Document:

exv10w2

 

Exhibit
10.2

REGISTRATION RIGHTS AGREEMENT

     This Registration Rights Agreement (the “Agreement”) is made and entered into as of this 23rd
day of April, 2007, by and among Golden Phoenix Minerals, Inc., a Minnesota corporation (the
“Company”), and each “Investor” set forth on the signature pages hereto.

     The parties hereby agree as follows:

     1. Certain Definitions.

          As used in this Agreement, the following terms shall have the following meanings:

          “Affiliate” means, with respect to any person, any other person which directly or
indirectly controls, is controlled by, or is under common control with, such person.

          “Common Stock” means the Company’s common stock, no par value, and any securities into
which such shares may hereinafter be reclassified.

          “Investors” means the Investors identified in the Purchase Agreement and any Affiliate
or permitted transferee of any Investor who is a subsequent holder of any Warrants or Registrable
Securities.

          “Prospectus” means the prospectus included in any Registration Statement, as amended
or supplemented by any prospectus supplement, with respect to the terms of the offering of any
portion of the Registrable Securities covered by such Registration Statement and by all other
amendments and supplements to the prospectus, including post-effective amendments and all material
incorporated or deemed incorporated by reference in such prospectus.

          “Purchase Agreement” means that certain Share and Warrant Purchase Agreement dated the
date hereof, by and among the Company and the Investors named therein.

          “Register,” “registered” and “registration” refer to a registration
made by preparing and filing a Registration Statement in compliance with the 1933 Act (as defined
below), and the declaration or ordering of effectiveness of such Registration Statement or
document.

          “Registrable Securities” or “Registrable Security” shall mean (i) the Shares,
(ii) the Warrant Shares and (iii) any other securities issued or issuable with respect to or in
exchange for Registrable Securities; provided, that, a security shall cease to be a Registrable
Security upon (A) sale pursuant to a Registration Statement or Rule 144 under the 1933 Act, or (B)
such security becoming eligible for sale by the Investors pursuant to Rule 144(k).

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          “Registration Statement” shall mean any registration statement of the Company filed
under the 1933 Act that covers the resale of any of the Registrable Securities pursuant to the
provisions of this Agreement, amendments and supplements to such Registration Statement, including
post-effective amendments, all exhibits and all material incorporated or deemed incorporated by
reference in such Registration Statement.

          “Required Investors” means the Investors holding a majority of the Registrable
Securities.

          “Rule 415” means Rule 415 promulgated by the SEC pursuant to the 1933 Act, as such
Rule may be amended or interpreted from time to time, or any similar rule or regulation hereafter
adopted by the SEC having substantially the same purpose and effect as such Rule.

          “Rule 424” means Rule 424 promulgated by the SEC pursuant to the 1933 Act, as such
Rule may be amended or interpreted from time to time, or any similar rule or regulation hereafter
adopted by the SEC having substantially the same purpose and effect as such Rule.

          “SEC” means the U.S. Securities and Exchange Commission.

          “Shares” means the shares of Common Stock issued pursuant to the Purchase Agreement.

          Trading Day” means (a) a day on which the Common Stock is traded on the OTC Bulletin
Board, or (b) if the Common Stock is then traded on a registered national stock exchange, a day on
which the Common Stock is traded on such registered national stock exchange, or (c) if the Common
Stock is not traded on the OTC Bulletin Board or a registered national stock exchange, a day on
which the Common Stock is quoted in the over-the-counter market as reported by the National
Quotation Bureau Incorporated (or any similar organization or agency succeeding its functions of
reporting prices); provided, however, that in the event that the Common Stock is
not listed or quoted as set forth in (a), (b) or (c) hereof, then Trading Day shall mean any day
except Saturday, Sunday and any day which is a federal legal holiday in the United States or any
day on which banking institutions in the State of New York are authorized or required by law or
other governmental action to close.

          “Warrants” means, the warrants to purchase shares of Common Stock issued to the
Investors pursuant to the Purchase Agreement, the form of which is attached to the Purchase
Agreement as Exhibit A.

          “Warrant Shares” means the shares of Common Stock issuable upon the exercise of the
Warrants.

          “1933 Act” means the Securities Act of 1933, as amended, and the rules and regulations
promulgated thereunder.

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          “1934 Act” means the Securities Exchange Act of 1934, as amended, and the rules and
regulations promulgated thereunder.

     2. Registration.

          (a) Registration Statements.

               (i) Promptly following the closing of the purchase and sale of the securities contemplated by
the Purchase Agreement (the “Closing Date”) but no later than thirty (30) days after the Closing
Date (the “Filing Deadline”), the Company shall prepare and file with the SEC a Registration
Statement on Form SB-2 (or, if Form SB-2 is not then available to the Company, on such form of
registration statement as is then available to effect a registration for resale of the Registrable
Securities), covering the resale of all the Registrable Securities for an offering to be made on a
continuous basis pursuant to Rule 415. Such Registration Statement shall include the plan of
distribution attached hereto as Exhibit A. Such Registration Statement also shall cover,
to the extent permitted under the 1933 Act and the rules promulgated thereunder (including Rule
416), such indeterminate number of additional shares of Common Stock resulting from stock splits,
stock dividends or similar transactions with respect to the Registrable Securities. The Company
shall use its best efforts to obtain from each person who now has piggyback registration rights a
waiver of those rights with respect to the Registration Statement. The Registration Statement (and
each amendment or supplement thereto, and each request for acceleration of effectiveness thereof)
shall be provided in accordance with Section 3(c) to the Investors’ counsel prior to its filing or
other submission. If a Registration Statement covering the Registrable Securities is not filed
with the SEC on or prior to the Filing Deadline, the Company will make pro rata payments to each
Investor, as liquidated damages and not as a penalty, in an amount equal to 0.5% of the aggregate
amount invested by such Investor for each 30-day period or pro rata for any portion thereof
following the Filing Deadline for which no Registration Statement is filed with respect to the
Registrable Securities up to a maximum of 5.0% of the aggregate amount invested by such Investor.
Such payments shall be made to each Investor in cash.

               (ii) Additional Registrable Securities. Upon any change in the Warrant Price (as
defined in the Warrant) such that additional shares of Common Stock become issuable upon the
exercise of the Warrants, the Company shall prepare and file with the SEC one or more Registration
Statements on Form SB-2 or amend the Registration Statement filed pursuant to clause (i) above, if
such Registration Statement has not previously been declared effective (or, if Form SB-2 is not
then available to the Company, on such form of registration statement as is then available to
effect a registration for resale of such additional shares of Common Stock (the “Additional
Shares”)) covering the resale of the Additional Shares, but only to the extent the Additional
Shares are not at the time covered by an effective Registration Statement. Such Registration
Statement also shall cover, to the extent allowable under the 1933 Act and the rules promulgated
thereunder (including Rule 416), such indeterminate number of additional shares of Common Stock
resulting from stock splits, stock dividends or similar transactions with respect to the Additional
Shares. The Company shall use its best efforts to obtain from each person who now has piggyback
registration rights a waiver of those rights with respect to such Registration Statement. The
Registration Statement (and each amendment or

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supplement thereto, and each request for acceleration of effectiveness thereof) shall be
provided in accordance with Section 3(c) to the Investors’ counsel prior to its filing or other
submission. If a Registration Statement covering the Additional Shares is required to be filed
under this Section 2(a)(ii) and is not filed with the SEC within thirty (30) days of the written
demand of any Investor, the Company will make pro rata payments to each Investor, as liquidated
damages and not as a penalty, in an amount equal to 0.5% of the aggregate amount invested by such
Investor for each 30-day period or pro rata for any portion thereof following the date by which
such Registration Statement should have been filed for which no Registration Statement is filed
with respect to the Additional Shares up to a maximum of 5.0% of the aggregate amount invested by
such Investor. Such payments shall be made to each Investor in cash.

               (iii) S-3 Qualification. Promptly following the date (the “Qualification Date”) upon
which the Company becomes eligible to use a registration statement on Form S-3 to register the
Registrable Securities or Additional Shares, as applicable, for resale, but in no event more than
thirty (30) days after the Qualification Date (the “Qualification Deadline”), the Company shall
file a registration statement on Form S-3 covering the Registrable Securities or Additional Shares,
as applicable (or a post-effective amendment on Form S-3 to the registration statement on Form
SB-2) (a “Shelf Registration Statement”) and shall use reasonable best efforts to cause such Shelf
Registration Statement to be declared effective as promptly as practicable thereafter.

          (b) Expenses. The Company will pay all expenses associated with each registration.
The fees and expenses referred to in the foregoing sentence shall include, without limitation, (i)
all registration and filing fees (including, without limitation, fees and expenses of the Company’s
counsel and auditors) (A) with respect to filings made with the SEC, (B) with respect to filings
required to be made with any trading market on which the Common Stock listed for trading, and (C)
in compliance with applicable state securities or Blue Sky laws reasonably agreed to by the Company
in writing (including, without limitation, fees and disbursements of counsel for the Company in
connection with Blue Sky qualifications or exemptions of the Registrable Securities) and (D) if not
previously paid by the Company in connection with an Issuer Filing, with respect to any filing that
may be required to be made by any broker through which an Investor intends to make sales of
Registrable Securities with the NASD pursuant to NASD Rule 2710, so long as the broker is receiving
no more than a customary brokerage commission in connection with such sale, (ii) printing expenses
(including, without limitation, expenses of printing certificates for Registrable Securities),
(iii) messenger, telephone and delivery expenses, (iv) fees and disbursements of counsel for the
Company, (v) 1933 Act liability insurance, if the Company so desires such insurance, and (vi) fees
and expenses of all other persons retained by the Company in connection with the consummation of
the transactions contemplated by this Agreement. In addition, the Company shall be responsible for
all of its internal expenses incurred in connection with the consummation of the transactions
contemplated by this Agreement (including, without limitation, all salaries and expenses of its
officers and employees performing legal or accounting duties), the expense of any annual audit and
the fees and expenses incurred in connection with the listing of the Registrable Securities on any
securities exchange as required hereunder. In no event shall the Company be responsible for any
broker or similar commissions of any Investor or, except to the extent provided for in the
Transaction Documents, any legal fees or other costs of the Investors.

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          (c) Effectiveness.

               (i) The Company shall use reasonable best efforts to have the Registration Statement declared
effective as soon as practicable. The Company shall notify the Investors by facsimile or e-mail as
promptly as practicable, and in any event, within twenty-four (24) hours, after any Registration
Statement is declared effective and shall simultaneously provide the Investors with copies of any
related Prospectus to be used in connection with the sale or other disposition of the securities
covered thereby.

               (ii) If (A)(x) a Registration Statement covering the Registrable Securities is not declared
effective by the SEC prior to the earlier of (i) 10 Trading Days after the SEC shall have informed
the Company that no review of the Registration Statement will be made or (ii) the 90th
day after the Closing Date (the 135th day if the Registration Statement is reviewed by
the SEC), (y) a Registration Statement covering Additional Shares is not declared effective by the
SEC within 60 days following the time such Registration Statement was filed pursuant to Section
2(a)(ii) (105 days if the Registration Statement is reviewed by the SEC) or (z) a Shelf
Registration Statement is not declared effective by the SEC within 90 days after the Qualification
Deadline (135 days if the Registration Statement is reviewed by the SEC), , (B) the Company fails
to file with the SEC a request for acceleration of a Registration Statement in accordance with Rule
461 promulgated under the 1933 Act, within eight Trading Days of the date that the Company is
notified (orally or in writing, whichever is earlier) by the SEC that such Registration Statement
will not be “reviewed” or not be subject to further review, (C) prior to the date that the
Registration Statement is declared effective, the Company fails to file a pre-effective amendment
and otherwise respond in writing to comments made by the SEC in respect of such Registration
Statement within 20 Trading Days after the receipt of comments by or notice from the SEC that such
amendment is required in order for such Registration Statement to be declared effective, or (D)
after a Registration Statement has been declared effective by the SEC, sales cannot be made
pursuant to such Registration Statement for any reason (including without limitation by reason of a
stop order, or the Company’s failure to update the Registration Statement), but excluding the
inability of any Investor to sell the Registrable Securities covered thereby due to market
conditions and except as excused pursuant to subparagraph (iii) below, then the Company will make
pro rata payments to each Investor, as liquidated damages and not as a penalty, in an amount equal
to 1.5% of the aggregate amount invested by such Investor for each 30-day period or pro rata for
any portion thereof following the date by which such Registration Statement should have been
effective (the “Blackout Period”) up to a maximum amount equal to 5.0% of the aggregate amount
invested by such Investors. Such payments shall be made to each Investor in cash.

               (iii) For not more than twenty (20) consecutive days or for a total of not more than
forty-five (45) days in any twelve (12) month period, the Company may delay the disclosure of
material non-public information concerning the Company, by suspending the use of any Prospectus
included in any registration contemplated by this Section containing such information, the
disclosure of which at the time is not, in the good faith opinion of the Company, in the best
interests of the Company (an “Allowed Delay”); provided, that the Company shall promptly (a) notify
the Investors in writing of the existence of (but in no event, without the prior

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written consent of an Investor, shall the Company disclose to such Investor any of the facts or
circumstances regarding) material non-public information giving rise to an Allowed Delay, (b)
advise the Investors in writing to cease all sales under the Registration Statement until the end
of the Allowed Delay and (c) use reasonable best efforts to terminate an Allowed Delay as promptly
as practicable.

     3. Company Obligations. The Company will use reasonable best efforts to effect the
registration of the Registrable Securities in accordance with the terms hereof, and pursuant
thereto the Company will, as expeditiously as possible:

          (a) Use reasonable best efforts to (i) cause such Registration Statement to become effective
and to remain continuously effective for a period that will terminate upon the earlier of the date
on which all Registrable Securities covered by such Registration Statement as amended from time to
time, have been sold, and the date on which all Registrable Securities covered by such
Registration Statement may be sold pursuant to Rule 144(k) (the “Effectiveness Period”) and advise
the Investors in writing when the Effectiveness Period has expired, (ii) cause the related
Prospectus to be amended or supplemented by any required Prospectus supplement (subject to the
terms of this Agreement), and, as so supplemented or amended, to be filed pursuant to Rule 424;
(iii) respond as promptly as reasonably possible to any comments received from the SEC with respect
to a Registration Statement or any amendment thereto and provide as promptly as reasonably possible
to the Investors true and complete copies of all correspondence from and to the SEC relating to a
Registration Statement (provided that the Company may excise any information contained therein
which would constitute material non-public information as to any Investor which has not executed a
confidentiality agreement with the Company); and (iv) comply in all material respects with the
provisions of the 1933 Act and the 1934 Act with respect to the disposition of all Registrable
Securities covered by a Registration Statement during the applicable period in accordance (subject
to the terms of this Agreement) with the intended methods of disposition by the Investors thereof
set forth in such Registration Statement as so amended or in such Prospectus as so supplemented.

          (b) Prepare and file with the SEC such amendments and post-effective amendments to the
Registration Statement and the Prospectus as may be necessary to keep the Registration Statement
continuously effective for the period specified in Section 3(a) and to comply with the provisions
of the 1933 Act and the 1934 Act with respect to the distribution of all of the Registrable
Securities covered thereby.

          (c) Provide copies to and permit counsel designated by the Investors to review each
Registration Statement and all amendments and supplements thereto no fewer than five (5) Trading
Days prior to their filing with the SEC. The Company shall not file a Registration Statement or
any such Prospectus or any amendments or supplements thereto to which the Required Investors shall
reasonably object in good faith, provided that the Company is notified of such objection in writing
no later than five Trading Days after the Investors have been so furnished copies of a Registration
Statement or one Trading Day after the Investors have been so furnished copies of any related
Prospectus or amendments or supplements thereto.

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          (d) Furnish to the Investors’ legal counsel (i) promptly after the same is prepared and
publicly distributed, filed with the SEC, or received by the Company (but not later than two (2)
Trading Days after the filing date, receipt date or sending date, as the case may be) one (1) copy
of any Registration Statement and any amendment thereto, each preliminary prospectus and Prospectus
and each amendment or supplement thereto, and each letter written by or on behalf of the Company to
the SEC or the staff of the SEC, and each item of correspondence from the SEC or the staff of the
SEC, in each case relating to such Registration Statement (other than any portion of any thereof
which contains information for which the Company has sought confidential treatment), and (ii) such
number of copies of a Prospectus, including a preliminary prospectus, and all amendments and
supplements thereto and such other documents as each Investor may reasonably request in order to
facilitate the disposition of the Registrable Securities owned by such Investor that are covered by
the related Registration Statement.

          (e) Use reasonable best efforts to (i) prevent the issuance of any stop order or other
suspension of effectiveness and, (ii) if such order is issued, obtain the withdrawal of any such
order at the earliest possible moment.

          (f) Prior to any public offering of Registrable Securities, use reasonable best efforts to
register or qualify or cooperate with the Investors and their counsel in connection with the
registration or qualification of such Registrable Securities for offer and sale under the
securities or blue sky laws of such jurisdictions requested by the Investors and do any and all
other commercially reasonable acts or things necessary or advisable to enable the distribution in
such jurisdictions of the Registrable Securities covered by the Registration Statement; provided,
however, that the Company shall not be required in connection therewith or as a condition thereto
to (i) qualify to do business in any jurisdiction where it would not otherwise be required to
qualify but for this Section 3(f), (ii) subject itself to general taxation in any jurisdiction
where it would not otherwise be so subject but for this Section 3(f), or (iii) file a general
consent to service of process in any such jurisdiction.

          (g) Use reasonable best efforts to cause all Registrable Securities covered by a Registration
Statement to be listed on each securities exchange, interdealer quotation system or other market on
which similar securities issued by the Company are then listed.

          (h) Notify the Investors of Registrable Securities to be sold (which notice shall, pursuant to
clauses (iii) through (vi) hereof, be accompanied by an instruction to suspend the use of the
Prospectus until the requisite changes have been made) as promptly as reasonably possible (and, in
the case of (i)(A) below, not less than one Trading Day prior to such filing) and (if requested by
any such Person) confirm such notice in writing no later than one Trading Day following the day
(i)(A) when a Prospectus or any Prospectus supplement or post-effective amendment to a Registration
Statement is proposed to be filed; (B) when the SEC notifies the Company whether there will be a
“review” of such Registration Statement and whenever the SEC comments in writing on such
Registration Statement; and (C) with respect to a Registration Statement or any post-effective
amendment, when the same has become effective; (ii) of any request by the SEC or any other federal
or state governmental authority for amendments or supplements to a Registration Statement or
Prospectus or for additional information; (iii) of the issuance by the SEC or any other federal or
state governmental authority of any stop order

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suspending the effectiveness of a Registration Statement covering any or all of the Registrable
Securities or the initiation of any proceedings for that purpose; (iv) of the receipt by the
Company of any notification with respect to the suspension of the qualification or exemption from
qualification of any of the Registrable Securities for sale in any jurisdiction, or the initiation
or threatening of any proceeding for such purpose; (v) of the occurrence of any event or passage of
time that makes the financial statements included in a Registration Statement ineligible for
inclusion therein or any statement made in a Registration Statement or Prospectus or any document
incorporated or deemed to be incorporated therein by reference untrue in any material respect or
that requires any revisions to a Registration Statement, Prospectus or other documents so that, in
the case of a Registration Statement or the Prospectus, as the case may be, it will not contain any
untrue statement of a material fact or omit to state any material fact required to be stated
therein or necessary to make the statements therein, in light of the circumstances under which they
were made, not misleading; and (vi) of the occurrence or existence of any pending corporate
development with respect to the Company that the Company believes may be material and that, in the
determination of the Company, makes it not in the best interest of the Company to allow continued
availability of a Registration Statement or Prospectus, provided that any and all of such
information shall remain confidential to each Investor until such information otherwise becomes
public, unless disclosure by an Investor is required by law; provided, further,
that notwithstanding each Investor’s agreement to keep such information confidential, each such
Investor makes no acknowledgement that any such information is material, non-public information.

          (i) Otherwise use reasonable best efforts to comply with all applicable rules and regulations
of the SEC under the 1933 Act and the 1934 Act, take such other actions as may be reasonably
necessary to facilitate the registration of the Registrable Securities hereunder; and make
available to its security holders, as soon as reasonably practicable, but not later than the
Availability Date (as defined below), an earnings statement covering a period of at least twelve
(12) months, beginning after the effective date of each Registration Statement, which earnings
statement shall satisfy the provisions of Section 11(a) of the 1933 Act, including Rule 158
promulgated thereunder (for the purpose of this subsection 3(i), “Availability Date” means the 45th
day following the end of the fourth fiscal quarter that includes the effective date of such
Registration Statement, except that, if such fourth fiscal quarter is the last quarter of the
Company’s fiscal year, “Availability Date” means the 90th day after the end of such fourth fiscal
quarter).

          (j) With a view to making available to the Investors the benefits of Rule 144 (or its
successor rule) and any other rule or regulation of the SEC that may at any time permit the
Investors to sell shares of Common Stock to the public without registration, the Company covenants
and agrees to: (i) make and keep public information available, as those terms are understood and
defined in Rule 144, until the earlier of (A) six months after such date as all of the Registrable
Securities may be resold pursuant to Rule 144(k) or any other rule of similar effect or (B) such
date as all of the Registrable Securities shall have been resold; (ii) file with the SEC in a
timely manner all reports and other documents required of the Company under the 1934 Act; and (iii)
furnish to each Investor upon request, as long as such Investor owns any Registrable Securities,
(A) a written statement by the Company that it has complied with the reporting requirements of the
1934 Act, (B) a copy of the Company’s most recent Annual Report

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on Form 10-KSB or Quarterly Report on Form 10-QSB, and (C) such other information as may be
reasonably requested in order to avail such Investor of any rule or regulation of the SEC that
permits the selling of any such Registrable Securities without registration.

          (k) If requested by an Investor, cooperate with such Investor to facilitate the timely
preparation and delivery of certificates representing Registrable Securities to be delivered to a
transferee pursuant to a Registration Statement, which certificates shall be free, to the extent
permitted by the Purchase Agreement, of all restrictive legends, and to enable such Registrable
Securities to be in such denominations and registered in such names as any such Investor may
request.

          (l) Upon the occurrence of any event contemplated by Section 3(h), as promptly as reasonably
possible under the circumstances taking into account the Company’s good faith assessment of any
adverse consequences to the Company and its shareholders of the premature disclosure of such event,
prepare a supplement or amendment, including a post-effective amendment, to a Registration
Statement or a supplement to the related Prospectus or any document incorporated or deemed to be
incorporated therein by reference, and file any other required document so that, as thereafter
delivered, neither a Registration Statement nor such Prospectus will contain an untrue statement of
a material fact or omit to state a material fact required to be stated therein or necessary to make
the statements therein, in light of the circumstances under which they were made, not misleading.
If the Company notifies the Investors in accordance with clauses (iii) through (vi) of Section 3(h)
above to suspend the use of any Prospectus until the requisite changes to such Prospectus have been
made, then the Investors shall suspend use of such Prospectus. The Company will use its reasonable
best efforts to ensure that the use of the Prospectus may be resumed as promptly as is practicable.
The Company shall be entitled to exercise its right under this Section 3(l) to suspend the
availability of a Registration Statement and Prospectus, subject to the payment of partial
liquidated damages otherwise required pursuant to Section 2(c), for a period not to exceed 45
calendar days (which need not be consecutive days) in any 12 month period.

          (m) Comply with all applicable rules and regulations of the SEC.

          (n) The Company shall effect a filing with respect to the public offering contemplated by each
Registration Statement (an “Issuer Filing”) with the National Association of Securities
Dealers, Inc. (“NASD”) Corporate Financing Department pursuant to NASD Rule 2710(b) within
one Trading Day of the date that the Registration Statement is first filed with the SEC and pay the
filing fee required by such Issuer Filing. The Company shall use reasonable best efforts to pursue
the Issuer Filing until the NASD issues a letter confirming that it does not object to the terms of
the offering contemplated by the Registration Statement as described in the plan of distribution
attached hereto as Annex A.

     4. Due Diligence Review; Information. The Company shall make available, during normal
business hours, for inspection and review by the Investors, advisors to and representatives of the
Investors (who may or may not be affiliated with the Investors and who are reasonably acceptable to
the Company), all financial and other records, all SEC Filings (as defined in the Purchase
Agreement) and other filings with the SEC, and all other corporate

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documents and properties of the Company as may be reasonably necessary for the purpose of such
review, and cause the Company’s officers, directors and employees, within a reasonable time period,
to supply all such information reasonably requested by the Investors or any such representative,
advisor or underwriter in connection with such Registration Statement (including, without
limitation, in response to all questions and other inquiries reasonably made or submitted by any of
them), prior to and from time to time after the filing and effectiveness of the Registration
Statement for the sole purpose of enabling the Investors and such representatives, advisors and
underwriters and their respective accountants and attorneys to conduct initial and ongoing due
diligence with respect to the Company and the accuracy of such Registration Statement.

          The Company shall not disclose material nonpublic information to the Investors, or to advisors
to or representatives of the Investors, unless prior to disclosure of such information the Company
identifies such information as being material nonpublic information and provides the Investors,
such advisors and representatives with the opportunity to accept or refuse to accept such material
nonpublic information for review and any Investor wishing to obtain such information enters into an
appropriate confidentiality agreement with the Company with respect thereto.

     5. Obligations of the Investors.

          (a) Each Investor shall furnish in writing to the Company such information regarding itself,
the Registrable Securities held by it and the intended method of disposition of the Registrable
Securities held by it, as shall be reasonably required to effect the registration of such
Registrable Securities and shall execute such documents in connection with such information as the
Company may reasonably request. At least five (5) Trading Days prior to the first anticipated
filing date of any Registration Statement, the Company shall notify each Investor of the
information the Company requires from such Investor if such Investor elects to have any of the
Registrable Securities included in the Registration Statement. An Investor shall provide such
information to the Company at least two (2) Trading Days prior to the first anticipated filing date
of such Registration Statement if such Investor elects to have any of the Registrable Securities
included in the Registration Statement.

          (b) Each Investor, by its acceptance of the Registrable Securities agrees to cooperate with
the Company as reasonably requested by the Company in connection with the preparation and filing of
a Registration Statement hereunder, unless such Investor has notified the Company in writing of its
election to exclude all of its Registrable Securities from such Registration Statement.

          (c) Each Investor agrees that, upon receipt of any notice from the Company of either (i) the
commencement of an Allowed Delay pursuant to Section 2(c)(ii) or (ii) the happening of an event
pursuant to Section 3(h) hereof, such Investor will immediately discontinue disposition of
Registrable Securities pursuant to the Registration Statement covering such Registrable Securities,
until the Investor’s receipt of the copies of the supplemented or amended prospectus filed with the
SEC and until any related post-effective amendment is declared effective and, if so directed by the
Company, the Investor shall deliver to the Company

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(at the expense of the Company) or destroy (and deliver to the Company a certificate of
destruction) all copies in the Investor’s possession of the Prospectus covering the Registrable
Securities current at the time of receipt of such notice.

