Document:

Exhibit
4.(a)

 

 

CAPITOL BANCORP LTD.

 

AND

 

WELLS FARGO BANK, N.A.,

AS TRUSTEE

 

INDENTURE

 

          % JUNIOR
SUBORDINATED DEBENTURES DUE 2038

 

DATED AS OF
                ,
2008

 

 

 

TABLE OF CONTENTS

 

	
   

  	
   

  	
  Page

  
	
   

  	
   

  	
   

  
	
  ARTICLE I

  	
  DEFINITIONS

  	
  3

  
	
   

  	
   

  	
   

  
	
  SECTION 1.1

  	
  DEFINITIONS OF TERMS

  	
  3

  
	
   

  	
   

  	
   

  
	
  ARTICLE II

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

  	
  12

  
	
   

  	
   

  	
   

  
	
  SECTION 2.1

  	
  DESIGNATION AND PRINCIPAL AMOUNT

  	
  12

  
	
  SECTION 2.2

  	
  MATURITY

  	
  12

  
	
  SECTION 2.3

  	
  FORM AND PAYMENT

  	
  13

  
	
  SECTION 2.4

  	
  INTENTIONALLY LEFT BLANK

  	
  13

  
	
  SECTION 2.5

  	
  INTEREST

  	
  13

  
	
  SECTION 2.6

  	
  EXECUTION AND AUTHENTICATIONS

  	
  14

  
	
  SECTION 2.7

  	
  REGISTRATION OF TRANSFER AND EXCHANGE

  	
  15

  
	
  SECTION 2.8

  	
  TEMPORARY DEBENTURES

  	
  16

  
	
  SECTION 2.9

  	
  MUTILATED, DESTROYED, LOST OR STOLEN DEBENTURES

  	
  17

  
	
  SECTION 2.10

  	
  CANCELLATION

  	
  17

  
	
  SECTION 2.11

  	
  BENEFIT OF INDENTURE

  	
  18

  
	
  SECTION 2.12

  	
  AUTHENTICATING AGENT

  	
  18

  
	
   

  	
   

  	
   

  
	
  ARTICLE III

  	
  REDEMPTION OF DEBENTURES

  	
  19

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION 3.1

  	
  REDEMPTION

  	
  19

  
	
  SECTION 3.2

  	
  SPECIAL EVENT REDEMPTION

  	
  19

  
	
  SECTION 3.3

  	
  OPTIONAL REDEMPTION BY COMPANY

  	
  19

  
	
  SECTION 3.4

  	
  NOTICE OF REDEMPTION

  	
  20

  
	
  SECTION 3.5

  	
  PAYMENT UPON REDEMPTION

  	
  21

  
	
  SECTION 3.6

  	
  NO SINKING FUND

  	
  22

  
	
   

  	
   

  	
   

  
	
  ARTICLE IV

  	
  EXTENSION OF INTEREST PAYMENT
  PERIOD

  	
  22

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION 4.1

  	
  EXTENSION OF INTEREST PAYMENT PERIOD

  	
  22

  
	
  SECTION 4.2

  	
  NOTICE OF EXTENSION

  	
  23

  
	
   

  	
   

  	
   

  
	
  ARTICLE V

  	
  PARTICULAR COVENANTS OF THE
  COMPANY

  	
  23

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION 5.1

  	
  PAYMENT OF PRINCIPAL AND INTEREST

  	
  23

  
	
  SECTION 5.2

  	
  MAINTENANCE OF AGENCY

  	
  23

  
	
  SECTION 5.3

  	
  PAYING AGENTS

  	
  24

  
	
  SECTION 5.4

  	
  APPOINTMENT TO FILL VACANCY IN OFFICE OF TRUSTEE

  	
  25

  
	
  SECTION 5.5

  	
  COMPLIANCE WITH CONSOLIDATION PROVISIONS

  	
  25

  
	
  SECTION 5.6

  	
  LIMITATION ON TRANSACTIONS

  	
  25

  
	
  SECTION 5.7

  	
  COVENANTS AS TO THE TRUST

  	
  26

  
	
  SECTION 5.8

  	
  COVENANTS AS TO PURCHASES

  	
  26

  
	
  SECTION 5.9

  	
  WAIVER OF USURY, STAY OR EXTENSION LAWS

  	
  27

  
	
  SECTION 5.10

  	
  LIMITATION ON ADDITIONAL JUNIOR INDEBTEDNESS

  	
  27

  
	
   

  	
   

  	
   

  
	
  ARTICLE VI

  	
  DEBENTUREHOLDERS’ LISTS AND
  REPORTS BY THE COMPANY AND THE TRUSTEE

  	
  29

  

 

i

 

	
   

  	
   

  	
  Page

  
	
   

  	
   

  	
   

  
	
  SECTION 6.1

  	
  COMPANY TO FURNISH TRUSTEE NAMES AND ADDRESSES OF DEBENTUREHOLDERS

  	
  29

  
	
  SECTION 6.2

  	
  PRESERVATION OF INFORMATION COMMUNICATIONS WITH
  DEBENTUREHOLDERS

  	
  29

  
	
  SECTION 6.3

  	
  REPORTS BY THE COMPANY

  	
  29

  
	
  SECTION 6.4

  	
  REPORTS BY THE TRUSTEE

  	
  30

  
	
   

  	
   

  	
   

  
	
  ARTICLE VII

  	
  REMEDIES OF THE TRUSTEE AND
  DEBENTUREHOLDERS ON EVENT OF DEFAULT

  	
  31

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION 7.1

  	
  EVENTS OF DEFAULT

  	
  31

  
	
  SECTION 7.2

  	
  COLLECTION OF INDEBTEDNESS AND SUITS FOR ENFORCEMENT
  BY TRUSTEE

  	
  33

  
	
  SECTION 7.3

  	
  APPLICATION OF MONEYS COLLECTED

  	
  34

  
	
  SECTION 7.4

  	
  LIMITATION ON SUITS

  	
  34

  
	
  SECTION 7.5

  	
  RIGHTS AND REMEDIES CUMULATIVE; DELAY OR OMISSION
  NOT WAIVER

  	
  35

  
	
  SECTION 7.6

  	
  CONTROL BY DEBENTUREHOLDERS

  	
  36

  
	
  SECTION 7.7

  	
  UNDERTAKING TO PAY COSTS

  	
  36

  
	
  SECTION 7.8

  	
  DIRECT ACTION; RIGHT OF SET-OFF

  	
  37

  
	
   

  	
   

  	
   

  
	
  ARTICLE VIII

  	
  FORM OF DEBENTURE AND
  ORIGINAL ISSUE SECTION

  	
  37

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION 8.1

  	
  FORM OF DEBENTURE

  	
  37

  
	
  SECTION 8.2

  	
  ORIGINAL ISSUE OF DEBENTURES

  	
  37

  
	
   

  	
   

  	
   

  
	
  ARTICLE IX

  	
  CONCERNING THE TRUSTEE

  	
  38

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION 9.1

  	
  CERTAIN DUTIES AND RESPONSIBILITIES OF THE TRUSTEE

  	
  38

  
	
  SECTION 9.2

  	
  NOTICE OF DEFAULTS

  	
  39

  
	
  SECTION 9.3

  	
  CERTAIN RIGHTS OF TRUSTEE

  	
  40

  
	
  SECTION 9.4

  	
  TRUSTEE NOT RESPONSIBLE FOR RECITALS, ETC

  	
  42

  
	
  SECTION 9.5

  	
  MAY HOLD DEBENTURES

  	
  42

  
	
  SECTION 9.6

  	
  MONEYS HELD IN TRUST

  	
  43

  
	
  SECTION 9.7

  	
  COMPENSATION AND REIMBURSEMENT

  	
  43

  
	
  SECTION 9.8

  	
  RELIANCE ON OFFICERS’ CERTIFICATE

  	
  44

  
	
  SECTION 9.9

  	
  DISQUALIFICATION: CONFLICTING INTERESTS

  	
  44

  
	
  SECTION 9.10

  	
  CORPORATE TRUSTEE REQUIRED; ELIGIBILITY

  	
  44

  
	
  SECTION 9.11

  	
  RESIGNATION AND REMOVAL; APPOINTMENT OF SUCCESSOR

  	
  45

  
	
  SECTION 9.12

  	
  ACCEPTANCE OF APPOINTMENT BY SUCCESSOR

  	
  46

  
	
  SECTION 9.13

  	
  MERGER, CONVERSION, CONSOLIDATION OR SUCCESSION TO
  BUSINESS

  	
  47

  
	
  SECTION 9.14

  	
  PREFERENTIAL COLLECTION OF CLAIMS AGAINST THE
  COMPANY

  	
  47

  
	
   

  	
   

  	
   

  
	
  ARTICLE X

  	
  CONCERNING THE DEBENTUREHOLDERS

  	
  47

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION 10.1

  	
  EVIDENCE OF ACTION BY HOLDERS

  	
  47

  
	
  SECTION 10.2

  	
  PROOF OF EXECUTION BY DEBENTUREHOLDERS

  	
  48

  

 

ii

 

	
   

  	
   

  	
  Page

  
	
   

  	
   

  	
   

  
	
  SECTION 10.3

  	
  WHO MAY BE DEEMED OWNERS

  	
  48

  
	
  SECTION 10.4

  	
  CERTAIN DEBENTURES OWNED BY COMPANY DISREGARDED

  	
  48

  
	
  SECTION 10.5

  	
  ACTIONS BINDING ON FUTURE DEBENTUREHOLDERS

  	
  49

  
	
   

  	
   

  	
   

  
	
  ARTICLE XI

  	
  SUPPLEMENTAL INDENTURES

  	
  49

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION 11.1

  	
  SUPPLEMENTAL INDENTURES WITHOUT THE CONSENT OF
  DEBENTUREHOLDERS

  	
  49

  
	
  SECTION 11.2

  	
  SUPPLEMENTAL INDENTURES WITH CONSENT OF
  DEBENTUREHOLDERS

  	
  50

  
	
  SECTION 11.3

  	
  EFFECT OF SUPPLEMENTAL INDENTURES

  	
  51

  
	
  SECTION 11.4

  	
  DEBENTURES AFFECTED BY SUPPLEMENTAL INDENTURES

  	
  51

  
	
  SECTION 11.5

  	
  EXECUTION OF SUPPLEMENTAL INDENTURES

  	
  51

  
	
   

  	
   

  	
   

  
	
  ARTICLE XII

  	
  SUCCESSOR CORPORATION

  	
  52

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION 12.1

  	
  COMPANY MAY CONSOLIDATE, ETC

  	
  52

  
	
  SECTION 12.2

  	
  SUCCESSOR CORPORATION SUBSTITUTED

  	
  52

  
	
  SECTION 12.3

  	
  EVIDENCE OF CONSOLIDATION, ETC. TO TRUSTEE

  	
  53

  
	
   

  	
   

  	
   

  
	
  ARTICLE XIII

  	
  SATISFACTION AND DISCHARGE

  	
  53

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION 13.1

  	
  SATISFACTION AND DISCHARGE OF INDENTURE

  	
  53

  
	
  SECTION 13.2

  	
  DISCHARGE OF OBLIGATIONS

  	
  54

  
	
  SECTION 13.3

  	
  DEPOSITED MONEYS TO BE HELD IN TRUST

  	
  54

  
	
  SECTION 13.4

  	
  PAYMENT OF MONIES HELD BY PAYING AGENTS

  	
  54

  
	
  SECTION 13.5

  	
  REPAYMENT TO COMPANY

  	
  54

  
	
   

  	
   

  	
   

  
	
  ARTICLE XIV

  	
  IMMUNITY OF INCORPORATORS,
  STOCKHOLDERS, OFFICERS AND DIRECTORS

  	
  55

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION 14.1

  	
  NO RECOURSE

  	
  55

  
	
   

  	
   

  	
   

  
	
  ARTICLE XV

  	
  MISCELLANEOUS PROVISIONS

  	
  55

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION 15.1

  	
  EFFECT ON SUCCESSORS AND ASSIGNS

  	
  55

  
	
  SECTION 15.2

  	
  ACTIONS BY SUCCESSOR

  	
  56

  
	
  SECTION 15.3

  	
  SURRENDER OF COMPANY POWERS

  	
  56

  
	
  SECTION 15.4

  	
  NOTICES

  	
  56

  
	
  SECTION 15.5

  	
  GOVERNING LAW

  	
  56

  
	
  SECTION 15.6

  	
  TREATMENT OF DEBENTURES AS DEBT

  	
  56

  
	
  SECTION 15.7

  	
  COMPLIANCE CERTIFICATES AND OPINIONS

  	
  56

  
	
  SECTION 15.8

  	
  PAYMENTS ON BUSINESS DAYS

  	
  57

  
	
  SECTION 15.9

  	
  CONFLICT WITH TRUST INDENTURE ACT

  	
  57

  
	
  SECTION 15.10

  	
  COUNTERPARTS

  	
  57

  
	
  SECTION 15.11

  	
  SEPARABILITY

  	
  57

  
	
  SECTION 15.12

  	
  ASSIGNMENT

  	
  58

  
	
  SECTION 15.13

  	
  ACKNOWLEDGMENT OF RIGHTS; RIGHT OF SETOFF

  	
  58

  

 

iii

 

	
   

  	
   

  	
  Page

  
	
   

  	
   

  	
   

  
	
  ARTICLE XVI

  	
  SUBORDINATION OF DEBENTURES

  	
  58

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION 16.1

  	
  AGREEMENT TO SUBORDINATE

  	
  58

  
	
  SECTION 16.2

  	
  DEFAULT ON SENIOR DEBT, SUBORDINATED DEBT OR
  ADDITIONAL SENIOR OBLIGATIONS

  	
  59

  
	
  SECTION 16.3

  	
  LIQUIDATION; DISSOLUTION; BANKRUPTCY

  	
  59

  
	
  SECTION 16.4

  	
  SUBROGATION

  	
  60

  
	
  SECTION 16.5

  	
  TRUSTEE TO EFFECTUATE SUBORDINATION

  	
  61

  
	
  SECTION 16.6

  	
  NOTICE BY THE COMPANY

  	
  62

  
	
  SECTION 16.7

  	
  RIGHTS OF THE TRUSTEE HOLDERS OF SENIOR INDEBTEDNESS

  	
  62

  
	
  SECTION 16.8

  	
  SUBORDINATION MAY NOT BE IMPAIRED

  	
  63

  

 

iv

 

CROSS-REFERENCE TABLE

 

	
  SECTION OR

  	
   

  	
   

  	
   

  
	
  TRUST INDENTURE ACT

  	
   

  	
   

  	
  SECTION OF

  
	
  OF 1939, AS AMENDED

  	
   

  	
  INDENTURE

  
	
   

  	
   

  	
   

  	
   

  
	
  310(a)

  	
   

  	
   

  	
  9.10

  
	
  310(b)

  	
   

  	
   

  	
  9.9

  
	
   

  	
   

  	
   

  	
  9.11

  
	
  310(c)

  	
   

  	
   

  	
  Not Applicable

  
	
  311(a)

  	
   

  	
   

  	
  9.14

  
	
  311(b)

  	
   

  	
   

  	
  9.14

  
	
  311(c)

  	
   

  	
   

  	
  Not Applicable

  
	
  312(a)

  	
   

  	
   

  	
  6.1

  
	
   

  	
   

  	
   

  	
  6.2(a)

  
	
  312(b)

  	
   

  	
   

  	
  6.2(c)

  
	
  312(c)

  	
   

  	
   

  	
  6.2(c)

  
	
  313(a)

  	
   

  	
   

  	
  6.4(a)

  
	
  313(b)

  	
   

  	
   

  	
  6.4(b)

  
	
  313(c)

  	
   

  	
   

  	
  6.4(a)

  
	
   

  	
   

  	
   

  	
  6.4(b)

  
	
  313(d)

  	
   

  	
   

  	
  6.4(c)

  
	
  314(a)

  	
   

  	
   

  	
  6.3(a)

  
	
  314(b)

  	
   

  	
   

  	
  Not Applicable

  
	
  314(c)

  	
   

  	
   

  	
  15.7

  
	
  314(d)

  	
   

  	
   

  	
  Not Applicable

  
	
  314(e)

  	
   

  	
   

  	
  15.7

  
	
  314(f)

  	
   

  	
   

  	
  Not Applicable

  
	
  315(a)

  	
   

  	
   

  	
  9.1(a)

  
	
   

  	
   

  	
   

  	
  9.3

  
	
  315(b)

  	
   

  	
   

  	
  9.2

  
	
  315(c)

  	
   

  	
   

  	
  9.1(a)

  
	
  315(d)

  	
   

  	
   

  	
  9.1(b)

  
	
  315(e)

  	
   

  	
   

  	
  7.7

  
	
  316(a)

  	
   

  	
   

  	
  1.1

  
	
   

  	
   

  	
   

  	
  7.6

  
	
  316(b)

  	
   

  	
   

  	
  7.4(b)

  
	
  316(c)

  	
   

  	
   

  	
  10.1(b)

  
	
  317(a)

  	
   

  	
   

  	
  7.2

  
	
  317(b)

  	
   

  	
   

  	
  5.3

  
	
  318(a)

  	
   

  	
   

  	
  15.9

  

 

Note: This
Cross-Reference Table shall not, for any purpose, be deemed to be a part of the
Indenture.

 

 

INDENTURE

 

INDENTURE, dated as of
               ,
2008, between Capitol Bancorp Ltd., a Michigan corporation (the “Company”) and
Wells Fargo Bank, N.A., as trustee (the “Trustee”);

 

RECITALS

 

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

 

WHEREAS, Capitol Trust
XII, a Delaware statutory trust (the “Trust”), has offered to the public up to
$57,500,000 aggregate liquidation amount of its Preferred Securities (as
defined herein) and proposes to invest the proceeds from such offering,
together with the proceeds of the issuance and sale by the Trust to the Company
of up to $1,778,351 aggregate liquidation amount of its Common Securities (as
defined herein), in up to $59,278,351 aggregate principal amount of the
Debentures;

 

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

 

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

 

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

 

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

 

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

 

1

 

ARTICLE I

 

DEFINITIONS

 

SECTION 1.1 
DEFINITIONS OF TERMS.

 

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

 

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

 

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

 

“Additional Interest”
shall have the meaning set forth in Section 2.5(c).

 

“Additional Junior
Indebtedness” means, without duplication, (A) any indebtedness,
liabilities or obligations of the Company, or any Affiliate of the Company,
under debt securities (or guarantees in respect of debt securities) initially
issued to any trust, or a trustee of a trust, partnership or other entity
affiliated with the Company that is, directly or indirectly, a finance
subsidiary (as such term is defined in Rule 3a-5 under the Investment
Company Act) or other financing vehicle of the Company or any Affiliate of the
Company in connection with the issuance by that entity of preferred securities
or other securities that are intended to qualify for Tier 1 capital treatment
(or the then equivalent thereof) for purposes of the capital adequacy
guidelines of the Federal Reserve, as then in effect and applicable to the
Company, other than the Debentures; provided, however, that the inability of
the Company to treat all or any portion of the Additional Junior Indebtedness
as Tier 1 capital shall not disqualify it as Additional Junior Indebtedness if
such inability results from the Company having cumulative preferred stock,
minority interests in consolidated subsidiaries, or any other class of security
or interest which the Federal Reserve now or may hereafter accord Tier 1
capital treatment (including the Debentures) in excess of the amount which may
qualify for treatment as Tier 1 capital under applicable capital adequacy
guidelines of the Federal Reserve, and (B) any indebtedness, liabilities
or obligations of the Company, or any Affiliate of the Company, that is junior
or otherwise subordinate in right of payment to Senior Indebtedness of the
Company and that has a maturity or is otherwise due and 

 

2

 

payable by the Company on
a date twelve (12) months or more after its date of original issuance, other
than the Debentures.

 

“Additional Senior
Obligations” means all indebtedness of the Company whether incurred on or prior
to the date of this Indenture or thereafter incurred, for claims in respect of
derivative products such as interest and foreign exchange rate contracts,
commodity contracts and similar arrangements; provided, however, that
Additional Senior Obligations does not include claims in respect of Senior Debt
or Subordinated Debt or obligations which, by their terms, are expressly stated
to be not superior in right of payment to the Debentures or to rank pari passu
in right of payment with the Debentures. For purposes of this definition, “claim”
shall have the meaning assigned thereto in Section 101(5) of the
United States Bankruptcy Code of 1978, as amended.

 

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

 

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

 

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

 

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

 

“Board of Directors”
means the Board of Directors of the Company or any duly authorized committee of
such board or any other duly designated officers of the Company.

 

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

 

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

 

3

 

“Capital Treatment Event”
means the receipt by the Company and the Trust of an Opinion of Counsel,
rendered by a law firm having a recognized national bank regulatory practice,
to the effect that, as a result of any amendment to, or change (including any
announced prospective change) in, the laws (or any regulations thereunder) of
the United States or any political subdivision thereof or therein, or as a
result of any official or administrative pronouncement or action or judicial
decision interpreting or applying such laws or regulations, which amendment or
change is effective or which pronouncement or decision is announced on or after
the date of issuance of the Preferred Securities under the Trust Agreement,
there is more than an insubstantial risk of impairment of the Company’s ability
to treat the Preferred Securities (or any substantial portion thereof) as Tier
1 capital (or the then equivalent thereof), for purposes of the capital
adequacy guidelines of the Federal Reserve, as then in effect and applicable to
the Company; provided, however, that the Trust or the Company shall have
requested and received such an Opinion of Counsel with regard to such matters
within a reasonable period of time after the Trust or the Company shall have
become aware of the possible occurrence of any such event; provided, however,
that the inability of the Company to treat all or any portion of the
Liquidation Amount of the Preferred Securities as Tier 1 Capital shall not
constitute the basis for a Capital Treatment Event if such inability results
from the Company having cumulative preferred stock, minority interests in
consolidated subsidiaries, or any other class of security or interest which the
Federal Reserve now or may hereafter accord Tier 1 Capital treatment in excess
of the amount which may qualify for treatment as Tier 1 Capital under
applicable capital adequacy guidelines of the Federal Reserve; provided,
further, however, that the distribution of Debentures in connection with the
dissolution of the Trust shall not in and of itself constitute a Capital
Treatment Event.

 

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

 

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

 

“Code” means the Internal
Revenue Code of 1986, as amended.

 

“Commission” means the
Securities and Exchange Commission.

 

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

 

“Company” means Capitol
Bancorp Ltd., a corporation duly organized and existing under the laws of the
State of Michigan, and, subject to the provisions of Article XII, shall
also include its successors and assigns.

 

4

 

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

 

“Corporate Trust Office”
means the office of the Trustee at which, at any particular time, its corporate
trust business shall be principally administered, which office at the date
hereof is located at 919 North Market Street, Suite 1600, Wilmington,
Delaware 19801, Attention: Corporate Trust Services.

 

“Coupon Rate” shall have
the meaning set forth in Section 2.5(a).

 

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

 

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

 

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

 

“Debenture Register”
shall have the meaning set forth in Section 2.7(b).

 

“Debenture Registrar”
shall have the meaning set forth in Section 2.7(b).

 

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

 

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

 

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

 

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

 

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

 

5

 

holders of the Trust
Securities issued by the Trust pro rata in accordance with the Trust Agreement.

 

“ERISA” means the
Employee Retirement Income Security Act of 1974, as amended.

 

“Event of Default” means,
with respect to the Debentures, any event specified in Section 7.1, which
has continued for the period of time, if any, and after the giving of the
notice, if any, therein designated.

 

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

 

“Extended Interest
Payment Period” shall have the meaning set forth in Section 4.1.

 

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

 

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

 

“Governmental Obligations”
means securities that are (i) direct obligations of the United States of
America for the payment of which its full faith and credit is pledged; or (ii) obligations
of a Person controlled or supervised by and acting as an agency or
instrumentality of the United States of America, the payment of which is
unconditionally guaranteed as a full faith and credit obligation by the United
States of America that, in either case, are not callable or redeemable at the
option of the issuer thereof, and shall also include a depositary receipt
issued by a bank (as defined in Section 3(a)(2) of the Securities
Act) as custodian with respect to any such Governmental Obligation or a
specific payment of principal of or interest on any such Governmental
Obligation held by such custodian for the account of the holder of such
depositary receipt; provided, however, that (except as required by law) such
custodian is not authorized to make any deduction from the amount payable to
the holder of such depositary receipt from any amount received by the custodian
in respect of the Governmental Obligation or the specific payment of principal
of or interest on the Governmental Obligation evidenced by such depositary
receipt.

 

“Herein,” “hereof,” and “hereunder,”
and other words of similar import, refer to this Indenture as a whole and not
to any particular Article, Section or other subdivision.

 

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

 

“Interest Payment Date,”
when used with respect to any installment of interest on the Debentures, means
the date specified in the Debenture or in an indenture 

 

6

 

supplemental hereto with
respect to the Debentures as the fixed date on which an installment of interest
with respect to the Debentures is due and payable.

 

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

 

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

 

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

 

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

 

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

 

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

 

“Outstanding,” when used
in reference to the Debentures, means, subject to the provisions of Section 10.4,
as of any particular time, all Debentures theretofore authenticated and
delivered by the Trustee under this Indenture, except (a) Debentures
theretofore canceled by the Trustee or any paying agent, or delivered to the
Trustee or any paying agent for cancellation or that have previously been
canceled; (b) Debentures or portions thereof for the payment or redemption
of which moneys or Governmental Obligations in the necessary amount shall have
been deposited in trust with the Trustee or with any paying agent (other than
the Company) or shall have been set aside and segregated in trust by the
Company (if the Company shall act as its own paying agent); provided, however,
that if such Debentures or portions of such Debentures are to be 

 

7

 

redeemed prior to the
maturity thereof, notice of such redemption shall have been given as in Article III
provided, or provision satisfactory to the Trustee shall have been made for
giving such notice; and (c) Debentures in lieu of or in substitution for
which other Debentures shall have been authenticated and delivered pursuant to
the terms of Section 2.7; provided, however, that in determining whether
the holders of the requisite percentage of Debentures have given any request,
notice, consent or waiver hereunder, Debentures held by the Company or any
Affiliate of the Company shall not be included to the extent set forth in Section 10.4
hereof; provided, further, that the Trustee shall be protected in relying upon
any request, notice, consent or waiver unless a Responsible Officer of the
Trustee shall have actual knowledge that the holder of such Debenture is the
Company or an Affiliate thereof.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

“Scheduled Maturity Date”
means
              ,
2038.

 

8

 

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

 

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

 

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

 

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

 

“Subordinated Debt” means
the principal of (and premium, if any) and interest, if any (including interest
accruing on or after the filing of any petition in bankruptcy or for
reorganization relating to the Company whether or not such claim for
post-petition interest is allowed in such proceeding), on Debt, whether
incurred on or prior to the date of this Indenture or thereafter incurred,
which is by its terms expressly provided to be junior and subordinate to Senior
Debt of the Company (other than the Debentures); provided, however, that
Subordinated Debt will not be deemed to include (i) any Debt of the
Company which when incurred and without respect to any election under section
1111(b) of the United States Bankruptcy Code of 1978, as amended, was
without recourse to the Company, (ii) any Debt of the Company owed to any
of its subsidiaries, (iii) any Debt owed to any employee of the Company, (iv)
any Debt which by its terms is subordinated to trade accounts payable or
accrued liabilities arising in the ordinary course of business to the extent
that payments made to the holders of such Debt by the holders of the Debentures
as a result of the subordination provisions of this Indenture would be greater
than they otherwise would have been as a result of any obligation of such
holders to pay amounts over to the obligees on such trade accounts payable or
accrued liabilities arising in the ordinary course of business as a result of
subordination provisions to which such Debt is subject, (v) Debt which
constitutes Senior 

 

9

 

Debt and (vi) any
Debt of the Company under debt securities (and guarantees in respect of these
debt securities) initially issued to any trust, or a trustee of a trust,
partnership or other entity affiliated with the Company that is, directly or
indirectly, a financing vehicle of the Company in connection with the issuance
by that entity of preferred securities or other securities which are intended
to qualify for Tier 1 capital treatment.

 

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

 

“Tax Event” means the
receipt by the Company and the Trust of an Opinion of Counsel, rendered by a
law firm having a recognized national tax and securities practice, to the
effect that, as a result of any amendment to, or change (including any
announced prospective change) in, the laws (or any regulations thereunder) of
the United States or any political subdivision or taxing authority thereof or
therein, or as a result of any official administrative pronouncement or
judicial decision interpreting or applying such laws or regulations, which
amendment or change is effective or which pronouncement or decision is
announced on or after the date of issuance of the Debentures under this
Indenture, there is more than an insubstantial risk that (i) the Trust is,
or shall be within 90 days after the date of such Opinion of Counsel, subject
to United States federal income tax with respect to income received or accrued
on the Debentures; (ii) interest payable by the Company on the Debentures
is not, or within 90 days after the date of such Opinion of Counsel, shall not
be, deductible by the Company, in whole or in part, for United States federal
income tax purposes; or (iii) the Trust is, or shall be within 90 days
after the date of such Opinion of Counsel, subject to more than a de minimis
amount of other taxes, duties, assessments or other governmental charges;
provided, however, that the Trust or the Company shall have requested and
received such an Opinion of Counsel with regard to such matters within a
reasonable period of time after the Trust or the Company shall have become
aware of the possible occurrence of any of the events described in clauses (i) through
(iii) above.

 

“Trust” means Capitol
Trust XII, a Delaware statutory trust.

 

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

 

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

 

10

 

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

 

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

 

“Voting Stock,” as
applied to stock of any Person, means shares, interests, participations or
other equivalents in the equity interest (however designated) in such Person
having ordinary voting power for the election of a majority of the directors
(or the equivalent) of such Person, other than shares, interests,
participations or other equivalents having such power only by reason of the
occurrence of a contingency.

 

ARTICLE II

ISSUE, DESCRIPTION, TERMS, CONDITIONS

REGISTRATION AND EXCHANGE OF THE DEBENTURES

 

SECTION 2.1 
DESIGNATION AND PRINCIPAL AMOUNT.

 

There is hereby
authorized Debentures designated the “      %
Junior Subordinated Debentures due 2038,” limited in aggregate principal amount
to $59,278,351, which amount shall be as set forth in any written order of the
Company for the authentication and delivery of Debentures pursuant to Section 2.6.

 

SECTION 2.2  MATURITY.

 

(a)                The Maturity Date shall be
either:

 

  (i)                               the
Scheduled Maturity Date; or

 

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

 

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

 

(c)                                                If
the Company elects to accelerate the Maturity Date in accordance with Section 2.2(b),
the Company shall give notice to the Trustee and the Trust (unless the Trust is
not the holder of the Debentures, in which case the Trustee will give notice to
the holders of the Debentures) of the acceleration of the Maturity Date and the
Accelerated Maturity Date at least 35 days and no more than 180 days before the
Accelerated Maturity Date; provided, however, that nothing provided in this Section 2.2
shall limit the Company’s rights, as provided in Article III hereof, to
redeem all or a 

 

11

 

portion of the Debentures at such time or times on or
after
                ,
2013, as the Company may so determine, or at any time upon the occurrence of a
Special Event.

 

SECTION 2.3 
FORM AND PAYMENT.

 

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

 

SECTION 2.4 
INTENTIONALLY LEFT BLANK.

 

SECTION 2.5 
INTEREST.

 

(a)                                                Each
Debenture shall bear interest at the rate of     % per
annum (the “Coupon Rate”) from the original date of issuance until the
principal thereof becomes due and payable, and on any overdue principal and (to
the extent that payment of such interest is enforceable under applicable law)
on any overdue installment of interest at the Coupon Rate, payable (subject to
the provisions of Article IV) quarterly in arrears on March 31, June 30,
September 30 and December 31 of each year (each, an “Interest Payment
Date”), commencing on
              ,
2008 to the Person in whose name such Debenture or any Predecessor Debenture is
registered, at the close of business on the regular record date for such
interest installment, which shall be the fifteenth day of the last month of the
calendar quarter.  Any interest payment
not punctually paid or duly provided for shall forthwith cease to be payable to
the registered holder on such regular record date and may be paid to the Person
in whose name such Debenture or any such Predecessor Debenture is registered at
the close of business on a special record date to be fixed by the Trustee for
the payment of such defaulted interest, notice thereof shall be fixed by the
Trustee for the payment of such defaulted interest and given to the registered
holders of the Debentures not less than 10 days prior to such special record
date, or may be paid at any time in any other lawful manner not inconsistent
with the requirements of any securities exchange or quotation system on or in
which the Debentures may be listed or quoted, and upon such notice as may be
required by such exchange or quotation system.

