Document:

exv4w10

Exhibit
4.10

FORM OF

AMENDED AND RESTATED DECLARATION OF TRUST

AMONG

FIRST NIAGARA FINANCIAL GROUP, INC.

AS DEPOSITOR,

U.S. BANK NATIONAL ASSOCIATION

AS PROPERTY TRUSTEE,

U.S. BANK TRUST NATIONAL ASSOCIATION

AS DELAWARE TRUSTEE,

AND

THE ADMINISTRATIVE TRUSTEES NAMED HEREIN

DATED AS OF [•]

 

FIRST NIAGARA FINANCING TRUST [I/II/III]

 

 

FIRST NIAGARA FINANCING TRUST [I/II/III]

     Certain Sections of this Declaration relating to Sections 310 through 318 of the Trust
Indenture Act of 1939:

	 	 	 	 	 
	Trust Indenture Act Section Declaration Section	 	Declaration Section
	Section 310

	 	(a)(1)
	 	8.7
	 

	 	(a)(2)
	 	8.7
	 

	 	(a)(3)
	 	 8.9
	 

	 	(a)(4)
	 	2.7 (a)(ii)
	 

	 	(b)
	 	 8.8
	Section 311

	 	(a)
	 	8.13
	 

	 	(b)
	 	8.13
	Section 312

	 	(a)
	 	 5.7
	 

	 	(b)
	 	 5.7
	 

	 	(c)
	 	 5.7
	Section 313

	 	(a)
	 	 8.14(a)
	 

	 	(a)(4)
	 	 8.14(b)
	 

	 	(b)
	 	 8.14(b)
	 

	 	(c)
	 	 10.8
	 

	 	(d)
	 	 8.14(c)
	Section 314

	 	(a)
	 	 8.16
	 

	 	(b)
	 	Not Applicable
	 

	 	(c)(1)
	 	 8.17
	 

	 	(c)(2)
	 	 8.17
	 

	 	(c)(3)
	 	Not Applicable
	 

	 	(d)
	 	Not Applicable
	 

	 	(e)
	 	 1.1, 8.17
	Section 315

	 	(a)
	 	 8.1(a), 8.3(a)
	 

	 	(b)
	 	 8.2, 10.8
	 

	 	(c)
	 	 8.1(a)
	 

	 	(d)
	 	8.1, 8.3
	 

	 	(e)
	 	Not Applicable
	Section 316

	 	(a)
	 	Not Applicable
	 

	 	(a)(1)(A)
	 	 8.1(d)(2)
	 

	 	(a)(1)(B)
	 	 5.14(b)(2)
	 

	 	(a)(2)
	 	Not Applicable
	 

	 	(b)
	 	 5.14
	 

	 	(c)
	 	 6.7
	Section 317

	 	(a)(1)
	 	Not Applicable
	 

	 	(a)(2)
	 	Not Applicable
	 

	 	(b)
	 	 5.9
	Section 318

	 	(a)
	 	 10.11

 

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

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TABLE OF CONTENTS

	 	 	 	 	 
	ARTICLE I. INTERPRETATION AND DEFINITIONS
	 	 	1	 
	 
	 	 	 	 
	SECTION 1.1. Interpretation
	 	 	1	 
	SECTION 1.2. Certain Definitions
	 	 	2	 
	 
	 	 	 	 
	ARTICLE II. CONTINUATION OF THE TRUST
	 	 	12	 
	 
	 	 	 	 
	SECTION 2.1. Name
	 	 	12	 
	SECTION 2.2. Office of the Delaware Trustee; Principal Place of Business
	 	 	12	 
	SECTION 2.3. Initial Contribution of Trust Property; Organizational Expenses
	 	 	12	 
	SECTION 2.4. Issuance of the Preferred Securities
	 	 	12	 
	SECTION 2.5. Issuance of the Common Securities; Subscription and Purchase of Debentures
	 	 	13	 
	SECTION 2.6. Declaration of Trust
	 	 	13	 
	SECTION 2.7. Authorization to Enter into Certain Transactions
	 	 	14	 
	SECTION 2.8. Assets of Trust
	 	 	17	 
	SECTION 2.9. Title to Trust Property
	 	 	17	 
	 
	 	 	 	 
	ARTICLE III. PAYMENT ACCOUNT
	 	 	18	 
	 
	 	 	 	 
	SECTION 3.1. Payment Account
	 	 	18	 
	 
	 	 	 	 
	ARTICLE IV. DISTRIBUTIONS; REDEMPTION
	 	 	18	 
	 
	 	 	 	 
	SECTION 4.1. Distributions
	 	 	18	 
	SECTION 4.2. Redemption
	 	 	19	 
	SECTION 4.3. Subordination of Common Securities
	 	 	21	 
	SECTION 4.4. Payment Procedures
	 	 	22	 
	SECTION 4.5. Tax Returns and Reports
	 	 	22	 
	SECTION 4.6. Payment of Taxes, Duties, etc. of the Trust
	 	 	22	 
	SECTION 4.7. Payments under Indenture or Pursuant to Direct Actions
	 	 	23	 
	SECTION 4.8. Liability of the Holder of Common Securities
	 	 	23	 
	SECTION 4.9. Exchanges
	 	 	23	 
	 
	 	 	 	 
	ARTICLE V. TRUST SECURITIES CERTIFICATES
	 	 	24	 
	 
	 	 	 	 
	SECTION 5.1. Initial Ownership
	 	 	24	 
	SECTION 5.2. The Trust Securities Certificates
	 	 	24	 
	SECTION 5.3. Execution and Delivery of Trust Securities Certificates
	 	 	24	 
	SECTION 5.4. Registration of Transfer and Exchange of Trust Securities Certificates
	 	 	25	 
	SECTION 5.5. Mutilated, Destroyed, Lost or Stolen Trust Securities Certificates
	 	 	26	 
	SECTION 5.6. Persons Deemed Holders
	 	 	26	 
	SECTION 5.7. Access to List of Holders’ Names and Addresses
	 	 	27	 

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	SECTION 5.8. Maintenance of Office or Agency
	 	 	27	 
	SECTION 5.9. Appointment of Paying Agent
	 	 	27	 
	SECTION 5.10. Ownership of Common Securities by Depositor
	 	 	28	 
	SECTION 5.11. Global Preferred Securities Certificates; Common Securities Certificate
	 	 	28	 
	SECTION 5.12. Notices to Clearing Agency
	 	 	28	 
	SECTION 5.13. Definitive Preferred Securities Certificates
	 	 	29	 
	SECTION 5.14. Rights of Holders
	 	 	29	 
	 
	 	 	 	 
	ARTICLE VI. ACTS OF HOLDERS; MEETINGS; VOTING
	 	 	32	 
	 
	 	 	 	 
	SECTION 6.1. Limitations on Voting Rights
	 	 	32	 
	SECTION 6.2. Notice of Meetings
	 	 	33	 
	SECTION 6.3. Meetings of Holders of Preferred Securities
	 	 	33	 
	SECTION 6.4. Voting Rights
	 	 	33	 
	SECTION 6.5. Proxies, etc
	 	 	33	 
	SECTION 6.6. Holder Action by Written Consent
	 	 	34	 
	SECTION 6.7. Record Date for Voting and Other Purposes
	 	 	34	 
	SECTION 6.8. Acts of Holders
	 	 	34	 
	SECTION 6.9. Inspection of Records
	 	 	35	 
	 
	 	 	 	 
	ARTICLE VII. REPRESENTATIONS AND WARRANTIES
	 	 	35	 
	 
	 	 	 	 
	SECTION 7.1. Representations and Warranties of the Property Trustee and the Delaware Trustee
	 	 	35	 
	SECTION 7.2. Representations and Warranties of Depositor
	 	 	36	 
	 
	 	 	 	 
	ARTICLE VIII. THE TRUSTEES
	 	 	36	 
	 
	 	 	 	 
	SECTION 8.1. Certain Duties and Responsibilities
	 	 	36	 
	SECTION 8.2. Certain Notices
	 	 	38	 
	SECTION 8.3. Certain Rights of Property Trustee
	 	 	38	 
	SECTION 8.4. Not Responsible for Recitals or Issuance of Securities
	 	 	41	 
	SECTION 8.5. May Hold Securities
	 	 	41	 
	SECTION 8.6. Compensation; Indemnity; Fees
	 	 	41	 
	SECTION 8.7. Corporate Property Trustee Required; Eligibility of Trustees
	 	 	42	 
	SECTION 8.8. Conflicting Interests
	 	 	43	 
	SECTION 8.9. Co-Trustees and Separate Trustee
	 	 	43	 
	SECTION 8.10. Resignation and Removal; Appointment of Successor
	 	 	44	 
	SECTION 8.11. Acceptance of Appointment by Successor
	 	 	46	 
	SECTION 8.12. Merger, Conversion, Consolidation or Succession to Business
	 	 	46	 
	SECTION 8.13. Preferential Collection of Claims Against Depositor or Trust
	 	 	47	 
	SECTION 8.14. Property Trustee may File Proofs of Claim
	 	 	47	 
	SECTION 8.15. Reports by Property Trustee
	 	 	47	 
	SECTION 8.16. Reports to the Property Trustee
	 	 	48	 
	SECTION 8.17. Evidence of Compliance with Conditions Precedent
	 	 	48	 
	SECTION 8.18. Number of Administrative Trustees
	 	 	48	 

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	SECTION 8.19. Delegation of Power
	 	 	49	 
	SECTION 8.20. Delaware Trustee
	 	 	49	 
	 
	 	 	 	 
	ARTICLE IX. TERMINATION, LIQUIDATION AND MERGER
	 	 	49	 
	 
	 	 	 	 
	SECTION 9.1. Dissolution upon Expiration Date
	 	 	49	 
	SECTION 9.2. Early Termination
	 	 	50	 
	SECTION 9.3. Termination
	 	 	50	 
	SECTION 9.4. Liquidation
	 	 	50	 
	SECTION 9.5. Mergers, Consolidations, Amalgamations or Replacements of the Trust
	 	 	52	 
	 
	 	 	 	 
	ARTICLE X. MISCELLANEOUS PROVISIONS
	 	 	53	 
	 
	 	 	 	 
	SECTION 10.1. Limitation of Rights of Holders
	 	 	53	 
	SECTION 10.2. Amendment
	 	 	53	 
	SECTION 10.3. Separability
	 	 	54	 
	SECTION 10.4. Governing Law
	 	 	55	 
	SECTION 10.5. Payments Due on Non-Business Day
	 	 	55	 
	SECTION 10.6. Successors
	 	 	55	 
	SECTION 10.7. Headings
	 	 	55	 
	SECTION 10.8. Reports, Notices and Demands
	 	 	55	 
	SECTION 10.9. Agreement Not to Petition
	 	 	56	 
	SECTION 10.10. Agreed Tax Treatment of Trust and Trust Securities
	 	 	56	 
	SECTION 10.11. Application of Trust Indenture Act
	 	 	56	 
	SECTION 10.12. Acceptance of Terms of Declaration, Guarantee and Indenture
	 	 	57	 
	SECTION 10.13. Counterparts
	 	 	57	 
	 
	 	 	 	 
	EXHIBIT A            Certificate of Trust
	 	 	 	 
	EXHIBIT B            Form of Common Securities Certificate
	 	 	 	 
	EXHIBIT C            Form of Preferred Securities Certificate
	 	 	 	 

-iii-

 

     AMENDED AND RESTATED DECLARATION OF TRUST, dated as of [•], 2010, among (i) First Niagara
Financial Group, Inc., a Delaware corporation (including any successors or assigns, the
“Depositor”), (ii) U.S. Bank National Association, a national banking association, as property
trustee (in such capacity, the “Property Trustee” and, in its separate corporate capacity and not
in its capacity as Property Trustee, the “Bank”), (iii) U.S. Bank Trust National Association, a
national banking association, as Delaware trustee (the “Delaware Trustee”), (iv) Ann Segarra and
John Mineo, each an individual, each of whose address is c/o First Niagara Financial Group, Inc.,
726 Exchange Street, Suite 618 Buffalo, New York 14210 (each an “Administrative Trustee” and
collectively the “Administrative Trustees”) (the Property Trustee, Delaware Trustee and the
Administrative Trustees are referred to collectively as the “Trustees”) and (v) the several
Holders, as hereinafter defined.

WITNESSETH:

     WHEREAS, the Depositor, U.S. Bank Trust National Association, as Delaware Trustee, U.S. Bank
National Association, as Property Trustee, and the Administrative Trustees have heretofore duly
declared and established a statutory trust pursuant to the Delaware Statutory Trust Act under the
name “First Niagara Financing Trust [I/II/III]” (the “Trust”) by entering into the Declaration of
Trust, dated as of March 15, 2010, (the “Original Declaration”), and by the execution and filing by U.S.
Bank Trust National Association, as Delaware Trustee, and U.S. Bank National Association, as
Property Trustee, with the Secretary of State of the State of Delaware of the Certificate of Trust,
filed on March 15, 2010, attached hereto as Exhibit A; and

     WHEREAS, the Depositor and the Trustees desire to amend and restate the Original Declaration
in its entirety as set forth herein to provide for, among other things, (i) the issuance of the
Common Securities by the Trust to the Depositor, (ii) the issuance and sale of the Preferred
Securities by the Trust pursuant to the Underwriting Agreement, (iii) the acquisition by the Trust
from the Depositor of all of the right, title and interest in the Debentures and (iv) the
appointment of the Property Trustee, the Delaware Trustee, and Administrative Trustees;

     NOW, THEREFORE, in consideration of the agreements and obligations set forth herein and for
other good and valuable consideration, the sufficiency of which is hereby acknowledged, each party,
for the benefit of the other parties and for the benefit of the Holders, hereby amends and restates
the Original Declaration in its entirety and agrees as follows:

ARTICLE I.

INTERPRETATION AND DEFINITIONS

SECTION 1.1. Interpretation.

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

     (a) capitalized terms used in this Declaration (including in the recitals) have the respective
meanings assigned to them in Section 1.2;

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

     (c) all references in this Declaration to Articles and Sections are to Articles and Sections
of this Declaration;

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

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

     (f) the words “include,” “includes” and “including” shall be deemed to be followed by the
phrase “without limitation”;

     (g) a reference to the singular includes the plural and vice-versa; and

     (h) the masculine, feminine or neuter genders used herein shall include the masculine,
feminine and neuter genders.

SECTION 1.2. Certain Definitions.

     For all purposes of this Declaration, the following terms shall have the meanings assigned
below:

     “Act” has the meaning specified in Section 6.8.

     “Additional Amount” means, with respect to Trust Securities of a given Liquidation Amount
and/or a given period, the amount of Additional Interest paid by the Depositor on a Like Amount of
Debentures for such period.

     “Additional Interest” has the meaning specified in the Indenture.

     “Additional Sums” has the meaning specified in the Indenture.

     “Administrative Trustee” means each of the Persons identified as an “Administrative Trustee”
in the preamble to this Declaration, solely in such Person’s capacity as Administrative Trustee of
the Trust and not in such Person’s individual capacity, or such Administrative Trustee’s successor
in interest in such capacity, or any successor trustee appointed as herein provided.

     “Affiliate” of any specified Person means any other Person directly or indirectly controlling
or controlled by or under direct or indirect common control with such specified Person; provided,
however, that the Trust shall not be deemed an Affiliate of the Depositor. For the purposes of
this definition, “control” when used with respect to any specified Person means the power to direct
the management and policies of such Person, directly or indirectly, whether

-2-

 

through the ownership of voting securities, by contract or otherwise; and the terms
“controlling” and “controlled” have meanings correlative to the foregoing.

     “Authorized Officer” of any Person means any officer of such Person or any Person authorized
by or pursuant to a resolution of the Board of Directors of such Person.

     “Bank” has the meaning specified in the preamble to this Declaration.

     “Bank Holding Company” means a “bank holding company” within the meaning of the Bank Holding
Company Act of 1956, as amended.

     “Bankruptcy Event” means, with respect to any Person:

     (a) the entry of a decree or order by a court having jurisdiction in the premises judging such
Person a bankrupt or insolvent, or approving as properly filed a petition seeking reorganization,
arrangement, adjudication or composition of or in respect of such Person under any applicable
federal or state bankruptcy, insolvency, reorganization or other similar law, or appointing a
receiver, liquidator, assignee, trustee, sequestrator (or other similar official) of such Person or
of any substantial part of its property or ordering the winding up or liquidation of its affairs,
and the continuance of any such decree or order unstayed and in effect for a period of
60 consecutive days; or

     (b) the institution by such Person of proceedings to be adjudicated as bankrupt or insolvent,
or the consent by it to the institution of proceedings against it under any bankruptcy, insolvency,
reorganization or other similar laws, or the filing by it of a petition or answer or consent
seeking reorganization or relief under any applicable federal or state bankruptcy, insolvency,
reorganization or other similar law, or the consent by it to the filing of any such petition or to
the appointment of a receiver, liquidator, assignee, trustee, sequestrator (or similar official) of
such Person or of any substantial part of its property, or the making by it of an assignment for
the benefit of creditors, or the admission by it in writing of its inability to pay its debts
generally as they become due and its willingness to be adjudicated a bankrupt, or the taking or
authorization of corporate action by such Person in furtherance of any such action.

     “Bankruptcy Laws” has the meaning specified in Section 10.9.

     “Book-Entry Preferred Securities” means Preferred Securities, the ownership and transfers of
which shall be made through book entries by a Clearing Agency as described in Section 5.11.

     “Book-Entry Preferred Securities Certificates” means Preferred Securities Certificates,
ownership and transfers of which shall be made through book entries by a Clearing Agency as
described in Section 5.11.

     “Business Day” means a day other than

     (a) a Saturday or Sunday,

-3-

 

     (b) a day on which banking institutions in The City of New York or Buffalo, New York are
authorized or required by law, regulation or executive order to remain closed, or

     (c) a day on which the Property Trustee’s Corporate Trust Office or the Corporate Trust Office
of the Debenture Trustee is closed for business.

     “Capital Treatment Event” means the reasonable determination by the Depositor that, as a
result of (1) the occurrence of any amendment to, or change (including any announced proposed
change) in, the laws (or any regulations thereunder) of the United States or any political
subdivision thereof or therein or any rules, guidelines or policies of the Federal Reserve Board,
or (2) as a result of any official or administrative pronouncement or action or judicial decision
interpreting or applying such laws, regulations, rules, guidelines or policies, which amendment or
change is effective, or which proposed change, pronouncement, action or decision is announced, on
or after the date of issuance of the Preferred Securities under this Declaration, there is more
than an insubstantial risk that the Depositor will not be entitled to treat an amount equal to the
liquidation amount of the Preferred Securities as “Tier I Capital” (or the then equivalent thereof)
for purposes of the risk-based capital adequacy guidelines of the Federal Reserve Board, as then in
effect and applicable to the Depositor. This definition and the related provisions of the
Agreement shall have force and effect only at such time and during such period, if any, as the
Depositor is a Bank Holding Company.

     “Certificate Depository Agreement” means the Blanket Letter of Representations between the
Trust and the Depository Trust Company, as the initial Clearing Agency, dated as of the Closing
Date.

     “Clearing Agency” means an organization registered as a “clearing agency” pursuant to
Section 17A of the Exchange Act. The Depository Trust Company will be the initial Clearing Agency
with respect to Preferred Securities Certificates.

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

     “Closing Date” has the meaning specified in the Underwriting Agreement, which date is also the
date of execution and delivery of this Declaration.

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

     “Common Holder” means the holder of all or substantially all of the Common Securities.

     “Common Securities Certificate” means a certificate evidencing Common Securities,
substantially in the form attached hereto as Exhibit B.

-4-

 

     “Common Security” means a common undivided beneficial interest in the assets of the Trust,
having a Liquidation Amount of $[•] per security and having the rights provided therefor in this
Declaration, including the right to receive Distributions and a Liquidation Distribution as
provided herein.

     “Corporate Trust Office” means (i) when used with respect to the Property Trustee, the
principal office of the Property Trustee located at 100 Wall Street, New York, NY 10005 and
(ii) when used with respect to the Debenture Trustee, the principal office of the Debenture Trustee
located in the City of New York.

     “Debenture Event of Default” means an “Event of Default” as specified in the Indenture.

     “Debenture Redemption Date” means, with respect to any Debentures to be redeemed under the
Indenture, the date fixed for redemption under the Indenture including any date fixed for
redemption pursuant to the exercise by the Depositor of its optional right to redeem the Debentures
prior to their stated maturity either (i) in whole or in part on or after [•] or (ii) in whole but
not in part after the occurrence of a Debenture Tax Event, an Investment Company Event, a Rating
Agency Event or a Capital Treatment Event.

     “Debenture Repayment Date” means, when used with respect to the Debentures, the date fixed for
such repayment or repurchase by or pursuant to the Indenture.

     “Debenture Tax Event” means the receipt by the Depositor and the Trust of an Opinion of
Counsel to the effect that, as a result of:

     (i) any amendment to, or change, including an announced prospective change, in the laws
or any regulations of the United States or any political subdivision or taxing authority of
or in the United States that is enacted or issued or becomes effective after the date
hereof,

     (ii) any proposed change in those laws or regulations that is announced after the date
hereof;

     (iii) any official or administrative pronouncement or action or judicial decision
interpreting or applying United States laws or regulations that is announced on or after the
date hereof, or

     (iv) any threatened challenge asserted in connection with an audit of the Trust, the
Company or its Subsidiaries, or a threatened challenge asserted in writing against any tax
payer that has raised capital through the issuance of securities that are substantially
similar to the Debentures or the Trust Preferred Securities and which securities were rated
investment grade at the time of issue of such securities,

there is more than an insubstantial increase in risk that:

-5-

 

     (x) the Trust is or will be subject to United States federal income tax with respect to
income received or accrued on the Debentures;

     (y) interest payable by the Company on the Debentures is not or will not be deductible
by the Company, in whole or in part, for United States federal income tax purposes; or

     (z) the Trust is subject to more than a de minimis amount of other taxes, duties or
other governmental charges.

     “Debenture Trustee” means U.S. Bank National Association, a national banking association
organized under the laws of the United States, solely in its capacity as Debenture Trustee of the
Debentures and not in its individual capacity and any successor thereto.

     “Debentures” means the aggregate principal amount of the Depositor’s [•]% Junior Subordinated
Notes due [•] issued pursuant to the Indenture.

     “Declaration” means this Amended and Restated Declaration of Trust, as the same may be
modified, amended or supplemented in accordance with the applicable provisions hereof, including
(i) all exhibits hereto and (ii) for all purposes of this Declaration and any such modification,
amendment or supplement, the provisions of the Trust Indenture Act that are a part of or deemed to
be a part of and govern this Declaration and any such modification, amendment or supplement,
respectively.

     “Definitive Preferred Securities Certificates” means either or both (as the context requires)
of (a) Preferred Securities Certificates that are not Global Preferred Securities as provided in
Section 5.11(a) and (b) Preferred Securities Certificates issued in certificated, fully registered
form as provided in Section 5.13.

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

     “Delaware Trustee” means the Person identified as the “Delaware Trustee” in the preamble to
this Declaration, solely in its capacity as Delaware Trustee of the Trust and not in its individual
capacity, or its successor in interest in such capacity, or any successor trustee appointed as
herein provided.

     “Depositor” has the meaning specified in the preamble to this Declaration.

     “Distribution Date” has the meaning specified in Section 4.1(a).

     “Distributions” means amounts payable in respect of Trust Securities as provided in
Section 4.1.

     “Early Termination Event” has the meaning specified in Section 9.2.

-6-

 

     “Event of Default” means any one of the following events (whatever the reason for such event
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) the occurrence of a Debenture Event of Default;

     (b) default by the Trust in the payment of any Distribution when it becomes due and payable,
and continuation of such default for a period of 30 days;

     (c) default by the Trust in the payment of any Redemption Price of any Trust Security when it
becomes due and payable;

     (d) failure to perform, or the breach, in any material respect, of any other covenant or
warranty of the Administrative Trustees in this Declaration (other than those specified in
clause (b) or (c) above) and continuation of such default or breach for a period of 60 days after
there has been given, by registered or certified mail, to the defaulting Trustee or Trustees by the
Holders of at least 25% in aggregate Liquidation Amount of the Outstanding Preferred Securities a
written notice specifying such default or breach and requiring it to be remedied and stating that
such notice is a “Notice of Default” hereunder; or

     (e) the occurrence of a Bankruptcy Event with respect to the Property Trustee and the failure
by the Depositor to appoint a successor Property Trustee within 90 days thereof.

     “Exchange Act” means the Securities Exchange Act of 1934, as amended from time to time, and
the rules and regulations promulgated thereunder by the Commission.

     “Expiration Date” has the meaning specified in Section 9.1.

     “Federal Reserve” means the Board of Governors of the Federal Reserve System, as from time to
time constituted, or, if at any time after the execution of this Declaration, the Federal Reserve
is not existing and performing the duties now assigned to it, then the bodies performing such
duties at such time, or the Federal Reserve Bank of New York, or any successor Federal Reserve Bank
having primary jurisdiction over the Depositor.

     “Global Preferred Security” means a Preferred Securities Certificate evidencing ownership of
Book-Entry Preferred Securities.

     “Guarantee” means the Guarantee Agreement executed and delivered by the Depositor, as
guarantor, and U.S. Bank National Association, as trustee, contemporaneously with the execution and
delivery of this Declaration, for the benefit of the holders of the Preferred Securities, as
amended from time to time.

