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Exhibit 10.8  

 
 

ESCROW AGREEMENT    
    

THIS AGREEMENT is made as of the    •     day of    •    , 2008. 

AMONG:

BE RESOURCES INC.

(the "Issuer") 

-and- 

EQUITY TRANSFER & TRUST COMPANY
  (the "Escrow Agent") 

-and-

THE PERSONS LISTED ON SCHEDULE "A" ATTACHED

HERETO
  (the "Securityholder" or "you" and collectively, the

"Securityholders") 

(collectively,
the "Parties") 

        THIS AGREEMENT is being entered into by the Parties under National Policy 46-201 Escrow for
Initial Public Offerings (the "Policy") in connection with the proposed distribution (the
"IPO"), by the Issuer, an emerging issuer (as such term is defined in the Policy), of common shares ("Common
Shares"); 

        FOR GOOD AND VALUABLE CONSIDERATION, the Parties agree as follows: 

ARTICLE 1 ESCROW  

1.1   Appointment of Escrow Agent  

        The Issuer and the Securityholders appoint the Escrow Agent to act as escrow agent under this Agreement. The Escrow Agent accepts the appointment. 

1.2   Deposit of Escrow Securities in Escrow  

	(a)
	You
are depositing the securities ("escrow securities") listed opposite your name in Schedule "A" with the Escrow Agent to be
held in escrow under this Agreement. You will immediately deliver or cause to be delivered to the Escrow Agent any share certificates or other evidence of these securities which you have or which you
may later receive.

	(b)
	If
you receive any other securities ("additional escrow securities"):

	(i)
	as
a dividend or other distribution on escrow securities;

	(ii)
	on
the exercise of a right of purchase, conversion or exchange attaching to escrow securities, including securities received on conversion of special warrants;

	(iii)
	on
a subdivision, or compulsory or automatic conversion or exchange of escrow securities; or

	(iv)
	from
a successor issuer in a business combination, if Part 6 of this Agreement applies, 

you
will deposit them in escrow with the Escrow Agent. You will deliver or cause to be delivered to the Escrow Agent any share certificates or other evidence of those additional escrow securities.
When this Agreement refers to escrow securities, it includes additional escrow securities. 

 

	(c)
	You
will immediately deliver to the Escrow Agent any replacement share certificates or other evidence of additional escrow securities issued to you. 

1.3   Direction to Escrow Agent  

        The Issuer and the Securityholders direct the Escrow Agent to hold the escrow securities in escrow until they are released from escrow under this Agreement. 

ARTICLE 2 RELEASE OF ESCROW SECURITIES  

2.1   Release Schedule for an Established Issuer  

	(a)
	Usual
case 

If
the Issuer is an established issuer (as defined in section 3.3 of the Policy) and you have not sold any escrow securities in a permitted secondary offering, your escrow securities will be
released as follows: 

	On                  , 2008, the date the Issuer's securities are listed on a Canadian exchange (the "listing date")	 	 1/4 of your escrow securities
	

6 months after the listing date	
 	

1/3 of your remaining escrow securities
	

12 months after the listing date	
 	

1/2 of your remaining escrow securities
	

18 months after the listing date	
 	

your remaining escrow securities

Notes:

	

	*In
the simplest case, where there are no changes to the escrow securities initially deposited and no additional escrow securities, then the release
schedule outlined above results in the escrow securities being released in equal tranches of 25%.

	(b)
	Alternate
meaning of "listing date" 

If
the Issuer is an established issuer, an alternate meaning for listing date is the date the Issuer completes its IPO if the Issuer's securities are listed on a Canadian exchange immediately before
its IPO. 

	(c)
	If
there is a permitted secondary offering

	(i)
	If
the Issuer is an established issuer and you have sold in a permitted secondary offering 25% or more of your escrow securities, your escrow securities will be released
as follows: 

	For delivery to complete the IPO	 	All escrow securities sold by you in the permitted secondary offering
	

6 months after the listing date	
 	

1/3 of your remaining escrow securities
	

12 months after the listing date	
 	

1/2 of your remaining escrow securities
	

18 months after the listing date	
 	

your remaining escrow securities

Notes:

	

	*In
the simplest case, where there are no changes to the remaining escrow securities upon completion of the permitted secondary offering and no additional
escrow securities, the release schedule outlined above results in the remaining escrow securities being released in equal tranches of 331/3%. 

2

 

	(d)
	If
the Issuer is an established issuer and you have sold in a permitted secondary offering less than 25% of your escrow securities, your escrow securities will be released as follows: 

	For delivery to complete the IPO	 	All escrow securities sold by you in the permitted secondary offering
	

On the listing date	
 	

1/4 of your original number of escrow securities less the escrow securities sold by you in the permitted secondary offering
	

6 months after the listing date	
 	

1/3 of your remaining escrow securities
	

12 months after the listing date	
 	

1/2 of your remaining escrow securities
	

18 months after the listing date	
 	

your remaining escrow securities

Notes:

	

	*In
the simplest case, where there are no changes to the remaining escrow securities upon completion of the permitted secondary offering and no additional
escrow securities, the release schedule outlined above results in the remaining escrow securities being released in equal tranches of 331/3% after completion of the release on the
listing date.

	(e)
	Additional
escrow securities 

If
you acquire additional escrow securities, those securities will be added to the securities already in escrow, to increase the number of remaining escrow securities. After that, all of the escrow
securities will be released in accordance with the applicable release schedule in the tables above. 

2.2   Release Schedule for an Emerging Issuer  

	(a)
	Usual
case 

If
the Issuer is an emerging issuer (as defined in section 3.3 of the Policy) and you have not sold any escrow securities in a permitted secondary offering, your escrow securities will be
released as follows: 

	On                  , 2008, the date the Issuer's securities are listed on a Canadian exchange (the "listing date")	 	 1/10 of your escrow securities
	

6 months after the listing date	
 	

1/6 of your remaining escrow securities
	

12 months after the listing date	
 	

1/5 of your remaining escrow securities
	

18 months after the listing date	
 	

1/4 of your remaining escrow securities
	

24 months after the listing date	
 	

1/3 of your remaining escrow securities
	

30 months after the listing date	
 	

1/2 of your remaining escrow securities
	

36 months after the listing date	
 	

your remaining escrow securities

Notes:

	

	*In
the simplest case, where there are no changes to the escrow securities initially deposited and no additional escrow securities, the release schedule
outlined above results in the escrow securities being released in equal tranches of 15% after completion of the release on the listing date. 

3

 

	(b)
	Alternate
meaning of "listing date" 

If
the Issuer is an emerging issuer, an alternate meaning for listing date is the date the Issuer completes its IPO if: 

	(i)
	the
Issuer's securities are not listed on a Canadian exchange immediately after its IPO; or

	(ii)
	the
Issuer's securities are listed on a Canadian exchange immediately before its IPO.

	(c)
	If
there is a permitted secondary offering

	(i)
	If
the Issuer is an emerging issuer and you have sold in a permitted secondary offering 10% or more of your escrow securities, your escrow securities will be released as
follows: 

	For delivery to complete the IPO	 	All escrow securities sold by you in the permitted secondary offering
	

6 months after the listing date	
 	

1/6 of your remaining escrow securities
	

12 months after the listing date	
 	

1/5 of your remaining escrow securities
	

18 months after the listing date	
 	

1/4 of your remaining escrow securities
	

24 months after the listing date	
 	

1/3 of your remaining escrow securities
	

30 months after the listing date	
 	

1/2 of your remaining escrow securities
	

36 months after the listing date	
 	

your remaining escrow securities

Notes:

	

	*In
the simplest case, where there are no changes to the remaining escrow securities upon completion of the permitted secondary offering and no additional
escrow securities, the release schedule outlined above results in the remaining escrow securities being released in equal tranches of 162/3%.

	(ii)
	If
the Issuer is an emerging issuer and you have sold in a permitted secondary offering less than 10% of your escrow securities, your escrow securities will be released
as follows: 

	For delivery to complete the IPO	 	All escrow securities sold by you in the permitted secondary offering
	

On the listing date	
 	

1/10 of your original number of escrow securities less the escrow securities sold by you in the permitted secondary offering
	

6 months after the listing date	
 	

1/6 of your remaining escrow securities
	

12 months after the listing date	
 	

1/5 of your remaining escrow securities
	

18 months after the listing date	
 	

1/4 of your remaining escrow securities
	

24 months after the listing date	
 	

1/3 of your remaining escrow securities
	

30 months after the listing date	
 	

1/2 of your remaining escrow securities
	

36 months after the listing date	
 	

your remaining escrow securities

Notes:

	

	*In
the simplest case, where there are no changes to the remaining escrow securities upon completion of the permitted secondary offering and no additional
escrow securities, the 

4

 

release
schedule outlined above results in the remaining escrow securities being released in equal tranches of 162/3% after completion of the release on the listing date. 

	(d)
	Additional
Escrow Securities 

If
you acquire additional escrow securities, those securities will be added to the securities already in escrow, to increase the number of remaining escrow securities. After that, all of the escrow
securities will be released in accordance with the applicable release schedule in the tables above. 

2.3   Delivery of Share Certificates for Escrow Securities  

        The Escrow Agent will send to each Securityholder any share certificates or other evidence of that Securityholder's escrow securities in the possession of the
Escrow Agent released from escrow as soon as reasonably practicable after the release. 

2.4   Replacement Certificates  

        If, on the date a Securityholder's escrow securities are to be released, the Escrow Agent holds a share certificate or other evidence representing more escrow
securities than are to be released, the Escrow Agent will deliver the share certificate or other evidence to the Issuer or its transfer agent and request replacement share certificates or other
evidence. The Issuer will cause replacement share certificates or other evidence to be prepared and delivered to the Escrow Agent. After the Escrow Agent receives the replacement share certificates or
other evidence, the Escrow Agent will send to the Securityholder or at
the Securityholder's direction, the replacement share certificate or other evidence of the escrow securities released. The Escrow Agent and Issuer will act as soon as reasonably practicable. 

2.5   Release upon Death  

	(a)
	If
a Securityholder dies, the Securityholder's escrow securities will be released from escrow immediately. The Escrow Agent will deliver any share certificates or other evidence of
the escrow securities in the possession of the Escrow Agent to the Securityholder's legal representative.

	(b)
	Prior
to delivery the Escrow Agent must receive:

	(i)
	a
certified copy of the death certificate; and

	(ii)
	any
evidence of the legal representative's status that the Escrow Agent may reasonably require. 

ARTICLE 3 EARLY RELEASE ON CHANGE OF ISSUER STATUS  

3.1   Becoming an Established Issuer  

        If the Issuer is an emerging issuer on the date of this Agreement and, during the term of this Agreement, the Issuer: 

	(a)
	lists
its securities on The Toronto Stock Exchange Inc.;

	(b)
	becomes
a TSX Venture Exchange Inc. ("TSX Venture") Tier 1 issuer; or

	(c)
	lists
or quotes its securities on an exchange or market outside Canada that its "principal regulator" or, if the Issuer has only filed its IPO prospectus in one jurisdiction, the
securities regulator in that jurisdiction, is satisfied has minimum listing requirements at least equal to those of TSX Venture Tier 1, 

then
the Issuer becomes an established issuer and the escrow securities shall be released in accordance with Section 3.2. 

5

 

3.2   Release of Escrow Securities  

	(a)
	When
an emerging issuer becomes an established issuer, the release schedule for its escrow securities changes.

	(b)
	If
an emerging issuer becomes an established issuer 18 months or more after its listing date, all escrow securities will be released immediately.

	(c)
	If
an emerging issuer becomes an established issuer within 18 months after its listing date, all escrow securities that would have been released to that time, if the Issuer had
been an established issuer on its listing date, will be released immediately. Remaining escrow securities will be released in equal installments on the day that is 6 months, 12 months
and 18 months after the listing date. 

3.3   Filing Requirements  

        Escrow securities will not be released under this Part until the Issuer does the following: 

	(a)
	at
least 20 days before the date of the first release of escrow securities under the new release schedule, files with the securities regulators in the jurisdictions in which it
is a reporting issuer

	(i)
	a
certificate signed by a director or officer of the Issuer authorized to sign stating

	(1)
	that
the Issuer has become an established issuer by satisfying one of the conditions in section 3.1 and specifying the condition, and

	(2)
	the
number of escrow securities to be released on the first release date under the new release schedule, and

	(ii)
	a
copy of a letter or other evidence from the exchange or quotation service confirming that the Issuer has satisfied the condition to become an established issuer; and

	(b)
	at
least 10 days before the date of the first release of escrow securities under the new release schedule, issues and files with the securities regulators in the jurisdictions
in which it is a reporting issuer a news release disclosing details of the first release of the escrow securities and the change in the release schedule, and sends a copy of such filing to the Escrow
Agent. 

3.4   Amendment of Release Schedule  

        The new release schedule will apply 10 days after the Escrow Agent receives a certificate signed by a director or officer of the Issuer authorized to sign 

	(a)
	stating
that the Issuer has become an established issuer by satisfying one of the conditions in section 3.1 and specifying the condition;

	(b)
	stating
that the release schedule for the Issuer's escrow securities has changed;

	(c)
	stating
that the Issuer has issued a news release at least 10 days before the first release date under the new release schedule and specifying the date that the news release
was issued; and

	(d)
	specifying
the new release schedule. 

ARTICLE 4 DEALING WITH ESCROW SECURITIES  

4.1   Restriction on Transfer, etc.  

        Unless it is expressly permitted in this Agreement, you will not sell, transfer, assign, mortgage, enter into a derivative transaction concerning, or otherwise
deal in any way with your escrow securities or any related share certificates or other evidence of the escrow securities. If a Securityholder is a 

6

 

private
company controlled by one or more principals (as defined in section 3.5 of the Policy) of the Issuer, the Securityholder may not participate in a transaction that results in a change of
its control or a change in the economic exposure of the principals to the risks of holding escrow securities. 

4.2   Pledge, Mortgage or Charge as Collateral for a Loan  

        You may pledge, mortgage or charge your escrow securities to a financial institution as collateral for a loan, provided that no escrow securities or any share
certificates or other evidence of escrow securities will be transferred or delivered by the Escrow Agent to the financial institution for this purpose. The loan agreement must provide that the escrow
securities will remain in escrow if the lender realizes on the escrow securities to satisfy the loan. 

4.3   Voting of Escrow Securities  

        You may exercise any voting rights attached to your escrow securities. 

4.4   Dividends on Escrow Securities  

        You may receive a dividend or other distribution on your escrow securities, and elect the manner of payment from the standard options offered by the Issuer. If
the Escrow Agent receives a dividend or other distribution on your escrow securities, other than additional escrow securities, the Escrow Agent will pay the dividend or other distribution to you on
receipt. 

4.5   Exercise of Other Rights Attaching to Escrow Securities  

        You may exercise your rights to exchange or convert your escrow securities in accordance with this Agreement. 

ARTICLE 5 PERMITTED TRANSFERS WITHIN ESCROW  

5.1   Transfer to Directors and Senior Officers  

	(a)
	You
may transfer escrow securities within escrow to existing or, upon their appointment, incoming directors or senior officers of the Issuer or any of its material operating
subsidiaries, if the Issuer's board of directors has approved the transfer.

	(b)
	Prior
to the transfer the Escrow Agent must receive:

	(i)
	a
certified copy of the resolution of the board of directors of the Issuer approving the transfer;

	(ii)
	a
certificate signed by a director or officer of the Issuer authorized to sign, stating that the transfer is to a director or senior officer of the Issuer or a material
operating subsidiary and that any required approval from the Canadian exchange the Issuer is listed on has been received;

	(iii)
	an
acknowledgment in the form of Schedule "B" signed by the transferee;

	(iv)
	copies
of the letters sent to the securities regulators described in subsection (c) accompanying the acknowledgement; and

	(v)
	a
transfer power of attorney, completed and executed by the transferor in accordance with the requirements of the Issuer's transfer agent.

	(c)
	At
least 10 days prior to the transfer, the Issuer will file a copy of the acknowledgement with the securities regulators in the jurisdictions in which it is a reporting
issuer. 

7

 

5.2   Transfer to Other Principals  

	(a)
	You
may transfer escrow securities within escrow:

	(i)
	to
a person or company that before the proposed transfer holds more than 20% of the voting rights attached to the Issuer's outstanding securities; or

	(ii)
	to
a person or company that after the proposed transfer

	(A)
	will
hold more than 10% of the voting rights attached to the Issuer's outstanding securities, and

	(B)
	has
the right to elect or appoint one or more directors or senior officers of the Issuer or any of its material operating subsidiaries.

	(b)
	Prior
to the transfer the Escrow Agent must receive:

	(i)
	a
certificate signed by a director or officer of the Issuer authorized to sign stating that

	(A)
	the
transfer is to a person or company that the officer believes, after reasonable investigation, holds more than 20% of the voting rights attached to the Issuer's outstanding
securities before the proposed transfer, or

	(B)
	the
transfer is to a person or company that:

	(I)
	the
officer believes, after reasonable investigation, will hold more than 10% of the voting rights attached to the Issuer's outstanding securities, and

	(II)
	has
the right to elect or appoint one or more directors or senior officers of the Issuer or any of its material operating subsidiaries 

after
the proposed transfer, and 

	(C)
	any
required approval from the Canadian exchange the Issuer is listed on has been received;

	(ii)
	an
acknowledgment in the form of Schedule "B" signed by the transferee;

	(iii)
	copies
of the letters sent to the securities regulators accompanying the acknowledgement; and

	(iv)
	a
transfer power of attorney, executed by the transferor in accordance with the requirements of the Issuer's transfer agent.

	(c)
	At
least 10 days prior to the transfer, the Issuer will file a copy of the acknowledgement with the securities regulators in the jurisdictions in which it is a reporting
issuer. 

5.3   Transfer upon Bankruptcy  

	(a)
	You
may transfer escrow securities within escrow to a trustee in bankruptcy or another person or company entitled to escrow securities on bankruptcy.

	(b)
	Prior
to the transfer, the Escrow Agent must receive:

	(i)
	a
certified copy of either:

	(1)
	the
assignment in bankruptcy filed with the Superintendent of Bankruptcy, or

	(2)
	the
receiving order adjudging the Securityholder bankrupt;

	(ii)
	a
certified copy of a certificate of appointment of the trustee in bankruptcy; 

8

 

	(iii)
	a
transfer power of attorney, completed and executed by the transferor in accordance with the requirements of the Issuer's transfer agent; and

	(iv)
	an
acknowledgment in the form of Schedule "B" signed by:

	(1)
	the
trustee in bankruptcy, or

	(2)
	on
direction from the trustee, with evidence of that direction attached to the acknowledgment form, another person or company legally entitled to the escrow securities.

	(c)
	Within
10 days after the transfer, the transferee of the escrow securities will file a copy of the acknowledgment with the securities regulators in the jurisdictions in
which the Issuer is a reporting issuer. 

5.4   Transfer Upon Realization of Pledged, Mortgaged or Charged Escrow Securities  

	(a)
	You
may transfer within escrow to a financial institution the escrow securities you have pledged, mortgaged or charged under section 4.2 to that financial institution as
collateral for a loan on realization of the loan.

	(b)
	Prior
to the transfer the Escrow Agent must receive:

	(i)
	a
statutory declaration of an officer of the financial institution that the financial institution is legally entitled to the escrow securities;

	(ii)
	a
transfer power of attorney, executed by the transferor in accordance with the requirements of the Issuer's transfer agent; and

	(iii)
	an
acknowledgement in the form of Schedule "B" signed by the financial institution.

	(c)
	Within
10 days after the transfer, the transferee of the escrow securities will file a copy of the acknowledgment with the securities regulators in the jurisdictions in
which the Issuer is a reporting issuer. 

5.5   Transfer to Certain Plans and Funds  

	(a)
	You
may transfer escrow securities within escrow to or between a registered retirement savings plan (RRSP), registered retirement income fund (RRIF) or other similar registered plan
or fund with a trustee, where the annuitant of the RRSP or RRIF, or the beneficiaries of the other registered plan or fund are limited to you and your spouse, children and parents, or, if you are the
trustee of such a registered plan or fund, to the annuitant of the RRSP or RRIF, or a beneficiary of the other registered plan or fund, as applicable, or his or her spouse, children and parents.

	(b)
	Prior
to the transfer the Escrow Agent must receive:

	(i)
	evidence
from the trustee of the transferee plan or fund, or the trustee's agent, stating that, to the best of the trustee's knowledge, the annuitant of the RRSP or
RRIF, or the beneficiaries of the other registered plan or fund do not include any person or company other than you and your spouse, children and parents;

	(ii)
	a
transfer power of attorney, executed by the transferor in accordance with the requirements of the Issuer's transfer agent; and

	(iii)
	an
acknowledgement in the form of Schedule "B" signed by the trustee of the plan or fund. 

9

 

 

	(c)
	Within
10 days after the transfer, the transferee of the escrow securities will file a copy of the acknowledgment with the securities regulators in the jurisdictions in
which the Issuer is a reporting issuer. 

5.6   Effect of Transfer Within Escrow  

        After the transfer of escrow securities within escrow, the escrow securities will remain in escrow and released from escrow under this Agreement as if no transfer
has occurred on the same terms that applied before the transfer. The Escrow Agent will not deliver any share certificates or other evidence of the escrow securities to transferees under this
Part 5. 

ARTICLE 6 BUSINESS COMBINATIONS  

6.1   Business Combinations  

        This Part applies to the following ("business combinations"): 

	(a)
	a
formal take-over bid for all outstanding equity securities of the Issuer or which, if successful, would result in a change of control of the Issuer;

	(b)
	a
formal issuer bid for all outstanding equity securities of the Issuer;

	(c)
	a
statutory arrangement;

	(d)
	an
amalgamation;

	(e)
	a
merger; or

	(f)
	a
reorganization that has an effect similar to an amalgamation or merger. 

6.2   Delivery to Escrow Agent  

        You may tender your escrow securities to a person or company in a business combination. At least five business days prior to the date the escrow securities must
be tendered under the business combination, you must deliver to the Escrow Agent: 

	(a)
	a
written direction signed by you that directs the Escrow Agent to deliver to the depositary under the business combination any share certificates or other evidence of the escrow
securities and a completed and executed cover letter or similar document and, where required, transfer power of attorney completed and executed for transfer in accordance with the requirements of the
depositary, and any other documentation specified or provided by you and required to be delivered to the depositary under the business combination; and

	(b)
	any
other information concerning the business combination as the Escrow Agent may reasonably request. 

6.3   Delivery to Depositary  

        As soon as reasonably practicable, and in any event no later than three business days after the Escrow Agent receives the documents and information required under
section 6.2, the Escrow Agent will deliver to the depositary, in accordance with the direction, any share certificates or other evidence of the escrow securities, and a letter addressed to the
depositary that: 

	(a)
	identifies
the escrow securities that are being tendered;

	(b)
	states
that the escrow securities are held in escrow;

	(c)
	states
that the escrow securities are delivered only for the purposes of the business combination and that they will be released from escrow only after the Escrow Agent receives the
information described in section 6.4; 

10

 

	(d)
	if
any share certificates or other evidence of the escrow securities have been delivered to the depositary, requires the depositary to return to the Escrow Agent, as soon as
practicable, any share certificates or other evidence of escrow securities that are not released from escrow into the business combination; and

	(e)
	where
applicable, requires the depositary to deliver or cause to be delivered to the Escrow Agent, as soon as practicable, any share certificates or other evidence of additional
escrow securities that you acquire under the business combination. 

6.4   Release of Escrow Securities to Depositary  

        The Escrow Agent will release from escrow the tendered escrow securities when the Escrow Agent receives a declaration signed by the depositary or, if the
direction identifies the depositary as acting on behalf of another person or company in respect of the business combination, by that other person or company, that: 

	(a)
	the
terms and conditions of the business combination have been met or waived; and

	(b)
	the
escrow securities have either been taken up and paid for or are subject to an unconditional obligation to be taken up and paid for under the business combination. 

6.5   Escrow of New Securities  

        If you receive securities ("new securities") of another issuer ("successor
issuer") in exchange for your escrow securities, the new securities will be subject to escrow in substitution for the tendered escrow securities if, immediately after
completion of the business combination: 

	(a)
	the
successor issuer is not an exempt issuer (as defined in section 3.2 of the Policy);

	(b)
	you
are a principal (as defined in section 3.5 of the Policy) of the successor issuer; and

	(c)
	you
hold more than 1% of the voting rights attached to the successor issuer's outstanding securities. (In calculating this percentage, include securities that may be issued to you
under outstanding convertible securities in both your securities and the total securities outstanding.) 

6.6   Release from Escrow of New Securities  

	(a)
	As
soon as reasonably practicable after the Escrow Agent receives:

	(i)
	a
certificate from the successor issuer signed by a director or officer of the successor issuer authorized to sign

	(1)
	stating
that it is a successor issuer to the Issuer as a result of a business combination and whether it is an emerging issuer or an established issuer under the Policy, and

	(2)
	listing
the Securityholders whose new securities are subject to escrow under section 6.5, 

the
escrow securities of the Securityholders whose new securities are not subject to escrow under section 6.5 will be released, and the Escrow Agent will send any share certificates or other
evidence of the escrow securities in the possession of the Escrow Agent in accordance with section 2.3. 

	(b)
	If
your new securities are subject to escrow, unless subsection (c) applies, the Escrow Agent will hold your new securities in escrow on the same terms and conditions,
including release dates, as applied to the escrow securities that you exchanged.

