial proceedings or otherwise, to enforce the performance or observance of the
covenants and agreements contained in this Indenture or 

  

 28 

 
otherwise established with respect to the Debt Securities, and no delay or omission of the Trustee or of any holder of any of the Debt Securities to exercise
any right or power accruing upon any Event of Default occurring and continuing as aforesaid shall impair any such right or power, or shall be construed to be a waiver of any such default or an acquiescence therein; and, subject to the provisions of
Section 5.04, every power and remedy given by this Article V or by law to the Trustee or to the Securityholders may be exercised from time to time, and as often as shall be deemed expedient, by the Trustee or by the Securityholders. 

Section 5.07 Direction of Proceedings and Waiver of Defaults by Majority of Securityholders. 
 The holders of a majority in aggregate principal amount of the Debt Securities affected at the time outstanding and, if the Debt Securities are held by
the Trust or a trustee of the Trust, the holders of a majority in aggregate liquidation amount of the outstanding Capital Securities of the Trust shall have the right to direct the time, method and place of conducting any proceeding for any remedy
available to the Trustee, or exercising any trust or power conferred on the Trustee with respect to such Debt Securities; provided, however, that if the Debt Securities are held by the Trust or a trustee of the Trust, such time, method
and place or such exercise, as the case may be, may not be so directed until the holders of a majority in aggregate liquidation amount of the outstanding Capital Securities of the Trust shall have directed such time, method and place or such
exercise, as the case may be; provided, further, that (subject to the provisions of Section 6.01) the Trustee shall have the right to decline to follow any such direction if the Trustee shall determine that the action so directed
would be unjustly prejudicial to the holders not taking part in such direction or if the Trustee being advised by counsel determines that the action or proceeding so directed may not lawfully be taken or if a Responsible Officer of the Trustee shall
determine that the action or proceedings so directed would involve the Trustee in personal liability. Prior to any declaration of acceleration, or ipso facto acceleration, of the maturity of the Debt Securities, the holders of a
majority in aggregate principal amount of the Debt Securities at the time outstanding may on behalf of the holders of all of the Debt Securities waive (or modify any previously granted waiver of) any past Default or Event of Default and its
consequences, except a default (a) in the payment of principal of or premium, if any, or interest on any of the Debt Securities, (b) in respect of covenants or provisions hereof which cannot be modified or amended without the consent of
the holder of each Debt Security affected, or (c) in respect of the covenants contained in Section 3.09; provided, however, that if the Debt Securities are held by the Trust or a trustee of the Trust, such waiver or
modification to such waiver shall not be effective until the holders of a majority in aggregate liquidation amount of the outstanding Capital Securities of the Trust shall have consented to such waiver or modification to such waiver;
provided, further, that if the consent of the holder of each outstanding Debt Security is required, such waiver or modification to such waiver shall not be effective until each holder of the outstanding Capital Securities of the Trust
shall have consented to such waiver or modification to such waiver. Upon any such waiver or modification to such waiver, the Default or Event of Default covered thereby shall be deemed to be cured for all purposes of this Indenture and the Company,
the Trustee and the holders of the Debt Securities shall be restored to their former positions and rights hereunder, respectively; but no such waiver or modification to such waiver shall extend to any subsequent or other Default or Event of Default
or impair any right consequent thereon. Whenever any Default or Event of Default hereunder shall have been waived as permitted by this Section, said Default or Event of Default shall for all purposes of the Debt Securities and this Indenture be
deemed to have been cured and to be not continuing. 
  

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 Section 5.08 Notice of Defaults. 
 The Trustee shall, within 90 days after a Responsible Officer of the Trustee shall have actual knowledge or received written notice of the occurrence of a
default with respect to the Debt Securities, mail to all Securityholders, as the names and addresses of such holders appear upon the Debt Security Register, notice of all defaults with respect to the Debt Securities known to the Trustee, unless such
defaults shall have been cured before the giving of such notice (the term “default” for the purpose of this Section is hereby defined to be any event specified in Section 5.01, not including periods of grace, if any, provided for
therein); provided, that, except in the case of default in the payment of the principal of or premium, if any, or interest on any of the Debt Securities, the Trustee shall be protected in withholding such notice if and so long as a
Responsible Officer of the Trustee in good faith determines that the withholding of such notice is in the interests of the Securityholders. 
 Section 5.09 Undertaking to Pay Costs. 
 All parties to this Indenture agree, and each holder of any Debt Security by
such holder’s acceptance thereof shall be deemed to have agreed, that any court may in its discretion require, in any suit for the enforcement of any right or remedy under this Indenture, or in any suit against the Trustee for any action taken
or omitted by it as Trustee, the filing by any party litigant in such suit of an undertaking to pay the costs of such suit, and that such court may in its discretion assess reasonable costs, including reasonable attorneys’ fees and expenses,
against any party litigant in such suit, having due regard to the merits and good faith of the claims or defenses made by such party litigant; but the provisions of this Section shall not apply to any suit instituted by the Trustee, to any suit
instituted by any Securityholder, or group of Securityholders, holding in the aggregate more than 10% in principal amount of the outstanding Debt Securities (or, if such Debt Securities are held by the Trust or a trustee of the Trust, more than 10%
in liquidation amount of the outstanding Capital Securities),to any suit instituted by any Securityholder for the enforcement of the payment of the principal of or premium, if any, or interest on any Debt Security against the Company on or after the
same shall have become due and payable or to any suit instituted in accordance with Section 14.12. 
 ARTICLE VI 
 CONCERNING THE TRUSTEE 
 Section 6.01
Duties and Responsibilities of Trustee. 
 With respect to the holders of Debt Securities issued hereunder, the Trustee, prior to the
occurrence of an Event of Default with respect to the Debt Securities and after the curing or waiving of all Events of Default which may have occurred, with respect to the Debt Securities, undertakes to perform such duties and only such duties as
are specifically set forth in this Indenture. In case an Event of Default with respect to the Debt Securities has occurred (which has not been cured or waived), the Trustee shall exercise such of the rights and powers vested in it by this Indenture,
and use the same degree of care and skill in their exercise, as a prudent person would exercise or use under the circumstances in the conduct of such person’s own affairs. 
  

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 No provision of this Indenture shall be construed to relieve the Trustee from liability for its own
negligent action, its own negligent failure to act or its own willful misconduct or bad faith, except that: 
 (a) prior to the occurrence of
an Event of Default and after the curing or waiving of all Events of Default which may have occurred: 
 (i) the duties and
obligations of the Trustee with respect to the Debt Securities shall be determined solely by the express provisions of this Indenture, and the Trustee shall not be liable except for the performance of such duties and obligations with respect to the
Debt Securities as are specifically set forth in this Indenture, and no implied covenants or obligations shall be read into this Indenture against the Trustee; and 
 (ii) in the absence of bad faith on the part of the Trustee, the 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 Trustee and conforming to the requirements of this Indenture; but, in the case of any such certificates or opinions which by any provision hereof are
specifically required to be furnished to the Trustee, the Trustee shall be under a duty to examine the same to determine whether or not they conform on their face to the requirements of this Indenture; 
 (b) the Trustee shall not be liable for any error of judgment made in good faith by a Responsible Officer or Officers of the Trustee, unless it shall be
proved that the Trustee was negligent in ascertaining the pertinent facts; 
 (c) the Trustee shall not be liable with respect to any action
taken or omitted to be taken by it in good faith, in accordance with the direction of the Securityholders pursuant to Section 5.07, relating to the time, method and place of conducting any proceeding for any remedy available to the Trustee, or
exercising any trust or power conferred upon the Trustee, under this Indenture; and 
 (d) the Trustee shall not be charged with knowledge of
any Default or Event of Default with respect to the Debt Securities unless either (1) a Responsible Officer shall have actual knowledge of such Default or Event of Default or (2) written notice of such Default or Event of Default shall
have been given to the Trustee by the Company or any other obligor on the Debt Securities or by any holder of the Debt Securities, except that the Trustee shall be deemed to have knowledge of any Event of Default pursuant to Sections 5.01(a),
5.01(b) or 5.01(c) hereof (other than an Event of Default resulting from the default in the payment of Additional Amounts if the Trustee does not have actual knowledge or written notice that such payment is due and payable). 
 None of the provisions contained in this Indenture shall require the Trustee to expend or risk its own funds or otherwise incur personal financial
liability in the performance of any of its duties or in the exercise of any of its rights or powers. 
  

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 Section 6.02 Reliance on Documents, Opinions, etc. 
 Except as otherwise provided in Section 6.01: 
 (a) the 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, consent, order, bond, note, debenture or other
paper or document believed by it in good faith to be genuine and to have been signed or presented by the proper party or parties; 
 (b) any
request, direction, order or demand of the Company mentioned herein shall be sufficiently evidenced by an Officers’ Certificate (unless other evidence in respect thereof be herein specifically prescribed); and any Board Resolution may be
evidenced to the Trustee by a copy thereof certified by the Secretary or an Assistant Secretary of the Company; 
 (c) the Trustee may
consult with counsel of its selection and any advice or Opinion of Counsel shall be full and complete authorization and protection in respect of any action taken, suffered or omitted by it hereunder in good faith and in accordance with such advice
or Opinion of Counsel; 
 (d) the Trustee shall be under no obligation to exercise any of the rights or powers vested in it by this Indenture
at the request, order or direction of any of the Securityholders, pursuant to the provisions of this Indenture, unless such Securityholders shall have offered to the Trustee reasonable security or indemnity against the costs, expenses and
liabilities which may be incurred therein or thereby; 
 (e) the Trustee shall not be liable for any action taken or omitted by it in good
faith and reasonably believed by it to be authorized or within the discretion or rights or powers conferred upon it by this Indenture; nothing contained herein shall, however, relieve the Trustee of the obligation, upon the occurrence of an Event of
Default with respect to the Debt Securities (which has not been cured or waived) to exercise with respect to the Debt Securities such of the rights and powers vested in it by this Indenture, and to 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 such person’s own affairs; 
 (f) the
Trustee shall not be bound to make any investigation into the facts or matters stated in any resolution, certificate, statement, instrument, opinion, report, notice, request, consent, order, approval, bond, debenture, coupon or other paper or
document, unless requested in writing to do so by the holders of a majority in aggregate principal amount of the outstanding Debt Securities affected thereby; provided, however, that if the payment within a reasonable time to the
Trustee of the costs, expenses or liabilities likely to be incurred by it in the making of such investigation is, in the opinion of the Trustee, not reasonably assured to the Trustee by the security afforded to it by the terms of this Indenture, the
Trustee may require reasonable indemnity against such expense or liability as a condition to so proceeding; and 
 (g) the Trustee may
execute any of the trusts or powers hereunder or perform any duties hereunder either directly or by or through agents (including any Authenticating Agent) or attorneys, and the Trustee shall not be responsible for any misconduct or negligence on the
part of any such agent or attorney appointed by it with due care. 
  