 

(b)                                               The
amount of interest payable for any period ending on or prior to March 31,
2038 shall be computed on the basis of a 360-day year of twelve 30-day months.
The amount of interest payable for any period commencing on or after March 31,

 

12

 

2038 shall be computed on the basis of a 360-day year
and the actual number of days elapsed during the relevant period. In the event
that any date on which interest is payable on the Debentures is not a Business
Day, then payment of interest payable on such date shall be made on the next
succeeding day which is a Business Day (and without any interest or other
payment in respect of any such delay) except that, if such Business Day is in
the next succeeding calendar year, such payment shall be made on the
immediately preceding Business Day (and without any reduction of interest or
any other payment in respect of any such acceleration), in each case with the
same force and effect as if made on the date such payment was originally
payable.

 

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

 

SECTION 2.6 
EXECUTION AND AUTHENTICATIONS.

 

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

 

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

 

(c)                                                At
any time and from time to time after the execution and delivery of this
Indenture, the Company may deliver Debentures executed by the Company to the
Trustee for authentication, together with a written order of the Company for
the authentication and delivery of such Debentures signed by its President or
any Executive 

 

13

 

Vice President and its Chief Financial Officer or the
Treasurer or any Assistant Treasurer, and the Trustee in accordance with such
written order shall authenticate and deliver such Debentures.

 

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

 

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

 

SECTION 2.7 
REGISTRATION OF TRANSFER AND EXCHANGE.

 

(a)                                                Debentures
may be exchanged upon presentation thereof at the office or agency of the
Company designated for such purpose, or at the office of the Debenture
Registrar, for other Debentures and for a like aggregate principal amount in
denominations of integral multiples of $25, upon payment of a sum sufficient to
cover any tax or other governmental charge in relation thereto, all as provided
in this Section 2.7. In respect of any Debentures so surrendered for
exchange, the Company shall execute, the Trustee shall authenticate and such office
or agency shall deliver in exchange therefor the Debenture or Debentures that
the Debentureholder making the exchange shall be entitled to receive, bearing
numbers not contemporaneously outstanding.

 

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

 

14

 

(c)                                                No
service charge shall be made for any exchange or registration of transfer of
Debentures, or issue of new Debentures in case of partial redemption, but the
Company may require payment of a sum sufficient to cover any tax or other
governmental charge in relation thereto, other than exchanges pursuant to Section 2.8,
Section 3.5(b) and Section 11.4 not involving any transfer.

 

(d)                                               Neither
the Company nor the Trustee shall be required (i) to issue, exchange or
register the transfer of any Debentures during a period beginning at the
opening of business 15 days before the day of the mailing of a notice of
redemption of less than all the Outstanding Debentures and ending at the close
of business on the day of such mailing; nor (ii) to register the transfer
of or exchange any Debentures or portions thereof called for redemption.

 

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

 

(f)                                                  Neither
the Trustee nor the Debenture Registrar shall be responsible for ascertaining
whether any transfer hereunder complies with the registration provisions of or
any exemptions from the Securities Act, applicable state securities laws or the
applicable laws of any other jurisdiction, ERISA, the Code or the Investment
Company Act; provided, that if a certificate is specifically required by the
express terms of this Section 2.7 to be delivered to the Trustee or the
Debenture Registrar by a holder or transferee of a Debenture, the Trustee and
the Debenture Registrar shall be under a duty to receive and examine the same
to determine whether or not the certificate substantially conforms on its face
to the requirements of this Indenture and shall promptly notify the party
delivering the same if such certificate does not comply with such terms.

 

SECTION 2.8 
TEMPORARY DEBENTURES.

 

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

 

15

 

entitled
to the same benefits under this Indenture as definitive Debentures
authenticated and delivered hereunder.

 

SECTION 2.9 
MUTILATED, DESTROYED, LOST OR STOLEN DEBENTURES.

 

(a)                                                In
case any temporary or definitive Debenture shall become mutilated or be
destroyed, lost or stolen, the Company (subject to the next succeeding
sentence) shall execute, and upon the Company’s written order the Trustee
(subject as aforesaid) shall authenticate and deliver, a new Debenture bearing
a number not contemporaneously outstanding, in exchange and substitution for
the mutilated Debenture, or in lieu of and in substitution for the Debenture so
destroyed, lost, stolen or mutilated. In every case the applicant for a
substituted Debenture shall furnish to the Company and the Trustee such
security or indemnity as may be required by them to save each of them harmless,
and, in every case of destruction, loss or theft, the applicant shall also
furnish to the Company and the Trustee evidence to their satisfaction of the
destruction, loss or theft of the applicant’s Debenture and of the ownership
thereof. The Trustee may authenticate any such substituted Debenture and
deliver the same upon the written request or authorization of the President or
any Vice President and the Chief Financial Officer or the Treasurer or any
Assistant Treasurer of the Company. Upon the issuance of any substituted
Debenture, the Company may require the payment of a sum sufficient to cover any
tax or other governmental charge that may be imposed in relation thereto and
any other expenses (including the fees and expenses of the Trustee) connected
therewith. In case any Debenture that has matured or is about to mature shall
become mutilated or be destroyed, lost or stolen, the Company may, instead of
issuing a substitute Debenture, pay or authorize the payment of the same
(without surrender thereof except in the case of a mutilated Debenture) if the
applicant for such payment shall furnish to the Company and the Trustee such
security or indemnity as they may require to save them harmless, and, in case
of destruction, loss or theft, evidence to the satisfaction of the Company and
the Trustee of the destruction, loss or theft of such Debenture and of the
ownership thereof.

 

(b)                                               Every
replacement Debenture issued pursuant to the provisions of this Section 2.9
shall constitute an additional contractual obligation of the Company whether or
not the mutilated, destroyed, lost or stolen Debenture shall be found at any
time, or be enforceable by anyone, and shall be entitled to all the benefits of
this Indenture equally and proportionately with any and all other Debentures
duly issued hereunder. All Debentures shall be held and owned upon the express
condition that the foregoing provisions are exclusive with respect to the
replacement or payment of mutilated, destroyed, lost or stolen Debentures, and
shall preclude (to the extent lawful) any and all other rights or remedies,
notwithstanding any law or statute existing or hereafter enacted to the
contrary with respect to the replacement or payment of negotiable instruments
or other securities without their surrender.

 

SECTION 2.10 
CANCELLATION.

 

All Debentures
surrendered for the purpose of payment, redemption, exchange or registration of
transfer shall, if surrendered to the Company or any paying 

 

16

 

agent, be delivered to
the Trustee for cancellation, or, if surrendered to the Trustee, shall be
canceled by it, and no Debentures shall be issued in lieu thereof except as
expressly required or permitted by any of the provisions of this Indenture. The
Trustee shall dispose of canceled Debentures in accordance with its standard
procedures and deliver a certificate of disposition to the Company. If the
Company shall otherwise acquire any of the Debentures, however, such
acquisition shall not operate as a redemption or satisfaction of the
indebtedness represented by such Debentures unless and until the same are
delivered to the Trustee for cancellation.

 

SECTION 2.11 
BENEFIT OF INDENTURE.

 

Nothing in this Indenture
or in the Debentures, express or implied, shall give or be construed to give to
any Person, other than the parties hereto, the Preferred Securityholders
pursuant to Section 7.8 and the holders of the Debentures (and, with
respect to the provisions of Article XVI, the holders of Senior
Indebtedness) any legal or equitable right, remedy or claim under or in respect
of this Indenture, or under any covenant, condition or provision herein
contained; all such covenants, conditions and provisions being for the sole
benefit of the parties hereto, the Preferred Securityholders pursuant to Section 7.8
and of the holders of the Debentures (and, with respect to the provisions of Article XVI,
the holders of Senior Indebtedness).

 

SECTION 2.12 
AUTHENTICATING AGENT.

 

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

 

(b)                                               Any
Authenticating Agent may at any time resign by giving written notice of
resignation to the Trustee and to the Company. The Trustee may at any time (and
upon written request by the Company shall) terminate the agency of any
Authenticating Agent by giving written notice of termination to such Authenticating
Agent and to the Company. Upon resignation, termination or cessation of
eligibility of any Authenticating Agent, the Trustee may appoint an eligible
successor Authenticating Agent acceptable to the Company. Any successor
Authenticating Agent, upon acceptance 

 

17

 

of its appointment hereunder, shall become vested with
all the rights, powers and duties of its predecessor hereunder as if originally
named as an Authenticating Agent pursuant hereto.

 

ARTICLE III

REDEMPTION OF DEBENTURES

 

SECTION 3.1 
REDEMPTION.

 

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

 

SECTION 3.2 
SPECIAL EVENT REDEMPTION.

 

Subject to the Company
having received the prior approval of the Federal Reserve, if then required
under the applicable capital guidelines, policies or regulations of the Federal
Reserve, if a Special Event has occurred and is continuing, then,
notwithstanding Section 3.3(a) but subject to Section 3.3(b),
the Company shall have the right upon not less than 30 days’ nor more than 60
days’ written notice to the holders of the Debentures to redeem the Debentures,
in whole or in part, for cash within 180 days following either (i) upon
the occurrence of such Special Event (the “180-Day Period”) at a redemption
price equal to 100% of the principal amount to be redeemed plus any accrued and
unpaid interest thereon to the date of such redemption (the “Redemption Price”),
provided that if at the time there is available to the Company the opportunity
to eliminate, within the 180-Day Period, a Tax Event by taking some ministerial
action (a “Ministerial Action”), such as filing a form or making an election,
or pursuing some other similar reasonable measure which has no adverse effect
on the Company, the Trust or the holders of the Trust Securities issued by the
Trust, the Company shall pursue such Ministerial Action in lieu of redemption,
and, provided further, that the Company shall have no right to redeem the
Debentures pursuant to this Section 3.2 while it is pursuing any
Ministerial Action pursuant to its obligations hereunder, and, provided
further, that, if it is determined that the taking of a Ministerial Action
would not eliminate the Tax Event within the 180-Day Period, the Company’s
right to redeem the Debentures pursuant to this Section 3.2 shall be
restored and it shall have no further obligations to pursue the Ministerial
Action. The Redemption Price shall be paid prior to 12:00 p.m. (noon), New
York time, on the date of such redemption or such earlier time as the Company
determines, provided that the Company shall deposit with the Trustee an amount
sufficient to pay the Redemption Price by 10:00 a.m., New York time, on
the date such Redemption Price is to be paid.

 

SECTION 3.3 
OPTIONAL REDEMPTION BY COMPANY.

 

(a)                                                Subject
to the provisions of Section 3.3(c), except as otherwise may be specified
in this Indenture, the Company shall have the right to redeem the 

 

18

 

Debentures, in whole or in part, from time to time, on
or after
              ,
2013, at a Redemption Price equal to 100% of the principal amount to be
redeemed plus any accrued and unpaid interest thereon to the date of such
redemption. Any redemption pursuant to this Section 3.3(a) shall be
made upon not less than 30 days’ nor more than 60 days’ written notice to the
holder of the Debentures, at the Redemption Price. If the Debentures are only
partially redeemed pursuant to this Section 3.3(a), the Debentures shall
be redeemed pro rata or by lot or in such other manner as the Trustee shall
deem appropriate and fair in its discretion. The Redemption Price shall be paid
prior to 12:00 p.m. (noon), New York time, on the date of such redemption
or at such earlier time as the Company determines provided that the Company
shall deposit with the Trustee an amount sufficient to pay the Redemption Price
by 10:00 a.m., New York time, on the date such Redemption Price is to be
paid.

 

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

 

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

 

SECTION 3.4 
NOTICE OF REDEMPTION.

 

(a)                                                Except
in the case of a redemption pursuant to Section 3.3(b), in case the
Company shall desire to exercise such right to redeem all or, as the case may
be, a portion of the Debentures in accordance with the right reserved so to do,
the Company shall, or shall cause the Trustee to upon receipt of at least 45
days’ written notice from the Company (which notice shall, in the event of a
partial redemption, include a representation to the effect that such partial
redemption will not result in the delisting of the Preferred Securities as
described in Section 3.3(c) above), give notice of such redemption to
holders of the Debentures to be redeemed by mailing, first class postage
prepaid, a notice of such redemption not less than 30 days before the date
fixed for redemption to such holders at their last addresses as they shall
appear upon the Debenture Register unless a shorter period is specified in the
Debentures to be redeemed. Any notice 

 

19

 

that is mailed in the manner herein provided shall be
conclusively presumed to have been duly given, whether or not the registered
holder receives the notice. In any case, failure duly to give such notice to
the holder of any Debenture designated for redemption in whole or in part, or
any defect in the notice, shall not affect the validity of the proceedings for
the redemption of any other Debentures. In the case of any redemption of
Debentures prior to the expiration of any restriction on such redemption
provided in the terms of such Debentures or elsewhere in this Indenture, the
Company shall furnish the Trustee with an Officers’ Certificate evidencing
compliance with any such restriction. Each such notice of redemption shall
specify the date fixed for redemption and the Redemption Price and shall state
that payment of the Redemption Price shall be made at the office or agency of
the Company specified in such notice or at the Corporate Trust Office of the
Trustee, upon presentation and surrender of such Debentures, that interest
accrued to the date fixed for redemption shall be paid as specified in said
notice and that from and after said date interest shall cease to accrue. If
less than all the Debentures are to be redeemed, the notice to the holders of
the Debentures shall specify the particular Debentures to be redeemed. If the
Debentures are to be redeemed in part only, the notice shall state the portion
of the principal amount thereof to be redeemed and shall state that on and
after the redemption date, upon surrender of such Debenture, a new Debenture or
Debentures in principal amount equal to the unredeemed portion thereof shall be
issued.

 

(b)                                               Except
in the case of redemption pursuant to Section 3.3(b), if less than all the
Debentures are to be redeemed, the Company shall give the Trustee at least 45
days’ notice in advance of the date fixed for redemption as to the aggregate
principal amount of Debentures to be redeemed, and thereupon the Trustee shall
select, pro rata or by lot or in such other manner as it shall deem appropriate
and fair in its discretion, the portion or portions (equal to $25 or any
integral multiple thereof) of the Debentures to be redeemed and shall
thereafter promptly notify the Company in writing of the numbers of the
Debentures to be redeemed, in whole or in part. The Company may, if and
whenever it shall so elect pursuant to the terms hereof, by delivery of
instructions signed on its behalf by its Chairman, its President or any Vice
President, instruct the Trustee or any paying agent to call all or any part of the
Debentures for redemption and to give notice of redemption in the manner set
forth in this Section 3.4, such notice to be in the name of the Company or
its own name as the Trustee or such paying agent may deem advisable. In any
case in which notice of redemption is to be given by the Trustee or any such
paying agent, the Company shall deliver or cause to be delivered to, or permit
to remain with, the Trustee or such paying agent, as the case may be, such
Debenture Register, transfer books or other records, or suitable copies or
extracts therefrom, sufficient to enable the Trustee or such paying agent to
give any notice by mail that may be required under the provisions of this Section 3.4.

 

SECTION 3.5 
PAYMENT UPON REDEMPTION.

 

(a)                                                If
the giving of notice of redemption shall have been completed as-above provided,
the Debentures or portions of Debentures to be redeemed specified in such
notice shall become due and payable on the date and at the place stated in such
notice at the applicable Redemption Price, and interest on such Debentures or
portions of Debentures shall cease to accrue on and after the date fixed for
redemption, unless the 

 

20

 

Company shall default in the payment of such
Redemption Price with respect to any such Debenture or portion thereof. On
presentation and surrender of such Debentures on or after the date fixed for
redemption at the place of payment specified in the notice, said Debentures
shall be paid and redeemed at the Redemption Price (but if the date fixed for
redemption is an Interest Payment Date, the interest installment payable on
such date shall be payable to the registered holder at the close of business on
the applicable record date pursuant to Section 2.5(a)).

 

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

 

SECTION 3.6 
NO SINKING FUND.

 

The Debentures are not
entitled to the benefit of any sinking fund.

 

ARTICLE IV

EXTENSION OF INTEREST PAYMENT PERIOD

 

SECTION 4.1 
EXTENSION OF INTEREST PAYMENT PERIOD.

 

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

 

21

 

requirements. No interest
shall be due and payable during an Extended Interest Payment Period, except at
the end thereof.

 

SECTION 4.2 
NOTICE OF EXTENSION.

 

(a)                If the Property Trustee is the
only registered holder of the Debentures at the time the Company selects an
Extended Interest Payment Period, the Company shall give written notice to the
Administrative Trustees, the Property Trustee and the Trustee of its selection
of such Extended Interest Payment Period two Business Days before the regular
record date (as such term is used in Section 2.5(a)) immediately preceding
the Interest Payment Date with respect to which interest on the Debentures
would have been payable except for the election to begin or extend such
Extended Interest Payment Period.

 

(b)                If the Property Trustee is not
the only holder of the Debentures at the time the Company selects an Extended
Interest Payment Period, the Company shall give the holders of the Debentures
and the Trustee written notice of its selection of such Extended Interest
Payment Period at least two Business Days before the regular record date (as
such term is used in Section 2.5(a)) immediately preceding the Interest
Payment Date with respect to which interest on the Debentures would have been
payable except for the election to begin or extend such Extended Interest
Payment Period.

 

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

 

ARTICLE V

PARTICULAR COVENANTS OF THE COMPANY

 

SECTION 5.1 
PAYMENT OF PRINCIPAL AND INTEREST.

 

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

 

SECTION 5.2 
MAINTENANCE OF AGENCY.

 

So long as any of the
Debentures remain Outstanding, the Company shall maintain, or shall cause to be
maintained, an office or agency in Lansing, Michigan and at such other location
or locations as may be designated as provided in this Section 5.2, where (i) Debentures
may be presented for payment; (ii) Debentures may be presented as
hereinabove authorized for registration of transfer and exchange; and (iii) notices
and demands to or upon the Company in respect of the Debentures and this
Indenture may be given or served, such designation to continue with respect to
such office or agency until 

 

22

 

the Company shall, by
written notice signed by its President or an Executive Vice President and
delivered to the Trustee, designate some other office or agency for such
purposes or any of them. If at any time the Company shall fail to maintain any
such required office or agency or shall fail to furnish the Trustee with the
address thereof, such presentations, notices and demands may be made or served
at the Corporate Trust Office of the Trustee, and the Company hereby appoints
the Trustee as its agent to receive all such presentations, notices and
demands. In addition to any such office or agency, the Company may from time to
time designate one or more offices or agencies outside of Lansing, Michigan
where the Debentures may be presented for registration or transfer and for
exchange in the manner provided herein, and the Company may from time to time
rescind such designation as the Company may deem desirable or expedient;
provided, however, that no such designation or rescission shall in any manner
relieve the Company of its obligation to maintain any such office or agency in
Lansing, Michigan for the purposes above mentioned. The Company shall give the
Trustee prompt written notice of any such designation or rescission thereof.

 

SECTION 5.3 
PAYING AGENTS.

 

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

 

(i)                                     that
it shall hold all sums held by it as such agent for the payment of the
principal of or interest on the Debentures (whether such sums have been paid to
it by the Company or by any other obligor of such Debentures) in trust for the
benefit of the Persons entitled thereto;

 

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

 

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

 

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

 

(b)                                               If
the Company shall act as its own paying agent with respect to the Debentures,
it shall on or before each due date of the principal of or interest on such
Debentures, set aside, segregate and hold in trust for the benefit of the
Persons entitled thereto a sum sufficient to pay such principal or interest so
becoming due on Debentures until such sums shall be paid to such Persons or
otherwise disposed of as herein provided 

 

23

 

and shall promptly notify the Trustee of such action,
or any failure (by it or any other obligor on such Debentures) to take such
action. Whenever the Company shall have one or more paying agents for the
Debentures, it shall, prior to each due date of the principal of or interest on
any Debentures, deposit with the paying agent a sum sufficient to pay the
principal or interest so becoming due, such sum to be held in trust for the
benefit of the Persons entitled to such principal or interest, and (unless such
paying agent is the Trustee) the Company shall promptly notify the Trustee of
this action or failure so to act.

 

(c)                                                Notwithstanding
anything in this Section 5.3 to the contrary, (i) the agreement to
hold sums in trust as provided in this Section 5.3 is subject to the
provisions of Section 13.3, 13.4, and 13.5; and (ii) the Company may
at any time, for the purpose of obtaining the satisfaction and discharge of
this Indenture or for any other purpose, pay, or direct any paying agent to
pay, to the Trustee all sums held in trust by the Company or such paying agent,
such sums to be held by the Trustee upon the same terms and conditions as those
upon which such sums were held by the Company or such paying agent; and, upon
such payment by any paying agent to the Trustee, such paying agent shall be
released from all further liability with respect to such money.

 

SECTION 5.4 
APPOINTMENT TO FILL VACANCY IN OFFICE OF TRUSTEE.

 

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

 

SECTION 5.5 
COMPLIANCE WITH CONSOLIDATION PROVISIONS.

 

The Company shall not, while
any of the Debentures remain Outstanding, consolidate with, or merge into, or
merge into itself, or sell or convey all or substantially all of its property
to any other company unless the provisions of Article XII hereof are
complied with.

 

SECTION 5.6 
LIMITATION ON TRANSACTIONS.

 

If Debentures are issued
to the Trust or a trustee of the Trust in connection with the issuance of Trust
Securities by the Trust and (i) there shall have occurred any event that
would constitute an Event of Default; (ii) the Company shall be in default
with respect to any of its obligations under the Preferred Securities Guarantee
relating to the Trust; or (iii) the Company shall have given notice of its
election to defer payments of interest on such Debentures by extending the
interest payment period as provided in this Indenture and such period, or any
extension thereof, shall be continuing, then (a) the Company shall not
declare or pay any dividend on, make any distributions with respect to, or
redeem, purchase, acquire or make a liquidation payment with respect to, any of
its capital stock (other than (A) dividends or distributions in common
stock of the Company, or any declaration of a non-cash dividend in connection
with the implementation of a shareholder rights plan, or the issuance of stock
under any such plan in the future, or the redemption or repurchase of any such
rights pursuant thereto, (B) purchases of common stock of the Company
related to the rights under any of the Company’s benefit plans for 

 

24

 

its directors, officers
or employees, or (C) as a result of a reclassification of its capital
stock); and (b) the Company shall not make any payment of interest,
principal or premium, if any, or repay, repurchase or redeem any debt
securities issued by the Company which rank pari passu with or junior to the
Debentures or make any guarantee payments with respect to any guarantee by the
Company of the debt securities of any Subsidiary of the Company if such
guarantee ranks pari passu with or junior in interest to the Debentures;
provided, however, that the Company may make payments pursuant to its
obligations under the Preferred Securities Guarantee; and (c) the Company
shall not redeem, purchase or acquire less than all of the outstanding
Debentures or any of the Preferred Securities.

 

SECTION 5.7 
COVENANTS AS TO THE TRUST.

 

For so long as such Trust
Securities of the Trust remain outstanding, the Company shall (i) maintain
100% direct or indirect ownership of the Common Securities of the Trust;
provided, however, that any permitted successor of the Company under this
Indenture may succeed to the Company’s ownership of the Common Securities; (ii) not
voluntarily terminate, wind up or liquidate the Trust, except upon prior approval
of the Federal Reserve if then so required under applicable capital guidelines,
policies or regulations of the Federal Reserve and use its reasonable efforts
to cause the Trust (a) to remain a statutory trust (and to avoid
involuntary termination, winding up or liquidation), except in connection with
a distribution of Debentures, the redemption of all of the Trust Securities of
the Trust or certain mergers, consolidations or amalgamations, each as
permitted by the Trust Agreement and (b) to otherwise continue not to be
treated as an association taxable as a corporation or partnership for United
States federal income tax purposes; (iii) use its reasonable efforts to
cause each holder of Trust Securities to be treated as owning an individual
beneficial interest in the Debentures; and (iv) the Company, and any
successor to the Company, shall use commercially reasonable efforts to maintain
the eligibility of the Preferred Securities for quotation or listing on the New
York Stock Exchange, or any other national securities exchange, organization or
automated quotation system on which the Preferred Securities are then quoted or
listed, and shall use commercially reasonable efforts to keep the Preferred
Securities so quoted or listed for so long as the Preferred Securities remain
outstanding. In connection with the distribution of the Debentures to the
holders of the Preferred Securities issued by the Trust upon a Dissolution
Event, the Company shall use its commercially reasonable efforts to list such
Debentures on the New York Stock Exchange or on such other exchange, or quote
on an automated quotation system, as the Preferred Securities are then listed.
For so long as any Debentures remain outstanding, the Company shall fulfill all
reporting and filing obligations under the Exchange Act, as applicable to
companies having a class of securities registered under Section 12(b) or
12(g) thereunder.

 

SECTION 5.8 
COVENANTS AS TO PURCHASES.

 

Except upon the exercise
by the Company of its right to redeem the Debentures pursuant to Section 3.2
upon the occurrence and continuation of a Special Event or pursuant to Section 3.3(a) or
Section 3.3(b), prior to the Scheduled Maturity 

 

25

 

Date, the Company shall
not purchase any Debentures, in whole or in part, from the Trust.

 

SECTION 5.9 
WAIVER OF USURY, STAY OR EXTENSION LAWS.

 

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

 

SECTION 5.10 
LIMITATION ON ADDITIONAL JUNIOR INDEBTEDNESS.

 

The Company shall not,
and it shall not cause or permit any Affiliate of the Company to incur, issue
or be obligated on any Additional Junior Indebtedness, either directly or
indirectly, by way of guarantee, suretyship or otherwise, other than:

 

(a)                                                Additional
Junior Indebtedness that, by its terms, is expressly stated to be junior and
subordinate in all respects to the Debentures; or

 

(b)                                               Additional
Junior Indebtedness that, by its terms, is expressly stated to be pari passu
and rank equally in all respects with the Debentures; provided, however, that
neither the Company nor any of its Affiliates shall incur, issue or otherwise
become obligated on any Additional Junior Indebtedness pursuant to this Section 5.10(b) unless
the quotient of “X” divided by “Y” is less than 0.60, where “X” and “Y” are
calculated as described in Section 5.10(c) and 5.10(d), respectively.

 

(c)                                                As
used in Section 5.10(b), “X” means the sum of the following:

 

(i)                                     the
aggregate principal amount of the Debentures Outstanding at the time of the
proposed issuance of such Additional Junior Indebtedness pursuant to Section 5.10(b),
plus

 

(ii)                                  the
aggregate liquidation amount or principal amount, as the case may be, of any
Additional Junior Indebtedness previously issued and outstanding at the time of
the proposed issuance of such Additional Junior Indebtedness pursuant to Section 5.10(b),
excluding any such Additional Junior Indebtedness that, by its terms, is
expressly stated to be junior and subordinate in all respects to the
Debentures, plus

 

(iii)                               the aggregate
liquidation amount or principal amount, as the case may be, of the Additional
Junior Indebtedness proposed to be issued or otherwise incurred pursuant to Section 5.10(b),
plus

 

26

 

(iv)                              the
principal amount of any Senior Indebtedness of the Company outstanding at the
time of the proposed issuance of such Additional Junior Indebtedness pursuant
to Section 5.10(b) and that has a maturity or is otherwise due and payable
by the Company on a date twelve (12) months or more after the time of the
proposed issuance of such Additional Junior Indebtedness pursuant to Section 5.10(b).

 

(d)                                               As
used in Section 5.10(b), “Y” means the sum of the following:

 

(i)                                     the
sum of (x) the “common stockholders’ equity” of the Company, plus (y) the
“perpetual preferred stock” of the Company, plus (z) any “minority
interest” in the common and preferred stockholders’ equity accounts of a
subsidiary of the Company, each calculated on a consolidated basis and in
accordance with Appendix A to Part 225 (Capital adequacy guidelines for
bank-holding companies; risk-based measure) of Federal Reserve Regulation Y (12
CFR Part 225, as amended, as in effect at the date of execution of this
Indenture), without regard to limitations therein with respect to the inclusion
of perpetual preferred stock or minority interest (in each case, whether
cumulative or noncumulative) in Tier 1 capital, determined as of the last day
of the month immediately preceding the month during which the proposed issuance
of the Additional Junior Indebtedness pursuant to Section 5.10(b) is
scheduled to occur (provided, however, that in no event shall any portion of
the Debentures, the Additional Junior Indebtedness or the Senior Indebtedness
described in Section 5.10(c) also be included in “Y” under this Section 5.10(d)),
plus

 

(ii)                                  any
other preferred stock of the Company that does not otherwise qualify as “perpetual
preferred stock” and is not included in clause (d)(i) above, plus

 

(iii)                               the aggregate
liquidation amount or principal amount, as the case may be, of any Additional
Junior Indebtedness, which by its terms is expressly stated to be junior and
subordinate in all respects to the Debentures and which was previously issued
and outstanding at the time of the proposed issuance of such Additional Junior
Indebtedness pursuant to Section 5.10(b).

 

(e)                                                Notwithstanding
the foregoing, the limitations of this Section 5.10 shall not in any way
preclude the Company from merging with or into, or from acquiring or being
acquired by, another Person (including by way of merger, stock purchase or
acquisition of assets) that is not an Affiliate of the Company in an arm’s
length transaction entered into in good faith, even though the pro forma
consolidated balance sheet of the surviving Person immediately following the
consummation of such merger, or of the acquiror immediately following the
completion of such acquisition transaction, may include Additional Junior
Indebtedness in amounts in excess of amounts that would otherwise be permitted
by this Section 5.10; provided, however, that thereafter the 

 

27

 

limitations on future incurrences of Additional Junior
Indebtedness in this Section 5.10 shall continue to apply to the Company
(in the event that it is the surviving corporation in such merger transaction
or the acquiror in such acquisition transaction) and shall apply to the other
Person (in the event that it is the surviving corporation in such merger
transaction or the acquiror in such acquisition transaction) whether or not
such other Person is expressly made a party hereto.

 

ARTICLE VI

DEBENTUREHOLDERS’ LISTS AND REPORTS 

BY THE COMPANY AND THE TRUSTEE

 

SECTION 6.1 
COMPANY TO FURNISH TRUSTEE NAMES AND ADDRESSES OF DEBENTUREHOLDERS.

 

The Company shall furnish
or cause to be furnished to the Trustee (a) on a quarterly basis on each
regular record date (as described in Section 2.5(a)) a list, in such form
as the Trustee may reasonably require, of the names and addresses of the
holders of the Debentures as of such regular record date, provided that the
Company shall not be obligated to furnish or cause to furnish such list at any
time that the list shall not differ in any respect from the most recent list
furnished to the Trustee by the Company (in the event the Company fails to
provide such list on a quarterly basis, the Trustee shall be entitled to rely
on the most recent list provided by the Company); and (b) at such other
times as the Trustee may request in writing within 30 days after the receipt by
the Company of any such request, a list of similar form and content as of a
date not more than 15 days prior to the time such list is furnished; provided,
however, that, in either case, no such list need be furnished if the Trustee
shall be the Debenture Registrar.

 

SECTION 6.2 
PRESERVATION OF INFORMATION COMMUNICATIONS WITH DEBENTUREHOLDERS.

 

(a)                                                The
Trustee shall preserve, in as current a form as is reasonably practicable, all
information as to the names and addresses of the holders of Debentures
contained in the most recent list furnished to it as provided in Section 6.1
and as to the names and addresses of holders of Debentures received by the
Trustee in its capacity as Debenture Registrar (if acting in such capacity).

 

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

 

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

 

SECTION 6.3 
REPORTS BY THE COMPANY.

 

(a)                                                The
Company covenants and agrees to file with the Trustee, within 15 days after the
Company is required to file the same with the Commission, copies of 

 

28

 

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

 

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

 

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

 

SECTION 6.4 
REPORTS BY THE TRUSTEE.

 

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

 

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

 

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

 

29

 

ARTICLE VII

REMEDIES OF THE TRUSTEE AND DEBENTUREHOLDERS ON EVENT OF DEFAULT

 

SECTION 7.1 
EVENTS OF DEFAULT.

 

(a)                Whenever
used herein with respect to the Debentures, “Event of Default” means any one or
more of the following events that has occurred and is continuing:

 

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

 

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

 

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

 

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

 

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

 

  (vi)        the
Trust shall have voluntarily or involuntarily dissolved, wound-up its business
or otherwise terminated its existence except in connection with (i) the
distribution of Debentures to holders of Trust Securities in liquidation of
their interests in the Trust; (ii) the redemption of all of the
outstanding Trust Securities of the Trust; or (iii) certain mergers,
consolidations or amalgamations, each as permitted by the Trust Agreement.