	(c)
	If
the Issuer is 

11

 

	(i)
	an
emerging issuer, the successor issuer is an established issuer, and the business combination occurs 18 months or more after the Issuer's listing date, all
escrow securities will be released immediately; and

	(ii)
	an
emerging issuer, the successor issuer is an established issuer, and the business combination occurs within 18 months after the Issuer's listing date, all
escrow securities that would have been released to that time, if the Issuer was an established issuer on its listing date, will be released immediately. Remaining escrow securities will be released in
equal instalments on the day that is 6 months, 12 months and 18 months after the Issuer's listing date. 

ARTICLE 7 RESIGNATION OF ESCROW AGENT  

7.1   Resignation of Escrow Agent  

	(a)
	If
the Escrow Agent wishes to resign as escrow agent, the Escrow Agent will give written notice to the Issuer.

	(b)
	If
the Issuer wishes to terminate the Escrow Agent as escrow agent, the Issuer will give written notice to the Escrow Agent.

	(c)
	If
the Escrow Agent resigns or is terminated, the Issuer will be responsible for ensuring that the Escrow Agent is replaced not later than the resignation or termination date by
another escrow agent that is acceptable to the securities regulators having jurisdiction in the matter and that has accepted such appointment, which appointment will be binding on the Issuer and the
Securityholders.

	(d)
	The
resignation or termination of the Escrow Agent will be effective, and the Escrow Agent will cease to be bound by this Agreement, on the date that is 60 days after the date
of receipt of the notices referred to above by the Escrow Agent or Issuer, as applicable, or on such other date as the Escrow Agent and the Issuer may agree upon (the "resignation or termination
date"), provided that the resignation or termination date will not be less than 10 business days before a release date.

	(e)
	If
the Issuer has not appointed a successor escrow agent within 60 days of the resignation or termination date, the Escrow Agent will apply, at the Issuer's expense, to a court
of competent jurisdiction for the appointment of a successor escrow agent, and the duties and responsibilities of the Escrow Agent will cease immediately upon such appointment.

	(f)
	On
any new appointment under this section, the successor Escrow Agent will be vested with the same powers, rights, duties and obligations as if it had been originally named herein as
Escrow Agent, without any further assurance, conveyance, act or deed. The predecessor Escrow Agent, upon receipt of payment for any outstanding account for its services and expenses then unpaid, will
transfer, deliver and pay over to the successor Escrow Agent, who will be entitled to receive, all securities, records or other property on deposit with the predecessor Escrow Agent in relation to
this Agreement and the predecessor Escrow Agent will thereupon be discharged as Escrow Agent.

	(g)
	If
any changes are made to Part 8 of this Agreement as a result of the appointment of the successor Escrow Agent, those changes must not be inconsistent with the Policy and the
terms of this Agreement and the Issuer to this Agreement will file a copy of the new Agreement with the securities regulators with jurisdiction over this Agreement and the escrow securities. 

12

 

ARTICLE 8 OTHER CONTRACTUAL ARRANGEMENTS  

8.1   Escrow Agent Not a Trustee  

        The Escrow Agent accepts duties and responsibilities under this Agreement, and the escrow securities and any share certificates or other evidence of these
securities, solely as a custodian, bailee and agent. No trust is intended to be, or is or will be, created hereby and the Escrow Agent shall owe no duties hereunder as a trustee. 

8.2   Escrow Agent Not Responsible for Genuineness  

        The Escrow Agent will not be responsible or liable in any manner whatever for the sufficiency, correctness, genuineness or validity of any escrow security
deposited with it. 

8.3   Escrow Agent Not Responsible for Furnished Information  

        The Escrow Agent will have no responsibility for seeking, obtaining, compiling, preparing or determining the accuracy of any information or document, including
the representative capacity in which a party purports to act, that the Escrow Agent receives as a condition to a release from escrow or a transfer of escrow securities within escrow under this
Agreement. 

8.4   Escrow Agent Not Responsible after Release  

        The Escrow Agent will have no responsibility for escrow securities that it has released to a Securityholder or at a Securityholder's direction according to this
Agreement. 

8.5   Indemnification of Escrow Agent  

	(a)
	The
Issuer does hereby, and to the extent any Securityholder is directly responsible, then the Issuer together with such Securityholder jointly and severally does hereby:

	(i)
	release,
indemnify and save harmless the Escrow Agent from all liabilities, actions, costs (including legal costs, expenses and disbursements), charges, claims, demands,
damages, losses and expenses resulting from or arising out of the Escrow Agent's performance of its duties under this Agreement in good faith and without negligence;

	(ii)
	agree
not to make or bring a claim or demand, or commence any action, against the Escrow Agent in respect of its performance of its duties under this Agreement in good
faith and without negligence; and

	(iii)
	agree
to indemnify and save harmless the Escrow Agent from all costs (including legal costs, expenses and disbursements) and damages that the Escrow Agent incurs or is
required by law to pay as a result of any person's claim, demand or action in connection with the Escrow Agent's performance of its duties under this Agreement in good faith and without negligence.

	(b)
	This
indemnity survives the release of the escrow securities, the resignation or termination of the Escrow Agent and the termination of this Agreement.

	(c)
	The
Escrow Agent shall be liable for claims or damages only to an aggregate maximum amount equal to the amount of fees paid by the Issuer to the Escrow Agent under this agreement
hereunder in the twelve months preceding the last of the events giving rise to such claims or damages, except to the extent that the Escrow Agent has acted in bad faith or engaged in willful
misconduct. In no event shall the Escrow Agent be liable for indirect or consequential damages. 

13

 

8.6   Additional Provisions  

	(a)
	The
Escrow Agent will be protected in acting and relying reasonably upon any notice, direction, instruction, order, certificate, confirmation, request, waiver, consent, receipt,
statutory declaration or other paper or document (collectively referred to as "Documents") furnished to it and purportedly signed by any officer or
person required to or entitled to execute and deliver to the Escrow Agent any such Document in connection with this Agreement, not only as to its due execution and the validity and effectiveness of
its provisions, but also as to the truth or accuracy of any information therein contained, which it in good faith believes to be genuine.

	(b)
	The
Escrow Agent will not be bound by any notice of a claim or demand with respect to this Agreement, or any waiver, modification, amendment, termination or rescission of this
Agreement unless received by it in writing, signed by the other Parties, and such waiver, modification, amendment, termination or rescission is not inconsistent with the Policy, and, if the duties or
indemnification of the Escrow Agent in this Agreement are affected, unless it has given its prior written consent.

	(c)
	The
Escrow Agent may consult with or retain such legal counsel and advisors as it may reasonably require for the purpose of discharging its duties or determining its rights under this
Agreement and may rely and act upon the advice of such counsel or advisor. The Escrow Agent will give written notice to the Issuer as soon as practicable that it has retained legal counsel or other
advisors. The Issuer will pay or reimburse the Escrow Agent for any reasonable fees, expenses and disbursements of such counsel or advisors.

	(d)
	In
the event of any disagreement arising under the terms of this Agreement, the Escrow Agent will be entitled, at its option, to refuse to comply with any and all demands whatsoever
until the dispute is settled either by a written agreement among the Parties or by a court of competent jurisdiction.

	(e)
	The
Escrow Agent will have no duties or responsibilities except as expressly provided in this Agreement and will have no duty or responsibility under the Policy or arising under any
other agreement, including any agreement referred to in this Agreement, to which the Escrow Agent is not a party.

	(f)
	The
Escrow Agent will have the right not to act and will not be liable for refusing to act unless it has received clear and reasonable documentation that complies with the terms of
this Agreement. Such documentation must not require the exercise of any discretion or independent judgment.

	(g)
	The
Escrow Agent is authorized to cancel any share certificate delivered to it and hold the Securityholder's escrow securities in electronic, or uncertificated form only, pending
release of such securities from escrow.

	(h)
	The
Escrow Agent will have no responsibility with respect to any escrow securities in respect of which no share certificate or other evidence or electronic or uncertificated form of
these securities has been delivered to it, or otherwise received by it. 

8.7   Limitation of Liability of Escrow Agent  

        The Escrow Agent will not be liable to any of the Parties hereunder for any action taken or omitted to be taken by it under or in connection with this Agreement,
except for losses directly, principally and immediately caused by its bad faith, wilful misconduct or gross negligence. Under no circumstances will the Escrow Agent be liable for any special,
indirect, incidental, consequential, exemplary, aggravated or punitive losses or damages hereunder, including any loss of profits, whether foreseeable or unforeseeable. Notwithstanding the foregoing
or any other provision of this Agreement, 

14

 

in
no event will the collective liability of the Escrow Agent under or in connection with this Agreement to any one or more Parties, except for losses directly caused by its bad faith or wilful
misconduct, exceed the amount of its annual fees under this Agreement or the amount of three thousand dollars ($3,000.00), whichever amount shall be greater. 

8.8   Remuneration of Escrow Agent  

        The Issuer will pay the Escrow Agent reasonable remuneration for its services under this Agreement, which fees are subject to revision from time to time on
30 days' written notice. The Issuer will reimburse the Escrow Agent for its expenses and disbursements. Any amount due under this section and unpaid 30 days after request for such
payment, will bear interest from the expiration of such period at a rate per annum equal to the then current rate charged by the Escrow Agent, payable on demand. 

8.9   Notice to Escrow Agent  

        The Issuer shall forthwith provide a copy of the Exchange Bulletin, confirmation of listing and posting for trading of the subject escrowed shares or such other
relevant document to the Escrow Agent as it shall require in order to make the required releases. No duty shall rest with the Escrow Agent to obtain this information independently nor shall it be held
liable for any loss, claim, suit or action, howsoever caused by any delay in providing this information to it. 

ARTICLE 9 NOTICES  

9.1   Notice to Escrow Agent  

        Documents will be considered to have been delivered to the Escrow Agent on the next business day following the date of transmission, if delivered by fax, the date
of delivery, if delivered by hand during normal business hours or by prepaid courier, or 5 business days after the date of mailing, if delivered by mail, to the following: 

Equity
Transfer & Trust Company

200 University Avenue

Suite 400

Toronto, ON

M5H 4H1 

Attention:

Fax Number: (416) 361-0470 

9.2   Notice to Issuer  

        Documents will be considered to have been delivered to the Issuer on the next business day following the date of transmission, if delivered by fax, the date of
delivery, if delivered by hand during normal business hours or by prepaid courier, or 5 business days after the date of mailing, if delivered by mail, to the following: 

BE
Resources Inc.

107 Hackney Circle

Elephant Butte, New Mexico

87935 

Attention:
David Q. Tognoni

Fax Number: (575) 741-1527 

15

 

With
a copy to: 

Fraser
Milner Casgrain LLP

Suite 3900

1 First Canadian Place, 100 King Street West

Toronto, Ontario

M5X 1B2 

Attention:
Jenny Chu Steinberg

Fax Number: (416) 863-4592 

9.3   Deliveries to Securityholders  

        Documents will be considered to have been delivered to a Securityholder on the date of delivery, if delivered by hand or by prepaid courier, or 5 business days
after the date of mailing, if delivered by mail, to the address on the Issuer's share register. 

        Any
share certificates or other evidence of a Securityholder's escrow securities will be sent to the Securityholder's address on the Issuer's share register unless the Securityholder has
advised the Escrow Agent in writing otherwise at least ten business days before the escrow securities are released from escrow. The Issuer will provide the Escrow Agent with each Securityholder's
address as listed on the Issuer's share register. 

9.4   Change of Address  

	(a)
	The
Escrow Agent may change its address for delivery by delivering notice of the change of address to the Issuer and to each Securityholder.

	(b)
	The
Issuer may change its address for delivery by delivering notice of the change of address to the Escrow Agent and to each Securityholder.

	(c)
	A
Securityholder may change that Securityholder's address for delivery by delivering notice of the change of address to the Issuer and to the Escrow Agent. 

9.5   Postal Interruption  

        A Party to this Agreement will not mail a document it is required to mail under this Agreement if the Party is aware of an actual or impending disruption of
postal service. 

ARTICLE 10 GENERAL  

10.1 Interpretation—"holding securities" 

        When
this Agreement refers to securities that a Securityholder "holds", it means that the Securityholder has direct or indirect beneficial ownership of, or control or direction over, the
securities. 

10.2 Further Assurances  

        The Parties will execute and deliver any further documents and perform any further acts reasonably requested by any of the Parties to this Agreement which are
necessary to carry out the intent of this Agreement. 

10.3 Time  

        Time is of the essence of this Agreement. 

16

 

10.4 Incomplete IPO  

        If the Issuer does not complete its IPO and has become a reporting issuer in one or more jurisdictions because it has obtained a receipt for its IPO prospectus,
this Agreement will remain in effect until the securities regulators in those jurisdictions order that the Issuer has ceased to be a reporting issuer. 

10.5 Governing Laws  

        The laws of the Province of Ontario (the "Principal Regulator") and the applicable laws of Canada will govern this
Agreement. 

10.6 Jurisdiction  

        The securities regulator in each jurisdiction where the Issuer files its IPO prospectus has jurisdiction over this Agreement and the escrow securities. 

10.7 Consent of Securities Regulators to Amendment  

        Except for amendments made under Part 3, the securities regulators with jurisdiction must approve any amendment to this Agreement and will apply mutual
reliance principles in reviewing any amendments that are filed with them. Therefore, the consent of the Principal Regulator will evidence the consent of all securities regulators with jurisdiction. 

10.8 Counterparts  

        The Parties may execute this Agreement by fax and in counterparts, each of which will be considered an original and all of which will be one agreement. 

10.9 Singular and Plural  

        Wherever a singular expression is used in this Agreement, that expression is considered as including the plural or the body corporate where required by the
context. 

10.10  Language  

        This Agreement has been drawn up in the English language at the request of all Parties. Cette convention a été
rédigé en anglais à la demande de toutes les Parties. 

10.11  Benefit and Binding Effect  

        This Agreement will benefit and bind the Parties and their heirs, executors, administrators, successors and permitted assigns and all persons claiming through
them as if they had been a Party to this Agreement. 

10.12  Entire Agreement  

        This is the entire agreement among the Parties concerning the subject matter set out in this Agreement and supersedes any and all prior understandings and
agreements. 

10.13  Successor to Escrow Agent  

        Any corporation with which the Escrow Agent may be amalgamated, merged or consolidated, or any corporation succeeding to the business of the Escrow Agent will be
the successor of the Escrow Agent under this Agreement without any further act on its part or on the part or any of the Parties, provided that the successor is recognized as a transfer agent by the
Canadian exchange the Issuer is listed on (or if the Issuer is not listed on a Canadian exchange, by any Canadian exchange) and notice is given to the securities regulators with jurisdiction. 

[REMAINDER OF THE PAGE INTENTIONALLY LEFT BLANK]

17

 

  
        The Parties have executed and delivered this Agreement as of the date set out above. 

	
SIGNED, SEALED AND DELIVERED	
 	
)	
 	

 
	in the presence of	 	)	 	 
	 	 	)	 	 
	
	 	)	 	

	WITNESS	 	)	 	DAVID Q. TOGNONI
	

	 	)	 	 
	NAME:	 	 	 	 
	

SIGNED, SEALED AND DELIVERED	
 	
)	
 	

 
	in the presence of	 	)	 	 
	 	 	)	 	 
	
	 	)	 	

	WITNESS	 	)	 	EDWARD GODIN
	

	 	)	 	 
	NAME:	 	 	 	 
	

SIGNED, SEALED AND DELIVERED	
 	
)	
 	

 
	in the presence of	 	)	 	 
	 	 	)	 	 
	WITNESS	 	)	 	STEWART JACKSON
	 	 	)	 	 
	NAME:	 	 	 	 

	

 	
 	

 	
 	
GREAT WESTERN EXPLORATION, LLC
	

 	
 	

 	
 	

Per:	
 	

 
Name: 

Title:  
	

 	
 	

 	
 	

Per:	
 	

 
Name:  

Title:  

18

 

	 	 	 	 	EQUITY TRANSFER & TRUST COMPANY
	

 	
 	

 	
 	

Per:	
 	

 
Name: 

Title:  
	

 	
 	

 	
 	

Per:	
 	

 
Name:  

Title:
	

 	
 	

 	
 	

BE RESOURCES INC.
	

 	
 	

 	
 	

Per:	
 	

 
Name:  

Title:  
	

 	
 	

 	
 	

Per:	
 	

 
Name:  

Title:  

19

 SCHEDULE "A"  

Securityholder  

Name: David Q. Tognoni  

Address: 107 Hackney Circle, Elephant Butte, New Mexico, 87935  

Signature:  

Securities:  

	Class or Description
	 	Number
	 	Certificate(s) (if applicable)

	Common Shares	 	1,000,000	 	•
	Options	 	400,000	 	 

Securityholder  

Name: Edward Godin  

Address: 2241 Oneida Cres., Mississauga, Ontario L5C 1V7  

Signature:  

Securities:  

	Class or Description
	 	Number
	 	Certificate(s) (if applicable)

	Common Shares	 	1,000,000	 	•
	Options	 	500,000	 	 

Securityholder  

Name: Stewart Jackson  

Address:  

Signature:  

Securities:  

	Class or Description
	 	Number
	 	Certificate(s) (if applicable)

	Common Shares	 	1,000,000	 	•
	Options	 	None	 	 

Securityholder  

Name: Great Western Exploration, LLC  

Address:  

Signature:  

Securities:  

	Class or Description
	 	Number
	 	Certificate(s) (if applicable)

	Common Shares	 	9,400,000	 	•
	Options	 	None	 	 

  SCHEDULE "B"  

Acknowledgment and Agreement to be Bound  

        I acknowledge that the securities listed in the attached Schedule "A" (the "escrow securities") have been
or will be transferred to me and that the escrow securities are subject to an Escrow Agreement dated    •    , 2008 (the "Escrow
Agreement"). 

        For
other good and valuable consideration, I agree to be bound by the Escrow Agreement in respect of the escrow securities, as if I were an original signatory to the Escrow Agreement. 

        Dated
at                                    on     
                               .
 

        Where
the transferee is an individual: 

	
SIGNED, SEALED AND DELIVERED	
 	
)	
 	

 
	in the presence of	 	)	 	 
	 	 	)	 	 
	
	 	)	 	

	WITNESS	 	)	 	TRANSFEREE
	

	 	)	 	 
	NAME:	 	 	 	NAME:

        Where
the transferee is not an individual: 

	
SIGNED, SEALED AND DELIVERED

in the presence of	
 	

 	
 	

 
	

 
AUTHORIZED SIGNATORY	
 	

 	
 	

 
	
NAME:	
 	

 	
 	

 
	

 
AUTHORIZED SIGNATORY	
 	

 	
 	

 
	
NAME:	
 	

 	
 	

 

QuickLinks

ESCROW AGREEMENTEXHIBIT
4.1

 

 

 

FIRST
BUSEY CORPORATION

 

and

 

WILMINGTON
TRUST COMPANY,

as
Trustee

 

INDENTURE

 

    .    %
SUBORDINATED DEBENTURES DUE 2038

 

Dated
as of
                ,
2008

 

 

 

 

TABLE
OF CONTENTS

 

	
  SECTION

  	
   

  	
  HEADING

  	
   

  	
  PAGE

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE I

  	
  DEFINITIONS

  	
   

  	
  2

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Section 1.1.

  	
   

  	
  Definitions
  of Terms

  	
   

  	
  2

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE II

  	
  ISSUE, DESCRIPTION, TERMS, CONDITIONS, REGISTRATION AND
  EXCHANGE OF THE DEBENTURE

  	
   

  	
  10

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Section 2.1.

  	
   

  	
  Designation
  and Principal Amount

  	
   

  	
  10

  	
   

  
	
  Section 2.2.

  	
   

  	
  Maturity

  	
   

  	
  11

  	
   

  
	
  Section 2.3.

  	
   

  	
  Form and
  Payment

  	
   

  	
  11

  	
   

  
	
  Section 2.4.

  	
   

  	
  Interest

  	
   

  	
  11

  	
   

  
	
  Section 2.5.

  	
   

  	
  Execution and
  Authentication

  	
   

  	
  12

  	
   

  
	
  Section 2.6.

  	
   

  	
  Registration
  of Transfer and Exchange

  	
   

  	
  13

  	
   

  
	
  Section 2.7.

  	
   

  	
  Temporary
  Debentures

  	
   

  	
  14

  	
   

  
	
  Section 2.8.

  	
   

  	
  Mutilated,
  Destroyed, Lost or Stolen Debentures

  	
   

  	
  14

  	
   

  
	
  Section 2.9.

  	
   

  	
  Cancellation

  	
   

  	
  15

  	
   

  
	
  Section 2.10.

  	
   

  	
  Benefit of
  Indenture

  	
   

  	
  15

  	
   

  
	
  Section 2.11.

  	
   

  	
  Authenticating
  Agent

  	
   

  	
  16

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE III

  	
  REDEMPTION OF DEBENTURES

  	
   

  	
  16

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Section 3.1.

  	
   

  	
  Redemption

  	
   

  	
  16

  	
   

  
	
  Section 3.2.

  	
   

  	
  Special Event
  Redemption

  	
   

  	
  16

  	
   

  
	
  Section 3.3.

  	
   

  	
  Optional
  Redemption by the Company

  	
   

  	
  17

  	
   

  
	
  Section 3.4.

  	
   

  	
  Notice of
  Redemption

  	
   

  	
  18

  	
   

  
	
  Section 3.5.

  	
   

  	
  Payment upon
  Redemption

  	
   

  	
  19

  	
   

  
	
  Section 3.6.

  	
   

  	
  No Sinking
  Fund

  	
   

  	
  19

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE IV

  	
  EXTENSION OF INTEREST PAYMENT PERIOD

  	
   

  	
  19

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Section 4.1.

  	
   

  	
  Extension of
  Interest Payment Period

  	
   

  	
  19

  	
   

  
	
  Section 4.2.

  	
   

  	
  Notice of
  Extension

  	
   

  	
  20

  	
   

  
	
  Section 4.3.

  	
   

  	
  Limitation on
  Transactions

  	
   

  	
  20

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE V

  	
  PARTICULAR COVENANTS OF THE COMPANY

  	
   

  	
  21

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Section 5.1.

  	
   

  	
  Payment of
  Principal and Interest

  	
   

  	
  21

  	
   

  
	
  Section 5.2.

  	
   

  	
  Maintenance
  of Agency

  	
   

  	
  21

  	
   

  
	
  Section 5.3.

  	
   

  	
  Paying Agents

  	
   

  	
  21

  	
   

  
	
  Section 5.4.

  	
   

  	
  Appointment
  to Fill Vacancy in Office of the Trustee

  	
   

  	
  22

  	
   

  
	
  Section 5.5.

  	
   

  	
  Compliance
  with Consolidation Provisions

  	
   

  	
  22

  	
   

  
	
  Section 5.6.

  	
   

  	
  Limitation on
  Transactions

  	
   

  	
  23

  	
   

  
	
  Section 5.7.

  	
   

  	
  Covenants as
  to the Trust

  	
   

  	
  23

  	
   

  
	
  Section 5.8.

  	
   

  	
  Covenants as
  to Purchases

  	
   

  	
  24

  	
   

  
	
  Section 5.9.

  	
   

  	
  Waiver of
  Usury, Stay or Extension Laws

  	
   

  	
  24

  	
   

  
							

 

i

 

	
  ARTICLE VI

  	
  THE DEBENTUREHOLDERS’ LISTS AND REPORTS BY THE COMPANY AND
  THE TRUSTEE

  	
   

  	
  24

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Section 6.1.

  	
   

  	
  The Company
  to Furnish the Trustee Names and Addresses of the Debentureholders

  	
   

  	
  24

  	
   

  
	
  Section 6.2.

  	
   

  	
  Preservation
  of Information Communications with the Debentureholders

  	
   

  	
  24

  	
   

  
	
  Section 6.3.

  	
   

  	
  Reports by
  the Company

  	
   

  	
  25

  	
   

  
	
  Section 6.4.

  	
   

  	
  Reports by
  the Trustee

  	
   

  	
  25

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE VII

  	
  REMEDIES OF THE TRUSTEE AND DEBENTUREHOLDERS ON EVENT OF
  DEFAULT

  	
   

  	
  26

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Section 7.1.

  	
   

  	
  Events of
  Default

  	
   

  	
  26

  	
   

  
	
  Section 7.2.

  	
   

  	
  Collection of
  Indebtedness and Suits for Enforcement by the Trustee

  	
   

  	
  27

  	
   

  
	
  Section 7.3.

  	
   

  	
  Application
  of Money Collected

  	
   

  	
  29

  	
   

  
	
  Section 7.4.

  	
   

  	
  Limitation on
  Suits

  	
   

  	
  29

  	
   

  
	
  Section 7.5.

  	
   

  	
  Rights and
  Remedies Cumulative; Delay or Omission not Waiver

  	
   

  	
  30

  	
   

  
	
  Section 7.6.

  	
   

  	
  Control by
  the Debentureholders

  	
   

  	
  30

  	
   

  
	
  Section 7.7.

  	
   

  	
  Undertaking
  to Pay Costs

  	
   

  	
  31

  	
   

  
	
  Section 7.8.

  	
   

  	
  Direct
  Action; Right of Set-Off

  	
   

  	
  31

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE VIII

  	
  FORM OF THE DEBENTURE AND ORIGINAL ISSUE

  	
   

  	
  31

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Section 8.1.

