Document:

Purchase Agreement

 Exhibit 10.2 
  

 PURCHASE AGREEMENT 
  
 among 
  
 HOMEBANC CORP. 
  
 HMB CAPITAL TRUST I 
  
 and 
  
 BEAR, STEARNS & CO. INC. 
  
 Dated as of June 24, 2005 
  

 PURCHASE AGREEMENT 
 ($50,000,000 Trust Preferred Securities) 
  
 THIS PURCHASE AGREEMENT, dated as of June 24, 2005 (this “Purchase Agreement”), is entered into among HomeBanc Corp., a Georgia corporation (the “Company”), HMB Capital Trust I, a
Delaware statutory trust (the “Trust”, and together with the Company, the “Sellers”), and Bear, Stearns & Co. Inc. or its assignee. (the “Purchaser”). 
  
 WITNESSETH: 
  
 WHEREAS, the Sellers propose to issue and sell 50,000 Preferred Securities of the Trust, having a stated liquidation amount
of $1,000 per security (the “Preferred Securities”); 
  
 WHEREAS, the entire proceeds from the sale of the Preferred Securities will be combined with the entire proceeds from the sale by the Trust to the Company of its common securities (the “Common Securities”), and will be used
by the Trust to purchase Fifty One Million Five Hundred Forty Seven Thousand Dollars ($51,547,000) in principal amount of the unsecured junior subordinated notes of the Company (the “Junior Subordinated Notes”); 
  
 WHEREAS, the Preferred Securities and the Common Securities for the Trust
will be issued pursuant to the Amended and Restated Trust Agreement (the “Trust Agreement”), dated as of the Closing Date, among the Company, as depositor, Wells Fargo Bank, National Association, a national banking association, as
property trustee (in such capacity, the “Property Trustee”), Wells Fargo Delaware Trust Company, a national banking association, as Delaware trustee (in such capacity, the “Delaware Trustee”), the Administrative
Trustees named therein (in such capacities, the “Administrative Trustees”) and the holders from time to time of undivided beneficial interests in the assets of the Trust; and 
  
 WHEREAS, the Junior Subordinated Notes will be issued pursuant to a Junior
Subordinated Indenture, dated as of the Closing Date (the “Indenture”), between the Company and Wells Fargo Bank, National Association, a national banking association, as indenture trustee (in such capacity, the “Indenture
Trustee”). 
  
 NOW, THEREFORE, in consideration of the
mutual agreements and subject to the terms and conditions herein set forth, the parties hereto agree as follows: 
  
 1. Definitions. The Preferred Securities, the Common Securities and the Junior Subordinated Notes are collectively referred to herein as the
“Securities.” This Purchase Agreement, the Indenture, the Trust Agreement and the Securities are collectively referred to herein as the “Operative Documents.” All other capitalized terms used but not defined in this
Purchase Agreement shall have the respective meanings ascribed thereto in the Indenture. 
  

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 2. Purchase and Sale of the Preferred Securities. 
  
 (a) The Sellers agree to sell to the Purchaser, and the Purchaser agrees to
purchase from the Sellers the Preferred Securities for an amount (the “Purchase Price”) equal to Fifty Million Dollars ($50,000,000). The Purchaser shall be responsible for the rating agency costs and expenses. The Sellers shall use
the Purchase Price, together with the proceeds from the sale of the Common Securities, to purchase the Junior Subordinated Notes. 
  
 (b) Delivery or transfer of, and payment for, the Preferred Securities shall be made at 11:00 A.M. Eastern Standard time (11:00 A.M. New York time), on
June 28, 2005, (such date and time of delivery and payment for the Preferred Securities being herein called the “Closing Date”). The Preferred Securities shall be transferred and delivered to the Purchaser against the payment of the
Purchase Price to the Sellers made by wire transfer in immediately available funds on the Closing Date to a U.S. account designated in writing by the Company at least two business days prior to the Closing Date. 
  
 (c) Delivery of the Preferred Securities shall be made at such location, and
in such names and denominations, as the Purchaser shall designate at least two business days in advance of the Closing Date. The Company and the Trust agree to have the Preferred Securities available for inspection and checking by the Purchaser not
later than 2:00 P.M., Eastern Standard time, on the business day prior to the Closing Date. The closing for the purchase and sale of the Preferred Securities shall occur at the offices of Bracewell & Giuliani LLP, 111 Congress Avenue, Suite
2300, Austin, Texas 78701, or such other place as the parties hereto shall agree. 
  
 3. Conditions. The obligations of the parties under this Purchase Agreement are subject to the following conditions: 
  
 (a) The representations and warranties contained herein shall be accurate as of the date of delivery of the Preferred
Securities. 
  
 (b) The Purchaser shall have sold securities
issued by it in such an amount that the net proceeds therefrom shall be available on the Closing Date and shall be sufficient to purchase the Preferred Securities and all other preferred securities contemplated in agreements similar to this
Agreement. 
  
 (c) Alston & Bird LLP, counsel for the Company
and the Trust (the “Company Counsel”), shall have delivered an opinion, dated the Closing Date, addressed to Bear Stearns & Co. Inc. in substantially the form set out in Annex A-I hereto and (ii) the Company shall have furnished
to the Purchaser the opinion of the Company’s General Counsel or Assistant General Counsel, dated the Closing Date, addressed to the Purchaser, in substantially the form set out in Annex A-II hereto. In rendering their opinion, the
Company Counsel may rely as to factual matters upon certificates or other documents furnished by officers, directors and trustees of the Company and the Trust and by government officials (provided, however, that copies of any such certificates or
documents are delivered to the Purchaser) and by and upon such other documents as such counsel may, in their reasonable opinion, deem appropriate as a basis for the Company Counsel’s opinion. The Company Counsel may specify the jurisdictions in
which they are admitted to practice and that they are not admitted to practice in any other jurisdiction and 

  

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are not experts in the law of any other jurisdiction. If the Company Counsel is not admitted to practice in the State of New York, the opinion of the Company
Counsel may assume, for purposes of the opinion, that the laws of the State of New York are substantively identical, in all respects material to the opinion, to the internal laws of the state in which such counsel is admitted to practice. Such
Company Counsel Opinion shall not state that they are to be governed or qualified by, or that they are otherwise subject to, any treatise, written policy or other document relating to legal opinions, including, without limitation, the Legal Opinion
Accord of the ABA Section of Business Law (1991). 
  
 (d) The
Purchaser, the Company and the Trust shall have been furnished the opinion of special tax counsel for the Purchaser, dated the Closing Date, addressed to the Purchaser, the Company and the Trust in substantially the form set out in Annex B
hereto. 
  
 (e) The Purchaser, the Company and the Trust shall
have received the opinion of Potter Anderson & Corroon, special Delaware counsel for the Delaware Trustee, dated the Closing Date, addressed to the Purchaser, Wells Fargo Delaware Trust Company, the Delaware Trustee, the Trust and the Company,
in substantially the form set out in Annex C hereto. 
  
 (f) The Purchaser, the Company and the Trust shall have received the opinion of Potter Anderson & Corroon, special counsel for the Property Trustee and the Indenture Trustee, dated the Closing Date, addressed to the Purchaser, the
Company and the Trust in substantially the form set out in Annex D hereto. 
  
 (g) The Purchaser, the Company and the Trust shall have received the opinion of Potter Anderson & Corroon, special Delaware counsel for the Delaware Trustee, dated the Closing Date, addressed to the Purchaser, the
Company, the Trust and Wells Fargo Delaware Trust Company, in substantially the form set out in Annex E hereto. 
  
 (h) The Company shall have furnished to the Purchaser a certificate of the Company, signed by the Chief Executive Officer, President or an Executive or
Senior Vice President, and Chief Financial Officer, Deputy Chief Financial Officer, Chief Investment Officer, Treasurer or Assistant Treasurer of the Company, and the Trust shall have furnished to the Purchaser a certificate of the Trust, signed by
an Administrative Trustee of the Trust, in each case dated the Closing Date, and, in the case of the Company, as to (i) and (ii) below and, in the case of the Trust, as to (i) below. 
  
 (i) the representations and warranties in this Purchase Agreement are true and correct on and as of the
Closing Date with the same effect as if made on the Closing Date, and the Company and the Trust have complied with all the agreements and satisfied all the conditions on either of their part to be performed or satisfied at or prior to the Closing
Date; and 
  
 (ii) since March 31, 2005 (the date
of the latest Financial Statements), there has been no material adverse change in the condition (financial or other), earnings, business or assets of the Company and its subsidiaries, whether or not arising from transactions occurring in the
ordinary course of business (a “Material Adverse Change”). 
  

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 (i) Subsequent to the execution of this Purchase Agreement, there shall not have been any change, or any
development involving a prospective change, in or affecting the condition (financial or other), earnings, business or assets of the Company and its subsidiaries, whether or not occurring in the ordinary course of business, the effect of which is, in
the Purchaser’s reasonable judgment, so material and adverse as to make it impractical or inadvisable to proceed with the purchase of the Preferred Securities. 
  
 (j) Prior to the Closing Date, the Company and the Trust shall have furnished to the Purchaser and its counsel such further
information, certificates and documents as the Purchaser or its counsel may reasonably request. 
  
 If any of the conditions specified in this Section 3 shall not have been fulfilled when and as provided in this Purchase Agreement, or if any of
the opinions, certificates and documents mentioned above or elsewhere in this Purchase Agreement shall not be reasonably satisfactory in form and substance to the Purchaser or its counsel, this Purchase Agreement and all the Purchaser’s
obligations hereunder may be canceled at, or at any time prior to, the Closing Date by the Purchaser. Notice of such cancellation shall be given to the Company and the Trust in writing or by telephone or facsimile confirmed in writing. 

 
 Each certificate signed by any trustee of the Trust or any officer of the
Company and delivered to the Purchaser or the Purchaser’s counsel in connection with the Operative Documents and the transactions contemplated hereby and thereby shall be deemed to be a representation and warranty of the Trust and/or the
Company, as the case may be, and not by such trustee or officer in any individual capacity. 
  
 4. Representations and Warranties of the Company and the Trust. The Company and the Trust jointly and severally represent and warrant to, and agree with the Purchaser, as follows: 
  
 (a) Neither the Company nor the Trust, nor any of their
“Affiliates” (as defined in Rule 501(b) of Regulation D (“Regulation D”) under the Securities Act (as defined below)), nor any person acting on its or their behalf, has, directly or indirectly, made offers or sales of any
security, or solicited offers to buy any security, under circumstances that would require the registration of any of the Securities under the Securities Act of 1933, as amended (the “Securities Act”). 
  
 (b) Neither the Company nor the Trust, nor any of their Affiliates, nor any
person acting on its or their behalf, has engaged in any form of general solicitation or general advertising (within the meaning of Regulation D) in connection with any offer or sale of any of the Securities. 
  
 (c) The Securities (i) are not and have not been listed on a national
securities exchange registered under section 6 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or quoted on a U.S. automated inter-dealer quotation system and (ii) are not of an open-end investment company,
unit investment trust or face-amount certificate company that are, or are required to be, registered under section 8 of the Investment Company Act of 1940, as 

  

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amended (the “Investment Company Act”), and the Securities otherwise satisfy the eligibility requirements of Rule 144A(d)(3) promulgated
pursuant to the Securities Act (“Rule 144A(d)(3)”). 
  
 (d) Neither the Company nor the Trust, nor any of their Affiliates, nor any person acting on its or their behalf, has engaged, or will engage, in any “directed selling efforts” within the meaning of Regulation S under the
Securities Act with respect to the Securities. 
  
 (e) Neither the
Company nor the Trust is, and, immediately following consummation of the transactions contemplated hereby and the application of the net proceeds therefrom, will not be, an “investment company” or an entity “controlled” by an
“investment company,” in each case within the meaning of section 3(a) of the Investment Company Act. 
  
 (f) Neither the Company nor the Trust has paid or agreed to pay to any person any compensation for soliciting another to purchase any of the Securities,
except for the Preferred Securities Commission and/or the sales commission in the amount of $1,500,000, the Company has agreed to pay to Bear Stearns & Co. Inc. pursuant to the letter of intent between the Company and Bear, Stearns & Co.
Inc. 
  
 (g) The Trust has been duly created and is validly
existing in good standing as a statutory trust under the Delaware Statutory Trust Act, 12 Del. C. §3801, et seq. (the “Statutory Trust Act”) with all requisite power and authority to own property and to conduct
the business it transacts and proposes to transact as contemplated in the Operative Documents and to enter into and perform its obligations under the Operative Documents to which it is a party. The Trust is duly qualified to transact business as a
foreign entity and is in good standing in each jurisdiction in which such qualification is necessary, except where the failure to so qualify or be in good standing would not have a material adverse effect on the condition (financial or otherwise),
earnings, business or assets of the Trust, whether or not occurring in the ordinary course of business. The Trust is not a party to or otherwise bound by any agreement other than the Operative Documents. The Trust is and will be, under current law,
classified for federal income tax purposes as a grantor trust and not as an association or publicly traded partnership taxable as a corporation. 
  
 (h) The Trust Agreement has been duly authorized by the Company and, on the Closing Date specified in Section 2(b), will have been duly executed
and delivered by the Company and the Administrative Trustees of the Trust, and, assuming due authorization, execution and delivery by the Property Trustee and the Delaware Trustee, will be a legal, valid and binding obligation of the Company and the
Administrative Trustees, enforceable against them in accordance with its terms, subject to applicable bankruptcy, insolvency and similar laws affecting creditors’ rights generally and to general principles of equity, and to limitations on the
rights to indemnity and contribution that exist by virtue of public policy (the “Bankruptcy and Equity Exception.” Each of the Administrative Trustees of the Trust is an employee of the Company or its subsidiaries and has been duly
authorized by the Company to execute and deliver the Trust Agreement. 
  

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 (i) The Indenture has been duly authorized by the Company and, on the Closing Date, will have been duly
executed and delivered by the Company, and, assuming due authorization, execution and delivery by the Indenture Trustee, will be a legal, valid and binding obligation of the Company enforceable against it in accordance with its terms, subject to the
Bankruptcy and Equity Exception. 
  
 (j) The Preferred Securities
and the Common Securities have been duly authorized by the Trust and, when executed, authenticated, and issued and delivered against payment therefor on the Closing Date in accordance with this Purchase Agreement, in the case of the Preferred
Securities, and in accordance with the Common Securities Subscription Agreement, in the case of the Common Securities, will be validly issued, fully paid and non-assessable (except, in the case of the Common Securities, for the obligations of the
Company with respect to certain expenses and obligations of the Issuer Trust specified in the Transaction Documents) and will represent undivided beneficial interests in the assets of the Trust entitled to the benefits of the Trust Agreement,
enforceable against the Trust in accordance with their terms, subject to the Bankruptcy and Equity Exception. The issuance of the Securities is not subject to any preemptive or other similar rights. On the Closing Date, all of the issued and
outstanding Common Securities will be directly owned by the Company free and clear of any pledge, security interest, claim, lien or other encumbrance of any kind (each, a “Lien”). 
  
 (k) The Junior Subordinated Notes have been duly authorized by the Company
and, on the Closing Date, will have been duly executed and delivered to the Indenture Trustee for authentication in accordance with the Indenture and, when authenticated in the manner provided for in the Indenture and delivered to the Trust against
payment therefor in accordance with the Junior Subordinated Note Purchase Agreement, will constitute legal, valid and binding obligations of the Company entitled to the benefits of the Indenture, enforceable against the Company in accordance with
their terms, subject to the Bankruptcy and Equity Exception. 
  
 (l) This Purchase Agreement has been duly authorized, executed and delivered by the Company and the Trust. 
  
 (m) Neither the issue and sale of the Common Securities, the Preferred Securities or the Junior Subordinated Notes, nor the purchase of the Junior
Subordinated Notes by the Trust, nor the execution and delivery of and compliance with the Operative Documents by the Company or the Trust, nor the consummation of the transactions contemplated herein or therein, (i) will conflict with or constitute
a violation or breach of the Trust Agreement or the charter or bylaws of the Company or any subsidiary of the Company or any applicable law, statute, rule, regulation, judgment, order, writ or decree of any government, governmental authority, agency
or instrumentality or court, domestic or foreign, having jurisdiction over the Trust or the Company or any of its subsidiaries or their respective properties or assets (collectively, the “Governmental Entities”), (ii) will conflict
with or constitute a violation or breach of, or a default or Repayment Event (as defined below) under, or result in the creation or imposition of any Lien upon any property or assets of the Trust, the Company or any of the Company’s
subsidiaries pursuant to, any contract, indenture, mortgage, loan agreement, note, lease or other agreement or instrument to which (A) the Trust, the Company or any of its 

  

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subsidiaries is a party or by which it or any of them may be bound, or (B) to which any of the property or assets of any of them is subject, or any judgment,
order or decree of any court, Governmental Entity or arbitrator, except, in the case of this clause (ii), for such conflicts, breaches, violations, defaults, Repayment Events (as defined below) or Liens which (X) would not, singly or in the
aggregate, materially adversely affect the consummation of the transactions contemplated by the Operative Documents and (Y) would not, singly or in the aggregate, have a material adverse effect on the condition (financial or otherwise), earnings,
business, liabilities and assets (taken as a whole) or business prospects of the Company and its subsidiaries taken as a whole, whether or not occurring in the ordinary course of business (a “Material Adverse Effect”) or (iii)
require the consent, approval, authorization or order of any court or Governmental Entity. As used herein, a “Repayment Event” means any event or condition which gives the holder of any note, debenture or other evidence of
indebtedness (or any person acting on such holder’s behalf) the right to require the repurchase, redemption or repayment of all or a portion of such indebtedness by the Trust or the Company or any of its subsidiaries prior to its scheduled
maturity. 
  
 (n) The Company has been duly incorporated and is
validly existing as a corporation in good standing under the laws of Georgia, with all requisite corporate power and authority to own, lease and operate its properties and conduct the business it transacts and proposes to transact, and is duly
qualified to transact business and is in good standing as a foreign corporation in each jurisdiction where the nature of its activities requires such qualification, except where the failure of the Company to be so qualified would not, singly or in
the aggregate, have a Material Adverse Effect. 
  
 (o) The Company
has no subsidiaries that are material to its business, financial condition or earnings other than those subsidiaries listed in Schedule 1 attached hereto (collectively, the “Significant Subsidiaries”). Each Significant
Subsidiary has been duly incorporated and is validly existing as a corporation in good standing under the laws of the jurisdiction in which it is chartered or organized, with all requisite corporate power and authority to own, lease and operate its
properties and conduct the business it transacts and proposes to transact. Each Significant Subsidiary is duly qualified to transact business and is in good standing as a foreign corporation in each jurisdiction where the nature of its activities
requires such qualification, except where the failure to be so qualified would not, singly or in the aggregate, have a Material Adverse Effect. 
  
 (p) Each of the Trust, the Company and each of the Company’s subsidiaries hold all necessary approvals, authorizations, orders, licenses, consents,
registrations, qualifications, certificates and permits (collectively, the “Governmental Licenses”) of and from Governmental Entities necessary to conduct their respective businesses as now being conducted, and neither the Trust,
the Company nor any of the Company’s subsidiaries has received any notice of proceedings relating to the revocation or modification of any such Government License, except where the failure to be so licensed or approved or the receipt of an
unfavorable decision, ruling or finding, would not, singly or in the aggregate, have a Material Adverse Effect; all of the Governmental Licenses are valid and in full force and effect, except where the invalidity or the failure of such Governmental
Licenses to be in full force and effect, would not, singly or in the aggregate, have a Material Adverse Effect; and the Company and its subsidiaries 

  

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are in compliance with all applicable laws, rules, regulations, judgments, orders, decrees and consents, except where the failure to be in compliance would
not, singly or in the aggregate, have a Material Adverse Effect. 
  
 (q) All of the issued and outstanding shares of capital stock of the Company and each of its subsidiaries are validly issued, fully paid and non-assessable; with the exception of HomeBanc Title Partners, LLC, which is owned 85% by the
Company, all of the issued and outstanding capital stock of each subsidiary of the Company is owned by the Company, directly or through subsidiaries, and the capital stock of each subsidiary is free and clear of any Lien, claim or equitable right;
and none of the issued and outstanding capital stock of the Company or any subsidiary was issued in violation of any preemptive or similar rights arising by operation of law, under the charter or by-laws of such entity or under any agreement to
which the Company or any of its subsidiaries is a party. 
  