 

30

 

(b)                If
an Event of Default (other than an Event of Default specified in paragraph (i),
(ii), (iii) or (vi) of Section 7.1(a) above with respect to
the Company) shall occur and be continuing, unless the principal amount of all
the Debentures shall have already become due and payable, either the Trustee or
the holders of not less than 25% in aggregate principal amount of the
Debentures then Outstanding hereunder, by notice in writing to the Company (and
to the Trustee if given by such Debentureholders) may declare the principal of
all the Debentures to be due and payable immediately, and upon any such
declaration the same shall become and shall be immediately due and payable,
notwithstanding anything contained in this Indenture or in the Debentures.

 

(c)                If
an Event of Default specified in paragraph (iv) or (v) of Section 7.1(a)
above with respect to the Company occurs and is continuing, then the principal
of all the Debentures shall ipso  facto become and be immediately
due and payable without any declaration or other act on the part of the Trustee
or any holder, notwithstanding anything contained in this Indenture or in the
Debentures.

 

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

 

(e)                In
case the Trustee shall have proceeded to enforce any right with respect to
Debentures under this Indenture and such proceedings shall have been
discontinued or abandoned because of such rescission or annulment or for any
other reason or shall have been determined adversely to the Trustee, then and
in every such case the Company and the Trustee shall be restored respectively
to their former positions and rights hereunder, and all rights, remedies and
powers of the Company and the Trustee shall continue as though no such
proceedings had been taken.

 

SECTION 7.2 
COLLECTION OF INDEBTEDNESS AND SUITS FOR ENFORCEMENT BY TRUSTEE.

 

(a)                The
Company covenants that (1) in case it shall default in the payment of any
installment of interest on any of the Debentures, and such default shall have
continued for a period of 30 days; or (2) in case it shall default in the
payment of the 

 

31

 

principal of any of the Debentures when the same shall
have become due and payable, whether upon maturity of the Debentures or upon
redemption or upon declaration or otherwise, then, upon demand of the Trustee,
the Company shall pay to the Trustee, for the benefit of the holders of the
Debentures, the whole amount that then shall have become due and payable on all
such Debentures for principal or interest, or both, as the case may be, with
interest upon the overdue principal and (to the extent that payment of such
interest is enforceable under applicable law and, if the Debentures are held by
the Trust or a trustee of the Trust, without duplication of any other amounts
paid to the Trust or trustee in respect thereof) upon overdue installments of
interest at the rate per annum expressed in the Debentures; and, in addition
thereto, such further amount as shall be sufficient to cover the costs and
expenses of collection, and the amount payable to the Trustee under Section 9.7.

 

(b)                If
the Company shall fail to pay such amounts set forth in Section 7.2(a) forthwith
upon such demand, the Trustee, in its own name and as trustee of an express
trust, shall be entitled and empowered to institute any action or proceedings
at law or in equity for the collection of the sums so due and unpaid, and may
prosecute any such action or proceeding to judgment or final decree, and may
enforce any such judgment or final decree against the Company or other obligor
upon the Debentures and collect the moneys adjudged or decreed to be payable in
the manner provided by law out of the property of the Company or other obligor
upon the Debentures, wherever situated.

 

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

 

(d)                All
rights of action and claims under this Indenture, or under any of the terms
established with respect to the Debentures, may be enforced by the Trustee
without the possession of any of such Debentures, or the production thereof at
any trial or other proceeding relative thereto, and any such suit or proceeding
instituted by the Trustee shall be brought in its own name as trustee of an
express trust, and any recovery of judgment shall, after provision for payment
to the Trustee of any amounts due under Section 9.7, be for the ratable
benefit of the holders of the Debentures. In case of an Event of Default
hereunder, the Trustee may in its discretion proceed to protect and 

 

32

 

enforce the rights vested in it by this Indenture by
such appropriate judicial proceedings as the Trustee shall deem most effectual
to protect and enforce any of such rights, either at law or in equity or in
bankruptcy or otherwise, whether for the specific enforcement of any covenant
or agreement contained in this Indenture or in aid of the exercise of any power
granted in this Indenture, or to enforce any other legal or equitable right
vested in the Trustee by this Indenture or by law. Nothing contained herein
shall be deemed to authorize the Trustee to authorize or consent to or accept
or adopt on behalf of any Debentureholder any plan of reorganization,
arrangement, adjustment or composition affecting the Debentures or the rights
of any holder thereof or to authorize the Trustee to vote in respect of the
claim of any Debentureholder in any such proceeding.

 

SECTION 7.3 
APPLICATION OF MONEYS COLLECTED.

 

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

 

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

 

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

 

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

 

SECTION 7.4 
LIMITATION ON SUITS.

 

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

 

33

 

suit or proceeding; and (v) during such 60 day
period, the holders of a majority in principal amount of the Debentures do not
give the Trustee a direction inconsistent with the request.

 

(b)                Notwithstanding
anything contained herein to the contrary or any other provisions of this
Indenture, the right of any holder of the Debentures to receive payment of the
principal of and interest on the Debentures, as therein provided, on or after
the respective due dates expressed in such Debenture (or in the case of
redemption, on the redemption date), or to institute suit for the enforcement
of any such payment on or after such respective dates or redemption date, shall
not be impaired or affected without the consent of such holder and by accepting
a Debenture hereunder it is expressly understood, intended and covenanted by
the taker and holder of every Debenture with every other such taker and holder
and the Trustee, that no one or more holders of Debentures shall have any right
in any manner whatsoever by virtue or by availing of any provision of this
Indenture to affect, disturb or prejudice the rights of the holders of any
other of such Debentures, or to obtain or seek to obtain priority over or
preference to any other such holder, or to enforce any right under this
Indenture, except in the manner herein provided and for the equal, ratable and
common benefit of all holders of Debentures. For the protection and enforcement
of the provisions of this Section 7.4, each and every Debentureholder and
the Trustee shall be entitled to such relief as can be given either at law or
in equity.

 

SECTION 7.5 
RIGHTS AND REMEDIES CUMULATIVE; DELAY OR OMISSION NOT WAIVER.

 

(a)                Except
as otherwise provided in Section 2.9(b), all powers and remedies given by
this Article VII to the Trustee or to the Debentureholders shall, to the
extent permitted by law, be deemed cumulative and not exclusive of any other
powers and remedies available to the Trustee or the holders of the Debentures,
by judicial proceedings or otherwise, to enforce the performance or observance
of the covenants and agreements contained in this Indenture or otherwise
established with respect to such Debentures.

 

(b)                No
delay or omission of the Trustee or of any holder of any of the Debentures to
exercise any right or power accruing upon any Event of Default occurring and
continuing as aforesaid shall impair any such right or power, or shall be
construed to be a waiver of any such default or on acquiescence therein; and,
subject to the provisions of Section 7.4, every power and remedy given by
this Article VII or by law to the Trustee or the Debentureholders may be
exercised from time to time, and as often as shall be deemed expedient, by the
Trustee or by the Debentureholders.

 

SECTION 7.6 
CONTROL BY DEBENTUREHOLDERS.

 

The holders of a majority
in aggregate principal amount of the Debentures at the time Outstanding,
determined in accordance with Section 10.4, shall have the right to direct
the time, method and place of conducting any proceeding for any remedy
available to the Trustee, or exercising any trust or power conferred on the
Trustee; 

 

34

 

provided, however, that such direction shall not be in
conflict with any rule of law or with this Indenture. Subject to the
provisions of Section 9.1, the Trustee shall have the right to decline to
follow any such direction if the Trustee in good faith shall, by a Responsible
Officer or Officers of the Trustee, determine that the proceeding so directed
would involve the Trustee in personal liability. The holders of a majority in
aggregate principal amount of the Debentures at the time Outstanding affected
thereby, determined in accordance with Section 10.4, may on behalf of the
holders of all of the Debentures waive any past default in the performance of
any of the covenants contained herein and its consequences, except (i) a
default in the payment of the principal of, or interest on, any of the
Debentures as and when the same shall become due by the terms of such
Debentures otherwise than by acceleration (unless such default has been cured
and a sum sufficient to pay all matured installments of interest and principal
has been deposited with the Trustee (in accordance with Section 7.1(c)); (ii) a
default in the covenants contained in Section 5.7; or (iii) in
respect of a covenant or provision hereof which cannot be modified or amended
without the consent of the holder of each Outstanding Debenture affected;
provided, however, that if the Debentures are held by the Trust or a trustee of
the Trust, such waiver or modification to such waiver shall not be effective
until the holders of a majority in liquidation preference of Trust Securities
of the Trust shall have consented to such waiver or modification to such waiver;
provided further, that if the consent of the holder of each Outstanding
Debenture is required, such waiver shall not be effective until each holder of
the Trust Securities of the Trust shall have consented to such waiver. Upon any
such waiver, the default covered thereby shall be deemed to be cured for all
purposes of this Indenture and the Company, the Trustee and the holders of the
Debentures shall be restored to their former positions and rights hereunder,
respectively; but no such waiver shall extend to any subsequent or other
default or impair any right consequent thereon.

 

SECTION 7.7 
UNDERTAKING TO PAY COSTS.

 

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

 

35

 

SECTION 7.8 
DIRECT ACTION; RIGHT OF SET-OFF.

 

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

 

ARTICLE VIII

 

FORM OF DEBENTURE AND ORIGINAL ISSUE SECTION

 

SECTION 8.1 
FORM OF DEBENTURE.

 

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

 

SECTION 8.2 
ORIGINAL ISSUE OF DEBENTURES.

 

Debentures in the
aggregate principal amount of $51,546,392 may, upon execution of this
Indenture, be executed by the Company and delivered to the Trustee for
authentication. If the Underwriters exercise their Option and there is an
Option Closing Date (as such terms are defined in the Underwriting Agreement,
dated
                  ,
2008, by and among the Company, the Trust, and Stifel, Nicolaus &
Company, Incorporated, as Representative of the several Underwriters named
therein) then, on such Option Closing Date, Debentures in the additional
aggregate principal amount of up to $7,731,959 may be executed by the Company
and delivered to the Trustee for authentication. The Trustee shall thereupon
authenticate and deliver said Debentures to or upon the written order of the
Company, signed by its President or any Vice President and its Chief Financial
Officer or the Treasurer or an Assistant Treasurer, without any further action
by the Company.

 

ARTICLE IX

CONCERNING THE TRUSTEE

 

SECTION 9.1 
CERTAIN DUTIES AND RESPONSIBILITIES OF THE TRUSTEE.

 

(a)                The
Trustee, prior to the occurrence of an Event of Default and after the curing of
all Events of Default that may have occurred, shall undertake to perform with
respect to the Debentures such duties and only such duties as are specifically
set forth in this Indenture, and no implied duties, obligations or covenants
shall be read into this Indenture against the Trustee. In case an Event of
Default has occurred that has not been cured or waived, the Trustee shall
exercise such of the rights 

 

36

 

and powers vested in it by this Indenture, and use the
same degree of care and skill in its exercise, as a prudent person would
exercise or use under the circumstances in the conduct of his or her own
affairs.

 

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

 

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

 

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

 

(2)              in
the absence of bad faith on the part of the Trustee, the Trustee may with
respect to the Debentures conclusively rely, as to the truth of the statements
and the correctness of the opinions expressed therein, upon any certificates or
opinions furnished to the Trustee and conforming to the requirements of this
Indenture; but in the case of any such certificates or opinions that by any
provision hereof are specifically required to be furnished to the Trustee, the
Trustee shall be under a duty to examine the same to determine whether or not
they conform on their face to the requirements of this Indenture;

 

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

 

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

 

(iv)          none
of the provisions contained in this Indenture shall require the Trustee to expend
or risk its own funds or otherwise incur personal financial liability in the
performance of any of its duties or in the exercise of any of its rights or
powers, if there is reasonable ground for believing that the repayment of such
funds or liability is not reasonably assured to it under the terms of this
Indenture or adequate indemnity 

 

37

 

against such risk
is not reasonably assured to it. Whether or not therein
expressly so provided, every provision of this Indenture relating to the
conduct or affecting the liability of or affording protection to the Trustee
shall be subject to the provisions of this Section 9.1.  To the extent that, at law or in equity, the
Trustee has duties and liabilities relating to the Debentureholders, the
Trustee shall not be liable to any Debentureholder or any holder of the Preferred Securities for the Trustee’s
good faith reliance on the provisions of this Indenture.  The provisions of this Indenture, to the
extent that they restrict the duties and liabilities of the Trustee otherwise
existing at law or in equity, are agreed by the Company, the Debentureholders
and the holders of the Preferred Securities, to replace such other duties and
liabilities of the Trustee.

 

(c)                The
Trustee shall not, and shall not be deemed to, owe any fiduciary duty to the
holders of any of the Trust Securities issued by the Trust and shall not be
liable to any such holder (other than for the willful misconduct or negligence
of the Trustee) if the Trustee in good faith (i) pays over or distributes
to a registered holder of the Debentures or to the Company or to any other
Person, cash, property or securities to which such holders of such Trust
Securities shall be entitled or (ii) takes any action or omits to take any
action at the request of the holder of such Debenture. Nothing in this
paragraph shall affect the obligation of any other such Person to hold such
payment for the benefit of, and to pay such amount over to, such holders of
Preferred Securities or Common Securities or their representatives.

 

SECTION 9.2 
NOTICE OF DEFAULTS.

 

Within 90 days after
actual knowledge by a Responsible Officer of the Trustee of the occurrence of
any default hereunder with respect to the Debentures, the Trustee shall transmit
by mail to all holders of the Debentures, as their names and addresses appear
in the Debenture Register, notice of such default, unless such default shall
have been cured or waived; provided, however, that, except in the case of a
default in the payment of the principal or interest (including any Additional
Interest) on any Debenture, the Trustee shall be fully protected in withholding
such notice if and so long as the board of directors, the executive committee
or a trust committee of the directors and/or Responsible Officers of the
Trustee determines in good faith that the withholding of such notice is in the
interests of the holders of such Debentures; and provided, further, that in the
case of any default of the character specified in Section 7.1(a)(3), no
such notice to holders of Debentures need be sent until at least 30 days after
the occurrence thereof. For the purposes of this Section 9.2, the term “default”
means any event which is, or after notice or lapse of time or both, would
become, an Event of Default with respect to the Debentures.

 

SECTION 9.3 
CERTAIN RIGHTS OF TRUSTEE.

 

Except as otherwise
provided in Section 9.1:

 

38

 

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

 

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

 

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

 

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

 

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

 

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

 

(g)                The
Trustee shall not be bound to make any investigation into the facts or matters
stated in any resolution, certificate, statement, instrument, opinion, report,
notice, request, consent, order, approval, bond, security, or other papers or
documents, unless requested in writing so to do by the holders of not less than
a majority in principal amount of the Outstanding Debentures (determined as
provided in Section 10.4); provided, however, that if the payment within a
reasonable time to the Trustee of the costs, expenses or liabilities likely to
be incurred by it in the making of such 

 

39

 

investigation is, in the opinion of the Trustee, not reasonably
assured to the Trustee by the security afforded to it by the terms of this
Indenture, the Trustee may require reasonable indemnity against such costs,
expenses or liabilities as a condition to so proceeding. The reasonable expense
of every such examination shall be paid by the Company or, if paid by the
Trustee, shall be repaid by the Company upon demand; and

 

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

 

(i)                 If
(i) in performing its duties under this Indenture the Trustee is required
to decide between alternative courses of action, (ii) in construing any of
the provisions of this Indenture the Trustee finds ambiguous or inconsistent
with any other provisions contained herein or (iii) the Trustee is unsure
of the application of any provision of this Indenture, then, except as to any
matter as to which the Debentureholders are entitled to decide under the terms
of this Indenture, the Trustee shall deliver a notice to the Company requesting
the Company’s written instruction as to the course of action to be taken and
the Trustee shall take such action, or refrain from taking such action, as the
Trustee shall be instructed in writing to take, or to refrain from taking, by
the Company; provided, that if the Trustee does not receive such instructions
from the Company within ten (10) Business Days after it has delivered such
notice or such reasonably shorter period of time set forth in such notice the
Trustee may, but shall be under no duty to, take such action, or refrain from
taking such action, as the Trustee shall deem advisable and in the best
interests of the Debentureholders, in which event the Trustee shall have no
liability except for its own negligence, bad faith or willful misconduct.

 

(j)                 Whenever
in the administration of this Indenture the Trustee shall deem it desirable to
receive instructions with respect to enforcing any remedy or right or taking
any other action with respect to enforcing any remedy or right hereunder, the
Trustees (i) may request instructions from the Debentureholders (which
instructions may only be given by the Debentureholders of the same aggregate
principal amount of Outstanding Debentures as would be entitled to direct the
Trustee under this Indenture in respect of such remedy, right or action), (ii) may
refrain from enforcing such remedy or right or taking such action until such
instructions are received and (iii) shall be protected in acting in
accordance with such instructions.

 

(k)                Except
as otherwise expressly provided by this Indenture, the Trustee shall not be
under any obligation to take any action that is discretionary under the
provisions of this Indenture.

 

(l)                 Without
prejudice to any other rights available to the Trustee under applicable law,
when the Trustee incurs expenses or renders services in connection with any
bankruptcy, insolvency or other proceeding referred to in the definition of
Event of Default, such expenses (including legal fees and expenses of its
agents and counsel) and 

 

40

 

the compensation for such services are intended to
constitute expenses of administration under any bankruptcy laws or law relating
to creditors rights generally.

 

(m)               Whenever in the administration of this Indenture the Trustee shall deem
it desirable that a matter be proved or established prior to taking, suffering
or omitting any action hereunder, the Trustee (unless other evidence be herein
specifically prescribed) may, in the absence of bad faith on its part,
conclusively rely upon an Officers’ Certificate addressing such matter, which,
upon receipt of such request, shall be promptly delivered by the Company.

 

(n)                In the event that the Trustee is also acting as
paying agent, authenticating agent or Debenture Registrar hereunder, the rights
and protections afforded to the Trustee pursuant to this Article IX shall
also be afforded such paying agent, authenticating agent, or Debenture
Registrar.

 

SECTION 9.4 
TRUSTEE NOT RESPONSIBLE FOR RECITALS, ETC.

 

(a)                The
Recitals contained herein and in the Debentures shall be taken as the
statements of the Company, and the Trustee assumes no responsibility for the
correctness of the same.

 

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

 

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

 

SECTION 9.5 
MAY HOLD DEBENTURES.

 

The Trustee or any paying
agent, authenticating agent or Debenture Registrar for the Debentures, in its individual
or any other capacity, may become the owner or pledgee of Debentures and may
otherwise deal with the Company with the same rights it would have if it were
not Trustee, paying agent, authenticating agent or Debenture Registrar.

 

SECTION 9.6 
MONEYS HELD IN TRUST.

 

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

 

41

 

SECTION 9.7  COMPENSATION AND REIMBURSEMENT.

 

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

 

(b)                The obligations of the Company
under this Section 9.7 to compensate and indemnify the Trustee and to pay
or reimburse the Trustee for expenses, disbursements and advances shall
constitute additional indebtedness hereunder. Such additional indebtedness
shall be secured by a lien prior to that of the Debentures upon all property
and funds held or collected by the Trustee as such, except funds held in trust
for the benefit of the holders of particular Debentures. Such lien shall
survive the satisfaction and discharge of this Indenture or the resignation and
removal of the Trustee.

 

(c)                The obligations of the Company
under this Section 9.7 shall survive the satisfaction and discharge of
this Indenture and the earlier resignation or removal of the Trustee.

 

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

 

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

 

SECTION 9.8  RELIANCE ON OFFICERS’ CERTIFICATE.

 

Except as otherwise
provided in Section 9.1, whenever in the administration of the provisions
of this Indenture the Trustee shall deem it necessary or 

 

42

 

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

 

SECTION 9.9  DISQUALIFICATION: CONFLICTING INTERESTS.

 

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

 

SECTION 9.10  CORPORATE TRUSTEE REQUIRED; ELIGIBILITY.

 

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

 

SECTION 9.11  RESIGNATION AND REMOVAL; APPOINTMENT OF
SUCCESSOR.

 

(a)                The
Trustee or any successor hereafter appointed, may at any time resign with
respect to the Debentures by giving written notice thereof to the Company, and by
transmitting notice of resignation by mail, first class postage prepaid, to the
Debentureholders, as their names and addresses appear upon the Debenture
Register. Upon receiving such notice of resignation, the Company shall promptly
appoint a successor trustee with respect to Debentures by written instrument,
in duplicate, executed by order of the Board of Directors, one copy of which
instrument shall be delivered to the resigning Trustee and one copy to the
successor trustee. If no successor trustee shall have been so appointed and
have accepted appointment within 30 days after the mailing of such notice of
resignation, the resigning Trustee may, at the Company’s expense, petition any
court of competent jurisdiction for the appointment of a successor 

 

43

 

trustee with
respect to Debentures, or any Debentureholder who has been a bona fide holder
of a Debenture or Debentures for at least six months may, subject to the
provisions of Sections 9.9 and 9.10, on behalf of himself and all others
similarly situated, petition any such court for the appointment of a successor
trustee. Such court may thereupon after such notice, if any, as it may deem
proper and prescribe, appoint a successor trustee.

 

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

 

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

 

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

 

 (iii)         the
Trustee shall become incapable of acting, or shall be adjudged a bankrupt or
insolvent, or commence a voluntary bankruptcy proceeding, or a receiver of the
Trustee or of its property shall be appointed or consented to, or any public
officer shall take charge or control of the Trustee or of its property or
affairs for the purpose of rehabilitation, conservation or liquidation, then,
in any such case, the Company may remove the Trustee with respect to all
Debentures and appoint a successor trustee by written instrument, in duplicate,
executed by order of the Board of Directors, one copy of which instrument shall
be delivered to the Trustee so removed and one copy to the successor trustee, or,
subject to the provisions of Sections 9.9 and 9.10, unless the Trustee’s duty
to resign is stayed as provided herein, the Trustee or any Debentureholder who
has been a bona fide holder of a Debenture or Debentures for at least six
months may, on behalf of that holder and all others similarly situated,
petition, at the expense of the Company, any court of competent jurisdiction
for the removal of the Trustee and the appointment of a successor trustee. Such
court may thereupon after such notice, if any, as it may deem proper and
prescribe, remove the Trustee and appoint a successor trustee.

 

(c)                The
holders of a majority in aggregate principal amount of the Debentures at the
time Outstanding may at any time remove the Trustee by so notifying the Trustee
and the Company and may appoint a successor Trustee with the consent of the
Company.

 

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

 

44

 

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

 

SECTION 9.12  ACCEPTANCE OF APPOINTMENT BY SUCCESSOR.

 

(a)                In
case of the appointment hereunder of a successor trustee with respect to the
Debentures, every successor trustee so appointed shall execute, acknowledge and
deliver to the Company and to the retiring Trustee an instrument accepting such
appointment, and thereupon the resignation or removal of the retiring Trustee
shall become effective and such successor trustee, without any further act,
deed or conveyance, shall become vested with all the rights, powers, trusts and
duties of the retiring Trustee; but, on the request of the Company or the
successor trustee, such retiring Trustee shall, upon payment of its charges,
execute and deliver an instrument transferring to such successor trustee all
the rights, powers, and trusts of the retiring Trustee and shall duly assign,
transfer and deliver to such successor trustee all property and money held by
such retiring Trustee hereunder.

 

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

 

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

 

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

 

SECTION 9.13  MERGER, CONVERSION, CONSOLIDATION OR SUCCESSION
TO BUSINESS.

 

Any Person into which the Trustee may be merged or
converted or with which it may be consolidated, or any Person resulting from
any merger, conversion or consolidation to which the Trustee shall be a party,
or any Person succeeding to the trust business of the Trustee, shall be the
successor of the Trustee hereunder, provided that such Person shall be
qualified under the provisions of Section 9.9 and eligible under the
provisions of Section 9.10, without the execution or filing of any paper
or any further act on the part of any of the parties hereto, anything herein to
the contrary notwithstanding. In case any Debentures shall have been
authenticated, but not delivered, by the Trustee then in office, any successor
by merger, conversion or consolidation to such 

 

45

 

authenticating Trustee may adopt such authentication
and deliver the Debentures so authenticated with the same effect as if such
successor Trustee had itself authenticated such Debentures.

 

SECTION 9.14  PREFERENTIAL COLLECTION OF CLAIMS AGAINST THE
COMPANY.

 

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

 

ARTICLE X

CONCERNING THE DEBENTUREHOLDERS

 

SECTION 10.1  EVIDENCE OF ACTION BY HOLDERS.

 

(a)                Whenever
in this Indenture it is provided that the holders of a majority or specified
percentage in aggregate principal amount of the Debentures may take any action
(including the making of any demand or request, the giving of any notice,
consent or waiver or the taking of any other action), the fact that at the time
of taking any such action the holders of such majority or specified percentage
have joined therein may be evidenced by any instrument or any number of
instruments of similar tenor executed by such holders of Debentures in Person
or by agent or proxy appointed in writing.

 

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

 

SECTION 10.2  PROOF OF EXECUTION BY DEBENTUREHOLDERS.

 

Subject to the provisions of Section 10.1, proof
of the execution of any instrument by a Debentureholder (such proof shall not
require notarization) or such 

 

46

 

Debentureholder’s agent or proxy and proof of the
holding by any Person of any of the Debentures shall be sufficient if made in
the following manner:

 

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

 

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

 

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

 

SECTION 10.3  WHO MAY BE DEEMED OWNERS.

 

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

 

SECTION 10.4  CERTAIN DEBENTURES OWNED BY COMPANY DISREGARDED.

 

In determining whether the holders of the requisite
aggregate principal amount of Debentures have concurred in any direction,
consent or waiver under this Indenture, the Debentures that are owned by the
Company or any other obligor on the Debentures or by an Affiliate of the
Company or any other obligor on the Debentures shall be disregarded and deemed
not to be Outstanding for the purpose of any such determination, except (i) that
for the purpose of determining whether the Trustee shall be protected in
relying on any such direction, consent or waiver, only Debentures that the
Trustee actually knows are so owned shall be so disregarded; and (ii) for
purposes of this Section 10.4, the Trust shall be deemed not to be
controlled by the Company. The Debentures so owned that have been pledged in
good faith may be regarded as Outstanding for the purposes of this Section 10.4,
if the pledgee shall establish to the satisfaction of the Trustee the pledgee’s
right so to act with respect to such Debentures and that the pledgee is not a
Person directly or indirectly controlling or controlled by or under direct or
indirect common control with the Company or any such other obligor. In case of
a dispute as to such right, any decision by the Trustee taken upon the advice
of counsel shall be full protection to the Trustee.

 

SECTION 10.5  ACTIONS BINDING ON FUTURE DEBENTUREHOLDERS.

 

At any time prior to (but not after) the evidencing to
the Trustee, as provided in Section 10.1, of the taking of any action by
the holders of the majority or 

 

47

 

percentage in aggregate principal amount of the
Debentures specified in this Indenture in connection with such action, any
holder of a Debenture that is shown by the evidence to be included in the
Debentures the holders of which have consented to such action may, by filing
written notice with the Trustee, and upon proof of holding as provided in Section 10.2,
revoke such action so far as concerns such Debenture. Except as aforesaid any
such action taken by the holder of any Debenture shall be conclusive and
binding upon such holder and upon all future holders and owners of such
Debenture, and of any Debenture issued in exchange therefor, on registration of
transfer thereof or in place thereof, irrespective of whether or not any
notation in regard thereto is made upon such Debenture. Any action taken by the
holders of the majority or percentage in aggregate principal amount of the
Debentures specified in this Indenture in connection with such action shall be
conclusively binding upon the Company, the Trustee and the holders of all the
Debentures.

 

ARTICLE XI

SUPPLEMENTAL INDENTURES

 

SECTION 11.1  SUPPLEMENTAL INDENTURES WITHOUT THE CONSENT
OF DEBENTUREHOLDERS.

 

In addition to any supplemental indenture otherwise
authorized by this Indenture, the Company and the Trustee may from time to time
and at any time enter into an indenture or indentures supplemental hereto
(which shall conform to the provisions of the Trust Indenture Act as then in
effect), without the consent of the Debentureholders, for one or more of the
following purposes:

 

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

 

(b)                to
comply with Article X;

 

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

 

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

 

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

 

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

 

48

 

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

 

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

 

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

 

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

 

SECTION 11.2  SUPPLEMENTAL INDENTURES WITH CONSENT OF
DEBENTUREHOLDERS.

 

With the consent
(evidenced as provided in Section 10.1) of the holders of not less than a
majority in aggregate principal amount of the Debentures at the time
Outstanding, the Company, when authorized by Board Resolutions, and the Trustee
may from time to time and at any time enter into an indenture or indentures
supplemental hereto (which shall conform to the provisions of the Trust
Indenture Act as then in effect) for the purpose of adding any provisions to or
changing in any manner or eliminating any of the provisions of this Indenture
or of any supplemental indenture or of modifying in any manner not covered by Section 11.1
the rights of the holders of the Debentures under this Indenture; provided,
however, that no such supplemental indenture shall without the consent of the
holders of each Debenture then Outstanding and affected thereby, (i) extend
the fixed maturity of any Debentures, reduce the principal amount thereof, or
reduce the rate or extend the time of payment of interest thereon; or (ii) reduce
the aforesaid percentage of Debentures, the holders of which are required to
consent to any such supplemental indenture; provided further, that if the
Debentures are held by the Trust or a trustee of the Trust, such supplemental
indenture shall not be effective until the holders of a majority in liquidation
preference of Trust Securities of the Trust shall have consented to such
supplemental indenture; provided further, that if the consent of the holder of
each Outstanding Debenture is required, such supplemental indenture shall not
be effective until each holder of the Trust Securities of the Trust shall have
consented to such supplemental indenture. It shall not be necessary for the
consent of the Debentureholders affected thereby under this Section 11.2
to approve the particular form of any proposed supplemental indenture, but it
shall be sufficient if such consent shall approve the substance thereof.

 

49

 

SECTION 11.3  EFFECT OF SUPPLEMENTAL INDENTURES.

 

Upon the execution of any
supplemental indenture pursuant to the provisions of this Article XI, this
Indenture shall be and be deemed to be modified and amended in accordance
therewith and the respective rights, limitations of rights, obligations, duties
and immunities under this Indenture of the Trustee, the Company and the holders
of Debentures shall thereafter be determined, exercised and enforced hereunder
subject in all respects to such modifications and amendments, and all the terms
and conditions of any such supplemental indenture shall be and be deemed to be
part of the terms and conditions of this Indenture for any and all purposes.

 

SECTION 11.4 
DEBENTURES AFFECTED BY SUPPLEMENTAL INDENTURES.

 

Debentures affected by a
supplemental indenture, authenticated and delivered after the execution of such
supplemental indenture pursuant to the provisions of this Article XI, may
bear a notation in form approved by the Company, provided such form meets the
requirements of any exchange or automated quotation system upon which the
Debentures may be listed or quoted, as to any matter provided for in such
supplemental indenture. If the Company shall so determine, new Debentures so
modified as to conform, in the opinion of the Board of Directors of the
Company, to any modification of this Indenture contained in any such
supplemental indenture may be prepared by the Company, authenticated by the
Trustee and delivered in exchange for the Debentures then Outstanding.

 

SECTION 11.5  EXECUTION OF SUPPLEMENTAL INDENTURES.

 

(a)                Upon the request of the Company,
accompanied by its Board Resolutions authorizing the execution of any such
supplemental indenture, and upon the filing with the Trustee of evidence of the
consent of Debentureholders required to consent thereto as aforesaid, the
Trustee shall join with the Company in the execution of such supplemental
indenture unless such supplemental indenture affects the Trustee’s own rights,
duties or immunities under this Indenture or otherwise, in which case the
Trustee may in its discretion but shall not be obligated to enter into such
supplemental indenture. The Trustee, subject to the provisions of Sections 9.1,
may receive an Opinion of Counsel as conclusive evidence that any supplemental
indenture executed pursuant to this Article XI is authorized or permitted
by, and conforms to, the terms of this Article XI and that it is proper
for the Trustee under the provisions of this Article XI to join in the
execution thereof.

 

(b)                Promptly after the execution by
the Company and the Trustee of any supplemental indenture pursuant to the
provisions of this Section 11.5, the Trustee shall transmit by mail, first
class postage prepaid, a notice, setting forth in general terms the substance
of such supplemental indenture, to the Debentureholders as their names and
addresses appear upon the Debenture Register. Any failure of the Trustee to
mail such notice, or any defect therein, shall not, however, in any way impair
or affect the validity of any such supplemental indenture.

 

50

 

ARTICLE XII

SUCCESSOR CORPORATION

 

SECTION 12.1  COMPANY MAY CONSOLIDATE, ETC.

 

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

 

SECTION 12.2  SUCCESSOR CORPORATION SUBSTITUTED.