  	
   

  	
  Form of
  Debenture

  	
   

  	
  31

  	
   

  
	
  Section 8.2.

  	
   

  	
  Original
  Issue of the Debentures

  	
   

  	
  31

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE IX

  	
  CONCERNING THE TRUSTEE

  	
   

  	
  32

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Section 9.1.

  	
   

  	
  Certain
  Duties and Responsibilities of the Trustee

  	
   

  	
  32

  	
   

  
	
  Section 9.2.

  	
   

  	
  Notice of
  Defaults

  	
   

  	
  33

  	
   

  
	
  Section 9.3.

  	
   

  	
  Certain
  Rights of the Trustee

  	
   

  	
  33

  	
   

  
	
  Section 9.4.

  	
   

  	
  The Trustee
  not Responsible for Recitals, Etc

  	
   

  	
  34

  	
   

  
	
  Section 9.5.

  	
   

  	
  May Hold
  the Debentures

  	
   

  	
  35

  	
   

  
	
  Section 9.6.

  	
   

  	
  Money Held in
  Trust

  	
   

  	
  35

  	
   

  
	
  Section 9.7.

  	
   

  	
  Compensation
  and Reimbursement

  	
   

  	
  35

  	
   

  
	
  Section 9.8.

  	
   

  	
  Reliance on
  Officers’ Certificate

  	
   

  	
  35

  	
   

  
	
  Section 9.9.

  	
   

  	
  Disqualification;
  Conflicting Interests

  	
   

  	
  36

  	
   

  
	
  Section 9.10.

  	
   

  	
  Corporate
  Trustee Required; Eligibility

  	
   

  	
  36

  	
   

  
	
  Section 9.11.

  	
   

  	
  Resignation
  and Removal; Appointment of Successor

  	
   

  	
  36

  	
   

  
	
  Section 9.12.

  	
   

  	
  Acceptance of
  Appointment by Successor

  	
   

  	
  37

  	
   

  
	
  Section 9.13.

  	
   

  	
  Merger,
  Conversion, Consolidation or Succession to Business

  	
   

  	
  38

  	
   

  
	
  Section 9.14.

  	
   

  	
  Preferential
  Collection of Claims against the Company

  	
   

  	
  38

  	
   

  
							

 

ii

 

	
  ARTICLE X

  	
  CONCERNING THE DEBENTUREHOLDERS

  	
   

  	
  38

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Section 10.1.

  	
   

  	
  Evidence of
  Action by the Holders

  	
   

  	
  38

  	
   

  
	
  Section 10.2.

  	
   

  	
  Proof of
  Execution by the Debentureholders

  	
   

  	
  39

  	
   

  
	
  Section 10.3.

  	
   

  	
  Who
  May be Deemed Owners

  	
   

  	
  39

  	
   

  
	
  Section 10.4.

  	
   

  	
  Certain
  Debentures Owned by Company Disregarded

  	
   

  	
  40

  	
   

  
	
  Section 10.5.

  	
   

  	
  Actions
  Binding on the Future Debentureholders

  	
   

  	
  40

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE XI

  	
  SUPPLEMENTAL INDENTURES

  	
   

  	
  40

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Section 11.1.

  	
   

  	
  Supplemental
  Indentures without the Consent of the Debentureholders

  	
   

  	
  40

  	
   

  
	
  Section 11.2.

  	
   

  	
  Supplemental
  Indentures with Consent of the Debentureholders

  	
   

  	
  41

  	
   

  
	
  Section 11.3.

  	
   

  	
  Effect of
  Supplemental Indentures

  	
   

  	
  42

  	
   

  
	
  Section 11.4.

  	
   

  	
  The
  Debentures Affected by Supplemental Indentures

  	
   

  	
  42

  	
   

  
	
  Section 11.5.

  	
   

  	
  Execution of
  Supplemental Indentures

  	
   

  	
  42

  	
   

  
	
  Section 11.6.

  	
   

  	
  Preservation
  of Registered Debentures

  	
   

  	
  43

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE XII

  	
  SUCCESSOR CORPORATION

  	
   

  	
  43

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Section 12.1.

  	
   

  	
  The Company
  may Consolidate, Etc

  	
   

  	
  43

  	
   

  
	
  Section 12.2.

  	
   

  	
  Successor
  Corporation Substituted

  	
   

  	
  43

  	
   

  
	
  Section 12.3.

  	
   

  	
  Evidence of
  Consolidation, etc. to Trustee

  	
   

  	
  44

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE XIII

  	
  SATISFACTION AND DISCHARGE

  	
   

  	
  44

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Section 13.1.

  	
   

  	
  Satisfaction
  and Discharge of Indenture

  	
   

  	
  44

  	
   

  
	
  Section 13.2.

  	
   

  	
  Discharge of
  Obligations

  	
   

  	
  45

  	
   

  
	
  Section 13.3.

  	
   

  	
  Deposited
  Money to be Held in Trust

  	
   

  	
  45

  	
   

  
	
  Section 13.4.

  	
   

  	
  Payment of
  Money Held by Paying Agents

  	
   

  	
  45

  	
   

  
	
  Section 13.5.

  	
   

  	
  Repayment to
  the Company

  	
   

  	
  45

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE XIV

  	
  IMMUNITY OF INCORPORATORS, STOCKHOLDERS, OFFICERS AND
  DIRECTOR

  	
   

  	
  45

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Section 14.1.

  	
   

  	
  No Recourse

  	
   

  	
  45

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE XV

  	
  MISCELLANEOUS PROVISIONS

  	
   

  	
  46

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Section 15.1.

  	
   

  	
  Effect on
  Successors and Assigns

  	
   

  	
  46

  	
   

  
	
  Section 15.2.

  	
   

  	
  Actions by
  Successor

  	
   

  	
  46

  	
   

  
	
  Section 15.3.

  	
   

  	
  Surrender of
  the Company Powers

  	
   

  	
  46

  	
   

  
	
  Section 15.4.

  	
   

  	
  Notices

  	
   

  	
  46

  	
   

  
	
  Section 15.5.

  	
   

  	
  Governing Law

  	
   

  	
  47

  	
   

  
	
  Section 15.6.

  	
   

  	
  Treatment of
  the Debentures as Debt

  	
   

  	
  47

  	
   

  
	
  Section 15.7.

  	
   

  	
  Compliance
  Certificates and Opinions

  	
   

  	
  47

  	
   

  
	
  Section 15.8.

  	
   

  	
  Payments on
  Business Days

  	
   

  	
  47

  	
   

  
	
  Section 15.9.

  	
   

  	
  Conflict with
  Trust Indenture Act

  	
   

  	
  47

  	
   

  
							

 

iii

 

	
  Section 15.10.

  	
   

  	
  Counterparts

  	
   

  	
  48

  	
   

  
	
  Section 15.11.

  	
   

  	
  Separability

  	
   

  	
  48

  	
   

  
	
  Section 15.12.

  	
   

  	
  Assignment

  	
   

  	
  48

  	
   

  
	
  Section 15.13.

  	
   

  	
  Acknowledgment
  of Rights; Right of Setoff

  	
   

  	
  48

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE XVI

  	
  SUBORDINATION OF THE DEBENTURE

  	
   

  	
  49

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Section 16.1.

  	
   

  	
  Agreement to
  Subordinate

  	
   

  	
  49

  	
   

  
	
  Section 16.2.

  	
   

  	
  Default on
  Senior Indebtedness

  	
   

  	
  49

  	
   

  
	
  Section 16.3.

  	
   

  	
  Liquidation;
  Dissolution; Bankruptcy

  	
   

  	
  49

  	
   

  
	
  Section 16.4.

  	
   

  	
  Subrogation

  	
   

  	
  50

  	
   

  
	
  Section 16.5.

  	
   

  	
  The Trustee
  to Effectuate Subordination

  	
   

  	
  51

  	
   

  
	
  Section 16.6.

  	
   

  	
  Notice by the
  Company

  	
   

  	
  51

  	
   

  
	
  Section 16.7.

  	
   

  	
  Rights of the
  Trustee; Holders of the Senior Indebtedness

  	
   

  	
  52

  	
   

  
	
  Section 16.8.

  	
   

  	
  Subordination
  May Not Be Impaired

  	
   

  	
  53

  	
   

  
							

 

iv

 

Cross-Reference Table

 

	
  SECTION OF

  	
   

  	
   

  
	
  TRUST INDENTURE ACT

  	
   

  	
  SECTION OF

  
	
  OF 1939, AS AMENDED

  	
   

  	
  INDENTURE

  
	
   

  	
   

  	
   

  
	
  310(a)

  	
   

  	
  9.10

  
	
  310(b)

  	
   

  	
  9.9, 9.11

  
	
  310(c)

  	
   

  	
  Not Applicable

  
	
  311(a)

  	
   

  	
  9.14

  
	
  311(b)

  	
   

  	
  9.14

  
	
  311(c)

  	
   

  	
  Not Applicable

  
	
  312(a)

  	
   

  	
  6.1, 6.2(a)

  
	
  312(b)

  	
   

  	
  6.2(c)

  
	
  312(c)

  	
   

  	
  6.2(c)

  
	
  313(a)

  	
   

  	
  6.4(a)

  
	
  313(b)

  	
   

  	
  6.4(b)

  
	
  313(c)

  	
   

  	
  6.4(a), 6.4(b)

  
	
  313(d)

  	
   

  	
  6.4(c)

  
	
  314(a)

  	
   

  	
  6.3

  
	
  314(b)

  	
   

  	
  Not Applicable

  
	
  314(c)

  	
   

  	
  15.7(a)

  
	
  314(d)

  	
   

  	
  Not Applicable

  
	
  314(e)

  	
   

  	
  15.7(b)

  
	
  314(f)

  	
   

  	
  Not Applicable

  
	
  315(a)

  	
   

  	
  9.1(a), 9.3

  
	
  315(b)

  	
   

  	
  9.2

  
	
  315(c)

  	
   

  	
  9.1(a)

  
	
  315(d)

  	
   

  	
  9.1(b)

  
	
  315(e)

  	
   

  	
  7.7

  
	
  316(a)

  	
   

  	
  1.1, 7.6

  
	
  316(b)

  	
   

  	
  7.4(b)

  
	
  316(c)

  	
   

  	
  10.1(b)

  
	
  317(a)

  	
   

  	
  7.2

  
	
  317(b)

  	
   

  	
  5.3

  
	
  318(a)

  	
   

  	
  15.9

  

 

Note:                   This reconciliation and tie sheet
shall not, for any purpose, be deemed to be a part of the Indenture.

 

v

 

INDENTURE

 

Indenture, dated as of
              ,
2008, between FIRST BUSEY CORPORATION, a Nevada corporation (the “Company”) and WILMINGTON TRUST COMPANY, a Delaware banking
corporation duly organized and existing under the laws of the State of
Delaware, as trustee (the “Trustee”);

 

RECITALS

 

WHEREAS, for its lawful corporate purposes, the Company has duly
authorized the execution and delivery of this Indenture to provide for the
issuance of securities to be known as its
    .    % Subordinated Debentures due
2038 (hereinafter referred to as the “Debentures”),
the form and substance of such Debentures and the terms, provisions and
conditions thereof to be set forth as provided in this Indenture;

 

WHEREAS, First Busey Statutory Trust V, a Delaware statutory trust
(the “Trust”), has offered to the public
$30,000,000 aggregate liquidation amount of its Preferred Securities (as
defined herein) ($34,500,000 if the Underwriters exercise their Option (as
defined herein)) and proposes to invest the proceeds from such offering,
together with the proceeds of the issuance and sale by the Trust to the Company
of $927,840 aggregate liquidation amount of its Common Securities (as defined
herein) ($1,067,020 if the Underwriters exercise their Option), in $30,927,840
aggregate principal amount of the Debentures ($35,567,020 if the Underwriters
exercise their Option);

 

WHEREAS, the Company has requested that the Trustee execute and deliver
this Indenture;

 

WHEREAS, all requirements necessary to make this Indenture a valid instrument
in accordance with its terms, and to make the Debentures, when executed by the
Company and authenticated and delivered by the Trustee, the valid obligations
of the Company, have been performed, and the execution and delivery of this
Indenture have been duly authorized in all respects;

 

WHEREAS, to provide the terms and conditions upon which the Debentures
are to be authenticated, issued and delivered, the Company has duly authorized
the execution of this Indenture; and

 

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

 

NOW, THEREFORE, in consideration of the premises and the purchase of
the Debentures by the holders thereof, it is mutually covenanted and agreed as
follows for the equal and ratable benefit of the holders of the Debentures:

 

 

Article I

 

DEFINITIONS

 

Section 1.1.                                Definitions of Terms.  The terms defined in this Section 1.1
(except as in this Indenture 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 1.1
and shall include the plural as well as the singular.  All other terms used in this Indenture that
are defined in the Trust Indenture Act, or that are by reference in the Trust
Indenture Act defined in the Securities Act (except as herein otherwise
expressly provided or unless the context otherwise requires), shall have the
meanings assigned to such terms in the Trust Indenture Act and in the
Securities Act as in force at the date of the execution of this
instrument.  All accounting terms used
herein and not expressly defined shall have the meanings assigned to such terms
in accordance with Generally Accepted Accounting Principles.

 

“180-Day Period” shall have the
meaning set forth in Section 3.2.

 

“Accelerated Maturity Date” means
if the Company elects to accelerate the Maturity Date in accordance with Section 2.2(b),
the date selected by the Company which is prior to the Scheduled Maturity Date,
but is after
                ,
2013.

 

“Additional Payments” shall have
the meaning set forth in Section 2.4(c).

 

“Additional Senior Obligations”
means all indebtedness of the Company whether incurred on or prior to the date
of this Indenture or thereafter incurred, for claims in respect of derivative
products such as interest and foreign exchange rate contracts, commodity
contracts and similar arrangements; provided, however,
that Additional Senior Obligations does not include claims in respect of Senior
Debt or Subordinated Debt or obligations which, by their terms, are expressly
stated to be not superior in right of payment to the Debentures or to rank pari passu in right of payment with the Debentures.  For purposes of this definition, “claim”
shall have the meaning assigned thereto in Section 101(4) of the
United States Bankruptcy Code of 1978, as amended.

 

“Administrative Trustees” shall
have the meaning set forth in the Trust Agreement.

 

“Affiliate” means, with respect
to a specified Person, (a) any Person directly or indirectly owning,
controlling or holding with power to vote 10% or more of the outstanding voting
securities or other ownership interests of the specified Person; (b) any
Person 10% or more of whose outstanding voting securities or other ownership
interests are directly or indirectly owned, controlled or held with power to
vote by the specified Person; (c) any Person directly or indirectly
controlling, controlled by, or under common control with the specified Person; (d) a
partnership in which the specified Person is a general partner; (e) any
officer or director of the specified Person; and (f) if the specified
Person is an individual, any entity of which the specified Person is an
officer, director or general partner.

 

2

 

“Authenticating Agent” means an
authenticating agent with respect to the Debentures appointed by the Trustee
pursuant to Section 2.12.

 

“Bankruptcy Law” means
Title 11, U.S. Code, or any similar federal or state law for the relief of
debtors.

 

“Board of Directors” means the
Board of Directors of the Company or any duly authorized committee of such
Board.

 

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

 

“Business Day” means, with
respect to the Debentures, any day other than a Saturday or a Sunday or a day
on which federal or state banking institutions in the Borough of Manhattan, the
City of New York, are authorized or required by law, executive order or
regulation to close, or a day on which the Corporate Trust Office of the
Trustee or the Property Trustee is closed for business.

 

“Capital Treatment Event” means
the receipt by the Company and the Trust of an Opinion of Counsel, rendered by
a law firm having a recognized bank regulatory practice within a reasonable
period of time after the applicable occurrence, 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, 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 Preferred Securities under the Trust Agreement, there
is more than an insubstantial risk that within ninety (90) days of the date of
such Opinion of Counsel, the aggregate Liquidation Amount of the Preferred
Securities will not be eligible to be treated by the Company as “Tier 1 Capital”
(or the then equivalent thereof) 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 Preferred Securities as “Tier 1 Capital” shall not constitute the basis
for a Capital Treatment Event if such inability results from the Company having
an amount of 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 companies)
may now or hereafter accord “Tier 1 Capital” treatment that, in the aggregate,
exceeds the amount which may now or hereafter qualify for treatment as “Tier 1
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).

 

3

 

“Certificate” means a certificate
signed by the principal executive officer, the principal financial officer, the
principal accounting officer, the treasurer or any vice president of the
Company.  The Certificate need not comply
with the provisions of Section 15.7.

 

“Change in 1940 Act Law” shall
have the meaning set forth in the definition of “Investment Company Event.”

 

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

 

“Common Securities” means
undivided beneficial interests in the assets of the Trust which rank pari passu with the Preferred Securities; provided, however, that upon the occurrence and during the
continuation of an Event of Default, the rights of holders of Common Securities
to payment in respect of (a) distributions, and (b) payments upon
liquidation, redemption and otherwise, are subordinated to the rights of
holders of Preferred Securities.

 

“Company” means First Busey
Corporation, a corporation duly organized and existing under the laws of the
State of Nevada, and, subject to the provisions of Article XII, shall also
include its successors and assigns.

 

“Compounded Interest” shall have
the meaning set forth in Section 4.1.

 

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

 

“Coupon Rate” shall have the
meaning set forth in Section 2.4(a).

 

“Custodian” means any receiver,
trustee, assignee, liquidator, or similar official under any Bankruptcy Law.

 

“Debentures” shall have the
meaning set forth in the Recitals hereto.

 

“Debentureholder,”  “holder of Debentures,”  “registered holder,”
or other similar term, means the Person or Persons in whose name or names a
particular Debenture shall be registered on the books of the Company or the
Trustee kept for that purpose in accordance with the terms of this Indenture.

 

“Debenture Register” shall have
the meaning set forth in Section 2.6(b).

 

“Debenture Registrar” shall have
the meaning set forth in Section 2.6(b).

 

4

 

“Debt” means with respect to any
Person, whether recourse is to all or a portion of the assets of such Person
and whether or not contingent, (a) every obligation of such Person for
money borrowed; (b) every obligation of such Person evidenced by bonds,
debentures, notes or other similar instruments, including obligations incurred
in connection with the acquisition of property, assets or businesses; (c) every
reimbursement obligation of such Person with respect to letters of credit,
bankers’ acceptances or similar facilities issued for the account of such
Person; (d) every obligation of such Person issued or assumed as the
deferred purchase price of property or services (but excluding trade accounts
payable or accrued liabilities arising in the ordinary course of business); (e) every
capital lease obligation of such Person; and (f) and every obligation of
the type referred to in clauses (a) through (e) of another
Person and all dividends of another Person the payment of which, in either
case, such Person has guaranteed or is responsible or liable, directly or
indirectly, as obligor or otherwise.

 

“Default” means any event, act or
condition that with notice or lapse of time, or both, would constitute an Event
of Default.

 

“Deferred Payments” shall have
the meaning set forth in Section 4.1.

 

“Direct Action” shall have the
meaning set forth in Section 7.8.

 

“Dissolution Event” means that as
a result of the occurrence and continuation of a Special Event, the Trust is to
be dissolved in accordance with the Trust Agreement and the Debentures held by
the Property Trustee are to be distributed to the holders of the Trust
Securities issued by the Trust pro rata in accordance with the Trust Agreement.

 

“Distribution” shall have the
meaning set forth in the Trust Agreement.

 

“Event of Default” shall have the
meaning specified in Section 7.1.

 

“Exchange Act,” means the
Securities Exchange Act of 1934, as amended, as in effect at the date of
execution of this Indenture.

 

“Extension Period” shall have the
meaning set forth in Section 4.1.

 

“Federal Reserve” means the Board
of Governors of the Federal Reserve System.

 

“Generally Accepted Accounting Principles”
means such accounting principles as are generally accepted at the time of any
computation required hereunder.

 

“Governmental Obligations” means
securities that are (a) direct obligations of the United States of America
for the payment of which its full faith and credit is pledged; or (b) obligations
of a Person controlled or supervised by and acting as an agency or
instrumentality of the United States of America, the payment of which is unconditionally
guaranteed as a full faith and credit obligation by the United States of
America that, in either case, are not callable or redeemable at the option of
the issuer thereof, and shall also include a depository receipt issued by a
bank (as defined in Section 3(a)(2) of the Securities Act) as
custodian with respect to any such

 

5

 

Governmental Obligation or a specific payment of
principal of or interest on any such Governmental Obligation held by such
custodian for the account of the holder of such depositary receipt; provided, however, that (except as required by law) such
custodian is not authorized to make any deduction from the amount payable to
the holder of such depositary receipt from any amount received by the custodian
in respect of the Governmental Obligation or the specific payment of principal
of or interest on the Governmental Obligation evidenced by such depositary
receipt.

 

“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.

 

“Indenture” means this instrument
as originally executed or as it may from time to time be supplemented or
amended by one or more indentures supplemental hereto entered into in
accordance with the terms hereof.

 

“Interest Payment Date” shall
have the meaning set forth in Section 2.4(a).

 

“Investment Company Act,” means
the Investment Company Act of 1940, as amended, as in effect at the date of
execution of this Indenture.

 

“Investment Company Event” means
the receipt by the Trust and the Company of an Opinion of Counsel, rendered by
a law firm having a recognized tax and securities law practice within a
reasonable period of time after the applicable occurrence, to the effect that,
as a result of the occurrence of a change in law or regulation or a change in
interpretation or application of law or regulation by any legislative body,
court, governmental agency or regulatory authority (a “Change in
1940 Act Law”), the Trust is or shall be considered an “investment
company” that is required to be registered under the Investment Company Act,
which Change in 1940 Act Law becomes effective on or after the date of original
issuance of the Preferred Securities under the Trust Agreement.

 

“Like Amount” shall have the
meaning set forth in the Trust Agreement.

 

“Liquidation Amount” shall have
the meaning set forth in the Trust Agreement.

 

“Maturity Date” means the date on
which the Debentures mature and on which the principal shall be due and payable
together with all accrued and unpaid interest thereon including Compounded
Interest and Additional Payments, if any.

 

“Ministerial Action” shall have
the meaning set forth in Section 3.2.

 

“Officers’ Certificate” means a certificate
signed by the President or a Vice President and by the Treasurer or an
Assistant Treasurer or the Controller or an Assistant Controller or the
Secretary or an Assistant Secretary of the Company that is delivered to the
Trustee in accordance with the terms hereof. 
Each such certificate shall include the statements provided for in Section 15.7,
if and to the extent required by the provisions thereof.

 

6

 

“Opinion of Counsel” means an
opinion in writing of independent, outside legal counsel for the Company, that
is delivered to the Trustee in accordance with the terms hereof.  Each such opinion shall include the
statements provided for in Section 15.7, if and to the extent required by
the provisions thereof.

 

“Option” shall have the meaning
set forth in the Underwriting Agreement.

 

“Option Closing Date” shall have
the meaning set forth in the Underwriting Agreement.

 

“Outstanding,” when used with
reference to the Debentures, means, subject to the provisions of Section 10.4,
as of any particular time, all Debentures theretofore authenticated and
delivered by the Trustee under this Indenture, except (a) Debentures
theretofore canceled by the Trustee or any Paying Agent, or delivered to the
Trustee or any Paying Agent for cancellation or that have previously been
canceled; (b) Debentures or portions thereof for the payment or redemption
of which money or Governmental Obligations 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, however, that, if such Debentures or portions of
such Debentures are to be redeemed prior to the maturity thereof, notice of
such redemption shall have been given as provided in Article III, or
provision satisfactory to the Trustee shall have been made for giving such
notice; and (c) Debentures in lieu of or in substitution for which other
Debentures shall have been authenticated and delivered pursuant to the terms of
Section 2.7; provided, however, that in
determining whether the holders of the requisite percentage of Debentures have
given any request, notice, consent or waiver hereunder, Debentures held by the
Company or any Affiliate of the Company shall not be included; provided, further, that the Trustee shall be protected in
relying upon any request, notice, consent or waiver unless a Responsible
Officer of the Trustee shall have actual knowledge that the holder of such
Debenture is the Company or an Affiliate thereof.

 

“Paying Agent” means any paying
agent or co-paying agent appointed pursuant to Section 5.3.

 

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

 

“Predecessor Debenture” means
every previous Debenture evidencing all or a portion of the same debt as that evidenced
by such particular Debenture; and, for the purposes of this definition, any
Debenture authenticated and delivered under Section 2.9 in lieu of a lost,
destroyed or stolen Debenture shall be deemed to evidence the same debt as the
lost, destroyed or stolen Debenture.

 

“Preferred Securities” means the
    .    % Cumulative Trust Preferred
Securities representing undivided beneficial interests in the assets of the
Trust which rank pari passu with Common Securities
issued by the Trust; provided, however,
that upon the occurrence and during the continuation of an Event of Default,
the rights of holders of Common Securities to payment

 

7

 

in respect of (a) distributions, and (b) payments
upon liquidation, redemption and otherwise, are subordinated to the rights of
holders of Preferred Securities.

 

“Preferred Securities Guarantee”
means any guarantee that the Company may enter into with the Trustee or other
Persons that operates directly or indirectly for the benefit of holders of
Preferred Securities.

 

“Property Trustee” shall have the
meaning set forth in the Trust Agreement.

 

“Redemption Price” shall have the
meaning set forth in Section 3.2.