     6. Indemnification.

          (a) Indemnification by the Company. The Company will, notwithstanding any termination
of this Agreement, indemnify and hold harmless each Investor, the officers, directors, members,
managers, partners, agents, brokers (including brokers who offer and sell Registrable Securities as
principal as a result of a pledge or any failure to perform under a margin call of Common Stock),
investment advisors and employees (and any other persons with a functionally equivalent role of a
person holding such titles, notwithstanding a lack of such title or any other title) of each of
them, each person who controls any such Investor (within the meaning of Section 15 of the 1933 act
or Section 20 of the 1934 Act) and the officers, directors, members, shareholders, partners, agents
and employees (and any other persons with a functionally equivalent role of a person holding such
titles, notwithstanding a lack of such title or any other title) of each such controlling person,
to the fullest extent permitted by applicable law, against any losses, claims, damages or
liabilities, joint or several, to which they may become subject under the 1933 Act or otherwise,
insofar as such losses, claims, damages or liabilities (or actions in respect thereof) arise out of
or are based upon: (i) any untrue statement or alleged untrue statement of any material fact
contained in any Registration Statement, any preliminary prospectus or final prospectus contained
therein, or any amendment or supplement thereof; (ii) any blue sky application or other document
executed by the Company specifically for that purpose or based upon written information furnished
by the Company filed in any state or other jurisdiction in order to qualify any or all of the
Registrable Securities under the securities laws thereof (any such application, document or
information herein called a “Blue Sky Application”); (iii) the omission or alleged omission to
state therein a material fact required to be stated therein or necessary to make the statements
therein not misleading; (iv) any violation by the Company or its agents of any rule or regulation
promulgated under the 1933 Act applicable to the Company or its agents and relating to action or
inaction required of the Company in connection with such registration; or (v) any failure to
register or qualify the Registrable Securities included in any such Registration in any state where
the Company or its agents has affirmatively undertaken or agreed in writing that the Company will
undertake such registration or qualification on an Investor’s behalf and will reimburse such
Investor, and each such officer, director or member and each such controlling person for any legal
or other expenses reasonably incurred by them in connection with investigating or defending any
such loss, claim, damage, liability or action; provided, however, that the Company
will not be liable in any such case if and to the extent that any such loss, claim, damage or
liability arises out of or is based upon an untrue statement or alleged untrue statement or
omission or alleged omission so made in conformity with information furnished by such Investor or
any such controlling person in writing specifically for use in such Registration Statement or
Prospectus.

          (b) Indemnification by the Investors. Each Investor agrees, severally but not
jointly, to indemnify and hold harmless, to the fullest extent permitted by law, the Company, its
directors, officers, employees, and each person who controls the Company (within the meaning of the
1933 Act) against any losses, claims, damages, liabilities and expense (including

11

 

reasonable attorney fees) resulting from any untrue statement of a material fact or any omission of
a material fact required to be stated in the Registration Statement or Prospectus or preliminary
prospectus or amendment or supplement thereto or necessary to make the statements therein not
misleading, to the extent, but only to the extent that such untrue statement or omission is
contained in any information furnished in writing by such Investor to the Company specifically for
inclusion in such Registration Statement or Prospectus or amendment or supplement thereto. In no
event shall the liability of an Investor be greater in amount than the dollar amount of the
proceeds (net of all expense paid by such Investor in connection with any claim relating to this
Section 6 and the amount of any damages such Investor has otherwise been required to pay by reason
of such untrue statement or omission) received by such Investor upon the sale of the Registrable
Securities included in the Registration Statement giving rise to such indemnification obligation,
net of reasonable and customary sales commissions incurred in connection with the sale of the
Registrable Securities.

          (c) Conduct of Indemnification Proceedings. Any person entitled to indemnification
hereunder shall (i) give prompt notice to the indemnifying party of any claim with respect to which
it seeks indemnification and (ii) permit such indemnifying party to assume the defense of such
claim with counsel reasonably satisfactory to the indemnified party; provided that any
person entitled to indemnification hereunder shall have the right to employ separate counsel and to
participate in the defense of such claim, but the fees and expenses of such counsel shall be at the
expense of such person unless (a) the indemnifying party has agreed to pay such fees or expenses,
or (b) the indemnifying party shall have failed to assume the defense of such claim and employ
counsel reasonably satisfactory to such person or (c) in the reasonable judgment of any such
person, based upon written advice of its counsel, a conflict of interest exists between such person
and the indemnifying party with respect to such claims (in which case, if the person notifies the
indemnifying party in writing that such person elects to employ separate counsel at the expense of
the indemnifying party, the indemnifying party shall not have the right to assume the defense of
such claim on behalf of such person); and provided, further, that the failure of
any indemnified party to give notice as provided herein shall not relieve the indemnifying party of
its obligations hereunder, except to the extent that such failure to give notice shall materially
adversely affect the indemnifying party in the defense of any such claim or litigation. It is
understood that the indemnifying party shall not, in connection with any proceeding in the same
jurisdiction, be liable for fees or expenses of more than one separate firm of attorneys at any
time for all such indemnified parties. No indemnifying party will, except with the consent of the
indemnified party, consent to entry of any judgment or enter into any settlement that does not
include as an unconditional term thereof the giving by the claimant or plaintiff to such
indemnified party of a release from all liability in respect of such claim or litigation.

          (d) Contribution. If for any reason the indemnification provided for in the preceding
paragraphs (a) and (b) is unavailable to an indemnified party or insufficient to hold it harmless,
other than as expressly specified therein, then the indemnifying party shall contribute to the
amount paid or payable by the indemnified party as a result of such loss, claim, damage or
liability in such proportion as is appropriate to reflect the relative fault of the indemnified
party and the indemnifying party, as well as any other relevant equitable considerations. No
person guilty of fraudulent misrepresentation within the meaning of Section 11(f) of the 1933 Act
shall

12

 

be entitled to contribution from any person not guilty of such fraudulent misrepresentation. In no
event shall the contribution obligation of a holder of Registrable Securities be greater in amount
than the dollar amount of the proceeds (net of all expenses paid by such holder in connection with
any claim relating to this Section 6 and the amount of any damages such holder has otherwise been
required to pay by reason of such untrue or alleged untrue statement or omission or alleged
omission) received by it upon the sale of the Registrable Securities giving rise to such
contribution obligation, net of reasonable and customary sales commissions incurred in connection
with the sale of the Registrable Securities.

          The indemnity and contribution agreements contained in this Section are in addition to any
liability that the Indemnifying Parties may have to the Indemnified Parties.

     7. Miscellaneous.

          (a) Piggy-Back Registrations. If at any time during the Effectiveness Period there is
not an effective Registration Statement covering all of the Registrable Securities and the Company
shall determine to prepare and file with the SEC a registration statement relating to an offering
for its own account or the account of others under the 1933 Act of any of its equity securities,
other than on Form S-4 or Form S-8 (each as promulgated under the 1933 Act) or their then
equivalents relating to equity securities to be issued solely in connection with any acquisition of
any entity or business or equity securities issuable in connection with the Company’s share option
or other employee benefit plans, then the Company shall send to each Investor a written notice of
such determination and, if within fifteen days after the date of such notice, any such Investor
shall so request in writing, the Company shall include in such registration statement all or any
part of such Registrable Securities such Investor requests to be registered; provided,
however, that the Company shall not be required to register any Registrable Securities
pursuant to this Section 7(a) that are eligible for resale pursuant to Rule 144(k) promulgated
under the Securities Act or that are the subject of a then effective Registration Statement.

          (b) Amendments and Waivers. This Agreement may be amended only by a writing signed by
the Company and the Required Investors. The Company may take any action herein prohibited, or omit
to perform any act herein required to be performed by it, only if the Company shall have obtained
the written consent to such amendment, action or omission to act, of the Required Investors.

          (c) Notices. All notices and other communications provided for or permitted hereunder
shall be made as set forth in Section 9.4 of the Purchase Agreement.

          (d) Assignments and Transfers by Investors. The provisions of this Agreement shall be
binding upon and inure to the benefit of the Investors and their respective successors and assigns.
An Investor may transfer or assign, in whole or from time to time in part, to one or more persons
its rights hereunder in connection with the transfer of Registrable Securities by such Investor to
such person, provided that such Investor complies with all laws applicable thereto and provides
written notice of assignment to the Company promptly after such assignment is effected.

13

 

          (e) Assignments and Transfers by the Company. This Agreement may not be assigned by
the Company (whether by operation of law or otherwise) without the prior written consent of the
Required Investors, provided, however, that the Company may assign its rights and delegate its
duties hereunder to any surviving or successor corporation in connection with a merger or
consolidation of the Company with another corporation, or a sale, transfer or other disposition of
all or substantially all of the Company’s assets to another corporation, without the prior written
consent of the Required Investors, after notice duly given by the Company to each Investor.

          (f) Benefits of the Agreement. The terms and conditions of this Agreement shall inure
to the benefit of and be binding upon the respective permitted successors and assigns of the
parties. Nothing in this Agreement, express or implied, is intended to confer upon any party other
than the parties hereto or their respective successors and assigns any rights, remedies,
obligations, or liabilities under or by reason of this Agreement, except as expressly provided in
this Agreement.

          (g) Counterparts; Faxes. This Agreement may be executed in two or more counterparts,
each of which shall be deemed an original, but all of which together shall constitute one and the
same instrument. This Agreement may also be executed via facsimile, which shall be deemed an
original.

          (h) Titles and Subtitles. The titles and subtitles used in this Agreement are used
for convenience only and are not to be considered in construing or interpreting this Agreement.

          (i) Severability. Any provision of this Agreement that is prohibited or unenforceable
in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such
prohibition or unenforceability without invalidating the remaining provisions hereof but shall be
interpreted as if it were written so as to be enforceable to the maximum extent permitted by
applicable law, and any such prohibition or unenforceability in any jurisdiction shall not
invalidate or render unenforceable such provision in any other jurisdiction. To the extent
permitted by applicable law, the parties hereby waive any provision of law which renders any
provisions hereof prohibited or unenforceable in any respect.

          (j) Further Assurances. The parties shall execute and deliver all such further
instruments and documents and take all such other actions as may reasonably be required to carry
out the transactions contemplated hereby and to evidence the fulfillment of the agreements herein
contained.

          (k) Entire Agreement. This Agreement is intended by the parties as a final expression
of their agreement and intended to be a complete and exclusive statement of the agreement and
understanding of the parties hereto in respect of the subject matter contained herein. This
Agreement supersedes all prior agreements and understandings between the parties with respect to
such subject matter.

14

 

          (l) Governing Law; Consent to Jurisdiction; Waiver of Jury Trial. This Agreement
shall be governed by, and construed in accordance with, the internal laws of the State of
California without regard to the choice of law principles thereof. Each of the parties hereto
irrevocably submits to the exclusive jurisdiction of the courts of the State of California located
in Sacramento County and the United States District Court for the Eastern District of California
for the purpose of any suit, action, proceeding or judgment relating to or arising out of this
Agreement and the transactions contemplated hereby. Service of process in connection with any such
suit, action or proceeding may be served on each party hereto anywhere in the world by the same
methods as are specified for the giving of notices under this Agreement (other than by telex or
facsimile which shall be deemed improper service). Each of the parties hereto irrevocably consents
to the jurisdiction of any such court in any such suit, action or proceeding and to the laying of
venue in such court. Each party hereto irrevocably waives any objection to the laying of venue of
any such suit, action or proceeding brought in such courts and irrevocably waives any claim that
any such suit, action or proceeding brought in any such court has been brought in an inconvenient
forum. EACH OF THE PARTIES HERETO WAIVES ANY RIGHT TO REQUEST A TRIAL BY JURY IN ANY LITIGATION
WITH RESPECT TO THIS AGREEMENT AND REPRESENTS THAT COUNSEL HAS BEEN CONSULTED SPECIFICALLY AS TO
THIS WAIVER.

          (m) Independent Nature of Investors’ Obligations and Rights. The obligations of each
Investor hereunder are several and not joint with the obligations of any other Investor hereunder,
and no Investor shall be responsible in any way for the performance of the obligations of any other
Investor hereunder. Nothing contained herein or in any other agreement or document delivered at any
closing, and no action taken by any Investor pursuant hereto or thereto, shall be deemed to
constitute the Investors as a partnership, an association, a joint venture or any other kind of
entity, or create a presumption that the Investors are in any way acting in concert with respect to
such obligations or the transactions contemplated by this Agreement. Each Investor shall be
entitled to protect and enforce its rights, including without limitation the rights arising out of
this Agreement, and it shall not be necessary for any other Investor to be joined as an additional
party in any proceeding for such purpose.

15

 

     IN WITNESS WHEREOF, the parties have executed this Agreement or caused their duly authorized
officers to execute this Agreement as of the date first above written.

	 	 	 	 	 
	The Company:	 	GOLDEN PHOENIX MINERALS, INC.
	 
	 	 	 	 
	 

	 	By:	 	/s/ David A. Caldwell 
	 

	 	 	 	 
	 

	 	 	 	David A. Caldwell
	 

	 	 	 	Chief Executive Officer

16

 

	 	 	 	 	 
	The Investors:	 	SPROTT ASSET MANAGEMENT
	 
	 	 	 	 
	 

	 	By:	 	/s/ Kirstin McTaggart
	 

	 	 	 	 
	 

	 	Name:	 	Kirstin McTaggart
	 

	 	 	 	 
	 

	 	Title:	 	CCO
	 

	 	 	 	 

17

 

Exhibit A

Plan of Distribution

     The selling stockholders, which as used herein includes donees, pledgees, transferees or other
successors-in-interest selling shares of common stock or interests in shares of common stock
received after the date of this prospectus from a selling stockholder as a gift, pledge,
partnership distribution or other transfer, may, from time to time, sell, transfer or otherwise
dispose of any or all of their shares of common stock or interests in shares of common stock on any
stock exchange, market or trading facility on which the shares are traded or in private
transactions. These dispositions may be at fixed prices, at prevailing market prices at the time
of sale, at prices related to the prevailing market price, at varying prices determined at the time
of sale, or at negotiated prices.

     The selling stockholders may use any one or more of the following methods when disposing of
shares or interests therein:

     - ordinary brokerage transactions and transactions in which the broker-dealer solicits
purchasers;

     - block trades in which the broker-dealer will attempt to sell the shares as agent, but may
position and resell a portion of the block as principal to facilitate the transaction;

     - purchases by a broker-dealer as principal and resale by the broker-dealer for its account;

     - an exchange distribution in accordance with the rules of the applicable exchange;

     - privately negotiated transactions;

     - short sales effected after the date the registration statement of which this Prospectus is a
part is declared effective by the SEC;

     - through the writing or settlement of options or other hedging transactions, whether through
an options exchange or otherwise;

     - broker-dealers may agree with the selling stockholders to sell a specified number of such
shares at a stipulated price per share; and

     - a combination of any such methods of sale.

     The selling stockholders may, from time to time, pledge or grant a security interest in some
or all of the shares of common stock owned by them and, if they default in the performance of their
secured obligations, the pledgees or secured parties may offer and sell the shares of common stock,
from time to time, under this prospectus, or under an amendment to this prospectus under Rule
424(b)(3) or other applicable provision of the Securities Act amending the list of selling
stockholders to include the pledgee, transferee or other successors in interest as

1

 

selling stockholders under this prospectus. The selling stockholders also may transfer the shares
of common stock in other circumstances, in which case the transferees, pledgees or other successors
in interest will be the selling beneficial owners for purposes of this prospectus.

     Broker-dealers engaged by the selling stockholders may arrange for other brokers-dealers to
participate in sales. Broker-dealers may receive commissions or discounts from the selling
stockholders (or, if any broker-dealer acts as agent for the purchaser of shares, from the
purchaser) in amounts to be negotiated, but, except as set forth in a supplement to this
Prospectus, in the case of an agency transaction not in excess of a customary brokerage commission
in compliance with NASDR Rule 2440; and in the case of a principal transaction a markup or markdown
in compliance with NASDR IM-2440.

     In connection with the sale of our common stock or interests therein, the selling stockholders
may enter into hedging transactions with broker-dealers or other financial institutions, which may
in turn engage in short sales of the common stock in the course of hedging the positions they
assume. The selling stockholders may also sell shares of our common stock short and deliver these
securities to close out their short positions, or loan or pledge the common stock to broker-dealers
that in turn may sell these securities. The selling stockholders may also enter into option or
other transactions with broker-dealers or other financial institutions or the creation of one or
more derivative securities which require the delivery to such broker-dealer or other financial
institution of shares offered by this prospectus, which shares such broker-dealer or other
financial institution may resell pursuant to this prospectus (as supplemented or amended to reflect
such transaction).

     The aggregate proceeds to the selling stockholders from the sale of the common stock offered
by them will be the purchase price of the common stock less discounts or commissions, if any. Each
of the selling stockholders reserves the right to accept and, together with their agents from time
to time, to reject, in whole or in part, any proposed purchase of common stock to be made directly
or through agents. We will not receive any of the proceeds from this offering. Upon any exercise
of the warrants by payment of cash, however, we will receive the exercise price of the warrants.

     The selling stockholders also may resell all or a portion of the shares in open market
transactions in reliance upon Rule 144 under the Securities Act of 1933, provided that they meet
the criteria and conform to the requirements of that rule.

     The selling stockholders and any underwriters, broker-dealers or agents that participate in
the sale of the common stock or interests therein may be “underwriters” within the meaning of
Section 2(11) of the Securities Act. Any discounts, commissions, concessions or profit they earn
on any resale of the shares may be underwriting discounts and commissions under the Securities Act.
Selling stockholders who are “underwriters” within the meaning of Section 2(11) of the Securities
Act will be subject to the prospectus delivery requirements of the Securities Act.

     To the extent required, the shares of our common stock to be sold, the names of the selling
stockholders, the respective purchase prices and public offering prices, the names of any agents,
dealer or underwriter, any applicable commissions or discounts with respect to a

2

 

particular offer will be set forth in an accompanying prospectus supplement or, if appropriate, a
post-effective amendment to the registration statement that includes this prospectus.

     In order to comply with the securities laws of some states, if applicable, the common stock
may be sold in these jurisdictions only through registered or licensed brokers or dealers. In
addition, in some states the common stock may not be sold unless it has been registered or
qualified for sale or an exemption from registration or qualification requirements is available and
is complied with.

     We have advised the selling stockholders that the anti-manipulation rules of Regulation M
under the Exchange Act may apply to sales of shares in the market and to the activities of the
selling stockholders and their affiliates. In addition, we will make copies of this prospectus (as
it may be supplemented or amended from time to time) available to the selling stockholders for the
purpose of satisfying the prospectus delivery requirements of the Securities Act. The selling
stockholders may indemnify any broker-dealer that participates in transactions involving the sale
of the shares against certain liabilities, including liabilities arising under the Securities Act.

     We have agreed to indemnify the selling stockholders against liabilities, including
liabilities under the Securities Act and state securities laws, relating to the registration of the
shares offered by this prospectus.

     We have agreed with the selling stockholders to keep the registration statement of which this
prospectus constitutes a part effective until the earlier of (1) such time as all of the shares
covered by this prospectus have been disposed of pursuant to and in accordance with the
registration statement or (2) the date on which the shares may be sold pursuant to Rule 144(k) of
the Securities Act.

3exv4w1

 

Exhibit 4.1

FULTON FINANCIAL CORPORATION

 

INDENTURE

Dated
as of May ____, 2007

 

WILMINGTON TRUST COMPANY,

as Trustee

 

SUBORDINATED NOTES

 

 

Table of Contents

	 	 	 	 	 
	 
	 	 	 	Page

	 	 	 	 	 	 	 
	ARTICLE I

	 
	 	 	 	 	 	 
	DEFINITIONS

	 
	 	 	 	 	 	 
	Section 1.01
	 	Definitions	 	 	1	 
	Section 1.02
	 	Business Day Certificate	 	 	8	 
	 
	 	 	 	 	 	 
	ARTICLE II

	 
	 	 	 	 	 	 
	NOTES

	 
	 	 	 	 	 	 
	Section 2.01
	 	Authentication and Dating; Title and Terms	 	 	8	 
	Section 2.02
	 	Forms Generally; Form of Trustee’s Certificate of Authentication	 	 	11	 
	Section 2.03
	 	Form of Note	 	 	12	 
	Section 2.04
	 	Execution of Notes	 	 	12	 
	Section 2.05
	 	Legends	 	 	13	 
	Section 2.06
	 	Global Note	 	 	13	 
	Section 2.07
	 	Computation of Interest	 	 	15	 
	Section 2.08
	 	Transfer and Exchange	 	 	16	 
	Section 2.09
	 	Mutilated, Destroyed, Lost or Stolen Notes	 	 	17	 
	Section 2.10
	 	Temporary Notes	 	 	18	 
	Section 2.11
	 	Cancellation	 	 	19	 
	Section 2.12
	 	CUSIP Numbers	 	 	19	 
	 
	 	 	 	 	 	 
	ARTICLE III

	 
	 	 	 	 	 	 
	PARTICULAR COVENANTS OF THE CORPORATION

	 
	 	 	 	 	 	 
	Section 3.01
	 	Payment of Principal and Interest	 	 	19	 
	Section 3.02
	 	Offices for Notices and Payments, Etc	 	 	19	 
	Section 3.03
	 	Appointments to Fill Vacancies in Trustee’s Office	 	 	20	 
	Section 3.04
	 	Provision as to Paying Agent.	 	 	20	 
	Section 3.05
	 	Certificate to Trustee	 	 	21	 
	Section 3.06
	 	Compliance with Consolidation Provisions	 	 	21	 
	Section 3.07
	 	Limitation on Dividends	 	 	21	 
	Section 3.08
	 	Payment Upon Resignation or Removal	 	 	22	 
	Section 3.09
	 	No Sinking Fund	 	 	22	 

 

 

	 	 	 	 	 	 	 
	ARTICLE IV

	 
	 	 	 	 	 	 
	LIST OF NOTEHOLDERS AND REPORTS BY THE CORPORATION AND THE TRUSTEE

	 
	 	 	 	 	 	 
	Section 4.01
	 	List of Noteholders	 	 	22	 
	Section 4.02
	 	Preservation and Disclosure of Lists	 	 	22	 
	Section 4.03
	 	Reports by the Corporation	 	 	23	 
	Section 4.04
	 	Reports by the Trustee	 	 	24	 
	 
	 	 	 	 	 	 
	ARTICLE V

	 
	 	 	 	 	 	 
	REMEDIES OF THE TRUSTEE AND NOTEHOLDERS UPON EVENT OF DEFAULT

	 
	 	 	 	 	 	 
	Section 5.01
	 	Events of Default	 	 	25	 
	Section 5.02
	 	Acceleration of Maturity	 	 	25	 
	Section 5.03
	 	Payment of Notes on Default; Suit Therefor	 	 	25	 
	Section 5.04
	 	Trustee May File Proofs of Claim	 	 	26	 
	Section 5.05
	 	Application of Moneys Collected by Trustee	 	 	27	 
	Section 5.06
	 	Proceedings by Noteholders	 	 	27	 
	Section 5.07
	 	Proceedings by Trustee	 	 	28	 
	Section 5.08
	 	Restoration of Rights and Remedies	 	 	29	 
	Section 5.09
	 	Remedies Cumulative and Continuing	 	 	29	 
	Section 5.10
	 	Direction of Proceedings and Waiver of Defaults by Majority of Noteholders	 	 	29	 
	Section 5.11
	 	Notice of Defaults	 	 	30	 
	Section 5.12
	 	Undertaking to Pay Costs	 	 	30	 
	Section 5.13
	 	Unconditional Right of Security Holders To Receive Principal, Premium and Interest	 	 	30	 
	 
	 	 	 	 	 	 
	ARTICLE VI

	 
	 	 	 	 	 	 
	CONCERNING THE TRUSTEE

	 
	 	 	 	 	 	 
	Section 6.01
	 	Duties and Responsibilities of Trustee	 	 	31	 
	Section 6.02
	 	Reliance on Documents, Opinions, etc	 	 	32	 
	Section 6.03
	 	No Responsibility for Recitals, etc	 	 	33	 
	Section 6.04
	 	Trustee, Authenticating Agent, Paying Agents, Transfer	 	 	 	 
	 
	 	Agents and Registrar May Own Notes	 	 	33	 
	Section 6.05
	 	Moneys to be Held in Trust	 	 	34	 
	Section 6.06
	 	Compensation and Expenses of Trustee	 	 	34	 
	Section 6.07
	 	Officers’ Certificate as Evidence	 	 	34	 
	Section 6.08
	 	Conflicting Interest of Trustee	 	 	35	 
	Section 6.09
	 	Eligibility of Trustee	 	 	35	 
	Section 6.10
	 	Resignation or Removal of Trustee	 	 	35	 
	Section 6.11
	 	Acceptance by Successor Trustee	 	 	36	 
	Section 6.12
	 	Succession by Merger, etc	 	 	38	 
	Section 6.13
	 	Limitation on Rights of Trustee as a Creditor	 	 	38	 
	Section 6.14
	 	Authenticating Agents	 	 	38	 

 

 

	 	 	 	 	 	 	 
	ARTICLE VII

	 
	 	 	 	 	 	 
	CONCERNING THE NOTEHOLDERS

	 
	 	 	 	 	 	 
	Section 7.01
	 	Action by Noteholders	 	 	39	 
	Section 7.02
	 	Proof of Execution by Noteholders	 	 	40	 
	Section 7.03
	 	Who Are Deemed Absolute Owners	 	 	40	 
	Section 7.04
	 	Notes Owned by Corporation Deemed Not Outstanding	 	 	40	 
	Section 7.05
	 	Revocation of Consents; Future Holders Bound	 	 	41	 
	 
	 	 	 	 	 	 
	ARTICLE VIII

	 
	 	 	 	 	 	 
	MEETINGS OF NOTEHOLDERS

	 
	 	 	 	 	 	 
	Section 8.01
	 	Purposes of Meetings	 	 	41	 
	Section 8.02
	 	Call of Meetings by Trustee	 	 	41	 
	Section 8.03
	 	Call of Meetings by Corporation or Noteholders	 	 	42	 
	Section 8.04
	 	Qualifications for Voting	 	 	42	 
	Section 8.05
	 	Regulations	 	 	42	 
	Section 8.06
	 	Voting	 	 	42	 
	Section 8.07
	 	Quorum; Actions	 	 	43	 
	 
	 	 	 	 	 	 
	ARTICLE IX

	 
	 	 	 	 	 	 
	SUPPLEMENTAL INDENTURES

	 
	 	 	 	 	 	 
	Section 9.01
	 	Supplemental Indentures Without Consent of Noteholders	 	 	44	 
	Section 9.02
	 	Supplemental Indentures With Consent of Noteholders	 	 	45	 
	Section 9.03
	 	Compliance with Trust Indenture Act; Effect of Supplemental Indentures	 	 	46	 
	Section 9.04
	 	Notation on Notes	 	 	46	 
	Section 9.05
	 	Evidence of Compliance of Supplemental Indenture to be Furnished to Trustee	 	 	46	 
	 
	 	 	 	 	 	 
	ARTICLE X

	 
	 	 	 	 	 	 
	CONSOLIDATION, MERGER, SALE, CONVEYANCE, TRANSFER AND LEASE

	 
	 	 	 	 	 	 
	Section 10.01
	 	Corporation May Consolidate, etc., on Certain Terms	 	 	46	 
	Section 10.02
	 	Successor Person to be Substituted for Corporation	 	 	47	 
	Section 10.03
	 	Opinion of Counsel to be Given Trustee	 	 	47	 
	 