     “Holder” means a Person in whose name a Trust Security or Trust Securities are registered in
the Securities Register; any such Person shall be deemed to be a beneficial owner within the
meaning of the Delaware Statutory Trust Act.

-7-

 

     “Indenture” means the Subordinated Notes Indenture, dated as of March 16, 2010, as supplemented and
amended between the Depositor and U.S. Bank National Association, as trustee, as supplemented and
amended with respect to the Debentures.

     “Investment Company Act” or “1940 Act” means the Investment Company Act of 1940, as amended
from time to time.

     “Investment Company Event” means the receipt by the Trust of an opinion of counsel experienced
in such matters (which may be counsel to the Depositor or the Trust) to the effect that, as a
result of the occurrence of a change in law or regulation or a written change (including any
announced prospective change) in interpretation or application of law or regulation by any
legislative body, court, governmental agency or regulatory authority, there is more than an
insubstantial risk that the Trust is or will be considered an “investment company” that is required
to be registered under the Investment Company Act, which change or prospective change becomes
effective or would become effective, as the case may be, on or after the date of the issuance of
the Preferred Securities.

     “Lien” means any lien, pledge, charge, encumbrance, mortgage, deed of trust, adverse ownership
interest, hypothecation, assignment, security interest or preference, priority or other security
agreement or preferential arrangement of any kind or nature whatsoever.

     “Like Amount” means (a) with respect to a redemption of Trust Securities, Trust Securities
having an aggregate Liquidation Amount equal to the aggregate principal amount of Debentures to be
contemporaneously redeemed in accordance with the Indenture, the proceeds of which will be used to
pay the aggregate Redemption Price of such Trust Securities, (b) with respect to a distribution of
Debentures to Holders in connection with a dissolution or liquidation of the Trust, Debentures
having an aggregate principal amount equal to the aggregate Liquidation Amount of the Trust
Securities of the Holder to whom such Debentures are distributed and (c) with respect to any
distribution of Additional Amounts to Holders of Trust Securities, Debentures having an aggregate
principal amount equal to the aggregate Liquidation Amount of the Trust Securities in respect of
which such distribution is made.

     “Liquidation Amount” means the stated amount of $[•] per Trust Security.

     “Liquidation Date” means the date on which Debentures are to be distributed to Holders of
Trust Securities in connection with a dissolution and liquidation of the Trust pursuant to
Section 9.4(a).

     “Liquidation Distribution” has the meaning specified in Section 9.4(d).

     “Majority in Liquidation Amount of the Preferred Securities” means[, except as provided by the
Trust Indenture Act,] Preferred Securities, representing more than 50% of the aggregate Liquidation
Amount of all then Outstanding Preferred Securities.

     “Officers’ Certificate” means a certificate signed by the President or a Vice President, and
by the Treasurer, an Assistant Treasurer, the Secretary or an Assistant Secretary, of the
Depositor, and delivered to the appropriate Trustee. One of the officers signing an Officers’

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Certificate given pursuant to Section 8.17 shall be the principal executive, financial or
accounting officer of the Depositor. Any Officers’ Certificate delivered with respect to
compliance with a covenant or condition provided for in this Declaration shall include:

     (a) a statement by each officer signing the Officers’ Certificate that such officer has read
the covenant or condition and the definitions relating thereto;

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

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

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

     “Opinion of Counsel” means a written opinion of counsel, who may be counsel for or an employee
of the Trust or the Depositor or any Affiliate of either.

     “Original Declaration” has the meaning specified in the recitals to this Declaration.

     “Outstanding”, when used with respect to Trust Securities, means, as of the date of
determination, all Trust Securities theretofore executed and delivered under this Declaration,
except:

     (a) Trust Securities theretofore canceled by the Securities Registrar or delivered to the
Securities Registrar for cancellation;

     (b) Trust Securities for whose payment or redemption money in the necessary amount has been
theretofore deposited with the Property Trustee or any Paying Agent for the Holders of such Trust
Securities; provided that, if such Trust Securities are to be redeemed, notice of such redemption
has been duly given pursuant to this Declaration; and

     (c) Trust Securities that have been paid or in exchange for or in lieu of which other
Preferred Securities have been executed and delivered pursuant to Sections 5.4, 5.5, 5.11 and 5.13;

provided, however, that in determining whether the Holders of the requisite aggregate Liquidation
Amount of Outstanding Preferred Securities have given any request, demand, authorization,
direction, notice, consent or waiver hereunder, Preferred Securities owned by the Depositor, any
Trustee or any Affiliate of the Depositor or any Trustee shall be disregarded and deemed not to be
Outstanding, except that (i) in determining whether any Trustee shall be protected in relying upon
any such request, demand, authorization, direction, notice, consent or waiver, only Preferred
Securities that a Responsible Officer of such Trustee actually knows to be so owned shall be so
disregarded; and (ii) the foregoing shall not apply at any time when all the Outstanding Preferred
Securities are owned by the Depositor, one or more of the Trustees and/or

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any such Affiliate, other than any Preferred Securities acquired by the Depositor or any of its
Affiliates in connection with transactions effected by or for the account of customers of the
Depositor or any of its Affiliates in connection with the distribution, trading or market-making in
respect of Preferred Securities. Preferred Securities so owned which have been pledged in good
faith may be regarded as Outstanding if the pledgee establishes to the satisfaction of the
Administrative Trustees the pledgee’s right so to act with respect to such Preferred Securities and
that the pledgee is not the Depositor or any Affiliate of the Depositor.

     “Owner” means (i) with respect to a Book-Entry Preferred Security, each Person who is the
beneficial owner of such Book-Entry Preferred Security as reflected in the records of the Clearing
Agency or, if a Clearing Agency Participant is not the Owner, then as reflected in the records of a
Person maintaining an account with such Clearing Agency (directly or indirectly, in accordance with
the rules of such Clearing Agency) and (ii) with respect to any Definitive Preferred Securities
Certificate or any Common Securities Certificate, the record owner reflected in the Securities
Register therefor.

     “Paying Agent” means any paying agent or co-paying agent appointed pursuant to Section 5.9 and
shall initially be the Bank.

     “Payment Account” means a segregated non-interest-bearing corporate trust account maintained
by the Property Trustee with the Bank in its trust department for the benefit of the Holders in
which all amounts paid in respect of the Debentures will be held and from which the Property
Trustee, through the Paying Agent, shall make payments to the Holders in accordance with
Sections 4.1 and 4.2.

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

     “Preferred Security” means an undivided beneficial interest in the assets of the Trust, having
a Liquidation Amount of $[•] per preferred security and having the rights provided therefor in this
Declaration, including the right to receive Distributions and a Liquidation Distribution as
provided herein.

     “Preferred Securities Certificate” means a certificate evidencing Preferred Securities,
substantially in the form attached hereto as Exhibit C.

     “Property Trustee” means the Person identified as the “Property Trustee” in the preamble to
this Declaration, solely in its capacity as Property Trustee of the Trust and not in its individual
capacity, or its successor in interest in such capacity, or any successor property trustee
appointed as herein provided.

     “Prospectus Supplement” means the prospectus supplement dated [•], 20[•] to the prospectus
dated [•], 20[•], pursuant to which the Preferred Securities were offered to investors.

     “Rating Agency Event” means an amendment, clarification or change has occurred in the equity
credit criteria for securities such as the Debentures of any nationally recognized

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statistical rating organization within the meaning of Section 3(a)(62) of the Exchange Act
that then publishes a rating for the Company (a “Rating Agency”), which amendment, clarification or
change results in (i) the length of time for which such current criteria are scheduled to be in
effect being shortened with respect to the junior subordinated notes or (ii) a lower equity credit
for the junior subordinated notes than the then respective equity credit assigned by such Rating
Agency or its predecessor on the date hereof.

     “Redemption Date” means, with respect to any Trust Security to be redeemed, the date fixed for
redemption thereof; provided that each Debenture Redemption Date, each Debenture Repayment Date and
the stated maturity of the Debentures shall be a Redemption Date for a Like Amount of Trust
Securities.

     “Redemption Price” means, with respect to any Trust Security, the Liquidation Amount thereof,
plus accumulated and unpaid Distributions to the Redemption Date, plus the related amount of the
premium, if any, paid by the Depositor upon the concurrent redemption of a Like Amount of
Debentures or Debentures having a principal amount equal to the Liquidation Amount of such Trust
Security.

     “Relevant Trustee” has the meaning specified in Section 8.10.

     “Responsible Officer” shall mean, when used with respect to the Property Trustee, any officer
of the Property Trustee assigned to the Corporate Trust Administration Unit (or any successor
division or unit) of the Property Trustee located at the Corporate Trust Office of the Property
Trustee, who shall have direct responsibility for the administration of this Declaration and, for
purposes of Sections 5.3 and 8.1(e)(i), shall also include any other officer of the Property
Trustee to whom any corporate trust matter is referred because of such officer’s knowledge of and
familiarity with the particular subject.

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

     “Securities Register” and “Securities Registrar” have the respective meanings specified in
Section 5.4.

     “Trust” has the meaning specified in the recitals to this Declaration;

     “Trust Indenture Act” means the Trust Indenture Act of 1939 as in force at the date as of
which this Declaration is executed; provided, however, that in the event the Trust Indenture Act of
1939 is amended after such date, “Trust Indenture Act” means, to the extent required by any such
amendment, the Trust Indenture Act of 1939 as so amended.

     “Trust Property” means (a) the Debentures, (b) any cash on deposit in, or owing to, the
Payment Account and (c) all proceeds and rights in respect of the foregoing and any other property
and assets for the time being held or deemed to be held by the Property Trustee pursuant to the
trusts of this Declaration.

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     “Trust Securities Certificate” means any one of the Common Securities Certificates or the
Preferred Securities Certificates.

     “Trust Security” means any one of the Common Securities or the Preferred Securities.

     “Trustees” has the meaning specified in the preamble.

     “Underwriters” means the underwriters named in Schedule A to the Underwriting Agreement.

     “Underwriting Agreement” means the Underwriting Agreement, dated [•], among the Trust, the
Depositor and [•] and [•], as representatives of the several underwriters named therein.

ARTICLE II.

CONTINUATION OF THE TRUST

SECTION 2.1. Name.

     The Trust established under the Original Declaration and continued hereby shall be known as
“First Niagara Financing Trust [I/II/III]” as such name may be modified from time to time by the
Administrative Trustees following written notice to the Holders of Trust Securities and the other
Trustees, in which name the Trustees may conduct the business of the Trust, make and execute
contracts and other instruments on behalf of the Trust and sue and be sued.

SECTION 2.2. Office of the Delaware Trustee; Principal Place of Business.

     The name and address of the Delaware Trustee, with a principal place of business in the State
of Delaware, is U.S. Bank Trust National Association, 300 Delaware Avenue, 9th Floor,
Wilmington, DE 19801, Attention: [•], or such other address in the State of Delaware as the
Delaware Trustee may designate by written notice to the Holders, the other Trustees and the
Depositor. The principal executive office of the Trust is in care of First Niagara Financial
Group, Inc., 726 Exchange Street, Suite 618, Buffalo, NY 14210.

SECTION 2.3. Initial Contribution of Trust Property; Organizational Expenses.

     The Property Trustee acknowledges receipt in trust from the Depositor in connection with the
Original Declaration of the sum of $10, which constituted the initial Trust Property. The
Depositor shall pay organizational expenses of the Trust as they arise or shall, upon request of
any Trustee, promptly reimburse such Trustee for any such expenses paid by such Trustee. The
Depositor shall make no claim upon the Trust Property for the payment of such expenses.

SECTION 2.4. Issuance of the Preferred Securities.

     The Depositor, on behalf of the Trust and on its own behalf, and pursuant to the Original
Declaration, executed and delivered the Underwriting Agreement on [•]. Contemporaneously with the
execution and delivery of this Declaration, an Administrative Trustee, on behalf of the Trust,
shall execute in accordance with Sections 5.2, 5.3 and 8.9(a) and deliver to the

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Underwriters named in the Underwriting Agreement, Preferred Securities Certificates,
registered in the name of the nominee of the initial Clearing Agency, representing [•] Preferred
Securities, having an aggregate Liquidation Amount of $[•] against receipt of the aggregate
purchase price of such Preferred Securities of $[•] which amount such Administrative Trustee shall
promptly deliver to the Property Trustee. On any one or more dates after the execution and
delivery of this Declaration additional Preferred Securities Certificates representing Preferred
Securities may be issued in accordance with Section 5.3, registered in the name of the nominee of
the initial Clearing Agency, against receipt by the Property Trustee of the purchase price that is
determined by the Depositor.

SECTION 2.5. Issuance of the Common Securities; Subscription and Purchase of Debentures.

     Contemporaneously with the execution and delivery of this Declaration, an Administrative
Trustee, on behalf of the Trust, shall execute in accordance with Sections 5.2, 5.3 and 8.9(a) and
deliver to the Depositor Common Securities Certificates, registered in the name of the Depositor,
representing [•] Common Securities, having an aggregate Liquidation Amount of $[•], against payment
by the Depositor of the purchase price therefor, which amount such Administrative Trustee shall
promptly deliver to the Property Trustee. Contemporaneously therewith, an Administrative Trustee,
on behalf of the Trust, shall subscribe for and purchase from the Depositor Debentures, registered
in the name of the Trust and having an aggregate principal amount of $[•], and, in satisfaction of
the purchase price for such Debentures, the Property Trustee, on behalf of the Trust, shall deliver
to the Depositor the purchase price therefor (being the sum of the amounts delivered to the
Property Trustee pursuant to (i) the second sentence of Section 2.4 and (ii) the first sentence of
this Section 2.5). In connection with any subsequent issuance of Preferred Securities as set forth
in the last sentence of Section 2.4, an Administrative Trustee, on behalf of the Trust, shall
contemporaneously with any such additional issuance, subscribe to and purchase from the Depositor
Debentures, registered in the name of the Trust, having an aggregate principal amount equal to the
aggregate Liquidation Amount of Preferred Securities being issued by the Trust pursuant to the last
sentence of Section 2.4 against payment of a purchase price equal to the aggregate purchase prices
of the Preferred Securities being so issued.

SECTION 2.6. Declaration of Trust.

     The exclusive purposes and functions of the Trust are (a) to issue and sell Trust Securities
and to use the proceeds from such sale to acquire Debentures, (b) to make distributions to the
Holders of Trust Securities and (c) to engage in those activities necessary, convenient or
incidental thereto. The Depositor hereby appoints the Trustees as trustees of the Trust, each to
have all the rights, powers and duties of such Trustee set forth herein, and the Trustees hereby
accept such appointment. The Property Trustee hereby declares that it will hold the Trust Property
in trust upon and subject to the conditions set forth herein for the benefit of the Trust and the
Holders. The Administrative Trustees shall have all rights, powers and duties set forth herein and
in accordance with applicable law with respect to accomplishing the purposes of the Trust.
Notwithstanding anything in this Declaration to the contrary, the Delaware Trustee shall not be
entitled to exercise any powers or authority (except to the extent required under the

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Delaware Statutory Trust Act), nor shall the Delaware Trustee have any of the duties and
responsibilities, of the Property Trustee or the Administrative Trustees set forth herein.
Notwithstanding any provision to the contrary in this Declaration or elsewhere, the Delaware
Trustee shall be one of the trustees of the Trust for the sole and limited purpose of fulfilling
the requirements of Section 3807(a) of the Delaware Statutory Trust Act and (except for such duties
of the Delaware Trustee as may be expressly set forth herein) the Delaware Trustee (both as such
and in its individual capacity) shall have no duties or liabilities to any Person under this
Declaration or otherwise in respect of or in connection with the Trust, the Trust Securities, or
its serving as a trustee of the Trust.

SECTION 2.7. Authorization to Enter into Certain Transactions.

     (a) The Trustees shall conduct the affairs of the Trust in accordance with the terms of this
Declaration. Subject to the limitations set forth in Section 2.7(b), and in accordance with the
following clauses (i), (ii) and (iii), the Trustees shall have the authority to enter into all
transactions and agreements determined by the Trustees to be appropriate in exercising the
authority, express or implied, otherwise granted to the Trustees under this Declaration, and to
perform all acts in furtherance thereof, including without limitation the following:

     (i) As among the Trustees, each Administrative Trustee (acting jointly or singly) shall
have the power and authority to act on behalf of the Trust with respect to the following
matters:

     (A) the issuance and sale of the Trust Securities;

     (B) to cause the Trust to enter into, and to execute, deliver and perform on
behalf of the Trust and the Certificate Depository Agreement and such other
agreements as may be necessary or desirable in connection with the purposes and
function of the Trust;

     (C) assisting in the registration of the Preferred Securities under the
Securities Act, and under applicable state securities or blue sky laws, and the
qualification of this Declaration as a trust indenture under the Trust Indenture
Act;

     (D) assisting in the listing of the Preferred Securities upon such securities
exchange or exchanges as shall be determined by the Depositor and with the
registration of the Preferred Securities under the Exchange Act and with the
preparation and filing of all periodic and other reports and other documents
pursuant to the foregoing;

     (E) assisting in the sending of notices (other than notices of default) and
other information regarding the Trust Securities and the Debentures to the Holders
in accordance with this Declaration;

     (F) the consent to the appointment of a Paying Agent and Securities Registrar
in accordance with this Declaration;

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     (G) execution of the Trust Securities on behalf of the Depositor in accordance
with this Declaration;

     (H) registering transfer of the Trust Securities in accordance with this
Declaration;

     (I) to the extent provided in this Declaration, the winding up of the affairs
of and liquidation of the Trust and the preparation, execution and filing of the
certificate of cancellation with the Secretary of State of the State of Delaware;

     (J) unless otherwise required by the Trust Indenture Act or the Delaware
Statutory Trust Act, executing on behalf of the Trust (either acting alone or
together with any or all of the Administrative Trustees) any documents that the
Administrative Trustees have the power to execute pursuant to this Declaration; and

     (K) the taking of any action incidental or convenient to the foregoing as the
Trustees may from time to time determine is necessary or advisable to give effect to
the terms of this Declaration for the benefit of the Holders (without consideration
of the effect of any such action on any particular Holder).

     (ii) As among the Trustees, the Property Trustee shall have the power, duty and
authority to act on behalf of the Trust with respect to the following matters:

     (A) the establishment of the Payment Account;

     (B) the receipt of the Debentures;

     (C) the collection of interest, principal and any other payments made in
respect of the Debentures in the Payment Account;

     (D) the distribution through the Paying Agent of amounts owed to the Holders in
respect of the Trust Securities;

     (E) the exercise of all of the rights, powers and privileges of a holder of the
Debenture

     (F) the sending of notices of default and other information regarding the Trust
Securities and the Debentures to the Holders in accordance with the terms of this
Declaration;

     (G) the distribution of the Trust Property in accordance with the terms of this
Declaration;

     (H) to the extent provided in this Declaration, the winding up of the affairs
of and liquidation of the Trust and the execution of the certificate of

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cancellation to be prepared and filed by the Administrative Trustees with the
Secretary of State of the State of Delaware;

     (I) the performance of the duties of the Property Trustee set forth in this
Declaration; and

     (J) after an Event of Default (other than under paragraph (b), (c), (d) or (e)
of the definition of such term if such Event of Default is by or with respect to the
Property Trustee) the taking of any action incidental or convenient to the foregoing
as the Property Trustee may from time to time determine is necessary or advisable to
give effect to the terms of this Declaration and protect and conserve the Trust
Property for the benefit of the Holders (without consideration of the effect of any
such action on any particular Holder).

     Except as otherwise provided in this Section 2.7(a)(ii), the Property Trustee shall
have none of the duties, liabilities, powers or the authority of the Administrative Trustees
set forth in Sections 2.7(a)(i) and 2.7(c) and (d) or the Depositor set forth in Sections
2.07(c) and (d).

     (iii) The Property Trustee shall comply with the listing requirements of the Preferred
Securities upon such securities exchange or exchanges as shall be determined by the
Depositor, the registration of the Preferred Securities under the Exchange Act, if required,
and the preparation and filing of all periodic and other reports and other documents
pursuant to the foregoing.

     (b) So long as this Declaration remains in effect, the Trust (or the Trustees acting on behalf
of the Trust) shall not undertake any business, activities or transaction except as expressly
provided herein or contemplated hereby. In particular, the Trustees (acting on behalf of the
Trust) shall not (i) acquire any investments or engage in any activities not authorized by this
Declaration, (ii) sell, assign, transfer, exchange, mortgage, pledge, set-off or otherwise dispose
of any of the Trust Property or interests therein, including to Holders, except as expressly
provided herein, (iii) take any action that would cause, or would reasonably be expected to cause,
the Trust to become taxable as a corporation or classified as other than a grantor trust or agency
arrangement for United States federal income tax purposes, (iv) incur any indebtedness for borrowed
money or issue any other debt or (v) take or consent to any action that would (A) cause the
Debentures or any security succeeding such Debentures to be treated as other than indebtedness of
the Depositor for United States federal income tax purposes unless the Trust first obtains the
consent of all Holders of Outstanding Preferred Securities or (B) result in the granting or
creation of a Lien on any of the Trust Property. The Administrative Trustees shall defend all
claims and demands of all Persons at any time claiming any Lien on any of the Trust Property
adverse to the interest of the Trust or the Holders in their capacity as Holders.

     (c) In connection with the issue and sale of the Preferred Securities, the Depositor shall
have the right and responsibility to assist the Trust with respect to, or effect on behalf of the
Trust, the following (and any actions taken by the Depositor in furtherance of the following prior
to the date of this Declaration are hereby ratified and confirmed in all respects): (i) the

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preparation and filing by the Trust with the Commission and the execution on behalf of the
Trust of a registration statement on the appropriate form in relation to the Preferred Securities,
including any amendments thereto and the taking of any action necessary or desirable to sell the
Preferred Securities in a transaction or series of transactions pursuant thereto; (ii) the
determination of the States or other jurisdictions (if any) in which to take appropriate action to
qualify or register for sale all or part of the Preferred Securities and the determination of any
and all such acts, other than actions which must be taken by or on behalf of the Trust, and the
advice to the Trustees of actions they must take on behalf of the Trust, and the preparation for
execution and filing of any documents to be executed and filed by the Trust or on behalf of the
Trust, as the Depositor deems necessary or advisable in order to comply with the applicable laws of
any such States; (iii) the preparation for filing by the Trust and execution on behalf of the Trust
of an application to the New York Stock Exchange or any other national securities exchange for
listing, upon notice of issuance, of any Preferred Securities; (iv) the preparation for filing by
the Trust with the Commission and the execution on behalf of the Trust of a registration statement
on Form 8-A relating to the registration of the Preferred Securities under Section 12(b) or 12(g)
of the Exchange Act, including any amendments thereto; (v) the negotiation of the terms of, and the
execution and delivery of, the Underwriting Agreement providing for the sale of the Preferred
Securities; and (vi) the taking of any other actions necessary or desirable to carry out any of the
foregoing activities.

     (d) Notwithstanding anything herein to the contrary, the Administrative Trustees are
authorized and directed to conduct the affairs of the Trust and to operate the Trust so that the
Trust will not be deemed to be an “investment company” required to be registered under the 1940
Act, or to be classified as other than a grantor trust or agency arrangement for United States
federal income tax purposes and so that the Debentures will be treated as indebtedness of the
Depositor for United States federal income tax purposes. In this connection, the Depositor and the
Administrative Trustees are authorized to take any action, not inconsistent with applicable law,
the Certificate of Trust or this Declaration, that each of the Depositor and any Administrative
Trustee determines in its discretion to be necessary or desirable for such purposes, as long as
such action does not adversely affect in any material respect the interests of the Holders of the
Preferred Securities.

SECTION 2.8. Assets of Trust.

     The assets of the Trust shall consist of the Trust Property.

SECTION 2.9. Title to Trust Property.

     Legal title to all Trust Property shall be vested at all times in the Property Trustee (in its
capacity as such) and shall be held and administered by the Property Trustee in trust for the
benefit of the Trust and the Holders in accordance with this Declaration.

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ARTICLE III.

PAYMENT ACCOUNT

SECTION 3.1. Payment Account.

     (a) On or prior to the Closing Date, the Property Trustee shall establish the Payment Account.
The Property Trustee and any agent of the Property Trustee shall have exclusive control and sole
right of withdrawal with respect to the Payment Account for the purpose of making deposits in and
withdrawals from the Payment Account in accordance with this Declaration. All monies and other
property deposited or held from time to time in the Payment Account shall be held by the Property
Trustee in the Payment Account for the exclusive benefit of the Holders and for distribution as
herein provided, including (and subject to) any priority of payments provided for herein.

     (b) The Property Trustee shall deposit (or cause to be deposited) in the Payment Account,
promptly upon receipt, all payments of principal of or interest on, and any other payments or
proceeds in respect of, the Debentures.

     (c) Amounts held in the Payment Account shall not be invested by the Property Trustee pending
distribution thereof.

ARTICLE IV.

DISTRIBUTIONS; REDEMPTION

SECTION 4.1. Distributions.

     (a) The Trust Securities represent undivided beneficial interests in the Trust Property, and
Distributions (including Additional Amounts) will be made on the Trust Securities at the rate and
on the dates that payments of interest (including Additional Interest) are made on the Debentures.
Accordingly:

     (i) Distributions on the Trust Securities shall be cumulative, and will accumulate
whether or not there are funds of the Trust available for the payment of Distributions.
Distributions shall accrue from [•], and, except to the extent that the Depositor exercises
its right to defer the payment of interest on the Debentures in accordance with the
Indenture, shall be payable quarterly in arrears on [•], [•], [•] and [•] of each year,
commencing on [•]. If any date on which a Distribution would otherwise be payable on the
Trust Securities is not a Business Day, then the payment of such Distribution shall be made
on the next succeeding day that is a Business Day (and, so long as such payment is made on
the next succeeding Business Day, without any interest or other payment in respect of any
such delay), with the same force and effect as if made on such date (each date on which
Distributions are payable in accordance with this Section 4.1(a), a “Distribution Date”).