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 Section 6.03 No Responsibility for Recitals, etc. 
 The recitals contained herein and in the Debt Securities (except in the certificate of authentication of the Trustee or the Authenticating Agent) shall be
taken as the statements of the Company, and the Trustee and the Authenticating Agent assume no responsibility for the correctness of the same. The Trustee and the Authenticating Agent make no representations as to the validity or sufficiency of this
Indenture or of the Debt Securities. The Trustee and the Authenticating Agent shall not be accountable for the use or application by the Company of any Debt Securities or the proceeds of any Debt Securities authenticated and delivered by the Trustee
or the Authenticating Agent in conformity with the provisions of this Indenture. 
 Section 6.04 Trustee, Authenticating Agent,
Paying Agents, Transfer Agents or Registrar May Own Debt Securities. 
 The Trustee, any Authenticating Agent, any Paying Agent, any
transfer agent or any Debt Security registrar, in its individual or any other capacity, may become the owner or pledgee of Debt Securities with the same rights it would have if it were not Trustee, Authenticating Agent, Paying Agent, transfer agent
or Debt Security registrar. 
 Section 6.05 Moneys to be Held in Trust. 
 Subject to the provisions of Section 12.04, all moneys received by the Trustee or any Paying Agent shall, until used or applied as herein provided,
be held in trust for the purpose for which they were received, but need not be segregated from other funds except to the extent required by law. The Trustee and any Paying Agent shall be under no liability for interest on any money received by it
hereunder except as otherwise agreed in writing with the Company. So long as no Event of Default shall have occurred and be continuing, all interest allowed on any such moneys, if any, shall be paid from time to time to the Company upon the written
order of the Company, signed by the Chairman of the Board of Directors, the President, the Chief Operating Officer, a Vice President, the Treasurer or an Assistant Treasurer of the Company. 
 Section 6.06 Compensation and Expenses of Trustee. 
 The Company covenants and agrees to pay to the Trustee from time to time, and the Trustee shall be entitled to, such compensation as shall be agreed to in writing between the Company and the Trustee (which shall not
be limited by any provision of law in regard to the compensation of a trustee of an express trust), and the Company will pay or reimburse the Trustee upon its written request for all documented reasonable expenses, disbursements and advances
incurred or made by the Trustee in accordance with any of the provisions of this Indenture (including the reasonable compensation and the reasonable expenses and disbursements of its counsel and of all Persons not regularly in its employ) except any
such expense, disbursement or advance that arises from its negligence, willful misconduct or bad faith. The Company also covenants to indemnify each of the Trustee (including in its individual capacity) and any predecessor Trustee (and its officers,
agents, directors and employees) for, and to hold it harmless against, any and all loss, damage, claim, liability or expense including taxes (other than taxes based on the income of the Trustee), except to the extent such loss, damage, claim,
liability or expense results from the negligence, willful misconduct or bad faith of such 

  

 33 

 
indemnitee, arising out of or in connection with the acceptance or administration of this trust, including the costs and expenses of defending itself against
any claim or liability in the premises. The obligations of the Company under this Section to compensate and indemnify the Trustee and to pay or reimburse the Trustee for documented expenses, disbursements and advances shall constitute additional
indebtedness hereunder. Such additional indebtedness shall be secured by a lien prior to that of the Debt Securities upon all property and funds held or collected by the Trustee as such, except funds held in trust for the benefit of the holders of
particular Debt Securities. 
 Without prejudice to any other rights available to the Trustee under applicable law, when the Trustee incurs
expenses or renders services in connection with an Event of Default specified in clause (e), (f), (g), (h) or (i) of Section 5.01, the expenses (including the reasonable charges and expenses of its counsel) and the compensation for
the services are intended to constitute expenses of administration under any applicable federal or state bankruptcy, insolvency or other similar law. 
 The provisions of this Section shall survive the resignation or removal of the Trustee and the defeasance or other termination of this Indenture. 
 Notwithstanding anything in this Indenture or any Debt Security to the contrary, the Trustee shall have no obligation whatsoever to advance funds to pay
any principal of or interest on or other amounts with respect to the Debt Securities or otherwise advance funds to or on behalf of the Company. 
 Section 6.07 Officers’ Certificate as Evidence. 
 Except as otherwise provided in Sections 6.01 and 6.02, whenever
in the administration of the provisions of this Indenture the Trustee shall deem it necessary or desirable that a matter be proved or established prior to taking or omitting any action hereunder, such matter (unless other evidence in respect thereof
be herein specifically prescribed) may, in the absence of negligence, willful misconduct or bad faith on the part of the Trustee, be deemed to be conclusively proved and established by an Officers’ Certificate delivered to the Trustee, and such
certificate, in the absence of negligence, willful misconduct or bad faith on the part of the Trustee, shall be full warrant to the Trustee for any action taken or omitted by it under the provisions of this Indenture upon the faith thereof.

 Section 6.08 Eligibility of Trustee. 
 The Trustee hereunder shall at all times be a U.S. Person that is a banking corporation or national association organized and doing business under the laws of the United States of America or any state thereof or of
the District of Columbia and authorized under such laws to exercise corporate trust powers, having a combined capital and surplus of at least fifty million U.S. dollars ($50,000,000) and subject to supervision or examination by federal, state, or
District of Columbia authority. If such corporation or national association publishes reports of condition at least annually, pursuant to law or to the requirements of the aforesaid supervising or examining authority, then for the purposes of this
Section the combined capital and surplus of such corporation or national association shall be deemed to be its combined capital and surplus as set forth in its most recent records of condition so published. 
  

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 The Company may not, nor may any Person directly or indirectly controlling, controlled by, or under
common control with the Company, serve as Trustee, notwithstanding that such corporation or national association shall be otherwise eligible and qualified under this Article. 
 In case at any time the Trustee shall cease to be eligible in accordance with the provisions of this Section, the Trustee shall resign immediately in the
manner and with the effect specified in Section 6.09. 
 If the Trustee has or shall acquire any “conflicting interest” within
the meaning of §310(b) of the Trust Indenture Act, the Trustee shall either eliminate such interest or resign, to the extent and in the manner provided by, and subject to, this Indenture. 
 Section 6.09 Resignation or Removal of Trustee. 
 (a) The Trustee, or any trustee or trustees hereafter appointed, may at any time resign by giving written notice of such resignation to the Company and by mailing notice thereof, at the Company’s expense, to the
holders of the Debt Securities at their addresses as they shall appear on the Debt Security Register. Upon receiving such notice of resignation, the Company shall promptly appoint a successor trustee or trustees by written instrument, in duplicate,
executed by order of its Board of Directors, one copy of which instrument shall be delivered to the resigning Trustee and one copy to the successor Trustee. If no successor Trustee shall have been so appointed and have accepted appointment within 30
days after the mailing of such notice of resignation to the affected Securityholders, the resigning Trustee may petition any court of competent jurisdiction for the appointment of a successor Trustee, or any Securityholder who has been a bona fide
holder of a Debt Security or Debt Securities for at least six months may, subject to the provisions of Section 5.09, on behalf of himself or herself and all others similarly situated, petition any such court for the appointment of a successor
Trustee. Such court may thereupon, after such notice, if any, as it may deem proper and prescribe, appoint a successor Trustee. 
 (b) In
case at any time any of the following shall occur: 
 (i) the Trustee shall fail to comply with the provisions of the last
paragraph of Section 6.08 after written request therefor by the Company or by any Securityholder who has been a bona fide holder of a Debt Security or Debt Securities for at least six months; 
 (ii) the Trustee shall cease to be eligible in accordance with the provisions of Section 6.08 and shall fail to resign after written
request therefor by the Company or by any such Securityholder; or 
 (iii) the Trustee shall become incapable of acting, or
shall be adjudged bankrupt or insolvent, or a receiver of the Trustee or of its property shall be appointed, or any public officer shall take charge or control of the Trustee or of its property or affairs for the purpose of rehabilitation,
conservation or liquidation, 
  

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 then, in any such case, the Company may remove the Trustee and appoint a successor Trustee by written instrument, in
duplicate, executed by order of the Board of Directors, one copy of which instrument shall be delivered to the Trustee so removed and one copy to the successor Trustee, or, subject to the provisions of Section 5.09, if no successor Trustee
shall have been so appointed and have accepted appointment within 30 days of the occurrence of any of (i), (ii) or (iii) above, any Securityholder who has been a bona fide holder of a Debt Security or Debt Securities for at least six
months may, on behalf of himself or herself and all others similarly situated, petition any court of competent jurisdiction for the removal of the Trustee and the appointment of a successor Trustee. Such court may thereupon, after such notice, if
any, as it may deem proper and prescribe, remove the Trustee and appoint a successor Trustee. 
 (c) Upon prior written notice to the Company
and the Trustee, the holders of a majority in aggregate principal amount of the Debt Securities at the time outstanding may at any time remove the Trustee and nominate a successor Trustee, which shall be deemed appointed as successor Trustee unless
within ten Business Days after such nomination the Company objects thereto, in which case or in the case of a failure by such holders to nominate a successor Trustee, the Trustee so removed or any Securityholder, upon the terms and conditions and
otherwise as in subsection (a) of this Section, may petition any court of competent jurisdiction for an appointment of a successor. 
 (d) Any resignation or removal of the Trustee and appointment of a successor Trustee pursuant to any of the provisions of this Section shall become effective upon acceptance of appointment by the successor Trustee as provided in
Section 6.10. 
 Section 6.10 Acceptance by Successor Trustee. 
 Any successor Trustee appointed as provided in Section 6.09 shall execute, acknowledge and deliver to the Company and to its predecessor Trustee an
indenture supplemental hereto which shall contain such provisions as shall be deemed necessary or desirable to confirm that all of the rights, powers, trusts and duties of the retiring Trustee shall be vested in the successor Trustee, and thereupon
the resignation or removal of the retiring Trustee shall become effective and such successor Trustee, without any further act, deed or conveyance, shall become vested with all the rights, powers, duties and obligations with respect to the Debt
Securities of its predecessor hereunder, with like effect as if originally named as Trustee herein; but, nevertheless, on the written request of the Company or of the successor Trustee, the Trustee ceasing to act shall, upon payment of the amounts
then due it pursuant to the provisions of Section 6.06, execute and deliver an instrument transferring to such successor Trustee all the rights and powers of the Trustee so ceasing to act and shall duly assign, transfer and deliver to such
successor Trustee all property and money held by such retiring Trustee hereunder. Upon request of any such successor Trustee, the Company shall execute any and all instruments in writing for more fully and certainly vesting in and confirming to such
successor Trustee all such rights and powers. Any Trustee ceasing to act shall, nevertheless, retain a lien upon all property or funds held or collected by such Trustee to secure any amounts then due it pursuant to the provisions of
Section 6.06. 
  