 

(a)                In case of any such
consolidation, merger, sale, conveyance, transfer or other disposition and upon
the assumption by the successor entity, by supplemental indenture, executed and
delivered to the Trustee and satisfactory in form to the Trustee, of, in the
case of the Company, the due and punctual payment of the principal of and
interest on all of the Debentures Outstanding and the due and punctual
performance of all of the covenants and conditions of this Indenture to be
performed by the Company, as the case may be, such successor entity shall succeed
to and be substituted for the Company, with the same effect as if it had been
named as the Company herein, and thereupon the predecessor entity shall be
relieved of all obligations and covenants under this Indenture and the
Debentures.

 

51

 

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

 

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

 

SECTION 12.3  EVIDENCE OF CONSOLIDATION, ETC. TO TRUSTEE.

 

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

 

ARTICLE XIII

SATISFACTION AND DISCHARGE

 

SECTION 13.1  SATISFACTION AND DISCHARGE OF INDENTURE.

 

If at any time: (a) the
Company shall have delivered to the Trustee for cancellation all Debentures
theretofore authenticated (other than any Debentures that shall have been
destroyed, lost or stolen and that shall have been replaced or paid as provided
in Section 2.9) and all Debentures for whose payment money or Governmental
Obligations have theretofore been deposited in trust or segregated and held in
trust by the Company (and thereupon repaid to the Company or discharged from
such trust, as provided in Section 13.5); or (b) all such Debentures
not theretofore delivered to the Trustee for cancellation shall have become due
and payable, or are by their terms to become due and payable within one year or
are to be called for redemption within one year under arrangements satisfactory
to the Trustee for the giving of notice of redemption, and the Company shall
deposit or cause to be deposited with the Trustee as trust funds the entire
amount in moneys or Governmental Obligations sufficient or a combination
thereof, sufficient in the opinion of a nationally recognized firm of independent
public accountants expressed in a written certification thereof delivered to
the Trustee, to pay at maturity or upon redemption all Debentures not
theretofore delivered to the Trustee for cancellation, including principal and
interest due or to become due to such date of maturity or date fixed for
redemption, as the case may be, and if the Company shall also pay or cause to
be paid all other sums payable hereunder by the Company; then this Indenture
shall thereupon cease to be of further effect except for the provisions of
Sections 2.3, 2.7, 2.9, 5.1, 5.2, 5.3, 9.7 and 9.10, that shall survive until
the date of maturity or redemption date, as the case may be, and Sections 9.7
and 13.5, that shall survive to such date and thereafter, and the Trustee, on
demand of the Company and at the cost and expense of the Company, shall execute
proper instruments acknowledging satisfaction of and discharging this
Indenture.

 

52

 

SECTION 13.2  DISCHARGE OF OBLIGATIONS.

 

If at any time all
Debentures not heretofore delivered to the Trustee for cancellation or that
have not become due and payable as described in Section 13.1 shall have
been paid by the Company by depositing irrevocably with the Trustee as trust
funds moneys or an amount of Governmental Obligations sufficient in the opinion
of a nationally recognized certified public accounting firm to pay at maturity
or upon redemption all Debentures not theretofore delivered to the Trustee for
cancellation, including principal and interest due or to become due to such
date of maturity or date fixed for redemption, as the case may be, and if the
Company shall also pay or cause to be paid all other sums payable hereunder by
the Company, then after the date such moneys or Governmental Obligations, as
the case may be, are deposited with the Trustee, the obligations of the Company
under this Indenture shall cease to be of further effect except for the
provisions of Sections 2.3, 2.7, 2.9, 5.1, 5.2, 5.3, 9.6, 9.7 and 13.5 hereof that
shall survive until such Debentures shall mature and be paid. Thereafter,
Sections 9.7 and 13.5 shall survive.

 

SECTION 13.3  DEPOSITED MONEYS TO BE HELD IN TRUST.

 

All monies or
Governmental Obligations deposited with the Trustee pursuant to Sections 13.1
or 13.2 shall be held in trust and shall be available for payment as due,
either directly or through any paying agent (including the Company acting as
its own paying agent), to the holders of the Debentures for the payment or
redemption of which such moneys or Governmental Obligations have been deposited
with the Trustee.

 

SECTION 13.4  PAYMENT OF MONIES HELD BY PAYING AGENTS.

 

In connection with
the satisfaction and discharge of this Indenture, all moneys or Governmental
Obligations then held by any paying agent under the provisions of this
Indenture shall, upon demand of the Company, be paid to the Trustee and
thereupon such paying agent shall be released from all further liability with
respect to such moneys or Governmental Obligations.

 

SECTION 13.5
 REPAYMENT TO COMPANY.

 

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

 

53

 

ARTICLE XIV

IMMUNITY OF INCORPORATORS, STOCKHOLDERS, OFFICERS AND DIRECTORS

 

SECTION 14.1  NO RECOURSE.

 

No recourse under
or upon any obligation, covenant or agreement of this Indenture, or of the
Debentures, or for any claim based thereon or otherwise in respect thereof,
shall be had against any incorporator, stockholder, officer or director, past,
present or future as such, of the Company or of any predecessor or successor
corporation, either directly or through the Company or any such predecessor or
successor corporation, whether by virtue of any constitution, statute or rule of
law, or by the enforcement of any assessment or penalty or otherwise; it being
expressly understood that this Indenture and the obligations issued hereunder
are solely corporate obligations, and that no such personal liability whatever
shall attach to, or is or shall be incurred by, the incorporators,
stockholders, officers or directors as such, of the Company or of any
predecessor or successor corporation, or any of them, because of the creation
of the indebtedness hereby authorized, or under or by reason of the
obligations, covenants or agreements contained in this Indenture or in any of
the Debentures or implied therefrom; and that any and all such personal
liability of every name and nature, either at common law or in equity or by
constitution or statute, of, and any and all such rights and claims against,
every such incorporator, stockholder, officer or director as such, because of
the creation of the indebtedness hereby authorized, or under or by reason of
the obligations, covenants or agreements contained in this Indenture or in any
of the Debentures or implied therefrom, are hereby expressly waived and
released as a condition of, and as a consideration for, the execution of this
Indenture and the issuance of such Debentures.

 

ARTICLE XV

MISCELLANEOUS PROVISIONS

 

SECTION 15.1  EFFECT ON SUCCESSORS AND ASSIGNS.

 

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

 

SECTION 15.2  ACTIONS BY SUCCESSOR.

 

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

 

54

 

SECTION 15.3  SURRENDER OF COMPANY POWERS.

 

The Company by instrument
in writing executed by appropriate authority of its Board of Directors and
delivered to the Trustee may surrender any of the powers reserved to the
Company, and thereupon such power so surrendered shall terminate both as to the
Company, as the case may be, and as to any successor corporation.

 

SECTION 15.4  NOTICES.

 

Except as otherwise
expressly provided herein any notice or demand that by any provision of this
Indenture is required or permitted to be given or served by the Trustee or by
the holders of Debentures to or on the Company may be given or served by being
deposited first class postage prepaid in a post-office letterbox addressed
(until another address is filed in writing by the Company with the Trustee), as
follows: Capitol Bancorp Center, 200 Washington Square North, Lansing, Michigan
48933, Attention: Cristin K. Reid, Esq. Any notice, election, request or
demand by the Company or any Debentureholder to or upon the Trustee shall be
deemed to have been sufficiently given or made, for all purposes, if given or
made in writing at the Corporate Trust Office of the Trustee.

 

SECTION 15.5  GOVERNING LAW.

 

This Indenture and each
Debenture shall be deemed to be a contract made under the internal laws of the
State of New York and for all purposes shall be construed in accordance with
the laws of said State.

 

SECTION 15.6  TREATMENT OF DEBENTURES AS DEBT.

 

It is intended that the
Debentures shall be treated as indebtedness and not as equity for federal
income tax purposes. The provisions of this Indenture shall be interpreted to
further this intention.

 

SECTION 15.7  COMPLIANCE CERTIFICATES AND OPINIONS.

 

(a)           Upon any application or demand by the
Company to the Trustee to take any action under any of the provisions of this
Indenture, the Company shall furnish to the Trustee an Officers’ Certificate
stating that all conditions precedent provided for in this Indenture relating
to the proposed action have been complied with and an Opinion of Counsel
stating that in the opinion of such counsel all such conditions precedent have
been complied with, except that in the case of any such application or demand
as to which the furnishing of such documents is specifically required by any
provision of this Indenture relating to such particular application or demand,
no additional certificate or opinion need be furnished.

 

(b)           Each certificate or opinion of the
Company provided for in this Indenture and delivered to the Trustee with
respect to compliance with a condition or covenant in this Indenture shall
include (1) a statement that the Person making such certificate or opinion
has read such covenant or condition; (2) a brief statement as to the 

 

55

 

nature and scope
of the examination or investigation upon which the statements or opinions
contained in such certificate or opinion are based; (3) a statement that,
in the opinion of such Person, he has made such examination or investigation
as, in the opinion of such Person, is necessary to enable him to express an
informed opinion as to whether or not such covenant or condition has been
complied with; and (4) a statement as to whether or not, in the opinion of
such Person, such condition or covenant has been complied with; provided,
however, that each such certificate shall comply with the provisions of Section 314
of the Trust Indenture Act.

 

SECTION 15.8  PAYMENTS ON BUSINESS DAYS.

 

In any case where
the date of maturity of interest or principal of any Debenture or the date of
redemption of any Debenture shall not be a Business Day, then payment of
interest or principal may be made on the next succeeding Business Day with the
same force and effect as if made on the nominal date of maturity or redemption,
and no interest shall accrue for the period after such nominal date, except
that, if such Business Day is in the next succeeding calendar year, such
payment shall be made on the immediately preceding Business Day (and without
any reduction of interest or any other payment in respect of any such
acceleration), in each case with the same force and effect as if made on the
date such payment was originally payable.

 

SECTION 15.9  CONFLICT WITH TRUST INDENTURE ACT.

 

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

 

SECTION 15.10  COUNTERPARTS.

 

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

 

SECTION 15.11  SEPARABILITY.

 

In case any one or more
of the provisions contained in this Indenture or in the Debentures shall for
any reason be held to be invalid, illegal or unenforceable in any respect, such
invalidity, illegality or unenforceability shall not affect any other
provisions of this Indenture or of the Debentures, but this Indenture and the
Debentures shall be construed as if such invalid or illegal or unenforceable
provision had never been contained herein or therein.

 

SECTION 15.12  ASSIGNMENT.

 

The Company shall have
the right at all times to assign any of its respective rights or obligations
under this Indenture to a direct or indirect wholly owned Subsidiary of the
Company, provided that, in the event of any such assignment, the Company shall
remain liable for all such obligations. Subject to the foregoing, this 

 

56

 

Indenture is binding upon and inures to the benefit of
the parties thereto and their respective successors and assigns. This Indenture
may not otherwise be assigned by the parties thereto.

 

SECTION 15.13  ACKNOWLEDGMENT OF RIGHTS; RIGHT OF SETOFF.

 

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

 

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

 

ARTICLE XVI

SUBORDINATION OF DEBENTURES

 

SECTION 16.1  AGREEMENT TO SUBORDINATE.

 

The Company covenants and
agrees, and each holder of Debentures issued hereunder by such holder’s
acceptance thereof likewise covenants and agrees, that all Debentures shall be
issued subject to the provisions of this Article XVI; and each holder of a
Debenture, whether upon original issue or upon transfer or assignment thereof,
accepts and agrees to be bound by such provisions. The payment by the Company
of the principal of and interest on all Debentures issued hereunder shall, to
the extent and in the manner hereinafter set forth, be subordinated and junior
in right of payment to the prior payment in full of all Senior Debt,
Subordinated Debt and Additional Senior Obligations (collectively, “Senior
Indebtedness”) to the extent provided herein, whether outstanding at the date
of this Indenture or thereafter incurred. No provision of this Article XVI
shall prevent the occurrence of any default or Event of Default hereunder.

 

57

 

SECTION 16.2  DEFAULT ON SENIOR DEBT, SUBORDINATED DEBT OR
ADDITIONAL SENIOR OBLIGATIONS.

 

In the event and during
the continuation of any default by the Company in the payment of principal,
premium, interest or any other payment due on any Senior Indebtedness of the
Company, or in the event that the maturity of any Senior Indebtedness of the
Company has been accelerated because of a default, then, in either case, no
payment shall be made by the Company with respect to the principal (including
redemption payments) of or interest on the Debentures. In the event that,
notwithstanding the foregoing, any payment shall be received by the Trustee
when such payment is prohibited by the preceding sentence of this Section 16.2,
such payment shall be held in trust for the benefit of, and shall be paid over
or delivered to, the holders of Senior Indebtedness or their respective
representatives, or to the trustee or trustees under any indenture pursuant to
which any of such Senior Indebtedness may have been issued, as their respective
interests may appear, but only to the extent that the holders of the Senior
Indebtedness (or their representative or representatives or a trustee) notify
the Trustee in writing within 90 days of such payment of the amounts then due
and owing on the Senior Indebtedness and only the amounts specified in such
notice to the Trustee shall be paid to the holders of Senior Indebtedness.

 

SECTION 16.3  LIQUIDATION; DISSOLUTION; BANKRUPTCY.

 

(a)           Upon any payment by the Company or
distribution of assets of the Company of any kind or character, whether in
cash, property or securities, to creditors upon any dissolution or winding-up
or liquidation or reorganization of the Company, whether voluntary or
involuntary or in bankruptcy, insolvency, receivership or other proceedings,
all amounts due upon all Senior Indebtedness of the Company shall first be paid
in full, or payment thereof provided for in money in accordance with its terms,
before any payment is made by the Company on account of the principal or
interest on the Debentures; and upon any such dissolution or winding-up or
liquidation or reorganization, any payment by the Company, or distribution of
assets of the Company of any kind or character, whether in cash, property or
securities, to which the holders of the Debentures or the Trustee would be
entitled to receive from the Company, except for the provisions of this Article XVI,
shall be paid by the Company or by any receiver, trustee in bankruptcy,
liquidating trustee, agent or other Person making such payment or distribution,
or by the holders of the Debentures or by the Trustee under this Indenture if
received by them or it, directly to the holders of Senior Indebtedness of the
Company (pro rata to such holders on the basis of the respective amounts of
Senior Indebtedness held by such holders, as calculated by the Company) or
their representative or representatives, or to the trustee or trustees under
any indenture pursuant to which any instruments evidencing such Senior
Indebtedness may have been issued, as their respective interests may appear, to
the extent necessary to pay such Senior Indebtedness in full, in money or money’s
worth, after giving effect to any concurrent payment or distribution to or for
the holders of such Senior Indebtedness, before any payment or distribution is
made to the holders of Debentures or to the Trustee.

 

58

 

(b)           In the event that, notwithstanding
the foregoing, any payment or distribution of assets of the Company of any kind
or character, whether in cash, property or securities, prohibited by the
foregoing, shall be received by the Trustee before all Senior Indebtedness of
the Company is paid in full, or provision is made for such payment in money in
accordance with its terms, such payment or distribution shall be held in trust
for the benefit of and shall be paid over or delivered to the holders of such
Senior Indebtedness or their representative or representatives, or to the
trustee or trustees under any indenture pursuant to which any instruments
evidencing such Senior Indebtedness may have been issued, and their respective
interests may appear, as calculated by the Company, for application to the
payment of all Senior Indebtedness of the Company, as the case may be,
remaining unpaid to the extent necessary to pay such Senior Indebtedness in
full in money in accordance with its terms, after giving effect to any
concurrent payment or distribution to or for the benefit of the holders of such
Senior Indebtedness.

 

(c)           For purposes of this Article XVI,
the words “cash, property or securities” shall not be deemed to include shares
of stock of the Company as reorganized or readjusted, or securities of the
Company or any other corporation provided for by a plan of reorganization or
readjustment, the payment of which is subordinated at least to the extent
provided in this Article XVI with respect to the Debentures to the payment
of all Senior Indebtedness of the Company, as the case may be, that may at the
time be outstanding, provided that (i) such Senior Indebtedness is assumed
by the new corporation, if any, resulting from any such reorganization or
readjustment; and (ii) the rights of the holders of such Senior
Indebtedness are not, without the consent of such holders, altered by such
reorganization or readjustment. The consolidation of the Company with, or the
merger of the Company into, another corporation or the liquidation or
dissolution of the Company following the conveyance or transfer of its property
as an entirety, or substantially as an entirety, to another corporation upon
the terms and conditions provided for in Article XII shall not be deemed a
dissolution, winding-up, liquidation or reorganization for the purposes of this
Section 16.3 if such other corporation shall, as a part of such
consolidation, merger, conveyance or transfer, comply with the conditions
stated in Article XII. Nothing in Section 16.2 or in this Section 16.3
shall apply to claims of, or payments to, the Trustee under or pursuant to Section 9.7.

 

SECTION 16.4  SUBROGATION.

 

(a)           Subject to the payment in full of all
Senior Indebtedness of the Company, the rights of the holders of the Debentures
shall be subrogated to the rights of the holders of such Senior Indebtedness to
receive payments or distributions of cash, property or securities of the
Company, as the case may be, applicable to such Senior Indebtedness until the
principal of and interest on the Debentures shall be paid in full; and, for the
purposes of such subrogation, no payments or distributions to the holders of
such Senior Indebtedness of any cash, property or securities to which the
holders of the Debentures or the Trustee would be entitled except for the
provisions of this Article XVI, and no payment over pursuant to the
provisions of this Article XVI to or for the benefit of the holders of
such Senior Indebtedness by holders of the Debentures or the Trustee, shall, as
between the Company, its creditors other than holders of Senior Indebtedness of

 

59

 

the Company, and
the holders of the Debentures, be deemed to be a payment by the Company to or
on account of such Senior Indebtedness. It is understood that the provisions of
this Article XVI are and are intended solely for the purposes of defining
the relative rights of the holders of the Debentures, on the one hand, and the
holders of such Senior Indebtedness on the other hand.

 

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

 

(c)           Upon any payment or distribution of
assets of the Company referred to in this Article XVI, the Trustee,
subject to the provisions of Section 9.1, and the holders of the
Debentures shall be entitled to conclusively rely upon any order or decree made
by any court of competent jurisdiction in which such dissolution, winding-up,
liquidation or reorganization proceedings are pending, or a certificate of the
receiver, trustee in bankruptcy, liquidation trustee, agent or other Person
making such payment or distribution, delivered to the Trustee or to the holders
of the Debentures, for the purposes of ascertaining the Persons entitled to
participate in such distribution, the holders of Senior Indebtedness and other
indebtedness of the Company, as the case may be, the amount thereof or payable
thereon, the amount or amounts paid or distributed thereon and all other facts
pertinent thereto or to this Article XVI.

 

SECTION 16.5  TRUSTEE TO EFFECTUATE SUBORDINATION.

 

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

 

SECTION 16.6  NOTICE BY THE COMPANY.

 

(a)           The Company shall give prompt written
notice to a Responsible Officer of the Trustee of any fact known to the Company
that would prohibit the making of any payment of monies to or by the Trustee in
respect of the Debentures pursuant to the provisions of this Article XVI.
Notwithstanding the provisions of this Article XVI or any other provision
of this Indenture, the Trustee shall not be charged with knowledge of 

 

60

 

the existence of
any facts that would prohibit the making of any payment of monies to or by the
Trustee in respect of the Debentures pursuant to the provisions of this Article XVI,
unless and until a Responsible Officer of the Trustee shall have received
written notice thereof from the Company or a holder or holders of Senior
Indebtedness or from any trustee therefor; and before the receipt of any such
written notice, the Trustee, subject to the provisions of Section 9.1,
shall be entitled in all respects to assume that no such facts exist; provided,
however, that if the Trustee shall not have received the notice provided for in
this Section 16.6 at least two Business Days prior to the date upon which
by the terms hereof any money may become payable for any purpose (including,
without limitation, the payment of the principal of or interest on any
Debenture), then, anything herein contained to the contrary notwithstanding,
the Trustee shall have full power and authority to receive such money and to
apply the same to the purposes for which they were received, and shall not be
affected by any notice to the contrary that may be received by it within two
Business Days prior to such date.

 

(b)           The Trustee, subject to the
provisions of Section 9.1, shall be entitled to conclusively rely on the
delivery to it of a written notice by a Person representing himself to be a
holder of Senior Indebtedness of the Company (or a trustee on behalf of such
holder) to establish that such notice has been given by a holder of such Senior
Indebtedness or a trustee on behalf of any such holder or holders. In the event
that the Trustee determines in good faith that further evidence is required
with respect to the right of any Person as a holder of such Senior Indebtedness
to participate in any payment or distribution pursuant to this Article XVI,
the Trustee may request such Person to furnish evidence to the reasonable
satisfaction of the Trustee as to the amount of such Senior Indebtedness held
by such Person, the extent to which such Person is entitled to participate in
such payment or distribution and any other facts pertinent to the rights of
such Person under this Article XVI, and, if such evidence is not
furnished, the Trustee may defer any payment to such Person pending judicial
determination as to the right of such Person to receive such payment.

 

SECTION 16.7  RIGHTS OF THE TRUSTEE HOLDERS OF SENIOR
INDEBTEDNESS.

 

(a)           The Trustee in its individual
capacity shall be entitled to all the rights set forth in this Article XVI
in respect of any Senior Indebtedness at any time held by it, to the same
extent as any other holder of Senior Indebtedness, and nothing in this
Indenture shall deprive the Trustee of any of its rights as such holder. The
Trustee’s right to compensation and reimbursement of expenses as set forth in Section 9.7
shall not be subject to the subordination provisions of the Article XVI.

 

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

 

61

 

over or deliver to
holders of Debentures, the Company or any other Person money or assets to which
any holder of such Senior Indebtedness shall be entitled by virtue of this Article XVI
or otherwise.

 

SECTION 16.8  SUBORDINATION MAY NOT BE IMPAIRED.

 

(a)           No right of any present or future
holder of any Senior Indebtedness of the Company to enforce subordination as
herein provided shall at any time in any way be prejudiced or impaired by any
act or failure to act on the part of the Company or by any act or failure to
act, in good faith, by any such holder, or by any noncompliance by the Company
with the terms, provisions and covenants of this Indenture, regardless of any
knowledge thereof that any such holder may have or otherwise be charged with.

 

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

 

[SIGNATURE PAGE TO FOLLOW]

 

62

 

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

 

 

	
   

  	
  CAPITOL BANCORP LTD.

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  
				

 

 

	
   

  	
  WELLS FARGO BANK, N.A.,
  AS TRUSTEE

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  
	
  STATE OF

  	
  )

  
	
   

  	
  ) ss:

  
	
  COUNTY OF

  	
  )

  
					

 

On the
           day of
                  ,
2008, before me personally came
                            
to me known, who, being by me duly sworn, did depose and say that he is the
                          
of Capitol Bancorp Ltd., one of the corporations described in and which
executed the above instrument; that he knows the corporate seal of said
corporation; that the seal affixed to the said instrument is such corporation
seal; that it was so affixed by authority of the Board of Directors of said
corporation, and that he signed his name thereto by like authority.

 

	
   

  	
   

  
	
   

  	
  Notary Public,

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  My Commission expires:

  

[seal]

 

63

 

EXHIBIT A

 

(FORM OF FACE OF DEBENTURE)

 

CAPITOL BANCORP LTD.

 

        % JUNIOR SUBORDINATED
DEBENTURE

 

DUE
                    ,
2038

 

	
  No.

  	
   

  	
  $

  

 

CUSIP NO.             

 

Capitol Bancorp Ltd., a
Michigan corporation (the “Company,” which term includes any successor
corporation under the Indenture hereinafter referred to), for value received,
hereby promises to pay to Wells Fargo Bank, N.A., as Property Trustee, or
registered assigns, the principal sum of
                                      
Dollars
($                  )
on                 ,
2038 (the “Stated Maturity”), and to pay interest on said principal sum from
                  ,
2008, or from the most recent interest payment date (each such date, an “Interest
Payment Date”) to which interest has been paid or duly provided for, quarterly
(subject to deferral as set forth herein) in arrears on the last day of March,
June, September and December of each year commencing
                    ,
2008, at the rate of
          % per annum until
the principal hereof shall have become due and payable, and on any overdue
principal and (without duplication and to the extent that payment of such
interest is enforceable under applicable law) on any overdue installment of
interest at the same rate per annum compounded quarterly. The amount of
interest payable for any interest period ending on or prior to March 31, 2038
shall be computed on the basis of a 360-day year of twelve 30-day months. The
amount of interest payable for any interest period commencing on or after March 31,
2038 shall be computed on the basis of a 360-day year and the actual number of
days elapsed during the relevant period. In the event that any date on which
interest is payable on this Debenture is not a Business Day, then payment of
interest payable on such date shall be made on the next succeeding day that is
a Business Day (and without any interest or other payment in respect of any
such delay) except that, if such Business Day is in the next succeeding
calendar year, such payment shall be made on the immediately preceding Business
Day (and without any reduction of interest or any other payment in respect of
any such acceleration), in each case, with the same force and effect as if made
on the date such payment was originally payable. The interest installment so
payable, and punctually paid or duly provided for, on any Interest Payment Date
shall, as provided in the Indenture, be paid to the person in whose name this
Debenture (or one or more Predecessor Debentures, as defined in said Indenture)
is registered at the close of business on the regular record date for such
interest installment, which shall be the close of business on the business day
next preceding such Interest Payment Date unless otherwise provided in the
Indenture.  Any such interest installment
not punctually paid or duly provided for shall forthwith cease to be payable to
the registered holders on such regular record date and may be paid to the
Person in whose 

 

1

 

name this Debenture (or
one or more Predecessor Debentures) is registered at the close of business on a
special record date to be fixed by the Trustee for the payment of such
defaulted interest, notice thereof shall be fixed by the Trustee for the
payment of such defaulted interest and given to the registered holders of the
Debentures not less than 10 days prior to such special record date, or may be
paid at any time in any other lawful manner not inconsistent with the
requirements of any securities exchange or quotation system on or in which the
Debentures may be listed or quoted, and upon such notice as may be required by
such exchange or quotation system.  The
principal of and the interest on this Debenture shall be payable at the office
or agency of the Trustee maintained for that purpose in any coin or currency of
the United States of America that at the time of payment is legal tender for
payment of public and private debts; provided, however, that payment of
interest may be made at the option of the Company by check mailed to the
registered holder at such address as shall appear in the Debenture Register.
Notwithstanding the foregoing, so long as the holder of this Debenture is the
Property Trustee, the payment of the principal of and interest on this
Debenture shall be made at such place and to such account as may be designated
by the Trustee.

 

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

 

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

 

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

 

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

 

2

 

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

 

Dated:
                
2008.

 

	
   

  	
  CAPITOL BANCORP LTD.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  

 

Attest:

 

 

	
  By:

  	
   

  	
   

  
	
   

  	
  Name:

  	
   

  
	
   

  	
  Title:

  	
   

  

 

3

 

[FORM OF CERTIFICATE OF AUTHENTICATION]

 

CERTIFICATE OF AUTHENTICATION

 

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

 

Dated:
                ,
2008.

 

WELLS FARGO BANK, N.A.,

AS TRUSTEE

 

 

	
  By

  	
   

  	
   

  
	
                       Authorized
  Signatory

  	
   

  

 

4

 

[FORM OF REVERSE OF DEBENTURE]

 

            %
JUNIOR SUBORDINATED DEBENTURE DUE 2038

(CONTINUED)

 

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

 

Because of the occurrence
and continuation of a Special Event (as defined in the Indenture), in certain
circumstances, this Debenture may become due and payable at the principal
amount together with any interest accrued thereon (the “Redemption Price”). The
Redemption Price shall be paid prior to 10:00 A.M., New York time on the
date of such redemption or at such earlier time as the Company determines. The
Company shall have the right as set forth in the Indenture to redeem this
Debenture at the option of the Company, without premium or penalty, in whole or
in part at any time on or after
                  ,
2013 (an “Optional Redemption”), or at any time in certain circumstances upon
the occurrence of a Special Event, at a Redemption Price equal to 100% of the
principal amount hereof plus any accrued but unpaid interest hereon, to the
date of such redemption. Any redemption pursuant to this paragraph shall be
made upon not less than 30 days’ nor more than 60 days’ written notice, at the
Redemption Price. The Redemption Price shall be paid at the time and in the
manner provided therefor in the Indenture. If the Debentures are only partially
redeemed by the Company pursuant to an Optional Redemption, the Debentures
shall be redeemed pro rata or by lot or by any other method utilized by the
Trustee as described in the Indenture.

 

In the event of
redemption of this Debenture in part only, a new Debenture or Debentures for the
unredeemed portion hereof shall be issued in the name of the holder hereof upon
the cancellation hereof.

 

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

 

The Indenture contains
provisions permitting the Company and the Trustee, with the consent of the
holders of not less than a majority in aggregate principal amount of the
Debentures at the time Outstanding (as defined in the Indenture) to execute
supplemental indentures for the purpose of adding any provisions to or changing
in any manner or eliminating any of the provisions of the Indenture or of any
supplemental indenture or of modifying in any manner the rights of the holders
of the Debentures; provided, however, that no such supplemental indenture shall
(i) extend the fixed 

 

5

 

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

 

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

 

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

 

As provided in the
Indenture and subject to certain limitations therein set forth, this Debenture
is transferable by the registered holder hereof on the Debenture Register of
the Company, upon surrender of this Debenture for registration of transfer at
the office or agency of the Trustee accompanied by a written instrument or
instruments of transfer in form satisfactory to the Company or the Trustee duly
executed by the registered holder hereof or his attorney duly authorized in
writing, and thereupon one or more new Debentures of authorized denominations
and for the same aggregate principal amount shall be issued to the designated
transferee or transferees. No service charge shall 

 

6

 

be made for any such transfer, but the Company may
require payment of a sum sufficient to cover any tax or other governmental
charge payable in relation thereto.

 

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

 

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

 

The Debentures are issuable
only in registered form without coupons in denominations of $25 and any
integral multiple thereof.