	 	 	 	 	 	 
	ARTICLE XI

	 
	 	 	 	 	 	 
	SATISFACTION AND DISCHARGE OF INDENTURE

	 
	 	 	 	 	 	 
	Section 11.01
	 	Discharge of Indenture	 	 	48	 
	Section 11.02
	 	Deposited Moneys and U.S. Government Obligations to be Held in Trust by Trustee	 	 	48	 
	Section 11.03
	 	Paying Agent to Repay Moneys Held	 	 	48	 

 

 

	 	 	 	 	 	 	 
	Section 11.04
	 	Return of Unclaimed Moneys	 	 	49	 
	Section 11.05
	 	Defeasance Upon Deposit of Moneys or U.S. Government Obligations	 	 	49	 
	 
	 	 	 	 	 	 
	ARTICLE XII

	 
	 	 	 	 	 	 
	IMMUNITY OF INCORPORATORS, STOCKHOLDERS, OFFICERS AND DIRECTORS

	 
	 	 	 	 	 	 
	Section 12.01
	 	Indenture and Notes Solely Corporate Obligations	 	 	50	 
	 
	 	 	 	 	 	 
	ARTICLE XIII

	 
	 	 	 	 	 	 
	MISCELLANEOUS PROVISIONS

	 
	 	 	 	 	 	 
	Section 13.01
	 	Successors	 	 	50	 
	Section 13.02
	 	Official Acts by Successor Corporation	 	 	50	 
	Section 13.03
	 	Surrender of Corporation Powers	 	 	50	 
	Section 13.04
	 	Addresses for Notices, etc	 	 	50	 
	Section 13.05
	 	Governing Law	 	 	51	 
	Section 13.06
	 	Evidence of Compliance with Conditions Precedent	 	 	51	 
	Section 13.07
	 	Business Days	 	 	51	 
	Section 13.08
	 	Qualification of Indenture	 	 	51	 
	Section 13.09
	 	Trust Indenture Act to Control	 	 	52	 
	Section 13.10
	 	Table of Contents, Headings, etc	 	 	52	 
	Section 13.11
	 	Execution in Counterparts	 	 	52	 
	Section 13.12
	 	Separability	 	 	52	 
	 
	 	 	 	 	 	 
	ARTICLE XIV

	 
	 	 	 	 	 	 
	SUBORDINATION OF NOTES

	 
	 	 	 	 	 	 
	Section 14.01
	 	Agreement to Subordinate	 	 	52	 
	Section 14.02
	 	Default on Senior Indebtedness	 	 	52	 
	Section 14.03
	 	Liquidation; Dissolution; Bankruptcy	 	 	53	 
	Section 14.04
	 	Subrogation	 	 	54	 
	Section 14.05
	 	Trustee to Effectuate Subordination	 	 	55	 
	Section 14.06
	 	Notice by the Corporation	 	 	55	 
	Section 14.07
	 	Rights of the Trustee; Holders of Senior Indebtedness	 	 	56	 
	Section 14.08
	 	Subordination May Not Be Impaired	 	 	56	 
	 
	 	 	 	 	 	 
	EXHIBITS

	 
	 	 	 	 	 	 
	Exhibit A
	 	Form of Note	 	 	A-1	 
	Exhibit B
	 	Form of Certificate of Officer of the Corporation	 	 	B-1	 

 

 

Cross Reference Table

 

Showing Reflection of Certain Provisions

Required Pursuant to Section 310 through 318(a)

of Trust Indenture Act of 1939, as Amended, (Including

Cross-References to Provisions of Sections 310 through 318(a)

which, Pursuant to

Section 318(c) of the Trust Indenture Act of 1939,

as Amended, are Part of and Govern Such Provisions

of the Indenture Whether or not Physically Contained Therein*

 

	 	 	 	 	 
	 	 	TIA	 	Section
	 
	 	 	 	 
	SECTION 310 (a)(1)	 	6.09
	 
	 	(a)(2)	 	6.09
	 
	 	(a)(3)	 	Not Applicable
	 
	 	(a)(4)	 	Not Applicable
	 
	 	(a)(5)	 	6.09
	 
	 	(b)	 	6.08, 6.10(a), (b) and (d)
	 
	 	(c)	 	Not Applicable
	 
	 	 	 	 
	SECTION 311 (a)	 	6.13
	 
	 	(b)	 	6.13
	 
	 	(c)	 	Not Applicable
	 
	 	 	 	 
	SECTION 312 (a)	 	4.01
	 
	 	 	 	4.02
	 
	 	(b)	 	4.02
	 
	 	 	 	 
	SECTION 313 (a)	 	4.04
	 
	 	 	 	4.04
	 
	 	(c)	 	4.04
	 
	 	 	 	5.11
	 
	 	(d)	 	4.04
	 
	 	 	 	 
	SECTION 314(a) (1), (2) and (3)	 	4.03
	 
	 	(a) (4)	 	3.05
	 
	 	(b)	 	Not Applicable
	 
	 	(c)(1)	 	13.06
	 
	 	(c)(2)	 	13.06
	 
	 	(c)(3)	 	Not Applicable

 

*This Table is not a part of the Indenture.

 

 

	 	 	 	 	 
	 
	 	(d)	 	Not Applicable
	 
	 	(e)	 	13.06
	 
	 	(f)	 	Not Applicable
	 
	 	 	 	 
	SECTION 315 (a)	 	6.01
	 
	 	 	 	 
	 
	 	(b)	 	6.01
	 
	 	(c)	 	6.01
	 
	 	(d)	 	6.01
	 
	 	(d)(1)	 	6.01
	 
	 	(d)(2)	 	6.01
	 
	 	(d)(3)	 	6.01
	 
	 	(e)	 	5.12
	 
	 	 	 	 
	SECTION 316 (a)(1)(A)	 	5.02
	 
	 	 	 	5.10
	 
	 	(a)(1)(B)	 	5.10
	 
	 	(a)(2)	 	Not Applicable
	 
	 	(a) last sentence	 	7.03
	 
	 	(b) 5.13	 	 
	 
	 	 	 	 
	SECTION 317 (a)(1)	 	5.03
	 
	 	(a)(2)	 	5.04
	 
	 	(b)	 	6.05
	 
	 	 	 	 
	SECTION 318 (a)	 	13.09

 

 

     THIS
INDENTURE, dated as of May___, 2007, between Fulton Financial Corporation, a
Pennsylvania corporation (hereinafter called the “Corporation”), and Wilmington Trust
Company, a Delaware banking corporation, as trustee (the “Trustee”).

W I T N E S S E T H:

     In consideration of the premises, and the purchase of the Notes (as defined below) by the
holders thereof, the Corporation covenants and agrees with the Trustee for the equal and
proportionate benefit of the respective holders from time to time of the Notes or of any series
thereof, as follows:

ARTICLE I

DEFINITIONS

     Section 1.01 Definitions. The terms defined in this Section 1.01 (except as herein
otherwise expressly provided or unless the context otherwise requires) for all purposes of this
Indenture shall have the respective meanings specified in this Section 1.01. All other terms used
in this Indenture which are defined in the Trust Indenture Act, or which are by reference therein
defined in the Securities Act, shall (except as herein otherwise expressly provided or unless the
context otherwise requires) have the meanings assigned to such terms in said Trust Indenture Act
and in said Securities Act as in force at the date of this Indenture as originally executed. All
accounting terms used herein and not expressly defined shall have the meanings assigned to such
terms in accordance with generally accepted accounting principles, and the term “generally accepted
accounting principles” means such accounting principles as are generally accepted at the time of
any computation. The words “herein,” “hereof” and “hereunder” and other words of similar import
refer to this Indenture as a whole and not to any particular Article, Section or other subdivision.
Headings are used for convenience of reference only and do not affect interpretation. The singular
includes the plural and vice versa.

     “Affiliate” shall have the meaning given to that term in Rule 405 under the Securities
Act or any successor rule thereunder.

     “Agent” shall mean any Paying Agent or Registrar.

     “Allocable Amounts,” when used with respect to any Senior Indebtedness, means all
amounts due or to become due on such Senior Indebtedness less, if applicable, any amount which
would have been paid to, and retained by, the holders of such Senior Indebtedness (whether as a
result of the receipt of payments by the holders of such Senior Indebtedness from the Corporation
or any other obligor thereon or from any holders of, or trustee in respect of, other indebtedness
that is subordinate and junior in right of payment to such Senior Indebtedness pursuant to any
provision of such indebtedness for the payment over of amounts received on account of such
indebtedness to the holders of such Senior Indebtedness or otherwise) but for the fact that such
Senior Indebtedness is subordinate or junior in right of payment to (or subject to a requirement
that amounts received on such Senior Indebtedness be paid over to obligees on) trade accounts
payable or accrued liabilities arising in the ordinary course of business.

 

 

     “Applicable Depositary Procedures” means, with respect to any transfer or transaction
involving a Book-Entry Interest or a Note of any series represented by a Global Note, the rules and
procedures of the Depositary for such Book-Entry Interest or Note represented by a Global Note, in
each case to the extent applicable to such transaction and as in effect from time to time.

     “Authenticating Agent” shall mean any agent or agents of the Trustee which at the time
shall be appointed and acting pursuant to Section 6.14.

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

     “Board of Directors” shall mean either the Board of Directors of the Corporation or
any duly authorized committee of that board.

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

     “Book-Entry Interest” shall mean a beneficial interest in a Global Note registered in
the name of a Clearing Agency or its nominee, ownership and transfers of which shall be maintained
and made through book entries by such Clearing Agency.

     “Business Day” shall mean, with respect to any series of Notes, any day other than a
Saturday, a Sunday, or a day on which banking institutions in The City of New York, Wilmington,
Delaware or Lancaster, Pennsylvania are authorized or required by law, executive order or
regulation to close.

     “Clearing Agency” means an organization registered as a “Clearing Agency” pursuant to
Section 17A of the Exchange Act that is acting as depositary for one or more series of the Notes
and in whose name or in the name of a nominee of that organization shall be registered a Global
Note and which shall undertake to effect book entry transfers and pledges of beneficial interests
in such Global Note.

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

     “Commission” shall mean the Securities and Exchange Commission, or any successor
agency of the United States government having administrative authority with respect to the federal
securities laws.

     “Common Stock” shall mean the Common Stock, par value $2.50 per share, of the
Corporation or any other class of stock resulting from changes or reclassifications of such Common
Stock consisting solely of changes in par value, or from par value to no par value, or from no par
value to par value.

     “Corporate Trust Office” shall mean the Principal Office of the Trustee.

2

 

     “Corporation” shall mean the person identified as the “Corporation” in the preamble to
this Indenture and, subject to the provisions of Article X, shall also include its successors and
assigns.

     “Corporation Request” or “Corporation Order” shall mean a written request or
order signed in the name of the Corporation by an Officer and delivered to the Trustee.

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

     “Defeasance Agent” means another financial institution which is eligible to act as
Trustee hereunder and which assumes all of the obligations of the Trustee necessary to enable the
Trustee to act hereunder. In the event such a Defeasance Agent is appointed pursuant to Section
11.05 of this Indenture, the following conditions shall apply:

     (i) the Trustee shall have approval rights over the document appointing such Defeasance
Agent and the document setting forth such Defeasance Agent’s rights and responsibilities;
and

     (ii) the Defeasance Agent shall provide verification to the Trustee acknowledging
receipt of sufficient money and/or U.S. Government Obligations to meet the applicable
conditions set forth in Section 11.05.

     “Default” shall mean any event, act or condition specified in Sections 5.01 or 5.03,
continued for the period of time, if any, and after the giving of the notice, if any, therein
designated.

     “Defaulted Interest” has the meaning set forth in Section 2.07(c).

     “Definitive Notes” means those Notes issued in fully registered certificated form.

     “Depositary” means, with respect to any series of Notes that the Corporation
determines shall be issued as a Global Note, The Depository Trust Company, New York, New York, or
another organization registered as a “clearing agency” under the Exchange Act that is designated as
Depositary for the Global Note by the Corporation and in whose name or in the name of a nominee of
that organization shall be registered a Global Note and which shall undertake to effect book-entry
transfers of the Global Note.

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

     “Discharged” means that the Corporation shall be deemed to have paid and discharged
the entire indebtedness represented by, and obligations under, the Notes of any series and to have
satisfied all the obligations under this Indenture relating to the Notes of such series (and the
Trustee, at the expense of the Corporation, shall execute proper instruments acknowledging the
same), except (i) the rights of holders of such Notes to receive, from the trust fund described in
Section 11.05(a), payment of the principal of and the interest on such Notes when such payments
are due; (ii) the Corporation’s obligations with respect to such Notes under Sections 2.09,
2.11, 5.02 and 11.04; and (iii) the rights, powers, trusts, duties and immunities of the Trustee
hereunder.

3

 

     “Dollars” means the coin or currency of the United States of America as at the time of
payment is legal tender for the payment of public and private debts.

     “DTC” shall mean The Depository Trust Company, the initial Clearing Agency.

     “Event
of Default” shall have the meaning specified in Section 5.01.

     “Exchange Act” shall mean the Securities Exchange Act of 1934, as amended from time to
time, or any successor statute.

     “Foreign Currency” means a currency issued by the government of any country other than
the United States.

     “Global Note” shall mean, with respect to any series of Notes, a Note executed by the
Corporation and delivered by the Trustee to the Depository or pursuant to the Depository’s
instruction or, if no instructions are received, then held by the Trustee as custodian for the
Depository, all in accordance with this Indenture, which Note shall be registered in the name of
the Depository or its nominee.

     “Indebtedness” shall mean, whether or not recourse is to all or a portion of the
assets of the Corporation and whether or not contingent, (i) every obligation of the Corporation
for money borrowed; (ii) every obligation of the Corporation evidenced by bonds, debentures, notes
or other similar instruments, including obligations incurred in connection with the acquisition of
property, assets or businesses; (iii) every reimbursement obligation of the Corporation, contingent
or otherwise, with respect to letters of credit, bankers’ acceptances, security purchase facilities
or similar facilities issued for the account of the Corporation; (iv) every obligation of the
Corporation 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); (v)
every capital lease obligation of the Corporation; (vi) all indebtedness of the Corporation for
claims in respect of derivative products, including interest rate, foreign exchange rate and
commodity forward contracts, options and swaps and similar arrangements; (vii) every obligation of
the type referred to in clauses (i) through (vi) of another Person and all dividends of another
Person the payment of which, in either case, the Corporation has guaranteed or is responsible or
liable for directly or indirectly, as obligor or otherwise, and (viii) every obligation of the type
referred to in clauses (i) through (vi) of another Person and all dividends of another Person the
payment of which, in either case, is secured by a lien on any property or assets of the
Corporation.

     “Indenture” shall mean this instrument as originally executed or, if amended by one or
more indentures supplemental hereto as herein provided, as so amended.

     “Interest Payment Date” shall mean, with respect to any series of Notes, the Stated
Maturity of an installment of interest on the Notes of such series, subject to Section 13.07.

4

 

     “Interest Period” shall have the meaning set forth in Section 2.07(b).

     “Interest Rate” shall have the meaning set forth in Section 2.01.

     “Issue Date” shall have the meaning set forth in Section 2.01.

     “Maturity Date” shall mean, with respect to any series of Notes, the date on which the
principal of such Note becomes due and payable as therein or herein provided.

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

     “Noteholder,” “holder of Notes,” or other similar terms shall mean any Person
in whose name at the time a particular Note of any series is registered in the Note Register kept
by the Corporation or the Registrar for that purpose in accordance with the terms of this
Indenture.

     “Note Register” shall mean the list of registered holders of Notes provided to the
Trustee pursuant to Section 4.01.

     “Note” or “Notes” means any note or notes, bond or bonds, debenture or
debentures, or any other evidences of Indebtedness, as the case may be, authenticated and delivered
under this Indenture; provided, however, that, if at any time there is more than
one Person acting as Trustee under this Indenture, “Notes”, with respect to any such Person, shall
mean Notes authenticated and delivered under this Indenture, exclusive, however, of Notes of any
series as to which such Person is not Trustee.

     “Officer” shall mean any of the Chairman, the Chief Executive Officer, the President,
an Executive or Senior Vice President, the Chief Financial Officer, the Secretary or an Assistant
Secretary of the Corporation.

     “Officers’ Certificate” shall mean a certificate signed by two Officers that complies
with the requirements of Section 314(c) of the TIA and is delivered to the Trustee.

     “Opinion of Counsel” shall mean a written opinion of counsel, who may be an employee
of the Corporation, and who shall be reasonably acceptable to the Trustee and that, if required by
the TIA, complies with the requirements of Section 314(c) of the TIA and is delivered to the
Trustee.

     “Outstanding” when used with reference to any series of Notes, shall mean, as of any
particular time, all Notes authenticated and delivered by the Trustee or the Authenticating Agent
under this Indenture, except

          (a) Notes theretofore canceled by the Trustee or the Authenticating Agent or delivered to the
Trustee for cancellation;

5

 

          (b) Notes, or portions thereof, for the payment of which moneys in the necessary amount shall
have been deposited in trust with the Trustee or with any paying agent (other than the Corporation)
or shall have been set aside and segregated in trust by the Corporation (if the Corporation shall
act as its own paying agent);

          (c) Notes in lieu of or in substitution for which other Notes shall have been authenticated
and delivered pursuant to the terms of Section 2.08 unless proof satisfactory to the Corporation
and the Trustee is presented that any such Notes are held by bona fide holders in due course; and

          (d) Notes held by the Corporation or any Affiliate thereof.

     “Paying Agent” shall have the meaning set forth in Section 3.02.

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

     “Predecessor Note” of any particular Note shall mean every previous Note evidencing
all or a portion of the same debt as that evidenced by such particular Note; and, for the purposes
of this definition, any Note authenticated and delivered under Section 2.09 in lieu of a lost,
destroyed or stolen Note shall be deemed to evidence the same debt as the mutilated or destroyed,
lost or stolen Note.

     “Principal Office of the Trustee,” or other similar term, shall mean the office of the
Trustee, at which at any particular time its corporate trust business shall be administered.

     “Registrar” shall have the meaning set forth in Section 3.02.

     “Regular Record Date” shall mean the 15th calendar day prior to the
applicable Interest Payment Date, whether or not such day is a Business Day.

     “Responsible Officer” shall mean any officer of the Trustee’s Corporate Capital
Markets Division with direct responsibility for the administration of the Indenture and also means,
with respect to a particular corporate trust matter, any other officer of the Trustee to whom such
matter is referred because of such officer’s knowledge of and familiarity with the particular
subject.

     “Securities Act” shall mean the Securities Act of 1933, as amended from time to time,
and any successor statute.

     “Senior Indebtedness” shall mean, with respect to the Notes of a particular series,
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 Corporation,
whether or not such claim for post petition interest is allowed in such proceedings), on all
Indebtedness, whether outstanding on the date of execution of this Indenture, or hereafter created,
assumed or incurred, and any deferrals, renewals or extensions of such Indebtedness;
provided, however,

6

 

that Senior Indebtedness shall not include (A) any Indebtedness issued to any statutory trust
created by the Corporation for the purpose of issuing trust securities in connection with such
issuance of Indebtedness, which shall in all cases be junior to such Notes, including without
limitation the debt securities issued to (1) PBI Capital Trust, (2) Premier Capital Trust II, (3)
Resource Capital Trust III, (4) SVB Bald Eagle Statutory Trust I, (5) SVB Bald Eagle Statutory
Trust II, (6) Columbia Bancorp Statutory Trust, (7) Columbia Bancorp Statutory Trust II, (8)
Columbia Bancorp Statutory Trust III and (9) Fulton Capital Trust I, (B) any guarantees of the
Corporation in respect of the equity securities or other securities of any financing entity
referred to in clause (A) above, (C) the Corporation’s
5.35% Subordinated Note due April 1, 2015 (with respect to which
the Notes issued hereunder rank pari passu) or (D) any
other subordinated debt of the Corporation that by its terms ranks
pari passu or junior to the Notes issued hereunder.

     “Stated Maturity” shall mean with respect to any series of Notes or any installment of
principal or interest thereon, the date specified in such Note as the fixed date on which the
principal of such Note or such installment of principal or interest is due and payable.

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

     “Temporary Notes” shall mean temporary notes as such term is used in Section 2.10
herein.

     “Trustee” shall mean the Person identified as “Trustee” in the preamble to this
Indenture and, subject to the provisions of Article VI hereof, shall also include its successors
and assigns, and thereafter “Trustee” shall mean each Person who is then a Trustee hereunder;
provided, however, that if at any time there is more than one such Person,
“Trustee” shall mean each such Person and as used with respect to the Notes of any series, shall
mean the Trustee with respect to the Notes of such series.

     “Trust Indenture Act” of “TIA” shall mean the Trust Indenture Act of 1939, as
amended from time to time, and any successor statute.

7

 

     “U.S. Government Obligations” shall mean securities that are (i) direct obligations of
the United States of America for the payment of which its full faith and credit is pledged or (ii)
obligations of a Person controlled or supervised by and acting as an agency or instrumentality of
the United States of America, the payment of which is unconditionally guaranteed as a full faith
and credit obligation by the United States of America, which, in either case under clauses (i) or
(ii), are not callable or prepayable at the option of the issuer thereof, and shall also include a
depository receipt issued by a bank or trust company as custodian with respect to any such U.S.
Government Obligation or a specific payment of interest on or principal of any such U.S. Government
Obligation held by such custodian for the account of the holder of a depository receipt,
provided that (except as required by law) such custodian is not authorized to make any
deduction with respect to the amount payable to the holder of such depository receipt from any
amount received by the custodian in respect of the U.S. Government Obligation or the specific
payment of interest on or principal of the U.S. Government Obligation evidenced by such depository
receipt.

     Section 1.02 Business Day Certificate. On the date of execution and delivery of this
Indenture (with respect to the remainder of calendar year 2007) and within 15 days prior to the end
of each calendar year while this Indenture remains in effect (with respect to succeeding calendar
years), the Corporation shall deliver to the Trustee an Officers’ Certificate specifying the days
on which banking institutions or trust companies in Lancaster, Pennsylvania are then authorized or
obligated by law or executive order to remain closed.

ARTICLE II

NOTES

     Section 2.01 Authentication and Dating; Title and Terms. The aggregate principal
amount of Notes which may be authenticated and delivered under this Indenture is unlimited. The
Notes may be issued up to the aggregate principal amount of Notes from time to time authorized by
or pursuant to a Board Resolution.

     The Notes may be issued in one or more series. All Notes of each series issued under this
Indenture shall in all respects be equally and ratably entitled to the benefits hereof with respect
to such series without preference, priority or distinction on account of the actual time or times
of the authentication and delivery or Maturity Date of the Notes of
such series. With respect to any series of Notes to be issued
hereunder, there shall be
established in or pursuant to a Board Resolution, and set forth in an Officers’ Certificate of the
Corporation, or established in one or more indentures supplemental hereto, which shall be delivered
to the Trustee prior to the issuance of such series of Notes:

          (1) the form of the Notes of the series;

          (2) the
title of the Notes of the series (which shall distinguish such Notes of the series from
all other Notes);

          (3) any limit upon the aggregate principal amount of the Notes of the series which may be
authenticated and delivered under this Indenture (except for Notes authenticated
and delivered upon registration of transfer of, or in exchange for, or in lieu of, other Notes
of that series pursuant to this Article II);

8

 

          (4) the
date or dates on which the Notes of such series may be issued (the “Issue Date”);

          (5) the date or dates on which the Notes of such series will mature;

          (6) the date or dates, which may be serial, on which the principal of, and premium, if any, on
the Notes of such series shall be payable;

          (7) the rate or rates, or the method of determination thereof, at which the Notes of such
series shall bear interest, if any (the “Interest Rate”), the date or dates from which such
interest shall accrue and the Interest Payment Dates on which such interest shall be payable.

          (8) the place or places where the principal of, and premium, if any, and interest, if any, on
Notes of the series shall be payable if other than as provided in Section 3.02 hereof;

          (9) if other than denominations of $1,000 and any integral multiple thereof, in Dollars or the
Foreign Currency or currency unit in which the Notes of such series are denominated, the
denominations in which Notes of such series shall be issuable;

          (10) if other than the principal amount thereof, the portion of the principal amount of Notes
of such series which shall be payable upon declaration of acceleration of the Maturity Date thereof
pursuant to Section 5.02 or provable in bankruptcy pursuant to Section 5.04;

          (11) whether payment of the principal of, premium, if any, and interest, if any, on the Notes
of such series shall be with or without deduction for taxes, assessments or governmental charges,
and with or without reimbursement of taxes, assessments or governmental charges paid by
Noteholders;

          (12) any Events of Default with respect to the Notes of such series, if not set forth herein;

          (13) in case the Notes of such series do not bear interest, the applicable dates for the
purpose of clause (a) of Section 4.01;

          (14) a description of any provisions providing for redemption, exchange or conversion of the
Notes of such series at the Corporation’s option, a Noteholder’s option or otherwise, and the terms
and provisions of such redemption, exchange or conversion;

          (15) the currency or currencies, or currency unit or currency units, whether in Dollars or a
Foreign Currency or currency unit, in which the principal of, and premium, if any, and interest, if
any, on the Notes of such series or any other amounts payable with respect thereto, and whether
such principal, premium, if any, and interest, if any, payable otherwise than in Dollars may, at
the option of the Noteholders of any Note of such series, also be payable in Dollars;

9

 

          (16) if other than as set forth in Section 11.01, provisions for the satisfaction and
discharge of the indebtedness represented by the Notes of such series;

          (17) whether the Notes of such series are issuable as a Global Note and, in such case, the
identity of the Depositary for such series, if other than The Depository Trust Company;

          (18) if the amount of payment of principal of (and premium, if any) or interest on the Notes
of such series may be determined with reference to an index, formula or other method based on a
coin, currency or currency unit other than that in which the Notes are stated to be payable or
otherwise, the manner in which such amounts shall be determined;

          (19) any
other terms of such series of Notes (which terms shall not be inconsistent with the provisions
of this Indenture); and

          (20) any Trustees, Paying Agents, or Registrars with respect to the Notes of such series, if
other than the initial Trustee.

     Any inconsistency between the terms set forth in this Indenture and the provisions of a Board
Resolution or an indenture supplemental hereto relating to the items in (1) through (20) above
shall be resolved in favor of such Board Resolution or Supplemental Indenture.

     All Notes of any one series need not be issued at the same time and, unless otherwise so
provided by the Corporation, a series may be reopened for issuances of additional Notes of such
series or to establish additional terms of such series of Notes.

     If any of the terms of the Notes of any series shall be established by action taken by or
pursuant to a Board Resolution, the Board Resolution shall be delivered to the Trustee at or prior
to the delivery of the Officers’ Certificate setting forth the terms of such series.