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 No successor Trustee shall accept appointment as provided in this Section unless at the time of such
acceptance such successor Trustee shall be eligible and qualified under the provisions of Section 6.08. 
 In no event shall a retiring
Trustee be liable for the acts or omissions of any successor Trustee hereunder. 
 Upon acceptance of appointment by a successor Trustee as
provided in this Section, the Company shall mail notice of the succession of such Trustee hereunder to the holders of Debt Securities at their addresses as they shall appear on the Debt Security Register. If the Company fails to mail such notice
within ten Business Days after the acceptance of appointment by the successor Trustee, the successor Trustee shall cause such notice to be mailed at the expense of the Company. 
 Section 6.11 Succession by Merger, etc. 
 Any corporation into which the Trustee may be merged or converted or with which it may be consolidated, or any corporation resulting from any merger, conversion or consolidation to which the Trustee shall be a party, or any corporation
succeeding to all or substantially all of the corporate trust business of the Trustee, shall be the successor of the Trustee hereunder without the execution or filing of any paper or any further act on the part of any of the parties hereto,
provided, that such corporation shall be otherwise eligible and qualified under this Article. 
 In case at the time such successor to
the Trustee shall succeed to the trusts created by this Indenture any of the Debt Securities shall have been authenticated but not delivered, any such successor to the Trustee may adopt the certificate of authentication of any predecessor Trustee,
and deliver such Debt Securities so authenticated; and in case at that time any of the Debt Securities shall not have been authenticated, any successor to the Trustee may authenticate such Debt Securities either in the name of any predecessor
hereunder or in the name of the successor Trustee; and in all such cases such certificates shall have the full force which it is anywhere in the Debt Securities or in this Indenture provided that the certificate of the Trustee shall have;
provided, however, that the right to adopt the certificate of authentication of any predecessor Trustee or authenticate Debt Securities in the name of any predecessor Trustee shall apply only to its successor or successors by merger,
conversion or consolidation. 
 Section 6.12 Authenticating Agents. 
 There may be one or more Authenticating Agents appointed by the Trustee upon the request of the Company with power to act on its behalf and subject to its
direction in the authentication and delivery of Debt Securities issued upon exchange or registration of transfer thereof as fully to all intents and purposes as though any such Authenticating Agent had been expressly authorized to authenticate and
deliver Debt Securities; provided, however, that the Trustee shall have no liability to the Company for any acts or omissions of the Authenticating Agent with respect to the authentication and delivery of Debt Securities. Any such
Authenticating Agent shall at all times be a corporation organized and doing business under the laws of the United States or of any state thereof or of the District of Columbia authorized under 

  

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such laws to act as Authenticating Agent, having a combined capital and surplus of at least $50,000,000 and being subject to supervision or examination by
federal, state or District of Columbia authority. If such corporation publishes reports of condition at least annually pursuant to law or the requirements of such authority, then for the purposes of this Section the combined capital and surplus of
such corporation shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. If at any time an Authenticating Agent shall cease to be eligible in accordance with the provisions of this
Section, it shall resign immediately in the manner and with the effect herein specified in this Section. 
 Any corporation into which any
Authenticating Agent may be merged or converted or with which it may be consolidated, or any corporation resulting from any merger, consolidation or conversion to which any Authenticating Agent shall be a party, or any corporation succeeding to all
or substantially all of the corporate trust business of any Authenticating Agent, shall be the successor of such Authenticating Agent hereunder, if such successor corporation is otherwise eligible under this Section without the execution or filing
of any paper or any further act on the part of the parties hereto or such Authenticating Agent. 
 Any Authenticating Agent may at any time
resign by giving written notice of resignation to the Trustee and to the Company. The Trustee may at any time terminate the agency of any Authenticating Agent with respect to the Debt Securities by giving written notice of termination to such
Authenticating Agent and to the Company. Upon receiving such a notice of resignation or upon such a termination, or in case at any time any Authenticating Agent shall cease to be eligible under this Section, the Trustee may, and upon the request of
the Company shall, promptly appoint a successor Authenticating Agent eligible under this Section, shall give written notice of such appointment to the Company and shall mail notice of such appointment to all holders of Debt Securities as the names
and addresses of such holders appear on the Debt Security Register. Any successor Authenticating Agent, upon acceptance of its appointment hereunder, shall become vested with all rights, powers, duties and responsibilities of its predecessor
hereunder, with like effect as if originally named as Authenticating Agent herein. 
 The Company agrees to pay to any Authenticating Agent
from time to time reasonable compensation for its services. Any Authenticating Agent shall have no responsibility or liability for any action taken by it as such in accordance with the directions of the Trustee. 
 ARTICLE VII 
 CONCERNING THE SECURITYHOLDERS

 Section 7.01 Action by Securityholders. 
 Whenever in this Indenture it is provided that the holders of a specified percentage in aggregate principal amount of the Debt Securities or aggregate liquidation amount of the Capital Securities may take any action
(including the making of any demand or request, the giving of any notice, consent or waiver or the taking of any other action), the fact that at the time of taking any such action the holders of such specified percentage have joined therein may be
evidenced (a) by any instrument or any number of instruments of similar tenor executed by such Securityholders or holders of Capital Securities, as the case may be, in person or by agent or proxy appointed in writing, or (b) by the record
of such holders of Debt Securities voting in 

  

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favor thereof at any meeting of such Securityholders duly called and held in accordance with the provisions of Article VIII or of such holders of Capital
Securities duly called and held in accordance with the provisions of the Declaration, or (c) by a combination of such instrument or instruments and any such record of such a meeting of such Securityholders or holders of Capital Securities, as
the case may be, or (d) by any other method the Trustee deems satisfactory. 
 If the Company shall solicit from the Securityholders any
request, demand, authorization, direction, notice, consent, waiver or other action or revocation of the same, the Company may, at its option, as evidenced by an Officers’ Certificate, fix in advance a record date for such Debt Securities for
the determination of Securityholders entitled to give such request, demand, authorization, direction, notice, consent, waiver or other action or revocation of the same, but the Company shall have no obligation to do so. If such a record date is
fixed, such request, demand, authorization, direction, notice, consent, waiver or other action or revocation of the same may be given before or after the record date, but only the Securityholders of record at the close of business on the record date
shall be deemed to be Securityholders for the purposes of determining whether Securityholders of the requisite proportion of outstanding Debt Securities have authorized or agreed or consented to such request, demand, authorization, direction,
notice, consent, waiver or other action or revocation of the same, and for that purpose the outstanding Debt Securities shall be computed as of the record date; provided, however, that no such authorization, agreement or consent by
such Securityholders on the record date shall be deemed effective unless it shall become effective pursuant to the provisions of this Indenture not later than six months after the record date. 
 Section 7.02 Proof of Execution by Securityholders. 
 Subject to the provisions of Sections 6.01, 6.02 and 8.05, proof of the execution of any instrument by a Securityholder or such Securityholder’s agent or proxy shall be sufficient if made in accordance with such
reasonable rules and regulations as may be prescribed by the Trustee or in such manner as shall be satisfactory to the Trustee. The ownership of Debt Securities shall be proved by the Debt Security Register or by a certificate of the Debt Security
registrar. The Trustee may require such additional proof of any matter referred to in this Section as it shall deem necessary. 
 The record
of any Securityholders’ meeting shall be proved in the manner provided in Section 8.06. 
 Section 7.03 Who Are Deemed
Absolute Owners. 
 Prior to due presentment for registration of transfer of any Debt Security, the Company, the Trustee, any
Authenticating Agent, any Paying Agent, any transfer agent and any Debt Security registrar may deem the Person in whose name such Debt Security shall be registered upon the Debt Security Register to be, and may treat such Person as, the absolute
owner of such Debt Security (whether or not such Debt Security shall be overdue) for the purpose of receiving payment of or on account of the principal of and premium, if any, and interest on such Debt Security and for all other purposes; and none
of the Company, the Trustee, any Authenticating Agent, any Paying Agent, any transfer agent or any Debt Security registrar shall be affected by any notice to the contrary. All such payments so made to any holder for the 

  

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time being or upon such holder’s order shall be valid, and, to the extent of the sum or sums so paid, effectual to satisfy and discharge the liability
for moneys payable upon any such Debt Security. 
 Section 7.04 Debt Securities Owned by Company Deemed Not Outstanding.

 In determining whether the holders of the requisite aggregate principal amount of Debt Securities have concurred in any direction, consent
or waiver under this Indenture, Debt Securities which are owned by the Company or any other obligor on the Debt Securities or by any Person directly or indirectly controlling or controlled by or under direct or indirect common control with the
Company (other than the Trust) or any other obligor on the Debt Securities shall be disregarded and deemed not to be outstanding for the purpose of any such determination, provided, that for the purposes of determining whether the Trustee
shall be protected in relying on any such direction, consent or waiver, only Debt Securities which a Responsible Officer of the Trustee actually knows are so owned shall be so disregarded. Debt Securities so owned which have been pledged in good
faith may be regarded as outstanding for the purposes of this Section if the pledgee shall establish to the satisfaction of the Trustee the pledgee’s right to vote such Debt Securities and that the pledgee is not the Company or any such other
obligor or Person directly or indirectly controlling or controlled by or under direct or indirect common control with the Company or any such other obligor. In the case of a dispute as to such right, any decision by the Trustee taken upon the advice
of counsel shall be full protection to the Trustee. 
 Section 7.05 Revocation of Consents; Future Holders Bound. 
 At any time prior to (but not after) the evidencing to the Trustee, as provided in Section 7.01, of the taking of any action by the holders of the
percentage in aggregate principal amount of the Debt Securities specified in this Indenture in connection with such action, any holder (in cases where no record date has been set pursuant to Section 7.01) or any holder as of an applicable
record date (in cases where a record date has been set pursuant to Section 7.01) of a Debt Security (or any Debt Security issued in whole or in part in exchange or substitution therefor) the serial number of which is shown by the evidence to be
included in the Debt Securities the holders of which have consented to such action may, by filing written notice with the Trustee at the Principal Office of the Trustee and upon proof of holding as provided in Section 7.02, revoke such action
so far as concerns such Debt Security (or so far as concerns the principal amount represented by any exchanged or substituted Debt Security). Except as aforesaid any such action taken by the holder of any Debt Security shall be conclusive and
binding upon such holder and upon all future holders and owners of such Debt Security, and of any Debt Security issued in exchange or substitution therefor or on registration of transfer thereof, irrespective of whether or not any notation in regard
thereto is made upon such Debt Security or any Debt Security issued in exchange or substitution therefor. 
  