     (ii) In the event (and to the extent) that the Depositor exercises its right under the
Indenture to defer the payment of interest on the Debentures, Distributions on the Preferred
Securities shall be deferred but shall continue to accumulate. Distributions on

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the Trust Securities shall be payable at a rate of [•]% per annum of the Liquidation
Amount of the Trust Securities. The amount of Distributions payable for any period shall be
computed on the basis of a 360-day year of twelve 30-day months. The amount of
Distributions payable for any period shall include the Additional Amounts, if any.

     (iii) Distributions on the Trust Securities shall be made by the Property Trustee from
the Payment Account and shall be payable on each Distribution Date only to the extent that
the Trust has funds then on hand and available in the Payment Account for the payment of
such Distributions.

     (b) Distributions on the Trust Securities with respect to a Distribution Date shall be payable
to the Holders thereof as they appear on the Securities Register for the Trust Securities at the
close of business on the relevant record date for such Distribution Date, which shall be one
Business Day prior to such Distribution Date; provided, however, that in the event that the
Preferred Securities do not remain in book-entry-only form, the relevant record date for a
Distribution Date shall be the date 15 days prior to such Distribution Date (whether or not a
Business Day). Distributions payable on any Trust Securities that are not punctually paid on any
Distribution Date as a result of the Depositor having failed to make an interest payment under the
Debentures will cease to be payable to the Person in whose name such Trust Securities are
registered on the relevant record date, and such defaulted Distribution will instead be payable to
the Person in whose name such Trust Securities are registered on the special record date or other
specified date for determining Holders entitled to such defaulted interest established in
accordance with the Indenture.

SECTION 4.2. Redemption.

     (a) On each Debenture Redemption Date (including upon the stated maturity of the Debentures),
and on each Debenture Repayment Date, the Trust will be required to redeem a Like Amount of Trust
Securities at the Redemption Price.

     (b) Notice of redemption shall be given by the Property Trustee by first-class mail, postage
prepaid, mailed not less than 30 nor more than 60 days prior to the Redemption Date (or, in the
case of a Debenture Repayment Date, not less than 10 nor more than 15 days prior to the Redemption
Date) to each Holder of Trust Securities to be redeemed, at such Holder’s address appearing in the
Securities Register. All notices of redemption shall state:

     (i) the Redemption Date;

     (ii) the Redemption Price or if the Redemption Price cannot be calculated prior to the
time the notice is required to be sent, an estimate of the Redemption Price provided
pursuant to the Indenture together with a statement that it is an estimate and that the
actual Redemption Price will be calculated on the third Business Day prior to the Redemption
Date (and if an estimate is provided, a further notice shall be sent of the actual
Redemption Price on the date that such Redemption Price is calculated);

     (iii) the CUSIP number or numbers of the Trust Securities affected;

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     (iv) if less than all the Outstanding Trust Securities are to be redeemed, the
identification and the aggregate Liquidation Amount of the Trust Securities to be redeemed;

     (v) that on the Redemption Date the Redemption Price in respect of each such Trust
Security to be redeemed will be due and payable and that Distributions thereon will cease to
accrue on and after said date (except as provided in the last sentence of Section 4.2(d));
and

     (vi) the place or places of business where the Trust Securities are to be surrendered
for the payment of the Redemption Price.

     (c) The Trust Securities redeemed on each Redemption Date shall be redeemed at the Redemption
Price with the proceeds from the contemporaneous redemption of Debentures. Redemptions of the
Trust Securities shall be made and the Redemption Price shall be due and payable on each Redemption
Date only to the extent that the Trust has funds then on hand and available in the Payment Account
for the payment of such Redemption Price.

     (d) If the Property Trustee gives a notice of redemption in respect of any Preferred
Securities, then, by 10:00 A.M., New York City time, on the Redemption Date, the Depositor shall
deposit sufficient funds with the Property Trustee, or the Paying Agent on behalf of the Property
Trustee, to pay the Redemption Price. If such deposit has been made by such time, then by
12:00 noon, New York City time, on the Redemption Date, subject to Section 4.2(c), the Property
Trustee, or the Paying Agent on behalf of the Property Trustee, will, so long as the Preferred
Securities are in book-entry-only form, irrevocably deposit with the Clearing Agency for the
Preferred Securities funds sufficient to pay the applicable Redemption Price. The Trust will also
give the Clearing Agency irrevocable instructions and authority to pay the Redemption Price in
immediately available funds to the beneficial owners of the Global Preferred Security. If the
Preferred Securities called for redemption are no longer in book-entry-only form, the Property
Trustee, subject to Section 4.2(c), will irrevocably deposit with the Paying Agent funds sufficient
to pay the applicable Redemption Price and will give the Paying Agent irrevocable instructions and
authority to pay the Redemption Price to the Holders thereof upon surrender of their Preferred
Securities Certificates. Notwithstanding the foregoing, any Distribution payable on or prior to
the Redemption Date for any Trust Securities called for redemption shall be payable to the Holders
of such Trust Securities as they appear on the Securities Register on the relevant record date for
such Distribution Date. If notice of redemption shall have been given and funds deposited as
required, then upon the date of such deposit, all rights of Holders of Trust Securities so called
for redemption will cease, except the right of such Holders to receive the Redemption Price
therefor and any Distribution payable in respect of the Trust Securities on or prior to the
Redemption Date, but without interest, and such Trust Securities will cease to be outstanding. In
the event that any date on which any Redemption Price is payable is not a Business Day, then
payment of the Redemption Price payable on such date will be made on the next succeeding day that
is a Business Day (and without any interest or other payment in respect of any such delay), or, if
such Business Day falls in the next calendar month, on the immediately preceding Business Day, in
each case, with the same force and effect as if made on such date. In the event that payment of
the Redemption Price for any Trust Securities called for redemption is

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improperly withheld or refused and not paid either by the Trust or by the Depositor pursuant
to the Guarantee, Distributions on such Trust Securities will continue to accumulate, at the then
applicable rate, from the Redemption Date originally established by the Trust for such Trust
Securities to the date such Redemption Price is actually paid, in which case the actual payment
date will be the date fixed for redemption for purposes of calculating the Redemption Price.

     (e) Subject to Section 4.3(a), if less than all the Outstanding Trust Securities are to be
redeemed on a Redemption Date, then the aggregate Liquidation Amount of Trust Securities to be
redeemed shall be allocated pro rata (based upon the relative Liquidation Amounts) among the Common
Securities and the Preferred Securities. The particular Preferred Securities to be redeemed shall
be selected pro rata (based upon Liquidation Amounts) not more than 60 days prior to the Redemption
Date by the Property Trustee from the Outstanding Preferred Securities not previously called for
redemption as the Property Trustee shall deem fair and appropriate; provided, however, that so long
as the Preferred Securities are in book-entry-only form, such selection shall be made in accordance
with the customary procedures for the Clearing Agency for the Preferred Securities. The Property
Trustee shall promptly notify the Securities Registrar in writing of the Preferred Securities
selected for redemption and, in the case of any Preferred Securities selected for partial
redemption, the Liquidation Amount thereof to be redeemed. For all purposes of this Declaration,
unless the context otherwise requires, all provisions relating to the redemption of Preferred
Securities shall relate, in the case of any Preferred Securities redeemed or to be redeemed only in
part, to the portion of the Liquidation Amount of Preferred Securities that has been or is to be
redeemed. The Property Trustee shall also have the right in such a case to distribute the
Debentures intended to be redeemed to the Holders in redemption of their Preferred Securities. For
United States federal income tax purposes, a partial redemption of Trust Securities shall be
treated by the Depositor and the Trust, and in purchasing the Trust Securities, the Holders agree
to treat such partial redemption, as an in-kind distribution of the Debentures to be redeemed to
the Holders of the Trust Securities in redemption of the Trust Securities chosen to be redeemed by
the Property Trustee or Clearing Agency immediately followed by a cash redemption by the Depositor
of such Debentures held by such Holders.

SECTION 4.3. Subordination of Common Securities.

     (a) Payment of Distributions (including Additional Amounts, if applicable) on, the Redemption
Price of, and the Liquidation Distribution in respect of, the Trust Securities, as applicable,
shall be made, subject to Section 4.2(e), pro rata (based on Liquidation Amount) among the Common
Securities and the Preferred Securities; provided, however, that if on any Distribution Date,
Redemption Date or Liquidation Date, any Event of Default resulting from a Debenture Event of
Default specified in Section 7.01(a)(1) or (a)(2) of the Indenture shall have occurred and be
continuing, no payment of any Distribution (including Additional Amounts, if applicable) on,
Redemption Price of, or Liquidation Distribution in respect of, any Common Security, and no other
payment on account of the redemption, liquidation or other acquisition of Common Securities, shall
be made unless payment in full in cash of all accumulated and unpaid Distributions (including
Additional Amounts, if applicable) on all Outstanding Preferred Securities for all Distribution
periods terminating on or prior thereto, or in the case of payment of the Redemption Price, the
full amount of such Redemption Price on all Outstanding Preferred Securities, or in the case of
payment of the Liquidation Distribution the full amount of such

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Liquidation Distribution on all Outstanding Preferred Securities then called for redemption,
shall have been made or provided for, and all funds immediately available to the Property Trustee
shall first be applied to the payment in full in cash of all Distributions (including Additional
Amounts, if applicable) on, or the Redemption Price of, Preferred Securities then due.

     (b) In the event of the occurrence of any Event of Default resulting from any Debenture Event
of Default, the Holder of Common Securities will be deemed to have waived any right to act with
respect to any such Event of Default under this Declaration until the effect of all such Events of
Default with respect to the Preferred Securities have been cured, waived or otherwise eliminated.
Until any such Event of Default under this Declaration with respect to the Preferred Securities has
been so cured, waived or otherwise eliminated, the Property Trustee shall act solely on behalf of
the Holders of the Preferred Securities and not on behalf of the Holder of the Common Securities,
and only the Holders of all the Preferred Securities will have the right to direct the Property
Trustee to act on their behalf.

SECTION 4.4. Payment Procedures.

     Payments of Distributions (including Additional Amounts, if applicable) in respect of the
Preferred Securities shall be made by wire transfer or check mailed to the address of the Person
entitled thereto as such address shall appear on the Securities Register or, if the Preferred
Securities are held by a Clearing Agency, such Distributions shall be made to such Clearing Agency
in immediately available funds. Payments in respect of the Common Securities shall be made in such
manner as shall be mutually agreed between the Property Trustee and the Common Holder.

SECTION 4.5. Tax Returns and Reports.

     The Administrative Trustees shall prepare (or cause to be prepared), at the Depositor’s
expense, and file all United States federal, state and local tax and information returns and
reports required to be filed by or in respect of the Trust. In this regard, the Administrative
Trustees shall (a) prepare and file (or cause to be prepared and filed) the appropriate Internal
Revenue Service forms and returns required to be filed in respect of the Trust in each taxable year
of the Trust and (b) prepare and furnish (or cause to be prepared and furnished) to each Holder the
appropriate Internal Revenue Service form required to be provided on such form. The Administrative
Trustees shall provide the Depositor and the Property Trustee with a copy of all such returns and
reports promptly after such filing or furnishing. The Trustees and the Trust shall comply with
United States federal withholding and backup withholding tax laws and information reporting
requirements with respect to any payments to Holders under the Trust Securities.

SECTION 4.6. Payment of Taxes, Duties, etc. of the Trust.

     Upon receipt under the Debentures of Additional Sums, the Property Trustee shall promptly pay
any taxes, duties or governmental charges of whatsoever nature (other than withholding taxes)
imposed on the Trust by the United States or any other taxing authority which were included in such
Additional Sums.

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SECTION 4.7. Payments under Indenture or Pursuant to Direct Actions.

     Any amount payable hereunder to any Holder of Preferred Securities shall be reduced by the
amount of any corresponding payment such Holder (or an Owner with respect to the Holder’s Preferred
Securities) has directly received pursuant to Section 7.08 of the Indenture or Section 5.14 of this
Declaration.

SECTION 4.8. Liability of the Holder of Common Securities.

     Any Holder of the Common Securities shall be liable for all costs, expenses or liabilities of
the Trust, other than to pay to Holders of any Capital Securities the amounts dues to such holders
pursuant to the terms of the Capital Securities, and such costs, expenses or liabilities shall
constitute unsecured obligations of the Holder of the Common Securities.

SECTION 4.9. Exchanges.

     (a) If at any time the Depositor or any of its Affiliates (in either case, a “Depositor
Affiliated Owner”) is the Owner of any Preferred Securities, such Depositor Affiliated Owner shall
have the right to deliver to the Property Trustee all or such portion of its Preferred Securities
as it elects and receive, in exchange therefor, a Like Amount of Debentures. Such election (i)
shall be exercisable effective by such Depositor Affiliated Owner delivering to the Property
Trustee a written notice of such election (A) specifying the Liquidation Amount of the Preferred
Securities with respect to which such election is being made and (B) the date on which such
exchange shall occur, which date shall not be less than three (3) Business Days after the receipt
by the Property Trustee of such election notice, and which may be any date other than the record
date for any Distribution or a date from such record date to and including the Distribution Date
for such Distribution and (ii) shall be conditioned upon such Depositor Affiliated Owner having
delivered or caused to be delivered to the Property Trustee or its designee the Preferred
Securities which are the subject of such election by 10:00 A.M. New York City time, on the date on
which such exchange is to occur. After the exchange, such Preferred Securities will be cancelled
and will no longer be deemed to be Outstanding and all rights of the Depositor or its Affiliate(s)
with respect to such Preferred Securities will cease, including accumulated but unpaid
Distributions thereon. In the event such Preferred Securities are Book-Entry Preferred Securities,
upon such exchange the Property Trustee, in its capacity as Securities Registrar, shall cause an
annotation to be made on the Book-Entry Preferred Securities Certificate or Certificates evidencing
such Book-Entry Preferred Securities to evidence the reduction in the liquidation amount thereof
resulting from such cancellation.

     (b) Notwithstanding anything else in this Declaration to the contrary, in order to effectuate
the exchanges contemplated by this Section above, the Trust is hereby authorized to execute,
deliver and perform, and the Depositor, the Property Trustee, any Administrative Trustee or the
Securities Registrar, on behalf of the Trust, acting singly or collectively, is hereby authorized
to execute and deliver on behalf of the Trust, an exchange agreement, cancellation letter, and any
and all other documents, agreements, or certificates contemplated by or related to the
exchanges made pursuant to Section 4.9(a) above, in each case without further vote or approval of
any other Person.

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ARTICLE V.

TRUST SECURITIES CERTIFICATES

SECTION 5.1. Initial Ownership.

     Upon the creation of the Trust and the contribution by the Depositor pursuant to Section 2.3
and until the issuance of the Trust Securities, and at any time during which no Trust Securities
are Outstanding, the Depositor shall be the sole beneficial owner of the Trust.

SECTION 5.2. The Trust Securities Certificates.

     The Trust Securities Certificates shall be executed on behalf of the Trust by manual or
facsimile signature of at least one Administrative Trustee. Trust Securities Certificates bearing
the manual or facsimile signatures of individuals who were, at the time when such signatures shall
have been affixed, authorized to sign on behalf of the Trust, shall be validly issued and entitled
to the benefits of this Declaration, notwithstanding that such individuals or any of them shall
have ceased to be so authorized prior to the delivery of such Trust Securities Certificates or did
not hold such offices at the date of delivery of such Trust Securities Certificates. A transferee
of a Trust Securities Certificate shall become a Holder, and shall be entitled to the rights and
subject to the obligations of a Holder hereunder, upon due registration of such Trust Securities
Certificate in such transferee’s name pursuant to Sections 5.4, 5.11 and 5.13.

SECTION 5.3. Execution and Delivery of Trust Securities Certificates.

     At the Closing Date, the Administrative Trustees shall cause Trust Securities Certificates, in
an aggregate Liquidation Amount as provided in Sections 2.4 and 2.5, to be executed on behalf of
the Trust or upon the written order of the Depositor, executed by one Authorized Officer thereof,
and shall cause the Preferred Securities Certificates to be delivered to the Property Trustee, and
upon such delivery the Property Trustee shall authenticate such Preferred Securities Certificates
upon the written order of the Trust executed by an Administrative Trustee thereof, without further
corporate action by the Depositor, in authorized denominations. After the Closing Date, the
Administrative Trustees may cause additional Preferred Securities to be executed on behalf of the
Trust and delivered to or upon the written order of the Depositor, such written order executed by
one Authorized Officer thereof, without further corporate action by the Depositor, in authorized
denominations; provided, however, that (other than in connection with the exercise of any
over-allotment option set forth in the Underwriting Agreement) no such additional Preferred
Securities shall be issued unless the Administrative Trustees shall have received an Opinion of
Counsel experienced in such matters to the effect that such issuance will not cause the Trust to be
classified as other than one or more grantor trusts or agency arrangements or to be classified as
an association or partnership for U.S. federal income tax purposes or affect the Trust’s exemption
from status as an “investment company” under the Investment Company Act. At no time will the
aggregate Liquidation Amount of all Outstanding Preferred Securities (including additional
Preferred Securities) exceed $[•].

     Each Preferred Securities Certificate shall be dated the date of its authentication.

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     No Preferred Securities Certificate shall be entitled to any benefit under this Declaration or
be valid or obligatory for any purpose, unless there appears on such Preferred Securities
Certificate a certificate of authentication substantially in the form provided for in the form
attached hereto as Exhibit C executed by the Property Trustee by the manual signature of one of its
Responsible Officers, and such certificate upon any Preferred Securities Certificate shall be
conclusive evidence, and the only evidence, that such Preferred Securities Certificate has been
duly authenticated and delivered hereunder.

SECTION 5.4. Registration of Transfer and Exchange of Trust Securities Certificates.

     The Property Trustee shall keep or cause to be kept, at its Corporate Trust Office, a register
or registers for the purpose of registering Trust Securities Certificates and transfers and
exchanges of Trust Securities Certificates (the “Securities Register”), in which the registrar and
transfer agent with respect to the Trust Securities designated by the Depositor (the “Securities
Registrar”), subject to such reasonable regulations as it may prescribe, shall provide for the
registration of Preferred Securities Certificates and Common Securities Certificates (subject to
Section 5.10 in the case of the Common Securities Certificates) and registration of transfers and
exchanges of Trust Securities Certificates as herein provided. The Property Trustee shall be the
initial Securities Registrar. The provisions of Sections 8.1, 8.3 and 8.6 shall apply to the
Property Trustee also in its role as Securities Registrar, for so long as the Property Trustee
shall act as Securities Registrar.

     Upon surrender for registration of transfer of any Preferred Securities Certificate at the
office or agency maintained pursuant to Section 5.8, the Administrative Trustees or any one of them
shall execute and deliver to the Property Trustee, and the Property Trustee shall authenticate and
deliver, in the name of the designated transferee or transferees, one or more new Preferred
Securities Certificates in authorized denominations of a like aggregate Liquidation Amount.

     The Securities Registrar shall not be required, (i) to issue, register the transfer of or
exchange any Preferred Security during a period beginning at the opening of business 15 days before
the day of selection for redemption of such Preferred Securities pursuant to Article IV and ending
at the close of business on the day of mailing of the notice of redemption, or (ii) to register the
transfer of or exchange any Preferred Security so selected for redemption in whole or in part,
except, in the case of any such Preferred Security to be redeemed in part, any portion thereof not
to be redeemed. At the option of a Holder, Preferred Securities Certificates may be exchanged for
other Preferred Securities Certificates in authorized denominations of the same class and of a like
aggregate Liquidation Amount upon surrender of the Preferred Securities Certificates to be
exchanged at the office or agency maintained pursuant to Section 5.8.

     Every Trust Securities Certificate presented or surrendered for registration of transfer or
exchange shall be duly endorsed and accompanied by a written instrument of transfer in form
satisfactory to an Administrative Trustee and the Securities Registrar duly executed by the Holder
or his attorney duly authorized in writing. Each Trust Securities Certificate surrendered for
registration of transfer or exchange or for payment shall be canceled and subsequently

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disposed of by an Administrative Trustee or Securities Registrar in accordance with such
Person’s customary practice.

     No service charge shall be made for any registration of transfer or exchange of Trust
Securities Certificates, but the Securities Registrar may require payment of a sum sufficient to
cover any tax or governmental charge that may be imposed in connection with any transfer or
exchange of Trust Securities Certificates.

     The Property Trustee shall not be required to ensure or verify compliance with securities
laws, including the Securities Act, the Exchange Act and 1940 Act, in connection with transfers and
exchanges of Preferred Securities Certificates.

SECTION 5.5. Mutilated, Destroyed, Lost or Stolen Trust Securities Certificates.

     If (a) any mutilated Trust Securities Certificate shall be surrendered to the Securities
Registrar, or if the Securities Registrar shall receive evidence to its satisfaction of the
destruction, loss or theft of any Trust Securities Certificate and (b) there shall be delivered to
the Securities Registrar and the Administrative Trustees such security or indemnity as may be
required by them to save each of them harmless, then in the absence of notice that such Trust
Securities Certificate shall have been acquired by a protected purchaser, the Administrative
Trustees, or any one of them, on behalf of the Trust shall execute and make available for delivery,
in exchange for or in lieu of any such mutilated, destroyed, lost or stolen Trust Securities
Certificate, a new Trust Securities Certificate of like class, tenor and denomination. In
connection with the issuance of any new Trust Securities Certificate under this Section 5.5, the
Administrative Trustees or the Securities Registrar may require the payment of a sum sufficient to
cover any tax or other governmental charge that may be imposed in connection therewith. Any
duplicate Trust Securities Certificate issued pursuant to this Section 5.5 shall constitute
conclusive evidence of an undivided beneficial interest in the Trust Property, as if originally
issued, whether or not the lost, stolen or destroyed Trust Securities Certificate shall be found at
any time.

     If any such mutilated, destroyed, lost or stolen Trust Securities Certificate has become or is
about to become due and payable, the Administrative Trustees in their discretion may, instead of
issuing a new Trust Securities Certificate, pay such Trust Securities Certificate.

     The provisions of this Section 5.5 are exclusive and shall preclude (to the extent lawful) all
other rights and remedies with respect to the replacement of mutilated, destroyed, lost or stolen
Trust Securities Certificates.

SECTION 5.6. Persons Deemed Holders.

     The Trustees or the Securities Registrar shall treat the Person in whose name any Trust
Securities Certificate shall be registered in the Securities Register as the owner of such Trust
Securities Certificate for the purpose of receiving Distributions and for all other purposes
whatsoever, and neither the Trustees nor the Securities Registrar shall be bound by any notice to
the contrary.

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SECTION 5.7. Access to List of Holders’ Names and Addresses.

     Each Holder and each Owner shall be deemed to have agreed not to hold the Depositor, or any of
the Trustees, accountable by reason of the disclosure of its name and address, regardless of the
source from which such information was derived.

SECTION 5.8. Maintenance of Office or Agency.

     The Administrative Trustees shall maintain an office or offices or agency or agencies where
Preferred Securities Certificates may be surrendered for registration of transfer or exchange and
where notices and demands to or upon the Trustees in respect of the Trust Securities Certificates
may be served. The Administrative Trustees initially designate [•], [•] Attention: Corporate Trust
and Agency Services, as their principal corporate trust office for such purposes. The
Administrative Trustees shall give prompt written notice to the Depositor and to the Holders of any
change in the location of the Securities Register or any such office or agency.

SECTION 5.9. Appointment of Paying Agent.

     The Paying Agent shall make Distributions to Holders from the Payment Account and shall report
the amounts of such Distributions to the Property Trustee and the Administrative Trustees. Any
Paying Agent shall have the power to receive funds (and if the Paying Agent shall also be the
Property Trustee, such Paying Agent shall have the power to withdraw funds) from the Payment
Account solely for the purpose of making the Distributions referred to above. The Administrative
Trustees may revoke such power and remove the Paying Agent if such Trustees determine in their sole
discretion that the Paying Agent shall have failed to perform its obligations under this
Declaration in any material respect. The Paying Agent shall initially be the Bank, and any
co-paying agent chosen by the Bank, and acceptable to the Administrative Trustees and the
Depositor. Any Person acting as Paying Agent shall be permitted to resign as Paying Agent upon
30 days’ written notice to the Administrative Trustees and the Property Trustee. In the event that
the Bank shall no longer be the Paying Agent or a successor Paying Agent shall resign or its
authority to act be revoked, the Property Trustee shall appoint a successor to act as Paying Agent,
which will be a bank or trust company that is acceptable to the Administrative Trustee and the
Depositor. The Administrative Trustees shall cause such successor Paying Agent or any additional
Paying Agent appointed by the Administrative Trustees to execute and deliver to the Trustees an
instrument in which such successor Paying Agent or additional Paying Agent shall agree with the
Trustees that as Paying Agent, such successor Paying Agent or additional Paying Agent will hold all
sums, if any, held by it for payment to the Holders in trust for the benefit of the Holders
entitled thereto until such sums shall be paid to such Holders. The Paying Agent shall return all
unclaimed funds to the Property Trustee and upon removal of a Paying Agent such Paying Agent shall
also return all funds in its possession to the Property Trustee. The provisions of Sections 8.1,
8.3 and 8.6 shall apply to the Bank also in its capacity as Paying Agent, for so long as the Bank
shall act as Paying Agent and, to the extent applicable, to any other paying agent appointed
hereunder. Any reference in this Declaration to the Paying Agent shall include any co-paying agent
unless the context requires otherwise.