 

“Responsible Officer” when used
with respect to the Trustee means any officer within the Corporate Trust Office
of the Trustee with direct responsibility for the administration of this
Indenture, including any vice president, any assistant vice president, any
assistant secretary or any other officer or assistant officer of the Trustee
who customarily performs functions similar to those performed by the Persons
who at the time shall be such officers, respectively, or to whom any corporate
trust matter is referred because of his or her knowledge of and familiarity
with the particular subject.

 

“Scheduled Maturity Date” means
              ,
2038.

 

“Securities Act,” means the
Securities Act of 1933, as amended, as in effect at the date of execution of
this Indenture.

 

“Senior Debt” means the principal
of (and premium, if any) and interest, if any (including interest accruing on
or after the filing of any petition in bankruptcy or for reorganization
relating to the Company whether or not such claim for post-petition interest is
allowed in such proceeding), on all Debt, whether incurred on or prior to the
date of this Indenture or thereafter incurred, unless, in the instrument
creating or evidencing the same or pursuant to which the same is outstanding,
it is provided that such obligations are not superior in right of payment to
the Debentures or to other Debt which is pari passu with, or subordinated to,
the Debentures; provided, however, that Senior
Debt shall not be deemed to include: (a) any Debt of the Company which
when incurred and without respect to any election under section 1111(b) of
the United States Bankruptcy Code of 1978, as amended, was without recourse to
the Company; (b) any Debt of the Company owed to any of its non-bank
subsidiaries; (c) the Guarantee Agreement; (d) any Debt to any
employee of the Company; (e) any Debt which by its terms is subordinated
to trade accounts payable or accrued liabilities arising in the ordinary course
of business to the extent that payments made to the holders of such Debt by the
holders of the Debentures as a result of the subordination provisions of this
Indenture would be greater than they otherwise would have been as a result of
any obligation of such holders to pay amounts over to the obligees on such
trade accounts payable or accrued liabilities arising in the ordinary course of
business as a result of subordination provisions to which such Debt is subject;
and (f) any Debt which constitutes Subordinated Debt.

 

“Senior Indebtedness” shall have
the meaning set forth in Section 16.1.

 

8

 

“Special Event” means a Tax
Event, a Capital Treatment Event or an Investment Company Event.

 

“Subordinated Debt” means the
principal of (and premium, if any) and interest, if any (including interest
accruing on or after the filing of any petition in bankruptcy or for
reorganization relating to the Company whether or not such claim for
post-petition interest is allowed in such proceeding), on all Debt (other than
the Debentures), whether incurred on or prior to the date of this Indenture or
thereafter incurred, which is by its terms expressly provided to be junior and
subordinate to other Debt of the Company (other than the Debentures); provided, however, that Subordinated Debt will not be deemed
to include: (a) any Debt of the Company which when incurred and without
respect to any election under section 1111(b) of the United States
Bankruptcy Code of 1978, as amended, was without recourse to the Company; (b) any
Debt of the Company owed to any of its subsidiaries; (c) any Debt owed to
any employee of the Company; (d) any Debt which by its terms is
subordinated to trade accounts payable or accrued liabilities arising in the
ordinary course of business to the extent that payments made to the holders of
such Debt by the holders of the Subordinated Debentures as a result of the
subordination provisions of the Indenture would be greater than they otherwise
would have been as a result of any obligation of such holders to pay amounts
over to the obligees on such trade accounts payable or accrued liabilities arising
in the ordinary course of business as a result of subordination provisions to
which such Debt is subject; (e) any Debt which constitutes Senior Debt;
and (f) any Debt of the Company under debt securities (and guarantees in
respect of these debt securities) initially issued to any trust, or a trustee
of a trust, partnership or other entity affiliated with the Company that is,
directly or indirectly, a financing vehicle of the Company in connection with
the issuance by that entity of preferred securities or other securities which
are intended to qualify for Tier 1 capital treatment.

 

“Subsidiary” means, with respect
to any Person, (a) any corporation at least a majority of whose
outstanding Voting Stock shall at the time be owned, directly or indirectly, by
such Person or by one or more of its Subsidiaries or by such Person and one or
more of its Subsidiaries; (b) any general partnership, limited liability
company, joint venture, trust or similar entity, at least a majority of whose
outstanding partnership or similar interests shall at the time be owned by such
Person, or by one or more of its Subsidiaries, or by such Person and one or
more of its Subsidiaries; and (c) any limited partnership of which such
Person or any of its Subsidiaries is a general partner.

 

“Tax Event” means the receipt by
the Company and the Trust of an Opinion of Counsel, rendered by a law firm
having a recognized federal tax and securities law practice within a reasonable
amount of time after the applicable occurrence, 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 or judicial decision interpreting or applying such
laws or regulations, which amendment or change is effective or which
pronouncement or decision is announced on or after the date of issuance of the
Preferred Securities under the Trust Agreement, there is more than an
insubstantial risk that (a) the Trust is, or shall be within 90 days after
the date of such Opinion of Counsel, subject to United States federal income
tax with respect to income received or accrued on the Debentures; (b) interest

 

9

 

payable by the Company on the Debentures is not, or
within 90 days after the date of such Opinion of Counsel, shall not be,
deductible by the Company, in whole or in part, for United States federal
income tax purposes; or (c) the Trust is, or shall be within 90 days after
the date of such Opinion of Counsel, subject to more than a de minimis amount of other taxes, duties, assessments or
other governmental charges; provided, however,
that the Trust or the Company shall have requested and received such an Opinion
of Counsel with regard to such matters within a reasonable period of time after
the Trust or the Company shall have become aware of the occurrence or the
possible occurrence of any of the events described in clauses (a) through
(c) above.

 

“Trust” means First Busey
Statutory Trust V, a Delaware statutory trust.

 

“Trust Agreement” means the
Amended and Restated Trust Agreement, dated as of
                ,
2008, of the Trust.

 

“Trustee” means Wilmington Trust
Company and, subject to the provisions of Article IX, shall also include
its successors and assigns, and, if at any time there is more than one Person
acting in such capacity hereunder, “Trustee” means each such Person.

 

“Trust Indenture Act,” means the
Trust Indenture Act of 1939, as amended, subject to the provisions of
Sections 11.1, 11.2, and 12.1, as in effect at the date of execution of
this Indenture.

 

“Trust Securities” means the
Common Securities and Preferred Securities, collectively.

 

“Underwriting Agreement” means
the Underwriting Agreement, dated as of
                ,
2008, among the Trust, the Depositor, Howe Barnes Hoefer & Arnett, Inc.,
as representative of the several underwriters named therein, and the underwriters
named therein.

 

“Voting Stock,” as applied to
stock of any Person, 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.

 

Article II

 

ISSUE,
DESCRIPTION, TERMS, CONDITIONS, REGISTRATION AND EXCHANGE OF THE DEBENTURE

 

Section 2.1.                                Designation and Principal Amount.  There is hereby authorized
Debentures designated the “    .    %
Subordinated Debentures due 2038,” limited in aggregate principal amount up to
$35,567,020, which amount shall be as set forth in any written order of the
Company for the authentication and delivery of Debentures pursuant to Section 2.6.

 

10

 

Section 2.2.                                Maturity.  (a) The Maturity Date shall
be either:

 

(i)                                                 the Scheduled Maturity Date; or

 

(ii)                                              if the Company elects to
accelerate the Maturity Date to be a date prior to the Scheduled Maturity Date
in accordance with Section 2.2(b), the Accelerated Maturity Date.

 

(b)                     The Company may at any time
before the day which is 90 days before the Scheduled Maturity Date and after
                  ,
2013, elect to shorten the Maturity Date only once to the Accelerated Maturity
Date, provided that the Company has received
the prior approval of the Federal Reserve if then required under applicable
capital guidelines, policies or regulations of the Federal Reserve.

 

(c)                      If the Company elects to
accelerate the Maturity Date in accordance with Section 2.2(b), the
Company shall give notice to the Trustee and the Trust (unless the Trust is not
the holder of the Debentures, in which case the Trustee will give notice to the
holders of the Debentures) of the acceleration of the Maturity Date and the
Accelerated Maturity Date at least 30 days and no more than 180 days before the
Accelerated Maturity Date; provided, however,
that nothing provided in this Section 2.2 shall limit the Company’s
rights, as provided in Article III hereof, to redeem all or a portion of
the Debentures at such time or times on or after
            , 2013,
as the Company may so determine, or at any time upon the occurrence of a
Special Event.

 

Section 2.3.                                Form and Payment.  The Debentures shall be issued in
fully registered certificated form without interest coupons.  Principal and interest on the Debentures
issued in certificated form shall be payable, the transfer of such Debentures
shall be registrable and such Debentures shall be exchangeable for Debentures
bearing identical terms and provisions at the office or agency of the Trustee; provided, however, that payment of interest may be made at
the option of the Company by check mailed to the holder at such address as
shall appear in the Debenture Register or by wire transfer to an account maintained
by the holder as specified in the Debenture Register, provided
that the holder provides proper transfer instructions by the regular record
date.  Notwithstanding the foregoing, so
long as the holder of any Debentures is the Property Trustee, the payment of
principal of and interest (including Compounded Interest and Additional
Payments, if any) on such Debentures held by the Property Trustee shall be made
at such place and to such account as may be designated by the Property Trustee.

 

Section 2.4.                                Interest.  (a) Each Debenture shall bear
interest at a rate of     .    % per
annum (the “Coupon Rate”) from the original date of
issuance of the first Debenture issued under this Indenture until the principal
thereof becomes due and payable, and on any overdue principal and (to the
extent that payment of such interest is enforceable under applicable law) on
any overdue installment of interest at the Coupon Rate, compounded quarterly,
payable (subject to the provisions of Article IV) quarterly in arrears on March 15,
June 15, September 15, and December 15 of each year (each, an “Interest Payment Date”), commencing on December 15,
2008, to the Person in whose name such Debenture or any Predecessor Debenture
is registered,

 

11

 

at the close of business on the regular record date for such
interest installment, which shall be the first day of the last month of the
calendar quarter.

 

(b)                     The amount of interest payable
for any period shall be computed on the basis of a 360-day year of twelve
30-day months.  The amount of interest
payable for any period shorter than a full quarterly period for which interest
is computed shall be computed on the basis of the number of days elapsed in a
360-day year of twelve 30-day months.  In
the event that any date on which interest is payable on the Debentures is not a
Business Day, then payment of interest payable on such date shall be made on
the next succeeding day which is a Business Day (and without any interest or
other payment in respect of any such delay) except that, if such Business Day
is in the next succeeding calendar year, such payment shall be made on the
immediately preceding Business Day (and without any reduction of interest or
any other payment in respect of any such acceleration), in each case with the
same force and effect as if made on the date such payment was originally
payable.

 

(c)                      If, at any time while the
Property Trustee is the holder of any Debentures, the Trust or the Property
Trustee is required to pay any taxes, duties, assessments or governmental
charges of whatever nature (other than withholding taxes) imposed by the United
States, or any other taxing authority, then, in any case, the Company shall pay
as additional payments (“Additional Payments”)
on the Debentures held by the Property Trustee, such additional amounts as
shall be required so that the net amounts received and retained by the Trust
and the Property Trustee after paying such taxes, duties, assessments or other
governmental charges shall be equal to the amounts the Trust and the Property
Trustee would have received had no such taxes, duties, assessments or other
government charges been imposed.

 

Section 2.5.                                Execution and Authentication.  (a) The Debentures shall be
signed on behalf of the Company by its Chief Executive Officer, President or
one of its Vice Presidents, under its corporate seal attested by its Secretary
or one of its Assistant Secretaries. 
Signatures may be in the form of a manual or facsimile signature.  The Company may use the facsimile signature
of any Person who shall have been a Chief Executive Officer, President or Vice
President thereof, or of any Person who shall have been a Secretary or
Assistant Secretary thereof, notwithstanding the fact that at the time the Debentures
shall be authenticated and delivered or disposed of such Person shall have
ceased to be the Chief Executive Officer, President or a Vice President, or the
Secretary or an Assistant Secretary, of the Company (and any such signature
shall be binding on the Company).  The
seal of the Company may be in the form of a facsimile of such seal and may be
impressed, affixed, imprinted or otherwise reproduced on the Debentures.  The Debentures may contain such notations,
legends or endorsements required by law, stock exchange rule or
usage.  Each Debenture shall be dated the
date of its authentication by the Trustee.

 

(b)                     A Debenture shall not be valid
until manually authenticated by an authorized signatory of the Trustee, or by
an Authenticating Agent.  Such signature
shall be conclusive evidence that the Debenture so authenticated has been duly
authenticated and delivered hereunder and that the holder is entitled to the
benefits of this Indenture.

 

12

 

(c)                      At any time and from time to
time after the execution and delivery of this Indenture, the Company may
deliver Debentures executed by the Company to the Trustee for authentication,
together with a written order of the Company for the authentication and
delivery of such Debentures signed by its Chief Executive Officer, President or
any Vice President and its Treasurer or any Assistant Treasurer, and the
Trustee in accordance with such written order shall authenticate and deliver
such Debentures.

 

(d)                     In authenticating such
Debentures and accepting the additional responsibilities under this Indenture
in relation to such Debentures, the Trustee shall be entitled to receive, and
(subject to Section 9.1) shall be fully protected in relying upon, an
Opinion of Counsel stating that the form and terms thereof have been
established in conformity with the provisions of this Indenture.

 

(e)                      The Trustee shall not be
required to authenticate such Debentures if the issue of such Debentures
pursuant to this Indenture shall affect the Trustee’s own rights, duties or
immunities under the Debentures and this Indenture or otherwise in a manner
that is not reasonably acceptable to the Trustee.

 

Section 2.6.                                Registration of Transfer and
Exchange.  (a) Debentures may be exchanged upon
presentation thereof at the office or agency of the Company designated for such
purpose in the State of Delaware, or at the office of the Debenture Registrar,
for other Debentures and for a like aggregate principal amount in denominations
of integral multiples of $10, upon payment of a sum sufficient to cover any tax
or other governmental charge in relation thereto, all as provided in this Section 2.7.  In respect of any Debentures so surrendered
for exchange, the Company shall execute, the Trustee shall authenticate and
such office or agency shall deliver in exchange therefor the Debenture or
Debentures that the Debentureholder making the exchange shall be entitled to
receive, bearing numbers not contemporaneously outstanding.

 

(b)                     The Company shall keep, or cause
to be kept, at its office or agency designated for such purpose in the State of
Delaware, or at the office of the Debenture Registrar, or such other location
designated by the Company a register or registers (herein referred to as the “Debenture Register”) in which, subject to such reasonable
regulations as the Debenture Registrar (as defined below) may prescribe, the
Company shall register the Debentures and the transfers of Debentures as
provided in this Article II and which at all reasonable times shall be
open for inspection by the Trustee.  The
registrar for the purpose of registering Debentures and transfer of Debentures
as herein provided shall initially be the Trustee and thereafter as may be
appointed by the Company as authorized by Board Resolution (the “Debenture Registrar”). 
Upon surrender for transfer of any Debenture at the office or agency of
the Company designated for such purpose, the Company shall execute, the Trustee
shall authenticate and such office or agency shall deliver in the name of the
transferee or transferees a new Debenture or Debentures for a like aggregate
principal amount.  All Debentures
presented or surrendered for exchange or registration of transfer, as provided
in this Section 2.7, shall be accompanied (if so required by the Company
or the Debenture Registrar) by a written instrument or instruments of transfer,
in form satisfactory to the Company or the Debenture Registrar, duly executed
by the registered holder or by such holder’s duly authorized attorney in
writing.

 

13

 

(c)                      No service charge shall be made
for any exchange or registration of transfer of Debentures, or issue of new
Debentures in case of partial redemption, but the Company may require payment
of a sum sufficient to cover any tax or other governmental charge in relation
thereto, other than exchanges pursuant to Section 2.7, Section 3.5(b) and
Section 11.4 not involving any transfer.

 

(d)                     The Company shall not be
required (i) to issue, exchange or register the transfer of any Debentures
during a period beginning at the opening of business 15 days before the day of
the mailing of a notice of redemption of less than all the Outstanding
Debentures and ending at the close of business on the day of such mailing; nor (ii) to
register the transfer of or exchange any Debentures or portions thereof called
for redemption.

 

(e)                      Debentures may only be
transferred, in whole or in part, in accordance with the terms and conditions
set forth in this Indenture.  Any
transfer or purported transfer of any Debenture not made in accordance with
this Indenture shall be null and void.

 

Section 2.7.                                Temporary Debentures.  Pending the preparation of
definitive Debentures, the Company may execute, and the Trustee shall
authenticate and deliver, temporary Debentures (printed, lithographed, or
typewritten).  Such temporary Debentures
shall be substantially in the form of the definitive Debentures in lieu of
which they are issued, but with such omissions, insertions and variations as
may be appropriate for temporary Debentures, all as may be determined by the
Company.  Every temporary Debenture shall
be executed by the Company and be authenticated by the Trustee upon the same
conditions and in substantially the same manner, and with like effect, as the
definitive Debentures.  Without
unnecessary delay, the Company shall execute and shall furnish definitive
Debentures and thereupon any or all temporary Debentures may be surrendered in
exchange therefor (without charge to the holders), at the office or agency of
the Company designated for the purpose and the Trustee shall authenticate and
such office or agency shall deliver in exchange for such temporary Debentures
an equal aggregate principal amount of definitive Debentures, unless the
Company advises the Trustee to the effect that definitive Debentures need not
be authenticated and furnished until further notice from the Company.  Until so exchanged, the temporary Debentures
shall be entitled to the same benefits under this Indenture as definitive
Debentures authenticated and delivered hereunder.

 

Section 2.8.                                Mutilated, Destroyed, Lost or
Stolen Debentures.  (a) In case any
temporary or definitive Debenture shall become mutilated or be destroyed, lost
or stolen, the Company (subject to the next succeeding sentence) shall execute,
and upon the Company’s request the Trustee (subject as aforesaid) shall
authenticate and deliver, a new Debenture bearing a number not
contemporaneously outstanding, in exchange and substitution for the mutilated
Debenture, or in lieu of and in substitution for the Debenture so destroyed,
lost, stolen or mutilated.  In every case
the applicant for a substituted Debenture 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 the applicant’s Debenture and
of the ownership thereof.  The Trustee
shall authenticate any such substituted Debenture and deliver the same upon the
written request or authorization of the Chief

 

14

 

Executive Officer, President or any Vice President and the
Treasurer or any Assistant Treasurer of the Company.  Upon the issuance of any substituted
Debenture, the Company may require the payment of a sum sufficient to cover any
tax or other governmental charge that may be imposed in relation thereto and
any other expenses (including the fees and expenses of the Trustee) connected
therewith.  In case any Debenture that
has matured or is about to mature shall become mutilated or be destroyed, lost
or stolen, the Company may, instead of issuing a substitute Debenture, pay or
authorize the payment of the same (without surrender thereof except in the case
of a mutilated Debenture) if the applicant for such payment shall furnish to
the Company and the Trustee such security or indemnity as they may require to
save them harmless, and, in case of destruction, loss or theft, evidence to the
satisfaction of the Company and the Trustee of the destruction, loss or theft
of such Debenture and of the ownership thereof.

 

(b)                     Every replacement Debenture
issued pursuant to the provisions of this Section 2.8 shall constitute an
additional contractual obligation of the Company whether or not the mutilated,
destroyed, lost or stolen Debenture shall be found at any time, or be
enforceable by anyone, and shall be entitled to all the benefits of this
Indenture equally and proportionately with any and all other Debentures duly
issued hereunder.  All Debentures shall
be held and owned upon the express condition that the foregoing provisions are
exclusive with respect to the replacement or payment of mutilated, destroyed,
lost or stolen Debentures, and shall preclude (to the extent lawful) 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 2.9.                                Cancellation.  All Debentures surrendered for the purpose of
payment, redemption, exchange or registration of transfer shall, if surrendered
to the Company or any Paying Agent, be delivered to the Trustee for
cancellation, or, if surrendered to the Trustee, shall be canceled by it, and
no Debentures shall be issued in lieu thereof except as expressly required or
permitted by any of the provisions of this Indenture.  On request of the Company at the time of such
surrender, the Trustee shall deliver to the Company canceled Debentures held by
the Trustee.  In the absence of such
request the Trustee may dispose of canceled Debentures in accordance with its
standard procedures and deliver a certificate of disposition to the
Company.  If the Company shall otherwise
acquire any of the Debentures, however, such acquisition shall not operate as a
redemption or satisfaction of the indebtedness represented by such Debentures
unless and until the same are delivered to the Trustee for cancellation.

 

Section 2.10.                         Benefit of Indenture.  Nothing in this Indenture or in
the Debentures, express or implied, shall give or be construed to give to any
Person, other than the parties hereto and the holders of the Debentures (and,
with respect to the provisions of Article XVI, the holders of the Senior
Indebtedness) any legal or equitable right, remedy or claim under or in respect
of this Indenture, or under any covenant, condition or provision herein
contained; all such covenants, conditions and provisions being for the sole
benefit of the parties hereto and of the holders of the Debentures (and, with
respect to the provisions of Article XVI, the holders of the Senior
Indebtedness).

 

15

 

Section 2.11.                         Authenticating Agent.  (a) So long as any of the
Debentures remain Outstanding there may be an Authenticating Agent for any or
all such Debentures, which Authenticating Agent the Trustee shall have the
right to appoint.  Said Authenticating
Agent shall be authorized to act on behalf of the Trustee to authenticate
Debentures issued upon exchange, transfer or partial redemption thereof, and
Debentures so authenticated shall be entitled to the benefits of this Indenture
and shall be valid and obligatory for all purposes as if authenticated by the
Trustee hereunder.  All references in
this Indenture to the authentication of Debentures by the Trustee shall be
deemed to include authentication by an Authenticating Agent.  Each Authenticating Agent shall be acceptable
to the Company and shall be a corporation that has a combined capital and
surplus, as most recently reported or determined by it, sufficient under the
laws of any jurisdiction under which it is organized or in which it is doing
business to conduct a trust business, and that is otherwise authorized under
such laws to conduct such business and is subject to supervision or examination
by federal or state authorities.  If at
any time any Authenticating Agent shall cease to be eligible in accordance with
these provisions, it shall resign immediately.

 

(b)                     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
(and upon request by the Company shall) terminate the agency of any
Authenticating Agent by giving written notice of termination to such
Authenticating Agent and to the Company. 
Upon resignation, termination or cessation of eligibility of any
Authenticating Agent, the Trustee may appoint an eligible successor
Authenticating Agent acceptable to the Company. 
Any successor Authenticating Agent, upon acceptance of its appointment
hereunder, shall become vested with all the rights, powers and duties of its predecessor
hereunder as if originally named as an Authenticating Agent pursuant hereto.

 

Article III

 

REDEMPTION
OF DEBENTURES

 

Section 3.1.                                Redemption.  Subject to the Company having
received prior approval of the Federal Reserve, if then required under the
applicable capital guidelines, policies or regulations of the Federal Reserve,
the Company may redeem the Debentures issued hereunder on and after the dates
set forth in and in accordance with the terms of this Article III.

 

Section 3.2.                                Special Event Redemption.  Subject to the Company having received the
prior approval of the Federal Reserve, if then required under the applicable
capital guidelines, policies or regulations of the Federal Reserve, if a
Special Event has occurred and is continuing, then, notwithstanding Section 3.3(a) but
subject to Section 3.3(b), the Company shall have the right upon not less
than 30 days’ nor more than 60 days’ notice to the holders of the Debentures to
redeem the Debentures, in whole but not in part, for cash within 180 days
following the occurrence of such Special Event (the “180-Day
Period”) at a redemption price equal to 100% of the principal amount
to be redeemed plus any accrued and unpaid interest thereon to the date of such
redemption (the “Redemption Price”), provided that if at the time there is available to the
Company the opportunity to eliminate, within the 180-Day Period, a Tax Event by
taking

 

16

 

some ministerial action (a “Ministerial
Action”), such as filing a form or making an election, or pursuing
some other similar reasonable measure which has no adverse effect on the
Company, the Trust or the holders of the Trust Securities issued by the Trust,
the Company shall pursue such Ministerial Action in lieu of redemption, and, provided further, that the Company shall have no right to
redeem the Debentures pursuant to this Section 3.2 while it is pursuing
any Ministerial Action pursuant to its obligations hereunder, and, provided further, that, if it is determined that the taking
of a Ministerial Action would not eliminate the Tax Event within the 180-Day
Period, the Company’s right to redeem the Debentures pursuant to this Section 3.2
shall be restored and it shall have no further obligations to pursue the Ministerial
Action.  The Redemption Price shall be
paid prior to 12:00 noon, New York time, on the date of such redemption or
such earlier time as the Company determines, provided
that the Company shall deposit with the Trustee an amount sufficient to pay the
Redemption Price by 10:00 a.m., New York time, on the date such
Redemption Price is to be paid.

 

Section 3.3.                                Optional Redemption by the
Company.  (a) Subject to the provisions of Section 3.3(c),
except as otherwise may be specified in this Indenture, the Company shall have
the right to redeem the Debentures, in whole or in part, from time to time, on
or after
              ,
2013, at the Redemption Price.  Any
redemption pursuant to this Section 3.3(a) shall be made upon not
less than 30 days’ nor more than 60 days’ notice to the holder of the
Debentures.  If the Debentures are only
partially redeemed pursuant to this Section 3.3(a), the Debentures shall
be redeemed pro rata or by lot or in such other manner as the Trustee shall
deem appropriate and fair in its discretion. 
The Redemption Price shall be paid prior to 12:00 noon,
New York time, on the date of such redemption or at such earlier time
as the Company determines, provided that
the Company shall deposit with the Trustee an amount sufficient to pay the
Redemption Price by 10:00 a.m., New York time, on the date such
Redemption Price is to be paid.