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 ARTICLE VIII 
 SECURITYHOLDERS’ MEETINGS 
 Section 8.01 Purposes of Meetings. 
 A meeting of Securityholders may be called at any time and from time to time pursuant to the provisions of this Article VIII for any of the following
purposes: 
 (a) to give any notice to the Company or to the Trustee, or to give any directions to the Trustee, or to consent to the waiving
of any default hereunder and its consequences, or to take any other action authorized to be taken by Securityholders pursuant to any of the provisions of Article V; 
 (b) to remove the Trustee and nominate a successor trustee pursuant to the provisions of Article VI; 
 (c)
to consent to the execution of an indenture or indentures supplemental hereto pursuant to the provisions of Section 9.02; or 
 (d) to
take any other action authorized to be taken by or on behalf of the holders of any specified aggregate principal amount of such Debt Securities under any other provision of this Indenture or under applicable law. 
 Section 8.02 Call of Meetings by Trustee. 
 The Trustee may at any time call a meeting of Securityholders to take any action specified in Section 8.01, to be held at such time and at such place in The City of New York, the Borough of Manhattan, or
Wilmington, Delaware, as the Trustee shall determine. Notice of every meeting of the Securityholders, setting forth the time and the place of such meeting and in general terms the action proposed to be taken at such meeting, shall be mailed to
holders of Debt Securities affected at their addresses as they shall appear on the Debt Securities Register. Such notice shall be mailed not less than 20 nor more than 180 days prior to the date fixed for the meeting. 
 Section 8.03 Call of Meetings by Company or Securityholders. 
 In case at any time the Company pursuant to a Board Resolution, or the holders of at least 10% in aggregate principal amount of the Debt Securities, as the case may be, then outstanding, shall have requested the
Trustee to call a meeting of Securityholders, by written request setting forth in reasonable detail the action proposed to be taken at the meeting, and the Trustee shall not have mailed the notice of such meeting within 20 days after receipt of such
request, then the Company or such Securityholders may determine the time and the place in Wilmington, Delaware or Spokane, Washington for such meeting and may call such meeting to take any action authorized in Section 8.01, by mailing notice
thereof as provided in Section 8.02. 
  

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 Section 8.04 Qualifications for Voting. 
 To be entitled to vote at any meeting of Securityholders, a Person shall be (a) a holder of one or more Debt Securities or (b) a Person
appointed by an instrument in writing as proxy by a holder of one or more Debt Securities. The only Persons who shall be entitled to be present or to speak at any meeting of Securityholders shall be the Persons entitled to vote at such meeting and
their counsel and any representatives of the Trustee and its counsel and any representatives of the Company and its counsel. 
 Section 8.05 Regulations. 
 Notwithstanding any other provisions of this Indenture, the Trustee may make such reasonable
regulations as it may deem advisable for any meeting of Securityholders, in regard to proof of the holding of Debt Securities and of the appointment of proxies, and in regard to the appointment and duties of inspectors of votes, the submission and
examination of proxies, certificates and other evidence of the right to vote, and such other matters concerning the conduct of the meeting as it shall deem appropriate. 
 The Trustee shall, by an instrument in writing, appoint a temporary chairman of the meeting, unless the meeting shall have been called by the Company or by Securityholders as provided in Section 8.03, in which
case the Company or the Securityholders calling the meeting, as the case may be, shall in like manner appoint a temporary chairman. A permanent chairman and a permanent secretary of the meeting shall be elected by majority vote at the meeting.

 Subject to the provisions of Section 7.04, at any meeting each holder of Debt Securities with respect to which such meeting is being
held or proxy therefor shall be entitled to one vote for each $1,000 principal amount of Debt Securities held or represented by such holder; provided, however, that no vote shall be cast or counted at any meeting in respect of any Debt
Security challenged as not outstanding and ruled by the chairman of the meeting to be not outstanding. The chairman of the meeting shall have no right to vote other than by virtue of Debt Securities held by such chairman or instruments in writing as
aforesaid duly designating such chairman as the Person to vote on behalf of other Securityholders. Any meeting of Securityholders duly called pursuant to the provisions of Section 8.02 or 8.03 may be adjourned from time to time by a majority of
those present, whether or not constituting a quorum, and the meeting may be held as so adjourned without further notice. 
 Section 8.06
Voting. 
 The vote upon any resolution submitted to any meeting of holders of Debt Securities with respect to which such meeting is
being held shall be by written ballots on which shall be subscribed the signatures of such holders or of their representatives by proxy and the serial number or numbers of the Debt Securities held or represented by them. The permanent chairman of
the meeting shall appoint two inspectors of votes who shall count all votes cast at the meeting for or against any resolution and who shall make and file with the secretary of the meeting their verified written reports in triplicate of all votes
cast at the meeting. A record in duplicate of the proceedings of each meeting of Securityholders shall be prepared by the secretary of the meeting and there shall be attached to said record the original reports of the 

  

 42 

 
inspectors of votes on any vote by ballot taken thereat and affidavits by one or more Persons having knowledge of the facts setting forth a copy of the
notice of the meeting and showing that said notice was mailed as provided in Section 8.02. The record shall show the serial numbers of the Debt Securities voting in favor of or against any resolution. The record shall be signed and verified by
the affidavits of the permanent chairman and secretary of the meeting and one of the duplicates shall be delivered to the Company and the other to the Trustee to be preserved by the Trustee, the latter to have attached thereto the ballots voted at
the meeting. 
 Any record so signed and verified shall be conclusive evidence of the matters therein stated. 
 Section 8.07 Quorum; Actions. 
 The Persons entitled to vote a majority in aggregate principal amount of the Debt Securities then outstanding shall constitute a quorum for a meeting of Securityholders; provided, however, that if any action is to be taken at
such meeting with respect to a consent, waiver, request, demand, notice, authorization, direction or other action which may be given by the holders of not less than a specified percentage in aggregate principal amount of the Debt Securities then
outstanding, the Persons holding or representing such specified percentage in aggregate principal amount of the Debt Securities then outstanding will constitute a quorum. In the absence of a quorum within 30 minutes of the time appointed for any
such meeting, the meeting shall, if convened at the request of Securityholders, be dissolved. In any other case, the meeting may be adjourned for a period of not less than 10 days as determined by the permanent chairman of the meeting prior to the
adjournment of such meeting. In the absence of a quorum at any such adjourned meeting, such adjourned meeting may be further adjourned for a period of not less than 10 days as determined by the permanent chairman of the meeting prior to the
adjournment of such adjourned meeting. Notice of the reconvening of any adjourned meeting shall be given as provided in Section 8.02, except that such notice need be given only once not less than five days prior to the date on which the meeting
is scheduled to be reconvened. Notice of the reconvening of an adjourned meeting shall state expressly the percentage, as provided above, of the aggregate principal amount of the Debt Securities then outstanding which shall constitute a quorum.

 Except as limited by the proviso in the first paragraph of Section 9.02, any resolution presented to a meeting or adjourned meeting
duly reconvened at which a quorum is present as aforesaid may be adopted by the affirmative vote of the holders of a majority in aggregate principal amount of the Debt Securities then outstanding; provided, however, that, except as
limited by the proviso in the first paragraph of Section 9.02, any resolution with respect to any consent, waiver, request, demand, notice, authorization, direction or other action that this Indenture expressly provides may be given by the
holders of not less than a specified percentage in outstanding principal amount of the Debt Securities may be adopted at a meeting or an adjourned meeting duly reconvened and at which a quorum is present as aforesaid only by the affirmative vote of
the holders of not less than such specified percentage in aggregate principal amount of the Debt Securities then outstanding. 
  

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 Any resolution passed or decision taken at any meeting of holders of Debt Securities duly held in
accordance with this Section shall be binding on all the Securityholders, whether or not present or represented at the meeting. 
 ARTICLE IX

 SUPPLEMENTAL INDENTURES 
 Section 9.01 Supplemental Indentures without Consent of Securityholders. 
 The Company, when authorized by a Board
Resolution, and the Trustee may from time to time and at any time enter into an indenture or indentures supplemental hereto, without the consent of the Securityholders, for one or more of the following purposes: 
 (a) to evidence the succession of another corporation to the Company, or successive successions, and the assumption by the successor corporation of the
covenants, agreements and obligations of the Company, pursuant to Article XI hereof; 
 (b) to add to the covenants of the Company such
further covenants, restrictions or conditions for the protection of the holders of Debt Securities as the Board of Directors shall consider to be for the protection of the holders of such Debt Securities, and to make the occurrence, or the
occurrence and continuance, of a Default in any of such additional covenants, restrictions or conditions a Default or an Event of Default permitting the enforcement of all or any of the several remedies provided in this Indenture as herein set
forth; provided, however, that in respect of any such additional covenant, restriction or condition such supplemental indenture may provide for a particular period of grace after Default (which period may be shorter or longer than that
allowed in the case of other Defaults) or may provide for an immediate enforcement upon such Default or may limit the remedies available to the Trustee upon such default; 
 (c) to cure any ambiguity or to correct or supplement any provision contained herein or in any supplemental indenture which may be defective or inconsistent with any other provision contained herein or in any
supplemental indenture, or to make such other provisions in regard to matters or questions arising under this Indenture, provided, that any such action shall not adversely affect the interests of the holders of the Debt Securities then
outstanding; 
 (d) to add to, delete from, or revise the terms of Debt Securities, including, without limitation, any terms relating to the
issuance, exchange, registration or transfer of Debt Securities, including to provide for transfer procedures and restrictions substantially similar to those applicable to the Capital Securities, as required by Section 2.05, provided,
that any such action shall not adversely affect the interests of the holders of the Debt Securities then outstanding (it being understood, for purposes of this proviso, that transfer restrictions on Debt Securities substantially similar to those
applicable to Capital Securities shall not be deemed to adversely affect the holders of the Debt Securities); 
 (e) to evidence and provide
for the acceptance of appointment hereunder by a successor Trustee with respect to the Debt Securities and to add to or change any of the provisions of this Indenture as shall be necessary to provide for or facilitate the administration of the
trusts hereunder by more than one Trustee, pursuant to the requirements of Section 6.10; 
  