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SECTION 5.10. Ownership of Common Securities by Depositor.

     At the Closing Date, the Depositor shall acquire and retain beneficial and record ownership of
the Common Securities executed and delivered on the Closing Date. To the fullest extent permitted
by law, other than (i) a transfer to an Affiliate of the Depositor or (ii) in connection with a
transaction permitted pursuant to Article Eight of the Indenture, any attempted transfer of the
Common Securities shall be void; provided, however, that any transfer of the Common Securities to
an Affiliate of the Depositor shall be conditioned upon satisfaction of both of the following:
(a) the Depositor shall continue to maintain, directly or indirectly, 100% ownership of the Common
Securities and (b) the Trust shall not be required to register as an investment company under the
1940 Act as a result of such transfer. The Administrative Trustees shall cause each Common
Securities Certificate issued to the Depositor to contain a legend stating “THIS CERTIFICATE IS NOT
TRANSFERABLE OTHER THAN IN ACCORDANCE WITH SECTION 5.10 OF THE DECLARATION.”

SECTION 5.11. Global Preferred Securities Certificates; Common Securities Certificate.

     (a) The Preferred Securities Certificates, upon original issuance, will be issued in the form
of a typewritten Preferred Securities Certificate or Certificates representing Global Preferred
Securities, to be delivered to, or as instructed by The Depository Trust Company, the initial
Clearing Agency, by, or on behalf of, the Trust. Such Preferred Securities Certificate or
Certificates shall initially be registered on the Securities Register in the name of Cede & Co.,
the nominee of the initial Clearing Agency, and no Owner will receive a Definitive Preferred
Securities Certificate representing such Owner’s interest in such Preferred Securities and no
transfer of the certificate representing the Book-Entry Preferred Security in whole or in part may
be registered, in the name of any Person other than the Clearing Agency for such Book-Entry
Preferred Security or a nominee thereof, except as provided in Section 5.13. Unless and until
Definitive Preferred Securities Certificates have been issued to Owners pursuant to Section 5.13:

     (i) the Securities Registrar and the Trustees shall be entitled to deal with the
Clearing Agency for all purposes of this Declaration relating to the Global Preferred
Securities (including the payment of the Liquidation Amount of and Distributions on the
Preferred Securities evidenced by Book-Entry Preferred Securities Certificates and the
giving of instructions or directions to Owners of Preferred Securities evidenced by
Book-Entry Preferred Securities Certificates) as the sole Holder of Preferred Securities and
shall have no obligations to the Owners thereof;

     (ii) to the extent that the provisions of this Section 5.11 conflict with any other
provisions of this Declaration, the provisions of this Section 5.11 shall control; and

     (iii) the rights of the Owners of the Book-Entry Preferred Securities Certificates
shall be exercised only through the Clearing Agency and shall be limited to those
established by law and agreements between such Owners and the Clearing Agency and/or the
Clearing Agency Participants. Pursuant to the Certificate Depository Agreement, unless and
until Definitive Preferred Securities Certificates are issued pursuant to Section 5.13, the
initial Clearing Agency will make book-entry transfers

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among the Clearing Agency Participants and receive and transmit payments on the
Preferred Securities to such Clearing Agency Participants.

     (b) A single Common Securities Certificate representing the Common Securities shall be issued
to the Depositor in the form of a definitive Common Securities Certificate.

SECTION 5.12. Notices to Clearing Agency.

     To the extent that a notice or other communication to the Holders or Owners is required under
this Declaration, unless and until Definitive Preferred Securities Certificates shall have been
issued to Owners pursuant to Section 5.13, the Trustees shall give all such notices and
communications specified herein to be given to Holders and Owners to the Clearing Agency, and shall
have no obligations to the Owners.

SECTION 5.13. Definitive Preferred Securities Certificates.

     If (a) the Depositor advises the Trustees in writing that the Clearing Agency is no longer
willing or able to properly discharge its responsibilities with respect to the Preferred Securities
Certificates, and the Depositor is unable to locate a qualified successor, (b) the Depositor at its
option advises the Trustees in writing that it elects to terminate the book-entry system through
the Clearing Agency, (c) the Clearing Agency ceases to be a clearing agency registered under the
Exchange Act and no qualified successor is appointed by the Administrative Trustees within 90 days
after its receipt of such notice or its becoming aware of such cessation, or (d) there shall have
occurred and be continuing a Debenture Event of Default, then an Administrative Trustee shall
notify the Clearing Agency and the Clearing Agency shall notify all Owners of Book-Entry Preferred
Securities Certificates and the other Trustees of the occurrence of any such event and of the
availability of the Definitive Preferred Securities Certificates to Owners of such class or
classes, as applicable, requesting the same. Upon surrender to the Property Trustee or Registrar
of the typewritten Preferred Securities Certificate or Certificates representing the Book Entry
Preferred Securities Certificates by the Clearing Agency, accompanied by registration instructions,
the Administrative Trustees, or any one of them, shall execute the Definitive Preferred Securities
Certificates in accordance with the instructions of the Clearing Agency. Neither the Securities
Registrar nor the Trustees shall be liable for any delay in delivery of such instructions and may
conclusively rely on, and shall be fully protected in relying on, such instructions. Upon the
issuance of Definitive Preferred Securities Certificates, the Trustees shall recognize the Holders
of the Definitive Preferred Securities Certificates as Holders. The Definitive Preferred
Securities Certificates shall be printed, lithographed or engraved or may be produced in any other
manner as is reasonably acceptable to the Administrative Trustees, as evidenced by the execution
thereof by the Administrative Trustees or any one of them.

SECTION 5.14. Rights of Holders.

     (a) The legal title to the Trust Property is vested exclusively in the Property Trustee (in
its capacity as such) in accordance with Section 2.9, and the Holders shall not have any right or
title therein other than the undivided beneficial interest in the assets of the Trust conferred by
their Trust Securities and they shall have no right to call for any partition or division of
property,

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profits or rights of the Trust except as described below. The Trust Securities shall be
personal property giving only the rights specifically set forth therein and in this Declaration.
The Trust Securities shall have no preemptive or similar rights. When issued and delivered to
Holders of Preferred Securities against payment of the purchase price therefor, the Preferred
Securities will be fully paid and nonassessable undivided beneficial interests in the Trust
Property. The Holders, in their capacities as such, shall be entitled to the same limitation of
personal liability extended to stockholders of private corporations for profit organized under the
General Corporation Law of the State of Delaware.

     (b) For so long as any Preferred Securities remain Outstanding, if, upon a Debenture Event of
Default, the Debenture Trustee fails or the holders of not less than 25% in aggregate principal
amount of the outstanding Debentures fail to declare the principal of all of the Debentures to be
immediately due, the Holders of at least 25% in aggregate Liquidation Amount of the Preferred
Securities then Outstanding shall have such right by a notice in writing to the Depositor, the
Property Trustee and the Debenture Trustee; and upon any such declaration such principal amount of
and the accrued interest on all of the Debentures shall become immediately due, provided that the
payment of principal and interest on such Debentures shall remain subordinated to the extent
provided in the Indenture.

     At any time after such a declaration of acceleration with respect to the Debentures has been
made and before a judgment or decree for payment of the money due has been obtained by the
Debenture Trustee as provided in the Indenture, the Holders of a Majority in Liquidation Amount of
the Preferred Securities, by written notice to the Property Trustee, the Depositor and the
Debenture Trustee, may rescind and annul such declaration and its consequences if:

     (i) the Depositor has paid or deposited with the Debenture Trustee a sum sufficient to
pay

     (A) all overdue installments of interest (including any Additional Interest) on
all of the Debentures,

     (B) the principal of (and premium, if any, on) any Debentures which have become
due otherwise than by such declaration of acceleration and interest thereon at the
rate borne by the Debentures, and

     (C) all sums paid or advanced by the Debenture Trustee under the Indenture and
the reasonable compensation, expenses, disbursements and advances of the Debenture
Trustee and the Property Trustee, their agents and counsel; and

     (ii) all Events of Default with respect to the Debentures, other than the non- payment
of the principal of the Debentures which has become due solely by such acceleration, have
been cured or waived as provided in Section 513 of the Indenture.

     The Holders of a Majority in Liquidation Amount of the Preferred Securities may, on behalf of
the Holders of all the Preferred Securities, waive any past default under the Indenture

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or Debenture Event of Default with respect to the Debentures, except a default in the payment
of principal or interest (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 Debenture Trustee) or a default in respect of a covenant or provision which
under the Indenture cannot be modified or amended without the consent of the holder of each
outstanding Debenture. Upon any such waiver, such default or Debenture Event of Default shall
cease to exist and any default or Debenture Event of Default arising therefrom shall be deemed to
have been cured for every purpose of the Indenture, but no such waiver shall affect any subsequent
default or impair any right consequent thereon.

     Upon receipt by the Property Trustee of written notice declaring such an acceleration, or
rescission and annulment thereof, by Holders of any part of the Preferred Securities, a record date
shall be established for determining Holders of Outstanding Preferred Securities entitled to join
in such notice, which record date shall be at the close of business on the day the Property Trustee
receives such notice. The Holders on such record date, or their duly designated proxies, and only
such Persons, shall be entitled to join in such notice, whether or not such Holders remain Holders
after such record date; provided that, unless such declaration of acceleration, or rescission and
annulment, as the case may be, shall have become effective by virtue of the requisite percentage
having joined in such notice prior to the day that is 90 days after such record date, such notice
of declaration of acceleration, or rescission and annulment, as the case may be, shall
automatically and without further action by any Holder be canceled and of no further effect.
Nothing in this paragraph shall prevent a Holder, or a proxy of a Holder, from giving, after
expiration of such 90-day period, a new written notice of declaration of acceleration, or
rescission and annulment thereof, as the case may be, that is identical to a written notice which
has been canceled pursuant to the proviso to the preceding sentence, in which event a new record
date shall be established pursuant to the provisions of this Section 5.14(b).

     (c) For so long as any Preferred Securities remain Outstanding, to the fullest extent
permitted by law and subject to the terms of this Declaration and the Indenture, upon the failure
of the Depositor to pay interest or principal on the Debentures on the date that interest or
principal is otherwise payable (except for deferrals permitted by the Indenture and this
Declaration), any Holder of Preferred Securities shall have the right to institute a proceeding
directly against the Depositor for enforcement of payment to such Holder of any amounts payable in
respect of Debentures having an aggregate principal amount equal to the Liquidation Amount of the
Preferred Securities of such Holder (a “Direct Action”). Except as set forth in Section 5.14(b)
and this Section 5.14(c) or Section 7.07 of the Indenture, Holders of Preferred Securities shall
have no right to exercise directly any right or remedy available to holders of, or in respect of,
Debentures.

     (d) Except as otherwise provided in paragraphs (a), (b) and (c) of this Section 5.14, the
Holders of a Majority in Liquidation Amount of the Preferred Securities may, on behalf of the
Holders of all the Preferred Securities, waive any past default or Event of Default and its
consequences. Upon such waiver, any such default or Event of Default shall cease to exist, and any
default or Event of Default arising therefrom shall be deemed to have been cured, for every purpose
of this Declaration, but no such waiver shall extend to any subsequent or other default or Event of
Default or impair any right consequent thereon.

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     Notwithstanding anything contained herein to the contrary, the Property Trustee shall not be
bound, obligated or required to take any action at the request or direction of any of any Holder or
Owner pursuant to this Declaration if such Holder or Owner shall not have made available to the
Property Trustee, security or indemnity reasonably acceptable to the Property Trustee against the
costs, expenses and liabilities, including fees and expenses of its agents and counsel) which might
be incurred by it in compliance with the written request or direction.

ARTICLE VI.

ACTS OF HOLDERS; MEETINGS; VOTING

SECTION 6.1. Limitations on Voting Rights.

     (a) Except as provided in this Declaration and in the Indenture, and as otherwise required by
law, no Holder of Preferred Securities shall have any right to vote or in any manner otherwise
control the administration, operation and management of the Trust or the obligations of the parties
hereto, nor shall anything herein set forth, or contained in the terms of the Trust Securities
Certificates, be construed so as to constitute the Holders from time to time as partners or members
of an association.

     (b) So long as any Debentures are held by the Property Trustee, the Trustees shall not
(i) direct the time, method or place of conducting any proceeding for any remedy available to the
Debenture Trustee, or executing any trust or power conferred on the Debenture Trustee with respect
to such Debentures, (ii) waive any past default which is waivable under Section 513 of the
Indenture, (iii) exercise any right to rescind or annul a declaration that the principal of all the
Debentures shall be due and payable or (iv) consent to any amendment, modification or termination
of the Indenture or the Debentures, where such consent shall be required, without, in each case,
obtaining the prior approval of the Holders of a Majority in Liquidation Amount of the Preferred
Securities; provided, however, that where a consent under the Indenture would require the consent
of each holder of Debentures affected thereby, no such consent shall be given by the Property
Trustee without the prior written consent of each Holder of Preferred Securities. The Trustees
shall not revoke any action previously authorized or approved by a vote of the Holders of Preferred
Securities, except by a subsequent vote of the Holders of Preferred Securities. The Property
Trustee shall notify all Holders of Preferred Securities of any notice of default received from the
Debenture Trustee with respect to the Debentures. In addition to obtaining the foregoing approvals
of Holders of Preferred Securities, prior to taking any of the foregoing actions, the
Administrative Trustees shall obtain an Opinion of Counsel experienced in such matters to the
effect that such action shall not cause the Trust to be classified as other than a grantor trust or
agency arrangement or cause the Trust to be taxable as a corporation for United States federal
income tax purposes.

     (c) If any proposed amendment to the Declaration provides for, or the Trustees otherwise
propose to effect, (i) any action that would adversely affect in any material respect the powers,
preferences or special rights of the Preferred Securities, whether by way of amendment to this
Declaration or otherwise, or (ii) the dissolution, winding-up or termination of the Trust, other
than pursuant to the terms of this Declaration, then the Holders of Outstanding Preferred
Securities as a class will be entitled to vote on such amendment or proposal and such amendment

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or proposal shall not be effective except with the approval of the Holders of a Majority in
Liquidation Amount of the Preferred Securities. Notwithstanding any other provision of this
Declaration, no amendment to this Declaration may be made if, as a result of such amendment, it
would cause the Trust to be classified as other than a grantor trust or taxable as a corporation
for United States federal income tax purposes.

SECTION 6.2. Notice of Meetings.

     Notice of all meetings of the Holders of Preferred Securities, stating the time, place and
purpose of the meeting, shall be given by the Property Trustee pursuant to Section 10.8 to each
such Holder at such Holder’s address as it appears in the Securities Register as of the record date
for such meeting. Such notice shall be sent, first-class mail, at least 15 days and not more than
90 days before the meeting. At any such meeting, any business properly before the meeting may be
so considered whether or not stated in the notice of the meeting. Any adjourned meeting may be
held as adjourned without further notice.

SECTION 6.3. Meetings of Holders of Preferred Securities.

     No annual meeting of Holders is required to be held. The Administrative Trustees, however,
shall call a meeting of the Holders of Preferred Securities to vote on any matter upon the written
request of the Holders of record of at least 25% in aggregate Liquidation Amount of Outstanding
Preferred Securities and the Administrative Trustees or the Property Trustee may, at any time in
their discretion, call a meeting of the Holders of Preferred Securities to vote on any matters as
to which the Holders of Preferred Securities are entitled to vote. The Holders of a Majority in
Liquidation Amount of the Preferred Securities, present in person or by proxy, shall constitute a
quorum at any meeting of Holders of Preferred Securities.

     If a quorum is present at a meeting, an affirmative vote by the Holders of record present, in
person or by proxy, holding a Majority in aggregate Liquidation Amount of the Preferred Securities
held by the Holders of record present, either in person or by proxy, at such meeting shall
constitute the action of the Holders of Preferred Securities, unless this Declaration requires a
lesser or greater number of affirmative votes.

SECTION 6.4. Voting Rights.

     In respect of any matter as to which a Holder is entitled to vote, such Holder shall be
entitled to one vote for each Trust Security held of record by such Holder.

SECTION 6.5. Proxies, etc.

     At any meeting of Holders, any Holder entitled to vote thereat may vote by proxy, provided
that no proxy shall be voted at any meeting unless it shall have been placed on file with the
Administrative Trustees, or with such other officer or agent of the Trust as the Administrative
Trustees may direct, for verification prior to the time at which such vote shall be taken.
Pursuant to a resolution of the Property Trustee, proxies may be solicited in the name of the
Property Trustee or one or more officers of the Property Trustee. Only Holders of record shall be
entitled to vote. When Trust Securities are held jointly by several Persons, any one of them may
vote at

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any meeting in person or by proxy in respect of such Trust Securities, but if more than one of
them shall be present at such meeting in person or by proxy, and such joint owners or their proxies
so present disagree as to any vote to be cast, such vote shall not be received in respect of such
Trust Securities. A proxy purporting to be executed by or on behalf of a Holder shall be deemed
valid unless challenged at or prior to its exercise, and the burden of proving invalidity shall
rest on the challenger. No proxy shall be valid more than three years after its date of execution.

SECTION 6.6. Holder Action by Written Consent.

     Any action that may be taken by Holders at a meeting may be taken without a meeting and
without prior notice if Holders holding a Majority in Liquidation Amount of the Preferred
Securities entitled to vote in respect of such action (or such lesser or greater proportion thereof
as shall be required by any express provision of this Declaration) shall consent to the action in
writing. Any action that may be taken by the Holders of all the Common Securities may be taken if
such Holders shall consent to the action in writing.

SECTION 6.7. Record Date for Voting and Other Purposes.

     Except as provided in Section 5.14(b), for the purpose of determining the Holders who are
entitled to notice of and to vote at any meeting or to act by written consent, or to participate in
any Distribution on the Trust Securities in respect of which a record date is not otherwise
provided for in this Declaration, or for the purpose of any other action, the Administrative
Trustees or Property Trustee may from time to time fix a date, not more than 90 days prior to the
date of any meeting of Holders or the payment of a Distribution or other action, as the case may
be, as a record date for the determination of the identity of the Holders of record for such
purposes.

SECTION 6.8. Acts of Holders.

     Any request, demand, authorization, direction, notice, consent, waiver or other action
provided or permitted by this Declaration to be given, made or taken by Holders or Owners may be
embodied in and evidenced by one or more instruments of substantially similar tenor signed by such
Holders or Owners in person or by an agent duly appointed in writing; and, except as otherwise
expressly provided herein, such action shall become effective when such instrument or instruments
are delivered to an Administrative Trustee and the Property Trustee. Such instrument or
instruments (and the action embodied therein and evidenced thereby) are herein sometimes referred
to as the “Act” of the Holders or Owners signing such instrument or instruments. Proof of
execution of any such instrument or of a writing appointing any such agent shall be sufficient for
any purpose of this Declaration and (subject to Section 8.1) conclusive in favor of the Trustees,
if made in the manner provided in this Section 6.8.

     The fact and date of the execution by any Person of any such instrument or writing may be
proved by the affidavit of a witness to such execution or by a certificate of a notary public or
other officer authorized by law to take acknowledgments of deeds, certifying that the individual
signing such instrument or writing acknowledged to him the execution thereof. Where such

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execution is by a signer acting in a capacity other than his individual capacity, such
certificate or affidavit shall also constitute sufficient proof of his authority. The fact and
date of the execution of any such instrument or writing, or the authority of the Person executing
the same, may also be proved in any other manner which any Trustee receiving the same deems
sufficient.

     The ownership of Trust Securities shall be proved by the Securities Register.

     Any request, demand, authorization, direction, notice, consent, waiver or other Act of the
Holder of any Trust Security shall bind every future Holder of the same Trust Security and the
Holder of every Trust Security issued upon the registration of transfer thereof or in exchange
therefor or in lieu thereof in respect of anything done, omitted or suffered to be done by the
Trustees or the Trust in reliance thereon, whether or not notation of such action is made upon such
Trust Security.

     Without limiting the foregoing, a Holder entitled hereunder to take any action hereunder with
regard to any particular Trust Security may do so with regard to all or any part of the Liquidation
Amount of such Trust Security or by one or more duly appointed agents each of which may do so
pursuant to such appointment with regard to all or any part of such Liquidation Amount.

     If any dispute shall arise between the Holders and the Administrative Trustees or among such
Holders or Trustees with respect to the authenticity, validity or binding nature of any request,
demand, authorization, direction, consent, waiver or other Act of such Holder or Trustee under this
Article VI, then the determination of such matter by the Property Trustee shall be conclusive with
respect to such matter.

SECTION 6.9. Inspection of Records.

     Upon reasonable prior written notice to the Administrative Trustees and the Property Trustee,
the records of the Trust shall be open to inspection by any Holder during normal business hours for
any purpose reasonably related to such Holder’s interest as a Holder.

ARTICLE VII.

REPRESENTATIONS AND WARRANTIES

SECTION 7.1. Representations and Warranties of the Property Trustee and the Delaware Trustee.

     The Property Trustee and the Delaware Trustee, each severally on behalf of and as to itself
alone, hereby represents and warrants for the benefit of the Depositor and the Holders that:

     (a) the Property Trustee is a national banking association, duly organized, validly existing
and in good standing under the laws of the United States;

     (b) the Property Trustee has full corporate power, authority and legal right to execute,
deliver and perform its obligations under this Declaration and has taken all necessary action to
authorize the execution, delivery and performance by it of this Declaration;

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     (c) the Delaware Trustee is a national banking association duly organized, validly existing
and in good standing under the laws of the State of United States;

     (d) the Delaware Trustee has full corporate power, authority and legal right to execute,
deliver and perform its obligations under this Declaration and has taken all necessary action to
authorize the execution, delivery and performance by it of this Declaration;

     (e) this Declaration has been duly authorized, executed and delivered by the Property Trustee
and the Delaware Trustee and constitutes the valid and legally binding agreement of each of the
Property Trustee and the Delaware Trustee enforceable against each of them in accordance with its
terms, subject to bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium and
similar laws of general applicability relating to or affecting creditors’ rights and to general
equity principles;

     (f) the execution, delivery and performance of this Declaration will not violate the Charter
or By-laws of the Property Trustee or the Delaware Trustee;

     (g) the execution, delivery or performance by the Property Trustee or the Delaware Trustee of
this Declaration does not require the consent or approval of, the giving of notice to, or the
registration with and Federal or New York banking authority or agency in the case of the Property
Trustee or any Federal or Delaware banking authority or agency in the case of the Delaware Trustee.

SECTION 7.2. Representations and Warranties of Depositor.

     The Depositor hereby represents and warrants for the benefit of the Holders that the Trust
Securities Certificates issued on the Closing Date and the Trust Securities Certificates issued in
connection with the exercise of any over-allotment option set forth in the Underwriting Agreement
on behalf of the Trust have been duly authorized and will have been, duly and validly executed,
issued and delivered by an Administrative Trustee pursuant to the terms and provisions of, and in
accordance with the requirements of, this Declaration and the Holders will be, as of each such
date, entitled to the benefits of this Declaration.

ARTICLE VIII.

THE TRUSTEES

SECTION 8.1. Certain Duties and Responsibilities.

     (a) Other than during the occurrence and continuance of an Event of Default, the Property
Trustee undertakes to perform only the duties that are specifically set forth in the Amended
Declaration. After an Event of Default, the Property Trustee shall exercise the same degree of
care and skill in their exercise as a prudent person would exercise or use under the circumstances
in the conduct of his or her own affairs.

     (b) The duties and responsibilities of the Trustees shall be as expressly provided by this
Declaration and, in addition, in the case of the Property Trustee, by the Trust Indenture Act.
Notwithstanding the foregoing, no provision of this Declaration shall require the Trustees to

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expend or risk their own funds or otherwise to incur any financial liability in the
performance of any of their duties hereunder, or in the exercise of any of their rights or powers,
if they shall have reasonable grounds for believing that repayment of such funds or adequate
indemnity against such risk or liability is not reasonably assured to it. Whether or not therein
expressly so provided, every provision of this Declaration relating to the conduct or affecting the
liability of or affording protection to the Trustees shall be subject to the provisions of this
Section 8.1.

     (c) No provision in this Declaration shall be construed to release a Trustee from liability
for his own negligent action, his own negligent failure to act, or his own willful misconduct. To
the extent that, at law or in equity, a Trustee has duties (including fiduciary duties) to the
Trust or to the Holders, and liabilities relating thereto, such Trustee shall not be liable to the
Trust or to any Holder for such Trustee’s good faith reliance on the provisions of this
Declaration. The provisions of this Declaration, to the extent that they restrict the duties and
liabilities of the Trustees otherwise existing at law or in equity, are agreed by the Depositor and
the Holders to replace such other duties and liabilities of the Trustees.

     (d) All payments made by the Property Trustee or a Paying Agent in respect of the Trust
Securities shall be made only from the revenue and proceeds from the Trust Property and only to the
extent that there shall be sufficient revenue or proceeds from the Trust Property to enable the
Property Trustee or a Paying Agent to make payments in accordance with the terms hereof. Each
Holder, by its acceptance of a Trust Security, agrees that it will look solely to the revenue and
proceeds from the Trust Property to the extent legally available for distribution to it as herein
provided and that the Trustees are not personally liable to it for any amount distributable in
respect of any Trust Security or for any other liability in respect of any Trust Security. This
Section 8.1(c) does not limit the liability of the Trustees expressly set forth elsewhere in this
Declaration or, in the case of the Property Trustee, in the Trust Indenture Act.