 (r)
Neither the Company nor any of its subsidiaries is (i) in violation of its respective charter or by-laws or similar organizational documents or (ii) in default in the performance or observance of any obligation, agreement, covenant or condition
contained in any contract, indenture, mortgage, loan agreement, note, lease or other agreement or instrument to which the Company or any such subsidiary is a party or by which it or any of them may be bound or to which any of the property or assets
of any of them is subject, except, in the case of clause (ii), where such violation or default would not, singly or in the aggregate, have a Material Adverse Effect. 
  
 (s) There is no action, suit or proceeding before or by any Governmental Entity, arbitrator or court, domestic or foreign,
now pending or, to the knowledge of the Company or the Trust after due inquiry, threatened against or affecting the Trust or the Company or any of the Company’s subsidiaries, except for such actions, suits or proceedings that, if adversely
determined, would not, singly or in the aggregate, adversely affect the consummation of the transactions contemplated by the Operative Documents or have a Material Adverse Effect; and the aggregate of all pending legal or governmental proceedings to
which the Trust or the Company or any of its subsidiaries is a party or of which any of their respective properties or assets is subject, including ordinary routine litigation incidental to the business, are not expected to result in a Material
Adverse Effect. 
  
 (t) The accountants of the Company who
certified the Financial Statements (as defined below) are independent public accountants of the Company and its subsidiaries within the meaning of the Securities Act, and the rules and regulations of the Securities and Exchange Commission (the
“Commission”) thereunder. 
  
 (u) The audited
consolidated financial statements (including the notes thereto) and schedules of the Company and its consolidated subsidiaries for the fiscal year ended December 31, 2004 (the “Financial Statements”) and the interim unaudited
consolidated financial statements of the Company and its consolidated subsidiaries for the quarter ended March 31, 2005 (the “Interim Financial Statements”) provided to the Purchaser are the most recent available audited and
unaudited consolidated financial statements of the Company and its consolidated subsidiaries, respectively, and fairly present in all material respects, in accordance 

  

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with U.S. generally accepted accounting principles (“GAAP”), the financial position of the Company and its consolidated subsidiaries, and
the results of operations and changes in financial condition as of the dates and for the periods therein specified, subject, in the case of Interim Financial Statements, to year-end adjustments (which are expected to consist solely of normal
recurring adjustments). Such consolidated financial statements and schedules have been prepared in accordance with GAAP consistently applied throughout the periods involved (except as otherwise noted therein). 
  
 (v) None of the Trust, the Company nor any of its subsidiaries has any
material liability, whether known or unknown, whether asserted or unasserted, whether absolute or contingent, whether accrued or unaccrued, whether liquidated or unliquidated, and whether due or to become due, including any liability for taxes (and
there is no past or present fact, situation, circumstance, condition or other basis for any present or future action, suit, proceeding, hearing, charge, complaint, claim or demand against the Company or its subsidiaries that could give rise to any
such liability), except for (i) liabilities set forth in the Financial Statements or the Interim Financial Statements and (ii) normal fluctuations in the amount of the liabilities referred to in clause (i) above occurring in the ordinary course of
business of the Trust, the Company and all of its subsidiaries since the date of the most recent balance sheet included in such Financial Statements. 
  
 (w) Since the respective dates of the Financial Statements and the Interim Financial Statements, there has not been (A) any Material Adverse Change or (B)
any dividend or distribution of any kind declared, paid or made by the Company on any class of its capital stock other than regular quarterly cash dividends paid in the regular course of business on the Company’s common stock. 
  
 (x) The documents of the Company filed with the Commission in accordance with
the Exchange Act, from and including the commencement of the fiscal year covered by the Company’s most recent Annual Report on Form 10-K, at the time they were or hereafter are filed by the Company with the Commission (collectively, the
“1934 Act Reports”), complied on the Purchase Date all material respects with the requirements of the Exchange Act and the rules and regulations of the Commission thereunder (the “1934 Act Regulations”), and, at the
date of this Purchase Agreement and on the Closing Date, do not include an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein, in the light of the
circumstances under which they were made, not misleading; and other than such instruments, agreements, contracts and other documents as are filed as exhibits to the Company’s Annual Report on Form 10-K, Quarterly Reports on Form 10-Q or Current
Reports on Form 8-K, there are no instruments, agreements, contracts or documents of a character described in Item 601 of Regulation S-K promulgated by the Commission to which the Company or any of its subsidiaries is a party other than the
Securities. The Company is in compliance with all currently applicable requirements of the Exchange Act that were added by the Sarbanes-Oxley Act of 2002. 
  
 (y) No labor dispute with the employees of the Trust, the Company or any of its subsidiaries exists or, to the knowledge of the executive officers of the
Trust or the Company, is imminent, except those which would not, singly or in the aggregate, have a Material Adverse Effect. 
  

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 (z) No filing with, or authorization, approval, consent, license, order, registration, qualification or
decree of, any Governmental Entity, other than those that have been made or obtained, is necessary or required for the performance by the Trust or the Company of their respective obligations under the Operative Documents, as applicable, or the
consummation by the Trust and the Company of the transactions contemplated by the Operative Documents. 
  
 (aa) Each of the Trust, the Company and each subsidiary of the Company has good and marketable title to all of its respective real and personal
properties, in each case free and clear of all Liens and defects, except for those that would not, singly or in the aggregate, have a Material Adverse Effect; and all of the leases and subleases under which the Trust, the Company or any subsidiary
of the Company holds properties are in full force and effect, except where the failure of such leases and subleases to be in full force and effect would not, singly or in the aggregate, have a Material Adverse Effect, and none of the Trust, the
Company or any subsidiary of the Company has any notice of any claim of any sort that has been asserted by anyone adverse to the rights of the Trust, the Company or any subsidiary of the Company under any such leases or subleases, or affecting or
questioning the rights of such entity to the continued possession of the leased or subleased premises under any such lease or sublease, except for such claims that would not, singly or in the aggregate, have a Material Adverse Effect. 
  
 (bb) Commencing with its taxable year ended December 31, 2004, the Company
has been, and upon the completion of the transactions contemplated hereby, the Company will continue to be, organized and operated in conformity with the requirements for qualification and taxation as a real estate investment trust (a
“REIT”) under Sections 856 through 860 of the Internal Revenue Code of 1986, as amended (the “Code”), and the Company’s proposed method of operation will enable it to continue to meet the requirements for
qualification and taxation as a REIT under the Code. The Company expects to continue to be organized and to operate in a manner so as to qualify as a REIT in the taxable year ending December 31, 2005 and succeeding taxable years. 
  
 (cc) The Company and each of the Significant Subsidiaries have timely and
duly filed all Tax Returns required to be filed by them, and all such Tax Returns are true, correct and complete in all material respects. The Company and each of the Significant Subsidiaries have timely and duly paid in full all material Taxes
required to be paid by them (whether or not such amounts are shown as due on any Tax Return). There are no federal, state, or other Tax audits or deficiency assessments proposed or pending with respect to the Company or any of the Significant
Subsidiaries, and to the Company’s knowledge no such audits or assessments are threatened. As used herein, the terms “Tax” or “Taxes” mean (i) all federal, state, local, and foreign taxes, and other assessments
of a similar nature (whether imposed directly or through withholding), including any interest, additions to tax, or penalties applicable thereto, imposed by any Governmental Entity, and (ii) all liabilities in respect of such amounts arising as a
result of being a member of any affiliated, consolidated, combined, unitary or similar group, as a successor to another person or by contract. As used herein, the term “Tax Returns” means all federal, state, local, and foreign Tax
returns, declarations, statements, reports, schedules, forms, and information returns and any amendments thereto filed or required to be filed with any Governmental Entity. 
  

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 (dd) The books, records and accounts of the Company and its subsidiaries accurately and fairly reflect,
in reasonable detail, the transactions in, and dispositions of, the assets of, and the results of operations of, the Company and its subsidiaries. The Company and each of its subsidiaries maintains a system of internal accounting controls sufficient
to provide reasonable assurances that (i) transactions are executed in accordance with management’s general or specific authorizations, (ii) transactions are recorded as necessary to permit preparation of financial statements in accordance with
GAAP and to maintain asset accountability, (iii) access to assets is permitted only in accordance with management’s general or specific authorization and (iv) the recorded accountability for assets is compared with the existing assets at
reasonable intervals and appropriate action is taken with respect to any differences. 
  
 (ee) The Company and the Significant Subsidiaries have insurance covering their respective properties, operations, personnel and businesses, including business interruption insurance, which insurance is in amounts and
insures against such losses and risks as are reasonable and customary for companies of similar size involved in similar businesses; and neither the Company nor any Significant Subsidiary has reason to believe that it will not be able to renew its
existing insurance coverage as and when such coverage expires or to obtain similar coverage at a reasonable cost as may be necessary to continue its business. 
  

(ff) Neither the Company nor any of its subsidiaries nor, to the knowledge of the Company, any person acting on behalf of the Company or any of its
subsidiaries including, without limitation, any director, officer, agent or employee of the Company or its subsidiaries has (i) used any corporate funds for unlawful contributions, gifts, entertainment or other unlawful expenses relating to
political activity; (ii) made any unlawful payment to any foreign or domestic government officials or employees from corporate funds; (iii) violated any provision of the Foreign Corrupt Practices Act of 1977, as amended; or (iv) made any other
unlawful payment. 
  
 (gg) The information provided by the Company
and the Trust pursuant to this Purchase Agreement and the transactions contemplated hereby does not, as of the date hereof, and will not as of the Closing Date, contain any untrue statement of a material fact or omit to state any material fact
necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading. 
  
 (hh) The Company and its subsidiaries (i) are in compliance with any and all applicable federal, state, local and foreign laws, rules, regulations,
decisions and order relating to the protection of human health and safety, the environment or hazardous or toxic substances or wastes, pollutants or contaminants (collectively, “Environmental Laws”); (ii) have received and are in
compliance with all permits, licenses or other approvals required of them under applicable Environmental Laws to conduct their respective businesses; and (iii) have not received notice of any actual or potential liability for the investigation or
remediation of any disposal or release of hazardous or toxic substances or wastes, pollutants or contaminants, in each case except for any such failure to comply, or failure to receive require permits, licenses or approvals, or liability as would
not reasonably be expected, individually or in the aggregate, to have a Material Adverse Effect. 
  

 11 

 5. Representations and Warranties of the Purchaser. The Purchaser represents and
warrants to, and agrees with, the Company and the Trust as follows: 
  
 (a) The Purchaser is aware that the Securities have not been and will not be registered under the Securities Act and may not be offered or sold within the United States or to “U.S. persons” (as defined in Regulation S under the
Securities Act) except in accordance with Rule 903 of Regulation S under the Securities Act or pursuant to an exemption from the registration requirements of the Securities Act. 
  
 (b) The Purchaser is an “accredited investor,” as such term is defined in Rule 501(a) of Regulation D under the
Securities Act. 
  
 (c) Neither the Purchaser, nor any of the
Purchaser’s affiliates, nor any person acting on the Purchaser’s or the Purchaser’s Affiliate’s behalf has engaged, or will engage, in any form of “general solicitation or general advertising” (within the meaning of
Regulation D under the Securities Act) in connection with any offer or sale of the Preferred Securities. 
  
 (d) The Purchaser understands and acknowledges that (i) no public market exists for any of the Securities and that it is unlikely that a public market
will ever exist for the Securities, (ii) the Purchaser is purchasing the Securities for its own account, for investment and not with a view to, or for offer or sale in connection with, any distribution thereof in violation of the Securities Act or
other applicable securities laws, subject to any requirement of law that the disposition of its property be at all times within its control and subject to its ability to resell such Securities pursuant to an effective registration statement under
the Securities Act or pursuant to an exemption therefrom or in a transaction not subject thereto, and the Purchaser agrees to the legends and transfer restrictions applicable to the Securities contained in the Indenture, and (iii) the Purchaser has
had the opportunity to ask questions of, and receive answers and request additional information from, the Company and is aware that it may be required to bear the economic risk of an investment in the Securities. 
  
 (e) The Purchaser is a company with limited liability duly incorporated,
validly existing and in good standing under the laws of the jurisdiction in which it is organized with all requisite (i) power and authority to execute, deliver and perform the Operative Documents to which it is a party, to make the representations
and warranties specified herein and therein and to consummate the transactions contemplated herein and (ii) right and power to purchase the Securities. 
  
 (f) This Purchase Agreement has been duly authorized, executed and delivered by the Purchaser and no filing with, or authorization, approval, consent,
license, order registration, qualification or decree of, any governmental body, agency or court having jurisdiction over the Purchaser, other than those that have been made or obtained, is necessary or required for the performance by the Purchaser
of its obligations under this Purchase Agreement or to consummate the transactions contemplated herein. 
  
 (g) The Purchaser is a “Qualified Purchaser” as such term is defined in Section 2(a)(51) of the Investment Company Act. 
  

 12 

 6. Covenants and Agreements of the Company and the Trust. The Company and the Trust
jointly and severally agree with the Purchaser as follows: 
  
 (a) During the period from the date of this Agreement to the Closing Date, the Company and the Trust shall use their reasonable efforts and take all action necessary or appropriate to cause their representations and warranties contained in
Section 4 hereof to be true as of the Closing Date, after giving effect to the transactions contemplated by this Purchase Agreement, as if made on and as of the Closing Date. 
  
 (b) The Company and the Trust will arrange for the qualification of the Preferred Securities for sale under the laws of such
jurisdictions as the Purchaser may designate and will maintain such qualifications in effect so long as required for the sale of the Preferred Securities. The Company or the Trust, as the case may be, will promptly advise the Purchaser of the
receipt by the Company or the Trust, as the case may be, of any notification with respect to the suspension of the qualification of the Preferred Securities for sale in any jurisdiction or the initiation or threatening of any proceeding for such
purpose. 
  
 (c) Neither the Company nor the Trust will, nor will
either of them permit any of its Affiliates to, nor will either of them permit any person acting on its or their behalf (other than the Purchaser) to, resell any Preferred Securities that have been acquired by any of them. 
  
 (d) Neither the Company nor the Trust will, nor will either of them permit
any of their Affiliates or any person acting on their behalf to, engage in any “directed selling efforts” within the meaning of Regulation S under the Securities Act with respect to the Securities. 
  
 (e) Neither the Company nor the Trust will, nor will either of them permit
any of their Affiliates or any person acting on their behalf to, directly or indirectly, make offers or sales of any security, or solicit offers to buy any security, under circumstances that would require the registration of any of the Securities
under the Securities Act. 
  
 (f) Neither the Company nor the
Trust will, nor will either of them permit any of their Affiliates or any person acting on their behalf to, engage in any form of “general solicitation or general advertising” (within the meaning of Regulation D) in connection with the
offer or sale of any of the Securities pursuant to this Purchase Agreement. 
  
 (g) So long as any of the Securities are outstanding, (i) the Securities shall not be listed on a national securities exchange registered under section 6 of the Exchange Act or quoted in a U.S. automated inter-dealer
quotation system and (ii) neither the Company nor the Trust shall be an open-end investment company, unit investment trust or face-amount certificate company that is, or is required to be, registered under Section 8 of the Investment Company Act,
and, the Securities shall otherwise satisfy the eligibility requirements of Rule 144A(d)(3). 
  
 (h) Each of the Company and the Trust shall furnish to (i) the holders of record of the Preferred Securities, and (ii) Bear, Stearns & Co. Inc. (at 383 Madison Avenue, 

  

 13 

 
New York, New York 10179, or such other address as designated by Bear, Stearns & Co. Inc.), a duly completed and executed certificate in the form
attached hereto as Annex F, including the financial statements (if not filed with the SEC electronically) referenced in such Annex, which certificate and financial statements shall be so furnished by the Company and the Trust not later than
forty five (45) days after the end of each of the first three fiscal quarters of each fiscal year of the Company and not later than ninety (90) days after the end of each fiscal year of the Company. 
  
 (i) The Company, during any period in which it is not subject to and in
compliance with section 13 or 15(d) of the Exchange Act, or it is not exempt from such reporting requirements pursuant to and in compliance with Rule 12g3-2(b) under the Exchange Act, shall provide to each holder of the Securities and to each
prospective purchaser (as designated by such holder) of the Securities, upon the request of such holder or prospective purchaser, any information required to be provided by Rule 144A(d)(4) under the Securities Act. If the Company is required to
register under the Exchange Act, such reports filed electronically pursuant to the SEC’s EDGAR system in compliance with Rule 12g3-2(b) shall be sufficient information as required above. This covenant is intended to be for the benefit of the
Purchaser, the holders of the Securities, and the prospective purchasers designated by the Purchaser and such holders, from time to time, of the Securities. 
  
 (j) Neither the Company nor the Trust will, until one hundred eighty (180) days following the Closing Date, without the Purchaser’s prior written
consent, offer, sell, contract to sell, grant any option to purchase or otherwise dispose of, directly or indirectly, (i) any Preferred Securities or other securities substantially similar to the Preferred Securities other than as contemplated by
this Purchase Agreement or (ii) any other securities convertible into, or exercisable or exchangeable for, any Preferred Securities or other securities substantially similar to the Preferred Securities; ; provided, for the avoidance of doubt, that
no such consent shall be required (a) if such other securities have a different maturity date, interest rate, payment dates and other terms than those of the Preferred Securities or (b) if, after giving effect to any such offer, sale or option, the
offer, sale or option of such other securities shall not result in the required registration of the sale of the Preferred Securities as contemplated herein, which shall be evidenced by an opinion of counsel addressed to the purchasers, underwriters,
placement agents or to the Company of such securities that the offering is exempt from registration under the Securities Act of 1933, as amended, or (c) if the offer, sale or option of such securities would not result in the loss of the exemption
from registration relied upon in connection with the sale of the Preferred Securities. 
  
 (k) The Company will use all reasonable efforts to meet the requirements to qualify as a REIT under Sections 856 through 860 of the Code, effective for the taxable year ending December 31, 2005 (and each fiscal
quarter of such year) and succeeding taxable years. 
  
 (l) The
Company shall not identify the Purchaser or Bear, Stearns & Co. Inc. in a press release or any other public statement without the consent of Purchaser or Bear, Stearns & Co. Inc., as applicable, which consent shall not be withheld
unreasonably. The foregoing sentence shall not restrict in any way the filing of the Operative Documents as part of any Exchange Act report. 
  

 14 

 7. Payment of Expenses. The Company, as depositor of the Trust, agrees to pay all
costs and expenses incident to the performance of the obligations of the Company and the Trust under this Purchase Agreement, whether or not the transactions contemplated herein are consummated or this Purchase Agreement is terminated, including all
costs and expenses incident to (i) the authorization, issuance, sale and delivery of the Preferred Securities and any taxes payable in connection therewith; (ii) the fees and expenses of qualifying the Preferred Securities under the securities laws
of the several jurisdictions as provided in Section 6(b); (iii) the fees and expenses of the counsel, the accountants and any other experts or advisors retained by the Company or the Trust; and (iv) the fees and all reasonable expenses of the
Property Trustee, the Delaware Trustee, the Indenture Trustee and any other trustee or paying agent appointed under the Operative Documents, including the fees and disbursements of counsel for such trustees, which fees shall not exceed a $2,000
set-up fee, $3,500 for the fees and expenses of special Delaware counsel retained by the Delaware Trustee in connection with the Closing, and $4,000 in annual maintenance and administrative fees. The Purchaser agrees to pay the fees and expenses of
Bracewell & Giuliani LLP, special counsel retained by the Purchaser. 
  
 If the sale of the Preferred Securities provided for in this Purchase Agreement is not consummated because any condition set forth in Section 3 hereof to be satisfied by either the Company or the Trust is not
satisfied, because this Purchase Agreement is terminated pursuant to Section 9 or because of any failure, refusal or inability on the part of the Company or the Trust to perform all obligations and satisfy all conditions on its part to be
performed or satisfied hereunder other than by reason of a default by the Purchaser, the Company will reimburse the Purchaser upon demand for all reasonable out-of-pocket expenses (including the fees and expenses of the Trustee’s and the
Purchaser’s respective counsel specified in subparagraphs (v) and (vi) of the immediately preceding paragraph) that shall have been incurred by the Purchaser in connection with the proposed purchase and sale of the Preferred Securities. The
Company shall not in any event be otherwise liable to the Purchaser for any amounts in connection with such failure, including, without limitation, any losses, including anticipated profits from the transactions contemplated by this Purchase
Agreement. 
  