 44 

 (f) to make any change (other than as elsewhere provided in this Section) that does not adversely affect
the rights of any Securityholder in any material respect; or 
 (g) to provide for the issuance of and establish the form and terms and
conditions of the Debt Securities, to establish the form of any certifications required to be furnished pursuant to the terms of this Indenture or the Debt Securities, or to add to the rights of the holders of Debt Securities. 
 The Trustee is hereby authorized to join with the Company in the execution of any such supplemental indenture, to make any further appropriate agreements
and stipulations which may be therein contained and to accept the conveyance, transfer and assignment of any property thereunder, but the Trustee shall not be obligated to, but may in its discretion, enter into any such supplemental indenture which
affects the Trustee’s own rights, duties or immunities under this Indenture or otherwise. 
 Any supplemental indenture authorized by
the provisions of this Section may be executed by the Company and the Trustee without the consent of the holders of any of the Debt Securities at the time outstanding, notwithstanding any of the provisions of Section 9.02. 
 Section 9.02 Supplemental Indentures with Consent of Securityholders. 
 With the consent (evidenced as provided in Section 7.01) of the holders of a majority in aggregate principal amount of the Debt Securities at the
time outstanding affected by such supplemental indenture, the Company, when authorized by a Board Resolution, and the Trustee may from time to time and at any time enter into an indenture or indentures supplemental hereto (which shall conform to the
provisions of the Trust Indenture Act, then in effect, applicable to indentures qualified thereunder) for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of this Indenture or of any supplemental
indenture or of modifying in any manner the rights of the holders of the Debt Securities; provided, however, that no such supplemental indenture shall, without the consent of the holders of each Debt Security then outstanding and
affected thereby, (i) change the Maturity Date of any Debt Security, or reduce the principal amount thereof or any premium thereon, or reduce the rate (or manner of calculation of the rate) or extend the time of payment of interest thereon, or
reduce (other than as a result of the maturity or earlier redemption of any such Debt Security in accordance with the terms of this Indenture and such Debt Security) or increase the aggregate principal amount of Debt Securities then outstanding, or
change any of the redemption provisions, or make the principal thereof or any interest or premium thereon payable in any coin or currency other than United States Dollars, or impair or affect the right of any Securityholder to institute suit for
payment thereof, or (ii) reduce the aforesaid percentage of Debt Securities the holders of which are required to consent to any such supplemental indenture; and provided, further, that if the Debt Securities are held by the Trust
or the trustee of the Trust, such supplemental indenture shall not be effective until the holders of a majority in aggregate liquidation amount of the outstanding Capital Securities shall have consented to such supplemental indenture;
provided, further, that if the consent of the Securityholder of each outstanding Debt Security is required, such supplemental indenture shall not be effective until each holder of the outstanding Capital Securities shall have consented
to such supplemental indenture. 
  

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 Upon the request of the Company accompanied by a Board Resolution authorizing the execution of any such
supplemental indenture, and upon the filing with the Trustee of evidence of the consent of Securityholders (and holders of Capital Securities, if required) as aforesaid, the Trustee shall join with the Company in the execution of such supplemental
indenture unless such supplemental indenture affects the Trustee’s own rights, duties or immunities under this Indenture or otherwise, in which case the Trustee may in its discretion, but shall not be obligated to, enter into such supplemental
indenture. 
 Promptly after the execution by the Company and the Trustee of any supplemental indenture pursuant to the provisions of this
Section, the Trustee shall transmit by mail, first class postage prepaid, a notice, prepared by the Company, setting forth in general terms the substance of such supplemental indenture, to the Securityholders as their names and addresses appear upon
the Debt Security Register. Any failure of the Trustee to mail such notice, or any defect therein, shall not, however, in any way impair or affect the validity of any such supplemental indenture. 
 It shall not be necessary for the consent of the Securityholders under this Section to approve the particular form of any proposed supplemental
indenture, but it shall be sufficient if such consent shall approve the substance thereof. 
 Section 9.03 Effect of Supplemental
Indentures. 
 Upon the execution of any supplemental indenture pursuant to the provisions of this Article IX, this Indenture shall be and
be deemed to be modified and amended in accordance therewith and the respective rights, limitations of rights, obligations, duties and immunities under this Indenture of the Trustee, the Company and the holders of Debt Securities shall thereafter be
determined, exercised and enforced hereunder subject in all respects to such modifications and amendments and all the terms and conditions of any such supplemental indenture shall be and be deemed to be part of the terms and conditions of this
Indenture for any and all purposes. 
 Section 9.04 Notation on Debt Securities. 
 Debt Securities authenticated and delivered after the execution of any supplemental indenture pursuant to the provisions of this Article IX may bear a
notation as to any matter provided for in such supplemental indenture. If the Company or the Trustee shall so determine, new Debt Securities so modified as to conform, in the opinion of the Board of Directors of the Company, to any modification of
this Indenture contained in any such supplemental indenture may be prepared and executed by the Company, authenticated by the Trustee or the Authenticating Agent and delivered in exchange for the Debt Securities then outstanding. 
 Section 9.05 Evidence of Compliance of Supplemental Indenture to be Furnished to Trustee. 
 The Trustee, subject to the provisions of Sections 6.01 and 6.02, shall, in addition to the documents required by Section 14.06, receive an
Officers’ Certificate as conclusive evidence that any supplemental indenture executed pursuant hereto complies with the requirements of this Article IX. The Trustee shall also receive an Opinion of Counsel as 

  

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conclusive evidence that any supplemental indenture executed pursuant to this Article IX is authorized or permitted by, and conforms to, the terms of this
Article IX and that it is proper for the Trustee under the provisions of this Article IX to join in the execution thereof. 
 ARTICLE X

 REDEMPTION OF SECURITIES 
 Section 10.01 Optional Redemption. 
 The Company shall have the right, subject to the receipt by the Company of the
prior approval from the Federal Reserve, if then required under applicable capital guidelines or policies of the Federal Reserve, to redeem the Debt Securities, in whole or (provided that all accrued and unpaid interest has been paid on all Debt
Securities) from time to time in part, on any Interest Payment Date on or after             , 2013 (each, an “Optional Redemption Date”), at the Optional Redemption Price.

 Section 10.02 Special Event Redemption. 
 If a Special Event shall occur and be continuing, the Company shall have the right, subject to the receipt by the Company of prior approval from the Federal Reserve, if then required under applicable capital
guidelines or policies of the Federal Reserve, to redeem the Debt Securities, in whole but not in part, at any time within 90 days following the occurrence of such Special Event (the “Special Redemption Date”), at the Special Redemption
Price. 
 Section 10.03 Notice of Redemption; Selection of Debt Securities. 
 In case the Company shall desire to exercise the right to redeem all, or, as the case may be, any part of the Debt Securities, it shall fix a date for
redemption and shall mail, or cause the Trustee to mail (at the expense of the Company), a notice of such redemption at least 30 and not more than 60 days prior to the date fixed for redemption to the holders of Debt Securities so to be redeemed as
a whole or in part at their last addresses as the same appear on the Debt Security Register. Such mailing shall be by first class mail. The notice if mailed in the manner herein provided shall be conclusively presumed to have been duly given,
whether or not the holder receives such notice. In any case, failure to give such notice by mail or any defect in the notice to the holder of any Debt Security designated for redemption as a whole or in part shall not affect the validity of the
proceedings for the redemption of any other Debt Security. 
 Each such notice of redemption shall specify the CUSIP number, if any, of the
Debt Securities to be redeemed, the date fixed for redemption, the price (or manner of calculation of the price) at which Debt Securities are to be redeemed, the place or places of payment, that payment will be made upon presentation and surrender
of such Debt Securities, that interest accrued to the date fixed for redemption will be paid as specified in said notice, and that on and after said date interest thereon or on the portions thereof to be redeemed will cease to accrue. If less than
all the Debt Securities are to be redeemed, the notice of redemption shall specify the numbers of the Debt Securities to be redeemed. In case the Debt Securities are to be redeemed in part only, the notice of redemption shall state the portion of
the principal amount thereof to be redeemed and shall state that on and after the date fixed for redemption, upon surrender of such Debt Security, a new Debt Security or Debt Securities in principal amount equal to the unredeemed portion thereof
will be issued. 
  