     The Trustee shall be entitled to receive and shall be fully protected in relying on, in
addition to the Opinion of Counsel to be furnished to the Trustee with the Officers’ Certificate or
supplemental indenture relating to the issuance of any series of Notes, an Opinion of Counsel
stating that:

          (i) all instruments furnished to the Trustee conform to the requirements of this Indenture and
constitute sufficient authority hereunder for the Trustee to authenticate and deliver such Notes;

          (ii) all laws and requirements with respect to the form and execution by the Corporation of
the supplemental indenture, if any, have been complied with and that the execution and delivery of
the supplemental indenture, if any, by the Trustee will not violate this Indenture, the Corporation
has corporate power to execute and deliver any such supplemental indenture and have taken all
necessary corporate action for those purposes and any such supplemental indenture has been executed
and delivered and constitutes the legal, valid and binding obligation of the Corporation
enforceable in accordance with its terms (subject, as to enforcement of remedies, to applicable
bankruptcy, reorganization, insolvency, moratorium or other laws affecting creditors’ rights
generally from time to time in effect);

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          (iii) the form and terms of such Notes have been established in conformity with the provisions
of this Indenture;

          (iv) all laws and requirements with respect to the execution and delivery by the Corporation
of such Notes has been complied with and the authentication and delivery of any such Notes by the
Trustee will not violate the terms of the Indenture, the Corporation has the corporate power to
issue such Notes and such Notes has been duly authorized and delivered by the Corporation and,
assuming due authentication and delivery of such Notes by the Trustee, such Notes constitute legal,
valid and binding obligations of the Corporation, enforceable in accordance with its terms
(subject, as to enforcement of remedies to applicable bankruptcy, reorganization, insolvency,
moratorium or other laws affecting creditors’ rights generally from time to time in effect) and
entitled to the benefits of this Indenture, equally and ratably with all other Notes, if any, of
such series Outstanding;

          (v) the amount of the Notes Outstanding, including such Notes, does not exceed the amount at
the time permitted by law;

          (vi) no Default or Event of Default with respect to any series of Notes has occurred or is
continuing;

          (vii) this Indenture is qualified under the Trust Indenture Act; and

          (viii) the issuance of such Notes will not contravene the Articles of Incorporation or the
By-Laws of the Corporation or result in any violation of any of the terms or the provisions of any
indenture, mortgage or other agreement known to such counsel by which the Corporation or any of its
subsidiaries is bound.

     In addition, the Opinion of Counsel and the Officers’ Certificate will cover such other
matters as the Trustee may reasonably request.

     Section 2.02 Forms Generally; Form of Trustee’s Certificate of Authentication.

     The Notes of each series and the Trustee’s certificate of authentication on such Notes shall
be in substantially the form as shall be established pursuant to this Article II in each case with
such appropriate insertions, omissions, substitutions and other variations as are required or
permitted by this Indenture, and may have such letters, numbers or other marks of identification or
designation and such legends or endorsements placed thereon as the Corporation may deem appropriate
and as are not inconsistent with the provisions of this Indenture or as may be required to comply
with any law or with any rules or regulations made pursuant thereto or with any rules or
regulations of any securities exchange or as may, consistently herewith, be determined by the
officers executing such Notes, as evidenced by their execution of the Notes.

     The Definitive Notes of each series shall be printed, lithographed or engraved on steel
engraved borders or may be produced in any other manner, all as determined by the officers
executing such Notes as evidenced by their execution of such Notes.

     The Trustee’s certificate of authentication on all Notes shall be in substantially the
following form:

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     This certificate represents Notes of the Corporation referred to in the within-mentioned
Indenture.

	 	 	 	 	 
	 	WILMINGTON TRUST COMPANY,

    not in its individual capacity

    but solely as Trustee

 	 
	 	By:  	 	 
	 	 	Authorized Officer 	 
	 	 	 	 
	 

     Section 2.03 Form of Note. The Note of each series shall be substantially in the form
of Exhibit A hereto, the terms of which are incorporated in and made a part of this
Indenture. The Notes shall be issued, and may be transferred, only in denominations having an
aggregate principal amount of not less than $1,000 and integral multiples of $1,000 in excess
thereof. The Notes shall be in registered form without coupons and shall be numbered, lettered or
otherwise distinguished in such manner or in accordance with such plans as the officers executing
the same may determine with the approval of the Trustee as evidenced by the execution and
authentication thereof.

     Section 2.04 Execution of Notes. The Notes of each series shall be signed in the name
and on behalf of the Corporation by the manual or facsimile signature of its Chairman of the Board
of Directors, Vice Chairman, President, Chief Executive Officer or Chief Financial Officer or one
of its Executive Vice Presidents, Senior Vice Presidents or Vice Presidents, under its corporate
seal (if legally required) which may be affixed thereto or printed, engraved or otherwise
reproduced thereon, by facsimile or otherwise, and which need not be attested. Only such Notes as
shall bear thereon a certificate of authentication substantially in the form herein before recited,
executed by the Trustee or the Authenticating Agent by the manual or facsimile signature of an
authorized officer, shall be entitled to the benefits of this Indenture or be valid or obligatory
for any purpose. Such certificate by the Trustee or the Authenticating Agent upon any Note
executed by the Corporation shall be conclusive evidence that the Note so authenticated has been
duly authenticated and delivered hereunder and that the holder is entitled to the benefits of this
Indenture.

     In case any officer of the Corporation who shall have signed any Note shall cease to be such
officer before the Note so signed shall have been authenticated and delivered by the Trustee or the
Authenticating Agent, or disposed of by the Corporation, such Note nevertheless may be
authenticated and delivered or disposed of as though the Person who signed such Note had not ceased
to be such officer of the Corporation; and any Note may be signed on behalf of the Corporation by
such Persons as, at the actual date of the execution of such Note, shall be the proper officers of
the Corporation, although at the date of the execution of this Indenture any such person was not
such an officer.

     Every Note shall be dated the date of its authentication.

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     In each case where the Trustee is to authenticate and deliver Notes pursuant to the terms of
this Indenture, it shall receive a Corporation Order.

     If all the Notes of any series are not to be issued at one time, it shall not be necessary to
deliver an Opinion of Counsel and an Officers’ Certificate at the time of issuance of each Note,
but such opinion and certificate, with appropriate modifications, shall be delivered at or before
the time of issuance of the first Note of such series. After any such first delivery, any separate
request by the Corporation that the Trustee authenticate Notes of such series for original issue
will be deemed to be a certification by the Corporation that all conditions precedent provided for
in this Indenture relating to authentication and delivery of such Notes continue to have been
complied with.

     The Trustee shall have the right to decline to authenticate and deliver any Notes under this
Section if the Trustee, being advised by counsel, determines that such action may not lawfully be
taken or if a Responsible Officer of the Trustee in good faith shall determine that such action
would expose the Trustee to personal liability to existing Noteholders.

     Section 2.05 Legends. Each Note shall bear the applicable legends substantially in
the form set forth in Exhibit A hereto.

     Section 2.06 Global Note.

     (a) Each Global Note for any series issued under this Indenture shall be registered in the
name of the Depositary designated by the Corporation for such Global Note or a nominee of such
Depositary and delivered to such Depositary or a nominee thereof or custodian therefor, and each
such Global Note shall represent the aggregate amount of Outstanding Notes from time to time
endorsed thereon for all purposes of this Indenture.

     (b) Notwithstanding any other provision in this Indenture, no Global Note may be exchanged in
whole or in part for Definitive Notes, and no transfer of a Global Note in whole or in part may be
registered in the name of any Person other than the Depositary for such Global Note or a nominee
thereof unless (i) such Depositary notifies the Trustee or the Corporation in writing that such
Depositary is no longer willing or able to properly discharge its responsibilities as Depositary
with respect to such Global Note, and no qualified successor is appointed by the Corporation within
ninety (90) days of receipt of such notice, (ii) the Corporation executes and delivers to the
Trustee a Corporation Order stating that the Corporation elects to terminate the book-entry system
through the Depositary, (iii) such Depositary ceases to be a Clearing Agency registered under the
Exchange Act and no successor is appointed by the Corporation within ninety (90) days after
obtaining knowledge of such event or (iv) an Event of Default shall have occurred and be
continuing. Upon a Responsible Officer having actual knowledge of the occurrence of any event
specified in clause (i), (ii), (iii) or (iv) above, the Trustee shall notify the Depositary and
instruct the Depositary to notify all owners of beneficial interests in such Global Note of the
occurrence of such event and of the availability of Definitive Notes of the same series to such
beneficial owners requesting the same. Upon the issuance of such Definitive Notes and the
registration in the Note Register of such Notes in the names of the holders thereof, the Trustee
shall recognize such holders as holders of Notes for all purposes of this Indenture and the Notes.

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     (c) If any Global Note is to be exchanged for Definitive Notes of the same series or cancelled
in whole, it shall be surrendered by or on behalf of the Depositary or its nominee to the Registrar
for exchange or cancellation as provided in this Article. If any Global Note is to be exchanged
for Definitive Notes of the same series or canceled in part, then either (i) such Global Note shall
be so surrendered for exchange or cancellation as provided in this Article or (ii) the principal
amount of the Global Note or Global Notes, as the case may be, shall be reduced or increased by an
amount equal to the portion thereof to be so exchanged or canceled, or equal to the principal
amount of such Definitive Notes to be so exchanged for beneficial interests therein, as the case
may be, by means of an appropriate adjustment made on the records of the Registrar, whereupon the
Trustee, in accordance with the Applicable Depositary Procedures, shall instruct the Depositary or
its authorized representative to make a corresponding adjustment to its records. Upon any such
surrender or adjustment of a Global Note by the Depositary, accompanied by registration
instructions, the Corporation shall execute and the Trustee shall authenticate and deliver
Definitive Notes of the same series issuable in exchange for such Global Note (or any portion
thereof) in accordance with the instructions of the Depositary. The Trustee may conclusively rely
on, and shall be fully protected in relying on, such instructions.

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

     (e) The Depositary or its nominee, as the registered owner of a Global Note, shall be the
holder of such Global Note for all purposes under this Indenture and the Notes, and owners of
beneficial interests in a Global Note shall hold such interests pursuant to the Applicable
Depositary Procedures. Accordingly, any such owner’s beneficial interest in a Global Note shall be
shown only on, and the transfer of such interest shall be effected only through, records maintained
by the Depositary or its nominee or its Depositary Participants. The Registrar and the Trustee
shall be entitled to deal with the Depositary for all purposes of this Indenture relating to a
Global Note as the sole holder of the Note and shall have no obligation to any beneficial owner of
a Global Note. Neither the Trustee nor the Registrar shall have any liability in respect of any
transfers effected by the Depositary or its Depositary Participants.

     (f) The rights of owners of beneficial interests in a Global Note shall be exercised only
through the Depositary and shall be limited to those established by law and agreements between such
owners and the Depositary and/or its Depositary Participants.

     (g) No owner of any beneficial interest in any Global Note shall have any rights under this
Indenture with respect to such Global Note. None of the Corporation, the Trustee nor any agent of
the Corporation or the Trustee will have any responsibility or liability for any aspect of the
records relating to or payments made on account of beneficial ownership interests in a Global Note
or maintaining, supervising or reviewing any records relating to such beneficial ownership
interests. Notwithstanding the foregoing, nothing herein shall prevent the Corporation, the
Trustee or any agent of the Corporation or the Trustee from giving effect to any written
certification, proxy or other authorization furnished by the Depositary or impair, as between the
Depositary and such beneficial owners, the operation of customary practices governing the exercise
of the rights of the Depositary or its nominee as holder of any Note.

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     (h) Global Notes shall bear the following legend on the face thereof:

THIS NOTE IS A GLOBAL NOTE WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS
REGISTERED IN THE NAME OF THE DEPOSITORY TRUST COMPANY (“DTC”) OR A NOMINEE OF DTC. THIS NOTE
IS EXCHANGEABLE FOR NOTES REGISTERED IN THE NAME OF A PERSON OTHER THAN DTC OR ITS NOMINEE ONLY
IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE, AND NO TRANSFER OF THIS NOTE (OTHER
THAN A TRANSFER OF THIS NOTE AS A WHOLE BY DTC TO A NOMINEE OF DTC OR BY A NOMINEE OF DTC TO DTC
OR ANOTHER NOMINEE OF DTC) MAY BE REGISTERED EXCEPT IN LIMITED CIRCUMSTANCES SPECIFIED IN THE
INDENTURE.

UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF DTC TO THE COMPANY OR ITS AGENT
FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY NOTE ISSUED IS REGISTERED IN THE
NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC
(AND ANY PAYMENT HEREON IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN
AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO.,
HAS AN INTEREST HEREIN.

     Section 2.07 Computation of Interest.

     (a) The amount of interest payable for any Interest Period (as defined below) will be computed
on the basis of a 360-day year consisting of twelve 30-day months.

     (b) Each Note of any series will bear interest at the Interest Rate (i) in the case of the
initial Interest Period, for the period from, and including, the date of original issuance of such
Note to, but excluding, the initial Interest Payment Date and (ii) thereafter, for the period from,
and including, the first day following the end of the preceding Interest Period to, but excluding,
the applicable Interest Payment Date or, in the case of the last Interest Period, the Maturity
Date, (each such period, an “Interest Period”), on the principal thereof, on any overdue principal
and (to the extent that payment of such interest is enforceable under applicable law) on any
overdue installment of interest (including Defaulted Interest), payable on each Interest Payment
Date or the Maturity Date, as the case may be. Interest on any Note that is payable, and is
punctually paid or duly provided for by the Corporation, on any Interest Payment Date shall be paid
to the Person in whose name such Note (or one or more Predecessor Notes) is registered at the close
of business on the Regular Record Date for such interest installment.

     (c) Any interest on any Note that is payable, but is not punctually paid or duly provided for
by the Corporation, on any Interest Payment Date (herein called “Defaulted Interest”) shall
forthwith cease to be payable to the holder on the relevant Regular Record Date

15

 

by virtue of having been such holder, and such Defaulted Interest shall be paid by the
Corporation to the Persons in whose names such Notes (or their respective Predecessor Notes) are
registered at the close of business on a special record date for the payment of such Defaulted
Interest, which shall be fixed in the following manner: the Corporation shall notify the Trustee
in writing of the amount of Defaulted Interest proposed to be paid on each such Note and the date
of the proposed payment, and at the same time the Corporation shall deposit with the Trustee an
amount of money equal to the aggregate amount proposed to be paid in respect of such Defaulted
Interest or shall make arrangements reasonably satisfactory to the Trustee for such deposit prior
to the date of the proposed payment, such money when deposited to be held in trust for the benefit
of the Persons entitled to such Defaulted Interest as provided in this paragraph. Thereupon the
Trustee shall fix a special record date for the payment of such Defaulted Interest, which shall not
be more than 15 nor less than 10 days prior to the date of the proposed payment and not less than
10 days after the receipt by the Trustee of the notice of the proposed payment. The Trustee shall
promptly notify the Corporation of such special record date and, in the name and at the expense of
the Corporation, shall cause notice of the proposed payment of such Defaulted Interest and the
special record date therefor to be mailed, first class postage prepaid, to each Noteholder at his
or her address as it appears in the Note Register, not less than 10 days prior to such special
record date. Notice of the proposed payment of such Defaulted Interest and the special record date
therefor having been mailed as aforesaid, such Defaulted Interest shall be paid to the Persons in
whose names such Notes (or their respective Predecessor Notes) are registered on such special
record date and thereafter the Corporation shall have no further payment obligation in respect of
the Defaulted Interest.

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

     (e) Subject to the foregoing provisions of this Section 2.07, each Note of a series delivered
under this Indenture upon registration of transfer of or in exchange for or in lieu of any other
Note of such series shall carry the rights to interest accrued and unpaid, and to accrue, that
were carried by such other Note.

     Section 2.08 Transfer and Exchange.

     (a) The Corporation shall cause to be kept, at the office or agency maintained for the purpose
of registration of transfer and for exchange, as provided in Section 3.02, the Note Register in
which, subject to such reasonable regulations as it may prescribe, the Corporation shall provide
for the registration and transfer of all Notes of each series as provided in this Article II. The
Note Register shall be in written form or in any other form capable of being converted into written
form within a reasonable time.

     Notes of any series to be exchanged may be surrendered at the Principal Office of the Trustee
or at any office or agency to be maintained by the Corporation for such purpose as provided in
Section 3.02, and the Corporation shall execute, the Corporation or the Trustee shall register and
the Trustee or the Authenticating Agent shall authenticate and make available for

16

 

delivery in exchange therefor, the Note or Notes of such series which the Noteholder making
the exchange shall be entitled to receive. Upon due presentment for registration of transfer of a
Note of any series at the Principal Office of the Trustee or at any office or agency of the
Corporation maintained for such purpose as provided in Section 3.02, the Corporation shall execute,
the Corporation or the Trustee shall register and the Trustee or the Authenticating Agent shall
authenticate and make available for delivery in the name of the transferee or transferees, a new
Note of such series for a like aggregate principal amount. Registration or registration of
transfer of a Note of any series by the Trustee or by any agent of the Corporation appointed
pursuant to Section 3.02, and delivery of such Note, shall be deemed to complete the registration
or registration of transfer of such Note.

     All Notes of any series presented for registration of transfer or for exchange or payment
shall (if so required by the Corporation or the Trustee or the Authenticating Agent) be duly
endorsed by, or be accompanied by, a written instrument or instruments of transfer in form
satisfactory to the Corporation and either the Trustee or the Authenticating Agent duly executed
by, the holder or such holder’s attorney duly authorized in writing.

     (b) To permit registrations of transfers and exchanges, the Corporation shall execute and the
Trustee, upon receipt of a Corporation Order to do so, shall authenticate and deliver Definitive
Notes and Global Notes at the written request of the Registrar for a series of Notes. All
Definitive Notes and Global Notes issued upon any registration of transfer or exchange of
Definitive Notes or Global Notes shall be the valid obligations of the Corporation, evidencing the
same debt, the same series and entitled to the same benefits under this Indenture, as the
Definitive Notes or Global Notes surrendered upon such registration of transfer or exchange.

     No service charge shall be made for any exchange or registration of transfer of Notes, but the
Corporation or the Trustee may require payment of a sum sufficient to cover any tax, fee or other
governmental charge that may be imposed in connection therewith other than exchanges pursuant to
Section 2.10 or 9.03 not involving any transfer.

     Prior to due presentment for the registration of a transfer of any Note, the Trustee, the
Corporation and any agent of the Trustee or the Corporation may deem and treat the Person in whose
name such Note is registered as the absolute owner and holder of such Note for the purpose of
receiving payment of principal of and premium, if any, and interest on such Note and none of the
Trustee, the Corporation or any agents of the Trustee or the Corporation shall be affected by
notice to the contrary.

     Section 2.09 Mutilated, Destroyed, Lost or Stolen Notes.

     In case a Note of any series shall become mutilated or be destroyed, lost or stolen, the
Corporation shall execute, and upon receipt of a Corporation Order to do so the Trustee shall
authenticate and deliver, a new Note of such series bearing a number not contemporaneously
outstanding, in exchange and substitution for the mutilated Note, or in lieu of and in substitution
for the Note so destroyed, lost or stolen. In every case the applicant for a substituted Note
shall furnish to the Corporation and the Trustee such security or indemnity as may be reasonably
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 Corporation and the Trustee evidence to their
reasonable satisfaction of the destruction, loss or theft of such Note and of the ownership
thereof.

17

 

     Upon the issuance of any substituted Note, the Corporation may require the payment of a sum
sufficient to cover any tax or other governmental charge that may be imposed in relation thereto
and any other expenses connected therewith. In case any Note which has matured or is about to
mature shall become mutilated or be destroyed, lost or stolen, the Corporation may, instead of
issuing a substitute Note, pay or authorize the payment of the same (without surrender thereof
except in the case of a mutilated Note) if the applicant for such payment shall furnish to the
Corporation and the Trustee such security or indemnity as may be reasonably required by them to
save each of them harmless and, in case of destruction, loss or theft, evidence reasonably
satisfactory to the Corporation and to the Trustee of the destruction, loss or theft of such Note
and of the ownership thereof.

     Every substituted Note issued pursuant to the provisions of this Section 2.09 by virtue of the
fact that any such Note is destroyed, lost or stolen shall constitute an additional contractual
obligation of the Corporation, whether or not the destroyed, lost or stolen Note shall be found at
any time, and shall be entitled to all the benefits of this Indenture equally and proportionately
with any and all other Notes duly issued hereunder. All Notes shall be held and owned upon the
express condition that, to the extent permitted by applicable law, the foregoing provisions are
exclusive with respect to the replacement or payment of mutilated, destroyed, lost or stolen Notes
and shall preclude any and all other rights or remedies notwithstanding any law or statute existing
or hereafter enacted to the contrary with respect to the replacement or payment of negotiable
instruments or other notes without their surrender.

     Section 2.10 Temporary Notes. Pending the preparation of Definitive Notes of any
series, the Corporation may execute and the Trustee shall authenticate and make available for
delivery Temporary Notes of such series that are typed, printed or lithographed. Temporary Notes
shall be issuable in any authorized denomination, and substantially in the form of the Definitive
Notes of the same series but with such omissions, insertions and variations as may be appropriate
for Temporary Notes, all as may be determined by the Corporation. Every such Temporary Note shall
be executed by the Corporation and be authenticated by the Trustee upon the same conditions and in
substantially the same manner, and with the same effect, as the Definitive Notes of the same
series. Without unreasonable delay, the Corporation will execute and deliver to the Trustee or the
Authenticating Agent Definitive Notes and thereupon any or all Temporary Notes may be surrendered
in exchange therefor, at the Principal Office of the Trustee or at any office or agency maintained
by the Corporation for such purpose as provided in Section 3.02, and the Trustee or the
Authenticating Agent shall authenticate and make available for delivery in exchange for such
Temporary Notes a like aggregate principal amount of such Definitive Notes of the same series.
Such exchange shall be made by the Corporation at its own expense and without any charge therefor
except that in case of any such exchange involving a registration of transfer the Corporation may
require payment of a sum sufficient to cover any tax, fee or other governmental charge that may be
imposed in relation thereto. Until so exchanged, the Temporary Notes shall in all respects be
entitled to the same benefits under this Indenture as Definitive Notes of the same series
authenticated and delivered hereunder.

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     Section 2.11 Cancellation. All Notes surrendered for the purpose of payment, exchange
or registration of transfer, shall, if surrendered to the Corporation or any Paying Agent, be
surrendered to the Trustee and promptly canceled by it, or, if surrendered to the Trustee or any
Authenticating Agent, shall be promptly canceled by it, and no Notes shall be issued in lieu
thereof except as expressly permitted by any of the provisions of this Indenture. All Notes
canceled by any Authenticating Agent shall be delivered to the Trustee. The Trustee shall destroy
all canceled Notes unless the Corporation otherwise directs the Trustee in writing, in which case
the Trustee shall dispose of such Notes as directed by the Corporation. If the Corporation shall
acquire any of the Notes, however, such acquisition shall not operate as a redemption or
satisfaction of the indebtedness represented by such Notes unless and until the same are
surrendered to the Trustee for cancellation.

     Section 2.12 CUSIP Numbers. The Corporation in issuing the Notes may use a “CUSIP”
number (if then generally in use). The Corporation will promptly notify the Trustee in writing of
any change in the CUSIP number.

ARTICLE III

PARTICULAR COVENANTS OF THE CORPORATION

     Section 3.01 Payment of Principal and Interest. The Corporation covenants and agrees
for the benefit of the holders of the Notes of any series that it will duly and punctually pay or
cause to be paid the principal of and interest on the Notes of such series at the place, at the
respective times and in the manner provided herein. Payment of the principal of and premium, if
any, and interest on the Notes of any series due on the Maturity Date will be made by the
Corporation in immediately available funds against presentation and surrender of the Notes of such
series. At the option of the Corporation, each installment of interest on the Notes of such series
due on an Interest Payment Date other than the Maturity Date may be paid (i) by mailing checks for
such interest payable to the order of the holders of Notes of such series entitled thereto as they
appear on the Note Register or (ii) by wire transfer of immediately available funds to any account
with a banking institution located in the United States designated by such holder no later than the
related Regular Record Date.

     Section 3.02 Offices for Notices and Payments, Etc. So long as any of the Notes of
any series remain Outstanding, the Corporation will maintain in New York, New York or Wilmington,
Delaware (a) an office or agency where the Notes of such series may be presented for payment (the
“Paying Agent”), (b) an office or agency where the Notes of such series may be presented
for registration of transfer (the “Registrar”) and (c) an office or agency where notices
and demands to or upon the Corporation in respect of the Notes of such series or this Indenture may
be served. The Registrar shall keep a register of the Notes of each series and of their transfer.
The Corporation will appoint the Registrar and the Paying Agent and may appoint one or more
co-registrars or one or more additional Paying Agents in such other locations as it shall
determine. The term “Registrar” includes any additional registrar, the term “Paying Agent” includes
any additional Paying Agent. The Corporation may change any Paying Agent, Registrar or co-registrar
without prior notice to any Noteholder. Any Agent shall be permitted to resign upon 30 days’
written notice to the Corporation. The Corporation shall notify the Trustee of the name and
address of any Agent not a party to this Indenture. If the Corporation fails to appoint or
maintain

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another entity as Registrar or Paying Agent, the Trustee shall act as such at the Principal
Office of the Trustee. The Corporation or any of its Affiliates may act as Paying Agent or
Registrar. The Corporation will give to the Trustee written notice of the location of any such
office or agency and of any change of location thereof. In case the Corporation shall fail to
maintain any such office or agency in New York, New York or Wilmington, Delaware or shall fail to
give such notice of the location or of any change in the location thereof, presentations and
demands may be made and notices may be served at the Principal Office of the Trustee.

     In addition to any such office or agency, the Corporation may from time to time designate one
or more offices or agencies outside New York, New York and Wilmington, Delaware where the Notes of
any series may be presented for payment or for registration of transfer and where notices and
demands to or upon the Corporation in respect of such Notes or this Indenture may be served in the
manner provided in this Indenture, and the Corporation may from time to time rescind such
designation, as the Corporation may deem desirable or expedient; provided, however,
that no such designation or rescission shall in any manner relieve the Corporation of its
obligation to maintain any such office or agency in New York, New York or Wilmington, Delaware for
the purposes above mentioned. The Corporation will give to the Trustee prompt written notice of any
such designation or rescission thereof.

     The Corporation initially appoints the Trustee as Paying Agent and Registrar for the Notes.

     Section 3.03 Appointments to Fill Vacancies in Trustee’s Office. The Corporation,
whenever necessary to avoid or fill a vacancy in the office of Trustee, will appoint, in the manner
provided in Section 6.10, a Trustee, so that there shall at all times be a Trustee hereunder.

     Section 3.04 Provision as to Paying Agent.

     (a) Whenever the Corporation shall have one or more Paying Agents, it will, on or prior to
11:00 a.m. New York, New York time on each due date of the principal of or interest on, the Notes
of any series, deposit with a 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 Paying Agent will promptly
notify the Trustee of the Corporation’s action or failure so to act.

     (b) If the Corporation shall appoint a Paying Agent other than the Trustee with respect to the
Notes of any series, it will cause such Paying Agent to execute and deliver to the Trustee an
instrument in which such agent shall agree with the Trustee, subject to the provisions of this
Section 3.04,

     (i) that it will hold all sums held by it as such agent for the payment of the
principal of or interest on the Notes of such series (whether such sums have been paid to it
by the Corporation or by any other obligor on such Notes) in trust for the benefit of the
holders of such Notes; and

     (ii) that it will give the Trustee notice of any failure by the Corporation (or by any
other obligor on the Notes of such series) to make any payment of the principal of or
interest on such Notes when the same shall be due and payable.