 8. Indemnification. (a) The
Sellers agree, jointly and severally, to indemnify and hold harmless the Purchaser, (the “Indemnified Parties”) and the Indemnified Parties’ respective directors, officers, employees and agents and each person, if any, who
controls the Indemnified Parties within the meaning of the Securities Act, or the Exchange Act against any losses, claims, damages or liabilities, joint or several (“Claims”), to which the Indemnified Parties may become subject,
under the Securities Act, the Exchange Act or other federal or state law or regulation, at common law or otherwise, insofar as such losses, claims, damages or liabilities (or actions in respect thereof) arise out of or are based upon (i) any untrue
statement or alleged untrue statement of a material fact contained in any information (whether oral or written) or documents furnished or made available to the Purchaser, or arise out of or are based upon the omission or alleged omission to state
therein a material fact required to be stated therein or necessary to make the statements therein not misleading, or (ii) the breach or alleged breach of any of the Sellers representations and warranties set forth herein, and agrees to reimburse
each 

  

 15 

 
such Indemnified Party, as incurred, for any legal fees or charges or other expenses reasonably incurred by them in connection with preparing, investigating,
defending or settling any such Claim; provided, however, non of the Sellers will be liable to the Indemnified Parties or the Indemnified Parties respective directors, officers employees and agents and each person, if any, who controls such
Purchaser within the meaning of the Exchange Act to the extent that any such Claim arises out of or is based upon an untrue statement or alleged untrue statement or omission or alleged omission made in any such documents in reliance upon and in
conformity with any information furnished to the Company, whether written or oral, by the Purchaser specifically for use therein. This indemnity agreement will be in addition to any liability that any of the Sellers may otherwise have. 

 
 (b) The Company agrees to indemnify the Trust against all loss, liability,
claim, damage and expense whatsoever due from the Trust under paragraph (a) above. 
  
 (c) Promptly after receipt by an Indemnified Party under this Section 8 of notice of the commencement of any action, such Indemnified Party will, if a claim in respect thereof is to be made against the
indemnifying party under this Section 8, promptly notify the indemnifying party in writing of the commencement thereof; but the failure so to notify the indemnifying party (i) will not relieve the indemnifying party from liability under
paragraph (a) above unless and to the extent that such failure results in the forfeiture by the indemnifying party of material rights and defenses and (ii) will not, in any event, relieve the indemnifying party from any obligations to any
Indemnified Party other than the indemnification obligation provided in paragraph (a) above. Purchaser shall be entitled to appoint counsel to represent the Indemnified Party in any action for which indemnification is sought. An indemnifying party
may participate at its own expense in the defense of any such action; provided, that counsel to the indemnifying party shall not (except with the consent of the Indemnified Party) also be counsel to the Indemnified Party. In no event shall
the indemnifying parties be liable for fees and expenses of more than one counsel (in addition to any local counsel) separate from their own counsel for all Indemnified Parties in connection with any one action or separate but similar or related
actions in the same jurisdiction arising out of the same general allegations or circumstances. An indemnifying party will not, without the prior written consent of the Indemnified Parties, settle or compromise or consent to the entry of any judgment
with respect to any pending or threatened claim, action, suit or proceeding in respect of which indemnification may be sought hereunder (whether or not the Indemnified Parties are actual or potential parties to such claim, action, suit or
proceeding) unless such settlement, compromise or consent includes an unconditional release of each Indemnified Party from all liability on all Claims that are the subject matter of such proceeding or arise therefrom or related thereto, and does not
include a statement as to, or an admission of, fault, culpability or a failure to act by or on behalf of any indemnified party arising out of such claim, action, suit or proceeding. 
  
 9. Termination; Representations and Indemnities to Survive. This Purchase Agreement shall be subject to
termination in the absolute discretion of the Purchaser, by notice given to the Company and the Trust prior to delivery of and payment for the Preferred Securities, if prior to such time (i) a downgrading shall have occurred in the rating accorded
the Company’s debt securities or preferred stock by any “nationally recognized statistical rating organization,” as that term is used by the Commission in Rule 15c3-1(c)(2)(vi)(F) under the 

  

 16 

 
Exchange Act, or such organization shall have publicly announced that it has under surveillance or review, with possible negative implications, its rating of
the Company’s debt securities or preferred stock, (ii) the Trust shall be unable to sell and deliver to the Purchaser at least $50,000,000 stated liquidation value of Preferred Securities, (iii) a suspension or material limitation in trading in
securities generally shall have occurred on the New York Stock Exchange, (iv) a suspension or material limitation in trading in any of the Company’s securities shall have occurred on the exchange or quotation system upon which the Company’
securities are traded, if any, or (v) there shall have occurred any outbreak or escalation of hostilities, or declaration by the United States of a national emergency or war or other calamity or crisis the effect of which on financial markets is
such as to make it, in the Purchaser’s judgment, impracticable or inadvisable to proceed with the offering or delivery of the Preferred Securities. The respective agreements, representations, warranties, indemnities and other statements of the
Company and the Trust and of the Purchaser set forth in or made pursuant to this Purchase Agreement will remain in full force and effect, regardless of any investigation made by or on behalf of the Purchaser, the Company or the Trust and will
survive delivery of and payment for the Preferred Securities. The provisions of Sections 7 and 8 shall survive the termination or cancellation of this Purchase Agreement. 
  
 10. Amendments. This Purchase Agreement may not be modified, amended, altered or supplemented, except upon the
execution and delivery of a written agreement by each of the parties hereto. 
  
 11. Notices. 
  
 (a)
Any communication shall be given by letter or facsimile, in the case of notices to the Issuer, to it at: 
  
 HMB Capital Trust I 
 c/o HomeBanc Corp. 
 2002 Summit Blvd., Suite 100 
 Atlanta, GA 30319 
 Facsimile: (404) 236-8174 
 Attention: Chief Investment Officer 
  
 with a copy to: 
  
 HomeBanc Corp. 
 2002 Summit Blvd., Suite 100 
 Atlanta, GA 30319 
 Facsimile: (404) 236-8174 
 Attention: General Counsel 
  

 17 

 and a copy to: 
  
 Alston and Bird, LLP 
 1201 W. Peachtree St. 
 Atlanta, GA 30309 
 Facsimile: (404) 253-8272 
 Attention: Ralph F. MacDonald III 
  
 in the case
of notices to the Sponsor, to it at: 
  
 HomeBanc
Corp. 
 2002 Summit Blvd., Suite 100 
 Atlanta, GA 30319 
 Facsimile: (404) 236-8174 
 Attention: Chief Investment Officer 
  
 with a copy to: 
  
 HomeBanc Corp. 
 2002 Summit Blvd., Suite 100 
 Atlanta, GA 30319 
 Facsimile: (404) 236-8174 
 Attention: General Counsel 
  
 and a copy to:

  
 Alston and Bird, LLP 
 1201 W. Peachtree St. 
 Atlanta, GA 30309 
 Facsimile: (404) 253-8272 
 Attention: Ralph F. MacDonald III 
  
 and in the case of notices to the Purchaser, to it at: 
  
 Bear, Stearns & Co. Inc. 
 383 Madison Avenue 
 New York, New York 10179 
 Facsimile: (212) 272-5445 
 Attention: Tom Dunstan 
  
 with a copy to:

  
 Bracewell & Giuliani LLP 
 111 Congress Avenue, Suite 2300 
 Austin, TX 78701-4043 
 Facsimile: (512) 472-9123 
 Attention: David B. Jones 
  
  

 18 

 (b) Any such communication shall take effect, in the case of a letter, at the time of delivery and in the
case of facsimile, at the time of dispatch. 
  
 (c) Any
communication not by facsimile shall be confirmed by letter but failure to send or receive the letter of confirmation shall not invalidate the original communication. 
  
 12. Successors and Assigns. This Purchase Agreement will inure to the benefit of and be binding upon
the parties hereto and their respective successors and permitted assigns. Nothing expressed or mentioned in this Purchase Agreement is intended or shall be construed to give any person other than the parties hereto and the affiliates, directors,
officers, employees, agents and controlling persons referred to in Section 8 hereof and their successors, assigns, heirs and legal representatives, any right or obligation hereunder. None of the rights or obligations of the Company or the
Trust under this Purchase Agreement may be assigned, whether by operation of law or otherwise, without the Purchaser’s prior written consent. The rights and obligations of the Purchaser under this Purchase Agreement may be assigned by the
Purchaser without the Company’s or the Trust’s consent; provided that the assignee assumes the obligations of the Purchaser under this Purchase Agreement. 
  
 13. Applicable Law. THIS PURCHASE AGREEMENT WILL BE GOVERNED BY AND CONSTRUED AND ENFORCED IN
ACCORDANCE WITH THE LAW OF THE STATE OF NEW YORK WITHOUT REFERENCE TO PRINCIPLES OF CONFLICTS OF LAW (OTHER THAN SECTION 5-1401 OF THE GENERAL OBLIGATIONS LAW). 
  

14. Submission to Jurisdiction. ANY LEGAL ACTION OR PROCEEDING BY OR AGAINST ANY PARTY HERETO OR WITH RESPECT TO OR ARISING OUT OF THIS
PURCHASE AGREEMENT MAY BE BROUGHT IN OR REMOVED TO THE COURTS OF THE STATE OF NEW YORK, IN AND FOR THE COUNTY OF NEW YORK, OR OF THE UNITED STATES OF AMERICA FOR THE SOUTHERN DISTRICT OF NEW YORK (IN EACH CASE SITTING IN THE BOROUGH OF MANHATTAN).
BY EXECUTION AND DELIVERY OF THIS PURCHASE AGREEMENT, EACH PARTY ACCEPTS, FOR ITSELF AND IN RESPECT OF ITS PROPERTY, GENERALLY AND UNCONDITIONALLY, THE JURISDICTION OF THE AFORESAID COURTS (AND COURTS OF APPEALS THEREFROM) FOR LEGAL PROCEEDINGS
ARISING OUT OF OR IN CONNECTION WITH THIS PURCHASE AGREEMENT. 
  
 15. Counterparts and Facsimile. This Purchase Agreement may be executed by any one or more of the parties hereto in any number of counterparts, each of which shall be deemed to be an original, but all such counterparts
shall together constitute one and the same instrument. This Purchase Agreement may be executed by any one or more of the parties hereto by facsimile. 
  

 19 

 IN WITNESS WHEREOF, this Purchase Agreement has been entered into as of the date first written above.

  

					
	HOMEBANC CORP.
		
	 By:
	 	 /s/ John Kubiak

	 Name:
	 	 John Kubiak

	 Title:
	 	 Sr. Vice President and Chief Investment Officer

	
	 HMB CAPITAL TRUST I

		
	 By:
	 	 HomeBanc Corp., as Depositor

			
	 	 	 By:
	 	 /s/ John Kubiak

	 	 	 Name:
	 	 John Kubiak

	 	 	 Title:
	 	 Sr. Vice President and Chief Investment Officer

  

 20 

			
	 Bear, Stearns & Co. Inc.

		
	 By:
	 	 /s/ Thomas Dunstan

	 Name:
	 	 Tom Dunstan

	 Title:
	 	 Senior Managing Director

  

 21 

 SCHEDULE 1 
  

List of Significant Subsidiaries 
  
 HomeBanc Mortgage Corporation 
  

 Schedule 1-1 

 SCHEDULE 1 
  

ANNEX A-I 
  
 Pursuant to Section 3(c)(i) of the Purchase Agreement, Alston & Bird LLP, counsel for the Company, shall deliver an opinion, including customary
limitations, assumptions and exclusions, to the effect that: 
  
 (i) each of the Company and each Significant Subsidiary is validly existing as an entity in good standing under the laws of the jurisdiction in which it is chartered or organized, with full power and authority as such an entity to (A) own
or lease its properties and conduct the business it currently transacts, including the formation of the Trust and the acquisition of the Trust’s Common Securities, (B) enter into, deliver and perform its obligations under the Purchase Agreement
and the Transaction Documents, and (C) offer, issue and sell the Securities; 
  
 (ii) all of the issued and outstanding capital stock or other equity interests of each Significant Subsidiary that is a corporation has been duly authorized and validly issued, is fully paid and non-assessable and is
owned by the Company, directly or indirectly through wholly-owned Subsidiaries; 
  
 (iii) the Company has the corporate power and authority to execute and deliver, and to perform its obligations under, in each case subject to the Bankruptcy and Equity Exception (as defined below), the Transaction
Documents to which it is a party, including to issue and perform its obligations under the Junior Subordinated Notes; 
  
 (iv) no approval (other than such filings, registrations or qualifications as may be required under any securities or blue sky laws (domestic or foreign),
as to which no opinion is expressed) that has not been obtained is required under the laws of the State of Georgia for the execution, delivery and performance of the Transaction Documents or the consummation of the transactions contemplated in the
Purchase Agreement; 
  
 (v) it is not necessary in connection with
the offer, sale and delivery of the Trust Securities, the Preferred Securities and the Junior Subordinated Notes to register the same under the Securities Act of 1933, as amended (the “Securities Act”), under the circumstances
contemplated in the Purchase Agreement and the Trust Agreement, or to require qualification of the Indenture under the Trust Indenture Act of 1939; 
  
 (vi) each of the Transaction Documents to which the Company is a party, including the Purchase Agreement, has been duly authorized, executed and delivered
by the Company. Assuming due authorization, execution, authentication and delivery of the Transaction Documents by you and the other parties thereto, each of the Indenture and the Purchase Agreement constitutes a legal, valid and binding instrument
of the Company enforceable against the Company in accordance with its terms, subject to the Bankruptcy and Equity Exception (as defined below). Each of the Transaction Documents to which any Administrative Trustee is a party has been duly executed
and delivered by such Administrative Trustees. The Junior Subordinated Notes have been duly and validly authorized, executed and delivered to the Indenture Trustee for authentication in accordance with the Indenture, and when 

  

 A-II-1 

 
authenticated in accordance with the provisions of the Indenture and delivered to and paid for by the Trust, will constitute legal, valid and binding
obligations of the Company entitled to the benefits of the Indenture and enforceable against the Company in accordance with their terms, subject to the Bankruptcy and Equity Exception (as defined below); 
  
 (vii) neither the issue and sale of the Common Securities, the Preferred
Securities or the Junior Subordinated Notes, nor the purchase by the Trust of the Junior Subordinated Notes, nor the execution and delivery of and compliance with the Transaction Documents by the Company or the Trust, nor the consummation of the
transaction contemplated thereby will conflict with, result in a breach or violation of, or constitute a default, including any condition or event that, with notice, the lapse of time or both, would be a default under the charter, articles or
certificate of incorporation, bylaws or other organizational or constituent documents of the Company or any of its Subsidiaries (including without limitation, the Trust Agreement), the terms of any indenture or other agreement, document or
instrument known to us and to which the Company or any of its Significant Subsidiaries is a party, or by the terms of which the Company is bound, or any law, judgment, order, ruling or decree, of any court, arbitrator, government or governmental
authority, domestic or foreign, having jurisdiction over the Company or any of its Significant Subsidiaries, known to us to be applicable to the Company or any of its Subsidiaries, except for such conflicts, breaches, violations or defaults which
are not, in the aggregate, material to the Company and its Significant Subsidiaries taken as a whole and do not and are not reasonably likely to have a Material Adverse Effect or result in the creation or imposition of any material lien, claim,
charge or encumbrance upon any property or assets of the Company or its Significant Subsidiaries except as expressly provided by the Transaction Documents; 
  
 (viii) (a) the issuance, sale and delivery of the Trust Securities and the Junior Subordinated Notes in accordance with the terms of the Purchase
Agreement and the other Transaction Documents has been duly authorized by all necessary actions of the Company and (b) neither the holders of the outstanding shares of capital stock of the Company nor any other Person has any preemptive or similar
rights to purchase any Trust Securities or the Junior Subordinated Notes; 
  
 (ix) to our knowledge, (a) neither the Company nor any of its Significant Subsidiaries is in breach or violation of, or default under, with or without notice or lapse of time or both, its charter, articles or
certificate of incorporation, bylaws or other organizational or constituent documents, and (ii) there is no claim, charge, investigation, action, suit or proceeding before or by any Governmental Entity, now pending or threatened against the Trust,
the Company or any of its Significant Subsidiaries which, individually or in the aggregate, has had or is reasonably likely to have a Material Adverse Effect; 
  

(x) assuming the accuracy of the respective representations and warranties of the Company, the Trust, the Placement Agent and the Purchaser contained
in the Transaction Documents, and compliance with the terms thereof and compliance by the Purchaser with Regulation D under the Securities Act, no registration of any of the Securities under the Securities Act is required for the offer and sale of
the Preferred Securities in the manner contemplated by the Purchase Agreement and the Preferred Securities Subscription Agreement; 
  

 2 

 (xi) the Trust is not, and following the issuance of the Preferred Securities and the application of the
proceeds therefrom and the consummation of the transactions contemplated in the Transaction Documents, will not be, an “investment Company” or an entity “controlled” by an “investment company,” in each case within the
meaning of the Investment Company Act of 1940, as amended. 
  
  

 3 

 ANNEX A-II 
  

Pursuant to Section 3(c)(ii) of the Purchase Agreement, General Counsel for the Company shall deliver an opinion, or the Company shall provide an
Officers’ Certificate, to the effect that: 
  
 (i) All of
the issued and outstanding shares of capital stock of HomeBanc Mortgage Corporation, the Company’s only Significant Subsidiary, are owned of record by the Company, and the issuance of the Trust Securities is not subject to any contractual
preemptive rights known to me. 
  
 (ii) To my knowledge, there is
no action, suit or proceeding before or by any government, governmental or regulatory agency, arbitrator or court now pending or threatened against or affecting the Trust, the Company or any Significant Subsidiary that could, if determined adversely
to the Trust, the Company or any Significant Subsidiary, reasonably be expected to (a) adversely affect the consummation of the transactions contemplated by the Operative Documents or (b) have a Material Adverse Effect. 
  
  

 4 

 ANNEX B 
  
 Pursuant to Section 3(d) of the Purchase Agreement, special tax counsel for the Purchaser, the Company and the Trust, shall deliver an opinion to the
effect that: 
  
 It is our opinion that, under current law and
assuming the performance of the Operative Documents in accordance with the terms described therein, the Subordinated Debt Securities will be treated for United States federal income tax purposes as indebtedness of the Company. It is our opinion that
the Trust will be not classified for United States federal income tax purposes as an association taxable as a corporation. 
  
 In rendering such opinions, such counsel may (A) state that its opinion is limited to the federal laws of the United States and (B) rely as to matters of
fact, to the extent deemed proper, on certificates of responsible officers of the Company and public officials. 
  