 

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

 

7Exhibit
4.(n)

 

 

CAPITOL TRUST XII

 

AMENDED AND RESTATED

 

TRUST AGREEMENT

 

AMONG

 

CAPITOL BANCORP LTD., AS DEPOSITOR,

 

WELLS FARGO BANK, N.A., AS PROPERTY TRUSTEE,

 

WELLS FARGO DELAWARE TRUST COMPANY, AS DELAWARE
TRUSTEE,

 

AND

 

THE ADMINISTRATIVE TRUSTEES NAMED HEREIN

 

DATED AS OF
                  ,
2008

 

 

 

TABLE OF CONTENTS

 

	
   

  	
   

  	
  Page

  
	
   

  	
   

  	
   

  
	
  ARTICLE
  I

  	
  DEFINED TERMS

  	
  1

  
	
   

  	
   

  	
   

  
	
  SECTION 101

  	
  DEFINITIONS

  	
  1

  
	
   

  	
   

  	
   

  
	
  ARTICLE
  II

  	
  ESTABLISHMENT OF THE TRUST

  	
  9

  
	
   

  	
   

  	
   

  
	
  SECTION 201

  	
  NAME

  	
  9

  
	
   

  	
   

  	
   

  
	
  SECTION 202

  	
  OFFICE OF THE DELAWARE TRUSTEE; PRINCIPAL PLACE OF
  BUSINESS

  	
  9

  
	
   

  	
   

  	
   

  
	
  SECTION 203

  	
  INITIAL CONTRIBUTION OF TRUST PROPERTY;
  ORGANIZATIONAL EXPENSES

  	
  10

  
	
   

  	
   

  	
   

  
	
  SECTION 204

  	
  ISSUANCE OF THE PREFERRED SECURITIES

  	
  10

  
	
   

  	
   

  	
   

  
	
  SECTION 205

  	
  ISSUANCE OF THE COMMON SECURITIES; SUBSCRIPTION AND
  PURCHASE OF DEBENTURES

  	
  10

  
	
   

  	
   

  	
   

  
	
  SECTION 206

  	
  DECLARATION OF TRUST

  	
  11

  
	
   

  	
   

  	
   

  
	
  SECTION 207

  	
  AUTHORIZATION TO ENTER INTO CERTAIN TRANSACTIONS

  	
  11

  
	
   

  	
   

  	
   

  
	
  SECTION 208

  	
  ASSETS OF TRUST

  	
  15

  
	
   

  	
   

  	
   

  
	
  SECTION 209

  	
  TITLE TO TRUST PROPERTY

  	
  15

  
	
   

  	
   

  	
   

  
	
  ARTICLE
  III

  	
  PAYMENT ACCOUNT

  	
  15

  
	
   

  	
   

  	
   

  
	
  SECTION 301

  	
  PAYMENT ACCOUNT

  	
  15

  
	
   

  	
   

  	
   

  
	
  ARTICLE
  IV

  	
  DISTRIBUTIONS; REDEMPTION

  	
  16

  
	
   

  	
   

  	
   

  
	
  SECTION 401

  	
  DISTRIBUTIONS

  	
  16

  
	
   

  	
   

  	
   

  
	
  SECTION 402

  	
  REDEMPTION

  	
  17

  
	
   

  	
   

  	
   

  
	
  SECTION 403

  	
  SUBORDINATION OF COMMON SECURITIES

  	
  19

  
	
   

  	
   

  	
   

  
	
  SECTION 404

  	
  PAYMENT PROCEDURES

  	
  19

  
	
   

  	
   

  	
   

  
	
  SECTION 405

  	
  TAX RETURNS AND REPORTS

  	
  20

  
	
   

  	
   

  	
   

  
	
  SECTION 406

  	
  PAYMENT OF TAXES, DUTIES, ETC. OF THE TRUST

  	
  20

  
	
   

  	
   

  	
   

  
	
  SECTION 407

  	
  PAYMENTS UNDER INDENTURE

  	
  20

  
	
   

  	
   

  	
   

  
	
  SECTION 408

  	
  WITHHOLDING TAX

  	
  20

  
	
   

  	
   

  	
   

  
	
  ARTICLE
  V

  	
  TRUST SECURITIES CERTIFICATES

  	
  21

  
	
   

  	
   

  	
   

  
	
  SECTION 501

  	
  INITIAL OWNERSHIP

  	
  21

  
	
   

  	
   

  	
   

  
	
  SECTION 502

  	
  THE TRUST SECURITIES CERTIFICATES

  	
  21

  
	
   

  	
   

  	
   

  
	
  SECTION 503

  	
  EXECUTION, AUTHENTICATION AND DELIVERY OF TRUST
  SECURITIES CERTIFICATES

  	
  21

  
				

 

i

 

	
   

  	
   

  	
  Page

  
	
   

  	
   

  	
   

  
	
  SECTION 504

  	
  REGISTRATION OF TRANSFER AND EXCHANGE OF PREFERRED SECURITIES
  CERTIFICATES

  	
  23

  
	
   

  	
   

  	
   

  
	
  SECTION 505

  	
  MUTILATED, DESTROYED, LOST OR STOLEN TRUST
  SECURITIES CERTIFICATES

  	
  25

  
	
   

  	
   

  	
   

  
	
  SECTION 506

  	
  PERSONS DEEMED SECURITYHOLDERS

  	
  25

  
	
   

  	
   

  	
   

  
	
  SECTION 507

  	
  ACCESS TO LIST OF SECURITYHOLDERS’ NAMES AND ADDRESSES

  	
  25

  
	
   

  	
   

  	
   

  
	
  SECTION 508

  	
  MAINTENANCE OF OFFICE OR AGENCY

  	
  26

  
	
   

  	
   

  	
   

  
	
  SECTION 509

  	
  APPOINTMENT OF PAYING AGENT

  	
  26

  
	
   

  	
   

  	
   

  
	
  SECTION 510

  	
  OWNERSHIP OF COMMON SECURITIES BY DEPOSITOR

  	
  27

  
	
   

  	
   

  	
   

  
	
  SECTION 511

  	
  TRUST SECURITIES CERTIFICATES

  	
  27

  
	
   

  	
   

  	
   

  
	
  SECTION 512

  	
  NOTICES TO CLEARING AGENCY

  	
  27

  
	
   

  	
   

  	
   

  
	
  SECTION 513

  	
  RIGHTS OF SECURITYHOLDERS

  	
  27

  
	
   

  	
   

  	
   

  
	
  ARTICLE
  VI

  	
  ACTS OF SECURITYHOLDERS; MEETINGS; VOTING

  	
  28

  
	
   

  	
   

  	
   

  
	
  SECTION 601

  	
  LIMITATIONS ON VOTING RIGHTS

  	
  28

  
	
   

  	
   

  	
   

  
	
  SECTION 602

  	
  NOTICE OF MEETINGS

  	
  29

  
	
   

  	
   

  	
   

  
	
  SECTION 603

  	
  MEETINGS OF PREFERRED SECURITYHOLDERS

  	
  29

  
	
   

  	
   

  	
   

  
	
  SECTION 604

  	
  VOTING RIGHTS

  	
  30

  
	
   

  	
   

  	
   

  
	
  SECTION 605

  	
  PROXIES, ETC

  	
  30

  
	
   

  	
   

  	
   

  
	
  SECTION 606

  	
  SECURITYHOLDER ACTION BY WRITTEN CONSENT

  	
  30

  
	
   

  	
   

  	
   

  
	
  SECTION 607

  	
  RECORD DATE FOR VOTING AND OTHER PURPOSES

  	
  30

  
	
   

  	
   

  	
   

  
	
  SECTION 608

  	
  ACTS OF SECURITYHOLDERS

  	
  30

  
	
   

  	
   

  	
   

  
	
  SECTION 609

  	
  INSPECTION OF RECORDS

  	
  31

  
	
   

  	
   

  	
   

  
	
  ARTICLE
  VII

  	
  REPRESENTATIONS AND WARRANTIES

  	
  32

  
	
   

  	
   

  	
   

  
	
  SECTION 701

  	
  REPRESENTATIONS AND WARRANTIES OF THE BANK AND THE PROPERTY TRUSTEE

  	
  32

  
	
   

  	
   

  	
   

  
	
  SECTION 702

  	
  REPRESENTATIONS AND WARRANTIES OF THE DELAWARE BANK AND THE DELAWARE
  TRUSTEE

  	
  33

  
	
   

  	
   

  	
   

  
	
  SECTION 703

  	
  REPRESENTATIONS AND WARRANTIES OF DEPOSITOR

  	
  34

  
					

 

ii

 

	
   

  	
   

  	
  Page

  
	
   

  	
   

  	
   

  
	
  ARTICLE
  VIII

  	
  TRUSTEES

  	
  34

  
	
   

  	
   

  	
   

  
	
  SECTION 801

  	
  CERTAIN DUTIES AND RESPONSIBILITIES

  	
  34

  
	
   

  	
   

  	
   

  
	
  SECTION 802

  	
  CERTAIN NOTICES

  	
  36

  
	
   

  	
   

  	
   

  
	
  SECTION 803

  	
  CERTAIN RIGHTS OF PROPERTY TRUSTEE

  	
  36

  
	
   

  	
   

  	
   

  
	
  SECTION 804

  	
  NOT RESPONSIBLE FOR RECITALS OR ISSUANCE OF SECURITIES

  	
  39

  
	
   

  	
   

  	
   

  
	
  SECTION 805

  	
  MAY HOLD SECURITIES

  	
  39

  
	
   

  	
   

  	
   

  
	
  SECTION 806

  	
  COMPENSATION; INDEMNITY; FEES

  	
  39

  
	
   

  	
   

  	
   

  
	
  SECTION 807

  	
  CORPORATE PROPERTY TRUSTEE REQUIRED; ELIGIBILITY OF TRUSTEES

  	
  40

  
	
   

  	
   

  	
   

  
	
  SECTION 808

  	
  CONFLICTING INTERESTS

  	
  40

  
	
   

  	
   

  	
   

  
	
  SECTION 809

  	
  CO-TRUSTEES AND SEPARATE TRUSTEE

  	
  41

  
	
   

  	
   

  	
   

  
	
  SECTION 810

  	
  RESIGNATION AND REMOVAL; APPOINTMENT OF SUCCESSOR

  	
  42

  
	
   

  	
   

  	
   

  
	
  SECTION 811

  	
  ACCEPTANCE OF APPOINTMENT BY SUCCESSOR

  	
  44

  
	
   

  	
   

  	
   

  
	
  SECTION 812

  	
  MERGER, CONVERSION, CONSOLIDATION OR SUCCESSION TO BUSINESS

  	
  44

  
	
   

  	
   

  	
   

  
	
  SECTION 813

  	
  PREFERENTIAL COLLECTION OF CLAIMS AGAINST DEPOSITOR OR TRUST

  	
  44

  
	
   

  	
   

  	
   

  
	
  SECTION 814

  	
  REPORTS BY PROPERTY TRUSTEE

  	
  45

  
	
   

  	
   

  	
   

  
	
  SECTION 815

  	
  REPORTS TO THE PROPERTY TRUSTEE

  	
  45

  
	
   

  	
   

  	
   

  
	
  SECTION 816

  	
  EVIDENCE OF COMPLIANCE WITH CONDITIONS PRECEDENT

  	
  45

  
	
   

  	
   

  	
   

  
	
  SECTION 817

  	
  NUMBER OF TRUSTEES

  	
  45

  
	
   

  	
   

  	
   

  
	
  SECTION 818

  	
  DELEGATION OF POWER

  	
  46

  
	
   

  	
   

  	
   

  
	
  SECTION 819

  	
  VOTING

  	
  46

  
	
   

  	
   

  	
   

  
	
  SECTION 820

  	
  NOT RESPONSIBLE FOR RECITALS OR ISSUANCE OF SECURITIES

  	
  46

  
	
   

  	
   

  	
   

  
	
  ARTICLE
  IX

  	
  TERMINATION, LIQUIDATION AND MERGER

  	
  47

  
	
   

  	
   

  	
   

  
	
  SECTION 901

  	
  TERMINATION UPON EXPIRATION DATE

  	
  47

  
	
   

  	
   

  	
   

  
	
  SECTION 902

  	
  EARLY TERMINATION

  	
  47

  
	
   

  	
   

  	
   

  
	
  SECTION 903

  	
  TERMINATION

  	
  47

  
					

 

iii

 

	
   

  	
   

  	
  Page

  
	
   

  	
   

  	
   

  
	
  SECTION 904

  	
  LIQUIDATION

  	
  47

  
	
   

  	
   

  	
   

  
	
  SECTION 905

  	
  MERGERS, CONSOLIDATIONS, AMALGAMATIONS OR
  REPLACEMENTS OF THE TRUST

  	
  49

  
	
   

  	
   

  	
   

  
	
  ARTICLE
  X

  	
  MISCELLANEOUS PROVISIONS

  	
  50

  
	
   

  	
   

  	
   

  
	
  SECTION 1001

  	
  LIMITATION OF RIGHTS OF SECURITYHOLDERS

  	
  50

  
	
   

  	
   

  	
   

  
	
  SECTION 1002

  	
  AMENDMENT

  	
  50

  
	
   

  	
   

  	
   

  
	
  SECTION 1003

  	
  SEPARABILITY

  	
  52

  
	
   

  	
   

  	
   

  
	
  SECTION 1004

  	
  GOVERNING LAW

  	
  52

  
	
   

  	
   

  	
   

  
	
  SECTION 1005

  	
  CONSENT TO JURISDICTION; SERVICE OF PROCESS

  	
  52

  
	
   

  	
   

  	
   

  
	
  SECTION 1006

  	
  PAYMENTS DUE ON NON-BUSINESS DAY

  	
  53

  
	
   

  	
   

  	
   

  
	
  SECTION 1007

  	
  SUCCESSORS

  	
  53

  
	
   

  	
   

  	
   

  
	
  SECTION 1008

  	
  HEADINGS

  	
  53

  
	
   

  	
   

  	
   

  
	
  SECTION 1009

  	
  REPORTS, NOTICES AND DEMANDS

  	
  53

  
	
   

  	
   

  	
   

  
	
  SECTION 1010

  	
  AGREEMENT NOT TO PETITION

  	
  54

  
	
   

  	
   

  	
   

  
	
  SECTION 1011

  	
  TRUST INDENTURE ACT; CONFLICT WITH TRUST INDENTURE ACT

  	
  54

  
	
   

  	
   

  	
   

  
	
  SECTION 1012

  	
  ACCEPTANCE OF TERMS OF TRUST AGREEMENT, GUARANTEE
  AND INDENTURE

  	
  55

  
	
   

  	
   

  	
   

  
	
  SECTION 1013

  	
  COUNTERPARTS

  	
  55

  
				

 

	
  EXHIBITS

  	
   

  
	
   

  	
   

  
	
  Exhibit A

  	
  Form of
  Certificate of Trust

  
	
  Exhibit B

  	
  Form of Common
  Securities Certificate

  
	
  Exhibit C

  	
  Form of Expense
  Agreement

  
	
  Exhibit D

  	
  Form of Preferred
  Securities Certificate

  
	
  Exhibit E

  	
  Form of Preferred
  Securities Certificate Authentication

  

 

iv

 

CROSS-REFERENCE TABLE

 

	
  Section of 

  Trust Indenture Act 

  of 1939, as amended

  	
   

  	
  Section of

  Amended and Restated Trust Agreement

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  310(a)(1)

  	
   

  	
  807

  	
   

  
	
  310(a)(2)

  	
   

  	
  807

  	
   

  
	
  310(a)(3)

  	
   

  	
  807

  	
   

  
	
  310(a)(4)

  	
   

  	
  207(a)(ii)

  	
   

  
	
  310(b)

  	
   

  	
  808

  	
   

  
	
  311(a)

  	
   

  	
  813

  	
   

  
	
  311(b)

  	
   

  	
  813

  	
   

  
	
  312(a)

  	
   

  	
  507

  	
   

  
	
  312(b)

  	
   

  	
  507

  	
   

  
	
  312(c)

  	
   

  	
  507

  	
   

  
	
  313(a)

  	
   

  	
  814(a)

  	
   

  
	
  313(a)(4)

  	
   

  	
  814(b)

  	
   

  
	
  313(b)

  	
   

  	
  814(b)

  	
   

  
	
  313(c)

  	
   

  	
  1009

  	
   

  
	
  313(d)

  	
   

  	
  814(c)

  	
   

  
	
  314(a)

  	
   

  	
  815

  	
   

  
	
  314(b)

  	
   

  	
  Not Applicable

  	
   

  
	
  314(c)(1)

  	
   

  	
  816

  	
   

  
	
  314(c)(2)

  	
   

  	
  816

  	
   

  
	
  314(c)(3)

  	
   

  	
  Not Applicable

  	
   

  
	
  314(d)

  	
   

  	
  Not Applicable

  	
   

  
	
  314(e)

  	
   

  	
  101, 816

  	
   

  
	
  315(a)

  	
   

  	
  801(a), 803(a)

  	
   

  
	
  315(b)

  	
   

  	
  802, 1009

  	
   

  
	
  315(c)

  	
   

  	
  801(a)

  	
   

  
	
  315(d)

  	
   

  	
  801, 803

  	
   

  
	
  316(a)(2)

  	
   

  	
  Not Applicable

  	
   

  
	
  316(b)

  	
   

  	
  Not Applicable

  	
   

  
	
  316(c)

  	
   

  	
  607

  	
   

  
	
  317(a)(1)

  	
   

  	
  Not Applicable

  	
   

  
	
  317(a)(2)

  	
   

  	
  Not Applicable

  	
   

  
	
  317(b)

  	
   

  	
  509

  	
   

  
	
  318(a)

  	
   

  	
  1011

  	
   

  

 

Note:                   This
Cross-Reference Table does not constitute part of this Agreement and shall not
affect the interpretation of any of its terms or provisions.

 

v

 

AMENDED AND RESTATED TRUST AGREEMENT

 

AMENDED
AND RESTATED TRUST AGREEMENT, dated as of
                  
2008, among (i) CAPITOL BANCORP LTD., a Michigan corporation (including
any successors or assigns, the “Depositor”), (ii) WELLS FARGO BANK, N.A.,
as property trustee (the “Property Trustee” and, in its separate corporate
capacity and not in its capacity as Property Trustee, the “Bank”), (iii) WELLS
FARGO DELAWARE TRUST COMPANY, as Delaware trustee (the “Delaware Trustee,” and,
in its separate corporate capacity and not in its capacity as Delaware Trustee,
the “Delaware Bank”), (iv) LEE W. HENDRICKSON, an individual, BRUCE A.
THOMAS, an individual, and JEFFREY D. SAUNDERS, an individual, each of whose
address is c/o Company (each an “Administrative Trustee” and collectively the “Administrative
Trustees”) (the Property Trustee, the Delaware Trustee and the Administrative
Trustees referred to collectively as the “Trustees”), and (v) the several
Holders (as hereinafter defined).

 

RECITALS

 

WHEREAS,
the Depositor, the Delaware Trustee, and Lee W. Hendrickson, Bruce A. Thomas
and Jeffrey D. Saunders, each as an Administrative Trustee, have heretofore
duly declared and established a statutory trust pursuant to the Delaware
Statutory Trust Act by the entering into of that certain Trust Agreement, dated
as of May 21, 2008 (the “Original Trust Agreement”), and by the execution
and filing by the Delaware Trustee and the Administrative Trustees with the
Secretary of State of the State of Delaware of the Certificate of Trust, filed
on May 21, 2008, the form of which is attached as Exhibit A; and

 

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

 

NOW
THEREFORE, in consideration of the agreements and obligations set forth herein
and for other good and valuable consideration, the receipt and sufficiency of
which are hereby acknowledged, each party, for the benefit of the other parties
and for the benefit of the Securityholders (as defined herein), hereby amends
and restates the Original Trust Agreement in its entirety and agrees as
follows:

 

ARTICLE I

DEFINED TERMS

 

SECTION 101  DEFINITIONS.

 

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

 

(a)           the
terms defined in this Article I have the meanings assigned to them in this
Article I and include the plural as well as the singular;

 

 

(b)           all
other terms used herein that are defined in the Trust Indenture Act, either
directly or by reference therein, have the meanings assigned to them therein;

 

(c)           unless
the context otherwise requires, any reference to an “Article” or a “Section”
refers to an Article or a Section, as the case may be, of this Trust
Agreement; and

 

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

 

“Act” has the meaning specified in Section 608(a).

 

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

 

“Additional Interest” has the meaning specified in Section 1.1
of the Indenture.

 

“Administrative Trustee” means each of Lee W.
Hendrickson, Bruce A. Thomas and Jeffrey D. Saunders, solely in his capacity as
Administrative Trustee of the Trust continued hereunder and not in his
individual capacity, or such Administrative Trustee’s successor in interest in
such capacity, or any successor trustee appointed as herein provided.

 

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

 

“Applicable Procedures” has the meaning specified in Section 503A(c).

 

“Authenticating Agent” means an authenticating agent
with respect to the Preferred Securities appointed by the Property Trustee
pursuant to Section 503.

 

“Bank” has the meaning specified in the Preamble to
this Trust Agreement.

 

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

 

(a)           the
entry of a decree or order by a court having jurisdiction in the premises
adjudging such Person a bankrupt or insolvent, or approving as properly filed a
petition seeking liquidation or reorganization of or in respect of such Person
under the United States Bankruptcy Code of 1978, as amended, or any other
similar applicable federal or state law, and the continuance of any such decree
or
order unvacated and unstayed for a period of 90 days; or the
commencement of an involuntary case under the United States Bankruptcy Code of
1978, as 

 

2

 

amended, in respect of such Person, which shall
continue undismissed for a period of 90 days or entry of an order for relief in
such case; or the entry of a decree or order of a court having
jurisdiction in the premises for the appointment on the ground of insolvency or
bankruptcy of a receiver, custodian, liquidator, trustee or assignee in
bankruptcy or insolvency of such Person or of its property, or for the winding
up or liquidation of its affairs, and such decree or order shall have remained
in force unvacated and unstayed for a period of 90 days; or

 

(b)           the
institution by such Person of proceedings to be adjudicated a voluntary
bankrupt, or the consent by such Person to the filing of a bankruptcy
proceeding against it, or the filing by such Person of a petition or answer or
consent seeking liquidation or reorganization under the United States
Bankruptcy Code of 1978, as amended, or other similar applicable federal or
state law, or the consent by such Person to the filing of any such petition or
to the appointment on the ground of insolvency or bankruptcy of a receiver or
custodian or liquidator or trustee or assignee in bankruptcy or insolvency of
such Person or of its property, or shall make a general assignment for the
benefit of creditors.

 

“Bankruptcy
Laws” has the meaning specified in Section 1010.

 

 “Business Day” means a day other than a
Saturday or Sunday, a day on which federal banking institutions in The City of
New York are authorized or required by law, executive order or regulation to
remain closed, or a day on which the Corporate Trust Office of the Debenture
Trustee or the Property Trustee, as applicable, is closed for business.

 

 “Certificate of Trust” means the certificate
of trust filed with the Secretary of State of the State of Delaware with
respect to the Trust, as amended or restated from time to time.

 

 “Clearing Agency” means an organization
registered as a “clearing agency” pursuant to Section 17A of the
Securities Exchange Act of 1934, as amended. DTC shall be the initial Clearing
Agency.

 

 “Closing Date” means the date of execution and
delivery of this Trust Agreement.

 

“Code”
means the Internal Revenue Code of 1986, as amended.

 

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

 

“Common
Security” means an undivided beneficial interest in the assets of the Trust,
having a Liquidation Amount of $25 and having the rights provided therefor in
this Trust Agreement, including the right to receive Distributions and a
Liquidation Distribution as provided herein.

 

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

 

3

 

“Company”
means Capitol Bancorp Ltd.

 

“Corporate
Trust Office” means the office at which, at any particular time, the corporate
trust business of the Property Trustee or the Debenture Trustee, as the case
may be, shall be principally administered, which office at the date hereof, in
each such case, is located at 919 North Market Street, Suite 1600,
Wilmington, Delaware 19801, Attention: 
Corporate Trust Services.

 

“Debenture
Event of Default” means an “Event of Default” as defined in Section 7.1 of
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.

 

 “Debenture Trustee” means Wells Fargo Bank,
N.A. and any successor thereto, as trustee under the indenture.

 

“Debentures”
means up to
$                      
aggregate principal amount of the Depositor’s
        % Junior Subordinated
Debentures due 2038, issued pursuant to the Indenture.

 

 “Delaware Bank” has the meaning specified in
the Preamble to this Trust Agreement.

 

“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 commercial bank or trust company identified as the “Delaware
Trustee” in the Preamble to this Trust Agreement solely in its capacity as
Delaware Trustee of the Trust continued hereunder and not in its individual
capacity, or its successor in interest in such capacity, or any successor
trustee appointed as herein provided.

 

“Depositary”
means DTC or any successor thereto.

 

“Depositor”
has the meaning specified in the Preamble to this Trust Agreement.

 

“Distribution
Date” has the meaning specified in Section 401(a).

 

“Distributions”
means amounts payable in respect of the Trust Securities as provided in Section 401.

 

“DTC”
means The Depository Trust Company.

 

“ERISA”
means the Employee Retirement Income Security Act of 1974, as amended.

 

“Event
of Default” means any one of the following events (whatever the reason for such
Event of Default and whether it shall be voluntary or involuntary or be
effected by 

 

4

 

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; or

 

(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; or

 

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

 

(d)           default
in the performance, or breach, in any material respect, of any covenant or
warranty of the Trustees in this Trust Agreement (other than a covenant or
warranty a default in the performance of which or the breach of which is dealt
with 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 60 days
thereof.

 

“Exchange
Act” means the Securities Exchange Act of 1934, as amended.

 

“Expense
Agreement” means the Agreement as to Expenses and Liabilities between the
Depositor and the Trust, substantially in the form attached as Exhibit C,
as amended from time to time.

 

“Expiration
Date” has the meaning specified in Section 901.

 

“Extended
Interest Payment Period” has the meaning specified in Section 4.1 of the
Indenture.

 

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

 

“Global
Preferred Security” means a Preferred Security, the ownership and transfer of
which shall be made through book entries by a Clearing Agency as described
herein.

 

“Guarantee”
means the Preferred Securities Guarantee Agreement executed and delivered by
the Depositor and Wells Fargo Bank, N.A., as trustee, contemporaneously with
the execution and delivery of this Trust Agreement, for the benefit of the
Holders of the Preferred Securities, as amended from time to time.

 

“Indenture”
means the Indenture, dated as of
                ,
2008, between the Depositor and the Debenture Trustee, as trustee, as amended
or supplemented from time to time.

 

5

 

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

 

 “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 and the proceeds of which shall be used to pay the
Redemption Price of such Trust Securities; and (b) with respect to a
distribution of Debentures to Holders of Trust Securities in connection with a
termination or liquidation of the Trust, Debentures having a principal amount
equal to the Liquidation Amount of the Trust Securities of the Holder to whom
such Debentures are distributed. Each Debenture distributed pursuant to clause (b) above
shall carry with it accrued interest in an amount equal to the accrued and
unpaid interest then due on such Debentures.

 

“Liquidation
Amount” means the stated amount of $25 per Trust Security.

 

“Liquidation
Date” means the date on which Debentures are to be distributed to Holders of
Trust Securities in connection with a termination and liquidation of the Trust
pursuant to Section 904(a).

 

“Liquidation
Distribution” has the meaning specified in Section 904(d).

 

“Officers’
Certificate” means a certificate signed by the President or an Executive Vice
President and by the Chief Financial Officer or the Treasurer or the Secretary,
of the Depositor, and delivered to the appropriate Trustee. One of the officers
signing an Officers’ Certificate given pursuant to Section 816 shall be
the principal executive, financial or accounting officer of the Depositor. Any
Officers’ Certificate delivered with respect to compliance with a condition or
covenant provided for in this Trust 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
undertaken by each officer in rendering the Officers’ Certificate;

 

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

 

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

 

“Opinion
of Counsel” means an opinion in writing of independent, outside legal counsel
for the Trust, the Property Trustee, the Delaware Trustee or the Depositor, who
shall be reasonably acceptable to the Property Trustee.

 

6

 

“Option
Closing Date” has the meaning specified in the Underwriting Agreement.

 

“Original
Trust Agreement” has the meaning specified in the Recitals to this Trust
Agreement.

 

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

 

(a)           Preferred
Securities theretofore canceled by the Property Trustee or delivered to the
Property Trustee for cancellation;

 

(b)           Preferred
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 Preferred Securities; provided that, if such Preferred
Securities are to be redeemed, notice of such redemption has been duly given
pursuant to this Trust Agreement; and

 

(c)           Preferred
Securities which have been paid or in exchange for or in lieu of which other
Preferred Securities have been executed and delivered pursuant to Sections 504,
505 and 511; provided, however, that in determining whether the Holders of the
requisite Liquidation Amount of the 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 (a) 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 such
Trustee knows to be so owned shall be so disregarded; and (b) the
foregoing shall not apply at any time when all of the outstanding Preferred
Securities are owned by the Depositor, one or more of the Trustees and/or any
such Affiliate. 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 the pledgee is not the Depositor or
any other Obligor upon the Preferred Securities or a Person directly or
indirectly controlling or controlled by or under direct or indirect common
control with the Depositor or any Affiliate of the Depositor.

 

“Paying
Agent” means any paying agent or co-paying agent appointed pursuant to Section 509
and shall initially be the Property Trustee.

 

“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 Securityholders in which all amounts paid in
respect of the Debentures shall be held and from which the Property Trustee
shall make payments to the Securityholders in accordance with Sections 401 and
402.

 

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

 

7

 

“Preferred
Security” means an undivided beneficial interest in the assets of the Trust,
having a Liquidation Amount of $25 and having the rights provided therefor in
this Trust Agreement, including the right to receive Distributions and a
Liquidation Distribution as provided herein.

 

“Preferred
Securities Certificate” means a certificate evidencing ownership of Preferred
Securities, substantially in the form attached as Exhibit D.

 

“Property
Trustee” means the commercial bank or trust company identified as the “Property
Trustee,” in the Preamble to this Trust Agreement solely in its capacity as
Property Trustee of the Trust continued hereunder and not in its individual
capacity, or its successor in interest in such capacity, or any successor
property trustee appointed as herein provided.

 

“Redemption
Date” means, with respect to any Trust Security to be redeemed, the date fixed
for such redemption by or pursuant to this Trust Agreement; provided that each
Debenture Redemption 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 of such Trust Security, plus accumulated and unpaid Distributions to the
Redemption Date allocated on a pro rata basis (based on Liquidation Amounts)
among the Trust Securities.

 

“Relevant
Trustee” shall have the meaning specified in Section 810(a).

 

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

 

“Securities
Register” and “Securities Registrar” have the respective meanings specified in Section 504.

 

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

 

“Trust”
means the Delaware statutory trust continued hereby and identified on the cover
page to this Trust Agreement.

 

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

 

“Trust
Indenture Act” means the Trust Indenture Act of 1939, as amended, as in force
at the date as of which this instrument was executed; provided, however, that
in the event the Trust Indenture Act of 1939, as amended, 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.

 

8

 

“Trust
Property” means (a) the Debentures; (b) the rights of the Property
Trustee under the Guarantee; (c) any cash on deposit in, or owing to, the
Payment Account; and (d) 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 Trust
Agreement.

 

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

 

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

 

“Trustees”
means, collectively, the Property Trustee, the Delaware Trustee and the
Administrative Trustees.

 

“Underwriter”
has the meaning ascribed to such term in the Underwriting Agreement.

 

“Underwriting
Agreement” means the Underwriting Agreement, dated as of
                          
2008, among the Trust, the Depositor and the Underwriters named therein.

 

ARTICLE II

ESTABLISHMENT OF THE TRUST

 

SECTION 201  NAME.

 

The
Trust continued hereby shall be known as “Capitol Trust XII,” 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 engage in the transactions contemplated hereby, make and
execute contracts and other instruments on behalf of the Trust and sue and be
sued.

 

SECTION 202  OFFICE OF THE DELAWARE TRUSTEE; PRINCIPAL
PLACE OF BUSINESS.

 

The
address of the Delaware Trustee in the State of Delaware is 919 North Market
Street, Suite 1600, Wilmington, Delaware 19801, Attention: Corporate Trust
Services, or such other address in the State of Delaware as the Delaware
Trustee may designate by written notice to the Securityholders and the Depositor.
The principal executive office of the Trust is c/o Capitol Bancorp Center, 200
Washington Square North, Lansing, Michigan 48933.

 

SECTION 203  INITIAL CONTRIBUTION OF TRUST PROPERTY;
ORGANIZATIONAL EXPENSES.

 

The
Property Trustee acknowledges receipt in trust of the sum of $10, which the
Depositor contributed to the Trust in connection with the Original Trust
Agreement, which constitutes the initial Trust Property. The Depositor
shall pay all fees, costs and organizational expenses of the Trust as they
arise or shall, upon request of any Trustee, promptly reimburse 

 

9

 

such Trustee for any such fees, costs or expenses paid
by such Trustee. The Depositor shall make no claim upon the Trust Property for
the payment of such expenses.

 

SECTION 204  ISSUANCE OF THE PREFERRED SECURITIES.

 

On
              ,
2008, the Depositor and an Administrative Trustee, on behalf of the Trust and
pursuant to the Original Trust Agreement, executed and delivered the Underwriting
Agreement. Contemporaneously with the execution and delivery of this Trust
Agreement, an Administrative Trustee, on behalf of the Trust, shall execute in
accordance with Section 502 and deliver in accordance with the
Underwriting Agreement, Preferred Securities Certificates, registered in the
name of Persons entitled thereto in an aggregate amount of 2,000,000 Preferred
Securities having an aggregate Liquidation Amount of $50,000,000 against
receipt of the aggregate purchase price of such Preferred
Securities of $50,000,000, which amount such Administrative Trustee shall
promptly deliver to the Property Trustee. If the Underwriters exercise their
over allotment option and there is an Option Closing Date, then an Administrative Trustee,
on behalf of the Trust, shall execute in accordance with Section 502 and
deliver in accordance with the Underwriting Agreement, Preferred Securities
Certificates, registered in the name of the Persons entitled thereto, in an
additional aggregate amount of up to 300,000 Preferred Securities having an
aggregate Liquidation Amount of up to $7,500,000 against receipt of the
aggregate purchase price of such Preferred Securities of up to $7,500,000,
which amount such Administrative Trustee shall promptly deliver to the Property
Trustee.

 

SECTION 205  ISSUANCE OF THE COMMON SECURITIES;
SUBSCRIPTION AND PURCHASE OF DEBENTURES.

 

(a)           Contemporaneously
with the execution and delivery of this Trust Agreement, an Administrative
Trustee, on behalf of the Trust, shall execute in accordance with Section 502
and deliver to the Depositor, Common Securities Certificates, registered in the
name of the Depositor, in an aggregate amount of Common Securities having an
aggregate Liquidation Amount of $1,546,392 against payment by the Depositor of
such amount. Contemporaneously therewith, an Administrative Trustee, on behalf
of the Trust, shall subscribe to and purchase from the Depositor Debentures,
registered in the name of the Property Trustee on behalf of the Trust and
having an aggregate principal amount equal to $51,546,392, and, in satisfaction
of the purchase price for such Debentures, the Property Trustee, on behalf of
the Trust, shall deliver to the Depositor the sum of $51,546,392.