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

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

     (ii) the Property Trustee shall not be liable with respect to any action taken or
omitted to be taken by it in good faith in accordance with the direction of the Holders of a
Majority in Liquidation Amount of the Preferred Securities relating to the time, method and
place of conducting any proceeding for any remedy available to the Property Trustee, or
exercising any trust or power conferred upon the Property Trustee under this Declaration;

     (iii) the Property Trustee’s sole duty with respect to the custody, safe keeping and
physical preservation of the Debentures and the Payment Account shall be to deal with such
property in a similar manner as the Property Trustee deals with similar property

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for its own account, subject to the protections and limitations on liability afforded
to the Property Trustee under this Declaration and the Trust Indenture Act;

     (iv) the Property Trustee shall not be liable for any interest on any money received by
it except as it may otherwise agree with the Depositor; and money held by the Property
Trustee need not be segregated from other funds held by it except in relation to the Payment
Account maintained by the Property Trustee pursuant to Section 3.1 and except to the extent
otherwise required by law; and

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

SECTION 8.2. Certain Notices.

     Within five Business Days after the occurrence of any Event of Default actually known to a
Responsible Officer of the Property Trustee, the Property Trustee shall transmit, in the manner and
to the extent provided in Section 10.8, notice of such Event of Default to the Holders, the
Administrative Trustees and the Depositor, unless such Event of Default shall have been cured or
waived.

     Within five Business Days after the receipt of notice of the Depositor’s exercise of its right
to defer the payment of interest on the Debentures pursuant to the Indenture, the Administrative
Trustee shall transmit, in the manner and to the extent provided in Section 10.8, written notice of
such exercise to the Holders and the Property Trustee, unless such exercise shall have been
revoked.

SECTION 8.3. Certain Rights of Property Trustee.

     Subject to the provisions of Section 8.1:

     (a) the Property Trustee may conclusively rely and shall be fully protected in acting or
refraining from acting in good faith upon any resolution, Opinion of Counsel, certificate, written
representation of a Holder or transferee, certificate of auditors or any other certificate,
statement, instrument, opinion, report, notice, request, consent, order, appraisal, bond,
debenture, note, other evidence of indebtedness or other paper or document believed by it to be
genuine and to have been signed or presented by the proper party or parties;

     (b) if (i) in performing its duties under this Declaration the Property Trustee is required to
decide between alternative courses of action or (ii) in construing any of the provisions of this
Declaration the Property Trustee finds the same ambiguous or inconsistent with any other provisions
contained herein or (iii) the Property Trustee is unsure of the application of any provision of
this Declaration, then, except as to any matter as to which the Holders of Preferred Securities are
entitled to vote under the terms of this Declaration, the Property Trustee shall deliver a notice
to the Depositor requesting written instructions of the Depositor as to the course of action to be
taken and the Property Trustee shall take such action,

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or refrain from taking such action, as the Property Trustee shall be instructed in writing to
take, or to refrain from taking, by the Depositor; provided, however, that if the Property Trustee
does not receive such instructions of the Depositor within ten Business Days after it has delivered
such notice, or such reasonably shorter period of time set forth in such notice (which to the
extent practicable shall not be less than two Business Days), it may, but shall be under no duty
to, take or refrain from taking such action not inconsistent with this Declaration as it shall deem
advisable and in the best interests of the Holders, in which event the Property Trustee shall have
no liability except for its own bad faith, negligence or willful misconduct;

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

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

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

     (f) the Property Trustee may consult with counsel (which counsel may be counsel to the
Depositor or any of its Affiliates, and may include any of its employees) and the advice of such
counsel shall be full and complete authorization and protection in respect of any action taken,
suffered or omitted by it hereunder in good faith and in reliance thereon and in accordance with
such advice; the Property Trustee shall have the right at any time to seek instructions concerning
the administration of this Declaration from any court of competent jurisdiction;

     (g) None of the provisions of this Declaration shall require the Property Trustee to expend or
risk its own funds or otherwise to incur any financial liability in the performance of any of its
duties hereunder, or in the exercise of any of its rights or powers and, subject to Section 8.1(c),
the Property Trustee shall be under no obligation to exercise any of the rights or powers vested in
it by this Declaration at the request or direction of any of the Holders pursuant to this
Declaration, unless such Holders shall have offered to the Property Trustee reasonable security or
indemnity satisfactory to it against the costs, expenses and liabilities which might be incurred by
it in compliance with such request or direction; provided, however, that, nothing contained in this
Section 8.3(g) shall be taken to relieve the Property Trustee, upon the occurrence of an Event of
Default, of its obligation to exercise the rights and powers vested in it by this Declaration;

     (h) the Property 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, note or other evidence of indebtedness or other
paper or document, unless requested in writing to do so by one or more Holders, but the Property

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Trustee may make such further inquiry or investigation into such facts or matters as it may
see fit;

     (i) the Property Trustee may execute any of the trusts or powers hereunder or perform any
duties hereunder either directly or by or through its agents, attorneys, custodians or nominees
provided that the Property Trustee shall be responsible for its own negligence or willful
misconduct with respect to selection of any agent, attorney, custodian or nominee appointed by it
hereunder;

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

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

     (l) without prejudice to any other rights available to the Property Trustee under applicable
law, when the Property Trustee incurs expenses or renders services in connection with a Bankruptcy
Event, such expenses (including legal fees and expenses of its counsel) and the compensation for
such services are intended to constitute expenses of administration under any bankruptcy law or law
relating to creditors rights generally;

     (m) the Property Trustee shall not be deemed to have notice or be charged with knowledge of
any default or Event of Default unless a Responsible Officer of the Property Trustee has actual
knowledge thereof or unless written notice of such a Default is received from the Depositor, any
Administrative Trustee, Debenture Trustee or a Holder by the Property Trustee at the Corporate
Trust Office of the Property Trustee, and such notice references the Securities;

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

     (o) anything in this Declaration notwithstanding, in no event shall the Property Trustee be
responsible or liable for special, indirect or consequential loss or damage of any kind
whatsoever (including, but not limited to, loss of profit) irrespective of whether the Trustees
have been advised of the likelihood of such loss or damage regardless of the form of action.

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     No provision of this Declaration shall be deemed to impose any duty or obligation on the
Property Trustee to perform any act or acts or exercise any right, power, duty or obligation
conferred or imposed on it, in any jurisdiction in which it shall be illegal, or in which the
Property Trustee shall be unqualified or incompetent in accordance with applicable law, to perform
any such act or acts, or to exercise any such right, power, duty or obligation. No permissive
power or authority available to the Property Trustee shall be construed to be a duty. The Delaware
Trustee shall have the same rights and benefits as the Property Trustee under this paragraph and
paragraphs (a) through (l) of this Section 8.3.

SECTION 8.4. Not Responsible for Recitals or Issuance of Securities.

     The recitals contained herein and in the Trust Securities Certificates shall be taken as the
statements of the Trust, and the Trustees do not assume any responsibility for their correctness.
The Trustees shall not be accountable for the use or application by the Depositor of the proceeds
of the Debentures.

SECTION 8.5. May Hold Securities.

     Any Trustee or any other agent of any Trustee or the Trust, in its individual or any other
capacity, may become the owner or pledgee of Trust Securities and, subject to Sections 8.8 and 8.13
and except as provided in the definition of the term “Outstanding” in Article I, may otherwise deal
with the Trust with the same rights it would have if it were not a Trustee or such other agent.

SECTION 8.6. Compensation; Indemnity; Fees.

     The Depositor agrees:

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

     (b) except as otherwise expressly provided herein, to reimburse the Trustees upon request for
all reasonable expenses, disbursements and advances incurred or made by the Trustees in accordance
with any provision of this Declaration (including the reasonable compensation and the expenses and
disbursements of its agents and counsel), except any such expense, disbursement or advance as may
be attributable to its negligence or bad faith; and

     (c) to the fullest extent permitted by applicable law, to indemnify, defend and hold harmless
(i) each Trustee in its individual capacity, (ii) any Affiliate of any Trustee, (iii) any officer,
director, shareholder, employee, representative or agent of any Trustee, and (iv) any employee or
agent of the Trust or its Affiliates, (referred to herein as an “Indemnified Person”) from and
against any loss, damage, liability, tax (other than income, franchise or other taxes imposed on
amounts paid pursuant to paragraph (a) or (b) of this Section 8.6), penalty, expense or claim of
any kind or nature whatsoever incurred by such Indemnified Person by reason of or in connection
with the creation, existence, operation or termination of the Trust or any act or omission
performed or omitted by such Indemnified Person in good faith on behalf of the Trust

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and in a manner such Indemnified Person reasonably believed to be within the scope of
authority conferred on such Indemnified Person by this Declaration, except that no Indemnified
Person shall be entitled to be indemnified pursuant to this Section 8.6 in respect of any loss,
damage or claim incurred by such Indemnified Person by reason of negligence or willful misconduct
with respect to such acts or omissions.

     The provisions of this Section 8.6 shall survive the termination of this Declaration. No
Trustee may claim any Lien on any Trust Property as a result of any amount due pursuant to this
Section 8.6.

     The Depositor and any Trustee (in the case of the Property Trustee, subject to Section 8.8)
may engage in or possess an interest in other business ventures of any nature or description,
independently or with others, similar or dissimilar to the business of the Trust, and the Trust and
the Holders of Trust Securities shall have no rights by virtue of this Declaration in and to such
independent ventures or the income or profits derived therefrom, and the pursuit of any such
venture, even if competitive with the business of the Trust, shall not be deemed wrongful or
improper. Neither the Depositor nor any Trustee shall be obligated to present any particular
investment or other opportunity to the Trust even if such opportunity is of a character that, if
presented to the Trust, could be taken by the Trust, and the Depositor or any Trustee shall have
the right to take for its own account (individually or as a partner or fiduciary) or to recommend
to others any such particular investment or other opportunity. Any Trustee may engage or be
interested in any financial or other transaction with the Depositor or any Affiliate of the
Depositor, or may act as depository for, trustee or agent for, or act on any committee or body of
holders of, securities or other obligations of the Depositor or its Affiliates.

     “Trustee” for purposes of this Section shall include any predecessor Trustee; provided,
however, that the negligence, willful misconduct or bad faith of any Trustee hereunder shall not
affect the rights of any other Trustee hereunder.

SECTION 8.7. Corporate Property Trustee Required; Eligibility of Trustees.

     (a) There shall at all times be a Property Trustee hereunder with respect to the Trust
Securities. The Property Trustee shall be a Person that is eligible pursuant to the Trust
Indenture Act to act as such and has a combined capital and surplus of at least $50,000,000. If
any such Person publishes reports of condition at least annually, pursuant to law or to the
requirements of its supervising or examining authority, then for the purposes of this Section 8.7,
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 the
Property Trustee with respect to the Trust Securities shall cease to be eligible in accordance with
the provisions of this Section, it shall resign immediately in the manner and with the effect
hereinafter specified in this Article VIII. At the time of appointment, the Property Trustee must
have securities rated in one of the three highest rating categories by a nationally recognized
statistical rating organization.

     (b) There shall at all times be one or more Administrative Trustees hereunder with respect to
the Trust Securities. Each Administrative Trustee shall be either a natural person who is at least
21 years of age or a legal entity that shall act through one or more persons authorized

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to bind that entity. An employee, officer or Affiliate of the Depositor may serve as an
Administrative Trustee.

     (c) There shall at all times be a Delaware Trustee with respect to the Trust Securities. The
Delaware Trustee shall either be (i) a natural person who is at least 21 years of age and a
resident of the State of Delaware or (ii) a legal entity with its principal place of business in
the State of Delaware and that otherwise meets the requirements of applicable Delaware law, as the
same now exists or as may hereafter be amended, and that shall act through one or more persons
authorized to bind such entity.

SECTION 8.8. Conflicting Interests.

     If the Property Trustee has or shall acquire a conflicting interest within the meaning of the
Trust Indenture Act, the Property Trustee shall either eliminate such interest or resign, to the
extent and in the manner provided by, and subject to the provisions of, the Trust Indenture Act and
this Declaration. The Guarantee and the Indenture shall be deemed to be specifically described in
this Declaration for the purposes of clause (i) of the first proviso contained in Section 310(b) of
the Trust Indenture Act.

SECTION 8.9. Co-Trustees and Separate Trustee.

     Unless a Debenture Event of Default shall have occurred and be continuing, at any time or from
time to time, for the purpose of meeting the legal requirements of the Trust Indenture Act or of
any jurisdiction in which any part of the Trust Property may at the time be located, the Holder of
the Common Securities and the Administrative Trustees shall have power to appoint one or more
Persons approved by the Property Trustee either to act as co-trustee, jointly with the Property
Trustee, of all or any part of such Trust Property, or to act as separate trustee of any such Trust
Property, in either case with such powers as may be provided in the instrument of appointment, and
to vest in such Person or Persons in such capacity, any property, title, right or power deemed
necessary or desirable, subject to the other provisions of this Section 8.9. If the Depositor does
not join in such appointment within 15 days after the receipt by it of a request so to do, or in
case a Debenture Event of Default shall have occurred and be continuing, the Property Trustee alone
shall have power to make such appointment. Any co-trustee or separate trustee appointed pursuant
to this Section 8.9 shall either be (i) a natural person who is at least 21 years of age and a
resident of the United States or (ii) a legal entity with its principal place of business in the
United States that shall act through one or more persons authorized to bind such entity.

     Should any written instrument from the Depositor be required by any co-trustee or separate
trustee so appointed for more fully confirming to such co-trustee or separate trustee such
property, title, right, or power, any and all such instruments shall, on request, be executed,
acknowledged and delivered by the Depositor.

     Every co-trustee or separate trustee shall, to the extent permitted by law, but to such extent
only, be appointed subject to the following terms, namely:

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     (a) The Trust Securities shall be executed and delivered and all rights, powers, duties, and
obligations hereunder in respect of the custody of securities, cash and other personal property
held by, or required to be deposited or pledged with, the Trustees specified hereunder shall be
exercised solely by such Trustees and not by such co-trustee or separate trustee.

     (b) The rights, powers, duties, and obligations hereby conferred or imposed upon the Property
Trustee in respect of any property covered by such appointment shall be conferred or imposed upon
and exercised or performed by the Property Trustee or by the Property Trustee and such co-trustee
or separate trustee jointly, as shall be provided in the instrument appointing such co-trustee or
separate trustee, except to the extent that under any law of any jurisdiction in which any
particular act is to be performed, the Property Trustee shall be incompetent or unqualified to
perform such act, in which event such rights, powers, duties and obligations shall be exercised and
performed by such co-trustee or separate trustee.

     (c) The Property Trustee at any time, by an instrument in writing executed by it, with the
written concurrence of the Depositor, may accept the resignation of or remove any co-trustee or
separate trustee appointed under this Section 8.9, and, in case a Debenture Event of Default has
occurred and is continuing, the Property Trustee shall have power to accept the resignation of, or
remove, any such co-trustee or separate trustee without the concurrence of the Depositor. Upon the
written request of the Property Trustee, the Depositor shall join with the Property Trustee in the
execution, delivery and performance of all instruments and agreements necessary or proper to
effectuate such resignation or removal. A successor to any co-trustee or separate trustee so
resigning or removed may be appointed in the manner provided in this Section 8.9.

     (d) No co-trustee or separate trustee hereunder shall be personally liable by reason of any
act or omission of the Property Trustee or any other trustee hereunder.

     (e) The Property Trustee shall not be liable by reason of any act or omission of a co-trustee
or separate trustee.

     (f) Any Act of Holders delivered to the Property Trustee shall be deemed to have been
delivered to each such co-trustee and separate trustee.

SECTION 8.10. Resignation and Removal; Appointment of Successor.

     No resignation or removal of any Trustee (the “Relevant Trustee”) and no appointment of a
successor Trustee pursuant to this Article VIII shall become effective until the acceptance of
appointment by the successor Trustee in accordance with the applicable requirements of
Section 8.11.

     Subject to the immediately preceding paragraph, the Relevant Trustee may resign at any time by
giving written notice thereof to the Holders, except that no such notice shall be required in the
case of resignation of an Administrative Trustee. If the instrument of acceptance by the successor
Trustee required by Section 8.11 shall not have been delivered to the Relevant Trustee within
30 days after the giving of such notice of resignation, the Relevant Trustee may petition,

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at the expense of the Trust, any court of competent jurisdiction for the appointment of a
successor Relevant Trustee.

     Unless a Debenture Event of Default shall have occurred and be continuing, any Trustee may be
removed at any time by Act of the Common Holder. The Property Trustee or the Delaware Trustee, or
both of them, may be removed by Act of the Holders of a Majority in Liquidation Amount of the
Preferred Securities, delivered to the Relevant Trustee (in its individual capacity and, in the
case of the Property Trustee, on behalf of the Trust) (i) for cause (including upon the occurrence
of an Event of Default described in subparagraphs (b) or (c) in the definition thereof with respect
to the Relevant Trustee), or (ii) at any time if a Debenture Event of Default shall have occurred
and be continuing. An Administrative Trustee may be removed by the Common Holder at any time. If
any Trustee shall resign, be removed or become incapable of acting as Trustee, or if a vacancy
shall occur in the office of any Trustee for any cause, at a time when no Debenture Event of
Default shall have occurred and be continuing, the Common Holder, by Act of the Common Holder
delivered to the retiring Relevant Trustee, shall promptly appoint a successor Relevant Trustee or
Trustees, and the retiring Relevant Trustee shall comply with the applicable requirements of
Section 8.11. If the Property Trustee or the Delaware Trustee shall resign, be removed or become
incapable of continuing to act as the Property Trustee or the Delaware Trustee, as the case may be,
at a time when a Debenture Event of Default shall have occurred and be continuing, the Preferred
Holders, by Act of the Holders of a Majority in Liquidation Amount of the Preferred Securities
delivered to the retiring Relevant Trustee, shall promptly appoint a successor Relevant Trustee or
Trustees, and such successor Relevant Trustee shall comply with the applicable requirements of
Section 8.11. If an Administrative Trustee shall resign, be removed or become incapable of acting
as Administrative Trustee, the Common Holder by Act of the Common Holder delivered to the
Administrative Trustee shall promptly appoint a successor Administrative Trustee or Administrative
Trustees and such successor Administrative Trustee or Trustees shall comply with the applicable
requirements of Section 8.11. If no successor Relevant Trustee shall have been so appointed by the
Common Holder or the Preferred Holders and accepted appointment in the manner required by
Section 8.11, any Holder who has been a Holder of Trust Securities for at least six months may, on
behalf of himself and all others similarly situated, petition any court of competent jurisdiction
for the appointment of a successor Relevant Trustee. Notwithstanding the foregoing, the right to
vote to appoint, remove or replace the Administrative Trustees is vested exclusively in the Holder
of the Common Securities, and in no event will the Holders of the Preferred Securities have such
right.

     The Property Trustee shall give notice of each resignation and each removal of a Trustee
(other than an Administrative Trustee) known to it and each appointment of a successor Trustee
(other than an Administrative Trustee) to all Holders in the manner provided in Section 10.8 and
shall give notice to the Depositor. Each notice shall include the name of the successor Relevant
Trustee and the address of its Corporate Trust Office if it is the Property Trustee.

     Notwithstanding the foregoing or any other provision of this Declaration, in the event any
Administrative Trustee or a Delaware Trustee who is a natural person dies or becomes, in the
opinion of the Depositor, incompetent or incapacitated, the vacancy created by such death,
incompetence or incapacity may be filled by (a) the unanimous act of the remaining

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Administrative Trustees if there are at least two of them or (b) otherwise by the Depositor
(with the successor in each case being a Person who satisfies the eligibility requirement for
Administrative Trustees or Delaware Trustee, as the case may be, set forth in Section 8.7).

SECTION 8.11. Acceptance of Appointment by Successor.

     In case of the appointment hereunder of a successor Relevant Trustee, the retiring Relevant
Trustee (if, in the case of a Trustee other than the Property Trustee, requested by the Depositor)
and each successor Relevant Trustee with respect to the Trust Securities shall execute and deliver
an instrument wherein each successor Relevant Trustee shall accept such appointment and which
(a) may contain such provisions as shall be necessary or desirable to transfer and confirm to, and
to vest in, each successor Relevant Trustee all the rights, powers, trusts and duties of the
retiring Relevant Trustee with respect to the Trust Securities and the Trust and (b) may add to or
change any of the provisions of this Declaration as shall be necessary to provide for or facilitate
the administration of the Trust by more than one Relevant Trustee, it being understood that nothing
herein or in such instrument shall constitute such Relevant Trustee a co-trustee, it also being
understood that no successor Relevant Trustee shall be appointed if such appointment (or the
addition or changes to the provisions of this Declaration under (a) or (b) above) would cause the
Trust to be treated as other than a grantor trust or agency arrangement for United States federal
income tax purposes, or cause the Debentures to be treated as other than indebtedness of the
Depositor. Upon the execution and delivery of such instrument, the resignation or removal of the
retiring Relevant Trustee shall become effective to the extent provided therein and each such
successor Relevant Trustee, without any further act, deed or conveyance, shall become vested with
all the rights, powers, trusts and duties of the retiring Relevant Trustee; but, on request of the
Trust or any successor Relevant Trustee and upon payment in full of all undisputed amounts then due
and owing to such retiring Relevant Trustee, such retiring Relevant Trustee shall duly assign,
transfer and deliver to such successor Relevant Trustee all Trust Property, all proceeds thereof
and money held by such retiring Relevant Trustee hereunder with respect to the Trust Securities and
the Trust.

     Upon request of any such successor Relevant Trustee, the Trust shall execute any and all
instruments for more fully and certainly vesting in and confirming to such successor Relevant
Trustee all such rights, powers and trusts referred to in the first or second preceding paragraph,
as the case may be.

     No successor Relevant Trustee shall accept its appointment unless at the time of such
acceptance such successor Relevant Trustee shall be qualified and eligible under this Article VIII.

SECTION 8.12. Merger, Conversion, Consolidation or Succession to Business.

     Any Person into which the Property Trustee or the Delaware 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 such Relevant Trustee shall be a party, or any Person succeeding to all or
substantially all the corporate trust business of such Relevant Trustee, shall be the successor of
such Relevant Trustee hereunder, provided such Person shall be otherwise

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qualified and eligible under this Article VIII, without the execution or filing of any paper
or any further act on the part of any of the parties hereto.

SECTION 8.13. Preferential Collection of Claims Against Depositor or Trust.

     If and when the Property Trustee shall be or become a creditor of the Depositor or the Trust
(or any other obligor upon the Preferred Securities), the Property Trustee shall be subject to the
provisions of the Trust Indenture Act regarding the collection of claims against the Depositor or
the Trust (or any such other obligor).

SECTION 8.14. Property Trustee may File Proofs of Claim

     In case of any receivership, conservatorship, insolvency, liquidation, bankruptcy,
reorganization, arrangement, adjustment, composition or other similar judicial proceeding relative
to the Trust or any other obligor upon the Trust Securities or the property of the Trust or of such
other obligor or their creditors, the Property Trustee (irrespective of whether any Distributions
on the Trust Securities shall then be due and payable and irrespective of whether the Property
Trustee shall have made any demand on the Trust for the payment of any past due Distributions)
shall be entitled and empowered, to the fullest extent permitted by law, by intervention in such
proceeding or otherwise:

     (a) to file and prove a claim for the whole amount of any Distributions owing and unpaid in
respect of the Trust Securities and to file such other papers or documents as may be necessary or
advisable in order to have the claims of the Property Trustee (including any claim for the
reasonable compensation, expenses, disbursements and advances of the Property Trustee, its agents
and counsel) and of the Holders allowed in such judicial proceeding, and

     (b) to collect and receive any monies or other property payable or deliverable on any such
claims and to distribute the same; and any custodian, receiver, conservator, assignee, trustee,
liquidation, sequestrator or other similar official in any such judicial proceeding is hereby
authorized by each Holder to make such payments to the Property Trustee and, in the event the
Property Trustee shall consent to the making of such payments directly to the Holders, to pay to
the Property Trustee any amount due it for the reasonable compensation, expenses, disbursements and
advances of the Property Trustee, its agents and counsel, and any other amounts due the Property
Trustee.

     Nothing contained in this Section 8.14 shall be deemed to authorize the Property Trustee to
authorize or consent to or accept or adopt on behalf of any Holder any plan of reorganization,
arrangement, adjustment or compensation affecting the Trust Securities or the rights of any Holder
thereof or to authorize the Property Trustee to vote in respect of the claim of any Holder in any
such proceeding.

SECTION 8.15. Reports by Property Trustee.

     Within 60 days after March 15 of each year commencing with the first March 15 after the first
issuance of Trust Securities pursuant to this Declaration, the Property Trustee shall transmit by
mail to all Holders of Trust Securities as provided in Section 313(c) of the Trust Indenture

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Act a brief report dated as of such March 15 if and to the extent required by Section 313(a)
of the Trust Indenture Act.

SECTION 8.16. Reports to the Property Trustee.

     The Depositor and the Administrative Trustees on behalf of the Trust shall provide to the
Property Trustee such documents, reports and information as required by Section 314 of the Trust
Indenture Act (if any) and the compliance certificate required by Section 314(a) of the Trust
Indenture Act in the form, in the manner and at the times required by Section 314 of the Trust
Indenture Act.