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     (c) If the Corporation shall act as its own Paying Agent, it will, on or before each due date
of the principal of or interest on the Notes of any series, set aside, segregate and hold in trust
for the benefit of the holders of such Notes a sum sufficient to pay such principal or interest so
becoming due and will notify the Trustee of any failure to take such action and of any failure by
the Corporation (or by any other obligor under such Notes) to make any payment of the principal of
or interest on such Notes when the same shall become due and payable.

     (d) Anything in this Section 3.04 to the contrary notwithstanding, the Corporation may, at any
time, for the purpose of obtaining a satisfaction and discharge with respect to the Notes of any
series hereunder, or for any other reason, pay or cause to be paid to the Trustee all sums payable
with respect to such Notes, such sums to be held by the Trustee upon the trusts herein contained.

     (e) Anything in this Section 3.04 to the contrary notwithstanding, the agreement to hold sums
in trust as provided in this Section 3.04 is subject to Sections 11.03 and 11.04.

     Section 3.05 Certificate to Trustee. The Corporation will deliver to the Trustee on
or before 120 days after the end of each fiscal year of the Corporation, commencing with the first
fiscal year ending after the date hereof, so long as Notes of any series are Outstanding hereunder,
an Officers’ Certificate in the form attached hereto as Exhibit B, one of the signers of
which shall be the principal executive, principal financial or principal accounting officer of the
Corporation, stating that in the course of the performance by the signers of their duties as
officers of the Corporation, they would normally have knowledge of any Default or Event of Default
(or any event which after notice or the lapse of time or both, would be, a Default or an Event of
Default) with respect to such series by the Corporation in the performance of any covenants
contained herein, stating whether or not they have knowledge of any such Default or Event of
Default (or event which after notice or the lapse of time or both, would be, a Default or an Event
of Default) and, if so, specifying each such Default or Event of Default or event of which the
signers have knowledge, the nature thereof and the action, if any, the Corporation intends to
undertake as a result of such Default or Event of Default or event.

     The Corporation will promptly notify the Trustee in writing, upon obtaining knowledge of any
default under this Indenture and shall comply with the provisions of Section 314(a)(4) of the Trust
Indenture Act.

     Section 3.06 Compliance with Consolidation Provisions. The Corporation will not,
while any of the Notes remain Outstanding, consolidate with, or merge into, or merge into itself,
or sell or convey all or substantially all of its property to any other Person unless the
provisions of Article X hereof are complied with.

     Section 3.07 Limitation on Dividends. The Corporation will not (a) declare or pay any
dividends or distributions on, or redeem, purchase, acquire, or make a liquidation payment with
respect to, any of the Corporation’s capital stock, (b) make any payment of principal of, or
interest on, or repay, repurchase or redeem any debt securities of the Corporation that rank pari
passu with or junior in right of payment to the Notes other than such payments, repayments,
repurchases or redemptions of debt securities of the Corporation that rank equal with the Notes
that are made on a pro rata basis with payments, repayments or repurchases on the Notes or (c) make
any guarantee

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payments with respect to any guarantee by the Corporation of the debt securities of any
Subsidiary of the Corporation if such guarantee ranks pari passu with or junior in right of payment
to the Notes (other than (i) dividends or distributions in shares of, or options, warrants or
rights to subscribe for or purchase shares of, Common Stock, (ii) any declaration of a dividend in
connection with the implementation of a stockholders’ 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,
(iii) as a result of a reclassification of the Corporation’s capital stock or the exchange or
conversion of one class or series of the Corporation’s capital stock for another class or series of
the Corporation’s capital stock, (iv) the purchase of fractional interests in shares of the
Corporation’s capital stock pursuant to the conversion or exchange provisions of such capital stock
or the security being converted or exchanged and (v) purchases of Common Stock related to the
issuance of Common Stock or rights under any of the Corporation’s benefit or compensation plans for
its directors, officers or employees or any of the Corporation’s dividend reinvestment plans), if
at such time there shall have occurred any event, act or condition that (a) is a Default or an
Event of Default (or any event which, after notice or the lapse of time or both would become, a
Default or an Event of Default) and (b) in respect of which the Corporation shall not have taken
reasonable steps to cure.

     Section 3.08 Payment Upon Resignation or Removal. Upon termination of this Indenture
or the removal or resignation of the Trustee, the Corporation shall pay to the Trustee all amounts
accrued and owing to the Trustee to the date of such termination, removal or resignation.

     Section 3.09 No Sinking Fund. The Notes are not entitled to the benefit of any
sinking fund.

ARTICLE IV

LIST OF NOTEHOLDERS AND REPORTS BY THE

CORPORATION AND THE TRUSTEE

     Section 4.01 List of Noteholders. The Corporation covenants and agrees that it will
furnish or cause to be furnished to the Trustee, in accordance with Section 312(a) of the Trust
Indenture Act, (a) semiannually and not more than 10 days after the Regular Record Date for each
series, a list, in such form as the Trustee may reasonably require, of the names and addresses of
the Noteholders of Notes of such series as of such date, and on dates to be determined pursuant to
Section 2.01 for non-interest bearing Notes of such series in each year, and (b) at such other
times as the Trustee may request in writing, within 30 days after receipt by the Corporation of any
such request, a list of similar form and content as of a date not more than 15 days prior to the
time such list is furnished, except that, so long as the Trustee is Registrar, no such list need be
furnished.

     Section 4.02 Preservation and Disclosure of Lists.

     (a) The Trustee shall preserve, in as current a form as is reasonably practicable, all
information as to the names and addresses of the holders of the Notes (i) contained in the most
recent list furnished to it as provided in Section 4.01 or (ii) received by it in its capacity as
Registrar (if so acting) hereunder. The Trustee may destroy any list furnished to it as provided in
Section 4.01 upon receipt of a new list so furnished.

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     (b) In case three or more holders of Notes (hereinafter referred to as “applicants”)
apply in writing to the Trustee and furnish to the Trustee reasonable proof that each such
applicant has owned a Note for a period of at least six months preceding the date of such
application, and such application states that the applicants desire to communicate with other
holders of Notes or with holders of all Notes with respect to their rights under this Indenture and
is accompanied by a copy of the form of proxy or other communication which such applicants propose
to transmit, then the Trustee shall, within five Business Days after the receipt of such
application, at its election, either:

     (i) afford such applicants access to the information preserved at the time by the
Trustee in accordance with the provisions of subsection (a) of this Section 4.02; or

     (ii) inform such applicants as to the approximate number of holders of all Notes whose
names and addresses appear in the information preserved at the time by the Trustee in
accordance with the provisions of subsection (a) of this Section 4.02, and as to the
approximate cost of mailing to such Noteholders the form of proxy or other communication, if
any, specified in such application.

     If the Trustee shall elect not to afford such applicants access to such information, the
Trustee shall, upon the written request of such applicants, mail to each Noteholder whose name and
address appear in the information preserved at the time by the Trustee in accordance with the
provisions of subsection (a) of this Section 4.02 a copy of the form of proxy or other
communication which is specified in such request with reasonable promptness after a tender to the
Trustee of the material to be mailed and of payment, or provision for the payment, of the
reasonable expenses of mailing.

     (c) Each and every holder of Notes, by receiving and holding the same, agrees with the
Corporation and the Trustee that neither the Corporation nor the Trustee nor any Paying Agent shall
be held accountable by reason of the disclosure of any such information as to the names and
addresses of the holders of Notes in accordance with the provisions of subsection (b) of this
Section 4.02, regardless of the source from which such information was derived, and that the
Trustee shall not be held accountable by reason of mailing any material pursuant to a request made
under said subsection (b).

     (d) The Trustee shall comply with the obligations imposed upon it pursuant to Section 312 of
the Trust Indenture Act, subject to the exculpation from liability contained in Section 312(c) of
such Act.

     Section 4.03 Reports by the Corporation.

     (a) The Corporation covenants and agrees to provide to the Trustee, by hard copy or electronic
transmission, within 15 days after the date on which the Corporation 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) which the Corporation may be required to file with the
Commission pursuant to Section 13 or Section 15(d) of the Exchange Act. In the event that the
Corporation is not required or permitted to file such reports, documents and

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information with the Commission pursuant to the Exchange Act, the Corporation will
nevertheless deliver a copy of such Exchange Act information to the Trustee and the holders of the
Notes as if the Corporation were subject to the reporting requirements of Section 13 or 15(d) of
the Exchange Act within the time periods specified therein. The Corporation also covenants and
agrees to comply with the provisions of Section 314(a) of the Trust Indenture Act.

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

     (c) To the extent applicable, the Corporation covenants and agrees to transmit by mail to all
holders of Notes, as the names and addresses of such holders appear upon the Note Register, within
30 days after the filing or submission thereof with the Trustee, such summaries of any information,
documents and reports provided by the Corporation pursuant to subsections (a) and (b) of this
Section 4.03.

     (d) Delivery of such reports, information and documents to the Trustee is for informational
purposes only and the Trustee’s receipt of such shall not constitute constructive notice of any
information contained therein or determinable from information contained therein, including the
Corporation’s compliance with any of its covenants hereunder (as to which the Trustee is entitled
to rely exclusively on Officers’ Certificates).

     (e) For purposes of this Section 4.03, the Corporation will be deemed to have furnished or
delivered reports to the Trustee and the Noteholders if (i) such reports are filed with the
Commission via the EDGAR filing system, (ii) such reports are currently available, and (iii) the
Corporation electronically delivers to the Trustee a link to the EDGAR filing each time the
Corporation files such a report.

     (f) The Corporation shall comply with the provisions of Section 314(a)(1)(2) and (3) of the
Trust Indenture Act.

     Section 4.04 Reports by the Trustee.

     (a) To the extent applicable, the Trustee shall transmit to Noteholders such reports
concerning the Trustee and its actions under this Indenture as may be required pursuant to the
Trust Indenture Act at the times and in the manner provided pursuant thereto. If required by
Section 313(a) of the Trust Indenture Act, the Trustee shall, within 60 days after the date hereof,
and no later than the anniversary date hereof in each succeeding year, deliver to Noteholders a
brief report, dated as of each such date which complies with the provisions of such Section 313(a).

     (b) To the extent applicable, a copy of each such report shall, at the time of such
transmission to Noteholders, be filed by the Trustee with each stock exchange, if any, upon which
the Notes are listed, with the Commission and with the Corporation. The Corporation will promptly
notify the Trustee when the Notes are listed on any stock exchange.

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     (c) Where this Indenture provides for notice to Noteholders of any event, such notice shall be
sufficiently given (unless otherwise herein expressly provided) if in the manner and the extent
provided in Section 313(c) of the Trust Indenture Act.

ARTICLE V

REMEDIES OF THE TRUSTEE AND

NOTEHOLDERS UPON EVENT OF DEFAULT

     Section 5.01
Events of Default. “Event of Default,” wherever used
herein with respect to the Notes of any series, means any one of the
following events (whatever the reason for such Event of Default and whether
it shall be voluntary or involuntary or be effected by operation of law or pursuant to any
judgment, decree or order of any court or any order, rule or regulation of any administrative or
governmental body), unless such event is specifically deleted or
modified in or pursuant to the supplemental indenture, Board
Resolution or Officers’ Certificate establishing the terms of
such series of Notes pursuant to this Indenture:

     (a) a court having jurisdiction in the premises shall enter a decree or order for
relief in respect of the Corporation in an involuntary case under any applicable bankruptcy,
insolvency or other similar law now or hereafter in effect, or appointing a receiver,
liquidator, assignee, custodian, trustee, sequestrator (or similar official) of the
Corporation or for any substantial part of its property, or ordering the winding-up or
liquidation of its affairs and such decree or order shall remain unstayed and in effect for
a period of 60 consecutive days; or

     (b) the Corporation shall commence a voluntary case under any applicable bankruptcy,
insolvency or other similar law now or hereafter in effect, shall consent to the entry of an
order for relief in an involuntary case under any such law, or shall consent to the
appointment of or taking possession by a receiver, liquidator, assignee, trustee, custodian,
sequestrator (or other similar official) of the Corporation or of any substantial part of
its property, or shall make any general assignment for the benefit of creditors, or shall
fail generally to pay its debts as they become due.

     Section 5.02
Acceleration of Maturity. If an Event of Default with respect
to Notes of a series
at the time Outstanding occurs and is continuing, then in every such case the principal amount of
all of the Notes of such series shall become and be immediately due and payable without any declaration or other
action on the part of the Trustee or any holder.

     Section 5.03 Payment of Notes on Default; Suit Therefor. The Corporation covenants
that (i) in case default shall be made in the payment of any installment of interest, on any of the
Notes of a series as and when the same shall become due and payable, and such default shall have
continued for a period of 30 days, or (ii) in case default shall be made in the payment of the
principal of the Notes of a series as and when the same shall have become due and payable, whether
at maturity of the Notes of such series or by acceleration or otherwise, then, upon demand of the
Trustee, the Corporation will pay to the Trustee, for the benefit of the holders of such series of
Notes, the whole amount that then shall have become due and payable on all such Notes for principal
or interest or both, as the case may be, with interest upon the overdue principal and (to the
extent that payment of such interest is enforceable under applicable law) upon the overdue
installments of interest at the rate borne by such Notes; and, in addition thereto, such further
amount as shall be sufficient to cover the costs and expenses of collection, including
reasonable compensation to the Trustee, its agents, attorneys and counsel, and any other amount due
to the Trustee pursuant to Section 6.06.

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     In case the Corporation shall fail forthwith to pay such amounts upon such demand, the
Trustee, in its own name and as trustee of an express trust, shall be entitled and empowered to
institute any actions or proceedings at law or in equity for the collection of the sums so due and
unpaid, and may prosecute any such action or proceeding to judgment or final decree, and may
enforce any such judgment or final decree against the Corporation or any other obligor on such
series of Notes and collect in the manner provided by law out of the property of the Corporation or
any other obligor on such series of Notes, wherever situated, the moneys adjudged or decreed to be
payable.

     One or more of the following defaults shall constitute a Default hereunder with respect to a
series of Notes (whatever the reason for such Default and whether it shall be voluntary or
involuntary or be effected by operation of law or pursuant to any judgment, decree or order of any
court or any order, rule or regulation of any administrative or governmental body):

     (a) default in the payment of any interest on such series of Notes when due, and
continuance of such default for a period of 30 days; or

     (b) default in the payment of any principal of such series of Notes when due, whether
at maturity, by acceleration of maturity or otherwise.

     Section 5.04 Trustee May File Proofs of Claim. In case there shall be pending
proceedings for the bankruptcy or for the reorganization of the Corporation or any other obligor on
the Notes under Title 11, United States Code, or any other applicable law, or in case a receiver or
trustee shall have been appointed for the property of the Corporation or such other obligor, or in
the case of any other similar judicial proceedings relative to the Corporation or other obligor
upon the Notes, or to the creditors or property of the Corporation or such other obligor, the
Trustee, irrespective of whether the principal of the Notes shall then be due and payable as
therein expressed or by declaration or otherwise and irrespective of whether the Trustee shall have
made any demand pursuant to the provisions of this Section 5.04, shall be entitled and empowered,
by intervention in such proceedings or otherwise, to file and prove a claim or claims for the whole
amount of principal and interest owing and unpaid in respect of the Notes and, in case of any
judicial proceedings, to file such proofs of claim and other papers or documents as may be
necessary or advisable in order to have the claims of the Trustee (including any claim for amounts
due to the Trustee pursuant to Section 6.06) and of the Noteholders allowed in such judicial
proceedings relative to the Corporation or any other obligor on the Notes, or to the creditors or
property of the Corporation or such other obligor, unless prohibited by applicable law and
regulations, to vote on behalf of the holders of the Notes in any election of a trustee or a
standby trustee in arrangement, reorganization, liquidation or other bankruptcy or insolvency
proceedings or person performing similar functions in comparable proceedings, and to collect and
receive any moneys or other property payable or deliverable on any such claims, and to distribute
the same after the deduction of its charges and expenses; and any receiver, assignee or trustee in
bankruptcy or reorganization is hereby authorized by each of the Noteholders to make such payments
to the Trustee, and, in the event that the Trustee shall consent to the making of such payments
directly to
the Noteholders, to pay to the Trustee such amounts as shall be sufficient to cover reasonable
compensation to, and expenses of, the Trustee, each predecessor Trustee and their respective
agents, attorneys and counsel, and all other amounts due to the Trustee pursuant to Section 6.06.

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     Nothing herein contained shall be construed to authorize the Trustee to authorize or consent
to or accept or adopt on behalf of any Noteholder any plan of reorganization, arrangement,
adjustment or composition affecting the Notes or the rights of any holder thereof or to authorize
the Trustee to vote in respect of the claim of any Noteholder in any such proceeding.

     All rights of action and of asserting claims under this Indenture, or under any series of the
Notes, may be enforced by the Trustee without the possession of any of the Notes of such series, or
the production thereof on 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, subject to the terms of this Indenture, be for the
ratable benefit of the holders of such series of Notes.

     In any proceedings brought by the Trustee (and also any proceedings involving the
interpretation of any provision of this Indenture to which the Trustee shall be a party), the
Trustee shall be held to represent all the holders of the Notes, and it shall not be necessary to
make any holders of the Notes parties to any such proceedings.

     Section 5.05 Application of Moneys Collected by Trustee. Any moneys collected by the
Trustee pursuant to this Article shall be applied in the following order, at the date or dates
fixed by the Trustee for the distribution of such moneys, upon
presentation of the Notes of a series in respect
of which moneys have been collected, and stamping thereon the payment, if only partially paid, and
upon surrender thereof if fully paid:

     First: To the payment of costs and expenses of collection applicable to the
Notes of such series and all other amounts due to the Trustee under Section 6.06;

     Second: To the payment of all Senior Indebtedness of the Corporation if and to
the extent required by Article XIV;

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

     Fourth: To the Corporation.

     Section 5.06
Proceedings by Noteholders. No holder of any Note of a
series shall have any right
by virtue of or by availing itself 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 (a) such holder
previously shall have given to the Trustee written notice of a Default or Event of Default with
respect to such series of Notes and of the continuance thereof with respect to such series of Notes
specifying such Default or Event of Default, as hereinbefore provided, (b) the holders of not less
than 25% in aggregate principal amount of such series of Notes then Outstanding shall have made

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written request upon the Trustee to institute such action, suit or proceeding in its own name
as Trustee hereunder, (c) 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, (d) 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 (e), no direction
inconsistent with such written request has been given to the Trustee during such 60-day period by
the Holders of a majority in aggregate principal amount of such series of Notes; it being
understood and intended, and being expressly covenanted by the taker and holder of every Note of
such series with every other taker and holder and the Trustee, that no one or more holders of Notes
of such series shall have any right in any manner whatever by virtue of or by availing itself of
any provision of this Indenture to affect, disturb or prejudice the rights of any other holder of
Notes of such series, 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 such series of Notes.

     Notwithstanding any other provisions in this Indenture, however, the right of any holder of
any Note to receive payment of the principal of and interest on such Note, on or after the same
shall have become due and payable, or to institute suit for the enforcement of any such payment,
shall not be impaired or affected without the consent of such holder, and by accepting a Note
hereunder it is expressly understood, intended and covenanted by the taker and holder of every Note
with every other such taker and holder and the Trustee, that no one or more holders of Notes shall
have any right in any manner whatsoever by virtue or by availing itself of any provision of this
Indenture to affect, disturb or prejudice the rights of the holders of any other Notes, 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 Notes. For the protection and enforcement of the provisions of
this Section, each and every Noteholder and the Trustee shall be entitled to such relief as can be
given either at law or in equity.

     Section 5.07 Proceedings by Trustee.

     (a) In case an Event of Default or Default occurs with respect to any series of Notes and 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 by suit in equity or by action at law
or by proceeding in bankruptcy or otherwise, whether for the specific enforcement of any covenant
or agreement contained in this Indenture or in aid of the exercise of any power granted in this
Indenture, or to enforce any other legal or equitable right vested in the Trustee by this Indenture
or by law.

     (b) All rights of action and claims under this Indenture or any series of Notes may be
prosecuted and enforced by the Trustee without the possession of any of the Notes of such series
or the production thereof in any proceeding relating thereto, and any such proceeding instituted by
the Trustee shall be brought in its own name as trustee of an express trust, and any recovery of
judgment shall, after provision for the payment of the reasonable compensation, expenses,
disbursements and advances of the Trustee, its agents and counsel, and all other amounts then
due under Section 6.06, be for the ratable benefit of the holders of such series of Notes in
respect of which such judgment has been recovered.

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     Section 5.08 Restoration of Rights and Remedies. If the Trustee or any Noteholder has
instituted any proceeding to enforce any right or remedy under this Indenture and such proceeding
has been discontinued or abandoned for any reason, or has been determined adversely to the Trustee
or to such Noteholder, then and in every such case the Corporation, the Trustee and the Noteholders
shall, subject to any determination in such proceeding, be restored severally and respectively to
their former positions hereunder, and thereafter all rights and remedies of the Trustee and the
Noteholders shall continue as though no such proceeding had been instituted.

     Section 5.09 Remedies Cumulative and Continuing. All powers and remedies given by
this Article V to the Trustee or to the Noteholders 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 Notes, 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 the Notes, and no delay or omission of the Trustee or of any holder of any of the
Notes to exercise any right or power accruing upon any Event of Default or Default occurring and
continuing as aforesaid shall impair any such right or power, or shall be construed to be a waiver
of any such default or an acquiescence therein; and, subject to the provisions of Section 5.06,
every power and remedy given by this Article V or by law to the Trustee or to the Noteholders may
be exercised from time to time, and as often as shall be deemed expedient, by the Trustee or by the
Noteholders.

     Section 5.10 Direction of Proceedings and Waiver of Defaults by Majority of
Noteholders. The holders of a majority in aggregate principal amount of a series of Notes at
the time Outstanding shall have the right to direct the time, method, and place of conducting any
proceeding for any remedy available to the Trustee, or exercising any trust or power conferred on
the Trustee with respect to such series; provided, however, that (subject to the provisions of Section 6.01)
the Trustee shall have the right to decline to follow any such direction if the Trustee shall
determine that the action so directed would be unjustly prejudicial to the holders not taking part
in such direction or if the Trustee being advised by counsel determines that the action or
proceeding so directed may not lawfully be taken or if the Trustee in good faith by one of its
Responsible Officers shall determine that the action or proceedings so directed would involve the
Trustee in personal liability. The holders of a majority in aggregate principal amount of a series
of Notes at the time Outstanding may on behalf of the holders of all of the Notes of such series
waive any existing Default or Event of Default with respect to such
series and its consequences except a default (a) in the
payment of principal of or interest on any of the Notes of such
series (unless such default has
been cured and a sum sufficient to pay all matured installments of interest and principal due
otherwise than by acceleration has been deposited with the Trustee) or (b) in respect of covenants
or provisions hereof which cannot be modified or amended without the consent of the holder of each
Note of such series affected. Upon any such waiver, the Default or Event of Default covered thereby
shall be deemed to be cured for all purposes of this Indenture and the Corporation, the Trustee and
the holders of the Notes of such series shall be restored to their former positions and rights
hereunder, respectively; but no such waiver shall extend to any subsequent or other Default or
Event of Default with
respect to such series or impair any right consequent thereon. Whenever any Default or Event of Default
hereunder with respect to a series of Notes shall have been
waived as permitted by this Section 5.10, said Default or Event of Default shall for all
purposes of the series of Notes and this Indenture be deemed to have been cured and to be not
continuing.

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     Section 5.11 Notice of Defaults.

     (a) The Trustee shall, within 90 days after the occurrence of a Default with respect to a
series of Notes actually known to a Responsible Officer of the Trustee, mail to all Noteholders of
such series, in the manner and to the extent provided in Section 313(c) of the Trust Indenture Act
and as the names and addresses of such holders appear upon the Note Register for such series,
notice of all such Defaults, unless such Default(s) shall have been cured before the giving of such
notice (the term “Default” for the purpose of this Section 5.11 means any event which is, or after
notice or the lapse of time or both would become, an Event of Default or a Default with respect to
the Notes of such series); provided, however, that, except in the case of Default
in the payment of the principal of or interest on any of the Notes of such series, the Trustee
shall be protected in withholding such notice if and so long as the board of directors, the
executive committee, or a trust committee of directors and/or Responsible Officers of the Trustee
in good faith determines that the withholding of such notice is in the interests of the Noteholders
of such series.

     (b) Within ten Business Days after the occurrence of any Event of Default with respect to a
series of Notes actually known to a Responsible Officer of the Trustee, the Trustee shall mail to
all Noteholders of such series, as the names and addresses of such holders appear upon the Note
Register for such series, notice of such Event of Default or Default, unless such Event of Default
or Default shall have been cured or waived before the giving of such notice.

     Section 5.12 Undertaking to Pay Costs. All parties to this Indenture agree, and each
holder of any Note by its acceptance thereof shall be deemed to have agreed, that any court may in
its discretion require, in any suit for the enforcement of any right or remedy under this
Indenture, or in any suit against the Trustee for any action taken or omitted by it as Trustee, the
filing by any party litigant in such suit of an undertaking to pay the costs of such suit, and that
such court may in its discretion assess reasonable costs, including reasonable attorneys’ fees and
expenses, against any party litigant in such suit, having due regard to the merits and good faith
of the claims or defenses made by such party litigant; but the provisions of this Section 5.12
shall not apply to any suit instituted by the Trustee, to any suit instituted by any Noteholder, or
group of Noteholders of a series of Notes, holding in the aggregate more than 10% in aggregate principal amount of the
Notes of such series Outstanding, or to any suit instituted by any Noteholder for the enforcement
of the payment of the principal of or interest on any Note against the Corporation on or after the
same shall have become due and payable.

     Section 5.13 Unconditional Right of Security Holders To Receive Principal, Premium and
Interest. Notwithstanding any other provision in this Indenture, the Holder of any Note shall
have the right which is absolute and unconditional to receive payment of the principal of and
premium, if any, and (subject to Section 2.07) interest on such Note on the Maturity Date expressed
in such Note at the respective place, at the respective time, at the
respective rates, in the
respective amount and in the coin, currency, or currency unit therein and herein prescribed, and to
institute suit for the enforcement of any such payment, and such right shall not be impaired
without the consent of such Noteholder.

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ARTICLE VI

CONCERNING THE TRUSTEE

     Section 6.01 Duties and Responsibilities of Trustee. The Trustee shall comply with,
and be subject to, the provisions of Section 315 of the Trust Indenture Act. The duties and
responsibilities of the Trustee shall be as provided in the Trust Indenture Act and as herein set
forth. In case an Event of Default or Default (of which, except for a default in the payment of any
principal or interest on the Notes under clauses (a) and (b) of Section 5.03, a Responsible Officer
of the Trustee has actual knowledge) has occurred (which has not been cured or waived), the Trustee
shall exercise such of the rights and powers vested in it by this Indenture, and use the same
degree of care and skill in their exercise as a prudent person would exercise or use under the
circumstances in the conduct of his or her own affairs.

     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:

     (a) prior to the occurrence of an Event of Default or Default (of which, except for a
default in the payment of any principal or interest on the Notes under clauses (a) and (b)
of Section 5.03, a Responsible Officer of the Trustee has actual knowledge) and after the
curing or waiving of all such Events of Default or Default which may have occurred,

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

     (ii) in the absence of bad faith on the part of the Trustee, the Trustee may
conclusively rely, as to the truth of the statements and the correctness of the
opinions expressed therein, upon any certificate or opinion furnished to the Trustee
and conforming to the requirements of this Indenture; but, in the case of any such
certificate or opinion which by any provision hereof is specifically required to be
furnished to the Trustee, the Trustee shall be under a duty to examine the same to
determine whether or not it conforms on its face to the requirements of this
Indenture.