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 Prior to 10:00 a.m., New York City time, on the Optional Redemption Date or the Special Redemption Date
specified in the notice of redemption given as provided in this Section, the Company will deposit with the Trustee or with one or more Paying Agents an amount of money sufficient to redeem on such date all the Debt Securities so called for
redemption at the applicable price therefor, together with unpaid interest accrued to such date. 
 The Company will give the Trustee notice
not less than 45 nor more than 75 days prior to the date fixed for redemption as to the price at which the Debt Securities are to be redeemed and the aggregate principal amount of Debt Securities to be redeemed and the Trustee shall select, in such
manner as in its sole discretion it shall deem appropriate and fair, the Debt Securities or portions thereof (in integral multiples of $1,000) to be redeemed. 
 Section 10.04 Payment of Debt Securities Called for Redemption. 
 If notice of redemption has
been given as provided in Section 10.03, the Debt Securities or portions of Debt Securities with respect to which such notice has been given shall become due and payable on the related Optional Redemption Date or Special Redemption Date (as the
case may be) and at the place or places stated in such notice at the applicable price therefor, together with unpaid interest accrued thereon to said Optional Redemption Date or the Special Redemption Date (as the case may be), and on and after said
Optional Redemption Date or the Special Redemption Date (as the case may be) (unless the Company shall default in the payment of such Debt Securities at the redemption price, together with unpaid interest accrued thereon to said date) interest on
the Debt Securities or portions of Debt Securities so called for redemption shall cease to accrue. On presentation and surrender of such Debt Securities at a place of payment specified in said notice, such Debt Securities or the specified portions
thereof shall be paid and redeemed by the Company at the applicable price therefor, together with unpaid interest, if any, accrued thereon to said Optional Redemption Date or the Special Redemption Date (as the case may be); provided,
however, that interest payable on any Interest Payment Date on or prior to said Optional Redemption Date or the Special Redemption Date will be paid to the holders on the relevant regular record date. 
 Upon presentation of any Debt Security redeemed in part only, the Company shall execute and the Trustee shall authenticate and make available for
delivery to the holder thereof, at the expense of the Company, a new Debt Security or Debt Securities of authorized denominations in principal amount equal to the unredeemed portion of the Debt Security so presented. 
 ARTICLE XI 
 CONSOLIDATION, MERGER, SALE,
CONVEYANCE AND LEASE 
 Section 11.01 Company May Consolidate, etc., on Certain Terms. 
 Nothing contained in this Indenture or in the Debt Securities shall prevent any consolidation or merger of the Company with or into any other corporation
or corporations (whether or not affiliated with the Company) or successive consolidations or mergers in which 

  

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the Company or its successor or successors shall be a party or parties, or shall prevent any sale, conveyance, transfer or other disposition of all or
substantially all of the property or capital stock of the Company or its successor or successors to any other corporation (whether or not affiliated with the Company or its successor or successors) authorized to acquire and operate the same;
provided, however, that the Company hereby covenants and agrees that (i) upon any such consolidation, merger (where the Company is not the surviving corporation), sale, conveyance, transfer or other disposition, the successor
entity shall be a corporation organized and existing under the laws of the United States or any state thereof or the District of Columbia (unless such corporation has (1) agreed to make all payments due in respect of the Debt Securities or, if
outstanding, the Trust Securities and the Capital Securities Guarantee without withholding or deduction for, or on account of, any taxes, duties, assessments or other governmental charges under the laws or regulations of the jurisdiction of
organization or residence (for tax purposes) of such corporation or any political subdivision or taxing authority thereof or therein unless required by applicable law, in which case such corporation shall have agreed to pay such additional amounts
as shall be required so that the net amounts received and retained by the holders of such Debt Securities or Trust Securities, as the case may be, after payment of all taxes (including withholding taxes), duties, assessments or other governmental
charges, will be equal to the amounts that such holders would have received and retained had no such taxes (including withholding taxes), duties, assessments or other governmental charges been imposed, (2) irrevocably and unconditionally
consented and submitted to the jurisdiction of any United States federal court or New York state court, in each case located in the Borough of Manhattan, The City of New York, in respect of any action, suit or proceeding against it arising out of or
in connection with this Indenture, the Debt Securities, the Capital Securities Guarantee or the Declaration and irrevocably and unconditionally waived, to the fullest extent permitted by law, any objection to the laying of venue in any such court or
that any such action, suit or proceeding has been brought in an inconvenient forum and (3) irrevocably appointed an agent in The City of New York for service of process in any action, suit or proceeding referred to in clause (2) above) and
such corporation expressly assumes all of the obligations of the Company under the Debt Securities, this Indenture, the Capital Securities Guarantee and the Declaration and (ii) after giving effect to any such consolidation, merger, sale,
conveyance, transfer or other disposition, no Default or Event of Default shall have occurred and be continuing. 
 Section 11.02
Successor Entity to be Substituted. 
 In case of any such consolidation, merger, sale, conveyance, transfer or other disposition
contemplated in Section 11.01 and upon the assumption by the successor corporation, by supplemental indenture, executed and delivered to the Trustee and reasonably satisfactory in form to the Trustee, of the due and punctual payment of the
principal of and premium, if any, and interest on all of the Debt Securities and the due and punctual performance and observance of all of the covenants and conditions of this Indenture to be performed or observed by the Company, such successor
corporation shall succeed to and be substituted for the Company, with the same effect as if it had been named herein as the Company, and thereupon the predecessor entity shall be relieved of any further liability or obligation hereunder or upon the
Debt Securities. Such successor corporation thereupon may cause to be signed, and may issue either in its own name or in the name of the Company, any or all of the Debt Securities issuable hereunder which theretofore shall not have been signed by
the Company and delivered to the Trustee or the Authenticating Agent; and, upon the order of such successor corporation instead 

  

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of the Company and subject to all the terms, conditions and limitations in this Indenture prescribed, the Trustee or the Authenticating Agent shall
authenticate and deliver any Debt Securities which previously shall have been signed and delivered by the officers of the Company to the Trustee or the Authenticating Agent for authentication, and any Debt Securities which such successor corporation
thereafter shall cause to be signed and delivered to the Trustee or the Authenticating Agent for that purpose. All the Debt Securities so issued shall in all respects have the same legal rank and benefit under this Indenture as the Debt Securities
theretofore or thereafter issued in accordance with the terms of this Indenture as though all of such Debt Securities had been issued at the date of the execution hereof. 
 Section 11.03 Opinion of Counsel to be Given to Trustee. 
 The Trustee, subject to the provisions
of Sections 6.01 and 6.02, shall receive, in addition to the Opinion of Counsel required by Section 9.05, an Opinion of Counsel as conclusive evidence that any consolidation, merger, sale, conveyance, transfer or other disposition, and any
assumption, permitted or required by the terms of this Article XI complies with the provisions of this Article XI. 
 ARTICLE XII 

SATISFACTION AND DISCHARGE OF INDENTURE 
 Section 12.01 Discharge of Indenture. 
 When (a) the Company shall deliver to the Trustee for cancellation all Debt
Securities theretofore authenticated (other than any Debt Securities which shall have been destroyed, lost or stolen and which shall have been replaced or paid as provided in Section 2.06) and not theretofore canceled, or (b) all the Debt
Securities not theretofore canceled or delivered to the Trustee for cancellation shall have become due and payable, or are by their terms to become due and payable within one year or are to be called for redemption within one year under arrangements
satisfactory to the Trustee for the giving of notice of redemption, and the Company shall deposit with the Trustee, in trust, funds, which shall be immediately due and payable, sufficient to pay at maturity or upon redemption all of the Debt
Securities (other than any Debt Securities which shall have been destroyed, lost or stolen and which shall have been replaced or paid as provided in Section 2.06) not theretofore canceled or delivered to the Trustee for cancellation, including
principal and premium, if any, and interest due or to become due to the Maturity Date, any Optional Redemption Date or the Special Redemption Date, as the case may be, but excluding, however, the amount of any moneys for the payment of principal of
and premium, if any, or interest on the Debt Securities (1) theretofore repaid to the Company in accordance with the provisions of Section 12.04, or (2) paid to any state or to the District of Columbia pursuant to its unclaimed
property or similar laws, and if in the case of either clause (a) or (b) above the Company shall also pay or cause to be paid all other sums payable hereunder by the Company, then this Indenture shall cease to be of further effect except
for the provisions of Sections 2.05, 2.06, 3.01, 3.02, 3.04, 6.06, 6.09 and 12.04 hereof, which shall survive until such Debt Securities shall mature or are redeemed, as the case may be, and are paid in full. Thereafter, Sections 6.06, 6.09 and
12.04 shall survive, and the Trustee, on demand of the Company accompanied by an Officers’ Certificate and an Opinion of Counsel, each stating that all conditions precedent herein provided for relating to the satisfaction and discharge of this

  

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Indenture have been complied with, and at the cost and expense of the Company, shall execute proper instruments acknowledging satisfaction of and discharging
this Indenture, the Company, however, hereby agreeing to reimburse the Trustee for any costs or expenses thereafter reasonably and properly incurred by the Trustee in connection with this Indenture or the Debt Securities. 
 Section 12.02 Deposited Moneys to be Held in Trust by Trustee. 
 Subject to the provisions of Section 12.04, all moneys deposited with the Trustee pursuant to Section 12.01 shall be held in trust and applied by it to the payment, either directly or through any Paying
Agent (including the Company if acting as its own Paying Agent), to the holders of the particular Debt Securities for the payment of which such moneys have been deposited with the Trustee, of all sums due and to become due thereon for principal,
premium, if any, and interest. 
 Section 12.03 Paying Agent to Repay Moneys Held. 
 Upon the satisfaction and discharge of this Indenture, all moneys then held by any Paying Agent of the Debt Securities (other than the Trustee) shall,
upon demand of the Company, be repaid to the Company or paid to the Trustee, and thereupon such Paying Agent shall be released from all further liability with respect to such moneys. 
 Section 12.04 Return of Unclaimed Moneys. 
 Any moneys deposited with or paid to the Trustee or any Paying Agent for payment of the principal of and premium, if any, or interest on Debt Securities and not applied but remaining unclaimed by the holders of Debt
Securities for two years after the date upon which the principal of and premium, if any, or interest on such Debt Securities, as the case may be, shall have become due and payable, shall be repaid to the Company by the Trustee or such Paying Agent
on written demand; and the holder of any of the Debt Securities shall thereafter look only to the Company for any payment which such holder may be entitled to collect and all liability of the Trustee or such Paying Agent with respect to such moneys
shall thereupon cease. 
 ARTICLE XIII 
 IMMUNITY OF INCORPORATORS, STOCKHOLDERS, 
 OFFICERS AND DIRECTORS 
 Section 13.01 Indenture and Debt Securities Solely Corporate Obligations. 
 No recourse for the payment of the principal of or premium, if any, or interest on any Debt Security, or for any claim based thereon or otherwise in
respect thereof, and no recourse under or upon any obligation, covenant or agreement of the Company in this Indenture or in any supplemental indenture, or in any such Debt Security, or because of the creation of any indebtedness represented thereby,
shall be had against any incorporator, stockholder, officer, director, employee or agent, as such, past, present or future, of the Company or of any predecessor or successor corporation of the Company, either directly or through the Company or any
successor corporation of the Company, whether by virtue of any constitution, statute or rule of law, or by the enforcement of any assessment or penalty or otherwise; it being expressly understood that all such liability is hereby expressly waived
and released as a condition of, and as a consideration for, the execution of this Indenture and the issue of the Debt Securities. 
  