  

 B-1 

 ANNEX C 
  
 Pursuant to Section 3(e) of the Purchase Agreement, special Delaware counsel for the Delaware Trustee, shall deliver an opinion to the effect that:

  
 (i) the Trust has been duly created and is
validly existing in good standing as a statutory trust under the Delaware Statutory Trust Act, and all filings required under the laws of the State of Delaware with respect to the creation and valid existence of the Trust as a statutory trust have
been made; 
  
 (ii) under the Delaware Statutory
Trust Act and the Trust Agreement, the Trust has the trust power and authority (A) to own property and conduct its business, all as described in the Trust Agreement, (B) to execute and deliver, and to perform its obligations under, each of the
Purchase Agreement, the Common Securities Subscription Agreement, the Junior Subordinated Note Purchase Agreement and the Preferred Securities and the Common Securities and (C) to purchase and hold the Junior Subordinated Notes; 
  
 (iii) under the Delaware Statutory Trust Act, the
certificate attached to the Trust Agreement as Exhibit C is an appropriate form of certificate to evidence ownership of the Preferred Securities; the Preferred Securities have been duly authorized by the Trust Agreement and, when issued and
delivered against payment of the consideration as set forth in the Purchase Agreement, the Preferred Securities will be validly issued and (subject to the qualifications set forth in this paragraph) fully paid and nonassessable and will represent
undivided beneficial interests in the assets of the Trust; the holders of the Preferred Securities will be entitled to the benefits of the Trust Agreement and, as beneficial owners of the Trust, will 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; and such counsel may note that the holders of the Preferred Securities may be obligated, pursuant to the
Trust Agreement, to (A) provide indemnity and/or security in connection with and pay taxes or governmental charges arising from transfers or exchanges of Preferred Securities certificates and the issuance of replacement Preferred Securities
certificates and (B) provide security or indemnity in connection with requests of or directions to the Property Trustee to exercise its rights and remedies under the Trust Agreement; 
  
 (iv) the Common Securities have been duly authorized by the Trust Agreement and, when issued and delivered
by the Trust to the Company against payment therefor as described in the Trust Agreement and the Common Securities Subscription Agreement, will be validly issued and fully paid and will represent undivided beneficial interests in the assets of the
Trust entitled to the benefits of the Trust Agreement; 
  
 (v) under the Delaware Statutory Trust Act and the Trust Agreement, the issuance of the Preferred Securities and the Common Securities is not subject to preemptive or other similar rights; 
  

 C-1 

 (vi) under the Delaware Statutory Trust Act and the Trust Agreement, the execution and
delivery by the Trust of the Purchase Agreement, the Common Securities Subscription Agreement and the Junior Subordinated Note Purchase Agreement, and the performance by the Trust of its obligations thereunder, have been duly authorized by all
necessary trust action on the part of the Trust; 
  
 (vii) the Trust Agreement constitutes a legal, valid and binding obligation of the Company and the Trustees, and is enforceable against the Company and the Trustees, in accordance with its terms subject, as to enforcement, to the effect
upon the Trust Agreement of (i) bankruptcy, insolvency, moratorium, receivership, reorganization, liquidation, fraudulent conveyance or transfer and other similar laws relating to or affecting the rights and remedies of creditors generally, (ii)
principles of equity, including applicable law relating to fiduciary duties (regardless of whether considered and applied in a proceeding in equity or at law), and (iii) the effect of applicable public policy on the enforceability of provisions
relating to indemnification or contribution; 
  
 (viii) the issuance and sale by the Trust of the Preferred Securities and the Common Securities, the purchase by the Trust of the Junior Subordinated Notes, the execution, delivery and performance by the Trust of the Purchase Agreement, the
Common Securities Subscription Agreement and the Junior Subordinated Note Purchase Agreement, the consummation by the Trust of the transactions contemplated by the Purchase Agreement and compliance by the Trust with its obligations thereunder do not
violate (i) any of the provisions of the Certificate of Trust or the Amended and Restated Trust Agreement or (ii) any applicable Delaware law, rule or regulation; 
  
 (ix) no filing with, or authorization, approval, consent, license, order, registration, qualification or
decree of, any Delaware court or Delaware Governmental Entity or Delaware agency is necessary or required solely in connection with the issuance and sale by the Trust of the Common Securities or the Preferred Securities, the purchase by the Trust of
the Junior Subordinated Notes, the execution, delivery and performance by the Trust of the Purchase Agreement, the Common Securities Subscription Agreement and the Junior Subordinated Note Purchase Agreement, the consummation by the Trust of the
transactions contemplated by the Purchase Agreement and compliance by the Trust with its obligations thereunder; and 
  
 (x) the holders of the Preferred Securities (other than those holders who reside or are domiciled in the State of Delaware) will have no
liability for income taxes imposed by the State of Delaware solely as a result of their participation in the Trust and the Trust will not be liable for any income tax imposed by the State of Delaware. 
  
 In rendering such opinions, such counsel may (A) state that its opinion is
limited to the laws of the State of Delaware, (B) rely as to matters of fact, to the extent deemed proper, on certificates of responsible officers of the Company and public officials and (C) take customary assumptions and exceptions as to
enforceability and other matters. 
  

 C-2 

 ANNEX D 
  
 Pursuant to Section 3(f) of the Purchase Agreement, special counsel for the Property Trustee and the Indenture Trustee, shall deliver an opinion to the
effect that: 
  
 (i) Wells Fargo Bank, National
Association (the “Bank”) is a national banking association with trust powers, duly and validly existing under the laws of the United States of America, with corporate power and authority to execute, deliver and perform its obligations
under the Indenture and to authenticate and deliver the Securities, and is duly eligible and qualified to act as Trustee under the Indenture pursuant to Section 6.1 thereof and as Property Trustee under the Trust Agreement pursuant to Section 8.2
thereof; 
  
 (ii) Each Agreement has been
duly authorized, executed and delivered by the Bank and constitutes the valid and binding obligation of the Bank, enforceable against it in accordance with its terms except (A) as may be limited by bankruptcy, fraudulent conveyance, fraudulent
transfer, insolvency, reorganization, liquidation, receivership, moratorium or other similar laws now or hereafter in effect relating to creditors’ rights generally, and by general equitable principles, regardless of whether considered in a
proceeding in equity or at law and (B) that the remedy of specific performance and injunctive and other forms of equitable relief may be subject to equitable defenses and to the discretion of the court before which any proceeding therefor may be
brought; 
  
 (iii) Neither the execution or
delivery by the Bank of the Agreements, the authentication and delivery of the Securities by the Trustee pursuant to the terms of the Agreements, respectively, nor the performance by the Bank of its obligations under the Agreements (A) requires the
consent or approval of, the giving of notice to or the registration or filing with, any governmental authority or agency under any existing law of the United States of America governing the banking or trust powers of the Bank or (B) violates or
conflicts with the Articles of Association or By-laws of the Bank or any law or regulation of the State of New York or the United States of America governing the banking or trust powers of the Bank; 
  
 (iv) the Securities have been authenticated and delivered by
a duly authorized officer of the Bank. 
  
 In rendering such
opinions, such counsel may (A) state that its opinion is limited to the laws of the State of New York and the laws of the United States of America, (B) rely as to matters of fact, to the extent deemed proper, on certificates of responsible officers
of Wells Fargo Bank, National Association, the Company and public officials, and (C) make customary assumptions and exceptions as to enforceability and other matters. 
  
  

 D-1 

 ANNEX E 
  
 Pursuant to Section 3(g) of the Purchase Agreement, counsel for the Delaware Trustee, shall deliver an opinion to the effect that: 
  
 (i) Wells Fargo Delaware Trust Company is duly formed and
validly existing as a national banking association under the federal laws of the United States of America with trust powers and with its principal place of business in the State of Delaware; 
  
 (ii) Wells Fargo Delaware Trust Company has the corporate
power and authority to execute, deliver and perform its obligations under, and has taken all necessary corporate action to authorize the execution, delivery and performance of, the Trust Agreement and to consummate the transactions contemplated
thereby; 
  
 (iii) The Trust Agreement has been
duly authorized, executed and delivered by Wells Fargo Delaware Trust Company and constitutes a legal, valid and binding obligation of Wells Fargo Delaware Trust Company, and is enforceable against Wells Fargo Delaware Trust Company, in accordance
with its terms subject as to enforcement, to the effect upon the Trust Agreement of (i) applicable bankruptcy, insolvency, reorganization, moratorium, receivership, fraudulent conveyance or transfer and similar laws relating to or affecting the
rights and remedies of creditors generally, (ii) principles of equity, including applicable law relating to fiduciary duties (regardless of whether considered and applied in a proceeding in equity or at law), and (iii) the effect of applicable
public policy on the enforceability of provisions relating to indemnification or contribution; 
  
 (iv) The execution, delivery and performance by Wells Fargo Delaware Trust Company of the Trust Agreement do not conflict with or result
in a violation of (A) articles of association or by-laws of Wells Fargo Delaware Trust Company or (B) any law or regulation of the State of Delaware or the United States of America governing the trust powers of Wells Fargo Delaware Trust Company or,
to our knowledge, without independent investigation, of any indenture, mortgage, bank credit agreement, note or bond purchase agreement, long-term lease, license or other agreement or instrument to which Wells Fargo Delaware Trust Company is a party
or by which it is bound or, to our knowledge, without independent investigation, of any judgment or order applicable to Wells Fargo Delaware Trust Company; and 
  

(v) No approval, authorization or other action by, or filing with, any Governmental Entity of the State of Delaware or the United
States of America governing the trust powers of Wells Fargo Delaware Trust Company is required in connection with the execution and delivery by Wells Fargo Delaware Trust Company of the Trust Agreement or the performance by Wells Fargo Delaware

  

 E-1 

 
Trust Company of its obligations thereunder, except for the filing of the Certificate of Trust with the Secretary of State of the State of Delaware, which
Certificate of Trust has been filed with the Secretary of State of the State of Delaware. 
  
 In rendering such opinions, such counsel may (A) state that its opinion is limited to the laws of the State of Delaware and the federal laws of the United States governing the trust powers of Wells Fargo Delaware
Trust Company, (B) rely as to matters of fact, to the extent deemed proper, on certificates of responsible officers of the Company and public officials and (C) take customary assumptions and exceptions. 
  

 E-2 

 ANNEX F 
  
 Officer’s Financial Certificate 
  
 The undersigned, the [Chairman/Vice Chairman/Chief Executive Officer/President/ Vice President/Chief Financial Officer/Treasurer/Assistant Treasurer],
hereby certifies, pursuant to Section 6(h) of the Purchase Agreement, dated as of June 24, 2005, among HomeBanc Corp. (the “Company”), HMB Capital Trust I (the “Trust”) and Bear, Stearns & Co. Inc., that, as of [date],
[20    ], the Company, if applicable, and its Subsidiary had the following ratios and balances: 
  
 As of [Quarterly/Annual Financial Date], 20     
  

				
	 Senior secured indebtedness for borrowed money (“Debt”)
	  	$	            
	 Senior unsecured Debt
	  	$	            
	 Subordinated Debt
	  	$	            
	 Total Debt
	  	$	            
	 Ratio of (x) senior secured and unsecured Debt to (y) total Debt
	  	 	            %

  
 [FOR FISCAL YEAR END: Attached
hereto are the audited consolidated financial statements (including the balance sheet, income statement and statement of cash flows, and notes thereto, together with the report of the independent accountants thereon) of the Company and its
consolidated subsidiaries for the three years ended [date], 20     and all required Statutory Financial Statements (as defined in the Purchase Agreement) for the year ended [date], 20    ]

  
 [FOR FISCAL QUARTER END: Attached hereto are the unaudited consolidated
and consolidating financial statements (including the balance sheet and income statement) of the Company and its consolidated subsidiaries and all required Statutory Financial Statements (as defined in the Purchase Agreement) for the year ended
[date], 20    ] for the fiscal quarter ended [date], 20    .] 
  
 The financial statements fairly present in all material respects, in accordance with U.S. generally accepted accounting principles (“GAAP”), the financial
position of the Company and its consolidated subsidiaries, and the results of operations and changes in financial condition as of the date, and for the [     quarter interim] [annual] period ended [date],
20    , and such financial statements have been prepared in accordance with GAAP consistently applied throughout the period involved (expect as otherwise noted therein). 
  
  

 F-1 

 IN WITNESS WHEREOF, the undersigned has executed this Officer’s Financial Certificate as of this
     day of                     , 2005. 
  

			
	HomeBanc Corp.
		
	 By:
	 	  

	 Name:
	 	  

	
	 HomeBanc Corp.
 2002 Summit Blvd., Suite 100
 Atlanta, GA 30319

  
  

 F-2Amended and Restated Trust Agreement

 Exhibit 10.3 
  

  
 AMENDED AND RESTATED TRUST AGREEMENT 
  
 among

  
 HOMEBANC CORP., 
 as Depositor 
  
 WELLS FARGO BANK, NATIONAL ASSOCIATION, 
 as Property Trustee 

 
 WELLS FARGO DELAWARE TRUST COMPANY, 
 as Delaware Trustee 
  
 and 
  
 THE ADMINISTRATIVE TRUSTEES NAMED HEREIN 
 as Administrative Trustees

  

  
 Dated as of June 28, 2005 
  

  
 HMB Capital Trust I 
  

 TABLE OF CONTENTS 
  

					
	 	  	 	  	Page

	 ARTICLE I.
	  	DEFINED TERMS	  	1
			
	 Section 1.1.
	  	 Definitions
	  	1
			
	 ARTICLE II.
	  	THE TRUST	  	11
			
	 Section 2.1.
	  	 Name
	  	11
			
	 Section 2.2.
	  	 Office of the Delaware Trustee; Principal Place of Business
	  	12
			
	 Section 2.3.
	  	 Initial Contribution of Trust Property; Fees, Costs and Expenses
	  	12
			
	 Section 2.4.
	  	 Purposes of Trust
	  	12
			
	 Section 2.5.
	  	 Authorization to Enter into Certain Transactions
	  	13
			
	 Section 2.6.
	  	 Assets of Trust
	  	15
			
	 Section 2.7.
	  	 Title to Trust Property
	  	15
			
	 ARTICLE III.
	  	PAYMENT ACCOUNT; PAYING AGENTS	  	16
			
	 Section 3.1.
	  	 Payment Account
	  	16
			
	 Section 3.2.
	  	 Appointment of Paying Agents
	  	16
			
	 ARTICLE IV.
	  	DISTRIBUTIONS; REDEMPTION	  	17
			
	 Section 4.1.
	  	 Distributions
	  	17
			
	 Section 4.2.
	  	 Redemption
	  	18
			
	 Section 4.3.
	  	 Subordination of Common Securities
	  	21
			
	 Section 4.4.
	  	 Payment Procedures
	  	21
			
	 Section 4.5.
	  	 Withholding Tax
	  	22
			
	 Section 4.6.
	  	 Tax Returns and Other Reports
	  	22
			
	 Section 4.7.
	  	 Payment of Taxes, Duties, Etc. of the Trust
	  	22
			
	 Section 4.8.
	  	 Payments under Indenture or Pursuant to Direct Actions
	  	22
			
	 Section 4.9.
	  	 Exchanges
	  	23
			
	 Section 4.10.
	  	 Calculation Agent
	  	23
			
	 Section 4.11.
	  	 Certain Accounting Matters
	  	24
			
	 ARTICLE V.
	  	SECURITIES	  	25
			
	 Section 5.1.
	  	 Initial Ownership
	  	25
			
	 Section 5.2.
	  	 Authorized Trust Securities
	  	25
			
	 Section 5.3.
	  	 Issuance of the Common Securities; Subscription and Purchase of Notes
	  	25

  

 i 

 TABLE OF CONTENTS 
 (continued) 
  

					
	 	  	 	  	Page

			
	 Section 5.4.
	  	 The Securities Certificates
	  	26
			
	 Section 5.5.
	  	 Rights of Holders
	  	26
			
	 Section 5.6.
	  	 Book-Entry Preferred Securities
	  	27
			
	 Section 5.7.
	  	 Registration of Transfer and Exchange of Preferred Securities Certificates
	  	28
			
	 Section 5.8.
	  	 Mutilated, Destroyed, Lost or Stolen Securities Certificates
	  	30
			
	 Section 5.9.
	  	 Persons Deemed Holders
	  	31
			
	 Section 5.10.
	  	 Cancellation
	  	31
			
	 Section 5.11.
	  	 Ownership of Common Securities by Depositor
	  	31
			
	 Section 5.12.
	  	 Restricted Legends
	  	32
			
	 Section 5.13.
	  	 Form of Certificate of Authentication
	  	34
			
	 ARTICLE VI.
	  	MEETINGS; VOTING; ACTS OF HOLDERS	  	34
			
	 Section 6.1.
	  	 Notice of Meetings
	  	34
			
	 Section 6.2.
	  	 Meetings of Holders of the Preferred Securities
	  	34
			
	 Section 6.3.
	  	 Voting Rights
	  	35
			
	 Section 6.4.
	  	 Proxies, Etc.
	  	35
			
	 Section 6.5.
	  	 Holder Action by Written Consent
	  	35
			
	 Section 6.6.
	  	 Record Date for Voting and Other Purposes
	  	35
			
	 Section 6.7.
	  	 Acts of Holders
	  	36
			
	 Section 6.8.
	  	 Inspection of Records
	  	37
			
	 Section 6.9.
	  	 Limitations on Voting Rights
	  	37
			
	 Section 6.10.
	  	 Acceleration of Maturity; Rescission of Annulment; Waivers of Past Defaults
	  	38
			
	 ARTICLE VII.
	  	REPRESENTATIONS AND WARRANTIES	  	40
			
	 Section 7.1.
	  	 Representations and Warranties of the Property Trustee and the Delaware Trustee
	  	40
			
	 Section 7.2.
	  	 Representations and Warranties of Depositor
	  	41
			
	 ARTICLE VIII.
	  	THE TRUSTEES	  	42
			
	 Section 8.1.
	  	 Number of Trustees
	  	42
			
	 Section 8.2.
	  	 Property Trustee Required
	  	42
			
	 Section 8.3.
	  	 Delaware Trustee Required
	  	43

  

 ii 

 TABLE OF CONTENTS 
 (continued) 
  

					
	 	  	 	  	Page

			
	 Section 8.4.
	  	 Appointment of Administrative Trustees
	  	43
			
	 Section 8.5.
	  	 Duties and Responsibilities of the Trustees
	  	44
			
	 Section 8.6.
	  	 Notices of Defaults
	  	45
			
	 Section 8.7.
	  	 Certain Rights of Property Trustee
	  	46
			
	 Section 8.8.
	  	 Delegation of Power
	  	48
			
	 Section 8.9.
	  	 May Hold Securities
	  	48
			
	 Section 8.10.
	  	 Compensation; Reimbursement; Indemnity
	  	48
			
	 Section 8.11.
	  	 Resignation and Removal; Appointment of Successor
	  	49
			
	 Section 8.12.
	  	 Acceptance of Appointment by Successor
	  	51
			
	 Section 8.13.
	  	 Merger, Conversion, Consolidation or Succession to Business
	  	51
			
	 Section 8.14.
	  	 Not Responsible for Recitals or Issuance of Securities
	  	51
			
	 Section 8.15.
	  	 Property Trustee May File Proofs of Claim
	  	52
			
	 Section 8.16.
	  	 Reports to the Property Trustee
	  	53
			
	 ARTICLE IX.
	  	TERMINATION, LIQUIDATION AND MERGER	  	53
			
	 Section 9.1.
	  	 Dissolution Upon Expiration Date
	  	53
			
	 Section 9.2.
	  	 Early Termination
	  	53
			
	 Section 9.3.
	  	 Termination
	  	54
			
	 Section 9.4.
	  	 Liquidation
	  	54
			
	 Section 9.5.
	  	 Mergers, Consolidations, Amalgamations or Replacements of Trust
	  	55
			
	 ARTICLE X.
	  	MISCELLANEOUS PROVISIONS	  	57
			
	 Section 10.1.
	  	 Limitation of Rights of Holders
	  	57
			
	 Section 10.2.
	  	 Agreed Tax Treatment of Trust and Trust Securities
	  	57
			
	 Section 10.3.
	  	 Amendment
	  	57
			
	 Section 10.4.
	  	 Separability
	  	59
			
	 Section 10.5.
	  	 Governing Law
	  	59
			
	 Section 10.6.
	  	 Successors
	  	59
			
	 Section 10.7.
	  	 Headings
	  	60
			
	 Section 10.8.
	  	 Reports, Notices and Demands
	  	60
			
	 Section 10.9.
	  	 Agreement Not to Petition
	  	61
			
	 Section 10.10.
	  	 Counterparts
	  	61

  

 iii 

  
 TABLE OF CONTENTS

 (continued) 
  

			
	 Exhibit A
	  	Certificate of Trust of HMB Capital Trust I
	 Exhibit B
	  	Form of Common Securities Certificate
	 Exhibit C
	  	Form of Preferred Securities Certificate
	 Exhibit D
	  	Reserved
	 Exhibit E
	  	Form of Transferor Certificate
	 Exhibit F
	  	Form of Officer’s Financial Certificate of the Depositor
		
	 Schedule A
	  	Determination of LIBOR

  

 iv 

 THIS AMENDED AND RESTATED
TRUST AGREEMENT, dated as of June 28, 2005, among (i) HomeBanc Corp., a Georgia corporation (including any successors or permitted assigns, the “Depositor”), (ii) Wells Fargo Bank, National Association,
as property trustee (in such capacity, the “Property Trustee”), (iii) Wells Fargo Delaware Trust Company, as Delaware trustee (in such capacity, the “Delaware Trustee”), (iv) James Krakau and John Kubiak, each of
whose address is c/o 2002 Summit Blvd., Suite 100, Atlanta, GA 30319 as administrative trustees (in such capacities, each an “Administrative Trustee” and, collectively, the “Administrative Trustees” and,
together with the Property Trustee and the Delaware Trustee, the “Trustees”) and (v) the several Holders, as hereinafter defined. 
  