 

(b)           If
the Underwriters exercise their over allotment option and there is an Option
Closing Date, then an Administrative Trustee, on behalf of the Trust, shall
execute in accordance with Section 502 and deliver to the Depositor,
Common Securities Certificates, registered in the name of the Depositor, in an
additional aggregate amount of Common Securities having an aggregate
Liquidation Amount of up to $231,959 against payment by the Depositor of such
amount. Contemporaneously therewith, an Administrative Trustee, on behalf of
the Trust, shall subscribe to and purchase from the Depositor, additional
Debentures, registered in the name of the Trust and having an aggregate
principal amount of up to $7,731,959, and, in satisfaction of the purchase
price of such Debentures, the Property Trustee, on behalf of the Trust, shall
deliver to the Depositor up to $7,731,959, such aggregate amount to be equal to
the sum of the amounts 

 

10

 

received from the
Depositor pursuant to this Section 205(b) and from one of the
Administrative Trustees pursuant to the last sentence of Section 204.

 

SECTION 206  DECLARATION OF TRUST.

 

The
exclusive purposes and functions of the Trust are (a) to issue and sell
Trust Securities and use the proceeds from such sale to acquire the Debentures;
and (b) to engage in those activities necessary, advisable or incidental
thereto. The Depositor hereby confirms the appointment of the Trustees as
trustees of the Trust, to have all the rights, powers and duties to the extent
set forth herein, and the Trustees hereby acknowledge such appointment. The
Property Trustee hereby declares that it shall hold the Trust Property in trust
upon and subject to the conditions set forth herein for the benefit of the
Securityholders. 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. 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 Property Trustee or the Administrative
Trustees set forth herein. 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
of the Delaware Statutory Trust Act.

 

SECTION 207  AUTHORIZATION TO ENTER INTO CERTAIN TRANSACTIONS.

 

(a)           The Trustees shall
conduct the affairs of the Trust in accordance with the terms of this Trust
Agreement. Subject to the limitations set forth in paragraph (b) of this Section 207
and Article VIII, and in accordance
with the following provisions (i) and (ii), the Administrative Trustees
shall have the authority to enter into all transactions and agreements
determined by the Administrative Trustees to be appropriate in exercising the
authority, express or implied, otherwise granted to the Administrative Trustees
under this Trust Agreement, and to perform all acts in furtherance thereof,
including without limitation, the following:

 

(i)                                     As
among the Trustees, each Administrative Trustee, acting singly or jointly,
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 and the compliance with the Underwriting Agreement in connection
therewith;

 

(B)          to cause the Trust to
enter into, and to execute, deliver and perform on behalf of the Trust, the
Expense Agreement and such other agreements or documents 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 of 1933, as
amended, and under state securities or blue sky laws, and the qualification of
this 

 

11

 

Trust Agreement as
a trust indenture under the Trust Indenture Act;

 

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

 

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

 

(F)           the appointment of a
Paying Agent, Authenticating Agent and Securities Registrar in accordance with
this Trust Agreement;

 

(G)           to the extent provided
in this Trust Agreement, 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;

 

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

 

(I)            the taking of any action incidental
to the foregoing as the Administrative Trustees may from time to time determine
is necessary or advisable to give effect to the terms of this Trust Agreement
for the benefit of the Securityholders (without consideration of the effect of
any such action on any particular Securityholder); and

 

(J)            preparation and filing
of all applicable tax returns and tax information reports that are required to
be filed on behalf of the Trust.

 

12

 

(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 of
amounts owed to the Securityholders in respect of the Trust Securities in accordance
with the terms of this Trust Agreement;

 

(E)           the exercise of all of
the rights, powers and privileges of a holder of the Debentures in accordance
with the terms of this Trust Agreement;

 

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

 

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

 

(H)          after an Event of
Default, the taking of any action incidental 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 Trust Agreement and protect and conserve the Trust Property for
the benefit of the Securityholders (without consideration of the effect of any
such action on any particular Securityholder);

 

(I)            registering transfers
of the Trust Securities in accordance with this Trust Agreement;

 

(J)            except as otherwise
provided in this Section 207(a)(ii), the Property Trustee shall have none
of the duties, liabilities, powers or the authority of the Administrative
Trustees set forth in Section 207(a)(i); and

 

(K)          the authentication of
the Preferred Securities as provided in this Trust Agreement.

 

13

 

(b)           So
long as this Trust Agreement 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 shall not (i) acquire any investments or engage
in any activities not authorized by this Trust Agreement; (ii) sell,
assign, transfer, exchange, mortgage, pledge, set-off or otherwise dispose of
any of the Trust Property or interests therein, including to Securityholders,
except as expressly provided herein; (iii) take any action that would
cause (or, in the case of the Property Trustee, to the actual knowledge of a
Responsible Officer would cause) the Trust to fail or cease to qualify as a “grantor
trust” 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 result in the placement 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 Securityholders in their
capacity as Securityholders.

 

(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 Trust
Agreement are hereby ratified and confirmed in all respects):

 

(i)                                   the
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, the Debentures, and the Guarantee,
including any amendments thereto;

 

(ii)                                the
determination of the states in which to take appropriate action to qualify or
register for sale all or part of the Preferred Securities and to do any and all
such acts, other than actions which must be taken by or on behalf of the Trust,
and advise the Trustees of actions they must take on behalf of the Trust, and
prepare for execution and filing 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 a national stock exchange or
other organizations for listing upon notice of issuance of any Preferred
Securities and to file or cause an Administrative Trustee to file thereafter
with such exchange or organization such notifications and documents as may be
necessary from time to time;

 

(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;

 

14

 

(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 Trustees are authorized and directed to
conduct the affairs of the Trust and to operate the Trust so that the Trust
shall not be deemed to be an “investment company” required to be registered
under the Investment Company Act, shall be classified as a “grantor trust” and
not as an association taxable as a corporation for United States federal income
tax purposes and so that the Debentures shall be treated as indebtedness of the
Depositor for
United States federal income tax purposes. In this connection, subject
to Section 1002, the Depositor and the Administrative Trustees are
authorized to take any action, not inconsistent with applicable law or this
Trust Agreement, that each of the Depositor and the Trustees determines in
their discretion to be necessary or desirable for such purposes.

 

SECTION 208  ASSETS OF TRUST.

 

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

 

SECTION 209  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 for the benefit of the Trust and the Securityholders in accordance with
this Trust Agreement.

 

ARTICLE III

PAYMENT ACCOUNT

 

SECTION 301  PAYMENT ACCOUNT.

 

(a)           On
or prior to
the Closing Date, the Property Trustee shall establish the Payment Account. The
Property Trustee and the Paying Agent 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 Trust Agreement. 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 Securityholders and for
distribution as herein provided, including (and subject to) any priority of
payments provided for herein.

 

(b)           The
Property Trustee shall deposit in the Payment Account, promptly upon receipt,
all payments of principal of or interest on, and any other payments or proceeds
with respect to, the Debentures. Amounts held in the Payment Account shall not
be invested by the Property Trustee pending distribution thereof.

 

15

 

ARTICLE IV

DISTRIBUTIONS; REDEMPTION

 

SECTION 401  DISTRIBUTIONS.

 

(a)           Distributions
on the Trust Securities shall be cumulative, and shall accumulate whether or
not there are funds of the Trust available for the payment of Distributions.
Distributions shall accumulate from               ,
2008, and, except during any Extended Interest Payment Period with respect to
the Debentures, shall be payable quarterly in arrears on the last calendar day
of March, June, September and December of each year, commencing on
              
2008. If any date on which a Distribution is otherwise 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 without any
interest or other payment in respect of any such delay) except that, if such
Business Day is in the next
succeeding calendar year, such payment shall be made on the immediately
preceding Business Day (and without any reduction of interest or any other
payment in respect of any such acceleration), in each case with the same force
and effect as if made on such date (each date on which Distributions are payable in
accordance with this Section 401(a), a “Distribution Date”).

 

(b)           The
Trust Securities represent undivided beneficial interests in the Trust
Property. Distributions on 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 ending
on or prior to March 31, 2038 shall be computed on the basis of a 360-day
year of twelve 30-day months. The amount of Distributions for any period ending
on or after March 31, 2038 shall be computed on the basis of a 360-day
year and the actual number of days elapsed during the relevant period. During
any Extended Interest Payment Period with respect to the Debentures,
Distributions on the Preferred Securities shall be deferred for a period equal
to the Extended Interest Payment Period. The amount of Distributions payable
for any period shall include the Additional Amount, if applicable.

 

(c)           Distributions
on the Trust Securities shall be made by the Property Trustee solely from the
Payment Account and shall be payable on each Distribution Date only to the
extent that the Trust has funds on hand and immediately available by 12:00 p.m.
(Noon), New York City time, on each Distribution Date in the Payment Account
for the payment of such Distributions.

 

(d)           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 on the close of business on the relevant record date, which shall be the 15th
day of March, June, September or December for Distributions payable
on the last calendar day of the respective month; provided, however, that for
any Trust Securities held in global form, Distributions shall be payable to the
Holder thereof as of one Business Day immediately preceding the Distribution
Date.

 

(e)           As
a condition to the payment of any principal of or interest on the Trust
Securities without the imposition of withholding tax, the Property Trustee or
any Paying Agent shall require the previous delivery of properly completed and
signed applicable U.S. federal income tax 

 

16

 

certifications (generally, an Internal Revenue Service
Form W-9 (or applicable successor form) in the case of a person that is a “United
States person” within the meaning of Section 7701(a)(30) of the Code or an
Internal Revenue Service Form W-8 (or applicable successor form) in the
case of a person that is not a “United States person” within the meaning of Section 7701(a)(30)
of the Code), and any other certification acceptable to it to enable the
Property Trustee or any Paying Agent to determine their respective duties and
liabilities with respect to any taxes or other charges that they may be
required to pay, deduct or withhold in respect of such Trust Securities.

 

SECTION 402  REDEMPTION.

 

(a)           On
each Debenture Redemption Date and on the maturity of the Debentures, the Trust
shall 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 to each Holder of Trust Securities to be redeemed, at such
Holder’s address appearing in the Securities Register. The Property Trustee
shall have no responsibility for the accuracy of any CUSIP number contained in
such notice. All notices of redemption shall state:

 

(i)                                     the
Redemption Date;

 

(ii)                                  the
Redemption Price;

 

(iii)                               the
CUSIP number;

 

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

 

(v)                                 that,
on the Redemption Date, the Redemption Price shall become due and payable upon
each such Trust Security to be redeemed and that Distributions thereon shall
cease to accumulate on and after said date, except as provided in Section 402(d);
and

 

(vi)                              the
place or places at which 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 payable on each Redemption Date only to the extent
that the Trust has immediately available 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 12:00 p.m. (noon), New York City time, on the Redemption
Date, the Property
Trustee, subject to Section 402(c), shall, with respect to
Preferred Securities held in 

 

17

 

global form, deposit with the Clearing Agency for such Preferred
Securities, to the extent available therefor, funds sufficient to pay the
applicable Redemption Price. With respect to Trust Securities that are not held
in global form, the Property Trustee, subject to Section 402(c), shall deposit
with the Paying Agent funds sufficient to pay the applicable Redemption Price
and shall give the Paying Agent irrevocable instructions and authority to pay
the Redemption Price to the record holders thereof upon surrender of their
Trust Securities Certificates. Notwithstanding the foregoing, Distributions
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 for the Trust Securities on the relevant
record dates for the related Distribution Dates. If notice of redemption shall
have been given and funds deposited as required, then upon the date of such
deposit, (i) all rights of Securityholders holding Trust Securities so called
for redemption shall cease, except the right of such Securityholders to receive
the Redemption Price, but without interest and (ii) such Trust Securities shall
cease to be Outstanding. Payment of the Redemption Price on the Trust
Securities shall be made to the record holders thereof as they appear on the
Securities Register for the Trust Securities on the relevant record date.  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 shall. be made on the next succeeding day
that is a Business Day (and without any interest or other payment in respect of
any such delay) except that, if such Business Day is in the next succeeding
calendar year, such payment shall be made on the immediately preceding Business
Day (and without any reduction of interest or any other payment in respect of
any such acceleration), in each case with the same force and effect as if made
on such date. In the event that payment of the Redemption Price in respect of
any Trust Securities called for redemption is improperly withheld or refused
and not paid either by the Trust or by the Depositor pursuant to the Guarantee,
Distributions on such Trust Securities shall 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 shall be the date fixed for
redemption for purposes of calculating the Redemption Price.

 

(e)           Subject
to Section 403(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 on a pro rata basis (based
on Liquidation Amounts) among the Common Securities and the Preferred
Securities. The particular Preferred Securities to be redeemed shall be
selected not more than 60 days prior to the Redemption Date by the Property
Trustee from the Outstanding Preferred Securities not previously called for
redemption, by such method (including, without limitation, by lot) as the
Property Trustee shall deem fair and appropriate and which may provide for the
selection for redemption of portions (equal to the Liquidation Amount or an
integral multiple of the Liquidation Amount) of the Liquidation Amount of
Preferred Securities of a denomination larger than such Liquidation Amount;
provided, however, in the event the redemption relates only to Preferred
Securities purchased and held by the Depositor being redeemed in exchange for a
Like Amount of Debentures, the Property Trustee shall select those particular
Preferred Securities for redemption. 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 Trust Agreement, 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 which has been or is to be
redeemed.

 

18

 

SECTION 403  SUBORDINATION OF COMMON SECURITIES.

 

(a)           Payment
of Distributions (including Additional Amounts, if applicable) on, and the
Redemption Price of, the Trust Securities, as applicable, shall be made,
subject to Section 402(f), pro rata among the Common Securities and the
Preferred Securities based on the Liquidation Amount of the Trust Securities;
provided, however, that if on any Distribution Date or Redemption Date any
Event of Default resulting from a Debenture Event of Default shall have
occurred and be continuing, no payment of any Distribution (including
Additional Amounts, if applicable) on, or Redemption Price 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 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 and payable.

 

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

 

SECTION 404  PAYMENT PROCEDURES.

 

Payments
of Distributions (including Additional Amounts, if applicable) in respect of
the Preferred Securities shall be made by 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 by wire transfer to the Clearing Agency in
immediately available funds, which will credit the relevant accounts on the
applicable Distribution Dates. Payments in respect of the Common Securities
shall be made in such manner as shall be mutually agreed between the Property
Trustee and the Holder of Common Securities.

 

SECTION 405  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 required to be filed in respect of the Trust in each taxable year
of the 

 

19

 

Trust;
and (b) prepare and furnish (or cause to be prepared and furnished) to
each Securityholder the appropriate Internal Revenue Service forms required to
be furnished to such Securityholder or the information required to be provided on such form. The
Administrative Trustees shall provide the Depositor with a copy of all such
returns and reports promptly after such filing or furnishing.

 

SECTION 406  PAYMENT OF TAXES, DUTIES, ETC. OF THE
TRUST.

 

Upon receipt under the Debentures of Additional
Interest, the Property Trustee, at the written direction of an Administrative
Trustee or the Depositor, 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.

 

SECTION 407  PAYMENTS UNDER INDENTURE.

 

Any amount payable hereunder to any Holder of
Preferred Securities shall be reduced by the amount of any corresponding payment such Holder has directly
received under the Indenture pursuant to Section 513(b) or (c) hereof.

 

SECTION 408  WITHHOLDING TAX.

 

The Property Trustee shall, and shall cause the Trust
to, comply with all withholding and backup withholding tax requirements under
United States federal, state and local law. 
The Property Trustee on behalf of the Trust shall request, and the
Holders shall provide to the Trust, such forms or certificates as are necessary
to establish an exemption from withholding and backup withholding tax with
respect to each Holder and any representations and forms as shall reasonably be
requested by the Property Trustee on behalf of the Trust to assist it in
determining the extent of, and in fulfilling, its withholding and backup
withholding tax obligations, including without limitation, the forms specified
in Section 401(e).  The Property
Trustee shall file required forms with applicable jurisdictions and, unless an
exemption from withholding and backup withholding tax is properly established
by a Holder, shall remit amounts withheld with respect to the Holder to
applicable jurisdictions.  To the extent
that the Trust is required to withhold and pay over any amounts to any
jurisdiction with respect to Distributions or allocations to any Holder, the
amount withheld shall be deemed to be a Distribution in the amount of the
withholding to the Holder.  In the event
of any claimed over-withholding, Holders shall be limited to an action against
the applicable jurisdiction.  If the
amount required to be withheld was not withheld from actual Distributions made,
the Property Trustee on behalf of the Trust may reduce subsequent Distributions
by the amount of such required withholding.

 

ARTICLE V

TRUST SECURITIES CERTIFICATES

 

SECTION 501  INITIAL OWNERSHIP.

 

Upon the creation of the Trust and the contribution
by the Depositor pursuant to Section 203 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.

 

20

 

SECTION 502  THE TRUST SECURITIES CERTIFICATES.

 

The Preferred Securities Certificates shall be issued
in minimum denominations of the Liquidation Amount and integral multiples of
the Liquidation Amount in excess thereof, and the Common Securities
Certificates shall be issued in denominations of the Liquidation Amount and
multiples thereof (which may, in the case of the Common Securities, include
fractional amounts). 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 Trust Agreement,
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
Securityholder, and shall be entitled to the rights and subject to the
obligations of a Securityholder hereunder, upon due registration of such Trust
Securities Certificate in such transferee’s name pursuant to Sections 504 and
511.

 

SECTION 503  EXECUTION, AUTHENTICATION AND DELIVERY OF
TRUST SECURITIES CERTIFICATES.

 

(a)           On
the Closing Date and on any Option Closing Date, as applicable, the
Administrative Trustees shall cause Trust Securities Certificates, in an
aggregate Liquidation Amount as provided in Sections 204 and 205, to be
executed on behalf of the Trust by at least one of the Administrative Trustees
and delivered to or upon the written order of the Depositor, signed by its
Chief Executive Officer, President, any Vice President or its Treasurer without
further corporate action by the Depositor, in authorized denominations.

 

(b)           A
Preferred Securities Certificate shall not be valid until authenticated by the
manual signature of an authorized signatory of the Property Trustee in
substantially the form of Exhibit E attached hereto. The signature shall
be conclusive evidence that the Preferred Securities Certificate has been
authenticated under this Trust Agreement. Each Preferred Security Certificate
shall be dated the date of its authentication.

 

(c)           Upon the written order
of the Trust signed by one of the Administrative Trustees, the Property Trustee
shall authenticate and make available for delivery the Preferred Securities
Certificates.

 

(d)           The Property Trustee
may appoint an Authenticating Agent acceptable to the Trust to authenticate the
Preferred Securities. An Authenticating Agent may authenticate the Preferred
Securities whenever the Property Trustee may do so. Each reference in this
Trust Agreement to authentication by the Property Trustee includes
authentication by such agent. An Authenticating Agent has the same rights as
the Property Trustee to deal with the Company or the Trust.

 

21

 

SECTION 503A.  GLOBAL PREFERRED SECURITY.

 

(a)           Any
Global Preferred Security issued under this Trust Agreement shall be registered
in the name of the nominee of the Clearing Agency and delivered to such
custodian or its agent therefor, and such Global Preferred Security shall
constitute a single Preferred Security for all purposes of this Trust
Agreement.

 

(b)           Notwithstanding
any other provision in this Trust Agreement, no Global Preferred Security may
be exchanged for Preferred Securities registered in the names of persons other
than the Depositary or its nominee unless (i) the Depositary notifies the
Property Trustee that it is unwilling or unable to continue as a depositary for
such Global Preferred Securities and the Depositor is unable to locate a
qualified successor depositary, (ii) the Depositor executes and delivers
to the Property Trustee a written order stating that it elects to terminate the
book-entry system through the Depositary or (iii) there shall have occurred
and be continuing a Debenture Event of Default.

 

(c)           If a Preferred Security
Certificate is to be exchanged in whole or in part for a beneficial interest in
a Global Preferred Security, then either (i) such Preferred Security
Certificate shall be so surrendered for exchange or cancellation as provided in
this Article V or (ii) the Liquidation Amount thereof shall be
reduced or increased by an amount equal to the portion thereof to be so
exchanged or cancelled, or equal to the Liquidation Amount of such other
Preferred Securities Certificate to be so exchanged for a beneficial interest
therein, as the case may be, by means of an appropriate adjustment made on the
records of the Securities Registrar, whereupon the Property Trustee, in
accordance with the rules and procedures of the Depositary for such Global
Preferred Security (the “Applicable Procedures”), shall instruct the Clearing
Agency or its authorized representative to make a corresponding adjustment to
its records. Upon any such surrender or adjustment of a Global Preferred
Security by the Clearing Agency,
accompanied by registration instructions, the Administrative Trustees shall
execute and the Property Trustee shall, upon receipt of a written order of the
Trust to do so and subject to Section 504(b) and as otherwise
provided in this Article V, authenticate and deliver any Preferred
Securities Certificate issuable in exchange for such Global Preferred Security
(or any portion thereof) in accordance with the instructions of the Clearing
Agency. The Property Trustee shall not 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.

 

(d)           Every
Preferred Security Certificate executed, authenticated and delivered upon
registration of transfer of, or in exchange for or in lieu of, a Global
Preferred Security or any portion thereof, whether pursuant to this Article V
or otherwise, shall be executed, authenticated and delivered in the form of,
and shall be, a Global Preferred Security, unless such Preferred Security is
registered in the name of a Person other than the Clearing Agency for such
Global Preferred Security or a nominee thereof.

 

(e)           The
Clearing Agency or its nominee, as the registered owner of a Global Preferred
Security, shall be considered the Holder of the Preferred Securities
represented by such Global Preferred Security for all purposes under this Trust
Agreement and the Preferred Securities, and owners of beneficial interests in
such Global Preferred Security shall hold such interests pursuant to the
Applicable Procedures and, except as otherwise provided herein, shall 

 

22

 

not be entitled to receive physical delivery of any
such Preferred Securities in definitive form and shall not be considered the
Holders thereof under this Trust Agreement. Accordingly, any such owner’s
beneficial interest in the Global Preferred Securities shall be shown only on,
and the transfer of such interest shall be effected only through, records
maintained by the Clearing Agency or its nominee. Neither the Property Trustee,
the Securities Registrar nor the Depositor shall have any liability in respect
of any transfers effected by the Clearing Agency.

 

(f)            The rights of owners
of beneficial interests in a Global Preferred Security 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, provided that, solely for the purpose of determining whether
the Holders of the requisite amount of Preferred Securities have voted on any
matter provided for in this Trust Agreement, to the extent that Preferred
Securities are represented by a Global Preferred Security, the Trustees may conclusively
rely on, and shall be fully protected in relying on, any written instrument
(including a proxy) delivered to the Property Trustee by the Clearing
Agency setting forth the beneficial owners’ votes or assigning the right
to vote on any matter to any other Persons either in whole or in part.

 

SECTION 504  REGISTRATION OF TRANSFER AND EXCHANGE OF
PREFERRED SECURITIES CERTIFICATES.

 

(a)           The
Depositor shall keep or cause to be kept, at the office or agency maintained
pursuant to Section 508, a register or registers for the purpose of
registering Trust Securities Certificates and, subject to the provisions of Section 503A,
transfers and exchanges of Preferred Securities Certificates (herein referred
to as the “Securities Register”) in which the registrar 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 510 in
the case of the Common Securities Certificates) and registration of transfers
and exchanges of Preferred Securities Certificates as herein provided. The
Property Trustee shall be the initial Securities Registrar.  The provisions of Article VIII shall
apply to the Property Trustee in its role as Securities Registrar.

 

(b)           Subject to the
provisions of Section 503A, upon surrender for registration of transfer of
any Preferred Securities Certificate at the office or agency maintained
pursuant to Section 508, the Administrative Trustees or any one of them
shall execute and deliver to the Property Trustee, and upon receipt thereof 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 dated the date of execution by such Administrative
Trustee or Trustees. The Securities Registrar shall not be required to register
the transfer of any Preferred Securities that have been called for redemption.
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 508.

 

(c)           Every
Preferred Securities Certificate presented or surrendered for registration of
transfer or exchange, subject to the provisions of Section 503A, shall be 

 

23

 

accompanied by a written instrument of transfer in
form satisfactory to the Property Trustee and the Securities Registrar duly
executed by the Holder or his attorney duly authorized in writing. Each
Preferred Securities Certificate surrendered for registration of transfer or
exchange shall be canceled and subsequently disposed of by the Property Trustee
in accordance with its customary practice. The Trust shall not be required to (i) issue,
register the transfer of, or exchange any Preferred Securities during a period
beginning at the opening of business 15 calendar days before the date of
mailing of a notice of redemption of any Preferred Securities called for
redemption and ending at the close of business on the day of such mailing; or (ii) register
the transfer of or exchange any Preferred Securities so selected for
redemption, in whole or in part, except the unredeemed portion of any such
Preferred Securities being redeemed in part.

 

(d)           No
service charge shall be made for any registration of transfer or exchange of
Preferred Securities Certificates, subject to the provisions of Section 503A,
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 Preferred Securities Certificates.

 

(e)           Preferred
Securities may only be transferred, in whole or in part, in accordance with the
terms and conditions set forth in this Trust Agreement. Any transfer or
purported transfer of any Preferred Security not made in accordance with this
Trust Agreement shall be null and void. A Preferred Security that is not a
Global Preferred Security may be transferred, in whole or in part, to a Person
who takes delivery in the form of another Preferred Security that is not a
Global Preferred Security as provided in Section 504(a). A beneficial
interest in a Global Preferred Security may be exchanged for a Preferred
Security that is not a Global Preferred Security only as provided in Section 503A.

 

(f)            Neither
the Property Trustee nor the Securities Registrar shall be responsible for
ascertaining whether any transfer hereunder complies with the registration
provisions of or any exemptions from the Securities Act, applicable state
securities laws or the applicable laws of any other jurisdiction, ERISA, the
Code or the Investment Company Act; provided, that if a Preferred Securities
Certificate is specifically required by the express terms of this Section 504 to
be delivered to the Property Trustee or the Securities Registrar by a Holder or
transferee of a Preferred Security, the Property Trustee and the Securities
Registrar shall be under a duty to receive and examine the same to determine
whether or not the Preferred Securities Certificate substantially conforms on
its face to the requirements of this Trust Agreement and shall promptly notify
the party delivering the same if such certificate does not comply with such
terms.

 

SECTION 505  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 bona fide purchaser, the Administrative 

 

24

 

Trustees, or any one of them, on behalf of the Trust
shall execute and make available for delivery, and, with respect to Preferred
Securities, the Property Trustee shall authenticate, 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 505, 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 505 shall
constitute conclusive evidence of an undivided beneficial interest in the
assets of the Trust, as if originally issued, whether or not the lost, stolen
or destroyed Trust Securities Certificate shall be found at any time.

 

SECTION 506  PERSONS DEEMED SECURITYHOLDERS.

 

The
Trustees, the Paying Agent and 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.

 

SECTION 507  ACCESS TO LIST OF SECURITYHOLDERS’ NAMES AND
ADDRESSES.

 

At any
time when the Property Trustee is not also acting as the Securities Registrar,
the Administrative Trustees or the Depositor shall furnish or cause to be
furnished to the Property Trustee (a) within five Business Days after March 15,
June 15, September 15 and December 15 of each year, a list, in such form
as the Property Trustee may reasonably require, of the names and addresses of
the Securityholders as of the most recent record date; and (b) promptly
after receipt by any Administrative Trustee or the Depositor of a request
therefor from the Property Trustee in order to enable the Property Trustee to discharge its
obligations under this Trust Agreement, in each case to the extent such
information is in the possession or control of the Administrative Trustees or
the Depositor and is not identical to a previously supplied list or has not
otherwise been received by the Property Trustee in its capacity as Securities
Registrar. The rights of Securityholders to communicate with other
Securityholders with respect to their rights under this Trust Agreement or
under the Trust Securities, and the corresponding rights of the Trustee shall
be as provided in the Trust Indenture Act. Each Holder, by receiving and
holding a Trust Securities Certificate, and each owner shall be deemed to have agreed not
to hold the Depositor, the Property Trustee or the Administrative Trustees
accountable by reason of the disclosure of its name and address, regardless of
the source from which such information was derived.

 

SECTION 508  MAINTENANCE OF OFFICE OR AGENCY.

 

The
Administrative Trustees shall maintain, or cause to be maintained, in a
location or locations designated by the Administrative Trustees, 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 

 

25

 

Securities
Certificates may be served. The Administrative Trustees initially designate the
Corporate Trust Office of the Property Trustee, 919 North Market Street, Suite 1600,
Wilmington, Delaware 19801, Attention: Corporate Trust Services, as the
principal corporate trust office for such purposes. The Administrative Trustees
shall give prompt written notice to the Depositor, the Property Trustee and to
the Securityholders of any change in the location of the Securities Register or
any such office or agency.

 

SECTION 509  APPOINTMENT OF PAYING AGENT.

 

The
Paying Agent shall make Distributions to Securityholders 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
revocable power to withdraw funds from the Payment Account 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 Trust Agreement in any material respect. The Paying
Agent shall initially be the Property Trustee, and any co-paying agent chosen
by the Property Trustee must be 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,
the Property Trustee and the Depositor. In the event that the Property Trustee
shall no longer be the Paying Agent or a successor Paying Agent shall resign or
its authority to act be revoked, the Administrative Trustees shall appoint a
successor that is acceptable to the Property Trustee and the Depositor to act
as Paying Agent (which shall be a bank or trust company). 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 shall hold all sums, if any, held by it for payment
to the Securityholders in trust for the benefit of the Securityholders entitled
thereto until such sums shall be paid to such Securityholders. 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
801, 803 and 806 shall apply to the Property Trustee also in its role as Paying
Agent, for so long as the Property Trustee shall act as Paying Agent and, to
the extent applicable, to any other Paying Agent appointed hereunder. Any
reference in this Agreement to the Paying Agent shall include any co-paying
agent unless the context requires otherwise.

 

SECTION 510  OWNERSHIP OF COMMON SECURITIES BY DEPOSITOR.

 

On the
Closing Date, the Depositor shall acquire and retain beneficial and record
ownership of the Common Securities. To the fullest extent permitted by law, any
attempted transfer of the Common Securities (other than a transfer in
connection with a merger or consolidation of the Depositor into another
corporation pursuant to Section 12.1 of the Indenture) shall be void. The
Administrative Trustees shall cause each Common Securities Certificate issued
to the Depositor to contain a legend stating “THIS CERTIFICATE IS NOT
TRANSFERABLE.”

 

26

 

SECTION 511 
TRUST SECURITIES CERTIFICATES.

 

(a)           Upon their original issuance, Preferred Securities
Certificates shall be issued in the form of one or more fully registered Global
Preferred Securities Certificates which will be deposited with or on behalf of
the Clearing Agency and registered in the name of the Clearing Agency’s
nominee. Unless and until it is exchangeable in whole or in part for the
Preferred Securities in definitive form, a global security may not be
transferred except as a whole by the Clearing Agency to a nominee of the
Clearing Agency or by a nominee of the Clearing Agency to the Clearing Agency
or another nominee of the Clearing Agency or by the Clearing Agency or any such
nominee to a successor of such Clearing Agency or a nominee of such successor.

 

(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 512 
NOTICES TO CLEARING AGENCY.

 

To the extent that a notice or other communication to the Holders is
required under this Trust Agreement, for so long as Preferred Securities are
represented by a Global Preferred Securities Certificate, the Trustees shall
give all such notices and communications specified herein to be given to the
Clearing Agency, and shall have no obligation to provide notice to
the owners of the beneficial interest in the Global Preferred Securities.

 

SECTION 513 
RIGHTS OF SECURITYHOLDERS.

 

(a)           The legal title to
the Trust Property is vested exclusively in
the Property Trustee (in its capacity
as such) in accordance with Section 209 and the Securityholders 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,
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 Trust Agreement. The Trust Securities shall have no
preemptive or similar rights. When issued and delivered to Holders of the
Preferred Securities against payment of the purchase price therefor, the
Preferred Securities shall be fully paid and nonassessable interests in the
Trust. The Holders of the Preferred Securities, 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 principal amount of the outstanding Debentures fail to declare the
principal of all of the Debentures to be immediately due and payable, the
Holders of at least 25% in Liquidation Amount of the Preferred Securities then
Outstanding shall have such right by a notice in writing to the Depositor 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
and 

 

27

 

payable, provided that the payment of principal and
interest on such Debentures shall remain subordinated to the extent provided in
the Indenture.

 

(c)           For
so long as any Preferred Securities remain Outstanding, upon a
Debenture Event of Default arising from the failure to pay interest or principal
on the Debentures, the Holders of any Preferred Securities then Outstanding
shall, to the fullest extent permitted by law, have the right to directly
institute proceedings for enforcement of payment to such Holders of principal
of or interest on the Debentures having a principal amount equal to the
Liquidation Amount of the Preferred Securities of such Holders.

 

ARTICLE VI

ACTS OF SECURITYHOLDERS; MEETINGS; VOTING

 

SECTION 601 
LIMITATIONS ON VOTING RIGHTS.