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 ARTICLE XIV 
 MISCELLANEOUS PROVISIONS 
 Section 14.01 Successors. 
 All the covenants, stipulations, promises and agreements of the Company contained in this Indenture shall bind its successors and assigns, whether so
expressed or not. 
 Section 14.02 Official Acts by Successor Entity. 
 Any act or proceeding by any provision of this Indenture authorized or required to be done or performed by any board, committee or officer of the Company
shall and may be done and performed with like force and effect by the like board, committee, officer or other authorized Person of any entity that shall at the time be the lawful successor of the Company. 
 Section 14.03 Surrender of Company Powers. 
 The Company, by instrument in writing executed by authority of 2/3 (two thirds) of its Board of Directors and delivered to the Trustee, may surrender any of the powers reserved to the Company and thereupon such power
so surrendered shall terminate both as to the Company and as to any permitted successor. 
 Section 14.04 Addresses for Notices,
etc. 
 Any notice or demand which by any provision of this Indenture is required
or permitted to be given or served by the Trustee or by the Securityholders on the Company may be given or served in writing by being deposited postage prepaid by registered or certified mail in a post office letter box addressed (until another
address is filed by the Company with the Trustee for such purpose) to the Company at 41 West Riverside Avenue, Suite 400, Spokane, Washington 99201, Attention President, with a copy to: Foster Pepper PLLC, 601 SW 2nd Avenue, Suite 1800, Portland, Oregon 97204, Attention: Andrew Ognall, Esq. Any notice, direction, request or demand by any Securityholder or the Company to or upon the Trustee shall
be deemed to have been sufficiently given or made, for all purposes, if given or made in writing at the office of Wilmington Trust Company at Rodney Square North, 1100 North Market Street, Wilmington, DE 19890-0001, Attention: Corporate Capital
Markets. 
 Section 14.05 Governing Law. 
 This Indenture and the Debt Securities shall each be governed by, and construed in accordance with, the laws of the State of New York, without regard to conflict of laws principles of said State other than
Section 5-1401 of the New York General Obligations Law. 
  

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 Section 14.06 Evidence of Compliance with Conditions Precedent. 
 Upon any application or demand by the Company to the Trustee to take any action under any of the provisions of this Indenture, the Company shall furnish
to the Trustee an Officers’ Certificate stating that in the opinion of the signers all conditions precedent, if any, provided for in this Indenture relating to the proposed action have been complied with and an Opinion of Counsel stating that,
in the opinion of such counsel, all such conditions precedent have been complied with (except that no such Opinion of Counsel is required to be furnished to the Trustee in connection with the authentication and issuance of Debt Securities).

 Each certificate or opinion provided for in this Indenture and delivered to the Trustee with respect to compliance with a condition or
covenant provided for in this Indenture (except certificates delivered pursuant to Section 3.05) shall include (a) a statement that the person making such certificate or opinion has read such covenant or condition and the definitions
relating thereto; (b) a brief statement as to the nature and scope of the examination or investigation upon which the statements or opinions contained in such certificate or opinion are based; (c) a statement that, in the opinion of such
person, he or she has made such examination or investigation as is necessary to enable him or her to express an informed opinion as to whether or not such covenant or condition has been complied with; and (d) a statement as to whether or not,
in the opinion of such person, such condition or covenant has been complied with. 
 Section 14.07 Business Day Convention.

 Notwithstanding anything to the contrary contained herein, if any Interest Payment Date after the Interest Payment Date in
             2013, other than the Maturity Date, any Optional Redemption Date or the Special Redemption Date, falls on a day that is not a Business Day, then any interest payable
will be paid on, and such Interest Payment Date will be moved to, the next succeeding Business Day, and additional interest will accrue for each day that such payment is delayed as a result thereof. If any Interest Payment Date on or prior to the
Interest Payment Date in              2013, the Maturity Date, any Optional Redemption Date or the Special Redemption Date falls on a day that is not a Business Day, then the
principal, premium, if any, and/or interest payable on such date will be paid on the next succeeding Business Day, and no additional interest will accrue in respect of such payment made on such next succeeding Business Day. 
 Section 14.08 Table of Contents, Headings, etc. 
 The table of contents and the titles and headings of the Articles and Sections of this Indenture have been inserted for convenience of reference only, are not to be considered a part hereof, and shall in no way modify
or restrict any of the terms or provisions hereof. 
 Section 14.09 Execution in Counterparts. 
 This Indenture may be executed in any number of counterparts, each of which shall be an original, but such counterparts shall together constitute but one
and the same instrument. 
  

 53 

 Section 14.10 Separability. 
 In case any one or more of the provisions contained in this Indenture or in the Debt Securities shall for any reason be held to be invalid, illegal or
unenforceable in any respect, such invalidity, illegality or unenforceability shall not affect any other provisions of this Indenture or of such Debt Securities, but this Indenture and such Debt Securities shall be construed as if such invalid,
illegal or unenforceable provision had never been contained herein or therein. 
 Section 14.11 Assignment. 
 Subject to Article XI, the Company will have the right at all times to assign any of its rights or obligations under this Indenture and the Debt
Securities to a direct or indirect wholly owned Subsidiary of the Company; provided, however, that, in the event of any such assignment, the Company will remain liable for all such obligations. Subject to the foregoing, this Indenture
is binding upon and inures to the benefit of the parties hereto and their respective successors and assigns. This Indenture may not otherwise be assigned by the parties thereto. 
 Section 14.12 Acknowledgment of Rights. 
 The Company acknowledges that, with respect to any Debt Securities held by the Trust or a trustee of the Trust, if such trustee of the Trust fails to enforce its rights under this Indenture as the holder of Debt Securities held as the
assets of the Trust after the holders of a majority in aggregate liquidation amount of the outstanding Capital Securities of the Trust have so directed in writing such trustee, a holder of record of such Capital Securities may, to the fullest extent
permitted by law, institute legal proceedings directly against the Company to enforce such trustee’s rights under this Indenture without first instituting any legal proceedings against such trustee or any other Person. Notwithstanding the
foregoing, if an Event of Default has occurred and is continuing and such event is attributable to the failure of the Company to pay interest or premium, if any, on or principal of the Debt Securities on the date such interest, premium, if any, or
principal is otherwise due and payable (or, in the case of redemption, on the related Optional Redemption Date or the Special Redemption Date (as the case may be)), the Company acknowledges that a holder of outstanding Capital Securities of the
Trust may directly institute a proceeding against the Company for enforcement of payment to such holder directly of the principal of or premium, if any, or interest on the Debt Securities having an aggregate principal amount equal to the aggregate
liquidation amount of the Capital Securities of such holder on or after the respective due date (or Optional Redemption Date or Special Redemption Date (as the case may be)) specified in the Debt Securities. 
 ARTICLE XV 
 SUBORDINATION OF DEBT SECURITIES

 Section 15.01 Agreement to Subordinate. 
 The Company covenants and agrees, and each holder of Debt Securities issued hereunder and under any supplemental indenture (the “Additional Provisions”) by such holder’s acceptance thereof likewise
covenants and agrees, that all Debt Securities shall be issued subject to the provisions of this Article XV; and each holder of a Debt Security, whether upon original issue or upon transfer or assignment thereof, accepts and agrees to be bound by
such provisions. 
  

 54 

 The payment by the Company of the payments due on all Debt Securities issued hereunder and under any
Additional Provisions shall, to the extent and in the manner hereinafter set forth, be subordinated and junior in right of payment to the prior payment in full of all Senior Indebtedness of the Company, whether outstanding at the date of this
Indenture or thereafter incurred. 
 No provision of this Article XV shall prevent the occurrence of any default or Event of Default
hereunder. 
 Section 15.02 Default on Senior Indebtedness. 
 In the event and during the continuation of any default by the Company in the payment of principal, premium, interest or any other amount due on any
Senior Indebtedness of the Company following any applicable grace period, or in the event that the maturity of any Senior Indebtedness of the Company has been accelerated because of a default, and such acceleration has not been rescinded or canceled
and such Senior Indebtedness has not been paid in full, then, in either case, no payment shall be made by the Company with respect to the payments due on the Debt Securities. 
 In the event that, notwithstanding the foregoing, any payment shall be received by the Trustee or any Securityholder when such payment is prohibited by
the preceding paragraph of this Section, such payment shall, subject to Section 15.06, be held in trust for the benefit of, and shall be paid over or delivered to, the holders of Senior Indebtedness or their respective representatives, or to
the trustee or trustees under any indenture pursuant to which any of such Senior Indebtedness may have been issued, as their respective interests may appear, but only to the extent that the holders of the Senior Indebtedness (or their representative
or representatives or trustee) notify the Trustee in writing within 90 days of such payment of the amounts then due and owing on the Senior Indebtedness and only the amounts specified in such notice to the Trustee shall be paid to the holders of
Senior Indebtedness. 
 Section 15.03 Liquidation; Dissolution; Bankruptcy. 
 Upon any payment by the Company or distribution of assets of the Company of any kind or character, whether in cash, property or securities, to creditors
upon any dissolution, winding-up, liquidation or reorganization of the Company, whether voluntary or involuntary or in bankruptcy, insolvency, receivership or other proceedings, all amounts due upon all Senior Indebtedness of the Company shall first
be paid in full, or payment thereof provided for in money in accordance with its terms, before any payment is made by the Company on the Debt Securities; and upon any such dissolution, winding-up, liquidation or reorganization, any payment by the
Company, or distribution of assets of the Company of any kind or character, whether in cash, property or securities, to which the Securityholders or the Trustee would be entitled to receive from the Company, except for the provisions of this Article
XV, shall be paid by the Company, or by any receiver, trustee in bankruptcy, liquidating trustee, agent or other Person making such payment or distribution, or by the Securityholders or by the Trustee under 

  