 WITNESSETH 
  
 WHEREAS, the Depositor and the Delaware Trustee have heretofore created a Delaware statutory trust pursuant to the Delaware Statutory Trust
Act by entering into a Trust Agreement, dated as of June 24, 2005 (the “Original Trust Agreement”), and by executing and filing with the Secretary of State of the State of Delaware the Certificate of Trust, substantially in the form
attached as Exhibit A; and 
  
 WHEREAS, the
Depositor and the 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 to the Depositor,
(ii) the issuance and sale of the Preferred Securities (as defined herein) by the Trust pursuant to the Purchase Agreement (as defined in the Indenture) and (iii) the acquisition by the Trust from the Depositor of all of the right, title and
interest in and to the Notes (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 Holders, hereby amends and restates the Original Trust Agreement in its entirety and agrees as follows: 
  
 ARTICLE I. 
  
 DEFINED TERMS 
  
 SECTION 1.1. 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; 
  
 (b) the
words “include”, “includes” and “including” shall be deemed to be followed by the phrase “without limitation”; 
  

 (c) all accounting terms used but not defined herein have the meanings assigned to them
in accordance with United States generally accepted accounting principles; 
  
 (d) unless the context otherwise requires, any reference to an “Article”, a “Section”, a “Schedule” or an “Exhibit” refers to an Article, a Section, a Schedule or an Exhibit, as
the case may be, of or to this Trust Agreement; 
  
 (e) the words “hereby”, “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;

  
 (f) a reference to the singular includes the
plural and vice versa; and 
  
 (g) the masculine,
feminine or neuter genders used herein shall include the masculine, feminine and neuter genders. 
  
 “Act” has the meaning specified in Section 6.7. 
  
 “Additional Interest” has the meaning specified in Section 1.1 of the Indenture. 
  
 “Additional Interest Amount” means, with respect to Trust
Securities of a given Liquidation Amount and/or a given period, the amount of Additional Interest paid by the Depositor on a Like Amount of Notes for such period. 
  
 “Additional Taxes” has the meaning specified in Section 1.1 of the Indenture. 
  
 “Additional Tax Sums” has the meaning specified in Section
10.5 of the Indenture. 
  
 “Administrative
Trustee” means each of the Persons identified as an “Administrative Trustee” in the preamble to this Trust Agreement, solely in each such Person’s capacity as Administrative Trustee of the Trust and not in such
Person’s individual capacity, or any successor Administrative Trustee appointed as herein provided. 
  
 “Affiliate” of any specified Person means any other Person directly or indirectly controlling or controlled by or under direct or
indirect common control with such specified Person. For the purposes of this definition, “control” when used with respect to any specified Person means the power to direct the management and policies of such Person, directly or indirectly,
whether through the ownership of voting securities, by contract or otherwise; and the terms “controlling” and “controlled” have meanings correlative to the foregoing. 
  
 “Applicable Depositary Procedures” means, with respect to any transfer or transaction involving a
Book-Entry Preferred Security, the rules and procedures of the Depositary for such Book-Entry Preferred Security, in each case to the extent applicable to such transaction and as in effect from time to time. 
  

 2 

 “Bankruptcy Event” means, with respect to any Person: 
  
 (a) the entry of a decree or order by a court having jurisdiction in the
premises (i) judging such Person a bankrupt or insolvent, (ii) approving as properly filed a petition seeking reorganization, arrangement, adjudication or composition of or in respect of such Person under any applicable Federal or state bankruptcy,
insolvency, reorganization or other similar law, (iii) appointing a custodian, receiver, liquidator, assignee, trustee, sequestrator or other similar official of such Person or of any substantial part of its property or (iv) ordering the winding up
or liquidation of its affairs, and the continuance of any such decree or order unstayed and in effect for a period of sixty (60) consecutive days; or 
  
 (b) the institution by such Person of proceedings to be adjudicated a bankrupt or insolvent, or the consent by it to the institution of bankruptcy or
insolvency proceedings against it, or the filing by it of a petition or answer or consent seeking reorganization or relief under any applicable Federal or State bankruptcy, insolvency, reorganization or other similar law, or the consent by it to the
filing of any such petition or to the appointment of a custodian, receiver, liquidator, assignee, trustee, sequestrator or similar official of such Person or of any substantial part of its property, or the making by it of an assignment for the
benefit of creditors, or the admission by it in writing of its inability to pay its debts generally as they become due and its willingness to be adjudicated a bankrupt or insolvent, or the taking of corporate action by such Person in furtherance of
any such action. 
  
 “Bankruptcy Laws” means all
Federal and state bankruptcy, insolvency, reorganization and other similar laws, including the United States Bankruptcy Code. 
  
 “Book-Entry Preferred Security” means a Preferred Security, the ownership and transfers of which shall be made through book entries by a
Depositary. 
  
 “Business Day” means a day other
than (a) a Saturday or Sunday, (b) a day on which banking institutions in the City of New York are authorized or required by law or executive order to remain closed or (c) a day on which the Corporate Trust Office is closed for business. 

 
 “Calculation Agent” has the meaning specified in
Section 4.10. 
  
 “Closing Date” has the
meaning specified in the Purchase Agreement. 
  
 “Code” means the United States 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 Trust 

  

 3 

 
Agreement such Commission is not existing and performing the duties assigned to it, then the body performing such duties at such time. 
  
 “Common Securities Certificate” means a certificate
evidencing ownership of Common Securities, substantially in the form attached as Exhibit B. 
  
 “Common Security” means an undivided beneficial interest in the assets of the Trust, having a Liquidation Amount of $1,000 and having the
rights provided therefor in this Trust Agreement. 
  
 “Common Securities Subscription Agreement” means the agreement of even date herewith by and between the Depositor and the trust pertaining to the sale and purchase of the Common Securities. 
  
 “Corporate Trust Office” means the principal office of the
Property Trustee at which any particular time its corporate trust business shall be administered, which office at the date of this Trust Agreement is located at 919 North Market Street, 7th Floor, Wilmington, Delaware 19899, Attention: Institutional
Trust Services—HMB Capital Trust I. 
  
 “Definitive
Preferred Securities Certificates” means Preferred Securities issued in certificated, fully registered form that are not Global Preferred Securities. 
  

“Delaware Statutory Trust Act” means Chapter 38 of Title 12 of the Delaware Code, 12 Del. Code § 3801 et seq., or any successor
statute thereto, in each case as amended from time to time. 
  
 “Delaware Trustee” means the Person identified as the “Delaware Trustee” in the preamble to this Trust Agreement, solely in its capacity as Delaware Trustee of the Trust and not in its individual capacity,
or its successor in interest in such capacity, or any successor Delaware Trustee appointed as herein provided. 
  
 “Depositary” means an organization registered as a clearing agency under the Exchange Act that is designated as Depositary by the
Depositor or any successor thereto. DTC will be the initial Depositary. 
  
 “Depositary Participant” means a broker, dealer, bank, other financial institution or other Person for whom from time to time the Depositary effects book-entry transfers and pledges of securities deposited with the
Depositary. 
  
 “Depositor” has the meaning
specified in the preamble to this Trust Agreement and any successors and permitted assigns. 
  
 “Depositor Affiliate” has the meaning specified in Section 4.9. 
  
 “Distribution Date” has the meaning specified in Section 4.1(a)(i). 
  
 “Distributions” means any of the amounts payable in respect of the Trust Securities as provided in
Section 4.1. 
  

 4 

 “DTC” means The Depository Trust Company, a New York corporation, or any successor
thereto. 
  
 “Early Termination Event” has the
meaning specified in Section 9.2. 
  
 “Event of
Default” means any one of the following events (whatever the reason for such event and whether it shall be voluntary or involuntary or be effected by operation of law or pursuant to any judgment, decree or order of any court or any order,
rule or regulation of any administrative or governmental body): 
  
 (a) the occurrence of a Note 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 thirty (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 those specified in clause (b) or (c) above) and continuation of such default or breach for a period of thirty (30) days after there has been given, by registered
or certified mail, to the Trustees and to the Depositor by the Holders of at least twenty five percent (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 if a successor Property Trustee has not been appointed within ninety (90)
days thereof. 
  
 “Exchange Act” means the
Securities Exchange Act of 1934, and any successor statute thereto, in each case as amended from time to time. 
  
 “Expiration Date” has the meaning specified in Section 9.1. 
  
 “Fiscal Year” shall be the fiscal year of the Trust, which shall be the calendar year, or such other period
as is required by the Code. 
  
 “Global Preferred
Security” means a Preferred Securities Certificate evidencing ownership of Book-Entry Preferred Securities. 
  
 “Holder” means a Person in whose name a Trust Security or Trust Securities are registered in the Securities Register; any such Person
shall be deemed to be a beneficial owner within the meaning of the Delaware Statutory Trust Act. 
  

 5 

 “Indemnified Person” has the meaning specified in Section 8.10(c). 
  
 “Indenture” means the Junior Subordinated Indenture executed
and delivered by the Depositor and the Note Trustee contemporaneously with the execution and delivery of this Trust Agreement, for the benefit of the holders of the Notes. 
  
 “Indenture Redemption Price” means the Optional Note Redemption Price or the Special Note Redemption Price,
as applicable. 
  
 “Initial Purchaser” shall mean
the initial purchasers of the Preferred Securities. 
  
 “Interest Payment Date” has the meaning specified in Section 1.1 of the Indenture. 
  
 “Investment Company Act” means the Investment Company Act of 1940, or any successor statute thereto, in each case as amended from time to
time. 
  
 “Investment Company Event” has the
meaning specified in Section 1.1 of the Indenture. 
  
 “Junior Subordinated Note Purchase Agreement” means the agreement of even date herewith by and between the Depositor and Trust pertaining to the issuance and purchase of the Notes. 
  
 “LIBOR” has the meaning specified in Schedule A.

  
 “LIBOR Business Day” has the meaning
specified in Schedule A. 
  
 “LIBOR Determination
Date” has the meaning specified in Schedule A. 
  
 “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 any Trust Securities, Trust Securities having a Liquidation Amount equal to the principal amount of Notes to be contemporaneously redeemed or paid at maturity in accordance with the
Indenture, the proceeds of which will be used to pay the Redemption Price of such Trust Securities, (b) with respect to a distribution of Notes to Holders of Trust Securities in connection with a dissolution of the Trust, Notes having a principal
amount equal to the Liquidation Amount of the Trust Securities of the Holder to whom such Notes are distributed and (c) with respect to any distribution of Additional Interest Amounts to Holders of Trust Securities, Notes having a principal amount
equal to the Liquidation Amount of the Trust Securities in respect of which such distribution is made. 
  
 “Liquidation Amount” means the stated amount of $1,000 per Trust Security. 
  
 “Liquidation Date” means the date on which assets are to be distributed to Holders in accordance with
Section 9.4(a) hereunder following dissolution of the Trust. 
  
 “Liquidation Distribution” has the meaning specified in Section 9.4(d). 
  

 6 

 “Majority in Liquidation Amount” means Common or Preferred Securities, as the case may
be, representing more than fifty percent (50%) of the aggregate Liquidation Amount of all (or a specified group of) then Outstanding Common or Preferred Securities, as the case may be. 
  
 “Note Event of Default” means any “Event of Default” specified in Section 5.1 of
the Indenture. 
  
 “Note Redemption Date” means,
with respect to any Notes to be redeemed under the Indenture, the date fixed for redemption of such Notes under the Indenture. 
  
 “Note Trustee” means the Person identified as the “Trustee” in the Indenture, solely in its capacity as Trustee pursuant
to the Indenture and not in its individual capacity, or its successor in interest in such capacity, or any successor Trustee appointed as provided in the Indenture. 
  
 “Notes” means the Depositor’s Junior Subordinated Notes issued pursuant to the Indenture. 

 
 “Officers’ Certificate” means a certificate signed
by the Chief Executive Officer, the President or an Executive Vice President, and by the Chief Financial Officer, Deputy Chief Financial Officer, Chief Investment Officer, Treasurer or an Assistant Treasurer, of the Depositor, and delivered to the
Trustees. Any Officers’ Certificate delivered with respect to compliance with a condition or covenant provided for in this Trust Agreement (other than the certificate provided pursuant to Section 8.16 which is not an Officers’
Certificate) shall include: 
  
 (a) a statement by each officer
signing the Officers’ Certificate that such officer has read the covenant or condition and the definitions relating thereto; 
  
 (b) a brief statement of the nature and scope of the examination or investigation undertaken by such officer in rendering the Officers’ Certificate;

  
 (c) a statement that such officer has made such examination
or investigation as, in such officer’s opinion, is necessary to enable such officer to express an informed opinion as to whether or not such covenant or condition has been complied with; and 
  
 (d) a statement as to whether, in the opinion of such officer, such
condition or covenant has been complied with. 
  
 “Operative Documents” means the Purchase Agreement, the Common Securities Subscription Agreement, the Indenture, the Trust Agreement, the Junior Note Purchase Agreement, the Notes and the Trust Securities. 
  
 “Opinion of Counsel” means a written opinion of counsel, who
may be counsel for, or an employee of, the Depositor or any Affiliate of the Depositor. 
  

 7 

 “Optional Redemption Price” means, with respect to any Trust Security, an amount equal
to one hundred percent (100%) of the Liquidation Amount of such Trust Security on the Redemption Date, plus accumulated and unpaid Distributions to the Redemption Date, plus the related amount of the premium, if any, and/or accrued interest,
including Additional Interest, if any, thereon paid by the Depositor upon the concurrent redemption or payment at maturity of a Like Amount of Notes. 
  
 “Optional Note Redemption Price” means, with respect to any Note to be redeemed on any Redemption Date under the Indenture, an amount
equal to one hundred percent (100%) of the outstanding principal amount of such Note, together with accrued interest, including any Additional Interest (to the extent legally enforceable), thereon through but not including the date fixed as such
Redemption Date. 
  
 “Original Issue Date” means
the date of original issuance of the Trust Securities. 
  
 “Original Trust Agreement” has the meaning specified in the recitals to this Trust Agreement. 
  
 “Outstanding”, when used with respect to any Trust Securities, means, as of the date of determination, all Trust Securities theretofore
executed and delivered under this Trust Agreement, except: 
  
 (a) Trust Securities theretofore canceled by the Property Trustee or delivered to the Property Trustee for cancellation; 
  
 (b) Trust Securities for which payment or redemption money in the necessary amount has been theretofore deposited with the Property Trustee or any Paying
Agent in trust for the Holders of such Trust Securities; provided, that if such Trust Securities are to be redeemed, notice of such redemption has been duly given pursuant to this Trust Agreement; and 
  
 (c) Trust Securities that have been paid or in exchange for or in lieu of
which other Trust Securities have been executed and delivered pursuant to the provisions of this Trust Agreement, unless proof satisfactory to the Property Trustee is presented that any such Trust Securities are held by Holders in whose hands such
Trust Securities are valid, legal and binding obligations of the Trust; 
  
 provided, 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 of any Trustee shall be disregarded and deemed not to be Outstanding, except that (i) in determining whether any Trustee shall be protected in relying upon any such
request, demand, authorization, direction, notice, consent or waiver, only Preferred Securities that such Trustee knows to be so owned shall be so disregarded and (ii) 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 that 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 

  

 8 

 
respect to such Preferred Securities and that the pledgee is not the Depositor, any Trustee or any Affiliate of the Depositor or of any Trustee. 

 
 “Owner” means each Person who is the beneficial owner of
Book-Entry Preferred Securities as reflected in the records of the Depositary or, if a Depositary Participant is not the beneficial owner, then the beneficial owner as reflected in the records of the Depositary Participant. 
  
 “Paying Agent” means any Person authorized by the
Administrative Trustees to pay Distributions or other amounts in respect of any Trust Securities on behalf of the Trust. 
  
 “Payment Account” means a segregated non-interest-bearing corporate trust account maintained by the Property Trustee for the benefit of
the Holders in which all amounts paid in respect of the Notes will be held and from which the Property Trustee, through the Paying Agent, shall make payments to the Holders in accordance with Sections 3.1, 4.1 and 4.2.

  
 “Person” means a legal person, including any
individual, corporation, estate, partnership, joint venture, association, joint stock company, company, limited liability company, trust, unincorporated association or government, or any agency or political subdivision thereof, or any other entity
of whatever nature. 
  
 “Preferred Security”
means an undivided beneficial interest in the assets of the Trust, having a Liquidation Amount of $1,000 and having the rights provided therefor in this Trust Agreement. 
  
 “Preferred Securities Certificate” means a certificate evidencing ownership of Preferred Securities,
substantially in the form attached as Exhibit C. 
  
 “Property Trustee” means the Person identified as the “Property Trustee” in the preamble to this Trust Agreement, solely in its capacity as Property Trustee of the Trust and not in its individual capacity,
or its successor in interest in such capacity, or any successor Property Trustee appointed as herein provided. 
  
 “Purchase Agreement” means the Purchase Agreement executed and delivered by the Trust, the Depositor and the Initial Purchaser, as
purchaser, contemporaneously with the execution and delivery of this Trust Agreement, as amended from time to time. 
  
 “QIB” means a “Qualified Institutional Buyer” as defined in Rule 144A under the Securities Act of 1933, as amended. 

 
 “QP” means a “Qualified Purchaser” as defined
in Section 2(a)(51) of the Investment Company Act of 1940, as amended. 
  
 “QIB/QP” means a QIB that is also a QP. 
  
 “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 Note 

  

 9 

 
Redemption Date and the stated maturity (or any date of principal repayment upon early maturity) of the Notes shall be a Redemption Date for a Like Amount of
Trust Securities. 
  
 “Redemption Price” means
the Special Redemption Price or Optional Redemption Price, as applicable. If the Depositor has redeemed the Notes at the Special Note Redemption Price, the Trust shall redeem the Trust Securities at the Special Redemption Price. If the Depositor has
redeemed the Notes at the Optional Note Redemption Price, the Trust shall redeem the Trust Securities at the Optional Redemption Price. 
  
 “Reference Banks” has the meaning specified in Schedule A. 
  
 “Responsible Officer” means, with respect to the Property Trustee, the officer in the Institutional Trust
Services department of the Property Trustee having direct responsibility for the administration of this Trust Agreement. 
  
 “Securities Act” means the Securities Act of 1933, and any successor statute thereto, in each case as amended from time to time.

  
 “Securities Certificate” means any one of the
Common Securities Certificates or the Preferred Securities Certificates. 
  
 “Securities Register” and “Securities Registrar” have the respective meanings specified in Section 5.7. 
  
 “Special Redemption Price” means, with respect to any Trust Security, an amount equal to 105% of the
Liquidation Amount of such Trust Security on the Redemption Date (plus accumulated and unpaid Distributions to the Redemption Date, plus the related amount of the premium, if any, and/or accrued interest, including Additional Interest, if any,
thereon paid by the Depositor upon the concurrent redemption or payment at maturity of a Like Amount of Notes) prior to June 30, 2006, and thereafter equal to the percentage of the principal amount of the Trust Security that is specified below for
the Redemption Date plus, in each case, unpaid interest accrued thereon to the Redemption Date: 
  

				
	 Special Redemption During the
 12-Month
Period Beginning June 30

	  	Percentage of Principal Amount

	 
	 2006
	  	104	%
	 2007
	  	103	%
	 2008
	  	102	%
	 2009
	  	101	%
	 2010 and thereafter
	  	100	%

  

 10 

 “Special Note Redemption Price” means, with respect to any Note to be redeemed on any
Redemption Date under the Indenture, an amount equal to 105% of the principal amount of the Note to be redeemed prior to June 30, 2006 and thereafter equal to the percentage of the principal amount of the Note that is specified below for the Special
Redemption Date plus, in each case, unpaid interest accrued thereon to the Special Redemption Date: 
  

				
	 Special Redemption During the
 12-Month
Period Beginning June 30

	  	Percentage of Principal Amount

	 
	 2006
	  	104	%
	 2007
	  	103	%
	 2008
	  	102	%
	 2009
	  	101	%
	 2010 and thereafter
	  	100	%

  
 “Successor
Securities” has the meaning specified in Section 9.5(a). 
  
 “Tax Event” has the meaning specified in Section 1.1 of the Indenture. 
  
 “Trust” means the Delaware statutory trust known as “HMB Capital Trust I,” which was created on June 24, 2005 under the
Delaware Statutory Trust Act pursuant to the Original Trust Agreement and the filing of the Certificate of Trust, and continued pursuant to this Trust Agreement. 
  
 “Trust Agreement” means this Amended and Restated Trust Agreement, as the same may be modified, amended or
supplemented from time to time in accordance with the applicable provisions hereof, including all Schedules and Exhibits. 
  