 

(a)           Except
as provided in this Section 601, in Sections 513, 810 and 1002 and in the
Indenture and as otherwise required by law, no record
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 Securityholders from time to time as partners or members of
an association.

 

(b)           So
long as any Debentures are held by the Property Trustee on behalf of the Trust,
the Trustees shall not (i) direct the time, method and 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 Article VII
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 at least a majority
in Liquidation Amount of all Outstanding Preferred Securities; provided,
however, that where a consent under the Indenture would
require the consent of each holder of outstanding 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
the Outstanding Preferred Securities, except by a subsequent vote of the
Holders of the Outstanding Preferred Securities. The Property Trustee shall
notify each Holder of the Outstanding 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 the Holders of the Preferred
Securities, prior to taking any of the foregoing actions, the Trustees shall,
at the expense of the Depositor, obtain an Opinion of Counsel experienced in
such matters to the effect that the Trust shall continue to be classified as a
grantor trust and not as an association taxable as a corporation for United
States federal income tax purposes on account of such action.

 

(c)           If
any proposed amendment to the Trust Agreement 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 

 

28

 

amendment to the Trust Agreement or otherwise; or (ii) the
dissolution, winding-up or termination of the Trust, other than pursuant to the
terms of this Trust Agreement, then the Holders of Outstanding Preferred
Securities as a class shall be entitled to vote on such amendment or proposal and
such amendment or proposal shall not be effective except with the approval of
the Holders of at least a majority in Liquidation Amount of the Outstanding
Preferred Securities. No amendment to this Trust Agreement may be made if, as a
result of such amendment, the Trust would cease to be classified as a grantor
trust or would be classified as an association taxable as a corporation for
United States federal income tax purposes.

 

SECTION 602 
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 1009 to each Holder of the Preferred
Securities of record, at such Holder’s registered address, 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 603 
MEETINGS OF PREFERRED SECURITYHOLDERS.

 

(a)           No
annual meeting of Securityholders is required to be held. The Administrative
Trustees, however, shall call a meeting of Securityholders to vote on any
matter in respect of which Holders of Preferred Securities are entitled
to vote upon the written request of the Holders of Preferred Securities of 25%
of the Outstanding Preferred Securities (based upon their aggregate Liquidation
Amount) and the Administrative Trustees or the Property Trustee may, at any
time in their discretion, call a meeting of Holders of Preferred Securities to
vote on any matters as to which the Holders of Preferred Securities are
entitled to vote.

 

(b)           Holders
of record of 50% of the Outstanding Preferred Securities (based upon their
aggregate Liquidation Amount), present in person or by proxy, shall constitute
a quorum at any meeting of Securityholders.

 

(c)           If
a quorum is present at a meeting, an affirmative vote by the Holders of
Preferred Securities of record present, in person or by proxy, holding at least
a majority of the Preferred Securities (based upon their aggregate Liquidation
Amount) held by the Holders of Preferred Securities of record present, either
in person or by proxy, at such meeting shall constitute the action of the Holders
of Preferred Securities, unless this Trust Agreement requires a greater number
of affirmative votes.

 

SECTION 604 
VOTING RIGHTS.

 

Securityholders shall be entitled to one vote for each $25 of
Liquidation Amount represented by their Trust Securities (with any fractional
multiple thereof rounded up or down as the case may be to the closest integral
multiple) in respect of any matter as to which such Securityholders are
entitled to vote.

 

29

 

SECTION 605 
PROXIES, ETC.

 

At any meeting of Securityholders, any Securityholder 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. 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 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 Securityholder 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 606 
SECURITYHOLDER ACTION BY WRITTEN CONSENT.

 

Any action which may be taken by
Securityholders at a meeting may be taken without a meeting if Securityholders
holding more than a majority of all Outstanding Trust Securities (based upon
their aggregate Liquidation Amount) entitled to vote in respect of such action
(or such larger proportion thereof as shall be required by any express
provision of this Trust Agreement) shall consent to the action in writing
(based upon their aggregate Liquidation Amount).

 

SECTION 607 
RECORD DATE FOR VOTING AND OTHER PURPOSES.

 

For the purposes of determining the Securityholders who are entitled to
notice of and to vote at any meeting or 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 Trust Agreement, or for the purpose of
any other action, the Administrative Trustees may from time to time fix a date,
not more than 90 days prior to the date of any meeting of Securityholders or
the payment of Distribution or other action, as the case may be, as a record
date for the determination of the identity of the Securityholders of record for
such purposes.

 

SECTION 608 
ACTS OF SECURITYHOLDERS.

 

(a)           Any
request, demand, authorization, direction, notice, consent, waiver or other
action provided or permitted by this Trust Agreement to be given, made or taken
by Securityholders may be embodied in and evidenced by one or more instruments
of substantially similar tenor signed by such Securityholders 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. Such
instrument or instruments (and the action embodied therein and evidenced
thereby) are herein sometimes referred
to as the “Act” of the Securityholders 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 Trust Agreement and (subject to Section 801)
conclusive in favor of the Trustees, if made in the manner provided in this Section 608.

 

30

 

(b)           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 of 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
execution is by a signer acting in a capacity other than such signer’s
individual capacity, such certificate or affidavit shall also constitute
sufficient proof of such signer’s 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.

 

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

 

(d)           Any
request, demand, authorization, direction, notice, consent, waiver or other Act
of the Securityholder of any Trust Security shall bind every future
Securityholder of the same Trust Security and the
Securityholder 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.

 

(e)           Without
limiting the foregoing, a Securityholder 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.

 

(f)            A
Securityholder may institute a legal proceeding directly against the Depositor
under the Guarantee to enforce its rights under the Guarantee without first
instituting a legal proceeding against the Guarantee Trustee (as defined in the
Guarantee), the Trust or any Person.

 

(g)           If
any dispute shall arise among the Holders or the Trustees with respect to the
authenticity, validity or binding nature of any request, demand, authorization,
direction, notice, 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 609 
INSPECTION OF RECORDS.

 

Upon reasonable written notice to the Administrative Trustees and the
Property Trustee, the records of the Trust shall be open to inspection at the
principal executive office of the Trust (as indicated in Section 202) by
Holders of the Trust Securities during normal business hours for any purpose
reasonably related to such Holder’s interest as a Holder.

 

31

 

ARTICLE VII

REPRESENTATIONS AND WARRANTIES

 

SECTION 701 
REPRESENTATIONS AND WARRANTIES OF THE BANK AND THE PROPERTY TRUSTEE.

 

The Bank and the Property Trustee, each severally on behalf of and as
to itself, as of the date hereof, and each successor Property Trustee at the
time of the successor Property Trustee’s acceptance of its appointment as
Property Trustee hereunder (in the case of a successor Property Trustee, the
term “Bank” as used herein shall be deemed to refer to such successor Property
Trustee in its separate corporate capacity), hereby represents and warrants (as
applicable) for the benefit of the Depositor and the Securityholders that:

 

(a)           the
Bank is a national banking association, validly existing and in good standing
under the laws of the United States of America;

 

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

 

(c)           this
Trust Agreement has been duly authorized, executed and delivered by the
Property Trustee and constitutes the valid and legally binding agreement of the
Property Trustee enforceable against it 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;

 

(d)           the
execution, delivery and performance by the Property Trustee of this Trust
Agreement has been duly authorized by all necessary corporate or other action
on the part of the Property Trustee and does not require any approval of
stockholders of the Bank and such execution, delivery and performance shall not
(i) violate the Bank’s charter or by-laws; (ii) violate any provision
of, or constitute, with or without notice or lapse of time, a default under, or result in the creation or
imposition of, any Lien on any properties included in the Trust Property
pursuant to the provisions of, any indenture, mortgage, credit agreement,
license or other agreement or instrument to which the Property Trustee or the
Bank is a party or by which it is bound; or (iii) violate any law,
governmental rule or regulation of the United States or Delaware, as the
case may be, governing the banking or trust powers of the Bank or the Property
Trustee (as appropriate in context) or any order, judgment or decree applicable
to the Property Trustee or the Bank;

 

(e)           neither
the authorization, execution or delivery by the Property Trustee of this Trust
Agreement nor the consummation of any of the transactions by the Property
Trustee contemplated herein or therein requires the consent or approval of, the
giving of notice to, the registration with or the taking of any other action
with respect to any governmental authority or agency under any existing federal
law governing the banking or trust powers of the Bank or the Property Trustee,
as the case may be, under the laws of the United States or Delaware;

 

(f)            there
are no proceedings pending or, to the best of the Property Trustee’s knowledge,
threatened against or affecting the Bank or the Property Trustee in any court
or 

 

32

 

before any governmental authority, agency or
arbitration board or tribunal which, individually or in the aggregate, would
materially and adversely affect the Trust or would question the right, power
and authority of the Property Trustee to enter into or perform its obligations
as one of the Trustees under this Trust Agreement; and

 

(g)           the
Property Trustee is a Person eligible pursuant to the Trust Indenture Act to
act as such and has (or has a parent that has) a combined capital and surplus
of at least $50,000,000.

 

SECTION 702 
REPRESENTATIONS AND WARRANTIES OF THE DELAWARE BANK AND THE DELAWARE
TRUSTEE.

 

The Delaware Bank and the Delaware Trustee, each severally on behalf of
and as to itself, as of the date hereof, and each successor Delaware Trustee at
the time of the successor Delaware Trustee’s acceptance of appointment as
Delaware Trustee hereunder (the term “Delaware Bank” being used to refer to
such successor Delaware Trustee in its separate corporate capacity), hereby
represents and warrants (as applicable) for the benefit of the Depositor and
the Securityholders that:

 

(a)           the
Delaware Bank is a national banking association or Delaware banking
corporation, validly existing and in good standing under the laws of the United
States of America or the state of Delaware;

 

(b)           the
Delaware Bank has full trust power, authority and legal right to execute,
deliver and perform its obligations under this Trust Agreement and has taken
all necessary action to authorize the execution, delivery and performance by it
of this Trust Agreement;

 

(c)           this
Trust Agreement has been duly
authorized, executed and delivered by the Delaware Trustee and constitutes the
valid and legally binding agreement of the Delaware Trustee enforceable against
it 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;

 

(d)           the
execution, delivery and performance by the Delaware Trustee of this Trust
Agreement has been duly authorized by all necessary trust or other action on
the part of the Delaware Trustee and does not require any approval of
stockholders of the Delaware Bank and such execution, delivery and performance
shall not (i) violate the Delaware Bank’s charter or by-laws; (ii) violate
any provision of, or constitute, with or without notice or lapse of time, a
default under, or result in the creation or imposition of, any Lien on any
properties included in the Trust Property pursuant to the provisions of, any
indenture, mortgage, credit agreement, license or other agreement or instrument
to which the Delaware Bank or the Delaware Trustee is a party or by which it is
bound; or (iii) violate any law, governmental rule or regulation of
the United States or the State of Delaware, as the case may be, governing the
banking or trust powers of the Delaware Bank or the Delaware Trustee (as
appropriate in context) or any order, judgment or decree applicable to the
Delaware Bank or the Delaware Trustee;

 

33

 

(e)           neither
the authorization, execution or delivery by the Delaware Trustee of this Trust
Agreement nor the consummation of any of the transactions by the Delaware
Trustee contemplated herein or therein requires the consent or approval of, the
giving of notice to, the registration with or the taking of any other action
with respect to any governmental authority or agency under any existing federal
law or existing law of the State of Delaware governing the banking or trust
powers of the Delaware Bank or the Delaware Trustee, as the case may be, under
the laws of the United States or the State of Delaware; and

 

(f)            there
are no proceedings pending or, to the best of the Delaware Trustee’s knowledge,
threatened against or affecting the Delaware Bank or the Delaware Trustee in
any court or before any governmental authority, agency or arbitration board or
tribunal which, individually or in the aggregate, would materially and
adversely affect the Trust or would question the right, power and authority of
the Delaware Trustee to enter into or
perform its
obligations as one of the Trustees under this Trust Agreement.

 

SECTION 703 
REPRESENTATIONS AND WARRANTIES OF DEPOSITOR.

 

The Depositor hereby represents and warrants for the benefit of the
Securityholders that:

 

(a)           the
Trust Securities Certificates issued on the Closing Date or the Option Closing
Date, if applicable, on behalf of the Trust have been duly authorized and,
shall have been, duly and validly executed, issued and delivered by the
applicable Trustees pursuant to the terms and provisions of, and in accordance
with the requirements of, this Trust Agreement and the Securityholders shall
be, as of such date, entitled to the benefits of this Trust Agreement; and

 

(b)           there
are no taxes, fees or other governmental charges payable by the Trust (or the
Trustees on behalf of the Trust) under the laws of the State of Delaware or any
political subdivision thereof in connection with the execution, delivery and
performance by the Bank, the Property Trustee or the Delaware Trustee, as the
case may be, of this Trust Agreement.

 

ARTICLE VIII

TRUSTEES

 

SECTION 801 
CERTAIN DUTIES AND RESPONSIBILITIES.

 

(a)           The
rights, immunities, duties and responsibilities of the Trustees shall be as
provided by this Trust Agreement and, in the
case of the Property
Trustee, by the Trust Indenture Act. Notwithstanding the foregoing, no
provision of this Trust Agreement shall require any of the Trustees to expend
or risk its own funds or otherwise incur any financial liability in the
performance of any of its or their duties hereunder, or in the exercise of any
of its 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. No Administrative Trustee nor the
Delaware Trustee shall be liable for its act or omissions hereunder except as a
result of its own gross negligence or willful misconduct. The Property Trustee’s
liability shall be determined under the Trust Indenture Act. Whether or not
herein expressly so provided, every provision of this Trust Agreement relating
to the conduct or affecting the liability of or affording protection to the
Trustees shall be subject to the provisions 

 

34

 

of this Section 801. To the extent that, at law
or in equity, a Trustee has duties (including fiduciary duties) and liabilities
relating thereto to the Trust or to the Securityholders, such Trustee shall not
be liable to the Trust or to any Securityholder for such Trustee’s
good faith reliance on the provisions of this Trust Agreement. The provisions
of this Trust Agreement, 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 Securityholders to replace
such other duties and
liabilities of the Trustees.

 

(b)           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
Securityholder, by its acceptance of a Trust Security, agrees that it shall
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 801(b) does not limit the liability of
the Trustees expressly set forth elsewhere in this Trust Agreement or, in the
case of the Property Trustee, in the Trust Indenture Act.

 

(c)           No
provision of this Trust Agreement shall be construed to relieve the Property
Trustee from liability with respect to matters that are within the authority of
the Property Trustee under this Trust Agreement 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 an authorized 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 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 Property Trustee, or exercising any trust or power conferred upon the
Property Trustee under this Trust Agreement;

 

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

 

35

 

(iv)                              the Property Trustee shall not be liable
for any interest on any money received by it 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 301
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 Trust Agreement, nor shall
the Property Trustee be liable for the negligence, default or misconduct of the
Delaware Trustee, the Administrative Trustees or the Depositor.

 

SECTION 802 
CERTAIN NOTICES.

 

(a)           Within
thirty (30) days after the occurrence of any Event of Default actually known to
the Property Trustee, the Property Trustee shall transmit, in the manner and to
the extent provided in Section 1009, notice of such Event of Default to
the Securityholders, the Administrative Trustees and the Depositor, unless such
Event of Default shall have been cured or waived. For purposes of this Section 802
the term “Event of Default” means any event that is, or after notice or lapse
of time or both would become, an Event of Default.

 

(b)           The
Administrative Trustees shall transmit, to the Securityholders in the manner
and to the extent provided in Section 1009, notice of the Depositor’s
election to begin or further extend an Extended Interest Payment Period on the
Debentures (unless such election shall have been revoked) and of any election
by the Depositor to accelerate the Maturity Date of the Debentures, as defined
in the Indenture, within the time specified for transmitting such notice to the
holders of the Debentures pursuant to the Indenture.

 

(c)           The
Property Trustee shall not be deemed to have knowledge of any default or Event
of Default unless the Property Trustee shall have received written notice
thereof from the Depositor, any Administrative Trustee or any Holder or unless
a Responsible Officer of the Property Trustee shall have obtained actual
knowledge of such default or Event of Default.

 

SECTION 803 
CERTAIN RIGHTS OF PROPERTY TRUSTEE.

 

Subject to the provisions of Section 801:

 

(a)           the
Property Trustee may conclusively rely and shall be protected in acting or
refraining from acting in good faith and in accordance with the terms hereof
upon any resolution, Opinion of Counsel, Officer’s Certificate, written
representation of a Holder or transferee, certificate of auditors or any other
certificate, statement, instrument, opinion, report, notice, request,
resolution, direction, 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;

 

36

 

(b)           if (i) in
performing its duties under this Trust Agreement the Property Trustee is
required to decide between alternative courses of action; or (ii) in
construing any of the provisions of this Trust Agreement the Property Trustee
finds the same ambiguous or inconsistent with other provisions contained
herein; or (iii) the Property Trustee is unsure of the application of any
provision of this Trust Agreement, then, except as to any matter as to which
the Holders of Preferred Securities are entitled to vote under the terms of
this Trust Agreement, 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, 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 10 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 2 Business Days), the Property Trustee may,
but shall be under no duty to, take or refrain from taking such action not
inconsistent with this Trust Agreement as the Property Trustee shall deem
advisable and in the best interests of the Securityholders, 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 contemplated by this Trust Agreement shall be
sufficiently evidenced by an Officers’ Certificate, and any direction or act of
an Administrative Trustee contemplated by this Trust Agreement shall be
sufficiently evidenced by a certificate executed by such Administrative Trustee
and setting forth such direction or act;

 

(d)           whenever
in the administration of this Trust Agreement, 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 conclusively rely upon an Officers’ Certificate which, upon receipt
of such request, shall be promptly delivered by the Depositor;

 

(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 re-registration thereof;

 

(f)            the
Property Trustee may consult with counsel of its choice (which counsel may be
counsel to the Depositor or any of its Affiliates) 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, such counsel may be
counsel to the Depositor or any of its Affiliates, and may include any of its
employees; the Property Trustee shall have the right at any time to seek
instructions concerning the administration of this Trust Agreement from any
court of competent jurisdiction;

 

(g)           the
Property Trustee shall be under no obligation to exercise any of the rights or
powers vested in it by this Trust Agreement at the request or direction of any
of the Securityholders pursuant to this Trust
Agreement, unless
such Securityholders shall have offered to the Property Trustee reasonable
security or indemnity against the costs, expenses (including reasonable
attorney’s fees and expenses) and liabilities which might be incurred by it in 

 

37

 

compliance with such request or direction, including
reasonable advances as may be requested by the Property Trustee; nothing
contained herein shall, however, relieve the Property Trustee of the
obligation, upon the occurrence of any Event of Default (that has not been
cured or waived) to exercise the rights and powers vested in it by this Trust
Agreement or imposed on it under applicable law;

 

(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, direction, 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 Securityholders,
but the Property Trustee may make such further inquiry or investigation into
such facts or matters as it may see fit and, if the Property Trustee has a
reasonable need to make such inquiry or investigation, it shall be entitled to
examine the books, records and premises of the Depositor, personally or by
agent or attorney, during normal business hours, on reasonable notice to the
Depositor, and after signing a confidentiality agreement containing terms and
provisions that are reasonable under the circumstances;

 

(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, custodians,
nominees or attorneys, and the Property Trustee shall not be liable for the
default or misconduct of such other agents, custodians, nominees or attorneys;
provided that the Property Trustee shall be responsible for its own negligence
or recklessness with respect to selection of any agent or attorney appointed by
it hereunder;

 

(j)            whenever
in the administration of this Trust Agreement 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 and this Trust
Agreement in respect of such remedy, right or action; (ii) may refrain
from enforcing such remedy or right or taking such other action until such
instructions are received; and (iii) shall be protected in acting in
accordance with such instructions; and

 

(k)           except
as otherwise expressly provided by this Trust Agreement, the Property Trustee
shall not be under any obligation to take any action that is discretionary
under the provisions of this Trust Agreement. No provision of this Trust Agreement 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.

 

SECTION 804 
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 

 

38

 

correctness. The Trustees
shall not be accountable for the use or application by the Depositor of the
proceeds of the Debentures.

 

SECTION 805  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 808 and 813 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 806 
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), in the case of the Property Trustee and Delaware Trustee, as set forth
in a written agreement between the Depositor, the Property Trustee and Delaware
Trustee;

 

(b)           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 Trust Agreement (including the reasonable compensation and the expenses
and disbursements of their agents and counsel), except any such expense,
disbursement or advance as may be attributable to such Trustee’s negligence,
bad faith or willful misconduct (or, in the case of the Administrative Trustees
or the Delaware Trustee, any such expense, disbursement or advance as may be
attributable to its, his or her gross negligence, bad faith or willful
misconduct); and

 

(c)           to
indemnify each of the Trustees and their respective managers, directors,
agents, shareholders and employees or any predecessor Trustee for, and to hold
the Trustees harmless from and against, any loss, damage, claims, liability,
penalty, tax or expense of any kind or
nature whatsoever,
arising out of or in connection with the acceptance or administration of the
Trust or this Trust Agreement, including the advancement of funds to cover the
reasonable 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, except any such expense, disbursement or advance as may be
attributable to such Trustee’s negligence, bad faith or willful misconduct for
(or, in the case of the Administrative Trustees or the Delaware Trustee, any
such expense, disbursement or advance as may be attributable to its, his or her gross
negligence, bad faith or willful misconduct). 
The provisions of this Section 806 shall survive the termination of
this Trust Agreement and the earlier removal or resignation of any Trustee.

 

(d)           No
Trustee may claim any Lien or charge on the Trust Property as a result of any
amount due and unpaid pursuant to this Section 806.

 

(e)           To
the fullest extent permitted by law, in no event shall any of the Trustees be
liable for any indirect, special, punitive or consequential loss or damage of
any kind whatsoever, including, but not limited to, lost profits, even if such 

 

39

 

Trustee has been advised of the likelihood of such
loss or damage and regardless of the form of action.

 

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

 

SECTION 807 
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 (or has a parent that 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 807,
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 807, it shall resign immediately in the manner and with
the effect hereinafter specified in this Article VIII.

 

(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 to bind that entity.

 

(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 that shall act
through one or more persons authorized to bind such entity.  The Delaware Trustee shall have the same
rights, privileges and immunities as the Property Trustee.

 

SECTION 808 
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
Trust Agreement.

 

SECTION 809 
CO-TRUSTEES AND SEPARATE TRUSTEE.

 

(a)           Unless
a Debenture Event of Default shall have occurred and be continuing, at any time
or times, for the purpose of meeting the legal requirements of the Trust 

 

40

 

Indenture Act or of any jurisdiction in which any part
of the Trust Property may at the time be located, the Depositor shall have
power to appoint, and upon the written request of the Property Trustee, the
Depositor shall for such purpose join with the Property Trustee in the
execution, delivery and performance of all instruments and agreements necessary
or proper 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 the extent required by law to act as
separate trustee of any such 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 the capacity aforesaid, any property, title, right or power deemed
necessary or desirable, subject to the other provisions of this Section 809.
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
has occurred and is continuing, the Property Trustee alone shall have power to
make such appointment. Any co-trustee or separate trustee appointed pursuant to
this Section 809 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.

 

(b)           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.

 

(c)           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:

 

(i)            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.

 

(ii)           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.

 

(iii)          The Property Trustee at any time, by an instrument in
writing executed by it, with the written concurrence of the Depositor, may 

 

41

 

accept the
resignation of or remove any co-trustee or separate trustee appointed under
this Section 809, and, in case a Debenture Event of Default has occurred
and is continuing, the Property Trustee shall have the 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 resigned or removed may be appointed in the manner provided
in this Section 809.

 

(iv)                            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.

 

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

 

(vi)                            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 810  RESIGNATION AND REMOVAL; APPOINTMENT OF SUCCESSOR.

 

(a)           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 811.

 

(b)           Subject
to the immediately preceding paragraph, the Relevant Trustee may resign at any
time with respect to the Trust Securities by giving written notice thereof to
the Depositor and the Securityholders. If the instrument of acceptance by the
successor Trustee required by Section 811 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, at the expense of the
Depositor, any court of competent jurisdiction for the appointment of a
successor Relevant Trustee with respect to the Trust Securities.

 

(c)           Unless
a Debenture Event of Default shall have occurred and be continuing, any Trustee
may be removed at any time by Act of the Holder of Common Securities. If a
Debenture Event of Default shall have occurred and be continuing, the Property
Trustee or the Delaware Trustee, or both of them, may be removed at such time
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
on behalf of the Trust). An Administrative Trustee may be removed by the Holder
of Common Securities at any time.

 

42

 

(d)           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 Holder of Common Securities, by Act of the Holder of Common Securities
delivered to the retiring Trustee, shall promptly appoint a successor Trustee
or Trustees with respect to the Trust Securities and the Trust, and the
successor Trustee shall comply with the applicable requirements of Section 811.
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 is continuing, the Holders of Preferred Securities, by Act of
the Securityholders of a majority in Liquidation Amount of the Preferred
Securities then Outstanding delivered to the retiring Relevant Trustee, shall
promptly appoint a successor Relevant Trustee or Trustees with respect to the
Trust Securities and the Trust, and such successor Trustee shall comply with
the applicable requirements of Section 811. If an Administrative Trustee
shall resign, be removed or become incapable of acting as Administrative
Trustee, at a time when a Debenture Event of Default shall have occurred and be
continuing, the Holder of Common Securities, by Act of the Holder of Common
Securities delivered to an Administrative Trustee, shall promptly appoint a
successor Administrative Trustee or Administrative Trustees with respect to the
Trust Securities and the Trust, and such successor Administrative Trustee or
Administrative Trustees shall comply with the applicable requirements of Section 811.
If no successor Relevant Trustee with respect to the Trust Securities shall
have been so appointed by the Holder of Common Securities or the Holders of
Preferred Securities and accepted appointment in the manner required by Section 811,
any Securityholder who has been a Securityholder of Trust Securities on behalf
of himself and all others similarly situated and any resigning Trustee may, in
each case, at the expense of the Depositor, petition a court of competent
jurisdiction for the appointment of a Trustee with respect to the Trust
Securities.

 

(e)           The
Depositor shall give notice of each resignation and each removal of a Trustee
and each appointment of a successor Trustee to all Securityholders in the
manner provided in Section 1009. 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.

 

(f)            Notwithstanding
the foregoing or any other provision of this Trust Agreement, 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 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 807).

 

(g)           Upon
the appointment of a successor Delaware Trustee, such successor Delaware
Trustee shall file a Certificate of Amendment to the Certificate of Trust in
accordance with Section 3810 of the Delaware Statutory Trust Act.

 

43

 

SECTION 811 
ACCEPTANCE OF APPOINTMENT BY SUCCESSOR.

 

(a)           In
case of the appointment hereunder of a successor Relevant Trustee with respect
to the Trust Securities and the Trust, the retiring Relevant Trustee and each
successor Relevant Trustee with respect to the Trust Securities shall execute
and deliver an instrument hereto wherein each successor Relevant Trustee shall
accept such appointment and which shall 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 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 with respect to the Trust
Securities and the Trust; but, on request of the Trust or any successor
Relevant Trustee such retiring Relevant Trustee shall, upon payment of its
charges, 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.

 

(b)           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 immediately preceding paragraph, as the case may be.

 

(c)           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 812 
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 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 813  PREFERENTIAL COLLECTION OF CLAIMS AGAINST DEPOSITOR OR
TRUST.

 

If
and when the Property Trustee or the Delaware Trustee shall be or become a
creditor of the Depositor or the Trust (or any other obligor upon the
Debentures or the Trust Securities),
the Property Trustee or the Delaware Trustee, as the case may be, shall
be subject to and shall take all actions necessary in order to comply with the
provisions of the Trust Indenture Act regarding the collection of claims
against the Depositor or Trust (or any such other obligor).

 

44

 

SECTION 814 
REPORTS BY PROPERTY TRUSTEE.

 

(a)           On
or before July 15 of each year, commencing July 15, 2009, the
Property Trustee shall transmit to the Securityholders such reports concerning
the Property Trustee, its actions under this Trust Agreement and the property
and funds in its possession in its capacity as the Property Trustee as of May 15
if and to the extent required pursuant to the Trust Indenture Act in the manner
provided pursuant thereto.

 

(b)           A
copy of each such report shall, at the time of such transmission to Holders, be
filed by the Property Trustee with the New York Stock Exchange, and each
national securities exchange or other organization upon which the Trust
Securities are listed, and also with the Commission and the Depositor.

 

SECTION 815 
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 816 
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 Trust 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 shall be given in the form of an Officers’ Certificate.

 

SECTION 817  NUMBER OF TRUSTEES.

 

(a)           The
number of Trustees shall be five, provided that the Holder of all of the Common
Securities by written instrument may increase or decrease the number of
Administrative Trustees. The Property Trustee and the Delaware Trustee may be
the same Person.

 

(b)           If
a Trustee ceases to hold office for any reason and the number of Administrative
Trustees is not reduced pursuant to Section 817(a), or if the number of
Trustees is increased pursuant to Section 817(a), a vacancy shall occur.
The vacancy shall be filled with a Trustee appointed in accordance with Section 810.

 

(c)           The
death, resignation, retirement, removal, bankruptcy, incompetence or incapacity
to perform the duties of a Trustee shall not operate to annul the Trust.
Whenever a vacancy in the number of Administrative Trustees shall occur, until
such vacancy is filled by the appointment of an Administrative Trustee in
accordance with Section 810, the Administrative Trustees in office,
regardless of their number (and notwithstanding any other provision of this 

 

45

 

Agreement), shall have all the powers granted to the
Administrative Trustees and shall discharge all the duties imposed upon the
Administrative Trustees by this Trust Agreement.

 

SECTION 818 
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 207(a);
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 the Trust, as set forth herein.

 

SECTION 819 
VOTING.

 

Except as otherwise provided in this Trust Agreement, the
consent or approval of the Administrative Trustees shall require consent or
approval by not less than a majority of the Administrative Trustees, unless
there are only two, in which case both must consent.

 

SECTION 820 
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
Depositor, and the Trustees do not assume any responsibility for their
correctness.  The Trustees make no
representations as to the title to, or value or condition of, the property of
the Trust or any part thereof, nor as to the validity or sufficiency of this
Trust Agreement, the Debentures or the Trust Securities.  The Trustees shall not be accountable for the
use or application by the Depositor of the proceeds of the Debentures. It is
expressly understood and agreed by the parties hereto that insofar as any
document, agreement or certificate is executed on behalf of the Trust by any
Trustee (a) such document, agreement or certificate is executed and
delivered by such Trustee, not in its individual capacity but solely as Trustee
under this Trust Agreement in the exercise of the powers and authority
conferred and vested in it, (b) each of the representations, warranties,
covenants, undertakings and agreements made on the part of the Trust is made
and intended not as a representation, warranty, covenant, undertaking or
agreement by any Trustee in its individual capacity but is made and intended
for the purpose of binding only the Trust and (c) under no circumstances
shall any Trustee 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 Trust Agreement or any other document,
agreement or certificate.

 

46

 

ARTICLE IX

TERMINATION, LIQUIDATION AND MERGER

 

SECTION 901  TERMINATION UPON EXPIRATION DATE.

 

Unless earlier dissolved, the Trust shall automatically
dissolve on
                  ,
2038 (the “Expiration Date”) subject to distribution of the Trust Property in
accordance with Section 904.

 

SECTION 902 
EARLY TERMINATION.

 

The first to occur of any
of the following
events is an “Early
Termination Event:”

 

(a)           the
occurrence of a Bankruptcy Event in respect of, or the dissolution or
liquidation of, the Depositor;

 

(b)           delivery
of written direction to the Administrative Trustees and the Property Trustee by
the Depositor at any time (which direction is wholly optional and within the
discretion of the Depositor, subject to Depositor having received prior
approval of the Board of Governors of the Federal Reserve System if so required
under applicable guidelines, policies or regulations thereof) to dissolve the
Trust and distribute the Debentures to Securityholders in exchange for the
Preferred Securities in accordance with Section 904;

 

(c)           the
redemption of all of the Preferred Securities in connection with the redemption
of all of the Debentures (whether upon a Debenture Redemption Date or the
maturity of the Debentures); or

 

(d)           an
order for dissolution of the Trust shall have been entered by a court of
competent jurisdiction.

 

SECTION 903 
TERMINATION.

 

The
respective obligations and responsibilities of the Trustees and the Trust
continued hereby shall terminate upon the latest to occur of the following: (a) the
distribution by the Property Trustee to Securityholders upon the instruction of
the Administrative Trustees and the liquidation of the Trust pursuant to Section 904,
or upon the redemption of all of the Trust Securities pursuant to Section 402,
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 Securityholders; and (d) the filing of a Certificate of
Cancellation by an Administrative Trustee under the Delaware Statutory Trust
Act after satisfaction of liabilities to creditors of the Trust as required by
applicable law.