SECTION 8.17. Evidence of Compliance with Conditions Precedent.

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

SECTION 8.18. Number of Administrative Trustees.

     (a) The number of Administrative Trustees shall be two, provided that the Holder of all the
Outstanding Common Securities by written instrument may increase or decrease the number of
Administrative Trustees. No Holder of the Preferred Securities may remove any Administrative
Trustee.

     (b) If an Administrative Trustee ceases to hold office for any reason and the number of
Administrative Trustees is not reduced pursuant to Section 8.17(a), or if the number of
Administrative Trustees is increased pursuant to Section 8.17(a), a vacancy shall occur. The
vacancy shall be filled with a Trustee appointed in accordance with Sections 8.10 and 8.11.

     (c) The death, resignation, retirement, removal, bankruptcy, incompetence or incapacity to
perform the duties of an Administrative Trustee shall not operate to dissolve, terminate or annul
the Trust. Whenever a vacancy in the number of Administrative Trustees shall occur, until such
vacancy is filled by the appointment of an Administrative Trustee in accordance with Sections 8.10
and 8.11, the Administrative Trustees in office, regardless of their number (and notwithstanding
any other provision of this Agreement), shall have all the powers granted to the Administrative
Trustees and shall discharge all the duties imposed upon the Administrative Trustees by this
Declaration.

     (d) The initial Administrative Trustees shall be Ann Segarra, an individual and John Mineo, an
individual. Except where a requirement for action by a specific number of Administrative Trustees
is expressly set forth in this Declaration, any act required or permitted to be taken by, and any
power of the Administrative Trustees may be exercised by, or with the consent of, any one such
Administrative Trustee.

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SECTION 8.19. Delegation of Power.

     (a) Any Administrative Trustee may, by power of attorney consistent with applicable law,
delegate to any other natural person over the age of 21 his or her power for the purpose of
executing any documents contemplated in Section 2.7(a), including any registration statement or
amendment thereto filed with the Commission, or making any other governmental filing; and

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

SECTION 8.20. Delaware Trustee.

     (a) Notwithstanding any other provision of this Declaration, the Delaware Trustee shall not be
entitled to exercise any powers, nor shall the Delaware Trustee have any of the duties and
responsibilities of the Administrative Trustees or the Property Trustee described in this
Declaration. The Delaware Trustee shall be a trustee for the sole and limited purpose of
fulfilling the requirements of Section 3807 of the Delaware Statutory Trust Act.

     (b) It is expressly understood and agreed by the parties hereto that in fulfilling its
obligations as Delaware Trustee hereunder on behalf of the Trust (i) any agreements or instruments
executed and delivered by [•] are executed and delivered not in its individual capacity but solely
as Delaware Trustee under this Declaration in the exercise of the powers and authority conferred
and vested in it, (ii) each of the representations, undertakings and agreements herein made on the
part of the Trust is made and intended not as representations, warranties, covenants, undertakings
and agreements by [•] in its individual capacity but is made and intended for the purpose of
binding only the Trust, and (iii) under no circumstances shall [•] in its individual capacity be
personally liable for the payment of any indebtedness or expenses of the Trust or be liable for the
breach or failure of any obligation, representation, warranty or covenant made or undertaken by the
Trust under this Declaration, except if such breach or failure is due to any gross negligence or
willful misconduct of the Delaware Trustee.

ARTICLE IX.

TERMINATION, LIQUIDATION AND MERGER

SECTION 9.1. Dissolution upon Expiration Date.

     Unless earlier dissolved, the Trust shall automatically dissolve on [•] (the “Expiration
Date”), following the distribution of the Trust Property in accordance with Section 9.4.

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SECTION 9.2. Early Termination.

     The Trust shall dissolve upon the first to occur of any of the following events (an “Early
Termination Event”):

     (a) the occurrence of a Bankruptcy Event in respect of, or the dissolution or liquidation of,
the Holder of the Common Securities;

     (b) the written direction to the Property Trustee from the Holder of the Common Securities at
any time to dissolve the Trust (which direction is optional and wholly within the discretion of the
Holder of the Common Securities);

     (c) the Redemption Date on which all of the Preferred Securities are to be redeemed; and

     (d) the entry of an order for dissolution of the Trust by a court of competent jurisdiction.

SECTION 9.3. Termination.

     The respective obligations and responsibilities of the Trustees and the Trust shall terminate
upon the latest to occur of the following:

     (a) the distribution by the Property Trustee to Holders upon the liquidation of the Trust
pursuant to Section 9.4, or upon the redemption of all of the Trust Securities pursuant to
Section 4.2, of all amounts required to be distributed hereunder upon the final payment of the
Trust Securities;

     (b) the payment of any expenses owed by the Trust;

     (c) the discharge of all administrative duties of the Administrative Trustees, including the
performance of any tax reporting obligations with respect to the Trust or the Holders; and

     (d) the filing of a certificate of cancellation with the Delaware Secretary of State in
accordance with the Delaware Statutory Trust Act.

SECTION 9.4. Liquidation.

     (a) If an Early Termination Event specified in clause (a), (b) or (d) of Section 9.2 occurs,
or upon the Expiration Date, the Trust shall be liquidated by the Administrative Trustees as
expeditiously as the Administrative Trustees determine to be possible by distributing, after
satisfaction of all claims and obligations of the Trust as provided by applicable law, to each
Holder a Like Amount of Debentures, subject to Section 9.4(d). Notice of liquidation shall be
given by the Property Trustee by first-class mail, postage prepaid mailed not later than 30 nor
more than 60 days prior to the Liquidation Date to each Holder of Trust Securities at such Holder’s
address appearing in the Securities Register. All notices of liquidation shall:

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     (i) state the CUSIP number of the Trust Securities;

     (ii) state the Liquidation Date;

     (iii) state that from and after the Liquidation Date, the Trust Securities will no
longer be deemed to be Outstanding and any Trust Securities Certificates not surrendered for
exchange will be deemed to represent a Like Amount of Debentures; and

     (iv) provide such information with respect to the mechanics by which Holders may
exchange Trust Securities Certificates for Debentures, or if Section 9.4(d) applies receive
a Liquidation Distribution, as the Administrative Trustees or the Property Trustee shall
deem appropriate.

     (b) Unless Section 9.2(c) or 9.4(d) applies, in order to effect the liquidation of the Trust
and the distribution of Debentures to Holders, the Property Trustee shall establish a record date
for such distribution (which shall be not more than 45 days prior to the Liquidation Date) and,
either itself acting as exchange agent or through the appointment of a separate exchange agent,
shall establish such procedures as it shall deem appropriate to effect the distribution of
Debentures in exchange for the Outstanding Trust Securities Certificates.

     (c) Unless Section 9.2(c) or 9.4(d) applies, after the Liquidation Date (i) the Preferred
Securities will no longer be deemed to be Outstanding, (ii) the Clearing Agency or its nominee, as
the record holder of the Preferred Securities, will receive a registered global certificate or
certificates representing the Debentures to be delivered upon such distribution, (iii) the
Depositor shall use its best efforts to have the Debentures listed on the New York Stock Exchange
or on such other exchange, interdealer quotation system or self- regulatory organization on which
the Preferred Securities are then listed, (iv) any Preferred Securities Certificates representing
the Preferred Securities not held by the Clearing Agency or its nominee or so surrendered for
exchange will be deemed to represent a Like Amount of Debentures, and bearing accrued and unpaid
interest in an amount equal to the accrued and unpaid Distributions on such Preferred Securities
until such certificates are so surrendered for transfer or reissuance, and (v) all rights of
Holders holding Trust Securities will cease, except the right of such Holders to receive Debentures
upon surrender of Trust Securities Certificates.

     (d) If, notwithstanding the other provisions of this Section 9.4, whether because of an order
for dissolution entered by a court of competent jurisdiction or otherwise, distribution of the
Debentures in the manner provided herein is determined by the Property Trustee not to be practical,
or if an Early Termination Event specified in clause (c) of Section 9.2 occurs, then the Trust
Property shall be liquidated, and the Trust shall be dissolved and wound up by the Property Trustee
in such manner as the Property Trustee determines subject to applicable law. In such event, on the
date of the dissolution of the Trust, except with respect to an Early Termination Event specified
in clause (c) of Section 9.2, Holders will be entitled to receive out of the assets of the Trust
available for distribution to Holders, after satisfaction of claims and obligations of the Trust as
provided by applicable law, an amount in cash equal to the Liquidation Amount per Trust Security
plus accumulated and unpaid Distributions thereon to the date of payment (such amount being the
“Liquidation Distribution”). If, upon any such winding up, the Liquidation

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Distribution can be paid only in part because the Trust has insufficient assets available to
pay in full the aggregate Liquidation Distribution, then, subject to the next succeeding sentence,
the amounts payable by the Trust on the Trust Securities shall be paid pro rata based upon
Liquidation Amounts. The Holder of the Outstanding Common Securities will be entitled to receive
Liquidation Distributions upon any such winding up pro rata, based upon Liquidation Amount, with
Holders of Preferred Securities, except that the Preferred Securities shall have a priority over
the Common Securities under the circumstances provided in Section 4.3.

     (e) Following the Expiration Date or an Early Termination Event and after the completion of
the winding up of the affairs of the Trust pursuant to this Section 9.4, one of the Trustees shall
file a certificate of cancellation with the Delaware Secretary of State.

SECTION 9.5. Mergers, Consolidations, Amalgamations or Replacements of the Trust.

     The Trust may not merge with or into, consolidate, amalgamate, or be replaced by, or convey,
transfer or lease its properties and assets substantially as an entirety to any Person, except
pursuant to this Article IX. At the request of the Holder of the Common Securities, with the
consent of the Administrative Trustees and without the consent of the Holders of the Preferred
Securities, the Property Trustee or the Delaware Trustee, the Trust may merge with or into,
consolidate, amalgamate, or be replaced by or convey, transfer or lease its properties and assets
substantially as an entirety to a trust organized as such under the laws of any State; provided
that (i) such successor entity either (a) expressly assumes all of the obligations of the Trust
with respect to the Preferred Securities or (b) substitutes for the Preferred Securities other
securities having substantially the same terms as the Preferred Securities (“Successor Securities”)
so long as the Successor Securities rank the same as the Preferred Securities in priority with
respect to distributions and payments upon liquidation, redemption and otherwise, (ii) a trustee of
such successor entity possessing the same powers and duties as the Property Trustee is appointed to
hold the Debentures then held by or on behalf of the Property Trustee, (iii) the Successor
Securities are listed or traded, or any Successor Securities will be listed upon notice of
issuance, on the same national securities exchange or other organization on which the Preferred
Securities are then listed or traded, (iv) such merger, consolidation, amalgamation, replacement,
conveyance, transfer or lease does not cause the Preferred Securities (including any Successor
Securities) to be downgraded by any nationally recognized statistical rating organization, (v) such
merger, consolidation, amalgamation, replacement, conveyance, transfer or lease does not adversely
affect the rights, preferences and privileges of the Holders of the Preferred Securities (including
any Successor Securities) in any material respect, (vi) such successor entity has a purpose
substantially identical to that of the Trust, (vii) prior to such merger, consolidation,
amalgamation, replacement, conveyance, transfer or lease, the Property Trustee has received an
Opinion of Counsel to the effect that (a) such merger, consolidation, amalgamation, replacement,
conveyance, transfer or lease does not adversely affect the rights, preferences and privileges of
the Holders of the Preferred Securities (including any Successor Securities) in any material
respect, and (b) following such merger, consolidation, amalgamation, replacement, conveyance,
transfer or lease, neither the Trust nor such successor entity will be required to register as an
investment company under the 1940 Act and (viii) the Depositor or any permitted successor or
assignee owns all of the common securities of such successor entity and guarantees the obligations
of such successor entity under the Successor Securities at least to the

-52-

 

extent provided by the Guarantee. Notwithstanding the foregoing, the Trust shall not, except
with the consent of Holders of all Outstanding Preferred Securities, consolidate, amalgamate, merge
with or into, or be replaced by or convey, transfer or lease its properties and assets
substantially as an entirety to any other Person or permit any other Person to consolidate,
amalgamate, merge with or into, or replace it if such consolidation, amalgamation, merger,
replacement, conveyance, transfer or lease would cause the Trust or the successor Person to be
taxable as a corporation or classified as other than a grantor trust or agency arrangement for
United States federal income tax purposes.

ARTICLE X.

MISCELLANEOUS PROVISIONS

SECTION 10.1. Limitation of Rights of Holders.

     Except as set forth in Section 9.2, the death, incapacity, dissolution, liquidation,
termination, or bankruptcy of any Person having an interest, beneficial or otherwise, in Trust
Securities shall not operate to terminate this Declaration, nor entitle the legal representatives,
successors or heirs of such Person or any Holder for such Person, to claim an accounting, take any
action or bring any proceeding in any court for a partition or winding up of the arrangements
contemplated hereby, nor otherwise affect the rights, obligations and liabilities of the parties
hereto or any of them.

SECTION 10.2. Amendment.

     (a) This Declaration may be amended from time to time by the Property Trustee, Administrative
Trustees and the Holder of all the Common Securities, without the consent of any Holders of
Preferred Securities to, (i) cure any ambiguity or correct or supplement any provision herein which
may be inconsistent with any other provision herein, or to make any other provisions with respect
to matters or questions arising under this Declaration, in each case to the extent the amendment
does not adversely affect the interests of any Holder of Preferred Securities in any material
respect, (ii) modify, eliminate or add to any provisions of this Declaration to such extent as
shall be necessary to ensure that the Debentures are treated as indebtedness of the Depositor for
United States federal income tax purposes, or to ensure that the Trust will not be taxable as a
corporation or will be classified for United States federal income tax purposes other than a
grantor trust or agency arrangement at any times that any Trust Securities are outstanding or to
ensure that the Trust will not be required to register as an investment company under the 1940 Act,
(iii) modify, eliminate or add to any provisions of this Declaration to such extent as shall be
necessary to ensure the treatment of the Preferred Securities as Tier 1 capital under Federal
Reserve rules and regulations as then in effect and applicable to the Depositor, (iv) require that
Holders that are not United States Persons for United States federal income tax purposes
irrevocably appoint a United States Person to exercise any voting rights to ensure that the Trust
will not be treated as a foreign trust for United States federal income tax purposes, or (v)
conform the terms of this Declaration to the description of the Declaration, the Preferred
Securities and the Common Securities in the Prospectus Supplement. Any such amendments of this
Declaration shall become effective when notice thereof is given to the Holders.

-53-

 

     (b) Except as provided in Section 10.2(c), any provision of this Declaration may be amended by
the Trustees and the Holder of all the Common Securities with (i) the consent of Holders
representing a Majority in Liquidation Amount of the Preferred Securities and (ii) receipt by the
Trustees of an Opinion of Counsel to the effect that such amendment or the exercise of any power
granted to the Trustees in accordance with such amendment will not cause the Trust to be taxable
other than a grantor trust or agency arrangement and will not cause the Trust to be taxed as a
corporation for United States federal income tax purposes or would require the Trust to register as
an investment company under the 1940 Act or affect the treatment of the Debentures as indebtedness
of the Depositor for United States federal income tax purposes.

     (c) In addition to and notwithstanding any other provision in this Declaration, without the
consent of each affected Holder, this Declaration may not be amended to (i) change the amount or
timing of any Distribution or otherwise adversely affect the amount of any Distribution required to
be made as of a specified date or (ii) restrict the right of a Holder to institute suit for the
enforcement of any such payment on or after such date; and notwithstanding any other provision
herein, without the unanimous consent of the Holders, this Section 10.2(c) may not be amended.

     (d) Notwithstanding any other provision of this Declaration, no Trustee shall enter into or
consent to any amendment to this Declaration which would cause the Trust to be taxable as a
corporation or classified for United States federal income tax purposes as other than a grantor
trust or agency arrangement or require the Trust to register as an investment company under the
1940 Act or that would cause the Debentures to fail or cease to be treated as indebtedness of the
Depositor for United States federal income tax purposes.

     (e) Notwithstanding anything in this Declaration to the contrary, without the consent of the
Depositor, this Declaration may not be amended in a manner that imposes any additional obligation
or liability on the Depositor.

     (f) If any amendment to this Declaration is made, the Administrative Trustees shall promptly
provide to the Depositor a copy of such amendment.

     (g) Neither the Property Trustee nor the Delaware Trustee shall be required to enter into any
amendment to this Declaration that affects its own rights, duties or immunities under this
Declaration. The Property Trustee shall be entitled to receive an Opinion of Counsel and an
Officers’ Certificate stating that any amendment to this Declaration is in compliance with this
Declaration and all conditions precedent herein provided for relating to such action have been met.

SECTION 10.3. Separability.

     If any provision in this Declaration or in the Trust Securities Certificates shall be invalid,
illegal or unenforceable, the validity, legality and enforceability of the remaining provisions
shall not in any way be affected or impaired thereby.

-54-

 

SECTION 10.4. Governing Law.

     THIS DECLARATION AND THE RIGHTS AND OBLIGATIONS OF EACH OF THE HOLDERS, THE TRUST AND THE
TRUSTEES WITH RESPECT TO THIS DECLARATION AND THE TRUST SECURITIES SHALL BE CONSTRUED IN ACCORDANCE
WITH AND GOVERNED BY THE LAWS OF THE STATE OF DELAWARE WITHOUT REFERENCE TO ITS CONFLICTS OF LAWS
PROVISIONS. THE PROVISIONS OF SECTION 3540 OF TITLE 12 OF THE DELAWARE CODE SHALL NOT APPLY TO
THIS TRUST.

SECTION 10.5. Waiver of Trial By Jury.

     EACH OF THE DEPOSITOR, THE TRUST, THE TRUSTEES, AND EACH HOLDER OF A TRUST SECURITY BY ITS
ACCEPTANCE THEREOF, HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW,
ANY AND ALL RIGHT IT MAY HAVE TO TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY
ARISING OUT OF OR RELATING TO THIS DECLARATION, THE TRUST SECURITIES OR THE TRANSACTIONS
CONTEMPLATED HEREBY OR THEREBY.

SECTION 10.6. Force Majeure.

     In no event shall the Property Trustee be responsible or liable for any failure or delay in
the performance of its obligations under this Indenture arising out of or caused by, directly or
indirectly, forces beyond its control, including without limitation strikes, work stoppages, any
provision of any law or regulation or any act of any governmental authority, accidents, acts of war
or terrorism, sabotage, epidemics, riots, civil or military disturbances, nuclear or natural
catastrophes or acts of God, and interruptions, loss or malfunctions of utilities, communications
or computer (software or hardware) services.

SECTION 10.7. Payments Due on Non-Business Day.

     Except as otherwise expressly provided in Article IV hereof, if the date fixed for any payment
on any Trust Security shall be a day that is not a Business Day, then such payment need not be made
on such date but may be made on the next succeeding day that is a Business Day (except as otherwise
provided in Sections 4.1(a) and 4.2(d)), with the same force and effect as though made on the date
fixed for such payment and no interest shall accrue for the period after such date.

SECTION 10.8. Successors.

     This Declaration shall be binding upon and shall inure to the benefit of any successor to the
Depositor, the Trust or the Relevant Trustee, including any successor by operation of law. Except
in connection with a transaction that is permitted under Article Ten of the Indenture and pursuant
to which the assignee agrees in writing to perform the Depositor’s obligations hereunder, the
Depositor shall not assign its obligations hereunder (any purported assignment in contravention of
this Section 10.6 being null and void).

-55-

 

SECTION 10.9. Headings.

     The Article and Section headings are for convenience only and shall not affect the
construction of this Declaration.

SECTION 10.10. Reports, Notices and Demands.

     Except as otherwise provided herein, any report, notice, demand or other communication that by
any provision of this Declaration is required or permitted to be given or served to or upon any
Holder or the Depositor may be given or served in writing by deposit thereof, first-class postage
prepaid, in the United States mail, hand delivery or facsimile transmission, in each case,
addressed, (a) in the case of a Holder of Preferred Securities, to such Holder as such Holder’s
name and address may appear on the Securities Register; and (b) in the case of the Common Holder or
the Depositor, to First Niagara Financial Group, Inc., 726 Exchange Street, Suite 618, Buffalo, New
York 14210, Attention: General Counsel, facsimile no.: [•]. Such notice, demand or other
communication to or upon a Holder shall be deemed to have been sufficiently given or made, for all
purposes, upon hand delivery, mailing or transmission.

     Any notice, demand or other communication which by any provision of this Declaration is
required or permitted to be given or served to or upon the Trust, the Property Trustee, the
Delaware Trustee or the Administrative Trustees shall be given in writing by deposit thereof,
first-class postage prepaid, in the United States mail, or by hand delivery, in each case,
addressed (until another address is published by the Trust) as follows: (a) with respect to the
Property Trustee to U.S. Bank Trust National Association, 300 Delaware Avenue, 9th
Floor, Wilmington, DE 19801, Attention: [•]; (b) with respect to the Delaware Trustee, to U.S.
Bank Trust National Association, 100 Wall Street, New York, NY 10005, Attention: Corporate Trust
Administration unit; and (c) with respect to the Administrative Trustees, to them at the address
above for notices to the Depositor, marked “Attention Administrative Trustees of First Niagara
Financing Trust I.” Such notice, demand or other communication to or upon the Trust or the Property
Trustee shall be deemed to have been sufficiently given or made only upon actual receipt of the
writing by the Trust or the Property Trustee.

SECTION 10.11. Agreement Not to Petition.

     Each of the Trustees and the Depositor agree for the benefit of the Holders that, until at
least one year and one day after the Trust has been terminated in accordance with Article IX, they
shall not file, or join in the filing of, a petition against the Trust under any bankruptcy,
insolvency, reorganization or other similar law (including, without limitation, the United States
Bankruptcy Code) (collectively, “Bankruptcy Laws”) or otherwise join in the commencement of any
proceeding against the Trust under any Bankruptcy Law. In the event the Depositor takes action in
violation of this Section 10.9, the Property Trustee agrees, for the benefit of Holders, that, at
the expense of the Depositor, it shall file an answer with the bankruptcy court or otherwise
properly contest the filing of such petition by the Depositor against the Trust or the commencement
of such action and raise the defense that the Depositor has agreed in writing not to take such
action and should be estopped and precluded therefrom and such other defenses, if

-56-

 

any, as counsel for the Trustee or the Trust may assert. The provisions of this Section 10.9
shall survive the termination of this Declaration.

SECTION 10.12. Agreed Tax Treatment of Trust and Trust Securities

     The parties hereto and, by its acceptance or acquisition of a Trust Security or a beneficial
interest therein the Holder of, and any Person that acquires a beneficial interest in, such Trust
Security intend and agree (i) to treat the Trust as a grantor trust for United States federal,
state and local tax purposes, (ii) to treat the Trust Securities (including all payments and
proceeds with respect to such Trust Securities) as undivided beneficial ownership interests in the
Trust Property (and payments and proceeds therefrom, respectively) for United States federal income
tax purposes, and (iii) to treat the Debentures as indebtedness of the Depositor for United States
federal, state and local tax purposes. The provisions of this Declaration shall be interpreted to
further this intention and agreement of the parties.

SECTION 10.13. Application of Trust Indenture Act.

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

     (b) The Property Trustee shall be the only Trustee which is a trustee for the purposes of the
Trust Indenture Act.

     (c) If any provision hereof limits, qualifies or conflicts with another provision hereof which
is required to be included in this Declaration by any of the provisions of the Trust Indenture Act,
such required provision shall control. If any provision of this Declaration modifies or excludes
any provision of the Trust Indenture Act which may be so modified or excluded, the latter provision
shall be deemed to apply to this Declaration as so modified or excluded, as the case may be.

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

SECTION 10.14. Acceptance of Terms of Declaration, Guarantee and Indenture.

     THE RECEIPT AND ACCEPTANCE OF A TRUST SECURITY OR ANY INTEREST THEREIN BY OR ON BEHALF OF A
HOLDER OR ANY BENEFICIAL OWNER, WITHOUT ANY SIGNATURE OR FURTHER MANIFESTATION OF ASSENT, SHALL
CONSTITUTE THE UNCONDITIONAL ACCEPTANCE BY THE HOLDER AND ALL OTHERS HAVING A BENEFICIAL INTEREST
IN SUCH TRUST SECURITY OF ALL THE TERMS AND PROVISIONS OF THIS DECLARATION AND AGREEMENT TO THE
SUBORDINATION PROVISIONS AND OTHER TERMS OF THE GUARANTEE AND THE INDENTURE, AND SHALL CONSTITUTE
THE AGREEMENT OF THE TRUST, SUCH HOLDER AND SUCH OTHERS THAT THE TERMS AND PROVISIONS OF THIS

-57-

 

DECLARATION SHALL BE BINDING, OPERATIVE AND EFFECTIVE AS BETWEEN THE TRUST AND SUCH HOLDER AND
SUCH OTHERS.

SECTION 10.15. Counterparts.

     This Declaration may be executed in any number of counterparts, each of which so executed
shall be deemed to be an original, but all such counterparts shall together constitute but one and
the same agreement.

[Signature Page Follows]

-58-

 

     IN WITNESS WHEREOF, the undersigned have executed this Amended and Restated Declaration as of
the date first above written.