 “Trustees” means the Administrative Trustees, the Property Trustee and the Delaware Trustee, each as defined in this Article I.

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

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

 
 THE TRUST 
  
 SECTION 2.1. Name. 
  
 The statutory trust continued hereby shall be known as “HMB Capital
Trust I”, 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 

  

 11 

 
conduct the business of the Trust, make and execute contracts and other instruments on behalf of the Trust and sue and be sued. 
  
 SECTION 2.2. Office of the Delaware Trustee; Principal Place of
Business. 
  
 The address of the Delaware Trustee in the State
of Delaware is Wells Fargo Delaware Trust Company, 919 North Market Street, 7th Floor, Wilmington, Delaware 19899
Attention: Institutional Trust Services, or such other address in the State of Delaware as the Delaware Trustee may designate by written notice to the Holders, the Depositor, the Property Trustee and the Administrative Trustees. The principal
executive office of the Trust is 2002 Summit Blvd., Suite 100, Atlanta, GA 30319, Attention: Alana Griffin, as such address may be changed from time to time by the Administrative Trustees following written notice to the Holders and the other
Trustees. 
  
 SECTION 2.3. Initial Contribution of Trust
Property; Fees, Costs and Expenses. 
  
 The Property Trustee
acknowledges receipt from the Depositor in connection with the Original Trust Agreement of the sum of ten dollars ($10), which constituted the initial Trust Property. The Depositor shall pay all fees, costs and expenses of the Trust (except with
respect to the Trust Securities) as they arise or shall, upon request of any Trustee, promptly reimburse such Trustee for any such fees, costs and expenses paid by such Trustee. The Depositor shall make no claim upon the Trust Property for the
payment of such fees, costs or expenses. 
  
 SECTION 2.4.
Purposes of Trust. 
  
 (a) The exclusive purposes and
functions of the Trust are to (i) issue and sell Trust Securities and use the proceeds from such sale to acquire the Notes, (ii) make distributions as provided herein, (iii) enter into and perform its obligations under agreements, documents and
instructions (including, without limitation, the operative documents to which it is a party) necessary to accomplish (i) and (ii), and (iv) engage in only those activities necessary or incidental thereto. The Delaware Trustee, the Property Trustee
and the Administrative Trustees are trustees of the Trust, and have all the rights, powers and duties to the extent set forth herein. The Trustees hereby acknowledge that they are trustees of the Trust. 
  
 (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 Trust (or the Trustees acting on behalf of the Trust) 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
Holders, except as expressly provided herein, (iii) incur any indebtedness for borrowed money or issue any other debt, (iv) take or consent to any action that would result in the placement of a Lien on any of the Trust Property, (v) take or consent
to any action that would reasonably be expected to cause the Trust to become taxable as a corporation or classified as other than a grantor trust for United States federal income tax purposes, (vi) take or consent to any action that would cause the
Notes to be treated as other than indebtedness of the Depositor for United States federal income 

  

 12 

 
tax purposes or (vii) take or consent to any action that would cause the Trust to be deemed to be an “investment company” required to be registered
under the Investment Company Act. 
  
 SECTION 2.5.
Authorization to Enter into Certain Transactions. 
  
 (a)
The Trustees shall conduct the affairs of the Trust in accordance with and subject to the terms of this Trust Agreement. In accordance with the following provisions (i) and (ii), the Trustees shall have the authority to enter into all transactions
and agreements determined by the Trustees to be appropriate in exercising the authority, express or implied, otherwise granted to the Trustees, under this Trust Agreement, and to perform all acts in furtherance thereof, including the following:

  
 (i) As among the Trustees, each
Administrative Trustee shall severally have the power and authority to act on behalf of the Trust with respect to the following matters: 
  
 (A) the issuance and sale of the Trust Securities; 
  
 (B) to cause the Trust to enter into, and to execute, deliver and perform on behalf of the Trust, such
agreements as may be necessary or desirable in connection with the purposes and function of the Trust, including, without limitation, the operative documents to which the trust is a party; 
  
 (C) assisting in the sale of the Preferred Securities in one
or more transactions exempt from registration under the Securities Act, and in compliance with applicable state securities or blue sky laws; 
  
 (D) assisting in the sending of notices (other than notices of default) and other information regarding the Trust Securities and the Notes
to the Holders in accordance with this Trust Agreement; 
  
 (E) the appointment of a Paying Agent and Securities Registrar in accordance with this Trust Agreement; 
  
 (F) execution of the Trust Securities on behalf of the Trust in accordance with this Trust Agreement; 
  
 (G) execution and delivery of closing certificates, if any,
pursuant to the Purchase Agreement and application for a taxpayer identification number for the Trust; 
  
 (H) preparation and filing of all applicable tax returns and tax information reports that are required to be filed on behalf of the Trust;

  
 (I) establishing a record date with respect
to all actions to be taken hereunder that require a record date to be established, except as provided in Section 6.10(a); 
  

 13 

 (J) unless otherwise required by the Delaware Statutory Trust Act to execute on behalf of
the Trust (either acting alone or together with the other Administrative Trustees) any documents that such Administrative Trustee has the power to execute pursuant to this Trust Agreement; and 
  
 (K) the taking of any action incidental to the foregoing as
such Administrative Trustee may from time to time determine is necessary or advisable to give effect to the terms of this Trust Agreement. 
  
 (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 receipt and
holding of legal title of the Notes; 
  
 (B) the
establishment of the Payment Account; 
  
 (C) the
collection of interest, principal and any other payments made in respect of the Notes and the holding of such amounts in the Payment Account; 
  
 (D) the distribution through the Paying Agent of amounts distributable to the Holders in respect of the Trust Securities; 
  
 (E) the exercise of all of the rights, powers and privileges
of a holder of the Notes 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 Notes to the Holders in accordance with
this Trust Agreement; 
  
 (G) the distribution of
the Trust Property in accordance with the terms of this Trust Agreement; 
  
 (H) to the extent provided in this Trust Agreement, the winding up of the affairs of and liquidation of the Trust, provided that the Administrative Trustees shall have the power, duty and authority to act on behalf of
the Trust with respect to the preparation, execution and filing of the certificate of cancellation of the Trust with the Secretary of State of the State of Delaware; and 
  
 (I) 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 Holders (without consideration of the effect of any such action on any particular Holder).

  

 14 

 (b) 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
negotiation of the terms of, and the execution and delivery of, the Purchase Agreement providing for the sale of the Preferred Securities in one or more transactions exempt from registration under the Securities Act, and in compliance with
applicable state securities or blue sky laws; and 
  
 (ii) the taking of any other actions necessary or desirable to carry out any of the foregoing activities. 
  
 (c) Notwithstanding anything herein to the contrary, the Administrative Trustees are authorized and directed to conduct the affairs of the Trust and
authorized to operate the Trust so that the Trust will not be taxable as a corporation or classified as other than a grantor trust for United States federal income tax purposes, so that the Notes will be treated as indebtedness of the Depositor for
United States federal income tax purposes and so that the Trust will not be deemed to be an “investment company” required to be registered under the Investment Company Act. In respect thereof, each Administrative Trustee is authorized to
take any action, not inconsistent with applicable law, the Certificate of Trust or this Trust Agreement, that such Administrative Trustee determines in his or her discretion to be necessary or desirable for such purposes, as long as such action does
not adversely affect in any material respect the interests of the Holders of the Outstanding Preferred Securities. In no event shall the Administrative Trustees be liable to the Trust or the Holders for any failure to comply with this Section
2.5 to the extent that such failure results solely from a change in law or regulation or in the interpretation thereof. 
  
 (d) Any action taken by a Trustee in accordance with its powers shall constitute the act of and serve to bind the Trust. In dealing with any Trustee
acting on behalf of the Trust, no Person shall be required to inquire into the authority of such Trustee to bind the Trust. Persons dealing with the Trust are entitled to rely conclusively on the power and authority of any Trustee as set forth in
this Trust Agreement. 
  
 SECTION 2.6. Assets of Trust.

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

  
 SECTION 2.7. Title to Trust Property. 
  
 (a) Legal title to all Trust Property shall be vested at all times in the
Property Trustee and shall be held and administered by the Property Trustee in trust for the benefit of the Trust and the Holders in accordance with this Trust Agreement. 
  
 (b) The Holders shall not have any right or title to the Trust Property 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. 
  

 15 

 ARTICLE III. 
  
 PAYMENT ACCOUNT; PAYING AGENTS 
  
 SECTION 3.1. Payment Account. 
  
 (a) On or prior to the Closing Date, the Property Trustee shall establish the Payment Account. The Property Trustee and 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 Holders and for Distribution as herein provided. 
  
 (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 with respect to, the Notes. Amounts held in the Payment Account shall not be invested by the Property Trustee pending distribution thereof. 
  
 SECTION 3.2. Appointment of Paying Agents. 
  
 The Paying Agent shall initially be the Property Trustee. The Paying Agent
shall make Distributions to Holders from the Payment Account and shall report the amounts of such Distributions to the Property Trustee and the Administrative Trustees. Any Paying Agent shall have the revocable power to withdraw funds from the
Payment Account solely for the purpose of making the Distributions referred to above. The Administrative Trustees may revoke such power and remove the Paying Agent in their sole discretion. Any Person acting as Paying Agent shall be permitted to
resign as Paying Agent upon thirty (30) days’ written notice to the Administrative Trustees and the Property Trustee. If 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 (which shall be a bank or trust company) to act as Paying Agent. Such successor Paying Agent appointed by the Administrative Trustees shall execute and deliver to the Trustees an
instrument in which such successor Paying Agent shall agree with the Trustees that as Paying Agent, such successor Paying Agent will hold all sums, if any, held by it for payment to the Holders in trust for the benefit of the Holders entitled
thereto until such sums shall be paid to such Holders. The Paying Agent shall return all unclaimed funds to the Property Trustee and upon removal of a Paying Agent such Paying Agent shall also return all funds in its possession to the Property
Trustee. The provisions of Article VIII 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 Trust Agreement to the Paying Agent shall include any co-paying agent unless the context requires otherwise. 
  

 16 

 ARTICLE IV. 
  
 DISTRIBUTIONS; REDEMPTION 
  
 SECTION 4.1. Distributions. 
  
 (a) The Trust Securities represent undivided beneficial interests in the Trust Property, and Distributions (including any Additional Interest Amounts)
will be made on the Trust Securities at the rate and on the dates that payments of interest (including any Additional Interest) are made on the Notes. Accordingly: 
  
 (i) 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 June 28, 2005, and, except as provided in clause (ii) below, shall be payable quarterly in arrears on March 30, June 30, September 30 and
December 30 of each year, commencing on September 30, 2005. 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 Business
Day (and no interest shall accrue in respect of the amounts whose payment is so delayed for the period from and after each such date until the next succeeding Business Day), except that, if such Business Day falls in the next succeeding calendar
year, such payment shall be made on the immediately preceding Business Day, 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 4.1(a)(i), a
“Distribution Date”); 
  
 (ii)
Distributions shall accumulate in respect of the Trust Securities a variable rate equal to 3-month LIBOR plus 3.65% per annum of the Liquidation Amount of the Trust Securities, such rate being the rate of interest payable on the Notes. LIBOR shall
be determined by the Calculation Agent in accordance with Schedule A. The amount of Distributions payable for any period less than a full Distribution period shall be computed on the basis of a 360-day year and the actual number of days
elapsed in the relevant Distribution period. The amount of Distributions payable for any period shall include any Additional Interest Amounts in respect of such period; and 
  
 (iii) Distributions on the Trust Securities shall be made by the Paying Agent from the Payment Account and
shall be payable on each Distribution Date only to the extent that the Trust has funds then on hand and available in the Payment Account for the payment of such Distributions. 
  
 (b) Distributions on the Trust Securities with respect to a Distribution Date shall be payable to the Holders thereof as
they appear on the Securities Register for the Trust Securities at the close of business on the relevant record date, which shall be at the close of business on the fifteenth day (whether or not a Business Day) preceding the relevant Distribution
Date, except that Distributions and any Additional Interest Amounts payable on the stated maturity (or any date of principal repayment upon early maturity) of the principal of a Trust Security or on a Redemption Date shall be paid to the Person to
whom principal is paid. Distributions payable 

  

 17 

 
on any Trust Securities that are not punctually paid on any Distribution Date as a result of the Depositor having failed to make an interest payment under
the Notes will cease to be payable to the Person in whose name such Trust Securities are registered on the relevant record date, and such defaulted Distributions and any Additional Interest Amounts will instead be payable to the Person in whose name
such Trust Securities are registered on the special record date, or other specified date for determining Holders entitled to such defaulted Distribution and Additional Interest Amount, established in the same manner, and on the same date, as such is
established with respect to the Notes under the Indenture. 
  
 (c)
As a condition to the payment of any principal of or interest on the Trust Securities without the imposition of withholding tax, the Administrative Trustees shall require the previous delivery of properly completed and signed applicable U.S. federal
income tax 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 4.2. Redemption. 
  
 (a) On each Note Redemption Date and on the stated maturity (or any date of
principal repayment upon early maturity) of the Notes and on each other date on (or in respect of) which any principal on the Notes is repaid, the Trust will be required to redeem a Like Amount of Trust Securities at the Redemption Price.

  
 (b) Notice of redemption shall be given by the Property
Trustee by first-class mail, postage prepaid, mailed not less than thirty (30) nor more than sixty (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. All notices of redemption shall state: 
  
 (i) the Redemption Date; 
  
 (ii) the
Redemption Price or, if the Redemption Price cannot be calculated prior to the time the notice is required to be sent, the estimate of the Redemption Price provided pursuant to the Indenture, as calculated by the Depositor, together with a statement
that it is an estimate and that the actual Redemption Price will be calculated by the Calculation Agent on the fifth Business Day prior to the Redemption Date (and if an estimate is provided, a further notice shall be sent of the actual Redemption
Price on the date that such Redemption Price is calculated); 
  
 (iii) if less than all the Outstanding Trust Securities are to be redeemed, the identification (and, in the case of partial redemption, the respective amounts) and Liquidation Amounts of the particular Trust
Securities to be redeemed; 
  
 (iv) that on the
Redemption Date, the Redemption Price will become due and payable upon each such Trust Security, or portion thereof, to be redeemed and that 

  

 18 

 
Distributions thereon will cease to accumulate on such Trust Security or such portion, as the case may be, on and after said date, except as provided in
Section 4.2(d); 
  
 (v) the place or
places where the Trust Securities are to be surrendered for the payment of the Redemption Price; and 
  
 (vi) such other provisions as the Property Trustee deems relevant. 
  
 (c) The Trust Securities (or portion thereof) redeemed on each Redemption Date shall be redeemed at the Redemption Price
with the proceeds from the contemporaneous redemption or payment at maturity of Notes. Redemptions of the Trust Securities (or portion thereof) shall be made and the Redemption Price shall be payable on each Redemption Date only to the extent that
the Trust has funds then on hand and available in the Payment Account for the payment of such Redemption Price. Under the Indenture, the Notes may be redeemed by the Depositor on any Interest Payment Date, at the Depositor’s option, on or after
June 30, in whole or in part, from time to time at the Optional Note Redemption Price; provided, that the Depositor shall have received the prior approval of any Applicable Insurance Regulatory Authority then required. The Notes may also be
redeemed by the Depositor, at its option pursuant to the terms of the Indenture, in whole but not in part, upon the occurrence and during the continuation of an Investment Company Event or a Tax Event, at the Special Note Redemption Price; provided,
that the Depositor shall have received the prior approval of any Applicable Insurance Regulatory Authority then required. 
  
 (d) If the Property Trustee gives a notice of redemption in respect of any Preferred Securities, then by 10:00 A.M., New York City time, on the Redemption
Date, the Depositor shall deposit sufficient funds with the Property Trustee to pay the Redemption Price. If such deposit has been made by such time, then by 12:00 noon, New York City time, on the Redemption Date, the Property Trustee will, with
respect to Book-Entry Preferred Securities, irrevocably deposit with the Depositary for such Book-Entry Preferred Securities, to the extent available therefor, funds sufficient to pay the applicable Redemption Price and will give such Depositary
irrevocable instructions and authority to pay the Redemption Price to the Holders of the Preferred Securities. With respect to Preferred Securities that are not Book-Entry Preferred Securities, the Property Trustee will irrevocably deposit with the
Paying Agent, to the extent available therefor, funds sufficient to pay the applicable Redemption Price and will give the Paying Agent irrevocable instructions and authority to pay the Redemption Price to the Holders of the Preferred Securities upon
surrender of their Preferred Securities Certificates. Notwithstanding the foregoing, Distributions payable on or prior to the Redemption Date for any Trust Securities (or portion thereof) called for redemption shall be payable to the Holders of such
Trust Securities as they appear on the Securities Register 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, all rights
of Holders holding Trust Securities (or portion thereof) so called for redemption will cease, except the right of such Holders to receive the Redemption Price and any Distribution payable in respect of the Trust Securities on or prior to the
Redemption Date, but without interest, and, in the case of a partial redemption, the right of such Holders to receive a new Trust Security or Securities of authorized denominations, in aggregate Liquidation Amount equal to the unredeemed portion of
such Trust Security or Securities, and such Securities (or portion thereof) called for redemption will cease to be 

  

 19 

 
Outstanding. In the event that any date on which any Redemption Price is payable is not a Business Day, then payment of the Redemption Price payable on such
date will be made on the next succeeding Business Day (and no interest shall accrue in respect of the amounts whose payment is so delayed for the period from and after each such date until the next succeeding Business Day), except that, if such
Business Day falls in the next succeeding calendar year, such payment shall be made on the immediately preceding Business Day, in each case, with the same force and effect as if made on such date. In the event that payment of the Redemption Price in
respect of any Trust Securities (or portion thereof) called for redemption is improperly withheld or refused and not paid either by the Trust, Distributions on such Trust Securities (or portion thereof) will continue to accumulate, as set forth in
Section 4.1, from the Redemption Date originally established by the Trust for such Trust Securities (or portion thereof) to the date such Redemption Price is actually paid, in which case the actual payment date will be the date fixed for
redemption for purposes of calculating the Redemption Price. 
  
 (e) Subject to Section 4.3(a), if less than all the Outstanding Trust Securities are to be redeemed on a Redemption Date, then the aggregate Liquidation Amount of Trust Securities to be redeemed shall be allocated pro rata to
the Common Securities and the Preferred Securities based upon the relative aggregate Liquidation Amounts of the Common Securities and the Preferred Securities. The Preferred Securities to be redeemed shall be selected on a pro rata basis
based upon their respective Liquidation Amounts not more than sixty (60) days prior to the Redemption Date by the Property Trustee from the Outstanding Preferred Securities not previously called for redemption; provided, that with respect to
Holders that would be required to hold less than one hundred (100) but more than zero (0) Trust Securities as a result of such redemption, the Trust shall redeem Trust Securities of each such Holder so that after such redemption such Holder shall
hold either one hundred (100) Trust Securities or such Holder no longer holds any Trust Securities, and shall use such method (including, without limitation, by lot) as the Trust shall deem fair and appropriate; and provided, further,
that so long as the Preferred Securities are Book-Entry Preferred Securities, such selection shall be made in accordance with the Applicable Depositary Procedures for the Preferred Securities by such Depositary. The Property Trustee shall promptly
notify the Securities Registrar in writing of the Preferred Securities (or portion thereof) 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 aggregate Liquidation Amount of Preferred Securities that has been or is to be redeemed. 
  
 (f) The Trust in issuing the Trust Securities may use “CUSIP” numbers (if then generally in use), and, if so, the Property Trustee shall
indicate the “CUSIP” numbers of the Trust Securities in notices of redemption and related materials as a convenience to Holders; provided, that any such notice may state that no representation is made as to the correctness of such
numbers either as printed on the Trust Securities or as contained in any notice of redemption and related materials. 
  

 20 

 SECTION 4.3. Subordination of Common Securities. 
  
 (a) Payment of Distributions (including any Additional Interest Amounts) on,
the Redemption Price of and the Liquidation Distribution in respect of, the Trust Securities, as applicable, shall be made, pro rata among the Common Securities and the Preferred Securities based on the Liquidation Amount of the respective
Trust Securities; provided, that if on any Distribution Date, Redemption Date or Liquidation Date an Event of Default shall have occurred and be continuing, no payment of any Distribution (including any Additional Interest Amounts) on,
Redemption Price of or Liquidation Distribution in respect of, any Common Security, and no other payment on account of the redemption, liquidation or other acquisition of Common Securities, shall be made unless payment in full in cash of all
accumulated and unpaid Distributions (including any Additional Interest Amounts) 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, or in the case of payment of the Liquidation Distribution the full amount of such Liquidation Distribution on all Outstanding Preferred Securities, 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 any Additional Interest Amounts) on, or the Redemption Price of or the
Liquidation Distribution in respect of, the Preferred Securities then due and payable. 
  