 

(b)                     Subject to the provisions of Section 3.3(c),
the Company shall have the right to redeem the Debentures at any time and from
time to time in a principal amount equal to the Liquidation Amount of any
Preferred Securities purchased and beneficially owned by the Company, plus an
additional principal amount of Debentures equal to the Liquidation Amount of
that number of Common Securities that bears the same proportion to the total
number of Common Securities then outstanding as the number of Preferred
Securities to be redeemed bears to the total number of Preferred Securities
then outstanding.  Such Debentures shall
be redeemed pursuant to this Section 3.3(b) only in exchange for and
upon surrender by the Company to the Property Trustee of the Preferred
Securities and a proportionate amount of Common Securities, whereupon the
Property Trustee shall cancel the Preferred Securities and Common Securities so
surrendered and a Like Amount of Debentures shall be extinguished by the
Trustee and shall no longer be deemed Outstanding.

 

(c)                      If a partial redemption of the
Debentures would result in the delisting of the Preferred Securities issued by
the Trust from the NASDAQ Stock Market or any other national securities
exchange or other organization on which the Preferred Securities are then
listed or quoted, the Company shall not be permitted to effect such partial
redemption and may only redeem the Debentures in whole.

 

17

 

Section 3.4.                                Notice of Redemption.  (a) Except in the case of a redemption
pursuant to Section 3.3(b), in case the Company shall desire to exercise
such right to redeem all or, as the case may be, a portion of the Debentures in
accordance with the right reserved so to do, the Company shall, or shall cause
the Trustee to upon receipt of 45 days’ written notice from the Company (which
notice shall, in the event of a partial redemption, include a representation to
the effect that such partial redemption will not result in the delisting of the
Preferred Securities as described in Section 3.3(c) above), give
notice of such redemption to holders of the Debentures to be redeemed by
mailing, first class postage prepaid, a notice of such redemption not less than
30 days and not more than 60 days before the date fixed for redemption to such
holders at their last addresses as they shall appear upon the Debenture
Register unless a shorter period is specified in the Debentures to be
redeemed.  Any notice that is mailed in
the manner herein provided shall be conclusively presumed to have been duly
given, whether or not the registered holder receives the notice.  In any case, failure duly to give such notice
to the holder of any Debenture designated for redemption in whole or in part,
or any defect in the notice, shall not affect the validity of the proceedings
for the redemption of any other Debentures. 
In the case of any redemption of Debentures prior to the expiration of any
restriction on such redemption provided in the terms of such Debentures or
elsewhere in this Indenture, the Company shall furnish the Trustee with an
Officers’ Certificate evidencing compliance with any such restriction.  Each such notice of redemption shall specify
the date fixed for redemption and the Redemption Price and shall state that
payment of the Redemption Price shall be made at the office or agency of the
Company in the Borough of Manhattan, the City of New York or at the
Corporate Trust Office, upon presentation and surrender of such Debentures,
that interest accrued to the date fixed for redemption shall be paid as
specified in said notice and that from and after said date interest shall cease
to accrue.  If less than all the
Debentures are to be redeemed, the notice to the holders of the Debentures
shall specify the particular Debentures to be redeemed.  If the Debentures are to be redeemed in part
only, the notice shall state the portion of the principal amount thereof to be
redeemed and shall state that on and after the redemption date, upon surrender
of such Debenture, a new Debenture or Debentures in principal amount equal to
the unredeemed portion thereof shall be issued.

 

(b)                     Except in the case of a
redemption pursuant to Section 3.3(b), if less than all the Debentures are
to be redeemed, the Company shall give the Trustee at least 45 days’ written
notice in advance of the date fixed for redemption as to the aggregate
principal amount of Debentures to be redeemed, and thereupon the Trustee shall
select, pro rata or by lot or in such other manner as it shall deem appropriate
and fair in its discretion, the portion or portions (equal to $10 or any
integral multiple thereof) of the Debentures to be redeemed and shall
thereafter promptly notify the Company in writing of the numbers of the
Debentures to be redeemed, in whole or in part. 
The Company may, if and whenever it shall so elect pursuant to the terms
hereof, by delivery of instructions signed on its behalf by its Chief Executive
Officer, President or any Vice President, instruct the Trustee or any Paying
Agent to call all or any part of the Debentures for redemption and to give
notice of redemption in the manner set forth in this Section 3.4, such
notice to be in the name of the Company or its own name as the Trustee or such
Paying Agent may deem advisable.  In any
case in which notice of redemption is to be given by the Trustee or any such
Paying Agent, the Company shall deliver or cause to be delivered to, or permit
to remain with, the Trustee or such Paying Agent, as the case may be, such
Debenture Register, transfer books or other records, or suitable copies or
extracts therefrom, sufficient to

 

18

 

enable the Trustee or such Paying Agent to give any notice
by mail that may be required under the provisions of this Section 3.4.

 

Section 3.5.                                Payment upon Redemption.  (a) If the giving of notice of
redemption shall have been completed as above provided, the Debentures or
portions of Debentures to be redeemed specified in such notice shall become due
and payable on the date and at the place stated in such notice at the
applicable Redemption Price, and interest on such Debentures or portions of
Debentures shall cease to accrue on and after the date fixed for redemption,
unless the Company shall default in the payment of such Redemption Price with
respect to any such Debenture or portion thereof.  On presentation and surrender of such
Debentures on or after the date fixed for redemption at the place of payment
specified in the notice, said Debentures shall be paid and redeemed at the
Redemption Price (but if the date fixed for redemption is an Interest Payment
Date, the interest installment payable on such date shall be payable to the
registered holder at the close of business on the applicable record date
pursuant to Section 3.3).

 

(b)                     Upon presentation of any
Debenture that is to be redeemed in part only, the Company shall execute and
the Trustee shall authenticate and the office or agency where the Debenture is
presented shall deliver to the holder thereof, at the expense of the Company, a
new Debenture of authorized denomination in principal amount equal to the
unredeemed portion of the Debenture so presented.

 

Section 3.6.                                No Sinking Fund.  The Debentures are not entitled to the
benefit of any sinking fund.

 

Article IV

 

EXTENSION
OF INTEREST PAYMENT PERIOD

 

Section 4.1.                                Extension of Interest Payment
Period.  So long as no Event of Default has occurred and is
continuing, the Company shall have the right, at any time and from time to time
during the term of the Debentures, to defer payments of interest by extending
the interest payment period of such Debentures for a period not exceeding 20
consecutive quarters (the “Extension Period”),
during which Extension Period no interest shall be due and payable, provided that no Extension Period may extend beyond the
Maturity Date or end on a date other than an Interest Payment Date.  To the extent permitted by applicable law,
interest, the payment of which has been deferred because of the extension of
the interest payment period pursuant to this Section 4.1, shall bear
interest thereon at the Coupon Rate compounded quarterly for each quarter of
the Extension Period (“Compounded Interest”).  At the end of the Extension Period, the
Company shall calculate (and deliver such calculation to the Trustee) and pay
all interest accrued and unpaid on the Debentures, including any Additional
Payments and Compounded Interest (together, “Deferred Payments”)
that shall be payable to the holders of the Debentures in whose names the
Debentures are registered in the Debenture Register on the first record date
after the end of the Extension Period. 
Before the termination of any Extension Period, the Company may further
extend such period so long as no Event of Default has occurred and is
continuing, provided that such period together with
all such further extensions thereof shall not

 

19

 

exceed 20 consecutive quarters, or extend beyond the
Maturity Date of the Debentures or end on a date other than an Interest Payment
Date.  Upon the termination of any
Extension Period and upon the payment of all Deferred Payments then due, the
Company may commence a new Extension Period, subject to the foregoing
requirements.  No interest shall be due
and payable during an Extension Period, except at the end thereof, but the
Company may prepay at any time all or any portion of the interest accrued
during an Extension Period.

 

Section 4.2.                                Notice of Extension.  (a) If the Property Trustee is the only
registered holder of the Debentures at the time the Company selects an
Extension Period, the Company shall give written notice to the Administrative
Trustees, the Property Trustee and the Trustee of its selection of such
Extension Period two Business Days before the earlier of (i) the next
succeeding date on which Distributions on the Trust Securities issued by the
Trust are payable; or (ii) the date the Trust is required to give notice
of the record date, or the date such Distributions are payable, to the NASDAQ
Stock Market or other applicable self-regulatory organization or to holders of
the Preferred Securities issued by the Trust, but in any event at least one
Business Day before such record date.

 

(b)                     If the Property Trustee is not
the only holder of the Debentures at the time the Company selects an Extension
Period, the Company shall give the holders of the Debentures and the Trustee
written notice of its selection of such Extension Period at least two Business
Days before the earlier of (i) the next succeeding Interest Payment Date;
or (ii) the date the Company is required to give notice of the record or
payment date of such interest payment to the NASDAQ Stock Market or other
applicable self-regulatory organization or to holders of the Debentures.

 

(c)                      The quarter in which any notice
is given pursuant to paragraphs (a) or (b) of this Section 4.2
shall be counted as one of the 20 quarters permitted in the maximum Extension
Period permitted under Section 4.1.

 

Section 4.3.                                Limitation on Transactions.  If (a) the Company shall exercise its
right to defer payment of interest as provided in Section 4.1 or (b) there
shall have occurred any Event of Default, then (i) neither the Company nor
any of its Subsidiaries shall declare or pay any dividend on, make any
distributions with respect to, or redeem, purchase, acquire or make a
liquidation payment with respect to, any of its capital stock (other than (A) dividends
or distributions in common stock of the Company or such Subsidiary, as the case
may be, or any declaration of a non-cash dividend in connection with the
implementation of a shareholder rights plan, or the issuance of stock under any
such plan in the future, or the redemption or repurchase of any such rights
pursuant thereto, (B) purchases of common stock of the Company related to
the rights under any of the Company’s benefit plans for its directors, officers
or employees, (C) as a result of a reclassification of its capital stock
for another class of its capital stock or (D) dividends payable by such
Subsidiary to the Company or any of its Subsidiaries); (ii) the Company
shall not make any payment of interest, principal or premium, if any, or repay,
repurchase or redeem any debt securities issued by the Company which rank pari passu with or junior to the Debentures or make any
guarantee payments with respect to any guarantee by the Company of the debt
securities of any Subsidiary of the Company if such guarantee ranks pari passu with or junior to the Debentures; provided, however, that notwithstanding the foregoing

 

20

 

the Company may make payments pursuant to its obligations
under the Preferred Securities Guarantee; and (iii) the Company shall not
redeem, purchase or acquire less than all of the Outstanding Debentures or any
of the Preferred Securities.

 

Article V

 

PARTICULAR
COVENANTS OF THE COMPANY

 

Section 5.1.                                Payment of Principal and Interest.  The Company shall duly and
punctually pay or cause to be paid the principal of and interest on the
Debentures at the time and place and in the manner provided herein.  Each such payment of the principal of and
interest on the Debentures shall relate only to the Debentures, shall not be
combined with any other payment of the principal of or interest on any other
obligation of the Company, and shall be clearly and unmistakably identified as
pertaining to the Debentures.

 

Section 5.2.                                Maintenance of Agency.  So long as any of the Debentures remain
Outstanding, the Company shall maintain, or shall cause to be maintained, an
office or agency in the State of Delaware, and at such other location or
locations as may be designated as provided in this Section 5.2, where (a) Debentures
may be presented for payment; (b) Debentures may be presented as
hereinabove authorized for registration of transfer and exchange; and (c) notices
and demands to or upon the Company in respect of the Debentures and this
Indenture may be given or served, such designation to continue with respect to
such office or agency until the Company shall, by written notice signed by its
President or a Vice President and delivered to the Trustee, designate some
other office or agency for such purposes or any of them.  If at any time the Company shall fail to
maintain any such required office or agency or shall fail to furnish the
Trustee with the address thereof, such presentations, notices and demands may
be made or served at the Corporate Trust Office of the Trustee, and the Company
hereby appoints the Trustee as its agent to receive all such presentations,
notices and demands.  In addition to any
such office or agency, the Company may from time to time designate one or more
offices or agencies outside of the State of Delaware, where the Debentures may
be presented for registration or transfer and for exchange in the manner
provided herein, 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
the State of Delaware, for the purposes above mentioned.  The Company shall give the Trustee prompt
written notice of any such designation or rescission thereof.

 

Section 5.3.                                Paying Agents.  (a) The Trustee shall be the
initial Paying Agent.  If the Company
shall appoint one or more Paying Agents for the Debentures, other than the
Trustee, the Company shall cause each such Paying Agent to execute and deliver
to the Trustee an instrument in which such agent shall agree with the Trustee,
subject to the provisions of this Section 5.3:

 

(i)                                                 that it shall hold all sums held
by it as such agent for the payment of the principal of or interest on the
Debentures (whether such sums have been paid to it

 

21

 

by the Company or by any other obligor of such Debentures)
in trust for the benefit of the Persons entitled thereto;

 

(ii)                                              that it shall give the Trustee
notice of any failure by the Company (or by any other obligor of such
Debentures) to make any payment of the principal of or interest on the
Debentures when the same shall be due and payable;

 

(iii)                                           that it shall, at any time
during the continuance of any failure referred to in the preceding
paragraph (a)(ii) above, upon the written request of the Trustee,
forthwith pay to the Trustee all sums so held in trust by such Paying Agent;
and

 

(iv)                                          that it shall perform all other
duties of Paying Agent as set forth in this Indenture.

 

(b)                     If the Company shall act as its
own Paying Agent with respect to the Debentures, it shall on or before each due
date of the principal of or interest on such Debentures, set aside, segregate
and hold in trust for the benefit of the Persons entitled thereto a sum
sufficient to pay such principal or interest so becoming due on the Debentures
until such sums shall be paid to such Persons or otherwise disposed of as
herein provided and shall promptly notify the Trustee of such action, or any
failure (by it or any other obligor on such Debentures) to take such
action.  Whenever the Company shall have
one or more Paying Agents for the Debentures, it shall, prior to each due date
of the principal of or interest on any Debentures, deposit with the Paying Agent
a sum sufficient to pay the principal or interest so becoming due, such sum to
be held in trust for the benefit of the Persons entitled to such principal or
interest, and (unless such Paying Agent is the Trustee) the Company shall
promptly notify the Trustee of this action or failure so to act.

 

(c)                      Notwithstanding anything in this
Section 5.3 to the contrary, (i) the agreement to hold sums in trust
as provided in this Section 5.3 is subject to the provisions of Section 13.3
and 13.4; and (ii) the Company may at any time, for the purpose of
obtaining the satisfaction and discharge of this Indenture or for any other
purpose, pay, or direct any Paying Agent to pay, to the Trustee all sums held
in trust by the Company or such Paying Agent, such sums to be held by the
Trustee upon the same terms and conditions as those upon which such sums were
held by the Company or such Paying Agent; and, upon such payment by any Paying
Agent to the Trustee, such Paying Agent shall be released from all further
liability with respect to such money.

 

Section 5.4.                                Appointment to Fill Vacancy in
Office of the Trustee.  The Company,
whenever necessary to avoid or fill a vacancy in the office of Trustee, shall
appoint, in the manner provided in Section 9.11, a Trustee, so that there
shall at all times be a Trustee hereunder.

 

Section 5.5.                                Compliance with Consolidation
Provisions.  The Company shall
not, while any of the Debentures remain Outstanding, consolidate with, or merge
into, or merge into

 

22

 

itself, or sell or convey all or substantially all of its
property to any other company unless the provisions of Article XII hereof
are complied with.

 

Section 5.6.                                Limitation on Transactions.  If Debentures are issued to the Trust or a
trustee of the Trust in connection with the issuance of Trust Securities by the
Trust and (a) there shall have occurred an Event of Default; (b) the
Company shall be in default with respect to its payment of any obligations
under the Preferred Securities Guarantee relating to the Trust; or (c) if
the Company shall have given notice of its election to defer payments of
interest on such Debentures by extending the interest payment period as
provided in this Indenture and such Extension Period, or any extension thereof,
shall be continuing, then (i) neither the Company nor any of its
Subsidiaries shall declare or pay any dividend on, make any distributions with
respect to, or redeem, purchase, acquire or make a liquidation payment with
respect to, any of its capital stock (other than (A) dividends or
distributions in common stock of the Company or such Subsidiary, as the case
may be, or any declaration of a non-cash dividend in connection with the
implementation of a shareholder rights plan, or the issuance of stock under any
such plan in the future, or the redemption or repurchase of any such rights
pursuant thereto, (B) purchases of common stock of the Company related to
the rights under any of the Company’s benefit plans for its directors, officers
or employees, (C) as a result of a reclassification of its capital stock
or (D) dividends payable by such Subsidiary to the Company or any of its
Subsidiaries); (ii) the Company shall not make any payment of principal,
interest or premium, if any, or repay, repurchase or redeem any debt securities
issued by the Company which rank pari passu with
or junior in interest to the Debentures; provided, however,
that the Company may make payments pursuant to its obligations under the
Preferred Securities Guarantee; and (iii) the Company shall not redeem,
purchase or acquire less than all of the Outstanding Debentures or any of the
Preferred Securities.

 

Section 5.7.                                Covenants as to the Trust.  For so long as the Trust Securities of the
Trust remain outstanding, the Company: (a) shall maintain 100% direct or
indirect ownership of the Common Securities of the Trust; provided,
however, that any permitted successor of the Company under this
Indenture may succeed to the Company’s ownership of the Common Securities; (b) shall
not voluntarily terminate, wind up or liquidate the Trust, except upon prior
approval of the Federal Reserve if then so required under applicable capital
guidelines, policies or regulations of the Federal Reserve; (c) shall use
its reasonable efforts to cause the Trust (i) to remain a statutory trust
(and to avoid involuntary termination, winding up or liquidation), except in
connection with a distribution of Debentures, the redemption of all of the
Trust Securities of the Trust or certain mergers, consolidations or
amalgamations, each as permitted by the Trust Agreement; and (ii) to
otherwise continue not to be treated as an association taxable as a corporation
or partnership for United States federal income tax purposes; (d) shall
use its reasonable efforts to cause each holder of Trust Securities to be
treated as owning an individual beneficial interest in the Debentures; and (e) shall
use reasonable efforts to maintain the eligibility of the Preferred Securities
for quotation or listing on any national securities exchange or other
organization on which the Preferred Securities are then quoted or listed
(including, if applicable, the NASDAQ Stock Market) and shall use reasonable
efforts to keep the Preferred Securities so quoted or listed for so long as the
Preferred Securities remain outstanding. 
In connection with the distribution of the Debentures to the holders of
the Preferred Securities issued by the Trust upon a Dissolution Event, the
Company shall use its best efforts to list such

 

23

 

Debentures on the NASDAQ Stock Market or on such other
exchange as the Preferred Securities are then listed.

 

Section 5.8.                                Covenants as to Purchases.  Except upon the exercise by the Company of
its right to redeem the Debentures pursuant to Section 3.2 upon the
occurrence and continuation of a Special Event, the Company shall not purchase
any Debentures, in whole or in part, from the Trust prior to
                ,
2013.

 

Section 5.9.                                Waiver of Usury, Stay or
Extension Laws.  The Company shall not at any time insist
upon, or plead, or in any manner whatsoever claim or take the benefit or
advantage of, any usury, stay or extension law wherever enacted, now or at any
time hereafter in force, which may affect the covenants or the performances of
this Indenture, and the Company (to the extent that it may lawfully do so)
hereby expressly waives all benefit or advantage of any such law, and covenants
that it will not hinder, delay or impede the execution of any power herein
granted to the Trustee, but will suffer and permit the execution of every such
power as though no such law had been enacted.

 

Article VI

 

THE
DEBENTUREHOLDERS’ LISTS AND REPORTS BY THE COMPANY AND THE TRUSTEE

 

Section 6.1.                                The Company to Furnish the
Trustee Names and Addresses of the Debentureholders.  The Company shall furnish or cause to be
furnished to the Trustee: (a) on a quarterly basis on each regular record
date (as described in Section 2.4) a list, in such form as the Trustee may
reasonably require, of the names and addresses of the holders of the Debentures
as of such regular record date, provided that
the Company shall not be obligated to furnish or cause to be furnished such
list at any time that the list shall not differ in any respect from the most
recent list furnished to the Trustee by the Company (in the event the Company
fails to provide such list on a quarterly basis, the Trustee shall be entitled
to rely on the most recent list provided by the Company); 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; provided, however, that, in either case, no such list need
be furnished if the Trustee shall be the Debenture Registrar.

 

Section 6.2.                                Preservation of Information
Communications with the Debentureholders.  (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 Debentures contained in the most
recent list furnished to it as provided in Section 6.1 and as to the names
and addresses of holders of Debentures received by the Trustee in its capacity
as Debenture Registrar for the Debentures (if acting in such capacity).

 

(b)                     The Trustee may destroy any list
furnished to it as provided in Section 6.1 upon receipt of a new list so
furnished.

 

24

 

(c)                      Debentureholders may communicate
as provided in Section 312(b) of the Trust Indenture Act with other
Debentureholders with respect to their rights under this Indenture or under the
Debentures.

 

Section 6.3.                                Reports by the Company.  (a) The Company covenants and
agrees to file with the Trustee, within 15 days after the Company is required
to file the same with the Commission, copies of the annual reports and of the
information, documents and other reports (or copies of such portions of any of
the foregoing as the Commission may from time to time by rules and
regulations prescribe) that the Company may be required to file with the
Commission pursuant to Section 13 or Section 15(d) of the
Exchange Act; or, if the Company is not required to file information, documents
or reports pursuant to either of such sections, then to file with the Trustee
and the Commission, in accordance with the rules and regulations
prescribed from time to time by the Commission, such of the supplementary and
periodic information, documents and reports that may be required pursuant to Section 13
of the Exchange Act in respect of a security listed and registered on a
national securities exchange as may be prescribed from time to time in such rules and
regulations.

 

(b)                     The Company covenants and agrees
to file with the Trustee and the Commission, in accordance with the rules and
regulations prescribed from time to time by the Commission, such additional
information, documents and reports with respect to compliance by the Company
with the conditions and covenants provided for in this Indenture as may be
required from time to time by such rules and regulations.

 

(c)                      The Company covenants and agrees
to transmit by mail, first class postage prepaid, or reputable overnight
delivery service that provides for evidence of receipt, to the
Debentureholders, as their names and addresses appear upon the Debenture
Register, within 30 days after the filing thereof with the Trustee, such
summaries of any information, documents and reports required to be filed by the
Company pursuant to subsections (a) and (b) of this Section 6.3
as may be required by rules and regulations prescribed from time to time
by the Commission.

 

(d)                     On or before July 15 in
each year in which any of the Debentures are Outstanding, the Company covenants
and agrees to furnish to the Debentureholders an Officers’ Certificate stating
that, to the knowledge of the officer, the Company is in compliance with all
conditions and covenants under this Indenture.

 

Section 6.4.                                Reports by the Trustee.  (a) On or before July 15 in each
year in which any of the Debentures are Outstanding, the Trustee shall transmit
by mail, first class postage prepaid, to the Debentureholders, as their names
and addresses appear upon the Debenture Register, a brief report, if and to the
extent required under Section 313(a) of the Trust Indenture Act.

 

(b)                     The Trustee shall comply with Section 313(b) and
313(c) of the Trust Indenture Act.

 

25

 

(c)                      A copy of each such report
shall, at the time of such transmission to Debentureholders, be filed by the
Trustee with the Company, with each stock exchange upon which any Debentures
are listed (if so listed) and also with the Commission.  The Company agrees to notify the Trustee when
any Debentures become listed on any stock exchange.

 

Article VII

 

REMEDIES
OF THE TRUSTEE AND DEBENTUREHOLDERS ON EVENT OF DEFAULT

 

Section 7.1.                                Events of Default.  (a) Whenever used herein with respect to
the Debentures, “Event of Default” means any one
or more of the following events:

 

(i)                                                 the Company defaults in the
payment of any installment of interest upon any of the Debentures, as and when
the same shall become due and payable, and such default continues for a period
of 30 days; provided, however, that a valid
extension of an interest payment period by the Company in accordance with the
terms of this Indenture shall not constitute a default in the payment of
interest for this purpose;

 

(ii)                                              the Company defaults in the
payment of the principal on the Debentures as and when the same shall become
due and payable whether at maturity, upon redemption, by declaration or
otherwise;

 

(iii)                                           the Company fails to observe or
perform any other of its covenants or agreements with respect to the Debentures
for a period of 90 days after the date on which written notice of such failure,
requiring the same to be remedied and stating that such notice is a “Notice of
Default” hereunder, shall have been given to the Company by the Trustee, by
registered or certified mail, or to the Company and the Trustee by the holders
of at least 25% in principal amount of the Debentures at the time Outstanding;

 

(iv)                                          the Company pursuant to or
within the meaning of any Bankruptcy Law (A) commences a voluntary case; (B) consents
to the entry of an order for relief against it in an involuntary case; (C) consents
to the appointment of a Custodian of it or for all or substantially all of its
property; or (D) makes a general assignment for the benefit of its
creditors;

 

(v)                                             a court of competent
jurisdiction enters an order under any Bankruptcy Law that (A) is for
relief against the Company in an involuntary case; (B) appoints a
Custodian of the Company for all or substantially all of its property; or (C) orders
the liquidation of the Company, and the order or decree remains unstayed and in
effect for 90 days; or

 

(vi)                                          the Trust shall have voluntarily
or involuntarily dissolved, wound-up its business or otherwise terminated its
existence except in connection with (A) the distribution of Debentures to
holders of Trust Securities in liquidation of their interests

 

26

 

in the Trust; (B) the redemption of all of the
outstanding Trust Securities of the Trust; or (C) certain mergers,
consolidations or amalgamations, each as permitted by the Trust Agreement.