	 	 	 	 	 	 	 
	 	 	FIRST NIAGARA FINANCIAL GROUP INC., as Depositor	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Name:	 	 
	 

	 	 	 	Title:	 	 
	 
	 	 	 	 	 	 
	 	 	U.S. BANK NATIONAL ASSOCIATION	 	 
	 
	 	 	 	 	 	 
	 	 	For: U.S. Bank National Association, not in its
individual capacity, but solely in its capacity as
Property Trustee, Paying Agent and Securities Registrar	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Name:	 	 
	 

	 	 	 	Title:	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Name:	 	 
	 

	 	 	 	Title:	 	 
	 
	 	 	 	 	 	 
	 	 	U.S Bank Trust National Association, not in its individual capacity, but solely in its

capacity as Delaware Trustee	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Name:	 	 
	 

	 	 	 	Title:	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Name:	 	 
	 

	 	 	 	Title:	 	 
	 
	 	 	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Name:	 	 
	 

	 	 	 	     as Administrative Trustee	 	 
	 
	 	 	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Name:	 	 
	 

	 	 	 	     as Administrative Trustee	 	 

[Signature Page to Amended & Restated Declaration of Trust]

-59-

 

EXHIBIT A

CERTIFICATE OF TRUST

OF FIRST NIAGARA FINANCING TRUST [I/II/III]

[Insert Certificate of Trust]

A-1

 

EXHIBIT B

THIS CERTIFICATE IS NOT TRANSFERABLE OTHER THAN IN

ACCORDANCE WITH SECTION 5.10 OF THE DECLARATION

(AS DEFINED BELOW)

			
	 	 	 
	CERTIFICATE NUMBER ___
	 	NUMBER OF COMMON SECURITIES ___

CERTIFICATE EVIDENCING COMMON SECURITIES

OF

FIRST NIAGARA FINANCING TRUST [I/II/III]

[•]% COMMON SECURITIES

(LIQUIDATION AMOUNT $[•] PER COMMON SECURITY)

     First Niagara Financing Trust [I/II/III], a statutory trust created under the laws of the
State of Delaware (the “Trust”), hereby certifies that FIRST NIAGARA FINANCIAL GROUP, INC., a
Delaware corporation (the “Holder”), is the registered owner of ___common securities of the Trust,
representing undivided common beneficial interests in the assets of the Trust and designated the
[•]% Common Securities (Liquidation Amount $[•] per Common Security) (the “Common Securities”).
Except as provided in Section 5.10 of the Declaration (as defined below) the Common Securities are
not transferable and any attempted transfer hereof other than in accordance therewith shall be null
and void. The designations, rights, privileges, restrictions, preferences and other terms and
provisions of the Common Securities are set forth in, and this certificate and the Common
Securities represented hereby are issued and shall in all respects be subject to the terms and
provisions of, the Amended and Restated Declaration of Trust of the Trust, dated as of [•], as the
same may be amended from time to time (the “Declaration”), including the designation of the terms
of the Common Securities as set forth therein. The Trust will furnish a copy of the Declaration to
the Holder without charge upon written request to the Trust at its principal place of business or
registered office.

     BY RECEIPT AND ACCEPTANCE OF THIS CERTIFICATE, THE HOLDER AGREES TO BE BOUND BY THE
DECLARATION AND IS ENTITLED TO THE BENEFITS THEREUNDER.

     This Common Securities Certificate shall be governed by and construed in accordance with the
laws of the State of Delaware.

     Terms used but not defined herein have the meanings set forth in the Declaration.

B-1

 

     IN WITNESS WHEREOF, the undersigned Administrative Trustee of the Trust has executed this
certificate as of the ___day of                     ,                     .

	 	 	 	 	 
	 	FIRST NIAGARA FINANCING TRUST [I/II/III]

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	Administrative Trustee 	 
	 

B-2

 

EXHIBIT C

[Form of Preferred Securities Certificate]

     [IF THE PREFERRED SECURITY IS TO BE A GLOBAL PREFERRED SECURITIES INSERT— This Preferred
Security is a Global Preferred Security within the meaning of the Declaration hereinafter referred
to and is registered in the name of The Depository Trust Company (the “Depository”) or a nominee of
the Depository. This Preferred Security is exchangeable for Preferred Securities registered in the
name of a person other than the Depository or its nominee only in the limited circumstances
described in the Declaration and no transfer of this Preferred Security (other than a transfer of
this Preferred Security as a whole by the Depository to a nominee of the Depository or by a nominee
of the Depository to the Depository or another nominee of the Depository) may be registered except
in limited circumstances.

     Unless this Preferred Security is presented by an authorized representative of The Depository
Trust Company (55 Water Street, New York) to First Niagara Financing Trust [I/II/III] or its agent
for registration of transfer, exchange or payment, and any Preferred Security issued is registered
in the name of Cede & Co. or such other name as is requested by an authorized representative of The
Depository Trust Company and any payment hereon is made to Cede & Co. or to such other entity as is
requested by an authorized representative of The Depository Trust Company, ANY TRANSFER, PLEDGE OR
OTHER USE HEREOF FOR VALUE OR OTHERWISE BY A PERSON IS WRONGFUL inasmuch as the registered owner
hereof, Cede & Co., has an interest herein.]

			
	 	 	 
	CERTIFICATE NUMBER
	 	NUMBER OF PREFERRED SECURITIES___
	P- [                    ]
	 	CUSIP NO. •

CERTIFICATE EVIDENCING PREFERRED SECURITIES

OF

FIRST NIAGARA FINANCING TRUST [I/II/III]

[•]% TRUST PREFERRED SECURITIES,

(LIQUIDATION AMOUNT $[•] PER PREFERRED SECURITY)

     First Niagara Financing Trust [I/II/III], a statutory trust created under the laws of the
State of Delaware (the “Trust”), hereby certifies that Cede & Co. (the “Holder”) is the registered
owner of                      preferred securities of the Trust representing an undivided preferred
beneficial interest in the assets of the Trust and designated the First Niagara Financing Trust
[I/II/III] [•]% Trust Preferred Securities (Liquidation Amount $[•] per Preferred Security) (the
“Preferred Securities”). The Preferred Securities are transferable on the books and records of the
Trust, in person or by a duly authorized attorney, upon surrender of this certificate duly endorsed
and in proper form for transfer as provided in Section 5.4 of the Declaration (as defined below).
The designations, rights, privileges, restrictions, preferences and other terms and

C-1

 

provisions of the Preferred Securities are set forth in, and this certificate and the
Preferred Securities represented hereby are issued and shall in all respects be subject to the
terms and provisions of, the Amended and Restated Declaration of Trust of the Trust, dated as of
[•], as the same may be amended from time to time (the “Declaration”), including the designation of
the terms of Preferred Securities as set forth therein. The Holder is entitled to the benefits of
the Guarantee Agreement entered into by First Niagara Financial Group, Inc., a Delaware
corporation, and [•], as guarantee trustee, dated as of [•] (the “Guarantee”), to the extent
provided therein. The Trust will furnish a copy of the Declaration and the Guarantee to the Holder
without charge upon written request to the Trust at its principal place of business or registered
office.

     This Preferred Securities Certificate shall be governed by and construed in accordance with
the laws of the State of Delaware.

     All capitalized terms used but not defined in this Preferred Securities Certificate are used
with the meanings specified in the Declaration, including the Exhibits thereto.

     BY RECEIPT AND ACCEPTANCE OF THIS CERTIFICATE, THE HOLDER AGREES TO BE BOUND BY THE
DECLARATION AND IS ENTITLED TO THE BENEFITS THEREUNDER.

     BY RECEIPT AND ACCEPTANCE OF THIS CERTIFICATE, THE HOLDER AGREES (I) TO TREAT THE TRUST AS A
GRANTOR TRUST FOR UNITED STATES FEDERAL, STATE AND LOCAL TAX PURPOSES, (II) TO TREAT THE TRUST
SECURITIES (INCLUDING ALL PAYMENTS AND PROCEEDS WITH RESPECT TO SUCH TRUST SECURITIES) AS UNDIVIDED
BENEFICIAL OWNERSHIP INTERESTS IN THE TRUST PROPERTY (AND PAYMENTS AND PROCEEDS THEREFROM,
RESPECTIVELY) FOR UNITED STATES FEDERAL, STATE AND LOCAL TAX PURPOSES, AND (III) TO TREAT THE
DEBENTURES AS INDEBTEDNESS OF THE DEPOSITOR FOR UNITED STATES FEDERAL, STATE AND LOCAL TAX
PURPOSES.

     THE PREFERRED SECURITIES ARE NOT SAVINGS ACCOUNT DEPOSITS OR OTHER OBLIGATIONS OF A BANK OR
NONBANK SUBSIDIARY THEREOF, AND ARE NOT INSURED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION, THE
BANK INSURANCE FUND OR ANY OTHER GOVERNMENTAL AGENCY.

     IN WITNESS WHEREOF, the undersigned Administrative Trustee of the Trust has executed this
certificate as of the ___ day of                     ,                     .

	 	 	 	 	 
	 	FIRST NIAGARA FINANCING TRUST [I/II/III]

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	Administrative Trustee 	 
	 

(TRUSTEE’S CERTIFICATE OF AUTHENTICATION)

C-2

 

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

	 	 	 	 	 
	 	[•]

FOR

[•]

AS TRUSTEE

 	 
	 	By:  	 	 
	 	 	Authorized Officer 	 
	 	 	 	 

C-3

 

	 	 	 	 	 

ASSIGNMENT

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

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

     (Insert address and zip code of assignee) and irrevocably appoints

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

Date:                                         

Signature:

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

     The signature(s) should be guaranteed by an eligible guarantor institution (banks,
stockbrokers, savings and loan associations and credit unions with membership in an approved
signature guarantee medallion program), pursuant to SEC Rule 17Ad-15.

C-4exv4w11

Exhibit 4.11

FORM OF

GUARANTEE AGREEMENT

BETWEEN

FIRST NIAGARA FINANCIAL GROUP, INC.,

AS GUARANTOR,

AND

U.S. BANK NATIONAL ASSOCIATION,

AS GUARANTEE TRUSTEE

RELATING TO

FIRST NIAGARA FINANCING TRUST [I/II/III]

DATED AS OF [•]

 

 

FIRST NIAGARA FINANCING TRUST [I/II/III]

Certain Sections of this Guarantee Agreement relating

to Sections 310 through 318 of the

Trust Indenture Act of 1939:

 

			
	Section of	 	 
	Trust Indenture	 	Section of
	Act Agreement	 	Guarantee
	310  (a)
	 	4.1(a)
	        (b)
	 	4.1(c), 2.8
	        (c)
	 	Inapplicable
	311  (a)
	 	2.2(b)
	        (b)
	 	2.2(b)
	        (c)
	 	Inapplicable
	312  (a)
	 	2.2(a)
	        (b)
	 	2.2(b)
	313
	 	2.3
	314  (a)
	 	2.4
	        (b)
	 	Inapplicable
	        (c)
	 	2.5
	        (d)
	 	Inapplicable
	        (e)
	 	1.1, 2.5, 3.2
	        (f)
	 	2.1, 3.2
	315  (a)
	 	3.1(d)
	        (b)
	 	2.7
	        (c)
	 	3.1
	        (d)
	 	1(d)
	316  (a)
	 	1.1, 2.6, 5.4
	        (b)
	 	5.3
	        (c)
	 	8.2
	317  (a)
	 	Inapplicable
	        (b)
	 	Inapplicable
	318  (a)
	 	2.1(b)
	        (b)
	 	2.1
	        (c)
	 	2.1(a)

 

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

-i- 

 

TABLE OF CONTENTS

	 	 	 	 	 
	 	 	Page	 
	ARTICLE 1. INTERPRETATION AND DEFINITIONS
	 	 	2	 
	 
	 	 	 	 
	SECTION 1.1. Interpretation
	 	 	2	 
	SECTION 1.2. Definitions
	 	 	2	 
	 
	 	 	 	 
	ARTICLE 2. TRUST INDENTURE ACT
	 	 	5	 
	 
	 	 	 	 
	SECTION 2.1. Trust Indenture Act; Application
	 	 	5	 
	SECTION 2.2. List of Holders
	 	 	5	 
	SECTION 2.3. Reports by the Guarantee Trustee
	 	 	6	 
	SECTION 2.4. Periodic Reports to the Guarantee Trustee
	 	 	6	 
	SECTION 2.5. Evidence of Compliance with Conditions Precedent
	 	 	6	 
	SECTION 2.6. Events of Default; Waiver
	 	 	6	 
	SECTION 2.7. Event of Default; Notice
	 	 	7	 
	SECTION 2.8. Conflicting Interests
	 	 	7	 
	 
	 	 	 	 
	ARTICLE 3. POWERS, DUTIES AND RIGHTS OF THE GUARANTEE TRUSTEE
	 	 	7	 
	 
	 	 	 	 
	SECTION 3.1. Powers and Duties of the Guarantee Trustee
	 	 	7	 
	SECTION 3.2. Certain Rights of Guarantee Trustee
	 	 	9	 
	SECTION 3.3. Indemnity
	 	 	11	 
	SECTION 3.4. Fees and Expenses
	 	 	11	 
	 
	 	 	 	 
	ARTICLE 4. GUARANTEE TRUSTEE
	 	 	12	 
	 
	 	 	 	 
	SECTION 4.1. Guarantee Trustee: Eligibility
	 	 	12	 
	SECTION 4.2. Appointment, Removal and Resignation of the Guarantee Trustee
	 	 	13	 
	 
	 	 	 	 
	ARTICLE 5. GUARANTEE
	 	 	13	 
	 
	 	 	 	 
	SECTION 5.1. Guarantee
	 	 	13	 
	SECTION 5.2. Waiver of Notice and Demand
	 	 	13	 
	SECTION 5.3. Obligations not Affected
	 	 	14	 
	SECTION 5.4. Rights of Holders
	 	 	14	 
	SECTION 5.5. Guarantee of Payment
	 	 	15	 
	SECTION 5.6. Subrogation
	 	 	15	 
	SECTION 5.7. Independent Obligations
	 	 	15	 

-ii- 

 

	 	 	 	 	 
	 	 	Page	 
	ARTICLE 6. SUBORDINATION
	 	 	15	 
	 
	 	 	 	 
	SECTION 6.1. Subordination
	 	 	15	 
	SECTION 6.2. Pari Passu Guarantees
	 	 	16	 
	 
	 	 	 	 
	ARTICLE 7. TERMINATION
	 	 	16	 
	 
	 	 	 	 
	SECTION 7.1. Termination
	 	 	16	 
	 
	 	 	 	 
	ARTICLE 8. MISCELLANEOUS
	 	 	16	 
	 
	 	 	 	 
	SECTION 8.1. Successors and Assigns
	 	 	16	 
	SECTION 8.2. Amendments
	 	 	16	 
	SECTION 8.3. Notices
	 	 	17	 
	SECTION 8.4. Benefit
	 	 	18	 
	SECTION 8.5. Governing Law
	 	 	18	 
	SECTION 8.6. Counterparts
	 	 	18	 

-iii- 

 

          GUARANTEE AGREEMENT, dated as of [•], executed and delivered by FIRST NIAGARA FINANCIAL
GROUP, INC., a Delaware corporation (the “Guarantor”), having its principal office at 726 Exchange
Street, Suite 618, Buffalo, NY 14210, and U.S. BANK NATIONAL ASSOCIATION, a national banking
association, as trustee (the “Guarantee Trustee”), having a corporate trust office at 100 Wall
Street, New York, NY 10005, for the benefit of the Holders (as defined herein) from time to time of
the Preferred Securities (as defined herein) of First Niagara Financing Trust [I/II/III], a
Delaware statutory trust (the “Issuer”).

WITNESSETH:

          WHEREAS, pursuant to an Amended and Restated Declaration of Trust, dated as of [•] (the
“Declaration”), among the Guarantor, as Depositor, the Property Trustee (as defined below), the
Delaware Trustee (as defined in the Declaration) and the Administrative Trustees named therein and
the Holders from time to time of undivided beneficial interests in the assets of the Issuer, the
Issuer is issuing $[•] aggregate Liquidation Amount (as defined in the Declaration) of its [•]%
Trust Preferred Securities (Liquidation Amount $[•] per preferred security) (the “Initial Preferred
Securities”), and after the date hereof, the Issuer may issue pursuant to the Declaration
additional [•]% Trust Preferred Securities (Liquidation Amount $[•] per preferred security) (the
“Additional Preferred Securities,” and together with the Initial Preferred Securities, the
“Preferred Securities”) representing preferred undivided beneficial interests in the assets of the
Issuer and having the terms set forth in the Declaration;

          WHEREAS, the Preferred Securities will be issued by the Issuer and the proceeds thereof,
together with the proceeds from the issuance of the Issuer’s Common Securities (as defined below),
will be used to purchase the Debentures (as defined in the Declaration) of the Guarantor which will
be deposited with U.S. Bank National Association, as Property Trustee under the Declaration (the
“Property Trustee”), as trust assets; and

          WHEREAS, as incentive for the Holders to purchase Preferred Securities, the Guarantor desires
irrevocably and unconditionally to agree, to the extent set forth herein, to pay to the Holders of
the Preferred Securities the Guarantee Payments (as defined herein) and to make certain other
payments on the terms and conditions set forth herein.

          NOW, THEREFORE, in consideration of the purchase by each Holder of Preferred Securities, which
purchase the Guarantor hereby agrees shall benefit the Guarantor, the Guarantor executes and
delivers this Guarantee Agreement to provide as follows for the benefit of the Holders from time to
time of the Preferred Securities:

 

 

ARTICLE 1.

INTERPRETATION AND DEFINITIONS

SECTION 1.1. Interpretation.

          For all purposes of this Guarantee Agreement, except as otherwise expressly provided or unless
the context otherwise requires:

               (a) capitalized terms used in this Guarantee Agreement but not defined in the preamble hereto
have the respective meanings assigned to them in Section 1.2;

               (b) all references to “the Guarantee Agreement” or “this Guarantee Agreement” are to this
Guarantee Agreement as modified, supplemented or amended from time to time;

               (c) all references in this Guarantee Agreement to Articles and Sections are to Articles and
Sections of this Guarantee Agreement unless otherwise specified;

               (d) a term defined in the Trust Indenture Act has the same meaning when used in this Guarantee
Agreement unless otherwise defined in this Guarantee Agreement or unless the context otherwise
requires;

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

               (f) the words “include,” “includes” and “including” shall be deemed to be followed by the
phrase “without limitation;”

               (g) a reference to the singular includes the plural and vice-versa; and

               (h) the masculine, feminine or neuter genders used herein shall include the masculine,
feminine and neuter genders.

SECTION 1.2. Definitions.

          As used in this Guarantee Agreement, the terms set forth below shall, unless the context
otherwise requires, have the following meanings:

          “Affiliate” of any specified Person means any other Person directly or indirectly controlling
or controlled by or under direct or indirect common control with such specified Person; provided,
however, that the Issuer shall not be deemed to be an Affiliate of the Guarantor. For the purposes
of this definition, “control” when used with respect to any specified Person means the power to
direct the management and policies of such Person, directly or indirectly, whether through the
ownership of voting securities, by

-2-

 

contract or otherwise; and the terms “controlling” and “controlled” have meanings correlative
to the foregoing.

          “Board of Directors” means either the board of directors of the Guarantor or any executive or
other committee duly authorized by the board of directors of the Guarantor to act hereunder.

          “Common Securities” means the securities representing common undivided beneficial interests in
the assets of the Issuer.

          “Corporate Trust Office” means the principal corporate trust office of the Guarantee Trustee
at the location set forth in the first paragraph of this Guarantee Agreement, or at such other
location as the Guarantee Trustee may from time to time designate by written notice to the
Guarantor, or the principal corporate trust office of any successor Guarantee Trustee (or such
other address as such successor Guarantee Trustee may from time to time designate by written notice
to the Guarantor)

          “Event of Default” means a default by the Guarantor on any of its payment or other obligations
under this Guarantee Agreement; provided, however, that, except with respect to a default in
payment of any Guarantee Payments, the Guarantor shall have received written notice of such default
and shall not have cured such default within 60 days after receipt of such notice.

          “Guarantee Payments” means the following payments or distributions, without duplication, with
respect to the Preferred Securities, to the extent not paid or made by or on behalf of the Issuer:
(i) any accumulated and unpaid Distributions (as defined in the Declaration) required to be paid on
the Preferred Securities, to the extent the Issuer shall have funds available therefor at such
time, (ii) the redemption price, including all accumulated and unpaid Distributions to the date of
redemption (the “Redemption Price”), with respect to any Preferred Securities called for redemption
by the Issuer, to the extent the Issuer shall have funds on hand available therefor at such time,
and (iii) upon a voluntary or involuntary termination, winding up or liquidation of the Issuer,
unless Debentures are distributed to the Holders, the lesser of (a) the aggregate of the
Liquidation Amount of $[•] per Preferred Security plus accumulated and unpaid Distributions on the
Preferred Securities to the date of payment, to the extent that the Issuer shall have funds
available therefor at such time and (b) the amount of assets of the Issuer remaining available for
distribution to Holders in liquidation of the Issuer (in either case, the “Liquidation
Distribution”).

          “Guarantee Trustee” means U.S. Bank National Association, until a Successor Guarantee Trustee
has been appointed and has accepted such appointment pursuant to the terms of this Guarantee
Agreement, and thereafter means each such Successor Guarantee Trustee.

          “Holder” means any “Holder” (as defined in the Declaration) of any Preferred Securities;
provided, however, that in determining whether the holders of the requisite

-3-

 

percentage of Preferred Securities have given any request, notice, consent or waiver
hereunder, “Holder” shall not include the Guarantor or any Affiliate of the Guarantor.

          “Indenture” means the Subordinated Notes Indenture, dated as of March 16, 2010, between the
Guarantor and U.S. Bank National Association, as trustee, pursuant to which the Debenture are
issued, as supplemented and amended.

          “List of Holders” has the meaning specified in Section 2.2(a).

          “Majority in Liquidation Amount of the Preferred Securities” means, except as provided by the
Trust Indenture Act, a vote by the Holder(s), voting separately as a class, of more than 50% of the
Liquidation Amount of all then outstanding Preferred Securities issued by the Issuer.

          “Officers’ Certificate” means, with respect to any Person, a certificate signed by the
President or a Vice President of such Person, and by the Treasurer, an Assistant Treasurer, the
Secretary or an Assistant Secretary of such Person, and delivered to the Guarantee Trustee. Any
Officers’ Certificate delivered with respect to compliance with a condition or covenant provided
for in this Guarantee Agreement shall include:

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

          (b) a brief statement of the nature and scope of the examination or investigation upon which
the statements or opinions contained in such Officers’ Certificate are based;

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

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

          “Opinion of Counsel” means a written opinion of counsel, who may be an employee of or counsel
for the Guarantor, and who shall be satisfactory to the Guarantee Trustee.

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

          “Responsible Officer” means, with respect to the Guarantee Trustee, shall mean any officer of
the Guarantee Trustee assigned to the Corporate Trust Administration unit (or any successor
division or unit) of the Guarantee Trustee located at the Corporate Trust

-4-

 

Office of the Guarantee Trustee, who shall have direct responsibility for the administration
of this Guarantee Agreement and, for the purposes of Sections 2.7(a) and 3.1(d)(ii), shall also
include any other officer of the Guarantee Trustee to whom any corporate trust matter is referred
because of such officer’s knowledge of and familiarity with the particular subject.

          “Senior Debt” has the meaning set forth in the Indenture.

          “Successor Guarantee Trustee” means a successor Guarantee Trustee possessing the
qualifications to act as Guarantee Trustee under Section 4.1.

          “Trust Indenture Act” means the Trust Indenture Act of 1939 as in force at the date as of
which this Guarantee Agreement is executed; provided, however, that in the event the Trust
Indenture Act of 1939 is amended after such date, “Trust Indenture Act” means, to the extent
required by any such amendment, the Trust Indenture Act of 1939 as so amended.

          Capitalized or otherwise defined terms used but not otherwise defined herein shall have the
meanings assigned to such terms in the Declaration as in effect on the date hereof.

ARTICLE 2.

TRUST INDENTURE ACT

SECTION 2.1. Trust Indenture Act; Application.

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

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

SECTION 2.2. List of Holders.

               (a) The Guarantor shall furnish or cause to be furnished to the Guarantee Trustee (if the
Guarantee Trustee is not the securities registrar) (a) semi-annually, on or before June 1 and
December 1 of each year, a list, in such form as the Guarantee Trustee may reasonably require, of
the names and addresses of the Holders (the “List of Holders”) as of a date not more than 15 days
prior to the delivery thereof, and (b) at such other times as the Guarantee Trustee may request in
writing, within 30 days after the receipt by the Guarantor of any such request, a List of Holders
as of a date not more than 15 days prior to the time such list is furnished, in each case to the
extent such information is in the possession or control of the Guarantor and is not identical to a
previously supplied list of Holders or has not otherwise been received by the Guarantee Trustee in

-5-

 

its capacity as such. The Guarantee Trustee may destroy any List of Holders previously given
to it on receipt of a new List of Holders.

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

SECTION 2.3. Reports by the Guarantee Trustee.

          Not later than March 15 of each year, commencing March 15, [•], the Guarantee Trustee shall
provide to the Holders such reports as are required by Section 313 of the Trust Indenture Act, if
any, in the form and in the manner provided by Section 313 of the Trust Indenture Act. The
Guarantee Trustee shall also comply with the requirements of Section 313(d) of the Trust Indenture
Act. The Guarantor shall promptly notify the Guarantee Trustee when the Preferred Securities are
listed on any stock exchange.