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this Indenture if received by them or it, directly to the holders of Senior Indebtedness of the Company (pro rata to such holders on the basis of the
respective amounts of Senior Indebtedness held by such holders, as calculated by the Company) or their representative or representatives, or to the trustee or trustees under any indenture pursuant to which any instruments evidencing such Senior
Indebtedness may have been issued, as their respective interests may appear, to the extent necessary to pay such Senior Indebtedness in full, in money or money’s worth, after giving effect to any concurrent payment or distribution to or for the
holders of such Senior Indebtedness, before any payment or distribution is made to the Securityholders or to the Trustee. 
 In the event
that, notwithstanding the foregoing, any payment or distribution of assets of the Company of any kind or character, whether in cash, property or securities, prohibited by the foregoing shall be received by the Trustee or any Securityholder before
all Senior Indebtedness of the Company is paid in full, or provision is made for such payment in money in accordance with its terms, such payment or distribution shall be held in trust for the benefit of, and shall be paid over or delivered to, the
holders of such Senior Indebtedness or their representative or representatives, or to the trustee or trustees under any indenture pursuant to which any instruments evidencing such Senior Indebtedness may have been issued, as their respective
interests may appear, as calculated by the Company, for application to the payment of all Senior Indebtedness of the Company remaining unpaid to the extent necessary to pay such Senior Indebtedness in full in money in accordance with its terms,
after giving effect to any concurrent payment or distribution to or for the benefit of the holders of such Senior Indebtedness. 
 For
purposes of this Article XV, the words “cash, property or securities” shall not be deemed to include shares of stock of the Company as reorganized or readjusted, or securities of the Company or any other corporation provided for by a plan
of reorganization or readjustment, the payment of which is subordinated at least to the extent provided in this Article XV with respect to the Debt Securities to the payment of all Senior Indebtedness of the Company, that may at the time be
outstanding, provided, that (a) such Senior Indebtedness is assumed by the new corporation, if any, resulting from any such reorganization or readjustment, and (b) the rights of the holders of such Senior Indebtedness are not,
without the consent of such holders, altered by such reorganization or readjustment. The consolidation of the Company with, or the merger of the Company into, another corporation or the liquidation or dissolution of the Company following the
conveyance, transfer or other disposition of its property as an entirety, or substantially as an entirety, to another corporation upon the terms and conditions provided for in Article XI of this Indenture shall not be deemed a dissolution,
winding-up, liquidation or reorganization for the purposes of this Section if such other corporation shall, as a part of such consolidation, merger, conveyance or transfer, comply with the conditions stated in Article XI of this Indenture. Nothing
in Section 15.02 or in this Section shall apply to claims of, or payments to, the Trustee under or pursuant to Section 6.06 of this Indenture. 
 Section 15.04 Subrogation. 
 Subject to the payment in full of all Senior Indebtedness of the
Company, the Securityholders shall be subrogated to the rights of the holders of such Senior Indebtedness to receive payments or distributions of cash, property or securities of the Company applicable to such Senior Indebtedness until all payments
due on the Debt Securities shall be paid in full; and, 

  

 56 

 
for the purposes of such subrogation, no payments or distributions to the holders of such Senior Indebtedness of any cash, property or securities to which
the Securityholders or the Trustee would be entitled except for the provisions of this Article XV, and no payment over pursuant to the provisions of this Article XV to or for the benefit of the holders of such Senior Indebtedness by Securityholders
or the Trustee, shall, as between the Company, its creditors other than holders of Senior Indebtedness of the Company, and the holders of the Debt Securities be deemed to be a payment or distribution by the Company to or on account of such Senior
Indebtedness. It is understood that the provisions of this Article XV are, and are intended, solely for the purposes of defining the relative rights of the holders of the Debt Securities, on the one hand, and the holders of such Senior Indebtedness,
on the other hand. 
 Nothing contained in this Article XV or elsewhere in this Indenture, any Additional Provisions or in the Debt
Securities is intended to or shall impair, as between the Company, its creditors other than the holders of Senior Indebtedness of the Company, and the holders of the Debt Securities, the obligation of the Company, which is absolute and
unconditional, to pay to the holders of the Debt Securities all payments on the Debt Securities as and when the same shall become due and payable in accordance with their terms, or is intended to or shall affect the relative rights of the holders of
the Debt Securities and creditors of the Company other than the holders of Senior Indebtedness of the Company, nor shall anything herein or therein prevent the Trustee or the holder of any Debt Security from exercising all remedies otherwise
permitted by applicable law upon default under this Indenture, subject to the rights, if any, under this Article XV of the holders of such Senior Indebtedness in respect of cash, property or securities of the Company received upon the exercise of
any such remedy. 
 Upon any payment or distribution of assets of the Company referred to in this Article XV, the Trustee, subject to the
provisions of Article VI of this Indenture, and the Securityholders shall be entitled to conclusively rely upon any order or decree made by any court of competent jurisdiction in which such dissolution, winding-up, liquidation or reorganization
proceedings are pending, or a certificate of the receiver, trustee in bankruptcy, liquidation trustee, agent or other Person making such payment or distribution, delivered to the Trustee or to the Securityholders, for the purposes of ascertaining
the Persons entitled to participate in such distribution, the holders of Senior Indebtedness and other indebtedness of the Company, the amount thereof or payable thereon, the amount or amounts paid or distributed thereon and all other facts
pertinent thereto or to this Article XV. 
 Section 15.05 Trustee to Effectuate Subordination. 
 Each Securityholder, by such Securityholder’s acceptance thereof, authorizes and directs the Trustee on such Securityholder’s behalf to take
such action as may be necessary or appropriate to effectuate the subordination provided in this Article XV and appoints the Trustee such Securityholder’s attorney-in-fact for any and all such purposes. 
 Section 15.06 Notice by the Company. 
 The Company shall give prompt written notice to a Responsible Officer of the Trustee at the Principal Office of the Trustee of any fact known to the Company that would prohibit the making of any payment of moneys to or by the Trustee in
respect of the Debt 

  

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Securities pursuant to the provisions of this Article XV. Notwithstanding the provisions of this Article XV or any other provision of this Indenture or any
Additional Provisions, the Trustee shall not be charged with knowledge of the existence of any facts that would prohibit the making of any payment of moneys to or by the Trustee in respect of the Debt Securities pursuant to the provisions of this
Article XV unless and until a Responsible Officer of the Trustee at the Principal Office of the Trustee shall have received written notice thereof from the Company or a holder or holders of Senior Indebtedness or from any trustee therefor; and
before the receipt of any such written notice, the Trustee, subject to the provisions of Article VI of this Indenture, shall be entitled in all respects to assume that no such facts exist; provided, however, that if the Trustee shall
not have received the notice provided for in this Section at least two Business Days prior to the date upon which by the terms hereof any money may become payable for any purpose (including, without limitation, the payment of the principal of or
premium, if any, or interest on any Debt Security), then, anything herein contained to the contrary notwithstanding, the Trustee shall have full power and authority to receive such money and to apply the same to the purposes for which they were
received, and shall not be affected by any notice to the contrary that may be received by it within two Business Days prior to such date. 
 The Trustee, subject to the provisions of Article VI of this Indenture, shall be entitled to conclusively rely on the delivery to it of a written notice by a Person representing himself or herself to be a holder of Senior Indebtedness of
the Company (or a trustee or representative on behalf of such holder) to establish that such notice has been given by a holder of such Senior Indebtedness or a trustee or representative on behalf of any such holder or holders. In the event that the
Trustee determines in good faith that further evidence is required with respect to the right of any Person as a holder of such Senior Indebtedness to participate in any payment or distribution pursuant to this Article XV, the Trustee may request
such Person to furnish evidence to the reasonable satisfaction of the Trustee as to the amount of such Senior Indebtedness held by such Person, the extent to which such Person is entitled to participate in such payment or distribution and any other
facts pertinent to the rights of such Person under this Article XV, and, if such evidence is not furnished, the Trustee may defer any payment to such Person pending judicial determination as to the right of such Person to receive such payment.

 Section 15.07 Rights of the Trustee; Holders of Senior Indebtedness. 
 The Trustee, in its individual capacity, shall be entitled to all the rights set forth in this Article XV in respect of any Senior Indebtedness at any
time held by it, to the same extent as any other holder of Senior Indebtedness, and nothing in this Indenture or any Additional Provisions shall deprive the Trustee of any of its rights as such holder. 
 With respect to the holders of Senior Indebtedness of the Company, the Trustee undertakes to perform or to observe only such of its covenants and
obligations as are specifically set forth in this Article XV, and no implied covenants or obligations with respect to the holders of such Senior Indebtedness shall be read into this Indenture or any Additional Provisions against the Trustee. The
Trustee shall not owe or be deemed to owe any fiduciary duty to the holders of such Senior Indebtedness and, subject to the provisions of Article VI of this Indenture, the Trustee shall not be liable to any holder of such Senior Indebtedness if it
shall pay over or deliver to Securityholders, the Company or any other Person money or assets to which any holder of such Senior Indebtedness shall be entitled by virtue of this Article XV or otherwise. 
  

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 Nothing in this Article XV shall apply to claims of, or payments to, the Trustee under or pursuant to
Section 6.06. 
 Section 15.08 Subordination May Not Be Impaired. 
 No right of any present or future holder of any Senior Indebtedness of the Company to enforce subordination as herein provided shall at any time in any
way be prejudiced or impaired by any act or failure to act on the part of the Company, or by any act or failure to act, in good faith, by any such holder, or by any noncompliance by the Company, with the terms, provisions and covenants of this
Indenture, regardless of any knowledge thereof that any such holder may have or otherwise be charged with. 
 Without in any way limiting the
generality of the foregoing paragraph, the holders of Senior Indebtedness of the Company may, at any time and from time to time, without the consent of or notice to the Trustee or the Securityholders, without incurring responsibility to the
Securityholders and without impairing or releasing the subordination provided in this Article XV or the obligations hereunder of the holders of the Debt Securities to the holders of such Senior Indebtedness, do any one or more of the following:
(a) change the manner, place or terms of payment or extend the time of payment of, or renew or alter, such Senior Indebtedness, or otherwise amend or supplement in any manner such Senior Indebtedness or any instrument evidencing the same or any
agreement under which such Senior Indebtedness is outstanding; (b) sell, exchange, release or otherwise deal with any property pledged, mortgaged or otherwise securing such Senior Indebtedness; (c) release any Person liable in any manner
for the collection of such Senior Indebtedness; and (d) exercise or refrain from exercising any rights against the Company or any other Person. 
  

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 Wilmington Trust Company, in its capacity as Trustee, hereby accepts the trusts in this Indenture
declared and provided, upon the terms and conditions herein above set forth. 
 IN WITNESS WHEREOF, the parties hereto have caused this
Indenture to be duly executed by their respective officers thereunto duly authorized, as of the day and year first above written. 
  

			
	AMERICANWEST BANCORPORATION
		
	By:	 	  

	Name:	 	
	Title:	 	
	
	 WILMINGTON TRUST COMPANY,
 as Trustee

		
	By:	 	  

	Name:	 	
	Title:	 	

  

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