 (b) In the case of the occurrence of any Event of Default, the Holders of the Common Securities shall have no right to act with respect to any such Event of Default under this Trust Agreement until all such Events of
Default with respect to the Preferred Securities have been cured, waived or otherwise eliminated. Until all such Events of Default under this Trust Agreement with respect to the Preferred Securities 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 on behalf of the Holders of the Common Securities, and only the Holders of all the Preferred Securities will have the right to direct the
Property Trustee to act on their behalf. 
  
 SECTION 4.4.
Payment Procedures. 
  
 Payments of Distributions
(including any Additional Interest Amounts), the Redemption Price, Liquidation Amount or any other amounts in respect of the Preferred Securities shall be made by wire transfer at such place and to such account at a banking institution in the United
States as may be designated in writing at least ten (10) Business Days prior to the date for payment by the Person entitled thereto unless proper written transfer instructions have not been received by the relevant record date, in which case such
payments shall be made by check mailed to the address of such Person as such address shall appear in the Securities Register. If any Preferred Securities are held by a Depositary, such Distributions thereon shall be made to the Depositary in
immediately available funds. Payments in respect of the Common Securities shall be made in such manner as shall be mutually agreed between the Property Trustee and the Holder of all the Common Securities. 
  

 21 

 SECTION 4.5. Withholding Tax. 
  
 (a) The Trust and the Administrative Trustees shall comply with all withholding and backup withholding tax requirements
under United States federal, state and local law. The Administrative Trustees 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 Administrative Trustees on behalf of the Trust to assist it in determining the extent of, and in fulfilling, its
withholding and backup withholding tax obligations. The Administrative Trustees 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 overwithholding, 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 Administrative Trustees on behalf of the Trust may reduce subsequent Distributions by the amount of such required withholding. 
  
 SECTION 4.6. Tax Returns and Other Reports. 
  
 The Administrative Trustees shall prepare (or cause to be prepared) at the
principal office of the Trust in the United States, as defined for purposes of Treasury regulations section 301.7701-7, 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. The Administrative Trustees shall prepare at the principal office of the Trust in the United States, as defined for purposes of Treasury regulations section 301.7701-7, and furnish (or cause to be
prepared and furnished), by January 31 in each taxable year of the Trust to each Holder all Internal Revenue Service forms and returns required to be provided by the Trust. The Administrative Trustees shall provide the Depositor, Bear, Stearns &
Co. Inc. and the Property Trustee with a copy of all such returns and reports promptly after such filing or furnishing. 
  
 SECTION 4.7. Payment of Taxes, Duties, Etc. of the Trust. 
  

Upon receipt under the Notes of Additional Tax Sums and upon the written direction of the Administrative Trustees, the Property Trustee shall promptly
pay, solely out of monies on deposit pursuant to this Trust Agreement, any Additional Taxes imposed on the Trust by the United States or any other taxing authority. 
  
 SECTION 4.8. Payments under Indenture or Pursuant to Direct Actions. 
  
 Any amount payable hereunder to any Holder of Preferred Securities shall be
reduced by the amount of any corresponding payment such Holder (or any Owner with respect thereto) has directly received pursuant to Section 5.8 of the Indenture or Section 6.10(b) of this Trust Agreement. 
  

 22 

 SECTION 4.9. Exchanges. 
  
 (a) If at any time the Depositor or any of its Affiliates (in either case, a “Depositor Affiliate”) is the
Owner or Holder of any Preferred Securities, such Depositor Affiliate shall have the right to deliver to the Property Trustee all or such portion of its Preferred Securities as it elects and, subject to compliance with Sections 2.2 and 3.5 of the
Indenture, receive, in exchange therefor, a Like Amount of Notes. Such election shall be exercisable effective on any Distribution Date by such Depositor Affiliate delivering to the Property Trustee (i) at least ten (10) Business Days prior to the
Distribution Date on which such exchange is to occur, the registration instructions and the documentation, if any, required pursuant to Sections 2.2 and 3.5 of the Indenture to enable the Indenture Trustee to issue the requested Like Amount of
Notes, (ii) a written notice of such election specifying the Liquidation Amount of Preferred Securities with respect to which such election is being made and the Distribution Date on which such exchange shall occur, which Distribution Date shall be
not less than ten (10) Business Days after the date of receipt by the Property Trustee of such election notice and (iii) shall be conditioned upon such Depositor Affiliate having delivered or caused to be delivered to the Property Trustee or its
designee the Preferred Securities that are the subject of such election by 10:00 A.M. New York time, on the Distribution Date on which such exchange is to occur. After the exchange, such Preferred Securities will be canceled and will no longer be
deemed to be Outstanding and all rights of the Depositor Affiliate with respect to such Preferred Securities will cease. 
  
 (b) In the case of an exchange described in Section 4.9(a), the Property Trustee on behalf of the Trust will, on the date of such exchange,
exchange Notes having a principal amount equal to a proportional amount of the aggregate Liquidation Amount of the Outstanding Common Securities, based on the ratio of the aggregate Liquidation Amount of the Preferred Securities exchanged pursuant
to Section 4.9(a) divided by the aggregate Liquidation Amount of the Preferred Securities Outstanding immediately prior to such exchange, for such proportional amount of Common Securities held by the Depositor (which contemporaneously shall
be canceled and no longer be deemed to be Outstanding); provided, that the Depositor delivers or causes to be delivered to the Property Trustee or its designee the required amount of Common Securities to be exchanged by 10:00 A.M. New York
time, on the Distribution Date on which such exchange is to occur. 
  
 SECTION 4.10. Calculation Agent. 
  
 (a) The
Property Trustee shall initially, and, subject to the immediately following sentence, for so long as it holds any of the Notes, be the Calculation Agent for purposes of determining LIBOR for each Distribution Date. The Calculation Agent may be
removed by the Administrative Trustees at any time. If the Calculation Agent is unable or unwilling to act as such or is removed by the Administrative Trustees, the Administrative Trustees will promptly appoint as a replacement Calculation Agent the
London office of a leading bank which is engaged in transactions in six-month Eurodollar deposits in the international Eurodollar market and which does not control or is not controlled by or under common control with the Administrative Trustee or
its Affiliates. The Calculation Agent may not resign its duties without a successor having been duly appointed. 
  

 23 

 (b) The Calculation Agent shall be required to agree that, as soon as possible after 11:00 a.m. (London
time) on each LIBOR Determination Date, but in no event later than 11:00 a.m. (London time) on the Business Day immediately following each LIBOR Determination Date, the Calculation Agent will calculate the interest rate (rounded to the nearest cent,
with half a cent being rounded upwards) for the related Distribution Date, and will communicate such rate and amount to the Depositor, the Administrative Trustees, the Note Trustee, each Paying Agent and the Depositary. The Calculation Agent will
also specify to the Administrative Trustee the quotations upon which the foregoing rates and amounts are based and, in any event, the Calculation Agent shall notify the Administrative Trustees before 5:00 p.m. (London time) on each LIBOR
Determination Date that either: (i) it has determined or is in the process of determining the foregoing rates and amounts or (ii) it has not determined and is not in the process of determining the foregoing rates and amounts, together with its
reasons therefor. The Calculation Agent’s determination of the foregoing rates and amounts for any Distribution Date will (in the absence of manifest error) be final and binding upon all parties. For the sole purpose of calculating the interest
rate for the Trust Securities, “Business Day” shall be defined as any day on which dealings in deposits in Dollars are transacted in the London interbank market. 
  
 SECTION 4.11. Certain Accounting Matters. 
  
 (a) At all times during the existence of the Trust, the Administrative Trustees shall keep, or cause to be kept at the
principal office of the Trust in the United States, as defined for purposes of Treasury Regulations section 301.7701-7, full books of account, records and supporting documents, which shall reflect in reasonable detail each transaction of the Trust.
The books of account shall be maintained on the accrual method of accounting, in accordance with generally accepted accounting principles, consistently applied. 
  

(b) The Administrative Trustees shall either (i) if the Depositor is then subject to such reporting requirements, cause each Form 10-K and Form 10-Q
prepared by the Depositor and filed with the Commission in accordance with the Exchange Act to be delivered to each Holder, with a copy to the Property Trustee, within thirty (30) days after the filing thereof or, if the Depositor is not subject to
such reporting requirements, (ii) cause to be prepared at the principal office of the Trust in the United States, as defined for purposes of Treasury Regulations section 301.7701-7, and delivered to each of the Holders, with a copy to the Property
Trustee, within ninety (90) days after the end of each Fiscal Year, annual financial statements of the Trust, including a balance sheet of the Trust as of the end of such Fiscal Year, and the related statements of income or loss. 
  
 (c) If the Depositor intends to file its annual and quarterly information
with the Commission in electronic form pursuant to Regulation S-T of the Commission using the Commission’s Electronic Data Gathering, Analysis and Retrieval (“EDGAR”) system, the Administrative Trustees shall notify the
Property Trustee in the manner prescribed herein of each such annual and quarterly filing. The Property Trustee is hereby authorized and directed to access the EDGAR system for purposes of retrieving the financial information so filed. Compliance
with the foregoing shall constitute delivery by the Administrative Trustees of its financial statements to the Property Trustee in compliance with the provisions of Section 314(a) of the Trust Indenture Act, if applicable. The Property Trustee shall
have no duty to search for or obtain any electronic or other filings that the Depositor makes with the Commission, 

  

 24 

 
regardless of whether such filings are periodic, supplemental or otherwise. Delivery of reports, information and documents to the Property Trustee pursuant
to this Section 4.11(c) shall be solely for purposes of compliance with this Section 4.11 and, if applicable, with Section 314(a) of the Trust Indenture Act. The Property Trustee’s receipt of such reports, information and
documents shall not constitute notice to it of the content thereof or any matter determinable from the content thereof, including the Depositor’s compliance with any of its covenants hereunder, as to which the Property Trustee is entitled to
rely upon Officers’ Certificates. 
  
 (d) The Trust shall
maintain one or more bank accounts in the United States, as defined for purposes of Treasury Regulations section 301.7701-7, in the name and for the sole benefit of the Trust; provided, however, that all payments of funds in respect of the
Notes held by the Property Trustee shall be made directly to the Payment Account and no other funds of the Trust shall be deposited in the Payment Account. The sole signatories for such accounts (including the Payment Account) shall be designated by
the Property Trustee. 
  
 ARTICLE V. 
  
 SECURITIES 
  
 SECTION 5.1. Initial Ownership. 
  
 Upon the creation of the Trust and the contribution by the Depositor referred
to in Section 2.3 and until the issuance of the Trust Securities, and at any time during which no Trust Securities are Outstanding, the Depositor shall be the sole beneficial owner of the Trust. 
  
 SECTION 5.2. Authorized Trust Securities. 
  
 The Trust shall be authorized to issue one series of Preferred Securities
having an aggregate Liquidation Amount of $50,000,000 and one series of Common Securities having an aggregate Liquidation Amount of $1,547,000. 
  
 SECTION 5.3. Issuance of the Common Securities; Subscription and Purchase of Notes. 
  
 On the Closing Date, an Administrative Trustee, on behalf of the Trust, shall execute and deliver to the Depositor Common
Securities Certificates, registered in the name of the Depositor, evidencing an aggregate of 1,547 Common Securities having an aggregate Liquidation Amount of One Million Five Hundred Forty Seven Thousand Dollars ($1,547,000), against receipt by the
Trust of the aggregate purchase price of such Common Securities of One Million Five Hundred Forty Seven Thousand Dollars ($1,547,000). Contemporaneously therewith and with the sale by the Trust to the Holders of an aggregate of 50,000 Preferred
Securities having an aggregate Liquidation Amount of Fifty Million Dollars ($50,000,000) an Administrative Trustee, on behalf of the Trust, shall purchase from the Depositor Notes, to be registered in the name of the Property Trustee on behalf of
the Trust and having an aggregate principal amount equal to Fifty One Million Five Hundred Forty Seven Thousand Dollars ($51,547,000), and, in satisfaction of the purchase price for such Notes, the Property Trustee, on behalf of the Trust, shall
deliver to the Depositor the sum of Fifty One Million Five Hundred Forty Seven Thousand Dollars 

  

 25 

 
($51,547,000) (being the aggregate amount paid by the Holders for the Preferred Securities, and the amount paid by the Depositor for the Common Securities).

  
 SECTION 5.4. The Securities Certificates. 

 
 (a) The Preferred Securities Certificates shall be issued in minimum
denominations of $100,000 Liquidation Amount and integral multiples of $1,000 in excess thereof, and the Common Securities Certificates shall be issued in minimum denominations of $10,000 Liquidation Amount and integral multiples of $1,000 in excess
thereof. The Securities Certificates shall be executed on behalf of the Trust by manual or facsimile signature of at least one Administrative Trustee. Securities Certificates bearing the signatures of individuals who were, at the time when such
signatures shall have been affixed, authorized to sign such Securities Certificates 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 Securities Certificates or did not have such authority at the date of delivery of such Securities Certificates. 
  
 (b) On the Closing Date, upon the written order of an authorized officer of the Depositor, the Administrative Trustees shall
cause Securities Certificates to be executed on behalf of the Trust and delivered, without further corporate action by the Depositor, in authorized denominations. 
  
 (c) The Preferred Securities issued to QIBs/QPs may be, except as provided in Section 5.6, Book-Entry Preferred
Securities issued in the form of one or more Global Preferred Securities registered in the name of the Depositary, or its nominee and deposited with the Depositary or a custodian for the Depositary for credit by the Depositary to the respective
accounts of the Depositary Participants thereof (or such other accounts as they may direct). The Preferred Securities issued to a Person other than a QIB/QP shall be issued in the form of Definitive Preferred Securities Certificates. 
  
 (d) A Preferred Security shall not be valid until authenticated by the manual
signature of an authorized signatory of the Property Trustee. Such signature shall be conclusive evidence that the Preferred Security has been authenticated under this Trust Agreement. Upon written order of the Trust signed by one Administrative
Trustee, the Property Trustee shall authenticate the Preferred Securities for original issue. The Property Trustee may appoint an authenticating agent that is a U.S. Person acceptable to the Trust to authenticate the Preferred Securities. A Common
Security need not be so authenticated and shall be valid upon execution by one or more Administrative Trustees. The form of this certificate of authentication can be found in Section 5.13. 
  
 SECTION 5.5. Rights of Holders. 
  
 The Trust Securities shall have no preemptive or similar rights and when
issued and delivered to Holders against payment of the purchase price therefor will be fully paid and non-assessable by the Trust. Except as provided in Section 5.11(b), the Holders of the Trust Securities, in their capacities as such, shall
be entitled to the same limitation of personal liability 

  

 26 

 
extended to stockholders of private corporations for profit organized under the General Corporation Law of the State of Delaware. 
  
 SECTION 5.6. Book-Entry Preferred Securities. 
  
 (a) A Global Preferred Security may be exchanged, in whole or in part, for
Definitive Preferred Securities Certificates registered in the names of the Owners only if such exchange complies with Section 5.7 and (i) the Depositary advises the Administrative Trustees and the Property Trustee in writing that the
Depositary is no longer willing or able properly to discharge its responsibilities with respect to the Global Preferred Security, and no qualified successor is appointed by the Administrative Trustees within ninety (90) days of receipt of such
notice, (ii) the Depositary ceases to be a clearing agency registered under the Exchange Act and the Administrative Trustees fail to appoint a qualified successor within ninety (90) days of obtaining knowledge of such event, (iii) the Administrative
Trustees at their option advise the Property Trustee in writing that the Trust elects to terminate the book-entry system through the Depositary or (iv) a Note Event of Default has occurred and is continuing. Upon the occurrence of any event
specified in clause (i), (ii), (iii) or (iv) above, the Administrative Trustees shall notify the Depositary and instruct the Depositary to notify all Owners of Book-Entry Preferred Securities, the Delaware Trustee and the Property Trustee of the
occurrence of such event and of the availability of the Definitive Preferred Securities Certificates to Owners of the Preferred Securities requesting the same. Upon the issuance of Definitive Preferred Securities Certificates, the Trustees shall
recognize the Holders of the Definitive Preferred Securities Certificates as Holders. Notwithstanding the foregoing, if an Owner of a beneficial interest in a Global Preferred Security wishes at any time to transfer an interest in such Global
Preferred Security to a Person other than a QIB/QP, such transfer shall be effected, subject to the Applicable Depositary Procedures, in accordance with the provisions of this Section 5.6 and Section 5.7, and the transferee shall
receive a Definitive Preferred Securities Certificate in connection with such transfer. A holder of a Definitive Preferred Securities Certificate that is a QIB/QP may, upon request and in accordance with the provisions of this Section 5.6 and
Section 5.7, exchange such Definitive Preferred Securities Certificate for a beneficial interest in a Global Preferred Security. 
  
 (b) If any Global Preferred Security is to be exchanged for Definitive Preferred Securities Certificates or canceled in part, or if any Definitive
Preferred Securities Certificate is to be exchanged in whole or in part for any Global Preferred Security, then either (i) such Global Preferred Security shall be so surrendered for exchange or cancellation as provided in this Article V or
(ii) the aggregate Liquidation Amount represented by such Global Preferred Security shall be reduced, subject to Section 5.4, or increased by an amount equal to the Liquidation Amount represented by that portion of the Global Preferred
Security to be so exchanged or canceled, or equal to the Liquidation Amount represented by such Definitive Preferred Securities Certificates to be so exchanged for any Global Preferred Security, 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 Applicable Depositary Procedures, shall instruct the Depositary or its authorized representative to make a corresponding adjustment to
its records. Upon any such surrender to the Administrative Trustees or the Securities Registrar of any Global Preferred Security or Securities by the Depositary, accompanied by registration instructions, the Administrative Trustees, or any one of
them, shall execute the Definitive Preferred Securities Certificates in accordance with the instructions of the Depositary. None of the Securities 

  

 27 

 
Registrar or the Trustees shall be liable for any delay in delivery of such instructions and may conclusively rely on, and shall be fully protected in
relying on, such instructions. 
  
 (c) Every Definitive Preferred
Securities Certificate executed and delivered upon registration or transfer of, or in exchange for or in lieu of, a Global Preferred Security or any portion thereof shall be executed and delivered in the form of, and shall be, a Global Preferred
Security, unless such Definitive Preferred Securities Certificate is registered in the name of a Person other than the Depositary for such Global Preferred Security or a nominee thereof. 
  
 (d) The Depositary or its nominee, as registered owner of a Global Preferred Security, shall be the Holder of such Global
Preferred Security for all purposes under this Trust Agreement and the Global Preferred Security, and Owners with respect to a Global Preferred Security shall hold such interests pursuant to the Applicable Depositary Procedures. The Securities
Registrar and the Trustees shall be entitled to deal with the Depositary for all purposes of this Trust Agreement relating to the Global Preferred Securities (including the payment of the Liquidation Amount of and Distributions on the Book-Entry
Preferred Securities represented thereby and the giving of instructions or directions by Owners of Book-Entry Preferred Securities represented thereby and the giving of notices) as the sole Holder of the Book-Entry Preferred Securities represented
thereby and shall have no obligations to the Owners thereof. None of the Trustees nor the Securities Registrar shall have any liability in respect of any transfers effected by the Depositary. 
  
 (e) The rights of the Owners of the Book-Entry Preferred Securities shall be
exercised only through the Depositary and shall be limited to those established by law, the Applicable Depositary Procedures and agreements between such Owners and the Depositary and/or the Depositary Participants; 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 Depositary setting forth the Owners’ votes or assigning the right to vote on any
matter to any other Persons either in whole or in part. To the extent that Preferred Securities are represented by a Global Preferred Security, the initial Depositary will make book-entry transfers among the Depositary Participants and receive and
transmit payments on the Preferred Securities that are represented by a Global Preferred Security to such Depositary Participants, and none of the Depositor or the Trustees shall have any responsibility or obligation with respect thereto.

  
 (f) 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 Security, the Trustees shall give all such notices and communications to the Depositary, and shall have no obligations to the
Owners. 
  