SECTION 2.4. Periodic Reports to the Guarantee Trustee.

          The Guarantor shall provide to the Guarantee Trustee, the Securities and Exchange Commission
and the Holders such documents, reports and information, if any, as required by Section 314 of the
Trust Indenture Act and the compliance certificate required by Section 314(a) of the Trust
Indenture Act, in the form, in the manner and at the times required by Section 314 of the Trust
Indenture Act. Delivery of documents, reports and information required by said Section 314 to the
Guarantee Trustee is for informational purposes only and the Guarantee Trustee’s receipt of such
shall not constitute notice or constructive notice of any information contained therein or
determinable from information contained therein, including the Guarantor’s compliance with any of
its covenants hereunder (as to which the Guarantee Trustee is entitled to rely exclusively on
Officers’ Certificates).

SECTION 2.5. Evidence of Compliance with Conditions Precedent.

          The Guarantor shall provide to the Guarantee Trustee such evidence of compliance with such
conditions precedent, if any, provided for in this Guarantee Agreement that relate to any of the
matters set forth in Section 314(c) of the Trust Indenture Act. Any certificate or opinion required
to be given by an officer pursuant to Section 314(c)(1) of the Trust Indenture Act may be given in
the form of an Officers’ Certificate. Any opinion of counsel to be given by counsel pursuant to
Section 314(c)(2) of the Trust Indenture Act may be given in the form of an Opinion of Counsel.

SECTION 2.6. Events of Default; Waiver.

          The Holders of not less than a Majority in Liquidation Amount of the Preferred Securities may,
by vote, on behalf of the Holders of all Preferred Securities, waive any past default or Event of
Default and its consequences, except a default or Event of Default in respect of any covenant or
provision hereof which cannot be modified or amended without the consent of each Holder. Upon such
waiver, any such default or

-6-

 

Event of Default shall cease to exist, and any default or Event of Default arising therefrom
shall be deemed to have been cured, for every purpose of this Guarantee Agreement, but no such
waiver shall extend to any subsequent or other default or Event of Default or impair any right
consequent therefrom.

SECTION 2.7. Event of Default; Notice.

               (a) If an Event of Default occurs and is continuing and if it is known to the Guarantee
Trustee, the Guarantee Trustee shall, within 90 days after the occurrence of an Event of Default
or, if later, after the Guarantee Trustee knows of such Event of Default, transmit by mail, first
class postage prepaid, to the Holders of all Preferred Securities, notices of all Events of
Default, unless such Events of Default have been cured before the giving of such notice, provided,
that, except in the case of a default in the payment of a Guarantee Payment, the Guarantee Trustee
shall be protected in withholding such notice if and so long as its corporate trust committee or a
committee of Responsible Officers of the Guarantee Trustee in good faith determines that the
withholding of such notice is in the interests of the Holders.

               (b) The Guarantee Trustee shall not be deemed to have knowledge of any Event of Default unless
the Guarantee Trustee shall have received written notice, or a Responsible Officer charged with the
administration of the Guarantee Agreement shall have obtained written notice, of such Event of
Default at the Corporate Trust Office of the Trustee.

SECTION 2.8. Conflicting Interests.

          The Declaration and the Indenture shall be deemed to be specifically described in this
Guarantee Agreement for the purposes of clause (i) of the first proviso contained in Section 310(b)
of the Trust Indenture Act.

ARTICLE 3.

POWERS, DUTIES AND RIGHTS OF THE GUARANTEE TRUSTEE

SECTION 3.1. Powers and Duties of the Guarantee Trustee.

               (a) This Guarantee Agreement shall be held by the Guarantee Trustee for the benefit of the
Holders, and the Guarantee Trustee shall not transfer this Guarantee Agreement to any Person except
a Holder exercising his or her rights pursuant to Section 5.4(iv) or to a Successor Guarantee
Trustee on acceptance by such Successor Guarantee Trustee of its appointment to act as Successor
Guarantee Trustee. The right, title and interest of the Guarantee Trustee in and to this Guarantee
Agreement shall automatically vest in any Successor Guarantee Trustee, upon acceptance by such
Successor Guarantee Trustee of its appointment hereunder, and such vesting and succession of title
shall be effective upon acceptance of appointment whether or not conveyance documents have been
executed and delivered pursuant to the appointment of such Successor Guarantee Trustee.

-7-

 

               (b) If an Event of Default has occurred and is continuing, the Guarantee Trustee shall have
the right to enforce this Guarantee Agreement for the benefit of the Holders.

               (c) The Guarantee Trustee, before the occurrence of any Event of Default and after the curing
or waiving of all Events of Default that may have occurred, shall undertake to perform only such
duties as are specifically set forth in this Guarantee Agreement, and no implied covenants shall be
read into this Guarantee Agreement against the Guarantee Trustee. If an Event of Default has
occurred (that has not been cured or waived pursuant to Section 2.6), the Guarantee Trustee shall
exercise such of the rights and powers vested in it by this Guarantee Agreement, 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.

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

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

          (A) the duties and obligations of the Guarantee Trustee shall be determined
solely by the express provisions of this Guarantee Agreement, and the Guarantee
Trustee shall not be liable except for the performance of such duties and
obligations as are specifically set forth in this Guarantee Agreement; and

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

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

-8-

 

               (iii) the Guarantee Trustee shall not be liable with respect to any action taken or
omitted to be taken by it in good faith in accordance with the direction of the Holders of
not less than a Majority in Liquidation Amount of the Preferred Securities relating to the
time, method and place of conducting any proceeding for any remedy available to the
Guarantee Trustee, or exercising any trust or power conferred upon the Guarantee Trustee
under this Guarantee Agreement;

               (iv) no provision of this Guarantee Agreement shall require the Guarantee 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 the
Guarantee Trustee shall have reasonable grounds for believing that the repayment of such
funds or liability is not reasonably assured to it under the terms of this Guarantee
Agreement or adequate indemnity satisfactory to it against such risk or liability is not
reasonably assured to it; and

               (e) Whether or not expressly so provided, every provision of this Guarantee Agreement relating
to the conduct or affecting the liability of or affording protection to the Guarantee Trustee shall
be subject to the provisions of this Section 3.1 and Section 3.3.

SECTION 3.2. Certain Rights of Guarantee Trustee.

               (a) Subject to the provisions of Section 3.1:

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

               (ii) Any direction or act of the Guarantor contemplated by this Guarantee Agreement
shall be sufficiently evidenced by an Officers’ Certificate unless otherwise prescribed
herein.

               (iii) Whenever, in the administration of this Guarantee Agreement, the Guarantee
Trustee shall deem it desirable that a matter be proved or established before taking,
suffering or omitting to take any action hereunder, the Guarantee Trustee (unless other
evidence is herein specifically prescribed) may, in the absence of bad faith on its part,
request and rely upon an Officers’ Certificate which, upon receipt of such request from the
Guarantee Trustee, shall be promptly delivered by the Guarantor.

               (iv) The Guarantee Trustee may consult with legal counsel of its choice, and the
advice or opinion of such legal counsel with respect to legal

-9-

 

matters, and any Opinion of Counsel, shall be full and complete authorization and
protection in respect of any action taken, suffered or omitted to be taken by it hereunder
in good faith and in reliance thereon. Such legal counsel may be legal counsel to the
Guarantor or any of its Affiliates and may be one of its employees. The Guarantee Trustee
shall have the right at any time to seek instructions concerning the administration of this
Guarantee Agreement from any court of competent jurisdiction.

               (v) The Guarantee Trustee shall be under no obligation to exercise any of the rights
or powers vested in it by this Guarantee Agreement at the request or direction of any
Holder, unless such Holder shall have provided to the Guarantee Trustee security and
indemnity satisfactory to it, against the costs, expenses (including attorneys’ fees and
expenses) and liabilities that might be incurred by it in complying with such request or
direction, including such reasonable advances as may be requested by the Guarantee Trustee;
provided that nothing contained in this Section 3.2(a)(v) shall be taken to relieve the
Guarantee Trustee, upon the occurrence of an Event of Default, of its obligation to
exercise the rights and powers vested in it by this Guarantee Agreement pursuant to the
last sentence of Section 3.1(c) hereof.

               (vi) The Guarantee Trustee shall not be bound to make any investigation into the facts
or matters stated in any resolution, certificate, statement, instrument, opinion, report,
notice, request, direction, consent, order, bond, debenture, note, other evidence of
indebtedness or other paper or document, but the Guarantee Trustee, in its discretion, may
make such further inquiry or investigation into such facts or matters as it may see fit.

               (vii) The Guarantee Trustee may execute any of the trusts or powers hereunder or
perform any duties hereunder either directly or by or through its agents, attorneys,
custodians or nominees, and the Guarantee Trustee shall not be responsible for any
misconduct or negligence on the part of any such agent, attorney, custodian or nominee
appointed with due care by it hereunder.

               (viii) Whenever in the administration of this Guarantee Agreement the Guarantee
Trustee shall deem it desirable to receive instructions with respect to enforcing any
remedy or right or taking any other action hereunder, the Guarantee Trustee (A) may request
written instructions from the Holders of not less than a Majority in Liquidation Amount of
the Preferred Securities, (B) may refrain from enforcing such remedy or right or taking
such other action until such written instructions are received, and (C) shall be fully
protected in relying on or acting in accordance with such written instructions.

               (ix) Anything in this Guarantee Agreement notwithstanding, in no event shall the
Guarantee Trustee be responsible or liable for punitive, special, indirect or consequential
loss or damage of any kind whatsoever (including, but

-10-

 

not limited to, loss of profit) irrespective of whether the Guarantee Trustee has been
advised of the likelihood of such loss or damage regardless of the form of action.

                    (x) The Guarantee Trustee shall have no duty to see to any recording, filing or
registration of any instrument (including any financing or continuation statement of any
tax or securities form)(or any rerecording, refilling or re-registration thereof).

                    (xi) The Guarantee Trustee shall not be liable for any action taken, suffered or
omitted to be taken 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 Guarantee Agreement.

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

SECTION 3.3. Indemnity.

          The Guarantor agrees to indemnify each of the Guarantee Trustee and any predecessor Guarantee
Trustee for, and to hold it harmless against, any and all loss, damage, claim, liability or
expense, including taxes (other than taxes based upon the income of the Guarantee Trustee) incurred
without negligence, wilful misconduct or bad faith on the part of the Guarantee Trustee, arising
out of or in connection with the acceptance of the trusts created by, or administration of, or the
transactions contemplated by, this Guarantee Agreement, including the costs and expenses of
defending itself against any claim or liability in connection with the exercise or performance of
any of its powers or duties hereunder. The provisions of this Section shall survive the
satisfaction and discharge, and the termination for any reason, of this Guarantee Agreement, the
satisfaction and discharge of the Declaration and the resignation or removal of the Guarantee
Trustee.

SECTION 3.4. Fees and Expenses.

          The Guarantor covenants and agrees to pay to the Guarantee Trustee from time to time, and the
Guarantee Trustee shall be entitled to, the fees and expenses agreed in writing between the
Guarantor and the Guarantee Trustee (which fees and expenses shall not be limited by any provision
of law in regard to the compensation of a trustee of an express trust), and will further pay or
reimburse the Guarantee Trustee upon its request for all reasonable expenses, disbursements and
advances incurred or made by the Guarantee Trustee in accordance with any of the provisions hereof
or any other

-11-

 

documents executed in connection herewith (including the reasonable compensation and the reasonable
expenses and disbursements of its counsel and of all persons not regularly in its employ). The
obligations of the Guarantor under this Section 3.4 to compensate the Guarantee Trustee and to pay
or reimburse the Guarantee Trustee for reasonable expenses, disbursements and advances shall
survive the satisfaction and discharge, and the termination for any reason, of this Agreement, the
satisfaction and discharge of the Declaration and the resignation or removal of the Guarantee
Trustee.

SECTION 3.5. Not Responsible for Recitals or Issuance of Guarantee

          The recitals contained in this Guarantee Agreement shall be taken as the statements of the
Guarantor, and the Guarantee Trustee does not assume any responsibility for their correctness. The
Guarantee Trustee makes no representation as to the validity or sufficiency of this Guarantee
Agreement.

ARTICLE 4.

GUARANTEE TRUSTEE

SECTION 4.1. Guarantee Trustee: Eligibility.

               (a) There shall at all times be a Guarantee Trustee which shall:

               (i) not be an Affiliate of the Guarantor; and

               (ii) be a Person that is eligible pursuant to the Trust Indenture Act to act as such
and has a combined capital and surplus of at least $50,000,000, and shall be a corporation
meeting the requirements of Section 310(a) of the Trust Indenture Act. If such corporation
publishes reports of condition at least annually, pursuant to law or to the requirements of
its supervising or examining authority, then, for the purposes of this Section 4.1 and to
the extent permitted by the Trust Indenture Act, the combined capital and surplus of such
corporation shall be deemed to be its combined capital and surplus as set forth in its most
recent report of condition so published.

               (b) If at any time the Guarantee Trustee shall cease to be eligible to so act under
Section 4.1(a), the Guarantee Trustee shall immediately resign in the manner and with the effect
set out in Section 4.2(c).

               (c) If the Guarantee Trustee has or shall acquire any “conflicting interest” within the
meaning of Section 310(b) of the Trust Indenture Act, the Guarantee Trustee and Guarantor shall in
all respects comply with the provisions of Section 310(b) of the Trust Indenture Act.

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SECTION 4.2. Appointment, Removal and Resignation of the Guarantee Trustee.

               (a) Subject to Section 4.2(b), the Guarantee Trustee may be appointed or removed without cause
at any time by the Guarantor.

               (b) The Guarantee Trustee shall not be removed until a Successor Guarantee Trustee has been
appointed and has accepted such appointment by written instrument executed by such Successor
Guarantee Trustee and delivered to the Guarantor.

               (c) The Guarantee Trustee appointed hereunder shall hold office until a Successor Guarantee
Trustee shall have been appointed in accordance with this Section 4.2 or until its removal or
resignation. The Guarantee Trustee may resign from office (without need for prior or subsequent
accounting) by an instrument in writing executed by the Guarantee Trustee and delivered to the
Guarantor, which resignation shall not take effect until a Successor Guarantee Trustee has been
appointed and has accepted such appointment by instrument in writing executed by such Successor
Guarantee Trustee and delivered to the Guarantor and the resigning Guarantee Trustee.

               (d) If no Successor Guarantee Trustee shall have been appointed and accepted appointment as
provided in this Section 4.2 within 30 days after delivery to the Guarantor of an instrument of
resignation, the resigning Guarantee Trustee may petition, at the expense of the Guarantor, any
court of competent jurisdiction for appointment of a Successor Guarantee Trustee. Such court may
thereupon, after prescribing such notice, if any, as it may deem proper, appoint a Successor
Guarantee Trustee.

ARTICLE 5.

GUARANTEE

SECTION 5.1. Guarantee.

          The Guarantor irrevocably and unconditionally agrees to pay in full to the Holders the
Guarantee Payments (without duplication of amounts theretofore paid by or on behalf of the Issuer),
as and when due, regardless of any defense, right of set-off or counterclaim that the Issuer may
have or assert, except the defense of payment. The Guarantor’s obligation to make a Guarantee
Payment may be satisfied by direct payment of the required amounts by the Guarantor to the Holders
or by causing the Issuer to pay such amounts to the Holders.

SECTION 5.2. Waiver of Notice and Demand.

          The Guarantor hereby waives notice of acceptance of the Guarantee Agreement and of any
liability to which it applies or may apply, presentment, demand for payment, any right to require a
proceeding first against the Guarantee Trustee, Issuer or any other Person before proceeding
against the Guarantor, protest, notice of nonpayment, notice of dishonor, notice of redemption and
all other notices and demands.

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SECTION 5.3. Obligations not Affected.

          The obligations, covenants, agreements and duties of the Guarantor under this Guarantee
Agreement shall in no way be affected or impaired by reason of the happening from time to time of
any of the following:

               (a) the release or waiver, by operation of law or otherwise, of the performance or observance
by the Issuer of any express or implied agreement, covenant, term or condition relating to the
Preferred Securities to be performed or observed by the Issuer;

               (b) the extension of time for the payment by the Issuer of all or any portion of the
Distributions (other than an extension of time for payment of Distributions that results from the
extension of any interest payment period on the Debentures as provided in the Indenture),
Redemption Price, Liquidation Distribution or any other sums payable under the terms of the
Preferred Securities or the extension of time for the performance of any other obligation under,
arising out of, or in connection with, the Preferred Securities;

               (c) any failure, omission, delay or lack of diligence on the part of the Holders to enforce,
assert or exercise any right, privilege, power or remedy conferred on the Holders pursuant to the
terms of the Preferred Securities, or any action on the part of the Issuer granting indulgence or
extension of any kind;

               (d) the voluntary or involuntary liquidation, dissolution, sale of any collateral,
receivership, insolvency, bankruptcy, assignment for the benefit of creditors, reorganization,
arrangement, composition or readjustment of debt of, or other similar proceedings affecting, the
Issuer or any of the assets of the Issuer;

               (e) any invalidity of, or defect or deficiency in, the Preferred Securities;

               (f) the settlement or compromise of any obligation guaranteed hereby or hereby incurred; or

               (g) any other circumstance whatsoever that might otherwise constitute a legal or equitable
discharge or defense of a guarantor, it being the intent of this Section 5.3 that the obligations
of the Guarantor hereunder shall be absolute and unconditional under any and all circumstances.

          There shall be no obligation of the Holders to give notice to, or obtain the consent of, the
Guarantor with respect to the happening of any of the foregoing.

SECTION 5.4. Rights of Holders.

          The Guarantor expressly acknowledges that: (i) this Guarantee Agreement will be deposited with
the Guarantee Trustee to be held for the benefit of the Holders; (ii) the

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Guarantee Trustee has the right to enforce this Guarantee Agreement on behalf of the Holders;
(iii) the Holders of a Majority in Liquidation Amount of the Preferred Securities have the right to
direct the time, method and place of conducting any proceeding for any remedy available to the
Guarantee Trustee in respect of this Guarantee Agreement or exercising any trust or power conferred
upon the Guarantee Trustee under this Guarantee Agreement; and (iv) any Holder may institute a
legal proceeding directly against the Guarantor to enforce its rights under this Guarantee
Agreement, without first instituting a legal proceeding against the Guarantee Trustee, the Issuer
or any other Person.

SECTION 5.5. Guarantee of Payment.

          This Guarantee Agreement creates a guarantee of payment and not of collection. This Guarantee
Agreement will not be discharged except by payment of the Guarantee Payments in full (without
duplication of amounts theretofore paid by the Issuer) or upon distribution of Debentures to
Holders as provided in the Declaration.

SECTION 5.6. Subrogation.

          The Guarantor shall be subrogated to all rights (if any) of the Holders against the Issuer in
respect of any amounts paid to the Holders by the Guarantor under this Guarantee Agreement and
shall have the right to waive payment by the Issuer pursuant to Section 5.1; provided, however,
that the Guarantor shall not (except to the extent required by mandatory provisions of law) be
entitled to enforce or exercise any rights which it may acquire by way of subrogation or any
indemnity, reimbursement or other agreement, in all cases as a result of payment under this
Guarantee Agreement, if, at the time of any such payment, any amounts are due and unpaid under this
Guarantee Agreement. If any amount shall be paid to the Guarantor in violation of the preceding
sentence, the Guarantor agrees to hold such amount in trust for the Holders and to pay over such
amount to the Holders.

SECTION 5.7. Independent Obligations.

          The Guarantor acknowledges that its obligations hereunder are independent of the obligations
of the Issuer with respect to the Preferred Securities and that the Guarantor shall be liable as
principal and as debtor hereunder to make Guarantee Payments pursuant to the terms of this
Guarantee Agreement notwithstanding the occurrence of any event referred to in subsections (a)
through (g), inclusive, of Section 5.3 hereof.

ARTICLE 6.

SUBORDINATION

SECTION 6.1. Subordination.

          The obligations of the Guarantor under this Guarantee Agreement will constitute unsecured
obligations of the Guarantor and will rank subordinate and junior in right of payment to all Senior
Debt of the Guarantor to the extent and manner set forth in the

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Indenture. The obligations of the Guarantor under this Guarantee Agreement do not constitute
Senior Debt. Nothing in this Article 6 shall apply to the claims of, or payments to, the Guarantee
Trustee under or pursuant to Sections 3.3 and 3.4.

SECTION 6.2. Pari Passu Guarantees.

          The obligations of the Guarantor under this Guarantee Agreement shall rank pari passu with its
obligations under (i) the Debentures; (ii) the Indenture to the extent applicable to the Debentures
and the Securities (as defined therein) issued thereunder that rank pari passu with the Debentures;
and (iii) any other security, guarantee or other agreement or obligation that is expressly stated
to rank pari passu with the obligations of the Guarantor under this Guarantee Agreement or with any
obligation that ranks pari passu with the obligations of the Guarantor under this Guarantee
Agreement.

ARTICLE 7.

TERMINATION

SECTION 7.1. Termination.

          Subject to Sections 3.3 and 3.4 hereof, this Guarantee Agreement shall terminate and be of no
further force and effect upon (i) full payment of the Redemption Price of all Preferred Securities,
(ii) the distribution of Debentures to the Holders in exchange for all of the Preferred Securities
or (iii) full payment of the amounts payable in accordance with the Declaration upon liquidation of
the Issuer. Notwithstanding the foregoing, this Guarantee Agreement will continue to be effective
or will be reinstated, as the case may be, if at any time any Holder must restore payment of any
sums paid with respect to Preferred Securities or this Guarantee Agreement.

ARTICLE 8.

MISCELLANEOUS

SECTION 8.1. Successors and Assigns.

          All guarantees and agreements contained in this Guarantee Agreement shall bind the successors,
assigns, receivers, trustees and representatives of the Guarantor and shall inure to the benefit of
the Holders of the Preferred Securities then outstanding. Except in connection with a
consolidation, merger or sale involving the Guarantor that is permitted under Article Eight of the
Indenture and pursuant to which the successor or assignee agrees in writing to perform the
Guarantor’s obligations hereunder, the Guarantor shall not assign its obligations hereunder.

SECTION 8.2. Amendments.

          Except with respect to any changes that do not adversely affect the rights of the Holders in
any material respect (in which case no consent of the Holders will be required), this Guarantee
Agreement may only be amended with the prior approval of the

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Holders of not less than a Majority in Liquidation Amount of the Preferred Securities. The
provisions of Article VI of the Declaration concerning meetings of the Holders shall apply to the
giving of such approval.

SECTION 8.3. Notices.

          Any notice, request or other communication required or permitted to be given hereunder shall
be in writing, duly signed by the party giving such notice, and delivered, telecopied or mailed by
first class mail as follows:

               (a) if given to the Guarantor, to the address set forth below or such other address, facsimile
number or to the attention of such other Person as the Guarantor may give notice to the Holders:

First Niagara Financial Group, Inc.

726 Exchange Street, Suite 618

Buffalo, New York 14210

Facsimile No.: [•]

Attention: General Counsel

               (b) if given to the Issuer at the Issuer’s address set forth below with a copy to the
Guarantee Trustee as set forth below:

First Niagara Financing Trust [I/II/III]

c/o First Niagara Financial Group, Inc.

726 Exchange Street, Suite 618

Buffalo, NY 14210

Facsimile No.: [•]

Attention: General Counsel

               (c) if given to the Guarantee Trustee:

U.S. Bank National Association

100 Wall Street

New York, NY 10005

Facsimile No.: [•]

Attention: Corporate Trust Administration Unit

               (d) if given to any Holder, at the address set forth on the books and records of the Issuer.

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

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document shall be deemed to have been delivered on the date of such refusal or inability to
deliver; provided, however, that, anything herein to the contrary not withstanding, no notice
delivered to the Guarantee Trustee shall be deemed to have been given unless and until actually
received by the Guarantee Trustee.

SECTION 8.4. Benefit.

          This Guarantee Agreement is solely for the benefit of the Holders and the Guarantee Trustee
and is not separately transferable from the Preferred Securities.

SECTION 8.5. Governing Law.

          THIS GUARANTEE AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH
THE LAWS OF THE STATE OF NEW YORK.

SECTION 8.6. Waiver of Trial by Jury.

          EACH OF THE COMPANY, THE GUARANTEE TRUSTEE, AND EACH HOLDER OF A SECURITY BY ITS ACCEPTANCE
THEREOF, HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL
RIGHT IT MAY HAVE TO TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR
RELATING TO THIS INDENTURE, THE SECURITIES OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY.

SECTION 8.7. Force Majeure.

          In no event shall the Guarantee Trustee be responsible or liable for any failure or delay in
the performance of its obligations under this Indenture arising out of or caused by, directly or
indirectly, forces beyond its control, including without limitation strikes, work stoppages, any
provision of any law or regulation or any act of any governmental authority, accidents, acts of war
or terrorism, sabotage, epidemics, riots, civil or military disturbances, nuclear or natural
catastrophes or acts of God, and interruptions, loss or malfunctions of utilities, communications
or computer (software or hardware) services.

SECTION 8.8. Counterparts.

          This instrument may be executed in any number of counterparts, each of which so executed shall
be deemed to be an original, but all such counterparts shall together constitute but one and the
same instrument.

[SIGNATURES ON NEXT PAGE]

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

	 	 	 	 	 
	 	FIRST NIAGARA FINANCIAL GROUP, INC.

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	U.S. BANK NATIONAL ASSOCIATION,

       as Guarantee Trustee

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

[Signature Page to Guarantee Agreement]

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