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

     (c) the Trustee shall not be liable with respect to any action taken or omitted to be
taken by it in good faith in accordance with the direction of the Corporation or the
Noteholders pursuant to Section 5.10, relating to the time, method and place of

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conducting any proceeding for any remedy available to the Trustee, or exercising any
trust or power conferred upon the Trustee, under this Indenture.

     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 it reasonably believes 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.

     In no event shall the Trustee be liable for any indirect, special, punitive or consequential
loss or damage of any kind whatsoever, including, but not limited to, lost profits, even if the
Trustee has been advised of the likelihood of such loss or damage and regardless of the form of
action.

     In no event shall the Trustee be liable for any failure or delay in the performance of its
obligations hereunder because of circumstances beyond its control, including, but not limited to,
acts of God, flood, war (whether declared or undeclared), terrorism, fire, riot, embargo,
government action, including any laws, ordinances, regulations, governmental action or the like
which delay, restrict or prohibit the providing of the services contemplated by this Indenture.

     Section 6.02 Reliance on Documents, Opinions, etc. Except as otherwise provided in
Section 6.01:

     (a) the Trustee may conclusively rely and shall be protected in acting or refraining from
acting upon any resolution, certificate, statement, instrument, opinion, report, notice, request,
consent, order, bond, note, debenture or other paper or document reasonably 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 Corporation mentioned herein may be
sufficiently evidenced by an Officers’ Certificate (unless other evidence in respect thereof be
herein specifically prescribed); and any Board Resolution may be evidenced to the Trustee by a copy
thereof certified by the Secretary or an Assistant Secretary of the Corporation;

     (c) the Trustee may consult with counsel of its selection and any advice or Opinion of Counsel
shall be full and complete authorization and protection in respect of any action taken or suffered
or omitted by it hereunder in good faith and in accordance with such advice or Opinion of Counsel;

     (d) the Trustee shall be under no obligation to exercise any of the rights or powers vested in
it by this Indenture at the request, order or direction of any of the Noteholders of any series,
pursuant to the provisions of this Indenture, unless such Noteholders shall have offered to the
Trustee reasonable and sufficient security or indemnity against the costs, expenses and liabilities
which may be incurred therein or thereby;

     (e) the Trustee shall not be liable for any action taken or omitted by it in good faith and
reasonably believed by it to be authorized or within the discretion or rights or powers conferred
upon it by this Indenture; nothing contained herein shall, however, relieve the Trustee of the
obligation, upon the occurrence of an Event of Default or Default (of which, except for a

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default in the payment of any principal or interest on the Notes under clauses (a) and (b) of
Section 5.03, a Responsible Officer of the Trustee has actual knowledge) that has not been cured or
waived, to exercise 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 bound to make any investigation into the facts or matters stated
in any resolution, certificate, statement, instrument, opinion, report, notice, request, consent,
order, approval, bond, debenture, coupon or other paper or document, unless requested in writing to
do so by the holders of a majority in aggregate principal amount of a
series of Outstanding Notes;
provided, however, that if the payment within a reasonable time to the Trustee of
the costs, expenses or liabilities likely to be incurred by it in the making of such investigation
is, in the opinion of the Trustee, not reasonably assured to the Trustee by the security afforded
to it by the terms of this Indenture, the Trustee may require reasonable indemnity against such
expense or liability as a condition to so proceeding;

     (g) the Trustee may execute any of the trusts or powers hereunder or perform any duties
hereunder either directly or by or through agents (including any Authenticating Agent) or
attorneys, and the Trustee shall not be responsible for any misconduct or negligence on the part of
any such agent or attorney appointed by it with due care;

     (h) the Trustee shall not be charged with knowledge of any Default or Event of Default with
respect to the Notes of any series unless (i) such Default is a default in the payment of any
principal or interest on the Notes of such series under clauses (a) and (b) of Section 5.03, (ii) a
Responsible Officer shall have actual knowledge of such Default or Event of Default or (iii)
written notice of such Default or Event of Default shall have been given to the Trustee by the
Corporation or any other obligor on the Notes of such series or by any holder of the Notes of such
series; and

     (i) the Trustee shall not be liable for any action taken, suffered or omitted by it in good
faith, without negligence or willful misconduct and believed by it to be authorized or within the
discretion or rights or powers conferred upon it by this Indenture.

     Section 6.03 No Responsibility for Recitals, etc. The recitals contained herein and
in the Notes (except in the certificate of authentication of the Trustee or the Authenticating
Agent) shall be taken as the statements of the Corporation, and the Trustee and the Authenticating
Agent assume no responsibility for the correctness of the same. The Trustee and the Authenticating
Agent make no representations as to the validity or sufficiency of this Indenture or of the Notes.
The Trustee and the Authenticating Agent shall not be accountable for the use or application by the
Corporation of any Notes or the proceeds of any Notes authenticated and delivered by the Trustee or
the Authenticating Agent in conformity with the provisions of this Indenture.

     Section 6.04 Trustee, Authenticating Agent, Paying Agents, Transfer Agents and Registrar
May Own Notes. The Trustee or any Authenticating Agent or any Paying Agent or any transfer agent or any Registrar for the Notes, in its individual or any other
capacity, may become the owner or pledgee of Notes with the same rights it would have if it were
not Trustee, Authenticating Agent, Paying Agent, transfer agent or Registrar for the Notes.

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     Section 6.05 Moneys to be Held in Trust. Subject to the provisions of Section 11.04,
all moneys received by the Trustee or any Paying Agent shall, until used or applied as herein
provided, be held in trust for the purpose for which they were received, but need not be segregated
from other funds except to the extent required by law. The Trustee and any Paying Agent shall be
under no liability for interest on any money received by it hereunder except as otherwise agreed in
writing with the Corporation. So long as no Event of Default shall have occurred and be continuing,
all interest allowed on any such moneys shall be paid from time to time upon the written order of
the Corporation, signed by an Officer thereof.

     Section 6.06 Compensation and Expenses of Trustee. The Corporation, as issuer of
Notes under this Indenture, covenants and agrees to pay to the Trustee from time to time, and the
Trustee shall be entitled to, such compensation as shall be agreed to in writing between the
Corporation and the Trustee (which shall not be limited by any provision of law in regard to the
compensation of a trustee of an express trust), and the Corporation will 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 to the extent any such expense, disbursement or advance arises from its
negligence, bad faith or willful misconduct.

     The Corporation covenants to indemnify each of the Trustee (including in its individual
capacity) and any predecessor Trustee (and its officers, agents, directors and employees) for, and
to hold it harmless against, any and all loss, damage, claim, action, suit, liability or expense
including taxes (other than taxes based on the income of the Trustee) incurred without negligence,
bad faith or willful misconduct on the part of the Trustee and arising out of or in connection with
the acceptance or administration of this trust, including the costs and expenses of defending
itself against any claim of liability. The obligations of the Corporation under this Section 6.06
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 Notes 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 Notes.

     When the Trustee incurs expenses or renders services in connection with a Default or an Event
of Default, the expenses (including the reasonable charges and expenses of its counsel) and the
compensation for its services are intended to constitute expenses of administration under any
applicable federal or state bankruptcy, insolvency or other similar law.

     The provisions of this Section 6.06 shall survive the resignation or removal of the Trustee
and the defeasance or other termination of this Indenture.

     Section 6.07 Officers’ Certificate as Evidence. Except as otherwise provided in
Sections 6.01 and 6.02, whenever in the administration of the provisions of this Indenture the
Trustee shall deem it necessary or desirable that a matter be proved or established prior to taking
or omitting any action hereunder, such matter (unless other evidence in respect thereof is herein
specifically prescribed) may, in the absence of negligence, bad faith or willful misconduct on the
part of the Trustee, be deemed to be conclusively proved and established by an Officers’

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Certificate delivered to the Trustee, and such Officers’ Certificate, in the absence of
negligence, bad faith or willful misconduct on the part of the Trustee, shall be full warrant to
the Trustee for any action taken or omitted by it under the provisions of this Indenture in
reliance thereon.

     Section 6.08 Conflicting Interest of Trustee. 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 Corporation shall in all respects comply with the provisions of Section 310(b) of the Trust
Indenture Act. The following indenture shall be considered specifically described herein for
purposes of clause (i) of the proviso contained in Section 310(b)(i)(1) of the Trust Indenture Act:
Indenture dated as of March 28, 2005 between the Corporation and Wilmington Trust Company, as
trustee; and, pursuant to Section 310(b)(i)(1)(C)(i) of the Trust Indenture Act, unless otherwise
ordered by the Commission, an Event of Default by the Corporation under this Indenture will not
disqualify the Trustee under this Indenture because it is a trustee under such other indenture.

     Section 6.09 Eligibility of Trustee. The Indenture shall at all times have a Trustee
that satisfies the requirements of Section 310 of the Trust Indenture Act in all respects. The
Trustee hereunder shall at all times be a Person organized and doing business under the laws of the
United States of America or any state or territory thereof or of the District of Columbia, or a
corporation or 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 fifty
million U.S. dollars ($50,000,000) and subject to supervision or examination by federal, state,
territorial, or District of Columbia authority. If such Person 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 6.09, the combined capital and surplus of such
Person shall be deemed to be its combined capital and surplus as set forth in its most recent
report of condition so published.

     The Corporation may not, nor may any Person directly or indirectly controlling, controlled by,
or under common control with the Corporation, serve as Trustee.

     In case at any time the Trustee shall cease to be eligible in accordance with the provisions
of this Section 6.09, the Trustee shall resign immediately in the manner and with the effect
specified in Section 6.10.

     Section 6.10 Resignation or Removal of Trustee.

     (a) The Trustee, or any trustee or trustees hereafter appointed, may at any time resign with
respect to one or more series of Notes by giving written notice of such resignation to the
Corporation and by mailing notice thereof to the holders of the Notes of such series at their
addresses as they shall appear on the Note Register for such series. Upon receiving such notice of
resignation, the Corporation shall promptly appoint a successor trustee or trustees, which trustee
shall be eligible in accordance with the provisions of Section 6.09, by written instrument, in
duplicate, 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 60 days after the mailing of such notice of resignation to the affected
Noteholders, the resigning Trustee may petition any court of competent jurisdiction for the
appointment of a successor trustee, or any Noteholder who has been a bona fide holder of a

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Note for at least six months may, subject to the provisions of Section 5.10, on behalf of
himself and all others similarly situated, petition any such court for the appointment of a
successor trustee. Such court may thereupon, after such notice, if any, as it may deem proper and
prescribe, appoint a successor trustee.

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

     (i) the Trustee shall fail to comply with the provisions of Section 6.08 after written
request therefor by the Corporation or by any Noteholder of any series who has been a bona
fide holder of a Note or Notes of such series for at least six months; or

     (ii) the Trustee shall cease to be eligible in accordance with the provisions of
Section 6.09 and shall fail to resign after written request therefor by the Corporation or
by any Noteholder of any series; or

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

then, in any such case, the Corporation may remove the Trustee and appoint a successor trustee,
which trustee shall be eligible in accordance with the provisions of Section 6.09, by written
instrument, in duplicate, one copy of which instrument shall be delivered to the Trustee so removed
and one copy to the successor trustee, or, subject to the provisions of Section 5.10, any
Noteholder of such series who has been a bona fide holder of a Note of such series for at least six
months may, on behalf of himself and all others similarly situated, petition any court of competent
jurisdiction for the 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 a majority in aggregate principal amount of the Notes of any series at the
time Outstanding may at any time remove the Trustee for such series and nominate a successor
trustee, which shall be deemed appointed as successor trustee unless within 10 days after written
notification of such nomination the Corporation objects thereto, or if no successor trustee shall
have been so appointed and shall have accepted appointment within 30 days after such removal, in
which case the Trustee so removed or any Noteholder of such series, upon the terms and conditions
and otherwise as in subsection (a) of this Section 6.10, may petition any court of competent
jurisdiction for an appointment of a successor trustee with respect to such series of Notes.

     (d) Any resignation or removal of the Trustee and appointment of a successor trustee pursuant
to any of the provisions of this Section 6.10 shall become effective upon acceptance of appointment
by the successor trustee as provided in Section 6.11.

     Section 6.11 Acceptance by Successor Trustee. Any successor trustee appointed as
provided in Section 6.10 shall execute, acknowledge and deliver to the Corporation and to its
predecessor trustee an instrument accepting such appointment hereunder, and thereupon the
resignation or removal of the retiring trustee shall become effective and such successor trustee,

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without any further act, deed or conveyance, shall become vested with all the rights, powers,
duties and obligations of its predecessor hereunder, with like effect as if originally named as
trustee herein; but, nevertheless, on the written request of the Corporation or of the successor
trustee, the trustee ceasing to act shall, upon payment of all amounts then due it pursuant to the
provisions of Section 6.06, execute and deliver an instrument transferring to such successor
trustee all the rights and powers of the trustee so ceasing to act and shall duly assign, transfer
and deliver to such successor trustee all property and money held by such retiring trustee
thereunder. Upon request of any such successor trustee, the Corporation shall execute any and all
instruments in writing for more fully and certainly vesting in and confirming to such successor
trustee all such rights and powers. Any trustee ceasing to act shall, nevertheless, retain a lien
upon all property or funds held or collected by such trustee to secure any amounts then due it
pursuant to the provisions of Section 6.06.

     No successor trustee shall accept appointment as provided in this Section 6.11 unless at the
time of such acceptance such successor trustee shall be qualified under the provisions of Section
6.08 and eligible under the provisions of Section 6.09.

     Upon the appointment hereunder of any successor Trustee with respect to the Notes of one or
more (but not all) series, the Corporation, the retiring Trustee and such successor Trustee shall
execute and deliver an indenture supplemental hereto wherein each successor Trustee shall accept
such appointment and which (a) shall contain such provisions as shall be necessary or desirable to
transfer and confirm to, and to vest in, such successor Trustee all the rights, powers, trusts and
duties of the retiring Trustee with respect to the Notes of that or those series to which the
appointment of such successor Trustee relates, (b) if the retiring Trustee is not retiring with
respect to all Notes, shall contain such provisions as shall be deemed necessary or desirable to
confirm that all the rights, powers, trusts and duties of the retiring Trustee with respect to the
Notes of that or those series as to which the retiring Trustee is not retiring shall continue to be
vested in the retiring Trustee, and (c) shall add to or change any of the provisions of this
Indenture as shall be necessary to provide for or facilitate the administration of the trusts
hereunder by more than one Trustee, it being understood that nothing herein or in such supplemental
indenture shall constitute such Trustees co-trustees of the same trust, that each such Trustee
shall be trustee of a trust or trusts hereunder separate and apart from any trust or trusts
hereunder administered by any other such Trustee and that no Trustee shall be responsible for any
notice given to, or received by, or any act or failure to act on the part of any other Trustee
hereunder, and, upon the execution and delivery of such supplemental indenture, the resignation or
removal of the retiring Trustee shall become effective to the extent provided therein, such
retiring Trustee shall have no further responsibility for the exercise of rights and powers or for
the performance of the duties and obligations vested in the Trustee under this Indenture with
respect to the Notes of that or those series to which the appointment of such successor Trustee
relates other than as hereinafter expressly set forth, 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 with respect to the Notes of that or those series to which the appointment
of such successor Trustee relates; but, on request of the Corporation or such successor Trustee,
such retiring Trustee, upon payment of its charges with respect to the Notes of that or those
series to which the appointment of such successor relates and subject to Sections 6.05 and 11.04
shall duly assign, transfer and deliver to such successor Trustee, to the extent contemplated by
such supplemental indenture, the property and money held by such retiring Trustee hereunder

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with respect to the Notes of that or those series to which the appointment of such successor
Trustee relates, subject to its claim, if any, provided for in Section 6.06. If any supplemental
indenture contemplated by this Section 6.11 affects the rights and obligations of any Trustee with
respect to the Notes of one or more series other than the retiring Trustee or Successor Trustee
referred to herein, such other Trustee shall be a party to such supplemental indenture.

     Section 6.12 Succession by Merger, etc. Any Person into which the Trustee may be
merged or converted or with which it may be consolidated, or any Person resulting from any merger,
conversion or consolidation to which the Trustee shall be a party, or any Person succeeding to all
or substantially all of the corporate trust business of the Trustee, shall be the successor of the
Trustee hereunder, provided such corporation shall be otherwise qualified under the provisions of
Section 6.08 and eligible under the provisions of Section 6.09, without the execution or filing of
any paper or any further act on the part of any of the parties hereto.

     In case any Notes shall have been authenticated but not delivered at the time such successor
to the Trustee shall succeed to the trusts created by this Indenture, any such successor to the
Trustee may adopt the certificate of authentication of any predecessor trustee, and deliver such
Notes so authenticated; and in case at that time any of the Notes shall not have been
authenticated, any successor to the Trustee may authenticate such Notes either in the name of any
predecessor hereunder or in the name of the successor trustee; and in all such cases such
certificates shall have the full force which the Notes or this Indenture elsewhere provides that
the certificate of the Trustee shall have; provided, however, that the right to
adopt the certificate of authentication of any predecessor Trustee or authenticate Notes in the
name of any predecessor Trustee shall apply only to its successor or successors by merger,
conversion or consolidation.

     Section 6.13 Limitation on Rights of Trustee as a Creditor. 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.

     Section 6.14 Authenticating Agents. There may be one or more Authenticating Agents
appointed by the Trustee upon the request of the Corporation with respect to one or more series of
Notes with power to act on the Trustee’s behalf and subject to the Trustee’s direction in the
authentication and delivery of Notes of such series issued upon exchange or transfer thereof as
fully to all intents and purposes as though any such Authenticating Agent had been expressly
authorized to authenticate and deliver Notes of such series; provided, however,
that the Trustee shall have no liability to the Corporation for any acts or omissions of the
Authenticating Agent with respect to the authentication and delivery of Notes of such series. Any
such Authenticating Agent shall at all times be a Person organized and doing business under the
laws of the United States or of any state or territory thereof or of the District of Columbia
authorized under such laws to act as Authenticating Agent, having a combined capital and surplus of
at least five million U.S. dollars ($5,000,000) and being subject to supervision or examination by
federal, state, territorial or District of Columbia authority. If such Person publishes reports of
condition at least annually pursuant to law or the requirements of such authority, then for the
purposes of this Section 6.14 the combined capital and surplus of such Person shall be deemed to be
its combined capital and surplus as set forth in its most recent report of condition so published.
If at any time an

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Authenticating Agent shall cease to be eligible in accordance with the provisions of this
Section, it shall resign immediately in the manner and with the effect herein specified in this
Section.

     Any Person into which any Authenticating Agent may be merged, converted or with which it may
be consolidated, or any Person resulting from any merger or consolidation to which any
Authenticating Agent shall be a party, or any Person succeeding to the corporate trust business of
any Authenticating Agent, shall be the successor of such Authenticating Agent hereunder, if such
successor Person is otherwise eligible under this Section 6.14 without the execution or filing of
any paper or any further act on the part of the parties hereto or such Authenticating Agent.

     Any Authenticating Agent may at any time resign by giving written notice of resignation to the
Trustee and to the Corporation. The Trustee may at any time terminate the agency of any
Authenticating Agent by giving written notice of termination to such Authenticating Agent and to
the Corporation. Upon receiving such a notice of resignation or upon such a termination, or in case
at any time any Authenticating Agent shall cease to be eligible under this Section 6.14, the
Trustee may, and upon the request of the Corporation shall, promptly appoint a successor
Authenticating Agent eligible under this Section 6.14, shall give written notice of such
appointment to the Corporation and shall mail notice of such appointment to all Noteholders of the
series with respect to which such Authenticating Agent shall serve, as the names and addresses of
such holders appear on the Note Register for such series. Any successor Authenticating Agent upon
acceptance of its appointment hereunder shall become vested with all rights, powers, duties and
responsibilities of its predecessor hereunder, with like effect as if originally named as
Authenticating Agent herein.

     The Corporation, as issuer of the Notes, agrees to pay to any Authenticating Agent from time
to time reasonable compensation for its services. Any Authenticating Agent shall have no
responsibility or liability for any action taken by it as such in accordance with the directions of
the Trustee.

ARTICLE VII

CONCERNING THE NOTEHOLDERS

     Section 7.01 Action by Noteholders. Any demand, request, notice, consent, waiver or
other action provided by this Indenture to be given or taken by the holders of a specified
percentage in aggregate principal amount of Notes of any series, may be evidenced by: (a) any
instrument (including by way of electronic transmission) or any number of instruments of similar
tenor executed by such Noteholders in person or by agent or proxy appointed in writing, or (b) the
record of such holders of Notes of such series voting in favor thereof at any meeting of such
Noteholders duly called and held in accordance with the provisions of Article VIII, or (c) a
combination of such instrument or instruments and any such record of such a meeting of such
Noteholders.

     If the Corporation shall solicit from the Noteholders of such series any request, demand,
authorization, direction, notice, consent, waiver or other action, the Corporation may, at its
option, as evidenced by an Officers’ Certificate, fix in advance a record date for the

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determination of such Noteholders entitled to give such request, demand, authorization,
direction, notice, consent, waiver or other action, but the Corporation 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
Noteholders of record of such series at the close of business on the record date shall be deemed to
be Noteholders for the purposes of determining whether Noteholders of the requisite
proportion of Outstanding Notes of such series have authorized or agreed or consented to such request, demand,
authorization, direction, notice, consent, waiver or other action, and for that purpose the
Outstanding Notes of such series shall be computed as of the record date.

     Section 7.02 Proof of Execution by Noteholders. Subject to the provisions of Sections
6.01, 6.02 and 8.05, proof of the execution of any instrument by a Noteholder or his agent or proxy
shall be sufficient if made in accordance with such reasonable rules and regulations as may be
prescribed by the Trustee or in such manner as shall be satisfactory to the Trustee. The ownership
of Notes shall be proved by the Note Register or by a certificate of the Registrar for the Notes.
The Trustee may require such additional proof of any matter referred to in this Section 7.02 as it
shall deem necessary.

     The record of any Noteholders’ meeting shall be proved in the manner provided in Section 8.06.

     Section 7.03 Who Are Deemed Absolute Owners. Prior to due presentment for
registration of transfer of a Note of any series, the Corporation, the Trustee, any Authenticating
Agent, any Paying Agent, any transfer agent and any Registrar for the Notes of such series may deem
the person in whose name such Note shall be registered upon the Note Register for such series to
be, and may treat such person as, the absolute owner of such Note (whether or not such Note shall
be overdue) for the purpose of receiving payment of or on account of the principal of and interest
on such Note and for all other purposes; and neither the Corporation nor the Trustee nor any
Authenticating Agent nor any Paying Agent nor any transfer agent nor any Registrar for the Notes
shall be affected by any notice to the contrary. All such payments so made to any holder for the
time being or upon such holder’s order shall be valid and, to the extent of the sum or sums so
paid, effectual to satisfy and discharge the liability for moneys payable upon any such Note.

     Section 7.04 Notes Owned by Corporation Deemed Not Outstanding. In determining
whether the holders of the requisite aggregate principal amount of Notes of a series have
concurred in any direction, consent or waiver under this Indenture, Notes of such series that are
owned by the Corporation or any other obligor on such series of Notes or by any Person directly or
indirectly controlling or controlled by or under direct or indirect common control with the
Corporation or any other obligor on such series of Notes shall be disregarded and deemed not to be
Outstanding for the purpose of any such determination; provided, however, that for
the purposes of determining whether the Trustee shall be protected in relying on any such
direction, consent or waiver, only Notes of such series that a Responsible Officer of the Trustee
actually knows are so owned shall be so disregarded. Notes of such series so owned which have been
pledged in good faith may be regarded as Outstanding for the purposes of this Section 7.04 if the
pledgee shall establish to the satisfaction of the Trustee the pledgee’s right to vote such Notes
and that the pledgee is not the Corporation or any such other obligor or Person directly or
indirectly controlling or controlled by or under direct or indirect common control with the
Corporation or

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any such other obligor. In the case of a dispute as to such right, any decision by the Trustee
taken upon the advice of counsel shall be full protection to the Trustee.

     Section 7.05 Revocation of Consents; Future Holders Bound. At any time prior to (but
not after) the evidencing to the Trustee, as provided in Section 7.01, of the taking of any action
by the holders of the percentage in aggregate principal amount of the Notes of a series in connection with such action, any holder of a Note of such series (or any Note
of such series issued in whole or in part in exchange or substitution therefor), subject to Section
7.01, the serial number of which is shown by the evidence to be included in the group of Notes of
such series the holders of which have consented to such action, may, by filing written notice with
the Trustee at its Corporate Trust Office and upon proof of holding as provided in Section 7.02,
revoke such action so far as concerns such Note (or so far as concerns the principal amount
represented by any exchanged or substituted Note). Except as aforesaid, any such action taken by
the holder of a Note of a series shall be conclusive and binding upon such holder and upon all
future holders and owners of such Note, and of any Note issued in exchange or substitution
therefor, irrespective of whether or not any notation in regard thereto is made upon such Note or
any Note issued in exchange or substitution therefor.

ARTICLE VIII

MEETINGS OF NOTEHOLDERS

     Section 8.01 Purposes of Meetings. A meeting of Noteholders of any series of Notes
may be called at any time and from time to time pursuant to the provisions of this Article VIII for
any of the following purposes:

     (a) to give any notice to the Corporation or to the Trustee, or to give any directions to the
Trustee, or to consent to the waiving of any Event of Default or Default (or any event which, after
notice or the lapse of time or both would become, an Event of Default or a Default) hereunder with
respect to such series and its consequences, or to take any other action authorized to be taken by
Noteholders of such series pursuant to any of the provisions of Article V;

     (b) to
remove the Trustee and nominate a successor trustee of such series pursuant to the provisions of
Article VI;

     (c) to consent to the execution of an indenture or indentures supplemental hereto pursuant to
the provisions of Section 9.02; or

     (d) to take any other action authorized to be taken by or on behalf of the holders of any
specified aggregate principal amount of such series of Notes under any other provision of this
Indenture or under applicable law.

     Section 8.02 Call of Meetings by Trustee. The Trustee may at any time call a meeting
of Noteholders of any series to take any action specified in Section 8.01, to be held at such time
and at such place in New York, New York or Wilmington, Delaware as the Trustee shall determine.
Notice of every meeting of the Noteholders of any series, setting forth the time and the place of
such meeting and in general terms the action proposed to be taken at such meeting, shall be mailed
to holders of Notes of such series at their addresses as they shall appear on the Note

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Register. Such notice shall be mailed not less than 20 nor more than 180 days prior to the
date fixed for the meeting.

     Section 8.03 Call of Meetings by Corporation or Noteholders. In case at any time the
Corporation, pursuant to a resolution of the Board of Directors, or the holders of at least 25% in
aggregate principal amount of the Notes of any series then Outstanding, shall have requested the
Trustee to call a meeting of Noteholders of such series, by written request setting forth in
reasonable detail the action proposed to be taken at the meeting, and the Trustee shall not have
mailed the notice of such meeting within 20 days after receipt of such request, then the
Corporation or such Noteholders may determine the time and the place in New York, New York or
Wilmington, Delaware for such meeting and may call such meeting to take any action authorized in
Section 8.01, by mailing notice thereof as provided in Section 8.02.