 

(b)                     In each and every such case
referred to in items (i) through (vi) of Section 7.1(a),
unless the principal of all the Debentures shall have already become due and
payable, either the Trustee or the holders of not less than 25% in aggregate
principal amount of the Debentures then Outstanding hereunder, by notice in
writing to the Company (and to the Trustee if given by such Debentureholders)
may declare the principal of all the Debentures to be due and payable
immediately, and upon any such declaration the same shall become and shall be
immediately due and payable, notwithstanding anything contained in this
Indenture or in the Debentures.

 

(c)                      At any time after the principal
of the Debentures shall have been so declared due and payable, and before any
judgment or decree for the payment of the money due shall have been obtained or
entered as hereinafter provided, the holders of a majority in aggregate
principal amount of the Debentures then Outstanding hereunder, by written
notice to the Company and the Trustee, may rescind and annul such declaration
and its consequences if:  (i) the
Company has paid or deposited with the Trustee a sum sufficient to pay all
matured installments of interest upon all the Debentures and the principal of
any and all Debentures that shall have become due otherwise than by
acceleration (with interest upon such principal, and, to the extent that such
payment is enforceable under applicable law, upon overdue installments of
interest, at the rate per annum expressed in the Debentures to the date of such
payment or deposit) and the amount payable to the Trustee under Section 9.7;
and (ii) any and all Events of Default under this Indenture, other than
the nonpayment of principal on Debentures that shall not have become due by
their terms, shall have been remedied or waived as provided in Section 7.6.  No such rescission and annulment shall extend
to or shall affect any subsequent default or impair any right consequent
thereon.

 

(d)                     In case the Trustee shall have
proceeded to enforce any right with respect to Debentures 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 and the
Trustee shall be restored respectively to their former positions and rights
hereunder, and all rights, remedies and powers of the Company and the Trustee
shall continue as though no such proceedings had been taken.

 

Section 7.2.                                Collection of Indebtedness and
Suits for Enforcement by the Trustee.  (a) The
Company covenants that (i) in case it shall default in the payment of any
installment of interest on any of the Debentures, and such default shall have
continued for a period of 30 days; or (ii) in case it shall default in the
payment of the principal of any of the Debentures when the same shall have
become due and payable, whether upon maturity of the Debentures or upon
redemption or upon declaration or otherwise, then, upon demand of the Trustee,
the Company shall pay to the Trustee, for the benefit of the holders of the
Debentures, the whole amount that then shall have become due and payable on all
such Debentures for principal or interest, or both, as the case may be, with
interest upon the overdue principal; and (to the extent that payment of

 

27

 

such interest is enforceable under applicable law and, if
the Debentures are held by the Trust or a trustee of the Trust, without
duplication of any other amounts paid by the Trust or trustee in respect
thereof) upon overdue installments of interest at the rate per annum expressed
in the Debentures; and, in addition thereto, such further amount as shall be
sufficient to cover the costs and expenses of collection, and the amount
payable to the Trustee under Section 9.7.

 

(b)                     If the Company shall fail to pay
such amounts set forth in Section 7.2(a) forthwith upon such demand,
the Trustee, in its own name and as trustee of an express trust, shall be
entitled and empowered to institute any action 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 other obligor upon the
Debentures and collect the money adjudged or decreed to be payable in the
manner provided by law out of the property of the Company or other obligor upon
the Debentures, wherever situated.

 

(c)                      In case of any receivership,
insolvency, liquidation, bankruptcy, reorganization, readjustment, arrangement,
composition or judicial proceedings affecting the Company, the Trust, or the
creditors or property of either, the Trustee shall have power to intervene in
such proceedings and take any action therein that may be permitted by the court
and shall (except as may be otherwise provided by law) be entitled to file such
proofs of claim and other papers and documents as may be necessary or advisable
in order to have the claims of the Trustee and of the holders of the Debentures
allowed for the entire amount due and payable by the Company under this
Indenture at the date of institution of such proceedings and for any additional
amount that may become due and payable by the Company after such date, and to
collect and receive any money or other property payable or deliverable on any
such claim, and to distribute the same after the deduction of the amount payable
to the Trustee under Section 9.7; and any receiver, assignee or trustee in
bankruptcy or reorganization is hereby authorized by each of the holders of the
Debentures to make such payments to the Trustee, and, in the event that the
Trustee shall consent to the making of such payments directly to such
Debentureholders, to pay to the Trustee any amount due it under Section 9.7.

 

(d)                     All rights of action and of
asserting claims under this Indenture, or under any of the terms established
with respect to the Debentures, may be enforced by the Trustee without the
possession of any of such Debentures, 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, after provision for payment to the Trustee
of any amounts due under Section 9.7, be for the ratable benefit of the
holders of the Debentures.  In case of an
Event of Default hereunder which is continuing, 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 at law or in
equity or 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.  Nothing contained herein shall be deemed to
authorize the Trustee to authorize or consent to or accept or adopt on behalf
of any Debentureholder any plan of reorganization, arrangement, adjustment or
composition affecting

 

28

 

the Debentures or the rights of any holder thereof or to
authorize the Trustee to vote in respect of the claim of any Debentureholder in
any such proceeding.

 

Section 7.3.                                Application of Money Collected.  Any money or other assets collected
by the Trustee pursuant to this Article VII with respect to the Debentures
shall be applied in the following order, at the date or dates fixed by the
Trustee and, in case of the distribution of such money or other assets on
account of principal or interest, upon presentation of the Debentures, and
notation thereon of the payment, if only partially paid, and upon surrender
thereof if fully paid:

 

FIRST:  To the payment of costs
and expenses of collection and of all amounts payable to the Trustee under Section 9.7;

 

SECOND:  To the payment of all
Senior Indebtedness if and to the extent required by Article XVI; and

 

THIRD:  To the payment of the
amounts then due and unpaid upon the Debentures for principal and interest, in
respect of which or for the benefit of which such money has been collected,
ratably, without preference or priority of any kind, according to the amounts
due and payable on such Debentures for principal and interest, respectively.

 

Section 7.4.                                Limitation on Suits.  (a) Except as set forth in
this Indenture, no holder of any Debenture shall have any right by virtue or by
availing of any provision of this Indenture to institute any suit, action or
proceeding in equity or at law upon or under or with respect to this Indenture
or for the appointment of a receiver or trustee, or for any other remedy
hereunder, unless (i) such holder previously shall have given to the
Trustee written notice of an Event of Default and of the continuance thereof
with respect to the Debentures specifying such Event of Default, as
hereinbefore provided; (ii) the holders of not less than 25% in aggregate
principal amount of the Debentures then Outstanding shall have made written
request upon the Trustee to institute such action, suit or proceeding in its
own name as trustee hereunder; (iii) such holder or holders shall have
offered to the Trustee such reasonable indemnity as it may require against the
costs, expenses and liabilities to be incurred therein or thereby; and (iv) 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
and during such 60 day period, the holders of a majority in principal amount of
the Debentures do not give the Trustee a direction inconsistent with the
request.

 

(b)                     Notwithstanding anything
contained herein to the contrary or any other provisions of this Indenture, the
right of any holder of the Debentures to receive payment of the principal of
and interest on the Debentures, as therein provided, on or after the respective
due dates expressed in such Debenture (or in the case of redemption, on the
redemption date), or to institute suit for the enforcement of any such payment
on or after such respective dates or redemption date, shall not be impaired or
affected without the consent of such holder and by accepting a Debenture
hereunder it is expressly understood, intended and covenanted by the taker and
holder of every Debenture with every other such taker and holder and the
Trustee that no one or more holders of

 

29

 

the Debentures shall have any right in any manner whatsoever
by virtue or by availing of any provision of this Indenture to affect, disturb
or prejudice the rights of the holders of any other of such Debentures, or to
obtain or seek to obtain priority over or preference to any other such holder,
or to enforce any right under this Indenture, except in the manner herein provided
and for the equal, ratable and common benefit of all holders of the
Debentures.  For the protection and
enforcement of the provisions of this Section 7.4, each and every
Debentureholder and the Trustee shall be entitled to such relief as can be
given either at law or in equity.

 

Section 7.5.                                Rights and Remedies Cumulative;
Delay or Omission not Waiver.  (a) Except as otherwise provided in Section 2.8(b),
all powers and remedies given by this Article VII to the Trustee or to the
Debentureholders 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 Debentures, by judicial proceedings or otherwise, to enforce
the performance or observance of the covenants and agreements contained in this
Indenture or otherwise established with respect to such Debentures.

 

(b)                     No delay or
omission of the Trustee or of any holder of any of the Debentures 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 7.4, every power and remedy given by this Article VII
or by law to the Trustee or the Debentureholders may be exercised from time to
time, and as often as shall be deemed expedient, by the Trustee or by the
Debentureholders.

 

Section 7.6.                                Control by the Debentureholders.  The holders of a majority in
aggregate principal amount of the Debentures at the time Outstanding,
determined in accordance with Section 10.4, shall have the right to direct
the time, method and place of conducting any proceeding for any remedy
available to the Trustee, or exercising any trust or power conferred on the
Trustee; provided, however, that such direction
shall not be in conflict with any rule of law or with this Indenture.  Subject to the provisions of Section 9.1,
the Trustee shall have the right to decline to follow any such direction if the
Trustee in good faith shall, by a Responsible Officer or Responsible Officers
of the Trustee, determine that the proceeding so directed would involve the
Trustee in personal liability.  The
holders of a majority in aggregate principal amount of the Debentures at the
time Outstanding affected thereby, determined in accordance with Section 10.4,
may on behalf of the holders of all of the Debentures waive any past default in
the performance of any of the covenants contained herein and its consequences,
except (i) a default in the payment of the principal of or interest on any
of the Debentures as and when the same shall become due by the terms of such
Debentures otherwise than by acceleration (unless such default has been cured
and a sum sufficient to pay all matured installments of principal and interest
has been deposited with the Trustee (in accordance with Section 7.1(c)); (ii) a
default in the covenants contained in Section 5.7; or (iii) in
respect of a covenant or provision hereof which cannot be modified or amended
without the consent of the holder of each Outstanding Debenture affected; provided, however, that if the Debentures 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 liquidation
preference of Trust Securities of the Trust shall have consented to such waiver
or modification to such waiver; provided further,
that if the Debentures are held by the Trust or a

 

30

 

trustee of the Trust, and if the consent of the holder of
each Outstanding Debenture is required, such waiver shall not be effective
until each holder of the Trust Securities of the Trust shall have consented to
such waiver.  Upon any such waiver, the
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 Debentures shall
be restored to their former positions and rights hereunder, respectively; but
no such waiver shall extend to any subsequent or other default or impair any
right consequent thereon.

 

Section 7.7.                                Undertaking to Pay Costs.  All parties to this Indenture
agree, and each holder of any Debentures 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 the
Trustee, the filing by any party litigant in such suit of an undertaking to pay
the costs of such suit, and that such court may in its discretion assess
reasonable costs, including reasonable attorneys’ fees, against any party
litigant in such suit, having due regard to the merits and good faith of the
claims or defenses made by such party litigant; but the provisions of this Section 7.7
shall not apply to any suit instituted by the Trustee, to any suit instituted
by any Debentureholder, or group of the Debentureholders holding more than 10%
in aggregate principal amount of the Outstanding Debentures, or to any suit
instituted by any Debentureholder for the enforcement of the payment of the
principal of or interest on the Debentures, on or after the respective due
dates expressed in such Debenture or established pursuant to this Indenture.

 

Section 7.8.                                Direct Action; Right of Set-Off.  In the event that an Event of
Default has occurred and is continuing and such event is attributable to the
failure of the Company to pay interest on or principal of the Debentures on an
Interest Payment Date or Maturity Date, as applicable, then a holder of
Preferred Securities may institute a legal proceeding directly against the
Company for enforcement of payment to such holder of the principal of or interest
on such Debentures having a principal amount equal to the aggregate Liquidation
Amount of the Preferred Securities of such holders (a “Direct
Action”).  In connection with
such Direct Action, the Company will have a right of set-off under this
Indenture to the extent of any payment actually made by the Company to such
holder of the Preferred Securities with respect to such Direct Action.

 

Article VIII

 

FORM OF
THE DEBENTURE AND ORIGINAL ISSUE

 

Section 8.1.                                Form of Debenture.  The Debenture and the Trustee’s Certificate
of Authentication to be endorsed thereon are to be substantially in the forms
contained as Exhibit A to this Indenture, attached hereto and incorporated
herein by reference.

 

Section 8.2.                                Original Issue of the Debentures.  Debentures in the aggregate principal amount
of $30,927,840 may, upon execution of this Indenture, be executed by the
Company and delivered to the Trustee for authentication.  If the Underwriters exercise their Option and
there is an Option Closing Date, then, on such Option Closing Date, Debentures
in the additional

 

31

 

aggregate amount of up to $4,639,180 shall be executed by
the Company and delivered to the Trustee for authentication.  The Trustee shall thereupon authenticate and
deliver said Debentures to or upon the written order of the Company, signed by
its Chief Executive Officer, its President, or any Vice President and its
Treasurer or an Assistant Treasurer, without any further action by the Company.

 

Article IX

 

CONCERNING
THE TRUSTEE

 

Section 9.1.                                Certain Duties and
Responsibilities of the Trustee.  (a) The Trustee, prior to the
occurrence of an Event of Default and after the curing of all Events of Default
that may have occurred, shall undertake to perform with respect to the
Debentures such duties and only such duties as are specifically set forth in
this Indenture, and no implied covenants shall be read into this Indenture
against the Trustee.  In case an Event of
Default has occurred that 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 its exercise, as a prudent person would
exercise or use under the circumstances in the conduct of his or her own affairs.

 

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

 

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

 

(A)                              the duties and obligations of
the Trustee shall with respect to the Debentures be determined solely by the
express provisions of this Indenture, and the Trustee shall not be liable with
respect to the Debentures except for the performance of such duties and
obligations as are specifically set forth in this Indenture, and no implied
covenants or obligations shall be read into this Indenture against the Trustee;
and

 

(B)                                in the absence of bad faith on
the part of the Trustee, the Trustee may with respect to the Debentures
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 that by any provision hereof are
specifically required to be furnished to the Trustee, the Trustee shall be
under a duty to examine the same to determine whether or not they conform to
the requirements of this Indenture;

 

32

 

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

 

(iii)                                             the Trustee shall not be liable
with respect to any action taken or omitted to be taken by it in good faith in
accordance with the direction of the holders of not less than a majority in
principal amount of the Debentures at the time Outstanding relating to the
time, method and place of conducting any proceeding for any remedy available to
the Trustee, or exercising any trust or power conferred upon the Trustee under
this Indenture with respect to the Debentures; and

 

(iv)                                            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, if there is
reasonable ground for believing that the repayment of such funds or liability
is not reasonably assured to it under the terms of this Indenture or adequate
indemnity against such risk is not reasonably assured to it.

 

Section 9.2.                                Notice of Defaults.  Within 90 days after actual knowledge by a
Responsible Officer of the Trustee of the occurrence of any Default hereunder
with respect to the Debentures, the Trustee shall transmit by mail to all
holders of the Debentures, as their names and addresses appear in the Debenture
Register, notice of such Default, unless such Default shall have been cured or
waived; provided, however, that, except in the
case of a Default in the payment of the principal or interest (including any
Additional Payments) on any Debenture, the Trustee shall be protected in
withholding such notice if and so long as the board of directors, the executive
committee or a trust committee of the directors and/or Responsible Officers of
the Trustee determines in good faith that the withholding of such notice is in
the interests of the holders of such Debentures; and provided,
further, that in the case of any Default of the character specified
in section 7.1(a)(iii), no such notice to holders of Debentures need be
sent until at least 30 days after the occurrence thereof.

 

Section 9.3.                                Certain Rights of the Trustee.  Except as otherwise provided in Section 9.1:

 

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

 

(b)                     Any request, direction, order or
demand of the Company mentioned herein shall be sufficiently evidenced by a
Board Resolution or an instrument signed in the name of the Company by its
President or any Vice President and by the Secretary or an Assistant Secretary
or the Treasurer or an Assistant Treasurer thereof (unless other evidence in
respect thereof is specifically prescribed herein);

 

33

 

(c)                      The Trustee shall not be deemed
to have knowledge of a Default or an Event of Default, other than an Event of
Default specified in Section 7.1(a)(i) or (ii), unless and until it
receives written notification of such Event of Default from the Company or by
holders of at least 25% of the aggregate principal amount of the Debentures at
the time Outstanding;

 

(d)                     The Trustee may consult with
counsel and the written advice of such counsel or any Opinion of Counsel shall
be full and complete authorization and protection in respect of any action
taken or suffered or omitted hereunder in good faith and in reliance thereon;

 

(e)                      The Trustee shall be under no
obligation to exercise any of the rights or powers vested in it by this
Indenture at the request, order or direction of any of the Debentureholders,
pursuant to the provisions of this Indenture, unless such Debentureholders
shall have offered to the Trustee reasonable security or indemnity against the
costs, expenses and liabilities that may be incurred therein or thereby; nothing
contained herein shall, however, relieve the Trustee of the obligation, upon
the occurrence of an Event of Default (that is continuing and has not been
cured or waived) to exercise with respect to the Debentures such of the rights
and powers vested in it by this Indenture, and to use the same degree of care
and skill in its exercise, as a prudent person would exercise or use under the
circumstances in the conduct of his or her own affairs;

 

(f)                        The Trustee shall not be liable
for any action taken or omitted to be taken by it in good faith and believed by
it to be authorized or within the discretion or rights or powers conferred upon
it by this Indenture;

 

(g)                     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, security, or other papers or documents, unless requested
in writing so to do by the holders of not less than a majority in principal amount
of the Outstanding Debentures (determined as provided in Section 10.4); 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 costs, expenses or liabilities as a condition to so proceeding, and the
reasonable expense of every such examination shall be paid by the Company or,
if paid by the Trustee, shall be repaid by the Company upon demand; and

 

(h)                     The Trustee may execute any of
the trusts or powers hereunder or perform any duties hereunder either directly
or by or through agents or attorneys and the Trustee shall not be responsible
for any misconduct or negligence on the part of any agent or attorney appointed
with due care by it hereunder.

 

Section 9.4.                                The Trustee not Responsible for
Recitals, Etc.  (a) The
Recitals contained herein and in the Debentures shall be taken as the
statements of the Company, and the Trustee assumes no responsibility for the
correctness of the same.

 

34

 

(b)                       The Trustee makes no
representations as to the validity or sufficiency of this Indenture or of the
Debentures.

 

(c)                        The Trustee shall not be
accountable for the use or application by the Company of any of the Debentures
or of the proceeds of such Debentures, or for the use or application of any
money paid over by the Trustee in accordance with any provision of this
Indenture, or for the use or application of any money received by any Paying
Agent other than the Trustee.

 

Section 9.5.                                May Hold the Debentures.  The Trustee or any Paying Agent or Debenture
Registrar for the Debentures, in its individual or any other capacity, may
become the owner or pledgee of the Debentures with the same rights it would
have if it were not Trustee, Paying Agent or Debenture Registrar.

 

Section 9.6.                                Money Held in Trust.  Subject to the provisions of Section 13.5,
all money received by the Trustee shall, until used or applied as herein
provided, be held in trust for the purposes for which they were received, but
need not be segregated from other funds except to the extent required by
law.  The Trustee shall be under no
liability for interest on any money received by it hereunder except such as it
may agree with the Company to pay thereon.

 

Section 9.7.                                Compensation and Reimbursement.  (a) The Company covenants and
agrees to pay to the Trustee, and the Trustee shall be entitled to, such
reasonable compensation (which shall not be limited by any provision of law in
regard to the compensation of a trustee of an express trust), as the Company
and the Trustee may from time to time agree in writing, for all services
rendered by it in the execution of the trusts hereby created and in the
exercise and performance of any of the powers and duties hereunder of the
Trustee, and, except as otherwise expressly provided herein, the Company shall
pay or reimburse the Trustee upon its request for all 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 expenses and disbursements of its counsel and of all Persons not
regularly in its employ) except any such expense, disbursement or advance as
may arise from its negligence or bad faith. 
The Company also covenants to indemnify the Trustee (and its officers,
agents, directors and employees) for, and to hold it harmless against, any
loss, liability or expense incurred without negligence or bad faith on the part
of the Trustee and arising out of or in connection with the acceptance or
administration of this Indenture, including the costs and expenses of defending
itself against any claim of liability in the premises.

 

(b)                     The obligations of the Company
under this Section 9.7 to compensate and indemnify the Trustee and to pay
or reimburse the Trustee for expenses, disbursements and advances shall
constitute additional indebtedness hereunder. 
Such additional indebtedness shall be secured by a lien prior to that of
the Debentures 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
Debentures.

 

Section 9.8.                                Reliance on Officers’ Certificate.  Except as otherwise provided in Section 9.1,
whenever in the administration of the provisions of this Indenture the Trustee
shall

 

35

 

deem it necessary or desirable that a matter be proved or
established prior to taking or suffering or omitting to take any action
hereunder, such matter (unless other evidence in respect thereof be herein
specifically prescribed) may, in the absence of negligence 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 or bad faith on the part of the Trustee, shall be full
warrant to the Trustee for any action taken, suffered or omitted to be taken by
it under the provisions of this Indenture upon the faith thereof.

 

Section 9.9.                                Disqualification; Conflicting
Interests.  If the Trustee has
or shall acquire any “conflicting interest” within the meaning of Section 310(b) of
the Trust Indenture Act, the Trustee and the Company shall in all respects
comply with the provisions of Section 310(b) of the Trust Indenture
Act.

 

Section 9.10.                         Corporate Trustee Required;
Eligibility.  There shall at all times be a Trustee with
respect to the Debentures issued hereunder which shall at all times be a
corporation organized and doing business under the laws of the United States or
any state or territory thereof or of the District of Columbia, or a corporation
or other Person permitted to act as trustee by the Commission, authorized under
such laws to exercise corporate trust powers, having a combined capital and surplus
of at least $50,000,000, and subject to supervision or examination by federal,
state, territorial, or District of Columbia authority.  If such corporation publishes reports of
condition at least annually, pursuant to law or to the requirements of the aforesaid
supervising or examining authority, then for the purposes of this Section 9.10,
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.  The Company may
not, nor may any Person directly or indirectly controlling, controlled by, or
under common control with the Company, serve as Trustee.  In case at any time the Trustee shall cease
to be eligible in accordance with the provisions of this Section 9.10, the
Trustee shall resign immediately in the manner and with the effect specified in
Section 9.11.

 

Section 9.11.                         Resignation and Removal;
Appointment of Successor.  (a) The Trustee or any successor
hereafter appointed, may at any time resign by giving written notice thereof to
the Company and by transmitting notice of resignation by mail, first class
postage prepaid, to the Debentureholders, as their names and addresses appear
upon the Debenture Register.  Upon
receiving such notice of resignation, the Company shall promptly appoint a
successor trustee with respect to Debentures by written instrument, in
duplicate, executed by order of the 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, the resigning Trustee may
petition any court of competent jurisdiction for the appointment of a successor
trustee with respect to Debentures, or any Debentureholder who has been a bona
fide holder of a Debenture or Debentures for at least six months may, subject
to the provisions of Sections 9.9 and 9.10, 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.

 

36

 

(b)                     In case at any time any one of
the following shall occur:

 

(i)                                                 the Trustee shall fail to comply
with the provisions of Section 9.9 after written request therefor by the
Company or by any Debentureholder who has been a bona fide holder of a
Debenture or Debentures for at least six months; or

 

(ii)                                              the Trustee shall cease to be
eligible in accordance with the provisions of Section 9.10 and shall fail
to resign after written request therefor by the Company or by any such
Debentureholder; or

 

(iii)                                           the Trustee shall become
incapable of acting, or shall be adjudged bankrupt or insolvent, or commence a
voluntary bankruptcy proceeding, or a receiver of the Trustee or of its
property shall be appointed or consented to, or any public officer shall take
charge or control of the Trustee or of its property or affairs for the purpose
of rehabilitation, conservation or liquidation;

 

then,
in any such case, the Company may remove the Trustee with respect to all
Debentures 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 9.10, unless the Trustee’s duty
to resign is stayed as provided herein, any Debentureholder who has been a bona
fide holder of a Debenture or Debentures for at least six months may, on behalf
of that holder 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)                      The holders of the Debentures
may not remove the Trustee.

 

(d)                     Any resignation or removal of
the Trustee and appointment of a successor trustee with respect to the
Debentures pursuant to any of the provisions of this Section 9.11 shall
become effective upon acceptance of appointment by the successor trustee as
provided in Section 9.12.