 

SECTION 904 
LIQUIDATION.

 

(a)           If
an Early Termination Event specified in clause (a), (b), or (d) of Section 902
occurs or upon the Expiration Date, the Trust shall be liquidated by the
Trustees as expeditiously as the Administrative Trustees determine to be
possible by instructing the Property 

 

47

 

Trustee to distribute, after satisfaction of
liabilities to creditors of the Trust as provided by applicable law, to each
Securityholder a Like Amount of Debentures, subject to Section 904(d).
Notice of liquidation shall be given by the Administrative Trustees 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:

 

(i)                                   state the Liquidation Date;

 

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

 

(iii)                             provide such information with respect to
the mechanics by which Holders may exchange Trust Securities Certificates for
Debentures, or, if Section 904(d) applies, receive a Liquidation
Distribution, as the Administrative Trustees or the Property Trustee shall deem
appropriate.

 

(b)           Except
where Section 902(c) or 904(d) applies, in order to
effect the liquidation of the Trust and distribution of the Debentures to
Securityholders, the Administrative Trustees 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)           Except
where Section 902(c) or 904(d) applies, after the Liquidation
Date, (i) the Trust Securities shall no longer be deemed to be
Outstanding; (ii) certificates representing a Like Amount of Debentures
shall be issued to Holders of Trust Securities Certificates upon surrender of such
certificates to the Administrative Trustees or their agent for exchange; (iii) the
Depositor shall use commercially reasonable efforts to have the Debentures
listed on the New York Stock Exchange or on such other securities exchange or
automated quotation system as the Preferred Securities are then listed or traded; (iv) any Trust Securities Certificates not so
surrendered for exchange shall be deemed to represent a Like Amount of
Debentures, accruing interest at the rate provided for in the Debentures from
the last Distribution Date on which a Distribution was made on such Trust
Securities Certificates until such certificates are so surrendered (and until
such certificates are so surrendered, no payments of interest or principal
shall be made to Holders of Trust Securities Certificates with respect to such
Debentures); and (v) all rights of Securityholders holding Trust
Securities shall cease, except the right of such Securityholders to receive
Debentures upon surrender of Trust Securities Certificates.

 

(d)           In
the event that, notwithstanding the other provisions of this Section 904,
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 Administrative Trustees not to be
practical, the Trust Property shall be liquidated, and the Trust 

 

48

 

shall be dissolved, wound-up or terminated, by the
Administrative Trustees in such manner as the Administrative Trustees
determine. In such event, on the date of the dissolution, winding-up or other
termination of the Trust, Securityholders shall be entitled to receive out of
the assets of the Trust available for distribution to Securityholders, after
satisfaction of liabilities to creditors of the Trust as provided by applicable
law, an amount 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 dissolution,
winding-up or termination, the Liquidation Distribution can be paid only in
part because the Trust has insufficient assets available to pay in full the
aggregate Liquidation Distribution, then, subject to the next succeeding
sentence, the amounts payable by the Trust on the Trust Securities shall be
paid on a pro rata basis (based upon Liquidation Amounts). The Holder of the
Common Securities shall be entitled to receive Liquidation Distributions upon
any such dissolution, winding-up or termination pro rata (determined as
aforesaid) with Holders of Preferred Securities, except that, if a Debenture
Event of Default has occurred and is continuing, the Preferred Securities
shall have a priority over the Common Securities.

 

SECTION 905 
MERGERS, CONSOLIDATIONS, AMALGAMATIONS OR REPLACEMENTS OF THE TRUST.

 

The
Trust may not merge with or into, convert into, consolidate, amalgamate, or be replaced by, or convey, transfer or lease its
properties and assets substantially as an entirety to any corporation or other
Person, except pursuant to this Section 905. At the request of the
Depositor, 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, convert into, consolidate,
amalgamate, 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 (the
“Successor Securities”) so long as the Successor Securities rank the same as
the Preferred Securities rank in priority with respect to distributions and
payments upon liquidation, redemption and otherwise; (ii) the Depositor
expressly appoints a trustee of such successor entity possessing substantially
the same powers and duties as the Property Trustee as the holder of the
Debentures; (iii) the Successor Securities are listed or traded, or
any Successor Securities shall be listed or traded upon notification of
issuance, on any national securities exchange or other organization on which
the Preferred Securities are then listed, if any; (iv) such merger,
conversion, 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; (v) such successor entity has a purpose substantially
identical to that of the Trust; (vi) prior to such merger, conversion,
consolidation, amalgamation, replacement, conveyance, transfer or lease, the
Depositor has received an Opinion of Counsel to the effect that (a) such
merger, conversion, 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,
conversion, consolidation, amalgamation, replacement, conveyance, transfer or
lease, neither the Trust nor such successor entity shall be required to register
as an “investment company” under the Investment Company 

 

49

 

Act; and (vii) the
Depositor 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 extent provided by the Guarantee, the Debentures,
this Trust Agreement and the Expense Agreement. For purposes of this Section 905,
any consolidation, conversion, merger, sale, conveyance, transfer or other disposition
involving the Depositor, as a result of which (a) the Depositor is not the
surviving Person, and (b) the surviving Person is not both (i) the
primary obligor in respect of the Debentures and (ii) the Guarantor under
the Guarantee, shall be deemed to constitute a replacement of the Trust by a
successor entity; provided further that, notwithstanding the foregoing, in the
event that upon the consummation of such a consolidation, conversion, merger,
sale, conveyance, transfer or other disposition, the parent company (if any) of
the Depositor, or its successor, is a bank holding company or financial holding
company or comparably regulated financial institution, such parent company
shall guarantee the obligations of the Trust (and any successor thereto) under
the Preferred Securities (including any Successor Securities) at least to the
extent provided by the Guarantee, the Debentures, the Trust Agreement and the
Expense Agreement. Notwithstanding the foregoing, the Trust shall not, except
with the consent of Holders of 100% in Liquidation Amount of the Preferred
Securities, consolidate, convert, 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, convert, amalgamate, merge with or into, or replace it if such
consolidation, conversion, amalgamation, merger or replacement would cause the
Trust or the successor entity to be classified as other than a grantor trust for
United States federal income tax purposes.

 

ARTICLE X

MISCELLANEOUS PROVISIONS

 

SECTION 1001 
LIMITATION OF RIGHTS OF SECURITYHOLDERS.

 

The death or incapacity
of any Person having an interest, beneficial or otherwise, in Trust Securities
shall not operate to terminate this Trust Agreement, nor entitle the legal
representatives or heirs of such Person or any Securityholder 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 1002 
AMENDMENT.

 

(a)           This
Trust Agreement may be amended from time to time by the Property Trustee, the Administrative
Trustees and the Depositor, without the consent of any Securityholders, (i) as
provided in Section 811 with respect to acceptance of appointment by a
successor Trustee; or (ii) to cure any ambiguity, 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 Trust Agreement, that shall not be inconsistent with the other
provisions of this Trust Agreement; or (iii) to modify, eliminate or add
to any provisions of this Trust Agreement to such extent as shall be necessary
to ensure that the Trust shall be classified for United States federal income
tax purposes as a grantor trust at all times that any Trust Securities are
Outstanding or to ensure that the Trust shall not be required to register as
an “investment company” under the Investment Company Act; or (iv) to
reduce or increase the Liquidation Amount per
Trust 

 

50

 

Security and simultaneously to correspondingly
increase or decrease the number of Trust Securities issued and Outstanding
solely for the purpose of maintaining the eligibility of the Preferred Securities
for quotation or listing on any national securities exchange or other
organization on which the Preferred Securities are then quoted or listed
(including, if applicable, the New York Stock Exchange); provided, however,
that in the case of clause (ii), such action shall not adversely affect in any
material respect the interests of any Securityholder, and provided further,
that in the case of clause (iv) the aggregate Liquidation Amount of the
Trust Securities Outstanding upon completion of any such reduction must be the
same as the aggregate Liquidation Amount of the Trust Securities Outstanding
immediately prior to such reduction or increase; and any amendments of this
Trust Agreement shall become effective when notice thereof is given to the
Securityholders (or in the case of an amendment pursuant to clause (iv), as of the
date specified in the notice).

 

(b)           Except
as provided in Section 601(c) or Section 1002(c) hereof,
any provision of this Trust Agreement may be amended by the Property Trustee,
the Administrative Trustees and the Depositor (i) with the consent of Trust
Securityholders representing not less than a majority (based upon Liquidation
Amounts) of the Trust Securities then Outstanding (such consent being obtained
in accordance with Section 603 or 606 hereof); and (ii) upon 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 shall not affect the Trust’s status as a grantor trust for United
States federal income tax purposes or the Trust’s exemption from status as an ‘investment
company’ under the Investment Company Act.

 

(c)           In
addition to and notwithstanding any other provision in this Trust Agreement,
without the consent of each affected Securityholder (such consent being
obtained in accordance with Section 603 or 606 hereof), this Trust
Agreement may not be amended to (i) change the amount or timing of any
Distribution on the Trust Securities or otherwise adversely affect the amount
of any Distribution required to be made in respect of the Trust Securities as
of a specified date; or (ii) restrict the right of a Securityholder to
institute suit for the enforcement of any such payment on or after such date;
notwithstanding any other provision herein, without the unanimous consent of
the Securityholders (such consent being obtained in accordance with Section 603
or 606 hereof), this paragraph (c) of this Section 1002 may not be
amended.

 

(d)           Notwithstanding
any other provisions of this Trust Agreement, no Trustee shall enter into or
consent to any amendment to this Trust Agreement which would cause the Trust to
fail or cease to qualify for the exemption from status as an “investment
company” under the Investment Company Act or to fail or cease to be classified
as a grantor trust for United States federal income tax purposes.

 

(e)           Notwithstanding
anything in this Trust Agreement to the contrary, without the consent of the
Depositor, this Trust Agreement may not be amended in a manner which imposes
any additional obligation on the Depositor.

 

(f)            In
the event that any amendment to this Trust Agreement is made, the
Administrative Trustees shall promptly provide to the Depositor and the
Debenture Trustee a copy of such amendment.

 

51

 

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

 

SECTION 1003 
SEPARABILITY.

 

In case any provision in this Trust Agreement 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.

 

SECTION 1004 
GOVERNING LAW.

 

THIS TRUST AGREEMENT AND THE RIGHTS AND OBLIGATIONS OF EACH OF
THE SECURITYHOLDERS, THE TRUST AND THE TRUSTEES WITH RESPECT TO THIS TRUST
AGREEMENT AND THE TRUST SECURITIES SHALL BE CONSTRUED IN ACCORDANCE WITH AND
GOVERNED BY THE LAWS OF THE STATE OF DELAWARE (WITHOUT REGARD TO CONFLICT OF
LAWS PRINCIPLES THEREOF); PROVIDED, HOWEVER, THAT THERE SHALL NOT
BE APPLICABLE TO THE PARTIES HEREUNDER OR THIS AGREEMENT ANY PROVISION OF THE
LAWS (COMMON OR STATUTORY) OF THE STATE OF DELAWARE PERTAINING TO TRUSTS THAT
RELATE TO OR REGULATE, IN A MANNER INCONSISTENT WITH THE TERMS HEREOF, (A) THE
FILING WITH ANY COURT OR GOVERNMENTAL BODY OR AGENCY OF TRUSTEE ACCOUNTS OR
SCHEDULES OF TRUSTEE FEES AND CHARGES, (B) AFFIRMATIVE REQUIREMENTS TO POST
BONDS FOR TRUSTEES, OFFICERS, AGENTS OR EMPLOYEES OF A TRUST, (C) THE
NECESSITY FOR OBTAINING COURT OR OTHER GOVERNMENTAL APPROVAL CONCERNING THE
ACQUISITION, HOLDING OR DISPOSITION OF REAL OR PERSONAL PROPERTY, (D) FEES
OR OTHER SUMS PAYABLE TO TRUSTEES, OFFICERS, AGENTS OR EMPLOYEES OF A TRUST, (E) THE
ALLOCATION OF RECEIPTS AND EXPENDITURES TO INCOME OR PRINCIPAL, (F) RESTRICTIONS
OR LIMITATIONS ON THE PERMISSIBLE NATURE, AMOUNT OR CONCENTRATION OF TRUST
INVESTMENTS OR REQUIREMENTS RELATING TO THE TITLING, STORAGE OR OTHER MANNER OF
HOLDING OR INVESTING TRUST ASSETS OR (G) THE ESTABLISHMENT OF FIDUCIARY OR
OTHER STANDARDS OF RESPONSIBILITY OR LIMITATIONS ON THE ACTS OR POWERS OF
TRUSTEES THAT ARE INCONSISTENT WITH THE LIMITATIONS OR AUTHORITIES AND POWERS
OF THE TRUSTEE HEREUNDER AS SET FORTH OR REFERENCED IN THIS AGREEMENT.  SECTION 3540 OF TITLE 12 OF THE
DELAWARE CODE SHALL NOT APPLY TO THE TRUST.

 

SECTION 1005 
CONSENT TO JURISDICTION; SERVICE OF PROCESS.

 

Each party hereto (a) irrevocably
submits to the
exclusive jurisdiction of any federal or state court sitting in Wilmington,
Delaware in respect of any action or proceeding arising out of or related to in
any manner whatsoever this Trust Agreement, (b) expressly submits 

 

52

 

and consents in advance
to such jurisdiction in any action or suit commenced in any such court, and
hereby waives any objection such party may have based upon lack of personal
jurisdiction, improper venue or forum non conveniens, and (c) consents to the
service of process by mail. Nothing herein shall affect the right of any party
to serve legal process in any manner permitted by law or affect its right to
bring any action in any other court.

 

SECTION 1006 
PAYMENTS DUE ON NON-BUSINESS DAY.

 

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 which is a Business Day, except that, if such Business Day is in
the next succeeding calendar year, such payment shall be made on the
immediately preceding Business Day (and without any reduction of interest or
any other payment in respect of any such acceleration), in each case with the
same force and effect as though made on the date fixed for such payment, and no
distribution shall accumulate thereon for the period after such date.

 

SECTION 1007 
SUCCESSORS.

 

This Trust Agreement
shall be binding upon and shall inure to the benefit of any successor to the Depositor,
the Trust or the Relevant Trustee(s), including any successor by operation of
law. Except in connection with a consolidation, merger or sale involving the
Depositor that is permitted under Article XII 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.

 

SECTION 1008 
HEADINGS.

 

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

 

SECTION 1009 
REPORTS, NOTICES AND DEMANDS.

 

Any report, notice,
demand or other communication
which by any provision of this Trust Agreement is required or permitted to be
given or served to or upon any Securityholder 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 Securityholder’s name and address may appear on the Securities
Register; and (b) in the case of the Holder of Common Securities or the
Depositor, to Capitol Bancorp Center, 200 Washington Square North, Lansing,
Michigan 48933, Attention: Cristin K. Reid, Esq., facsimile no.: (517)
374-2576. Any notice to the Holders of Preferred Securities shall also be given
to such owners as have, within two years preceding the giving of such notice,
filed their names and addresses with the Property Trustee for that purpose.
Such notice, demand or other communication to or upon a Securityholder shall be
deemed to have been sufficiently given or made, for all purposes, upon hand
delivery, mailing or transmission.

 

53

 

Any notice, demand or
other communication
which by any provision of this Trust Agreement is required or permitted to be
given or served to or upon the Trust, the Property Trustee or the
Administrative Trustees shall be given in writing addressed (until another address
is published by the Trust) as follows: (a) with respect to the Property
Trustee to Wells Fargo Bank, N.A., 919 North Market Street, Suite 1600,
Wilmington, Delaware 19801, Attention: Corporate Trust Services; (b) with
respect to the Delaware Trustee, to Wells Fargo Delaware Trust Company, 919
North Market Street, Suite 1600, Wilmington, Delaware 19801, Attention:
Corporate Trust Services; and (c) with respect to the Administrative
Trustees, to them at the address above for notices to the Depositor, marked “Attention:
Administrative Trustees of Capitol Trust XII.” 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 1010 
AGREEMENT NOT TO PETITION.

 

Each of the Trustees and
the Depositor agree for the benefit of the Securityholders 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 of 1978, as
amended) (collectively, “Bankruptcy Laws”) or otherwise join in the
commencement of any proceeding against the Trust under any Bankruptcy Law. In
the event the Depositor or any of the Trustees takes action in violation of
this Section 1010, the Property Trustee agrees, for the benefit of
Securityholders, that at the expense of the Depositor (which expense shall be
paid prior to the filing), it shall file an answer with the bankruptcy court or
otherwise properly contest the filing of such petition by the Depositor or such
Trustee against the Trust or the commencement of such action and raise the
defense that the Depositor or such Trustee has agreed in writing not to take such
action and should be stopped and precluded therefrom. The provisions of this Section 1010
shall survive the termination of
this Trust Agreement.

 

SECTION 1011 
TRUST INDENTURE ACT; CONFLICT WITH TRUST INDENTURE ACT.

 

(a)           This
Trust Agreement is subject to the provisions of the Trust Indenture Act that
are required to be part of this Trust Agreement 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 Trust Agreement by any of the
provisions of the Trust Indenture Act, such required provision shall control.
If any provision of this Trust Agreement 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 Trust Agreement as so modified or to be excluded, as
the case may be.

 

54

 

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

 

SECTION 1012 
ACCEPTANCE OF TERMS OF TRUST AGREEMENT, GUARANTEE AND INDENTURE.

 

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

 

SECTION 1013 
COUNTERPARTS.

 

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

 

[SIGNATURE
PAGE FOLLOWS]

 

55

 

	
   

  	
  CAPITOL BANCORP LTD.

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  WELLS FARGO BANK, N.A.,
  AS 

  PROPERTY TRUSTEE

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  WELLS FARGO DELAWARE
  TRUST 

  COMPANY, AS DELAWARE TRUSTEE

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Lee W. Hendrickson,

  
	
   

  	
  as Administrative
  Trustee

  
	
   

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Bruce A. Thomas,

  
	
   

  	
  as Administrative
  Trustee

  
	
   

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Jeffrey D. Saunders,

  
	
   

  	
  as Administrative
  Trustee

  
				

 

56

 

EXHIBIT A

 

CERTIFICATE OF TRUST

OF

CAPITOL TRUST XII

 

THIS
CERTIFICATE OF TRUST OF CAPITOL TRUST XII (the “Trust”), is being duly executed
and filed by Wells Fargo Delaware Trust Company, as Delaware Trustee, Lee W.
Hendrickson, Bruce A. Thomas and Jeffrey D. Saunders, as Administrative
Trustees, to form a Delaware statutory trust under the Delaware Statutory Trust
Act (12 Del. C. Section 3801 et seq.) (the “Act”).

 

1.                                       NAME. 
The name of the Delaware statutory trust formed hereby is Capitol Trust
XII.

 

2.                                       DELAWARE TRUSTEE.  The name and business address of the
trustee of the Trust in the State of Delaware is Wells Fargo Delaware Trust
Company, 919 North Market Street, Suite 1600, Wilmington, Delaware 19801.

 

3.                                       EFFECTIVE
DATE.  This Certificate of Trust shall be
effective upon filing.

 

IN WITNESS WHEREOF, the
undersigned have executed this Certificate of Trust in accordance with Section 3811(a)(1) of
the Act.

 

	
   

  	
  Wells Fargo
  Delaware Trust Company, as 

  Delaware trustee 

  
	
   

  	
   

  
	
   

  	
  By: 

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Title:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
                                                  ,
  as 

  
	
   

  	
  Administrative
  Trustee 

  
	
   

  	
   

  
	
   

  	
  Name: Lee W.
  Hendrickson

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
                                                  ,
  as 

  
	
   

  	
  Administrative
  Trustee 

  
	
   

  	
   

  
	
   

  	
  Name: Bruce
  A. Thomas

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
                                                    ,
  as 

  
	
   

  	
  Administrative
  Trustee 

  
	
   

  	
   

  
	
   

  	
  Name:
  Jeffrey D. Saunders

  
				

 

A-1

 

EXHIBIT B

 

THIS CERTIFICATE IS NOT TRANSFERABLE

 

	
  CERTIFICATE NUMBER

  	
  NUMBER OF COMMON SECURITIES

  

 

CERTIFICATE EVIDENCING COMMON SECURITIES

OF

CAPITOL TRUST XII

 

COMMON SECURITIES

(LIQUIDATION AMOUNT $25 PER COMMON SECURITY)

 

CAPITOL TRUST
XII, a statutory trust created under the laws of the State of Delaware (the “Trust”),
hereby certifies that CAPITOL BANCORP LTD. (the “Holder”) is
the registered owner of
                                                    
(                  )
common securities of the Trust representing undivided beneficial interests in
the assets of the Trust and designated the Common Securities (liquidation
amount $25 per Common Security) (the “Common Securities”). In accordance with Section 510
of the Trust Agreement (as defined below), the Common Securities are not
transferable and any attempted transfer hereof shall be 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 Trust Agreement of the
Trust dated as of
              ,
2008, as the same may be amended from time to time (the “Trust Agreement”),
including the designation of the terms of the Common Securities as set forth therein.
The Trust shall furnish a copy of the Trust Agreement to the Holder without
charge upon written request to the Trust at its principal place of business or
registered office.

 

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

 

IN WITNESS
WHEREOF, one of the Administrative Trustees of the Trust has executed this
certificate this        day of
                  ,
2008.

 

	
   

  	
  CAPITOL
  TRUST XII

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:      Administrative
  Trustee

  

 

B-1

 

EXHIBIT C

 

AGREEMENT AS TO EXPENSES AND LIABILITIES

 

AGREEMENT AS TO EXPENSES
AND LIABILITIES (this “Agreement”) dated as of
                ,
2008, between Capitol Bancorp Ltd., a Michigan corporation (the “Company”), and
Capitol Trust XII, a Delaware statutory trust (the “Trust”).

 

RECITALS

 

WHEREAS, the
Trust intends to issue its common securities (the “Common Securities”) to, and
receive       % Junior Subordinated Debentures
(the “Debentures”) from, the Company and to issue and sell Capitol Trust XII
        % Cumulative Trust Preferred
Securities (the “Preferred Securities’) with such powers, preferences and
special rights and restrictions as are set forth in the Amended and Restated
Trust Agreement of the Trust dated as of
                
2008, as the same may be amended from time to time (the “Trust Agreement”);

 

WHEREAS, the
Company shall directly or indirectly own all of the Common Securities of the
Trust and shall issue the Debentures;

 

NOW,
THEREFORE, in consideration of the purchase by each holder of the Preferred
Securities, which purchase the Company hereby agrees shall benefit the Company
and which purchase the Company acknowledges shall be made in reliance upon the
execution and delivery of this Agreement, the Company, including in its
capacity as holder of the Common Securities, and the Trust hereby agree as
follows:

 

ARTICLE I

 

SECTION 1.1 
GUARANTEE BY THE COMPANY.

 

Subject to the
terms and conditions hereof, the Company, including in its capacity as holder
of the Common Securities, hereby irrevocably and unconditionally guarantees to
each person or entity to whom the Trust is now or hereafter becomes indebted or
liable (the “Beneficiaries”) the full payment when and as due, of any and all
Obligations (as hereinafter defined) to such Beneficiaries. As used herein,
“Obligations” means any costs, expenses or liabilities of the Trust other than
obligations of the Trust to pay to holders of any Preferred Securities or other
similar interests in the Trust the amounts due such holders pursuant to the terms of the
Preferred Securities or such other similar interests, as the case may be. This
Agreement is intended to be for the benefit of, and to be enforceable by, all
such Beneficiaries, whether or not such Beneficiaries have received notice
hereof.

 

SECTION 1.2 
TERM OF AGREEMENT.

 

This Agreement
shall terminate and be of no further force and effect upon the later of (a) the
date on which full payment has been made of all amounts payable to all holders
of all the Preferred Securities (whether upon redemption, liquidation, exchange
or otherwise); and (b) the date on which there are no Beneficiaries
remaining; provided, however, that this Agreement shall continue to be
effective or shall be reinstated, as the case may be, if at any time 

 

C-1

 

any holder of Preferred Securities or any
Beneficiary must restore payment of any sums paid under the Preferred
Securities, under any obligation, under the Preferred Securities Guarantee
Agreement dated the date hereof by the Company and
                            
as guarantee trustee or under this Agreement for any reason
whatsoever. This Agreement is continuing, irrevocable, unconditional and
absolute.

 

SECTION 1.3 
WAIVER OF NOTICE.

 

The Company
hereby waives notice of acceptance of this Agreement and of any obligation to
which it applies or may apply, and the Company hereby waives presentment,
demand for payment, protest, notice of nonpayment, notice of dishonor, notice
of redemption and all other notices and demands.

 

SECTION 1.4 
NO IMPAIRMENT.

 

The
obligations, covenants, agreements and duties of the Company under this
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
extension of time for the payment by the Trust of all or any portion of the
Obligations or for the performance of any other obligation under, arising out
of, or in connection with, the Obligations;

 

(b)           any failure, omission, delay or lack of
diligence on the part of the Beneficiaries to enforce, assert or exercise any
right, privilege, power or remedy conferred on the Beneficiaries with respect
to the Obligations or any action on the part of the Trust granting indulgence
or extension of any kind; or

 

(c)           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 Trust or any of the assets of the Trust.

 

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

 

SECTION 1.5 
ENFORCEMENT.

 

A Beneficiary
may enforce this Agreement directly against the Company, and the Company waives
any right or remedy to require that any action be brought against the Trust or
any other person or entity before proceeding against the Company.

 

C-2

 

ARTICLE II

 

SECTION 2.1 
BINDING EFFECT.

 

All guarantees
and agreements contained in this Agreement shall bind the successors, assigns,
receivers, trustees and representatives of the Company and shall inure to the
benefit of the Beneficiaries.

 

SECTION 2.2 
AMENDMENT.

 

So long as
there remains any Beneficiary or any Preferred Securities of any series are
outstanding, this Agreement shall not be modified or amended in any manner
adverse to such Beneficiary or to any of the holders of the Preferred Securities.

 

SECTION 2.3 
NOTICES.

 

Any notice,
request or other communication required or permitted to be given hereunder
shall be given in writing by delivering the same by facsimile transmission
(confirmed by mail), telex, or by registered or certified mail, addressed as
follows (and if so given, shall be deemed given when mailed or upon receipt of
an answer back, if sent by facsimile):

 

Capitol Trust XII

c/o Capitol Bancorp Ltd.

200 Washington Square North

Lansing, Michigan 48933

Facsimile No.: (      )
      -

Attention:

 

Capitol Bancorp Ltd.

200 Washington Square North

Lansing, Michigan 48933

Facsimile No.: (      )
      -

Attention:

 

SECTION 2.4 
GOVERNING LAW.

 

This agreement
shall be governed by and
construed and interpreted in accordance with the laws of the State of
[Michigan] (without regard to conflict of laws principles).

 

[SIGNATURE PAGE TO FOLLOW]

 

C-3

 

THIS AGREEMENT is executed
as of the day and year first above written.

 

	
   

  	
  CAPITOL BANCORP LTD.

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  
	
   

  	
   

  	
   

  
	
   

  	
  CAPITOL TRUST XII

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
       Title:  Administrative
  Trustee

  

 

C-4

 

EXHIBIT D

 

	
  CERTIFICATE NUMBER

  	
  NUMBER OF
  PREFERRED SECURITIES

  

 

CERTIFICATE
EVIDENCING PREFERRED SECURITIES

OF

CAPITOL TRUST XII

 

        %
CUMULATIVE TRUST PREFERRED SECURITIES

(LIQUIDATION AMOUNT $25 PER PREFERRED SECURITY)

 

	
   

  	
  CUSIP NO.

  

 

Capitol Trust
XII, a statutory trust created under the laws of the State of Delaware (the “Trust”),
hereby certifies that
                  
(the “Holder”) is the registered owner of preferred securities of the Trust
representing undivided beneficial interests in the assets of the Trust and
designated the         % Cumulative
Trust Preferred Securities (liquidation amount $25 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 504 of the Trust
Agreement (as defined herein). The designations, rights, privileges,
restrictions, preferences, and other terms and 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 Trust Agreement of the Trust dated
as of
              ,
2008, as the same may be amended from time to time (the “Trust Agreement”),
including the designation of the terms of Preferred Securities as set forth
therein.  The Holder is entitled to the
benefits of the Preferred Securities Guarantee Agreement entered into by
Capitol Bancorp Ltd., a Michigan corporation, and Wells Fargo Bank, N.A., as
guarantee trustee, dated as of
              ,
2008, as the same may be amended from time to time (the “Guarantee”), to the
extent provided therein. The Trust shall furnish a copy of the Trust Agreement and the Guarantee to
the Holder without charge upon written request to the Trust at its principal
place of business or registered office.

 

Upon receipt
of this Certificate, the Holder is bound by the Trust Agreement and is entitled
to the benefits thereunder.

 

Unless the
Certificate of Authentication has been manually executed by the Property
Trustee, this Certificate is not valid or effective.

 

D-1

 

IN WITNESS
WHEREOF, one of the Administrative Trustees of the Trust has executed this
Certificate this        day of
                ,
2008.

 

 

	
   

  	
   

  	
  CAPITOL
  TRUST XII

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:
  Administrative Trustee

  
	
   

  	
   

  	
   

  

 

 

This is one of
the               %
Cumulative Trust Preferred Securities referred to in the within-mentioned
Amended and Restated Trust Agreement.

 

 

	
   

  	
   

  	
  WELLS FARGO
  BANK, N.A. as Property 

  Trustee

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  AUTHORIZED
  SIGNATURE

  

 

D-2

 

LEGEND

FOR CERTIFICATES EVIDENCING 

GLOBAL PREFERRED SECURITIES ONLY:

 

Unless this certificate is presented by an
authorized representative of The Depository Trust Company, a New York
corporation (“DTC”), to Capitol Trust XII or its agent for registration of
transfer, exchange, or payment, and any certificate issued is registered in the name of Cede & Co. or in such other name as is requested
by an authorized representative of DTC (and any payment is made to Cede &
Co. or to such other entity as is requested by an authorized representative of DTC), ANY TRANSFER, PLEDGE, OR OTHER USE
HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch
as the registered owner hereof, Cede & Co., has an interest herein.

 

D-3

 

(FORM OF
REVERSE OF CERTIFICATE]

 

The Trust will
furnish without charge to any registered owner of Preferred Securities who so
requests, a copy of the Trust Agreement and the Guarantee. Any such request
should be in writing and addressed to Capitol Trust XII, c/o Secretary of
Capitol Bancorp Ltd., 200 Washington Square North, Lansing, Michigan 48933 or
to the Registrar named on the face of this Certificate.

 

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

 

TEN COM—                         As
tenants in common

 

TEN ENT—                           As
tenants by the entireties

 

CT TEN—                             As
joint tenants with right of survival

 

UNIF GIFT MIN ACT— Under Uniform Gift to
Minors Act and not as tenants

 

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

 

ASSIGNMENT

 

FOR VALUE
RECEIVED, the undersigned hereby sells, assigns and transfers unto:

 

 

(Please insert
social security or other identifying number of assignee)

 

 

 (insert address and zip code of assignee)

 

the within Certificate and all rights and
interests represented by the Preferred Securities evidenced thereby, and hereby
irrevocably constitutes and appoints attorney to transfer the said Preferred
Securities on the books of

 

the within-named Trust with full power of
substitution in the premises.

 

	
  Dated:

  	
   

  	
   

  	
  Signature:

  	
   

  
	
   

  	
   

  	
   

  	
  Note: The
  signature(s) to this assignment must correspond with the name(s) as
  written upon the face of this Certificate in every particular, without
  alteration or enlargement, or any change whatever.

  

 

	
  Signature(s) Guaranteed:

  
	
   

  
	
   

  	
   

  
	
  NOTICE:
  Signature(s) must be guaranteed by

  an “eligible guarantor institution” that is

  a member or participant in a “signature

  guarantee program” (i.e., the Securities

  Transfer Agents Medallion Program, the

  Stock Exchange Medallion Program or

  the New York Stock Exchange, Inc.

  Medallion Signature Program).

  

 

D-4

 

EXHIBIT E

 

FORM OF
PREFERRED SECURITIES CERTIFICATE AUTHENTICATION

 

This is one of
the
              %
Cumulative Trust Preferred Securities referred to in the within-mentioned
Amended and Restated Trust Agreement.

 

	
   

  	
  WELLS FARGO BANK, N.A. as
  Property

  Trustee

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  AUTHORIZED
  SIGNATURE

  

 

E-1

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00143-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00143-of-00352.parquet"}]]