     Section 8.04 Qualifications for Voting. To be entitled to vote at any meeting of
Noteholders of any series, a Person shall be (a) a holder of one or more Outstanding Notes of such
series or (b) a Person appointed by an instrument in writing as proxy by a holder of one or more
Outstanding Notes of such series. The only Persons who shall be entitled to be present or to speak
at any meeting of Noteholders of any series shall be the Persons entitled to vote at such meeting
and their counsel and any representatives of the Trustee and its counsel and any representatives of
the Corporation and its counsel.

     Section 8.05 Regulations. Notwithstanding any other provisions of this Indenture, the
Trustee may make such reasonable regulations as it may deem advisable for any meeting of
Noteholders of any series, in regard to proof of the holding of Notes of such series and of the
appointment of proxies, and in regard to the appointment and duties of inspectors of votes, the
submission and examination of proxies, certificates and other evidence of the right to vote, and
such other matters concerning the conduct of the meeting as it shall think fit.

     The Trustee shall, by an instrument in writing, appoint a temporary chairman of the meeting,
unless the meeting shall have been called by the Corporation or by Noteholders as provided in
Section 8.03, in which case the Corporation or the Noteholders calling the meeting, as the case may
be, shall in like manner appoint a temporary chairman. A permanent chairman and a permanent
secretary of the meeting shall be elected by majority vote of the meeting.

     Subject to the provisions of Section 8.04, at any meeting each holder of Notes of any series
or proxy therefor shall be entitled to one vote for each $1,000 principal amount of Notes of such
series held or represented by such holder; provided, however, that no vote shall be
cast or counted at any meeting in respect of any Note of such series challenged as not Outstanding
and ruled by the chairman of the meeting to be not Outstanding. The chairman of the meeting shall
have no right to vote other than by virtue of Notes held by him or instruments in writing as
aforesaid duly designating him as the person to vote on behalf of other Noteholders. Any meeting of
Noteholders duly called pursuant to the provisions of Section 8.02 or 8.03 may be adjourned from
time to time by a majority in principal amount of those present, and the meeting may be held as so
adjourned without further notice.

     Section 8.06 Voting. The vote upon any resolution submitted to any meeting of holders
of Notes of any series shall be by written ballots on which shall be subscribed the signatures of

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such holders or of their representatives by proxy and the serial number or numbers of the
Notes of such series held or represented by them. The permanent chairman of the meeting shall
appoint two inspectors of votes who shall count all votes cast at the meeting for or against any
resolution and who shall make and file with the secretary of the meeting their verified written
reports in triplicate of all votes cast at the meeting. A record in duplicate of the proceedings of
each meeting of Noteholders of any series shall be prepared by the secretary of the meeting and
there shall be attached to said record the original reports of the inspectors of votes on any vote
by ballot taken thereat and affidavits by one or more persons having knowledge of the facts setting
forth a copy of the notice of the meeting and showing that said notice was mailed as provided in
Section 8.02. The record shall show the serial numbers of the Notes of such series voting in favor
of or against any resolution. The record shall be signed and verified by the affidavits of the
permanent chairman and secretary of the meeting and one of the duplicates shall be delivered to the
Corporation and the other to the Trustee to be preserved by the Trustee, the latter to have
attached thereto the ballots voted at the meeting. Any record so signed and verified shall be
conclusive evidence of the matters therein stated.

     Section 8.07 Quorum; Actions. The Persons entitled to vote a majority in aggregate
principal amount of the Notes of any series then Outstanding shall constitute a quorum for a
meeting of Noteholders of such series; provided, however, that if any action is to
be taken at such meeting with respect to a consent, waiver, request, demand, notice, authorization,
direction or other action which may be given by the holders of not less than a specified percentage
in aggregate principal amount of the Notes of such series then Outstanding, the Persons holding or
representing such specified percentage in aggregate principal amount of the Notes of such series
then Outstanding will constitute a quorum. In the absence of a quorum within 30 minutes of the
time appointed for any such meeting, the meeting shall, if convened at the request of Noteholders
of such series, be dissolved. In any other case, the meeting may be adjourned for a period of not
less than 10 days as determined by the permanent chairman of the meeting prior to the adjournment
of such meeting. In the absence of a quorum at any such adjourned meeting, such adjourned meeting
may be further adjourned for a period of not less than 10 days as determined by the permanent
chairman of the meeting prior to the adjournment of such adjourned meeting. Notice of the
reconvening of any adjourned meeting shall be given as provided in Section 8.02, except that such
notice need be given only once not less than five days prior to the date on which the meeting is
scheduled to be reconvened. Notice of the reconvening of an adjourned meeting shall state
expressly the percentage, as provided above, of the aggregate principal amount of the Notes of such
series then Outstanding which shall constitute a quorum.

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

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     Any resolution passed or decision taken at any meeting of Noteholders of any series duly held
in accordance with this Section 8.07 shall be binding on all the Noteholders of such series,
whether or not present or represented at the meeting.

ARTICLE IX

SUPPLEMENTAL INDENTURES

     Section 9.01 Supplemental Indentures Without Consent of Noteholders. The Corporation
and the Trustee may from time to time and at any time enter into one or more indentures
supplemental hereto without the consent of the Noteholders, for one or more of the following
purposes:

     (a) to evidence the succession of another Person to the Corporation, or successive
successions, and the assumption by the successor Person of the covenants, agreements and
obligations of the Corporation pursuant to Article X hereof;

     (b) to add to the covenants of the Corporation such further covenants, restrictions or
conditions for the protection of the Noteholders of any series (as shall be specified in
such supplemental indenture or indentures) as the Board of Directors and the Trustee shall
consider to be for the protection of the Noteholders of such series, and to make the
occurrence, or the occurrence and continuance, of a default in any of such additional
covenants, restrictions or conditions a Default or an Event of Default permitting the
enforcement of all or any of the remedies provided in this Indenture as herein set forth;
provided, however, that in respect of any such additional covenant,
restriction or condition such supplemental indenture or indentures may provide for a
particular period of grace after default (which period may be shorter or longer than that
allowed in the case of other defaults) or may provide for an immediate enforcement upon such
default or may limit the remedies available to the Trustee upon such default;

     (c) to cure any ambiguity or to correct or supplement any provision contained herein or
in any supplemental indenture which may be defective or inconsistent with any other
provision contained herein or in any supplemental indenture; or to make such other
provisions in regard to matters or questions arising under this Indenture, provided
that any such action shall not materially adversely affect the interests of the holders of
the Notes of the affected series;

     (d) to evidence and provide for the acceptance of appointment hereunder by a successor
trustee with respect to one or more series of Notes;

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

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

     (g) to establish the form or terms of each series of subordinated notes.

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     The Trustee is hereby authorized to join with the Corporation in the execution of any
supplemental indenture to effect such amendment, to make any further appropriate agreements and
stipulations which may be therein contained and to accept the conveyance, transfer and assignment
of any property thereunder, but the Trustee shall not be obligated to, but may in its discretion,
enter into any such supplemental indenture which affects the Trustee’s own rights, duties or
immunities under this Indenture or otherwise.

     Any supplemental indenture to this Indenture authorized by the provisions of this Section 9.01
may be executed by the Corporation and the Trustee without the consent of the holders of any of the
Notes of the affected series at the time Outstanding, notwithstanding any of the provisions of
Section 9.02.

     Section 9.02 Supplemental Indentures With Consent of Noteholders. With the consent
(evidenced as provided in Section 7.01) of the holders of a majority in aggregate principal amount
of the Notes of each series affected by such supplemental indenture at the time Outstanding, the
Corporation, when authorized by a Board Resolution, and the Trustee may from time to time and at
any time enter into any indenture or indentures supplemental hereto for the purpose of adding any
provisions to or changing in any manner or eliminating any of the provisions of this Indenture or
of modifying in any manner the rights of the holders of the Notes of such series; provided,
however, that no such supplemental indenture shall, without the consent of the holders of
each Note then Outstanding and affected thereby (a) change the Maturity Date of any Note or provide
for the redemption of any Note prior to the Maturity Date, or reduce the rate or extend the time of
payment of interest thereon, or reduce the principal amount thereof or make the principal thereof
or any interest thereon payable in any coin or currency other than U.S. dollars, or impair or
affect the right of any Noteholder to institute suit for payment thereof, or (b) reduce the
aforesaid percentage of Notes, the holders of which are required to consent to any such
supplemental indenture.

     Upon the request of the Corporation accompanied by a copy of a resolution of the Board of
Directors certified by its Secretary or Assistant Secretary authorizing the execution of any
supplemental indenture effecting such amendment, and upon the filing with the Trustee of evidence
of the consent of Noteholders as aforesaid, the Trustee shall join with the Corporation in the
execution of such supplemental indenture unless such supplemental indenture affects the Trustee’s
own rights, duties or immunities under this Indenture or otherwise, in which case the Trustee may
in its discretion, but shall not be obligated to, enter into such supplemental indenture.

     Promptly after the execution by the Corporation and the Trustee of any supplemental indenture
pursuant to the provisions of this Section, the Trustee shall transmit by mail, first class postage
prepaid, a notice, prepared by the Corporation, setting forth in general terms the substance of
such supplemental indenture, to the Noteholders of the affected series as their names and addresses
appear upon the Note 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.

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

     It shall not be necessary for the consent of the Noteholders under this Section 9.02 to
approve the particular form of any proposed supplemental indenture, but it shall be sufficient if
such consent shall approve the substance thereof.

     Section 9.03 Compliance with Trust Indenture Act; Effect of Supplemental Indentures.
Any supplemental indenture executed pursuant to the provisions of this Article IX shall comply with
the Trust Indenture Act. Upon the execution of any supplemental indenture pursuant to the
provisions of this Article IX, this Indenture shall be and be deemed to be modified and amended in
accordance therewith and the respective rights, limitations of rights, obligations, duties and
immunities under this Indenture of the Trustee, the Corporation and the holders of Notes shall
thereafter be determined, exercised and enforced hereunder subject in all respects to such
modifications and amendments, and all the terms and conditions of any such supplemental indenture
shall be and be deemed to be part of the terms and conditions of this Indenture for any and all
purposes.

     Section 9.04 Notation on Notes. Notes of any series authenticated and delivered after
the execution of any supplemental indenture pursuant to the provisions of this Article IX may bear
a notation in form approved by the Trustee as to any matter provided for in such supplemental
indenture. If the Corporation or the Trustee shall so determine, new Notes of such series so
modified as to conform, in the opinion of the Trustee and the Board of Directors, to any
modification of this Indenture contained in any such supplemental indenture may be prepared and
executed by the Corporation, authenticated by the Trustee or the Authenticating Agent and delivered
in exchange for the Notes then Outstanding of such series.

     Section 9.05 Evidence of Compliance of Supplemental Indenture to be Furnished to
Trustee. The Trustee, subject to the provisions of Sections 6.01 and 6.02, may receive an
Officers’ Certificate and an Opinion of Counsel as conclusive evidence that any supplemental
indenture executed pursuant hereto complies with the requirements of this Article IX.

ARTICLE X

CONSOLIDATION, MERGER, SALE, CONVEYANCE, TRANSFER AND LEASE

     Section 10.01 Corporation May Consolidate, etc., on Certain Terms. Nothing contained
in this Indenture or in any of the Notes shall prevent any consolidation or merger of the
Corporation with or into any other Person (whether or not affiliated with the Corporation, as the
case may be), or successive consolidations or mergers in which the Corporation or its successor or
successors, as the case may be, shall be a party or parties, or shall prevent any sale, conveyance,
transfer or lease of the property of the Corporation, or its successor or successors as the case
may be, as an entirety, or substantially as an entirety, to any other Person (whether or not
affiliated with the Corporation, or its successor or successors, as the case may be) authorized to
acquire and

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operate the same; provided, that (a) the Corporation is the surviving Person, or the
Person formed by or surviving any such consolidation or merger (if other than the Corporation) or
to which such sale, conveyance, transfer or lease of property is made is a Person organized and
existing under the laws of the United States or any State thereof or the District of Columbia, and
(b) if the Corporation is not the surviving Person, upon any such consolidation, merger, sale,
conveyance, transfer or lease, the due and punctual payment of the principal of and interest on the
Notes according to their tenor and the due and punctual performance and observance of all the
covenants and conditions of this Indenture and the Notes to be kept or performed by the Corporation
shall be expressly assumed by the surviving Person, 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 Person formed by such consolidation, or into which the
Corporation shall have been merged, or by the Person which shall have acquired such property, as
the case may be, and (c) after giving effect to such consolidation, merger, sale, conveyance,
transfer or lease, no Default or Event of Default (or any event which, after notice or the lapse of
time or both would become, a Default or an Event of Default) shall have occurred and be continuing.

     Section 10.02 Successor Person to be Substituted for Corporation. In case of any such
consolidation, merger, sale, conveyance, transfer or lease, 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 the obligation of due and punctual payment of the principal
of and interest on all of the Notes and the due and punctual performance and observance of all of
the covenants and conditions of this Indenture to be performed or observed by the Corporation, such
successor Person shall succeed to and be substituted for the Corporation, with the same effect as
if it had been named herein as a party hereto, and the Corporation thereupon shall be relieved of
any further liability or obligation hereunder or upon the Notes. Such successor Person thereupon
may cause to be signed, and may issue either in its own name or in the name of the Corporation, any
or all of the Notes issuable hereunder which theretofore shall not have been signed by the
Corporation and delivered to the Trustee or the Authenticating Agent; and, upon the order of such
successor Person instead of the Corporation and subject to all the terms, conditions and
limitations in this Indenture prescribed, the Trustee or the Authenticating Agent shall
authenticate and deliver any Notes which previously shall have been signed and delivered by any
Officer of the Corporation to the Trustee or the Authenticating Agent for authentication, and any
Notes which such successor Person thereafter shall cause to be signed and delivered to the Trustee
or the Authenticating Agent for that purpose. All the Notes so issued shall in all respects have
the same legal rank and benefit under this Indenture as the Notes theretofore or thereafter issued
in accordance with the terms of this Indenture as though all of such Notes had been issued at the
date of the execution hereof.

     Section 10.03 Opinion of Counsel to be Given Trustee. The Trustee, subject to the
provisions of Sections 6.01 and 6.02, may receive an Opinion of Counsel as conclusive evidence that
any consolidation, merger, sale, conveyance, transfer or lease, and any assumption, permitted or
required by the terms of this Article X complies with the provisions of this Article X.

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ARTICLE XI

SATISFACTION AND DISCHARGE OF INDENTURE

     Section 11.01 Discharge of Indenture. When (a) the Corporation shall deliver to the
Trustee for cancellation all Notes of any series theretofore authenticated (other than a Notes of
such series which shall have been destroyed, lost or stolen and which shall have been replaced as
provided in Section 2.09) and not theretofore canceled, or (b) all the Notes of a series not
theretofore canceled or delivered to the Trustee for cancellation shall have become due and
payable, or are by their terms to become due and payable within one year, and the Corporation shall
deposit or cause to be deposited with the Trustee, in trust, funds sufficient to pay on the
Maturity Date all of the Notes of such series (other than any Notes of such series which shall have
been destroyed, lost or stolen and which shall have been replaced as provided in Section 2.09) not
theretofore canceled or delivered to the Trustee for cancellation, including principal and interest
due or to become due to the Maturity Date, but excluding, however, the amount of any moneys for the
payment of principal of or interest on the Notes of such series (i) theretofore repaid to the
Corporation in accordance with the provisions of Section 11.04, or (ii) paid to any State or to the
District of Columbia pursuant to its unclaimed property or similar laws, and if, in either case the
Corporation shall also pay or cause to be paid all other sums payable hereunder by the Corporation,
then this Indenture shall cease to be of further effect with respect to such series except for the
provisions of Sections 2.02, 2.07, 2.08, 3.01, 3.02, 3.04, 6.06, 6.10 and 11.04 hereof, which shall
survive until such Notes shall mature and be paid. Thereafter, Sections 6.06, 6.10 and 11.04 shall
survive, and the Trustee, on demand of the Corporation accompanied by any Officers’ Certificate and
an Opinion of Counsel and at the cost and expense of the Corporation, shall execute proper
instruments acknowledging satisfaction of and discharging this Indenture; the Corporation, however,
hereby agrees to reimburse the Trustee for any costs or expenses thereafter reasonably and properly
incurred by the Trustee in connection with this Indenture or the Notes.

     Section 11.02 Deposited Moneys and U.S. Government Obligations to be Held in Trust by
Trustee. Subject to the provisions of Section 11.04, all moneys and U.S. Government
Obligations deposited with the Trustee pursuant to Sections 11.01 or 11.05 shall be held in trust
and applied by it to the payment, either directly or through any paying agent (including the
Corporation if acting as its own paying agent), to the holders of the particular Notes for the
payment of which such moneys or U.S. Government Obligations have been deposited with the Trustee,
of all sums due and to become due thereon for principal, premium, if any, and interest.

     The Corporation shall pay and indemnify the Trustee against any tax, fee or other charge
imposed on or assessed against the U.S. Governmental Obligations deposited pursuant to Section
11.05 or the principal and interest received in respect thereof other than any such tax, fee or
other charge for which by law the holders of Outstanding Notes are liable.

     Section 11.03 Paying Agent to Repay Moneys Held. Upon the satisfaction and discharge
of this Indenture with respect to any series, all moneys then held by any paying agent of the Notes
of such series (other than the Trustee) shall, upon written demand of the Corporation, be repaid to
it or paid to the Trustee, and thereupon such paying agent shall be released from all further
liability with respect to such moneys.

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     Section 11.04 Return of Unclaimed Moneys. Any moneys deposited with or paid to the
Trustee or any paying agent for payment of the principal of or interest on Notes of any series and
not applied but remaining unclaimed by the holders of Notes of such series for two years after the
date upon which the principal of or interest on such Notes, as the case may be, shall have become
due and payable, shall (unless otherwise required by mandatory provision of applicable escheat or
abandoned or unclaimed property law) upon Corporation Order be repaid to the Corporation by the
Trustee or such paying agent; and the holder of any of the Notes of such series shall thereafter
look only to the Corporation for any payment which such holder may be entitled to collect and all
liability of the Trustee or such Paying Agent with respect to such moneys shall thereupon cease;
provided, that the Trustee or such Paying Agent, before being required to make any such
repayment, may at the expense of the Corporation cause to be published once, in a newspaper
published in the English language, customarily published on each Business Day and of general
circulation in the Borough of Manhattan, The City of New York, notice that such money remains
unclaimed and that, after a date specified therein, which shall not be less than thirty (30) days
from the date of such publication, any unclaimed balance of such money then remaining will be
repaid to the Corporation.

     Section 11.05 Defeasance Upon Deposit of Moneys or U.S. Government Obligations. The
Corporation shall be deemed to have been Discharged from its obligations with respect to the Notes
of any series on the 91st day after the applicable conditions set forth below have been satisfied:

     (a) the Corporation shall have deposited or caused to be deposited irrevocably with the
Trustee or the Defeasance Agent as trust funds in trust, specifically pledged as security
for, and dedicated solely to, the benefit of the holders of the Notes of such series (i)
money in an amount, or (ii) U.S. Government Obligations which through the payment of
interest and principal in respect thereof in accordance with their terms will provide, not
later than one day before the due date of any payment, money in an amount, or (iii) a
combination of (i) and (ii), sufficient, in the opinion (with respect to (ii) and (iii)) of
a nationally recognized firm of independent public accountants expressed in a written
certification thereof delivered to the Trustee and the Defeasance Agent, if any, to pay and
discharge each installment of principal of and interest on the
Outstanding Notes of such series on the
dates such installments of principal and interest are due;

     (b) if the Notes of such series are then listed on any national securities exchange,
the Corporation shall have delivered to the Trustee and the Defeasance Agent, if any, an
Opinion of Counsel to the effect that the exercise of the option under this Section 11.05
would not cause such Notes to be delisted from such exchange;

     (c) no Default or Event of Default (or any event which, after notice or the lapse of
time or both would become, a Default or an Event of Default) with respect to the Notes of
such series shall have occurred and be continuing on the date of such deposit; and

     (d) the Corporation shall have delivered to the Trustee and the Defeasance Agent, if
any, an Opinion of Counsel to the effect that holders of the Notes of such series will not
recognize income, gain or loss for United States federal income tax purposes as a

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result of the exercise of the option under this Section 11.05 and will be subject to
United States federal income tax on the same amount and in the same manner and at the same
times as would have been the case if such option had not been exercised.

ARTICLE XII

IMMUNITY OF INCORPORATORS, STOCKHOLDERS,

OFFICERS AND DIRECTORS

     Section 12.01 Indenture and Notes Solely Corporate Obligations. No recourse for the
payment of the principal of or interest on any Note or for any claim based thereon or otherwise in
respect thereof, and no recourse under or upon any obligation, covenant or agreement of the
Corporation in this Indenture, or in any Note, or because of the creation of any indebtedness
represented thereby, shall be had against any incorporator, stockholder, employee, officer or
director, as such, past, present or future, of the Corporation or of any successor Person to the
Corporation, either directly or through the Corporation or any successor Person to the 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 all such liability is hereby
expressly waived and released as a condition of, and as a consideration for, the execution of this
Indenture and the issuance of the Notes.

ARTICLE XIII

MISCELLANEOUS PROVISIONS

     Section 13.01 Successors. All of the covenants, stipulations, promises and agreements
of the Corporation contained in this Indenture shall also bind the Corporation’s successors and
assigns whether so expressed or not.

     Section 13.02 Official Acts by Successor Corporation. Any act or proceeding that, by
any provision of this Indenture, is authorized or required to be done or performed by any board,
committee or officer of the Corporation shall and may be done and performed with like force and
effect by the like board, committee or officer of any corporation that shall at the time be the
lawful sole successor of the Corporation.

     Section 13.03 Surrender of Corporation Powers. The Corporation by instrument in
writing executed by authority of 2/3 (two-thirds) of its Board of Directors and delivered to the
Trustee may surrender any of the powers reserved to the Corporation hereunder, and thereupon such
power so surrendered shall terminate both as to the Corporation, as the case may be, and as to any
successor Person.

     Section 13.04 Addresses for Notices, etc. Any notice or demand which by any provision
of this Indenture is required or permitted to be given or served by the Trustee or by the holders
of Notes on the Corporation may be given or served by being deposited postage prepaid by first
class mail, registered or certified mail, overnight courier service or conformed telecopy addressed
(until another address is filed by the Corporation with the Trustee for the purpose) to Fulton
Financial Corporation at One Penn Square, P.O. Box 4887, Lancaster, Pennsylvania 17602, Attention:

50

 

George R. Barr, Jr., Senior Vice President and Secretary. Any notice, direction, request or
demand by any Noteholder to or upon the Trustee shall be deemed to have been sufficiently given or
made, for all purposes, if given or made in writing at the office of Wilmington Trust Company at
Rodney Square North, 1100 North Market Street, Wilmington, Delaware 19890, Attention: Corporate
Capital Markets Division, Fulton Financial Corporation Subordinated Notes (unless another address
is provided by the Trustee to the Corporation for such purpose). Any notice or communication to a
Noteholder shall be mailed by first class mail to his or her address shown on the Note Register
kept by the Registrar for the Notes. Notices required to be given to the Trustee or the
Authenticating Agent shall be in writing, personally delivered or mailed first class postage
prepaid to each of the foregoing, or at such other address as shall be designated by written notice
to the other parties.

     Section 13.05 Governing Law. This Indenture and the Notes shall each be governed by,
and construed in accordance with, the laws of the State of New York, without regard to conflict of
law principles of said State other than Section 5-1401 of the New York General Obligations Law.

     Section 13.06 Evidence of Compliance with Conditions Precedent. Upon any application
or demand by the Corporation to the Trustee to take any action under any of the provisions of this
Indenture, the Corporation shall furnish to the Trustee an Officers’ Certificate stating that in
the opinion of the signers all conditions precedent, if any, provided for in this Indenture
relating to the proposed action have been complied with and an Opinion of Counsel stating that, in
the opinion of such counsel, all such conditions precedent have been complied with, except that no
such Opinion of Counsel shall be required in connection with the authentication and issuance of the
initial series of Notes. Each certificate or opinion provided for in this Indenture and delivered
to the Trustee with respect to compliance with a condition or covenant provided for in this
Indenture (except certificates delivered pursuant to Section 3.05) shall include (a) a statement
that the Person making such certificate or opinion has read such covenant or condition; (b) a brief
statement as to the nature and scope of the examination or investigation upon which the statements
or opinions contained in such certificate or opinion are based; (c) a statement that, in the
opinion of such Person, he has made such examination or investigation as is necessary to enable him
to express an informed opinion as to whether or not such covenant or condition has been complied
with; and (d) a statement as to whether or not, in the opinion of such person, such condition or
covenant has been complied with.

     Section 13.07
Business Days. Except as provided otherwise in a supplemental
indenture, Board Resolution or Officers’ Certificate
establishing the terms of a series of Notes pursuant to this
Indenture, in any case where the date of payment of principal of or
interest on the Notes is not a Business Day, the payment of such principal of or interest on the
Notes will not be made on such date but will be made on the next succeeding Business Day, with the
same force and effect as if made on the original date of payment, and no interest shall accrue for
the period from and after such date.

     Section 13.08 Qualification of Indenture. The Corporation shall qualify this
Indenture under the Trust Indenture Act and shall pay all reasonable costs and expenses (including
attorneys’ fees for the Corporation, the Trustee and the holders of the Notes) incurred in
connection therewith, including, but not limited to, costs and expenses of qualification of this
Indenture and the Notes and printing this Indenture and the Notes. The Trustee shall be entitled to
receive from the Corporation any such Officer’s Certificates, Opinions of Counsel or other

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documentation as it may reasonably request in connection with any such qualification of this
Indenture under the Trust Indenture Act.

     Section 13.09 Trust Indenture Act to Control. If and to the extent that any provision
of this Indenture limits, qualifies or conflicts with the duties imposed by Sections 310 to 318,
inclusive, of the Trust Indenture Act, such imposed duties shall control.

     Section 13.10 Table of Contents, Headings, etc. The table of contents and the titles
and headings of the articles and sections of this Indenture have been inserted for convenience of
reference only, are not to be considered a part hereof, and shall in no way modify or restrict any
of the terms or provisions hereof.

     Section 13.11 Execution in Counterparts. This Indenture may be executed in any number
of counterparts, each of which shall be an original, but such counterparts shall together
constitute but one and the same instrument.

     Section 13.12 Separability. In case any one or more of the provisions contained in
this Indenture or in the Notes 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 Notes, but this Indenture and the Notes shall be construed
as if such invalid or illegal or unenforceable provision had never been contained herein or
therein.

ARTICLE XIV

SUBORDINATION OF NOTES

     Section 14.01 Agreement to Subordinate. The Corporation covenants and agrees, and
each holder of Notes issued hereunder likewise covenants and agrees, that the Notes shall be issued
subject to the provisions of this Article XIV; and each holder of a Note, whether upon original
issue or upon transfer or assignment thereof, accepts and agrees to be bound by such provisions.