 

(e)                      Any successor trustee appointed
pursuant to this Section 9.11 may be appointed with respect to the
Debentures, and at any time there shall be only one Trustee with respect to the
Debentures.

 

Section 9.12.                         Acceptance of Appointment by
Successor.  (a) In case of the appointment hereunder
of a successor trustee with respect to the Debentures, every successor trustee
so appointed shall execute, acknowledge and deliver to the Company and to the
retiring Trustee an instrument accepting such appointment, and thereupon the
resignation or removal of the retiring Trustee shall become effective and such
successor trustee, without any further act, deed or conveyance, shall become
vested with all the rights, powers, trusts and duties of the retiring Trustee;
but, on the request of the Company or the successor trustee, such retiring
Trustee shall,

 

37

 

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

 

(b)                     Upon request of any successor
trustee, the Company shall execute any and all instruments for more fully and
certainly vesting in and confirming to such successor trustee all such rights,
powers and trusts referred to in paragraph (a) of this Section 9.12.

 

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

 

(d)                     Upon acceptance of appointment
by a successor trustee as provided in this Section 9.12, the Company shall
transmit notice of the succession of such trustee hereunder by mail, first
class postage prepaid, to the Debentureholders, as their names and addresses
appear upon the Debenture Register.  If
the Company fails to transmit such notice within ten days after acceptance of
appointment by the successor trustee, the successor trustee shall cause such
notice to be transmitted at the expense of the Company.

 

Section 9.13.                         Merger, Conversion, Consolidation
or Succession to Business.  Any corporation into
which the Trustee may be merged or converted or with which it may be
consolidated, or any corporation resulting from any merger, conversion or
consolidation to which the Trustee shall be a party, or any corporation
succeeding to the corporate trust business of the Trustee, shall be the
successor of the Trustee hereunder, provided that
such corporation shall be qualified under the provisions of Section 9.9
and eligible under the provisions of Section 9.10, without the execution
or filing of any paper or any further act on the part of any of the parties
hereto, anything herein to the contrary notwithstanding.  In case any Debentures shall have been
authenticated, but not delivered, by the Trustee then in office, any successor
by merger, conversion or consolidation to such authenticating Trustee may adopt
such authentication and deliver the Debentures so authenticated with the same
effect as if such successor Trustee had itself authenticated such Debentures.

 

Section 9.14.                         Preferential Collection of Claims
against the Company.  The Trustee shall comply with Section 311(a) of
the Trust Indenture Act, excluding any creditor relationship described in Section 311(b) of
the Trust Indenture Act.  A Trustee who
has resigned or been removed shall be subject to Section 311(a) of
the Trust Indenture Act to the extent included therein.

 

Article X

 

CONCERNING
THE DEBENTUREHOLDERS

 

Section 10.1.                         Evidence of Action by the Holders.  (a) Whenever in this Indenture it is
provided that the holders of a majority or specified percentage in aggregate
principal amount of the Debentures may take any action (including the making of
any demand or request, the giving

 

38

 

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 majority or specified percentage have joined
therein may be evidenced by any instrument or any number of instruments of
similar tenor executed by such holders of Debentures in person or by agent or proxy
appointed in writing.

 

(b)                     If the Company shall solicit
from the Debentureholders any request, demand, authorization, direction,
notice, consent, waiver or other action, the Company may, at its option, as
evidenced by an Officers’ Certificate, fix in advance a record date for the
determination of Debentureholders entitled to give such request, demand,
authorization, direction, notice, consent, waiver or other action, 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 may be given before or after
the record date, but only the Debentureholders of record at the close of
business on the record date shall be deemed to be Debentureholders for the
purposes of determining whether Debentureholders of the requisite proportion of
Outstanding Debentures have authorized or agreed or consented to such request,
demand, authorization, direction, notice, consent, waiver or other action, and
for that purpose the Outstanding Debentures shall be computed as of the record
date; provided, however, that no such
authorization, agreement or consent by such Debentureholders on the record date
shall be deemed effective unless it shall become effective pursuant to the
provisions of this Indenture not later than six (6) months after the
record date.

 

Section 10.2.                         Proof of Execution by the
Debentureholders.  Subject to the provisions of Section 9.1,
proof of the execution of any instrument by a Debentureholder (such proof shall
not require notarization) or such Debentureholder’s agent or proxy and proof of
the holding by any Person of any of the Debentures shall be sufficient if made
in the following manner:

 

(a)                      The fact and date of the
execution by any such Person of any instrument may be proved in any reasonable
manner acceptable to the Trustee.

 

(b)                     The ownership of Debentures
shall be proved by the Debenture Register of such Debentures or by a
certificate of the Debenture Registrar thereof.

 

(c)                      The Trustee may require such
additional proof of any matter referred to in this Section 10.2 as it
shall deem necessary.

 

Section 10.3.                         Who May be Deemed Owners.  Prior to the due presentment for
registration of transfer of any Debenture, the Company, the Trustee, any Paying
Agent, any Authenticating Agent and any Debenture Registrar may deem and treat
the Person in whose name such Debenture shall be registered upon the books of
the Company as the absolute owner of such Debenture (whether or not such
Debenture shall be overdue and notwithstanding any notice of ownership or
writing thereon made by anyone other than the Debenture Registrar) for the
purpose of receiving payment of or on account of the principal of and interest
on such Debenture (subject to Section 2.3) and for all other purposes; and
neither the Company nor the Trustee nor any Paying Agent nor any Authenticating
Agent nor any Debenture Registrar shall be affected by any notice to the
contrary.

 

39

 

Section 10.4.                         Certain Debentures Owned by
Company Disregarded.  In determining whether the holders of the
requisite aggregate principal amount of the Debentures have concurred in any
direction, consent or waiver under this Indenture, the Debentures that are
owned by the Company or any other obligor on the Debentures or by any Person
directly or indirectly controlling or controlled by or under common control
with the Company or any other obligor on the Debentures shall be disregarded
and deemed not to be Outstanding for the purpose of any such determination,
except that (a) for the purpose of determining whether the Trustee shall
be protected in relying on any such direction, consent or waiver, only
Debentures that the Trustee actually knows are so owned shall be so disregarded;
and (b) for purposes of this Section 10.4, the Trust shall be deemed
not to be controlled by the Company.  The
Debentures so owned that have been pledged in good faith may be regarded as
Outstanding for the purposes of this Section 10.4, if the pledgee shall
establish to the satisfaction of the Trustee the pledgee’s right so to act with
respect to such Debentures and that the pledgee is not a Person directly or
indirectly controlling or controlled by or under direct or indirect common
control with the Company or any such other obligor.  In 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 10.5.                         Actions Binding on the Future
Debentureholders.  At any time prior to (but not after) the
evidencing to the Trustee, as provided in Section 10.1, of the taking of
any action by the holders of the majority or percentage in aggregate principal
amount of the Debentures specified in this Indenture in connection with such action,
any holder of a Debenture that is shown by the evidence to be included in the
Debentures the holders of which have consented to such action may, by filing
written notice with the Trustee, and upon proof of holding as provided in Section 10.2,
revoke such action so far as concerns such Debenture.  Except as aforesaid, any such action taken by
the holder of any Debenture shall be conclusive and binding upon such holder
and upon all future holders and owners of such Debenture, and of any Debenture
issued in exchange therefor, on registration of transfer thereof or in place
thereof, irrespective of whether or not any notation in regard thereto is made
upon such Debenture.  Any action taken by
the holders of the majority or percentage in aggregate principal amount of the
Debentures specified in this Indenture in connection with such action shall be
conclusively binding upon the Company, the Trustee and the holders of all the
Debentures.

 

Article XI

 

SUPPLEMENTAL
INDENTURES

 

Section 11.1.                         Supplemental Indentures without
the Consent of the Debentureholders.  In addition to any supplemental
indenture otherwise authorized by this Indenture, the Company 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 as then in effect), without the consent of the Debentureholders,
for one or more of the following purposes:

 

(a)                      to cure any ambiguity, defect,
or inconsistency herein, or in the Debentures;

 

(b)                     to comply with Article X;

 

40

 

(c)                      to provide for uncertificated
Debentures in addition to or in place of certificated Debentures;

 

(d)                     to add to the covenants of the
Company for the benefit of the holders of all or any of the Debentures or to
surrender any right or power herein conferred upon the Company;

 

(e)                      to add to, delete from, or
revise the conditions, limitations and restrictions on the authorized amount,
terms or purposes of issue, authentication and delivery of Debentures, as
herein set forth;

 

(f)                        to make any change that does not
adversely affect the rights of any Debentureholder in any material respect;

 

(g)                     to provide for the issuance of
and establish the form and terms and conditions of the Debentures, to establish
the form of any certifications required to be furnished pursuant to the terms
of this Indenture or of the Debentures, or to add to the rights of the holders
of the Debentures;

 

(h)                     to qualify or maintain the
qualification of this Indenture under the Trust Indenture Act; or

 

(i)                         to evidence a consolidation or
merger involving the Company as permitted under Section 12.1.

 

The Trustee is hereby authorized to join with the Company in the
execution of any such supplemental indenture, and to make any further
appropriate agreements and stipulations that may be therein contained, but the
Trustee shall not be obligated to enter into any such supplemental indenture
that affects the Trustee’s own rights, duties or immunities under this Indenture
or otherwise.  Any supplemental indenture
authorized by the provisions of this Section 11.1 may be executed by the
Company and the Trustee without the consent of the holders of any of the
Debentures at the time Outstanding, notwithstanding any of the provisions of Section 11.2.

 

Section 11.2.                         Supplemental Indentures with
Consent of the Debentureholders.  With the consent
(evidenced as provided in Section 10.1) of the holders of not less than a
majority in aggregate principal amount of the Debentures at the time
Outstanding, the Company, when authorized by Board Resolutions, 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 as then in effect) 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 not covered by Section 11.1
the rights of the holders of the Debentures under this Indenture; provided, however, that no such supplemental indenture shall
without the consent of the holders of each Debenture then Outstanding and
affected thereby, (a) extend the fixed maturity of any Debentures, reduce
the principal amount thereof, or

 

41

 

reduce the rate or extend the time of payment of interest
thereon; or (b) reduce the aforesaid percentage of Debentures, the holders
of which are required to consent to any such supplemental indenture; provided further, that if the Debentures are held by the
Trust or a trustee of the Trust, such supplemental indenture shall not be
effective until the holders of a majority in liquidation preference of Trust
Securities of the Trust shall have consented to such supplemental indenture; provided further, that if the Debentures are held by the
Trust or a trustee of the Trust and if the consent of the holder of each
Outstanding Debenture is required, such supplemental indenture shall not be
effective until each holder of the Trust Securities of the Trust shall have
consented to such supplemental indenture. 
It shall not be necessary for the consent of the Debentureholders
affected thereby under this Section 11.2 to approve the particular form of
any proposed supplemental indenture, but it shall be sufficient if such consent
shall approve the substance thereof.

 

Section 11.3.                         Effect of Supplemental Indentures.  Upon the execution of any supplemental
indenture pursuant to the provisions of this Article XI, 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
Debentures 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 11.4.                         The Debentures Affected by
Supplemental Indentures.  The Debentures affected by a supplemental
indenture, authenticated and delivered after the execution of such supplemental
indenture pursuant to the provisions of this Article XI, may bear a
notation in form approved by the Company, provided such form meets the
requirements of any exchanges or automated quotation system upon which the
Debentures may be listed or quoted, as to any matter provided for in such
supplemental indenture.  If the Company
shall so determine, new Debentures 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 by the Company,
authenticated by the Trustee and delivered in exchange for the Debentures then
Outstanding.

 

Section 11.5.                         Execution of Supplemental
Indentures.  (a) Upon the
request of the Company, accompanied by its Board Resolutions authorizing the
execution of any such supplemental indenture, and upon the filing with the
Trustee of evidence of the consent of the Debentureholders required to consent
thereto 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. 
The Trustee, subject to the provisions of Sections 9.1, may receive
an Opinion of Counsel as conclusive evidence that any supplemental indenture
executed pursuant to this Article XI is authorized or permitted by, and
conforms to, the terms of this Article XI and that it is proper for the
Trustee under the provisions of this Article XI to join in the execution
thereof.

 

42

 

(b)                       Promptly after the execution by
the Company and the Trustee of any supplemental indenture pursuant to the
provisions of this Section 11.5, the Trustee shall transmit by mail, first
class postage prepaid, a notice, setting forth in general terms the substance
of such supplemental indenture, to the Debentureholders as their names and
addresses appear upon the Debenture 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.

 

Section 11.6.                         Preservation of Registered
Debentures.  No supplemental
indenture shall be entered into which alters the form of Debentures from
registered to coupon form without an Opinion of Counsel stating that such
alteration will not result in adverse federal income tax consequences to the
Company.

 

Article XII

 

SUCCESSOR
CORPORATION

 

Section 12.1.                         The Company may Consolidate, Etc. 
Nothing contained in this Indenture or in any of the Debentures shall
prevent any consolidation or merger of the Company with or into any other corporation
or corporations (whether or not affiliated with the Company, as the case may
be), or successive consolidations or mergers in which the Company, as the case
may be, or its successor or successors shall be a party or parties, or shall
prevent any sale, conveyance, transfer or other disposition of the property of
the Company, as the case may be, or its successor or successors as an entirety,
or substantially as an entirety, to any other corporation (whether or not
affiliated with the Company, as the case may be, or its successor or
successors) authorized to acquire and operate the same; provided,
however, that the Company hereby covenants and agrees that (a) upon
any such consolidation, merger, sale, conveyance, transfer or other
disposition, the due and punctual payment, in the case of the Company, of the
principal of and interest on all of the Debentures, according to their tenor
and the due and punctual performance and observance of all the covenants and
conditions of this Indenture to be kept or performed by the Company, as the
case may be, shall be expressly assumed, by supplemental indenture (which shall
conform to the provisions of the Trust Indenture Act, as then in effect)
satisfactory in form to the Trustee executed and delivered to the Trustee by
the entity formed by such consolidation, or into which the Company, as the case
may be, shall have been merged, or by the entity which shall have acquired such
property; (b) in case the Company consolidates with or merges into another
Person or conveys or transfers its properties and assets substantially as an
entirety to any Person, the successor Person is organized under the laws of the
United States or any state or the District of Columbia; and (c) immediately
after giving effect thereto, no Event of Default, and no event which, after
notice or lapse of time or both, would become an Event of Default, shall have
occurred and be continuing.

 

Section 12.2.                         Successor Corporation Substituted.  (a) In case of any such consolidation,
merger, sale, conveyance, transfer or other disposition and upon the assumption
by the successor corporation, by supplemental indenture, executed and delivered
to the Trustee and satisfactory in form to the Trustee, of, in the case of the
Company, the due and punctual payment of the principal of and interest on all
of the Debentures Outstanding and the due and punctual

 

43

 

performance of all of the
covenants and conditions of this Indenture to be performed by the Company, as
the case may be, such successor corporation shall succeed to and be substituted
for the Company, with the same effect as if it had been named as the Company
herein.

 

(b)                     In case of any such
consolidation, merger, sale, conveyance, transfer or other disposition, such
changes in phraseology and form (but not in substance) may be made in the
Debentures thereafter to be issued as may be appropriate.

 

(c)                      Nothing contained in this
Indenture or in any of the Debentures shall prevent the Company from merging
into itself or acquiring by purchase or otherwise, all or any part of, the
property of any other Person (whether or not affiliated with the Company).

 

Section 12.3.                         Evidence of Consolidation, etc.
to Trustee.  The Trustee, subject to the provisions of Section 9.1,
may receive an Opinion of Counsel as conclusive evidence that any such
consolidation, merger, sale, conveyance, transfer or other disposition, and any
such assumption, comply with the provisions of this Article XII.

 

Article XIII

 

SATISFACTION
AND DISCHARGE

 

Section 13.1.                         Satisfaction and Discharge of
Indenture.  If at any time:  (a) the Company shall have delivered to
the Trustee for cancellation all Debentures theretofore authenticated (other
than any Debentures that shall have been destroyed, lost or stolen and that
shall have been replaced or paid as provided in Section 2.9) and all
Debentures for whose payment money or Governmental Obligations have theretofore
been deposited in trust or segregated and held in trust by the Company (and
thereupon repaid to the Company or discharged from such trust, as provided in Section 13.5);
or (b) all such Debentures not theretofore 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 or cause to be deposited with the
Trustee as trust funds the entire amount in money or Governmental Obligations
sufficient, or a combination thereof sufficient, in the opinion of a nationally
recognized firm of independent public accountants expressed in a written
certification thereof delivered to the Trustee, to pay at maturity or upon redemption
all Debentures not theretofore delivered to the Trustee for cancellation,
including principal and interest due or to become due to such date of maturity
or date fixed for redemption, as the case may be, and if the Company shall also
pay or cause to be paid all other sums payable hereunder by the Company; then
this Indenture shall thereupon cease to be of further effect except for the
provisions of Sections 2.3, 2.6, 2.8, 5.1, 5.2, 5.3, 9.6 and 9.10, that
shall survive until the date of maturity or redemption date, as the case may
be, and Sections 9.7 and 13.5, that shall survive to such date and
thereafter, and the Trustee, on demand of the Company and at the cost and
expense of the Company, shall execute proper instruments acknowledging satisfaction
of and discharging this Indenture.

 

44

 

Section 13.2.                         Discharge of Obligations.  If at any time all Debentures not heretofore
delivered to the Trustee for cancellation or that have not become due and
payable as described in Section 13.1 shall have been paid by the Company
by depositing irrevocably with the Trustee as trust funds money or an amount of
Governmental Obligations sufficient in the opinion of a nationally recognized
certified public accounting firm to pay at maturity or upon redemption all
Debentures not theretofore delivered to the Trustee for cancellation, including
principal and interest due or to become due to such date of maturity or date
fixed for redemption, as the case may be, and if the Company shall also pay or
cause to be paid all other sums payable hereunder by the Company, then after
the date such money or Governmental Obligations, as the case may be, are
deposited with the Trustee, the obligations of the Company under this Indenture
shall cease to be of further effect except for the provisions of
Sections 2.3, 2.6, 2.8, 5.1, 5.2, 5.3, 9.6, 9.7 and 13.5, that shall
survive until such Debentures shall mature and be paid.  Thereafter, Sections 9.7 and 13.5 shall
survive.

 

Section 13.3.                         Deposited Money to be Held in
Trust.  All money or Governmental Obligations
deposited with the Trustee pursuant to Sections 13.1 or 13.2 shall be held
in trust and shall be available for payment as due, either directly or through
any Paying Agent (including the Company acting as its own Paying Agent), to the
holders of the Debentures for the payment or redemption of which such money or
Governmental Obligations have been deposited with the Trustee.

 

Section 13.4.                         Payment of Money Held by Paying
Agents.  In connection with the satisfaction and
discharge of this Indenture, all money or Governmental Obligations then held by
any Paying Agent under the provisions of this Indenture shall, upon demand of
the Company, be paid to the Trustee and thereupon such Paying Agent shall be
released from all further liability with respect to such money or Governmental
Obligations.

 

Section 13.5.                         Repayment to the Company.  Any money or Governmental Obligations
deposited with any Paying Agent or the Trustee, or then held by the Company in
trust, for payment of principal of or interest on the Debentures that are not
applied but remain unclaimed by the holders of such Debentures for at least two
years after the date upon which the principal of or interest on such Debentures
shall have respectively become due and payable, shall be repaid to the Company,
as the case may be, on June 30 of each year or (if then held by the
Company) shall be discharged from such trust; and thereupon the Paying Agent
and the Trustee shall be released from all further liability with respect to
such money or Governmental Obligations, and the holder of any of the Debentures
entitled to receive such payment shall thereafter, as an unsecured general
creditor, look only to the Company for the payment thereof.

 

Article XIV

 

IMMUNITY
OF INCORPORATORS, STOCKHOLDERS, OFFICERS AND DIRECTOR

 

Section 14.1.                         No Recourse.  No recourse under or upon any
obligation, covenant or agreement of this Indenture, or of the Debentures, or
for any claim based thereon or otherwise in respect thereof, shall be had
against any incorporator, stockholder, officer or director, past,

 

45

 

present or future, as such, of
the Company or of any predecessor or successor corporation, either directly or
through the Company or any such predecessor or successor corporation, 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 this Indenture and the obligations issued hereunder are solely
corporate obligations, and that no such personal liability whatever, shall
attach to, or is or shall be incurred by, the incorporators, stockholders,
officers or directors as such, of the Company or of any predecessor or successor
corporation, or any of them, because of the creation of the indebtedness hereby
authorized, or under or by reason of the obligations, covenants or agreements
contained in this Indenture or in any of the Debentures or implied therefrom;
and that any and all such personal liability of every name and nature, either
at common law or in equity or by constitution or statute, and any and all such
rights and claims against, every such incorporator, stockholder, officer or
director as such, because of the creation of the indebtedness hereby
authorized, or under or by reason of the obligations, covenants or agreements
contained in this Indenture or in any of the Debentures or implied therefrom,
are hereby expressly waived and released as a condition of, and as a
consideration for, the execution of this Indenture and the issuance of such
Debentures.

 

Article XV

 

MISCELLANEOUS
PROVISIONS

 

Section 15.1.                         Effect on Successors and Assigns.  All the covenants, stipulations,
promises and agreements in this Indenture contained by or on behalf of the
Company shall bind its respective successors and assigns, whether so expressed
or not.

 

Section 15.2.                         Actions by Successor.  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 corresponding board, committee or officer of any
corporation that shall at the time be the lawful sole successor of the Company.

 

Section 15.3.                         Surrender of the Company Powers.  The Company by instrument in writing executed
by appropriate authority 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, as the case may
be, and as to any successor corporation.

 

Section 15.4.                         Notices.  Except as otherwise expressly provided herein
any notice or demand that by any provision of this Indenture is required or
permitted to be given or served by the Trustee or by the holders of Debentures
to or on the Company may be given or served by being deposited first class
postage prepaid in a post-office letterbox addressed (until another address is
filed in writing by the Company with the Trustee), as follows: c/o First
Busey Corporation, 201 W. Main Street, Urbana, Illinois 61801, Attention: Chief
Executive Officer.  Any notice, election,
request or demand by the Company or any Debentureholder to or upon the

 

46

 

Trustee shall be deemed to have been sufficiently given or
made, for all purposes, if given or made in writing at the Corporate Trust
Office of the Trustee.

 

Section 15.5.                         Governing Law.  This Indenture and each Debenture shall be
deemed to be a contract made under the internal laws of the State of Delaware
and for all purposes shall be construed in accordance with the laws of said
State (without regard to conflicts of law).

 

Section 15.6.                         Treatment of the Debentures as
Debt.  It is intended that the Debentures shall be
treated as indebtedness and not as equity for federal income tax purposes.  The provisions of this Indenture shall be
interpreted to further this intention. 
The Company (with respect to its separate books and records), the
Trustee and, by acceptance of a Debenture, each holder of a Debenture, agree to
treat the Debentures as indebtedness of the Company and not as equity for all
tax (including, without limitation, federal income tax) and financial accounting
purposes.

 

Section 15.7.                         Compliance Certificates and
Opinions.  (a) 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 all conditions precedent provided for in this
Indenture relating to the proposed action have been complied with, an Opinion
of Counsel stating that in the opinion of such counsel all such conditions
precedent have been complied with and any other certificates required by the
Trust Indenture Act, except that in the case of any such application or demand
as to which the furnishing of such documents is specifically required by any
provision of this Indenture relating to such particular application or demand,
no additional certificate or opinion need be furnished.

 

(b)                     Each certificate or opinion of
the Company provided for in this Indenture and delivered to the Trustee with
respect to compliance with a condition or covenant in this Indenture shall
include: (i) a statement that the Person making such certificate or
opinion has read such covenant or condition; (ii) a brief statement as to
the nature and scope of the examination or investigation upon which the
statements or opinions contained in such certificate or opinion are based; (iii) a
statement that, in the opinion of such Person, he or she has made such
examination or investigation as, in the opinion of such Person, is necessary to
enable him or her to express an informed opinion as to whether or not such
covenant or condition has been complied with; and (iv) a statement as to
whether or not, in the opinion of such Person, such condition or covenant has
been complied with; provided, however,
that each such certificate shall comply with the provisions of Section 314
of the Trust Indenture Act.

 

Section 15.8.                         Payments on Business Days.  In any case where the date of maturity of
interest or principal of any Debenture or the date of redemption of any
Debenture shall not be a Business Day, then payment of interest or principal
may (subject to Section 2.4(b)) be made on the next succeeding Business
Day with the same force and effect as if made on the nominal date of maturity
or redemption, and no interest shall accrue for the period after such nominal
date.

 

Section 15.9.                         Conflict with Trust Indenture Act.  This Indenture is subject to the provisions
of the Trust Indenture Act that are required to be part of this Indenture and
shall, to

 

47

 

the extent applicable, be governed by such provisions.  If and to the extent that any provision of
this Indenture limits, qualifies or conflicts with the duties imposed by
Sections 310 to 317, inclusive, of the Trust Indenture Act, such imposed
duties shall control.

 

Section 15.10.                  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.

 

Section 15.11.                  Separability.  In case any one or more of the provisions
contained in this Indenture or in the Debentures 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 the Debentures, but this Indenture and the Debentures shall be
construed as if such invalid or illegal or unenforceable provision had never
been contained herein or therein.