     The payment by the Corporation of the principal of and interest on all Notes issued hereunder
shall, to the extent and in the manner hereinafter set forth, be subordinated and subject in right
of payment to the prior payment in full of all Allocable Amounts then due and payable in respect of
Senior Indebtedness, whether outstanding at the date of this Indenture or thereafter incurred.

     No provision of this Article XIV shall prevent the occurrence of any Default or Event of
Default (or any event which, after notice or the lapse of time or both would become, a Default or
Event of Default) with respect to the Notes hereunder.

     Section 14.02 Default on Senior Indebtedness. In the event and during the
continuation of any default by the Corporation in the payment of principal, premium, interest or
any other payment due on any Senior Indebtedness, no payment shall be made by the Corporation with
respect to the principal or interest on the Notes or any other amounts which may be due on the
Notes pursuant to the terms hereof or thereof.

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     In
the event of the acceleration of the maturity of the Notes of a series, then no payment shall be made
by the Corporation with respect to the principal or interest on the
Notes of such series or any other amounts
which may be due on the Notes of such series pursuant to the terms hereof or thereof until the holders of all
Senior Indebtedness outstanding at the time of such acceleration
shall receive payment, in full, of
all Allocable Amounts due on or in respect of such Senior Indebtedness (including any amounts due
upon acceleration).

     In the event that, notwithstanding the foregoing, any payment is received by the Trustee, or
any Noteholder, when such payment is prohibited by the preceding paragraphs of this Section 14.02,
such payment shall be held in trust for the benefit of, and shall be paid over or delivered by the
Trustee (if the notice required by Section 14.06 has been received by the Trustee) or by any
Noteholder, 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 of the Allocable
Amounts in respect of such Senior Indebtedness and 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 Allocable Amounts then due and owing on such Senior
Indebtedness, and only the Allocable Amounts specified in such notice to the Trustee shall be paid
to the holders of such Senior Indebtedness.

     Section 14.03 Liquidation; Dissolution; Bankruptcy. Upon any payment by the
Corporation or distribution of assets of the Corporation of any kind or character, whether in cash,
property or securities, to creditors upon any dissolution, winding-up, liquidation or
reorganization of the Corporation, whether voluntary or involuntary or in bankruptcy, insolvency,
receivership or other proceedings, the holders of all Senior Indebtedness of the Corporation will
first be entitled to receive payment in full of Allocable Amounts due on or in respect of such
Senior Indebtedness, before any payment is made by the Corporation on account of the principal of
or interest on the Notes or any other amounts which may be due on the Notes pursuant to the terms
hereof or thereof); and upon any such dissolution, winding-up, liquidation or reorganization, any
payment by the Corporation, or distribution of assets of the Corporation of any kind or character,
whether in cash, property or securities, which the Noteholders or the Trustee would be entitled to
receive from the Corporation, except for the provisions of this Article XIV, shall be paid by the
Corporation or by any receiver, trustee in bankruptcy, liquidating trustee, agent or other Person
making such payment or distribution, or by the Noteholders or by the Trustee under the Indenture if
received by them or it, directly to the holders of Senior Indebtedness of the Corporation (pro rata
to such holders on the basis of the respective Allocable Amounts of Senior Indebtedness held by
such holders, as calculated by the Corporation) 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 all such Allocable Amounts of Senior Indebtedness in full, in money or moneys
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 Noteholders or to the
Trustee.

     In the event that, notwithstanding the foregoing, any payment or distribution of assets of the
Corporation of any kind or character prohibited by the foregoing, whether in cash, property or
Notes, shall be received by the Trustee, or any Noteholder, before the Allocable Amounts of

53

 

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 by the Trustee (if the Notice required by Section 14.06 has
been received by the Trustee) or by any Noteholder, 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 Corporation, for application to the payment
of all Allocable Amounts of Senior Indebtedness remaining unpaid to the extent necessary to pay all
Allocable Amounts due on or in respect of such Senior Indebtedness in full in money in accordance
with its terms, after giving effect to any concurrent payment or distribution to or for the benefit
of the holders of such Senior Indebtedness.

     For purposes of this Article XIV, the words “cash, property or securities” shall not be deemed
to include shares of stock of the Corporation as reorganized or readjusted, or securities of the
Corporation 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 XIV with respect
to the Notes to the payment of Senior Indebtedness 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 Corporation with, or the merger of the Corporation into,
another Person or the liquidation or dissolution of the Corporation following the sale, conveyance,
transfer or lease of its property as an entirety, or substantially as an entirety, to another
Person upon the terms and conditions provided for in Article X of this Indenture shall not be
deemed a dissolution, winding-up, liquidation or reorganization for the purposes of this Section
14.03 if such other Person shall, as a part of such consolidation, merger, sale, conveyance,
transfer or lease, comply with the conditions stated in Article X of this Indenture. Nothing in
Section 14.02 or in this Section 14.03 shall apply to claims of, or payments to, the Trustee under
or pursuant to Section 6.06 of this Indenture.

     Section 14.04 Subrogation. Subject to the payment in full of all of Senior
Indebtedness, the rights of the Noteholders 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 Corporation, as the case may be, applicable to such Senior Indebtedness until the principal of
and interest on the Notes 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 Noteholders or the Trustee would be entitled except for the provisions of
this Article XIV, and no payment over pursuant to the provisions of this Article XIV to or for the
benefit of the holders of such Senior Indebtedness by Noteholders or the Trustee, shall, as between
the Corporation, its creditors other than holders of Senior Indebtedness of the Corporation, and
the holders of the Notes, be deemed to be a payment by the Corporation to or on account of such
Senior Indebtedness. It is understood that the provisions of this Article XIV are and are intended
solely for the purposes of defining the relative rights of the holders of the Notes, on the one
hand, and the holders of such Senior Indebtedness on the other hand.

     Nothing contained in this Article XIV or elsewhere in this Indenture or in the Notes is
intended to or shall impair, as between the Corporation, its creditors other than the holders of

54

 

Senior Indebtedness of the Corporation, and the holders of the Notes, the obligation of the
Corporation, which is absolute and unconditional, to pay to the holders of the Notes the principal
of and interest on the Notes 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 Notes and
creditors of the Corporation, as the case may be, other than the holders of Senior Indebtedness of
the Corporation, as the case may be, nor shall anything herein or therein prevent the Trustee or
the holder of any Note from exercising all remedies otherwise permitted by applicable law upon
default under this Indenture, subject to the rights, if any, under this Article XIV of the holders
of such Senior Indebtedness in respect of cash, property or Notes of the Corporation, as the case
may be, received upon the exercise of any such remedy.

     Section 14.05 Trustee to Effectuate Subordination. Each Noteholder, by such
Noteholder’s acceptance thereof, authorizes and directs the Trustee on such Noteholder’s behalf to
take such action (as the Trustee, in its discretion, deems necessary or appropriate, upon
instruction or otherwise) to effectuate the subordination provided in this Article XIV and appoints
the Trustee such Noteholder’s attorney-in-fact for any and all such purposes.

     Section 14.06 Notice by the Corporation. The Corporation shall give prompt written
notice to a Responsible Officer of the Trustee of any fact known to the Corporation that would
prohibit the making of any payment of monies to or by the Trustee in respect of the Notes pursuant
to the provisions of this Article XIV.

     Notwithstanding the provisions of this Article XIV 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 monies to or by the Trustee in respect of the Notes pursuant to the
provisions of this Article XIV, unless and until a Responsible Officer of the Trustee shall have
received written notice thereof from the Corporation or a holder or holders of Senior Indebtedness
or from any trustee therefor; and before the receipt of any such written notice, the Trustee,
subject to the provisions of Article VI of this Indenture, shall be entitled in all respects to
assume that no such facts exist; provided, however, that if the Trustee shall not
have received the notice provided for in this Section 14.06 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 Note), then, anything herein
contained to the contrary notwithstanding, the Trustee shall have full power and authority to
receive such money and to apply the same to the purposes for which they were received, and shall
not be affected by any notice to the contrary that may be received by it within two Business Days
prior to such date.

     The Trustee, subject to the provisions of Article VI of this Indenture, shall be entitled to
conclusively rely on a written notice delivered to it by a Person representing himself to be a
holder of Senior Indebtedness of the Corporation (or a trustee on behalf of such holder), as the
case may be, 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
XIV, 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

55

 

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 XIV, 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.

     Upon any payment or distribution of assets of the Corporation referred to in this Article XIV,
the Trustee, subject to the provisions of Article VI of this Indenture, and the Noteholders shall
be entitled to conclusively rely upon any order or decree entered by any court of competent
jurisdiction in which such insolvency, bankruptcy, receivership, liquidation, reorganization,
dissolution, winding-up or similar case or proceeding is pending, or a certificate of the trustee
in bankruptcy, liquidating trustee, custodian, receiver, assignee for the benefit of creditors,
agent or other person making such payment or distribution, delivered to the Trustee or to the
Noteholders, for the purpose of ascertaining the persons entitled to participate in such payment or
distribution, the holders of Senior Indebtedness and other indebtedness of the Corporation, the
amount thereof or payable thereon, the amount or amounts paid or distributed thereon and all other
facts pertinent thereto or to this Article XIV.

     Section 14.07 Rights of the Trustee; Holders of Senior Indebtedness. The Trustee in
its individual capacity shall be entitled to all the rights set forth in this Article XIV 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.

     With respect to the holders of Senior Indebtedness of the Corporation, the Trustee undertakes
to perform or to observe only such of its covenants and obligations as are specifically set forth
in this Article XIV, 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 Article VI of this Indenture, the Trustee shall not be liable to any holder of such
Senior Indebtedness if it shall pay over or deliver to Noteholders, the Corporation or any other
Person money or assets to which any holder of such Senior Indebtedness shall be entitled by virtue
of this Article XIV or otherwise.

     Nothing in this Article XIV shall apply to claims of, or payments to, the Trustee under or
pursuant to Section 6.06.

     Section 14.08 Subordination May Not Be Impaired. No right of any present or future
holder of any Senior Indebtedness of the Corporation 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 Corporation, as the case may be, or by any act or failure to act, in good faith, by any such
holder, or by any noncompliance by the Corporation, as the case may be, with the terms, provisions
and covenants of this Indenture, regardless of any knowledge thereof that any such holder may have
or otherwise be charged with.

     Without in any way limiting the generality of the foregoing paragraph, the holders of Senior
Indebtedness of the Corporation may, at any time and from time to time, without the consent of or
notice to the Trustee or the Noteholders, without incurring responsibility to the

56

 

Noteholders and without impairing or releasing the subordination provided in this Article XIV
or the obligations hereunder of the holders of the Notes 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 Corporation, as the case may be,
and any other Person.

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     IN WITNESS WHEREOF, the parties hereto have caused this Indenture to be duly executed by their
respective officers thereunto duly authorized, as of the day and year first above written.

	 	 	 	 	 
	 	 	FULTON FINANCIAL CORPORATION
	 
	 	 	 	 
	 

	 	By:	 	 
	 

	 	 	 	 
	 

	 	Name:	 	 
	 

	 	Title:	 	 
	 
	 	 	 	 
	 	 	WILMINGTON TRUST COMPANY,
	 	 	as Trustee
	 
	 	 	 	 
	 

	 	By:	 	 
	 

	 	 	 	 
	 

	 	Name:	 	 
	 

	 	Title:	 	 

58

 

EXHIBIT A

(FORM OF FACE OF NOTE)

     [IF THIS NOTE IS A GLOBAL NOTE INSERT: THIS NOTE IS A GLOBAL NOTE WITHIN THE MEANING OF THE
INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF THE DEPOSITORY TRUST COMPANY
(“DTC”) OR A NOMINEE OF DTC. THIS NOTE IS EXCHANGEABLE FOR NOTES REGISTERED IN THE NAME OF
A PERSON OTHER THAN DTC OR ITS NOMINEE ONLY IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE
INDENTURE, AND NO TRANSFER OF THIS NOTE (OTHER THAN A TRANSFER OF THIS NOTE AS A WHOLE BY DTC TO A
NOMINEE OF DTC OR BY A NOMINEE OF DTC TO DTC OR ANOTHER NOMINEE OF DTC) MAY BE REGISTERED EXCEPT IN
LIMITED CIRCUMSTANCES.

     UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF DTC TO THE CORPORATION (AS
DEFINED BELOW) OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY NOTE ISSUED
IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF DTC (AND ANY PAYMENT HEREON IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS
REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR
VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL IN AS MUCH AS THE REGISTERED OWNER HEREOF, CEDE
& CO., HAS AN INTEREST HEREIN.]

     ANY PURCHASER OR HOLDER OF THE NOTES OR ANY INTEREST THEREIN WILL BE DEEMED TO HAVE
REPRESENTED AND WARRANTED BY ITS PURCHASE AND HOLDING THEREOF THAT EITHER (I) NO PORTION OF THE
ASSETS USED BY IT TO ACQUIRE AND HOLD THE NOTES CONSTITUTES ASSETS OF ANY EMPLOYEE BENEFIT PLAN
SUBJECT TO SECTION 406 OF THE U.S. EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED
(“ERISA”), ANY PLAN, ACCOUNT OR OTHER ARRANGEMENT SUBJECT TO SECTION 4975 OF THE U.S.
INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”), OR PROVISIONS UNDER ANY FEDERAL,
STATE, LOCAL, NON-U.S. OR OTHER LAWS OR REGULATIONS THAT ARE SIMILAR TO SUCH PROVISIONS OF ERISA OR
THE CODE (COLLECTIVELY, “SIMILAR LAWS”), OR ANY ENTITY WHOSE UNDERLYING ASSETS ARE
CONSIDERED TO INCLUDE “PLAN ASSETS” OF ANY SUCH PLAN, ACCOUNT OR ARRANGEMENT OR (II) THE PURCHASE
AND HOLDING OF THE NOTES WILL NOT CONSTITUTE A
NON-EXEMPT PROHIBITED TRANSACTION UNDER SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE OR A
VIOLATION UNDER ANY APPLICABLE SIMILAR LAW

A-1

 

In all circumstances, each Note shall bear the following legends:

     THE NOTES WILL BE ISSUED AND MAY BE TRANSFERRED ONLY IN MINIMUM DENOMINATIONS OF $1,000 AND
MULTIPLES OF $1,000 IN EXCESS THEREOF. ANY ATTEMPTED TRANSFER OF NOTES IN A DENOMINATION OF LESS
THAN $1,000 AND MULTIPLES OF $1,000 IN EXCESS THEREOF SHALL BE DEEMED TO BE VOID AND OF NO LEGAL
EFFECT WHATSOEVER. ANY SUCH PURPORTED TRANSFEREE SHALL BE DEEMED NOT TO BE THE HOLDER OF SUCH NOTES
FOR ANY PURPOSE, INCLUDING, BUT NOT LIMITED TO, THE RECEIPT OF PAYMENTS ON SUCH NOTES, AND SUCH
PURPORTED TRANSFEREE SHALL BE DEEMED TO HAVE NO INTEREST WHATSOEVER IN SUCH NOTES.

     THE NOTES DO NOT EVIDENCE SAVINGS ACCOUNTS OR DEPOSITS AND ARE NOT INSURED BY THE FEDERAL
DEPOSIT INSURANCE CORPORATION OR ANY OTHER GOVERNMENTAL AGENCY.

A-2

 

FULTON FINANCIAL CORPORATION

CUSIP No.:

$ ________

______ SUBORDINATED NOTE DUE _____________

     Interest

     Fulton Financial Corporation, a Pennsylvania corporation (the “Corporation,” which term
includes any successor Person under the Indenture hereinafter referred to), for value received,
hereby promises to pay to ___or registered assigns, the principal sum of
$___(___Dollars) on ___,
___ (the “Maturity Date”) and to pay
interest on the outstanding principal amount hereof from
______, ___ 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, semi-annually in arrears on ___and ___of each year, commencing
___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 semi-annually. The amount of interest payable hereon shall be
computed on the basis of a 360-day year of twelve 30-day months. If an Interest Payment Date or
the Maturity Date falls on a day that is not a Business Day (as defined in the Indenture), the
related payment of principal or interest will be paid on the next Business Day, with the same force
and effect as if made on such date, and no interest on such payments will accrue from and after
such Interest Payment Date or Maturity Date, as the case may be.

     Method of Payment

     The interest installment so payable, and punctually paid or duly provided for, on any Interest
Payment Date will, as provided in the Indenture, be paid to the Person in whose name this Note (or
one or more Predecessor Notes, as defined in said Indenture) is registered at the close of business
on the regular record date for such interest installment, which shall be at the close of business
on the 15th calendar day (whether or not a Business Day) prior to the applicable Interest Payment
Date. Any such interest installment not punctually paid or duly provided for shall forthwith cease
to be payable to the holders on such regular record date and may be paid to the Person in whose
name this Note (or one or more Predecessor Notes) 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
whereof shall be given to the holders of Notes of this series 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 Notes exchange on which the Notes of this series may be listed, and upon such notice as may be required by
such exchange, all as more fully provided in the Indenture. Interest payable on the Maturity Date
of the Notes of this series will be paid to the registered holder to whom the principal is payable.

A-3

 

     Paying Agent and Register

     The principal of and interest on this Note 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 Corporation by (i) check
mailed to the holder at such address as shall appear in the Note Register or (ii) transfer to an
account maintained by the Person entitled thereto, provided that proper written transfer
instructions have been received by the relevant record date.

     Subordination

     The indebtedness evidenced by this Note is, to the extent provided in the Indenture,
subordinate and junior in right of payment to the prior payment in full of all Allocable Amounts on
Senior Indebtedness, and this Note is issued subject to the provisions of the Indenture with
respect thereto. Each holder of this Note, 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 Note shall not be entitled to any benefit under the Indenture or 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 Note are continued on the reverse side hereof and such provisions shall
for all purposes have the same effect as though fully set forth at this place.

A-4

 

     IN WITNESS WHEREOF, the Corporation has caused this instrument to be duly executed this
___day of ___, ___.

	 	 	 	 	 
	 	 	FULTON FINANCIAL CORPORATION
	 
	 	 	 	 
	 

	 	By:	 	 
	 

	 	 	 	 
	 

	 	Name:	 	 
	 

	 	Title:	 	 

	 	 	 	 	 
	Attest:
	 	 	 	 
	 
	 	 	 	 
	By:

	 	 	 	 
	 

	 	 	 	 
	Name:
	 	 	 	 
	Title:
	 	 	 	 

CERTIFICATE OF AUTHENTICATION

     This represents Notes of Fulton Financial Corporation referred to in the within-mentioned
Indenture.

	 	 	 	 	 
	 	 	WILMINGTON TRUST COMPANY,
	 	 	not in its individual capacity but solely as
	 

	 	Trustee	 	 
	 
	 	 	 	 
	 

	 	By:	 	 
	 

	 	 	 	 
	 

	 	 	 	Authorized Signatory

Dated:

A-5

 

(FORM OF REVERSE OF NOTE)

     This Note is one of the Notes of the Corporation (herein sometimes referred to as the
“Notes”), issued in one or more series or to be issued under and pursuant to an
Indenture, dated as of May ___, 2007 (the “Indenture”), duly executed and delivered between the
Corporation 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 Corporation and the holders
of the Notes. This Note is one of the series designated on the face
hereof. The Notes are
unlimited in aggregate principal amount as specified in the Indenture.

     Defaults and Remedies

     In case an Event of Default (as defined in the Indenture) shall have occurred and be
continuing, the principal of all of the Notes of this series shall become due and payable, in the manner, with the
effect and subject to the conditions provided in the Indenture.

     There is no right of acceleration of payment in the case of any Default (as defined in the
Indenture), including any default in the payment of principal or interest on the Notes or the
performance by the Corporation of its other obligations under the
Notes of this series.

     Amendment, Supplement and Waiver

     The Indenture contains provisions permitting the Corporation and the Trustee, with the consent
of the holders of a majority in aggregate principal amount of the
Notes affected 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
modifying in any manner the rights of the holders of the Notes; provided, however,
that no such supplemental indenture shall, without the consent of each holder of Notes then
Outstanding and affected thereby, (i) change the Maturity Date of any Note or provide for the
redemption of any Note prior to such Maturity Date, or reduce the rate or extend the time of
payment of interest thereon, or reduce the principal amount thereof or make the principal thereof
or any interest thereon payable in any coin or currency other than U.S. dollars, or impair or
affect the right of any holder of Notes to institute suit for payment thereof, or (ii) reduce the
aforesaid percentage of Notes the holders of which are required to consent to any such supplemental
indenture. The Indenture also contains provisions permitting the holders of a majority in aggregate
principal amount of the Notes at the time Outstanding and affected thereby, on behalf of all of the
holders of the Notes, 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 Notes or a default in
respect of any covenant or provision under which the Indenture cannot be modified or amended
without the consent of each holder of Notes then Outstanding. Any such consent or waiver by the
holder of this Note (unless revoked as provided in the Indenture) shall be conclusive and binding
upon such holder and upon all future holders and owners of this Note and of any Note 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 Note.

A-6

 

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

     Limitation on Dividends

     The Corporation has agreed that it will not (i) declare or pay any dividends or distributions
on, or redeem, purchase, acquire, or make a liquidation payment with respect to, any of the
Corporation’s capital stock, (ii) make any payment of principal of or interest, if any, on or
repay, repurchase or redeem any debt securities of the Corporation that rank pari passu with or
junior in right of payment to the Notes other than such payments, repayments, repurchases or
redemptions of debt securities of the Corporation that rank equal with the Notes that are made on a
pro rata basis with payments, repayments or repurchases on the Notes or (iii) make any guarantee
payments with respect to any guarantee by the Corporation of the debt securities of any Subsidiary
of the Corporation if such guarantee ranks pari passu with or junior in right of payment to the
Notes (other than (a) dividends or distributions in shares of, or options, warrants or rights to
subscribe for or purchase shares of, Common Stock, (b) any declaration of a dividend in connection
with the implementation of a stockholders’ 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, (c) as a
result of a reclassification of the Corporation’s capital stock or the exchange or conversion of
one class or series of the Corporation’s capital stock for another class or series of the
Corporation’s capital stock, (d) the purchase of fractional interests in shares of the
Corporation’s capital stock pursuant to the conversion or exchange provisions of such capital stock
or the security being converted or exchanged and (e) purchases of Common Stock related to the
issuance of Common Stock or rights under any of the Corporation’s benefit or compensation plans for
its directors, officers or employees or any of the Corporation’s dividend reinvestment plans), if
at such time there shall have occurred any event, act or condition that (a) is a Default or an
Event of Default and (b) in respect of which the Corporation shall not have taken reasonable steps
to cure.

     Denominations; Transfer; Exchange

     The
Notes of this series are issuable only in registered form without coupons in minimum denominations of
$1,000 and multiples of $1,000 in excess thereof. As provided in the Indenture, this Note is
transferable by the holder hereof on the Note Register of the Corporation, upon surrender of this
Note for registration of transfer at the office or agency of the Corporation in New York, New York
or Wilmington, Delaware accompanied by a written instrument or instruments of transfer in form
satisfactory to the Corporation or the Trustee duly executed by the holder hereof or his or her
attorney duly authorized in writing, and thereupon one or more new Notes of this series of authorized
denominations and for the same aggregate principal amount will be issued to the designated
transferee or transferees. No service charge will be made for any such registration of transfer,
but the Corporation 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 Note, the Corporation, the
Trustee, any authenticating agent, any paying agent, any transfer agent and any security registrar

A-7

 

may deem and treat the holder hereof as the absolute owner hereof (whether or not this Note
shall be overdue and notwithstanding any notice of ownership or writing hereon made by anyone other
than the security registrar for the Notes of this series) for the purpose of receiving payment of or on account of
the principal hereof and (subject to the Indenture) interest due hereon and for all other purposes,
and none of the Corporation, the Trustee, any authenticating agent, any paying agent, any transfer
agent or any security registrar shall be affected by any notice to the contrary.

     No Recourse Against Others

     No recourse shall be had for the payment of the principal of or interest on this Note, or for
any claim based hereon, or otherwise in respect hereof, or based on or in respect of the Indenture,
against any incorporator, stockholder, employee, officer or director, past, present or future, as
such, of the Corporation or of any predecessor or successor Person, 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.

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

     Governing Law

     THE INDENTURE AND THIS NOTE SHALL EACH BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE
LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD TO CONFLICT OF LAW PRINCIPLES OF SAID STATE OTHER
THAN SECTION 5-1401 OF THE NEW YORK GENERAL OBLIGATIONS LAW.

     Abbreviations

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

TEN CON — as tenants in common

JT TEN — as joint tenants with

right of survival

TEN ENT — as tenants in the entireties

UNIF GIFT MIN ACT — under Uniform Gift

to Minors Act and not as tenants

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

A-8

 

[TO BE ATTACHED TO GLOBAL NOTES]

SCHEDULE OF INCREASES AND DECREASES IN GLOBAL NOTE

The following increases and decreases in this Global Note have been made:

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Signature of	 
	 	 	 	 	 	 	 	 	 	 	Principal Amount of	 	 	authorized	 
	 	 	 	 	 	 	 	 	 	 	this Global Note	 	 	signatory of	 
	Date of	 	Amount of decrease	 	 	Amount of increase	 	 	following such	 	 	Trustee or	 
	Decrease or	 	in Principal Amount	 	 	in Principal Amount	 	 	decrease or	 	 	Securities	 
	Increase	 	of this Global Note	 	 	of this Global Note	 	 	increase	 	 	Custodian	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

A-9

 

ASSIGNMENT

     FOR VALUE RECEIVED, the undersigned hereby assigns and transfers this Note to:

	 	 	 	 	 
	 

	 	 

	 	 
	 

	 	 

(Assignee’s social security or tax identification number)
	 	 
	 	 	 	 	 
	 
	 	 	 	 
	 
	 	(Address and zip code of assignee)	 	 

and irrevocably appoints

                                                                                 agent

to transfer this Note on the books of the Corporation. The agent may substitute another to act for
him or her.

	 	 	 	 	 
	Date:

	 	 	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	Signature:
	 	 	 	 
	 

	 	 	 	 
	(Sign exactly as your name appears on the other side of this Note Certificate)	 	 
	 
	 	 	 	 
	Signature Guarantee:
	 	 	 	 
	 

	 	 	 	 

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

A-10

 

EXHIBIT B

FORM OF CERTIFICATE OF OFFICER OF THE CORPORATION

     Pursuant
to Section 3.05 of the Indenture, dated as of May      , 2007 (as amended or
supplemented from time to time, the “Indenture”), between Fulton Financial Corporation, as issuer
(the “Corporation”), and Wilmington Trust Company, as trustee, the undersigned certifies that
he/she is a [principal executive officer, principal financial officer or principal accounting
officer] of the Corporation and in the course of the performance by the undersigned of his/her
duties as an officer of the Corporation, the undersigned would normally have knowledge of any
default by the Corporation in the performance of any covenants contained in the Indenture, and the
undersigned hereby further certifies that he/she has no knowledge of any default for the fiscal
year ending on ___, 20___[, except as follows: specify each such default and the nature
thereof].

     Capitalized terms used herein, and not otherwise defined herein, have the respective meanings
assigned thereto in the Indenture.

IN WITNESS WHEREOF, the undersigned has executed this Certificate as of ____________, 20___.

	 	 	 	 	 	 
	 	 	 
	 

	 	Name:	 	 
	 

	 	Title:	 	 
	 

	 	 	 	 

B-1

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