 

Section 15.12.                  Assignment.  The Company shall have the right at all times
to assign any of its respective rights or obligations under this Indenture to a
direct or indirect wholly owned Subsidiary of the Company, provided
that, in the event of any such assignment, the Company shall remain liable for
all such obligations.  Subject to the
foregoing, this Indenture is binding upon and inures to the benefit of the
parties thereto and their respective successors and assigns.  This Indenture may not otherwise be assigned
by the parties thereto.

 

Section 15.13.                  Acknowledgment of Rights; Right
of Setoff.  (a) The Company acknowledges that, with
respect to any Debentures held by the Trust or a trustee of the Trust, if the
Property Trustee fails to enforce its rights under this Indenture as the holder
of the Debentures held as the assets of the Trust, any holder of Preferred
Securities may institute legal proceedings directly against the Company to
enforce such Property Trustee’s rights under this Indenture without first
instituting any legal proceedings against such Property Trustee or any other
person or entity.  Notwithstanding the
foregoing, and notwithstanding the provisions of Section 7.4(a) hereof,
if an Event of Default has occurred and is continuing and such event is
attributable to the failure of the Company to pay principal or interest on the
Debentures on the date such principal or interest is otherwise payable (or in
the case of redemption, on the redemption date), the Company acknowledges that
a holder of Preferred Securities may directly institute a proceeding for
enforcement of payment to such holder of the principal of or interest on the
Debentures having a principal amount equal to the aggregate Liquidation Amount
of the Preferred Securities of such holder on or after the respective due date
specified in the Debentures.

 

(b)                     Notwithstanding anything to the
contrary contained in this Indenture, the Company shall have the right to
setoff any payment it is otherwise required to make hereunder in respect of any
Trust Securities to the extent that the Company has previously made, or is
concurrently making, a payment to the holder of such Trust Securities under the
Preferred Securities Guarantee or in connection with a proceeding for
enforcement of payment of the principal of or interest on the Debentures
directly brought by holders of any Trust Securities.

 

48

 

Article XVI

 

SUBORDINATION
OF THE DEBENTURE

 

Section 16.1.                         Agreement to Subordinate.  The Company covenants and agrees, and each
holder of the Debentures issued hereunder by such holder’s acceptance thereof
likewise covenants and agrees, that all the Debentures shall be issued subject
to the provisions of this Article XVI; and each holder of a Debenture,
whether upon original issue or upon transfer or assignment thereof, accepts and
agrees to be bound by such provisions. 
The payment by the Company of the principal of and interest on all the
Debentures issued hereunder 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 Debt, Subordinated Debt and Additional Senior Obligations
of the Company (collectively, “Senior Indebtedness”)
to the extent provided herein, whether outstanding at the date of this
Indenture or thereafter incurred.  No
provision of this Article XVI shall prevent the occurrence of any default
or Event of Default hereunder.  In no
event shall the Debentures be subordinate to the Company’s: (i) trade
accounts payable; (ii) accrued liabilities arising in the ordinary course
of business; or (iii) debt to any employee of the Company.

 

Section 16.2.                         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 payment due on any Senior Indebtedness, or in the event that the
maturity of any Senior Indebtedness has been accelerated because of a default,
then, in either case, no payment shall be made by the Company with respect to
the principal (including redemption payments) of or interest on the
Debentures.  In the event that,
notwithstanding the foregoing, any payment shall be received by the Trustee
when such payment is prohibited by the preceding sentence of this Section 16.2,
such payment shall 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 a 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 the Senior Indebtedness.

 

Section 16.3.                         Liquidation; Dissolution;
Bankruptcy.  (a) 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 or winding-up
or 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 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 account of the principal or interest on the
Debentures; and upon any such dissolution or winding-up or 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 holders of the Debentures or the Trustee would be entitled to receive
from the Company, except for the provisions of this Article XVI, shall be
paid by the

 

49

 

Company or by any receiver,
trustee in bankruptcy, liquidating trustee, agent or other Person making such
payment or distribution, or by the holders of the Debentures or by the Trustee
under this Indenture if received by them or it, directly to the holders of
Senior Indebtedness (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 holders of the Debentures or to the
Trustee.

 

(b)                     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 before all Senior
Indebtedness is paid in full, or provision is made for such payment in money in
accordance with its terms, such payment or distribution shall be held in trust
for the benefit of and shall be paid over or delivered to the holders of 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, as the case may be, 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.

 

(c)                      For purposes of this Article XVI,
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 XVI with respect to the Debentures to the payment
of all Senior Indebtedness, as the case may be, that may at the time be
outstanding, provided that (i) such
Senior Indebtedness is assumed by the new corporation, if any, resulting from
any such reorganization or readjustment; and (ii) the rights of the
holders of 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 or transfer of its property
as an entirety, or substantially as an entirety, to another corporation upon
the terms and conditions provided for in Article XII shall not be deemed a
dissolution, winding-up, liquidation or reorganization for the purposes of this
Section 16.3 if such other corporation shall, as a part of such
consolidation, merger, conveyance or transfer, comply with the conditions
stated in Article XII.  Nothing in Section 16.2
or in this Section 16.3 shall apply to claims of, or payments to, the
Trustee under or pursuant to Section 9.7.

 

Section 16.4.                         Subrogation.  (a) Subject to the payment in full of
all Senior Indebtedness, the rights of the holders of the Debentures 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, as
the case may be, applicable to such Senior Indebtedness until the principal of
and

 

50

 

interest on the Debentures shall be paid in full; and, 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
holders of the Debentures or the Trustee would be entitled except for the
provisions of this Article XVI, and no payment over pursuant to the
provisions of this Article XVI to or for the benefit of the holders of
such Senior Indebtedness by holders of the Debentures or the Trustee, shall, as
between the Company, its creditors (other than holders of Senior Indebtedness
of the Company), and the holders of the Debentures, be deemed to be a payment
by the Company to or on account of such Senior Indebtedness.  It is understood that the provisions of this Article XVI
are and are intended solely for the purposes of defining the relative rights of
the holders of the Debentures, on the one hand, and the holders of such Senior
Indebtedness on the other hand.

 

(b)                     Nothing contained in this Article XVI
or elsewhere in this Indenture or in the Debentures is intended to or shall
impair, as between the Company, its creditors (other than the holders of Senior
Indebtedness), and the holders of the Debentures, the obligation of the Company,
which is absolute and unconditional, to pay to the holders of the Debentures
the principal of and interest on the Debentures 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 Debentures and creditors
of the Company, as the case may be, other than the holders of Senior
Indebtedness, as the case may be, nor shall anything herein or therein prevent
the Trustee or the holder of any Debenture from exercising all remedies
otherwise permitted by applicable law upon default under this Indenture,
subject to the rights, if any, under this Article XVI of the holders of
such Senior Indebtedness in respect of cash, property or securities of the
Company, as the case may be, received upon the exercise of any such remedy.

 

(c)                      Upon any payment or distribution
of assets of the Company referred to in this Article XVI, the Trustee,
subject to the provisions of Article IX, and the holders of the Debentures
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 holders
of the Debentures, for the purposes of ascertaining the Persons entitled to
participate in such distribution, the holders of Senior Indebtedness and other
indebtedness of the Company, as the case may be, the amount thereof or payable
thereon, the amount or amounts paid or distributed thereon and all other facts
pertinent thereto or to this Article XVI.

 

Section 16.5.                         The Trustee to Effectuate Subordination.  Each holder of Debentures by such holder’s
acceptance thereof authorizes and directs the Trustee on such holder’s behalf
to take such action as may be necessary or appropriate to effectuate the
subordination provided in this Article XVI and appoints the Trustee such
holder’s attorney-in-fact for any and all such purposes.

 

Section 16.6.                         Notice by the Company.  (a) The Company shall give prompt
written notice to a Responsible Officer of the Trustee of any fact known to the
Company that would prohibit the making of any payment of money to or by the
Trustee in respect of the Debentures

 

51

 

pursuant to the provisions of this Article XVI.  Notwithstanding the provisions of this Article XVI
or any other provision of this Indenture, the Trustee shall not be charged with
knowledge of the existence of any facts that would prohibit the making of any
payment of money to or by the Trustee in respect of the Debentures pursuant to
the provisions of this Article XVI, unless and until a Responsible Officer
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 Section 9.1, 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 16.6
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 interest on any Debenture), 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.

 

(b)                     The Trustee, subject to the
provisions of Section 9.1, 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 (or a trustee on behalf of such holder)
to establish that such notice has been given by a holder of such Senior
Indebtedness or a trustee on behalf of any such holder or holders.  In the event that the Trustee determines in
good faith that further evidence is required with respect to the right of any
Person as a holder of such Senior Indebtedness to participate in any payment or
distribution pursuant to this Article XVI, 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 XVI,
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 16.7.                         Rights of the Trustee; Holders of
the Senior Indebtedness.  (a) The Trustee in its individual capacity
shall be entitled to all the rights set forth in this Article XVI 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 shall
deprive the Trustee of any of its rights as such holder.  The Trustee’s right to compensation and
reimbursement of expenses as set forth in Section 9.7 shall not be subject
to the subordination provisions of Article XVI.

 

(b)                     With respect to the holders of
the Senior Indebtedness, the Trustee undertakes to perform or to observe only
such of its covenants and obligations as are specifically set forth in this Article XVI,
and no implied covenants or obligations with respect to the holders of such
Senior Indebtedness shall be read into this Indenture against the Trustee.  The Trustee shall not be deemed to owe any
fiduciary duty to the holders of such Senior Indebtedness and, subject to the
provisions of Section 9.1, the Trustee shall not be liable to any holder
of such Senior Indebtedness if it shall pay over or deliver to holders of
Debentures, 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 XVI
or otherwise.

 

52

 

Section 16.8.                         Subordination May Not Be
Impaired.  (a) No right of any present or future
holder of any Senior Indebtedness 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.

 

(b)                     Without in any way limiting the
generality of the foregoing paragraph, the holders of Senior Indebtedness may,
at any time and from time to time, without the consent of or notice to the
Trustee or the holders of the Debentures, without incurring responsibility to
the holders of the Debentures and without impairing or releasing the
subordination provided in this Article XVI or the obligations hereunder of
the holders of the Debentures to the holders of such Senior Indebtedness, do
any one or more of the following:  (i) change
the manner, place or terms of payment or extend the time of payment of, or
renew or alter, 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; (ii) sell,
exchange, release or otherwise deal with any property pledged, mortgaged or
otherwise securing such Senior Indebtedness; (iii) release any Person
liable in any manner for the collection of such Senior Indebtedness; and (iv) exercise
or refrain from exercising any rights against the Company and any other Person.

 

[REMAINDER OF PAGE INTENTIONALLY BLANK]

 

 

[SIGNATURE
PAGE FOLLOWS]

 

53

 

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

 

	
   

  	
   

  	
  FIRST BUSEY CORPORATION

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By: 

  	
   

  
	
   

  	
   

  	
   

  	
  Name: Van A. Dukeman

  
	
   

  	
   

  	
   

  	
  Title:  President and Chief Executive
  Officer

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  ATTEST:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  WILMINGTON TRUST COMPANY, as trustee

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By: 

  	
   

  
	
   

  	
   

  	
   

  	
  Name:

  	
   

  
	
   

  	
   

  	
   

  	
  Title:

  	
   

  
	
  ATTEST:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
						

 

 

	
  STATE OF ILLINOIS

  	
  )

  
	
   

  	
  ) SS

  
	
  COUNTY OF CHAMPAIGN

  	
  )

  

 

On this           
day of
                      ,
2008, before me appeared
                                        ,
to me personally known, who, being by me duly sworn, did say that he is the
                                      
of First Busey Corporation, and that the seal affixed to said instrument is the
corporate seal of said corporation, and that said instrument was signed and
sealed in behalf of said corporation by authority of its Board of Directors and
said                           
acknowledged said instrument to be the free act and deed of said corporation.

 

In testimony whereof I have hereunto set my hand and affixed my
official seal at my office in said county and state the day and year last above
written.

 

	
   

  	
   

  
	
   

  	
  Notary Public

  
	
   

  	
   

  
	
   

  	
  My term expires: 

  	
   

  

 

 

	
  STATE OF DELAWARE

  	
  )

  
	
   

  	
  ) SS

  
	
  COUNTY OF

  	
  )

  

 

On this
         day of
                          ,
2008, before me appeared                                       ,
to me personally known, who, being by me duly sworn, did say that he is the
                                          
of Wilmington Trust Company, and that the seal affixed to said instrument is
the corporate seal of said corporation, and that said instrument was signed and
sealed in behalf of said corporation by authority of its Board of Directors and
said                                                           ,
acknowledged said instrument to be the free act and deed of said corporation.

 

In testimony whereof I have hereunto set my hand and affixed my
official seal at my office in said county and commonwealth the day and year
last above written.

 

 

	
   

  	
   

  
	
   

  	
  Notary Public

  
	
   

  	
   

  
	
   

  	
  My term expires: 

  	
   

  

 

 

EXHIBIT A

 

(Form of Face
of Debenture)

 

	
  No.

  	
  $

  
	
  CUSIP No.

  	
   

  

 

FIRST
BUSEY CORPORATION

 

%
SUBORDINATED DEBENTURE DUE 2038

 

First Busey Corporation, a Nevada corporation (the “Company,”
which term includes any successor corporation under the Indenture hereinafter
referred to), for value received, hereby promises to pay to Wilmington Trust
Company, as Property Trustee for First Busey Statutory Trust V, or
registered assigns, the principal sum of
                                                
($                    )
on                  , 2038
(the “Stated Maturity”), and to pay interest
on said principal sum
from                   ,
2008, or from the most recent interest payment date (each such date, an “Interest Payment Date”) to which interest has been paid or
duly provided for, quarterly (subject to deferral as set forth herein) in
arrears on March 15, June 15, September 15 and December 15
of each year commencing December 15, 2008, at the rate of
      % per annum until the principal hereof
shall have become due and payable, and on any overdue principal and (without
duplication and to the extent that payment of such interest is enforceable under
applicable law) on any overdue installment of interest at the same rate per
annum compounded quarterly.  The amount
of interest payable on any Interest Payment Date shall be computed on the basis
of a 360-day year of twelve 30-day months. 
The amount of interest for any partial period shall be computed on the
basis of the number of days elapsed in a 360-day year of twelve 30-day
months.  In the event that any date on
which interest is payable on this Debenture is not a business day, then payment
of interest payable on such date shall be made on the next succeeding day that
is a business day (and without any interest or other payment in respect of any
such delay) except that, if such business day is in the next succeeding
calendar year, payment of such interest will be made on the immediately
preceding business day, in each case, with the same force and effect as if made
on such date.  The interest installment
so payable, and punctually paid or duly provided for, on any Interest Payment
Date shall, as provided in the Indenture, be paid to the person in whose name
this Debenture (or one or more Predecessor Debentures, as defined in said
Indenture) is registered at the close of business on the regular record date
for such interest installment, which shall be the first day of the last month of
the calendar quarter.  Any such interest
installment not punctually paid or duly provided for shall forthwith cease to
be payable to the registered holders on such regular record date and may be
paid to the Person in whose name this Debenture (or one or more Predecessor
Debentures) is registered at the close of business on a special record date to
be fixed by the Trustee for the payment of such defaulted interest, notice
thereof shall be fixed by the Trustee for the payment of such defaulted
interest, notice thereof shall be given to the registered holders of the
Debentures not less than 10 days prior to such special record date, or may be
paid at any time in any other lawful manner not

 

 

inconsistent with the
requirements of any securities exchange or quotation system on or in which the
Debentures may be listed or quoted, and upon such notice as may be required by
such exchange, all as more fully provided in the Indenture.  The principal of and the interest on this Debenture
shall be payable at the office or agency of the Trustee maintained for that
purpose in any coin or currency of the United States of America that at the
time of payment is legal tender for payment of public and private debts; provided, however, that payment of interest may be made at
the option of the Company by check mailed to the registered holder at such
address as shall appear in the Debenture Register.  Notwithstanding the foregoing, so long as the
holder of this Debenture is the Property Trustee, the payment of the principal
of and interest on this Debenture shall be made at such place and to such
account as may be designated by the Trustee.

 

The Stated Maturity may be shortened at any time by the Company to any
date not earlier than
                     ,
2013, subject to the Company having received prior approval of the Federal
Reserve if then required under applicable capital guidelines, policies or
regulations of the Federal Reserve.

 

The indebtedness
evidenced by this Debenture is, to the extent provided in the Indenture, subordinate
and junior in right of payment to the prior payment in full of all Senior
Indebtedness (as defined in the Indenture). 
This Debenture is issued subject to the provisions of the Indenture with
respect thereto.  Each holder of this
Debenture, by accepting the same: (a) agrees to and shall be bound by such
provisions; (b) authorizes and directs the Trustee on his or her behalf to
take such action as may be necessary or appropriate to acknowledge or
effectuate the subordination so provided; and (c) appoints the Trustee his
or her attorney-in-fact for any and all such purposes.  Each holder hereof, by his or her acceptance
hereof, hereby waives all notice of the acceptance of the subordination
provisions contained herein and in the Indenture by each holder of Senior
Indebtedness, whether now outstanding or hereafter incurred, and waives
reliance by each such holder upon said provisions.

 

This Debenture shall not
be entitled to any benefit under the Indenture hereinafter referred to, be
valid or become obligatory for any purpose until the Certificate of
Authentication hereon shall have been signed by or on behalf of the Trustee.

 

The provisions of this
Debenture are continued on the reverse side hereof and such continued
provisions shall for all purposes have the same effect as though fully set
forth at this place.

 

2

 

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

 

Dated:
                                ,
2008

 

 

	
   

  	
  FIRST BUSEY CORPORATION

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By: 

  	
   

  
	
   

  	
   

  	
  Name:  Van A. Dukeman

  
	
   

  	
   

  	
  Title:    President and Chief
  Executive Officer

  

 

 

	
  ATTEST:

  	
   

  
	
   

  	
   

  
	
  By:

  	
   

  	
   

  
	
   

  	
  Name: 

  	
   

  	
   

  
	
   

  	
  Title: 

  	
   

  	
   

  
					

 

3

 

[Form of Certificate
of Authentication]

 

CERTIFICATE
OF AUTHENTICATION

 

This is one of the
Debentures described in the within-mentioned Indenture.

 

Dated: 
                      ,
2008

 

 

	
   

  	
   

  	
  WILMINGTON TRUST COMPANY,

  
	
   

  	
   

  	
  as Trustee or Authenticating Agent

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  By: 

  	
   

  	
   

  	
  By: 

  	
   

  
	
   

  	
  Authorized Signatory

  	
   

  	
   

  	
  Authorized Signatory

  

 

4

 

[Form of Reverse of
Debenture]

 

%
SUBORDINATED DEBENTURE DUE 2038

(continued)

 

This Debenture is
one of the subordinated debentures of the Company (herein sometimes referred to
as the “Debentures”), all issued or to be
issued under and pursuant to an Indenture dated as of
                       ,
2008 (the “Indenture”) duly executed and delivered
between the Company and Wilmington Trust Company, as Trustee (the “Trustee”), to which Indenture reference is hereby made for
a description of the rights, limitations of rights, obligations, duties and
immunities thereunder of the Trustee, the Company and the holders of the
Debentures.  The Debentures are limited
in aggregate principal amount as specified in the Indenture.

 

Because of the
occurrence and continuation of a Special Event (as defined in the Indenture),
in certain circumstances, this Debenture may become due and payable at the
principal amount together with any interest accrued thereon (the “Redemption Price”). 
The Redemption Price shall be paid prior to 12:00 noon, New York
time, on the date of such redemption or at such earlier time as the Company
determines.  The Company shall have the
right as set forth in the Indenture to redeem this Debenture at the option of
the Company, without premium or penalty, in whole or in part at any time on or
after
                     ,
2013 (an “Optional Redemption”), or at any time
in certain circumstances upon the occurrence of a Special Event, at a
Redemption Price equal to 100% of the principal amount hereof plus any accrued
but unpaid interest hereon, to the date of such redemption.  Any redemption pursuant to this paragraph
shall be made upon not less than 30 days’ nor more than 60 days’ notice, at the
Redemption Price.  The Redemption Price
shall be paid at the time and in the manner provided therefor in the
Indenture.  If the Debentures are only
partially redeemed by the Company pursuant to an Optional Redemption, the
Debentures shall be redeemed pro rata or by lot or by any other method utilized
by the Trustee as described in the Indenture. 
In the event of an Optional Redemption of this Debenture in part only, a
new Debenture or Debentures for the unredeemed portion hereof shall be issued
in the name of the holder hereof upon the cancellation hereof.

 

In case an Event
of Default (as defined in the Indenture) shall have occurred and be continuing,
the principal of all of the Debentures may be declared, and upon such
declaration shall become, due and payable, in the manner, with the effect and
subject to the conditions provided in the Indenture.

 

The Indenture
contains provisions permitting the Company and the Trustee, with the consent of
the holders of not less than a majority in aggregate principal amount of the
Debentures at the time Outstanding (as defined in the Indenture), to execute
supplemental indentures for the purpose of adding any provisions to or changing
in any manner or eliminating any of the provisions of the Indenture or of any
supplemental indenture or of modifying in any manner the rights of the holders
of the Debentures; provided, however, that
no such supplemental indenture shall, except as provided in the Indenture, (i) extend
the fixed maturity of the Debentures, reduce the principal amount thereof, or
reduce the rate or extend the time of payment of interest thereon without the
consent of the holder of each Debenture so affected

 

5

 

thereby; or (ii) reduce the aforesaid percentage
of the Debentures, the holders of which are required to consent to any such
supplemental indenture, without the consent of the holder of each Debenture
then Outstanding and so affected thereby. 
The Indenture also contains provisions permitting the holders of a
majority in aggregate principal amount of the Debentures at the time
Outstanding, on behalf of all of the holders of the Debentures, to waive any
past default in the performance of any of the covenants contained in the
Indenture, or established pursuant to the Indenture, and its consequences,
except a default in the payment of the principal of or interest on any of the
Debentures.  Any such consent or waiver
by the registered holder of this Debenture (unless revoked as provided in the
Indenture) shall be conclusive and binding upon such holder and upon all future
holders and owners of this Debenture and of any Debenture issued in exchange
herefor or in place hereof (whether by registration of transfer or otherwise),
irrespective of whether or not any notation of such consent or waiver is made
upon this Debenture.

 

No reference
herein to the Indenture and no provision of this Debenture or of the Indenture
shall alter or impair the obligation of the Company, which is absolute and
unconditional, to pay the principal and interest on this Debenture at the time
and place and at the rate and in the money herein prescribed.

 

The Company, as
further described in the Indenture, shall have the right at any time during the
term of the Debentures and from time to time to defer payments of interest by
extending the interest payment period of such Debentures for up to 20
consecutive quarters (each, an “Extension Period”),
at the end of which period the Company shall pay all interest then accrued
(together with interest thereon at the rate specified for the Debentures to the
extent that payment of such interest is enforceable under applicable law).  Before the termination of any such Extension
Period, so long as no Event of Default shall have occurred and be continuing,
the Company may further extend such Extension Period, provided
that such Extension Period together with all such further extensions thereof
shall not exceed 20 consecutive quarters, extend beyond
                         ,
2038, or end on a date other than an Interest Payment Date.  At the termination of any such Extension
Period and upon the payment of all Deferred Payments then due and subject to
the foregoing conditions, the Company may commence a new Extension Period.

 

As provided in the
Indenture and subject to certain limitations therein set forth, this Debenture
is transferable by the registered holder hereof on the Debenture Register (as
defined in the Indenture) of the Company, upon surrender of this Debenture for
registration of transfer at the office or agency of the Trustee accompanied by
a written instrument or instruments of transfer in form satisfactory to the
Company or the Trustee duly executed by the registered holder hereof or his or
her attorney duly authorized in writing, and thereupon one or more new Debentures
of authorized denominations and for the same aggregate principal amount shall
be issued to the designated transferee or transferees.  No service charge shall be made for any such
transfer, but the Company may require payment of a sum sufficient to cover any
tax or other governmental charge payable in relation thereto.

 

Prior to due
presentment for registration of transfer of this Debenture, the Company, the
Trustee, any Paying Agent (as defined in the Indenture) and the Debenture
Registrar may deem

 

6

 

and treat the registered holder hereof as the absolute owner hereof
(whether or not this Debenture shall be overdue and notwithstanding any notice
of ownership or writing hereon made by anyone other than the Debenture
Registrar) for the purpose of receiving payment of or on account of the
principal hereof and interest due hereon and for all other purposes, and
neither the Company nor the Trustee nor any Paying Agent nor any Debenture
Registrar shall be affected by any notice to the contrary.

 

No recourse shall
be had for the payment of the principal of or the interest on this Debenture,
or for any claim based hereon, or otherwise in respect hereof, or based on or
in respect of the Indenture, against any incorporator, stockholder, officer or
director, past, present or future, as such, of the Company or of any
predecessor or successor corporation, whether by virtue of any constitution,
statute or rule of law, or by the enforcement of any assessment or penalty
or otherwise, all such liability being, by the acceptance hereof and as part of
the consideration for the issuance hereof, expressly waived and released.

 

The Debentures are
issuable only in registered form without coupons in denominations of $10 and
any integral multiple thereof (or such other denominations and any integral
multiple thereof as may be deemed necessary by the Company for the purpose of
maintaining the eligibility of the Debentures for listing on the NASDAQ Stock
Market or any successor thereto).

 

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

 

7

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