 SECTION 5.7. Registration of Transfer and Exchange
of Preferred Securities Certificates. 
  
 (a) The Property
Trustee shall keep or cause to be kept, at the Corporate Trust Office, a register or registers (the “Securities Register”) in which the registrar and transfer agent with 

  

 28 

 
respect to the Trust Securities (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 and registration of transfers and exchanges of Preferred Securities Certificates as herein provided. The Person acting as the Property Trustee shall at all
times also be the Securities Registrar. The provisions of Article VIII shall apply to the Property Trustee in its role as Securities Registrar. 
  
 (b) Subject to Section 5.7(d), upon surrender for registration of transfer of any Preferred Securities Certificate at the office or agency maintained
pursuant to Section 5.7(f), the Administrative Trustees or any one of them shall execute by manual or facsimile signature and deliver to the Property Trustee, and the Property Trustee upon written order of the Trust signed by one
Administrative 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 as may be required
by this Trust Agreement dated the date of execution by such Administrative Trustee or Trustees. At the option of a Holder, Preferred Securities Certificates may be exchanged for other Preferred Securities Certificates in authorized denominations and
of a like aggregate Liquidation Amount upon surrender of the Preferred Securities Certificate to be exchanged at the office or agency maintained pursuant to Section 5.7(f). Whenever any Preferred Securities Certificates are so surrendered for
exchange, the Administrative Trustees or any one of them shall execute by manual or facsimile signature and deliver to the Property Trustee, and the Property Trustee upon written order of the Trust signed by one Administrative Trustee shall
authenticate and deliver, the Preferred Securities Certificates that the Holder making the exchange is entitled to receive. 
  
 (c) The Securities Registrar shall not be required, (i) to issue, register the transfer of or exchange any Preferred Security during a period beginning at
the opening of business fifteen (15) days before the day of selection for redemption of such Preferred Securities pursuant to Article IV and ending at the close of business on the day of mailing of the notice of redemption or (ii) to register
the transfer of or exchange any Preferred Security so selected for redemption in whole or in part, except, in the case of any such Preferred Security to be redeemed in part, any portion thereof not to be redeemed. 
  
 (d) Every Preferred Securities Certificate presented or surrendered for
registration of transfer or exchange shall be duly endorsed, or be accompanied by a written instrument of transfer in form satisfactory to the Securities Registrar duly executed by the Holder or such Holder’s attorney duly authorized in writing
and accompanied by a certificate of the transferor substantially in the form set forth as Exhibit E hereto. 
  
 (e) No service charge shall be made for any registration of transfer or exchange of Preferred Securities Certificates, but the Property Trustee on behalf
of the Trust 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. 
  
 (f) The Administrative Trustees shall designate an office or offices or
agency or agencies where Preferred Securities Certificates may be surrendered for registration of transfer or exchange and initially designate the Corporate Trust Office as its office and agency for such 

  

 29 

 
purposes. The Administrative Trustees shall give prompt written notice to the Depositor, the Property Trustee and to the Holders of any change in the
location of any such office or agency. 
  
 (g) The Preferred
Securities may only be transferred to a “Qualified Purchaser” as such term is defined in Section 2(a)(51) of the Investment Company Act. 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 certificate is specifically required by the express terms of this Section 5.7 to be delivered to the Property Trustee or the Securities Registrar, such party 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 Trust Agreement and shall promptly notify the party delivering the same if such certificate does not comply with such terms. 
  
 SECTION 5.8. Mutilated, Destroyed, Lost or Stolen Securities
Certificates. 
  
 (a) If any mutilated Securities Certificate
shall be surrendered to the Securities Registrar together with such security or indemnity as may be required by the Securities Registrar to save each of the Trustees harmless, the Administrative Trustees, or any one of them, on behalf of the Trust,
shall execute and make available for delivery in exchange therefor a new Securities Certificate of like class, tenor and denomination. 
  
 (b) If the Securities Registrar shall receive evidence to its satisfaction of the destruction, loss or theft of any Securities Certificate and there shall
be delivered to the Securities Registrar such security or indemnity as may be required by it to save each of the Trustees harmless, then in the absence of notice that such Securities Certificate shall have been acquired by a protected purchaser, the
Administrative Trustees, or any one of them, on behalf of the Trust, shall execute and make available for delivery, and, with respect to Preferred Securities, the Property Trustee upon written order of the Trust signed by one Administrative Trustee
shall authenticate, in exchange for or in lieu of any such destroyed, lost or stolen Securities Certificate, a new Securities Certificate of like class, tenor and denomination. 
  
 (c) In connection with the issuance of any new Securities Certificate under this Section 5.8, 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. 
  
 (d) Any duplicate Securities Certificate issued pursuant to this Section 5.8 shall constitute conclusive evidence of
an undivided beneficial interest in the assets of the Trust corresponding to that evidenced by the mutilated, lost, stolen or destroyed Securities Certificate, as if originally issued, whether or not the lost, stolen or destroyed Securities
Certificate shall be found at any time. 
  
 (e) If any such
mutilated, destroyed, lost or stolen Securities Certificate has become or is about to become due and payable, the Depositor in its discretion may provide the Property 

  

 30 

 
Trustee with the funds to pay such Trust Security and upon receipt of such funds, the Property Trustee shall pay such Trust Security instead of issuing a new
Securities Certificate. 
  
 (f) The provisions of this Section
5.8 are exclusive and shall preclude (to the extent lawful) all other rights and remedies with respect to the replacement of mutilated, destroyed, lost or stolen Securities Certificates. 
  
 SECTION 5.9. Persons Deemed Holders. 
  
 The Trustees and the Securities Registrar shall each treat the Person in
whose name any Securities Certificate shall be registered in the Securities Register as the owner of such Securities Certificate for the purpose of receiving Distributions and for all other purposes whatsoever, and none of the Trustees and the
Securities Registrar shall be bound by any notice to the contrary. 
  
 SECTION 5.10. Cancellation. 
  
 All Preferred
Securities Certificates surrendered for registration of transfer or exchange or for payment shall, if surrendered to any Person other than the Property Trustee, be delivered to the Property Trustee, and any such Preferred Securities Certificates and
Preferred Securities Certificates surrendered directly to the Property Trustee for any such purpose shall be promptly canceled by it. The Administrative Trustees may at any time deliver to the Property Trustee for cancellation any Preferred
Securities Certificates previously delivered hereunder that the Administrative Trustees may have acquired in any manner whatsoever, and all Preferred Securities Certificates so delivered shall be promptly canceled by the Property Trustee. No
Preferred Securities Certificates shall be executed and delivered in lieu of or in exchange for any Preferred Securities Certificates canceled as provided in this Section 5.10, except as expressly permitted by this Trust Agreement. All
canceled Preferred Securities Certificates shall be retained by the Property Trustee in accordance with its customary practices. 
  
 SECTION 5.11. Ownership of Common Securities by Depositor. 
  

(a) On the Closing Date, the Depositor shall acquire, and thereafter shall retain, beneficial and record ownership of the Common Securities. Neither
the Depositor nor any successor Holder of the Common Securities may transfer less than all the Common Securities, and the Depositor or any such successor Holder may transfer the Common Securities only (i) in connection with a consolidation or merger
of the Depositor into another Person, or any conveyance, transfer or lease by the Depositor of its properties and assets substantially as an entirety to any Person (in which event such Common Securities will be transferred to such surviving entity,
transferee or lessee, as the case may be), pursuant to Section 8.1 of the Indenture or (ii) to the Depositor or an Affiliate of the Depositor, in each such case in compliance with applicable law (including the Securities Act, and applicable state
securities and blue sky laws). To the fullest extent permitted by law, any attempted transfer of the Common Securities other than as set forth in the immediately preceding sentence shall be void. The Administrative Trustees shall cause each Common
Securities Certificate issued to the Depositor to contain a legend stating substantially “THIS CERTIFICATE IS NOT TRANSFERABLE EXCEPT IN COMPLIANCE WITH APPLICABLE LAW AND SECTION 5.11 OF THE TRUST AGREEMENT.” 
  

 31 

 (b) Any Holder of the Common Securities shall be liable for the debts and obligations of the Trust in the
manner and to the extent set forth with respect to the Depositor and agrees that it shall be subject to all liabilities to which the Depositor may be subject and, prior to becoming such a Holder, shall deliver to the Administrative Trustees an
instrument of assumption satisfactory to such Trustees. 
  
 SECTION 5.12. Restricted Legends. 
  
 (a) Each
Preferred Security Certificate shall bear a legend in substantially the following form: 
  
 THIS PREFERRED SECURITY IS A GLOBAL SECURITY WITHIN THE MEANING OF THE TRUST AGREEMENT HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF THE DEPOSITORY TRUST COMPANY (“DTC”) OR A NOMINEE OF DTC. THIS
PREFERRED SECURITY IS EXCHANGEABLE FOR SECURITIES REGISTERED IN THE NAME OF A PERSON OTHER THAN DTC OR ITS NOMINEE ONLY IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE TRUST AGREEMENT, AND NO TRANSFER OF THIS PREFERRED SECURITY (OTHER THAN A TRANSFER
OF THIS PREFERRED SECURITY AS A WHOLE BY DTC TO A NOMINEE OF DTC OR BY A NOMINEE OF DTC TO DTC OR ANOTHER NOMINEE OF DTC) MAY BE REGISTERED EXCEPT IN LIMITED CIRCUMSTANCES. 
  
 UNLESS THIS PREFERRED SECURITY IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF DTC TO HMB CAPITAL TRUST I OR ITS AGENT FOR
REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY PREFERRED SECURITY ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT HEREON IS MADE TO CEDE & CO.
OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST
HEREIN. 
  
 THE PREFERRED SECURITIES REPRESENTED BY THIS
CERTIFICATE WERE ORIGINALLY ISSUED IN A TRANSACTION EXEMPT FROM REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND SUCH PREFERRED SECURITIES OR ANY INTEREST THEREIN, MAY NOT BE OFFERED, SOLD OR OTHERWISE
TRANSFERRED IN THE ABSENCE OF SUCH REGISTRATION OR AN APPLICABLE EXEMPTION THEREFROM. EACH PURCHASER OF ANY PREFERRED SECURITIES IS HEREBY NOTIFIED THAT THE SELLER OF THE PREFERRED SECURITIES MAY BE RELYING ON THE EXEMPTION FROM THE PROVISIONS OF
SECTION 5 OF THE SECURITIES ACT PROVIDED BY RULE 144A UNDER THE SECURITIES ACT. 
  

 32 

 THE HOLDER OF THE PREFERRED SECURITIES REPRESENTED BY THIS CERTIFICATE AGREES FOR THE BENEFIT OF THE
TRUST AND THE DEPOSITOR THAT (A) SUCH PREFERRED SECURITIES MAY BE OFFERED, RESOLD OR OTHERWISE TRANSFERRED ONLY (I) TO THE TRUST, OR (II) TO A PERSON WHOM THE SELLER REASONABLY BELIEVES IS A “QUALIFIED PURCHASER” (AS DEFINED IN SECTION
2(A)(51) OF THE INVESTMENT COMPANY ACT OF 1940, AS AMENDED), AND (B) THE HOLDER WILL NOTIFY ANY PURCHASER OF ANY PREFERRED SECURITIES FROM IT OF THE RESALE RESTRICTIONS REFERRED TO IN (A) ABOVE. 
  
 THE PREFERRED SECURITIES WILL BE ISSUED AND MAY BE TRANSFERRED ONLY IN
BLOCKS HAVING AN AGGREGATE LIQUIDATION AMOUNT OF NOT LESS THAN $100,000. TO THE FULLEST EXTENT PERMITTED BY LAW, ANY ATTEMPTED TRANSFER OF PREFERRED SECURITIES, OR ANY INTEREST THEREIN, IN A BLOCK HAVING AN AGGREGATE LIQUIDATION AMOUNT OF LESS THAN
$100,000 AND MULTIPLES OF $1,000 IN EXCESS THEREOF SHALL BE DEEMED TO BE VOID AND OF NO LEGAL EFFECT WHATSOEVER. TO THE FULLEST EXTENT PERMITTED BY LAW, ANY SUCH PURPORTED TRANSFEREE SHALL BE DEEMED NOT TO BE THE HOLDER OF SUCH PREFERRED SECURITIES
FOR ANY PURPOSE, INCLUDING, BUT NOT LIMITED TO, THE RECEIPT OF PRINCIPAL OF OR INTEREST ON SUCH PREFERRED SECURITIES, OR ANY INTEREST THEREIN, AND SUCH PURPORTED TRANSFEREE SHALL BE DEEMED TO HAVE NO INTEREST WHATSOEVER IN SUCH PREFERRED SECURITIES.

  
 THE HOLDER OF THIS SECURITY, OR ANY INTEREST THEREIN, BY ITS
ACCEPTANCE HEREOF OR THEREOF ALSO AGREES, REPRESENTS AND WARRANTS THAT IT IS NOT AN EMPLOYEE BENEFIT, INDIVIDUAL RETIREMENT ACCOUNT OR OTHER PLAN OR ARRANGEMENT SUBJECT TO TITLE I OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED
(“ERISA”), OR SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”) (EACH A “PLAN”), OR AN ENTITY WHOSE UNDERLYING ASSETS INCLUDE “PLAN ASSETS” BY REASON OF ANY
PLAN’S INVESTMENT IN THE ENTITY, AND NO PERSON INVESTING “PLAN ASSETS” OF ANY PLAN MAY ACQUIRE OR HOLD THIS PREFERRED SECURITY OR ANY INTEREST THEREIN. ANY PURCHASER OR HOLDER OF THE PREFERRED SECURITIES OR ANY INTEREST THEREIN WILL
BE DEEMED TO HAVE REPRESENTED BY ITS PURCHASE AND HOLDING THEREOF THAT IT IS NOT AN EMPLOYEE BENEFIT PLAN WITHIN THE MEANING OF SECTION 3(3) OF ERISA, OR A PLAN TO WHICH SECTION 4975 OF THE CODE IS APPLICABLE, A TRUSTEE OR OTHER PERSON ACTING ON
BEHALF OF AN EMPLOYEE BENEFIT PLAN OR PLAN, OR ANY OTHER PERSON OR ENTITY USING THE ASSETS OF ANY EMPLOYEE BENEFIT PLAN OR PLAN TO FINANCE SUCH PURCHASE.” 
  

(b) The above legend shall not be removed from any of the Preferred Securities Certificates unless there is delivered to the Property Trustee and the
Depositor satisfactory 

  

 33 

 
evidence, which may include an opinion of counsel, as may be reasonably required to ensure that any future transfers thereof may be made without restriction
under the provisions of the Securities Act and other applicable law. Upon provision of such satisfactory evidence, one or more of the Administrative Trustees on behalf of the Trust shall execute and deliver to the Property Trustee, and the Property
Trustee shall deliver, at the written direction of the Administrative Trustees and the Depositor, Preferred Securities Certificates that do not bear the legend. 
  

SECTION 5.13. Form of Certificate of Authentication. 
  
 The Property Trustee’s certificate of authentication shall be in substantially the following form: 
  
 This is one of the Preferred Securities referred to in the within-mentioned
Trust Agreement. 
  

									
	 Dated:
	 	 	 	WELLS FARGO BANK, NATIONAL ASSOCIATION, not in its individual capacity, but solely as Property
Trustee
					
	 	 	 	 	 	 	By:	 	 
	 	 	 	 	 	 	 	 	 Authorized signatory

  
 ARTICLE VI. 

 
 MEETINGS; VOTING; ACTS
OF HOLDERS 
  
 SECTION 6.1.
Notice of Meetings. 
  
 Notice of all meetings of the
Holders of the Preferred Securities, stating the time, place and purpose of the meeting, shall be given by the Administrative Trustees pursuant to Section 10.8 to each Holder of Preferred Securities, at such Holder’s registered address,
at least fifteen (15) days and not more than ninety (90) days before the meeting. At any such meeting, any business properly before the meeting may be so considered whether or not stated in the notice of the meeting. Any adjourned meeting may be
held as adjourned without further notice. 
  
 SECTION 6.2.
Meetings of Holders of the Preferred Securities. 
  
 (a) No
annual meeting of Holders is required to be held. The Administrative Trustees, however, shall call a meeting of the Holders of the Preferred Securities to vote on any matter upon the written request of the Holders of at least twenty five percent
(25%) in aggregate Liquidation Amount of the Outstanding Preferred Securities and the Administrative Trustees or the Property Trustee may, at any time in their discretion, call a meeting of the Holders of the Preferred Securities to vote on any
matters as to which such Holders are entitled to vote. 
  

 34 

 (b) The Holders of at least a Majority in Liquidation Amount of the Preferred Securities, present in
person or by proxy, shall constitute a quorum at any meeting of the Holders of the Preferred Securities. 
  
 (c) If a quorum is present at a meeting, an affirmative vote by the Holders present, in person or by proxy, holding Preferred Securities representing at
least a Majority in Liquidation Amount of the Preferred Securities held by the Holders present, either in person or by proxy, at such meeting shall constitute the action of the Holders of the Preferred Securities, unless this Trust Agreement
requires a lesser or greater number of affirmative votes. 
  
 SECTION 6.3. Voting Rights. 
  
 Holders shall be
entitled to one vote for each $10,000 of Liquidation Amount represented by their Outstanding Trust Securities in respect of any matter as to which such Holders are entitled to vote. 
  
 SECTION 6.4. Proxies, Etc. 
  

At any meeting of Holders, any Holder entitled to vote thereat may vote by proxy, provided, that no proxy shall be voted at any meeting unless
it shall have been placed on file with the Administrative Trustees, or with such other officer or agent of the Trust as the Administrative Trustees may direct, for verification prior to the time at which such vote shall be taken. Pursuant to a
resolution of the Property Trustee, proxies may be solicited in the name of the Property Trustee or one or more officers of the Property Trustee. Only Holders of record shall be entitled to vote. When Trust Securities are held jointly by several
Persons, any one of them may vote at any meeting in person or by proxy in respect of such Trust Securities, but if more than one of them shall be present at such meeting in person or by proxy, and such joint owners or their proxies so present
disagree as to any vote to be cast, such vote shall not be received in respect of such Trust Securities. A proxy purporting to be executed by or on behalf of a Holder shall be deemed valid unless challenged at or prior to its exercise, and the
burden of proving invalidity shall rest on the challenger. No proxy shall be valid more than three years after its date of execution. 
  
 SECTION 6.5. Holder Action by Written Consent. 
  
 Any action that may be taken by Holders at a meeting may be taken without a meeting and without prior notice if Holders holding at least a Majority in
Liquidation Amount of all Preferred Securities entitled to vote in respect of such action (or such lesser or greater proportion thereof as shall be required by any other provision of this Trust Agreement) shall consent to the action in writing;
provided, that notice of such action is promptly provided to the Holders of Preferred Securities that did not consent to such action. Any action that may be taken by the Holders of all the Common Securities may be taken without a meeting and
without prior notice if such Holders shall consent to the action in writing. 
  
 SECTION 6.6. Record Date for Voting and Other Purposes. 
  
 Except as provided in Section 6.10(a), for the purposes of determining the Holders who are entitled to notice of and to vote at any meeting or to act by written consent, or to participate 

  

 35 

 
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 ninety (90) days prior to the date of any meeting of Holders or the payment of a Distribution or other action, as the case may be, as a record date for the
determination of the identity of the Holders of record for such purposes. 
  
 SECTION 6.7. Acts of Holders. 
  
 (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 Holders may be embodied in and evidenced by one or more instruments of
substantially similar tenor signed by such Holders in person or by an agent thereof 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 Holders 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 conclusive in favor of the Trustees, if made in the manner provided in this Section 6.7. 
  
 (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 that 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 Holder of any Trust Security shall bind every future Holder of the same Trust Security and the Holder of every Trust Security issued upon the registration of transfer thereof or in exchange therefor or in
lieu thereof in respect of anything done, omitted or suffered to be done by the Trustees, the Administrative 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 Holder entitled hereunder to take any
action hereunder with regard to any particular Trust Security may do so with regard to all or any part of the Liquidation Amount of such Trust Security or by one or more duly appointed agents each of which may do so pursuant to such appointment with
regard to all or any part of such Liquidation Amount. 
  
 (f) 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, 

  

 36 

 
consent, waiver or other Act of such Holder or Trustee under this Article VI, then the determination of such matter by the Property Trustee shall be
conclusive with respect to such matter. 
  
 SECTION 6.8.
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 by any Holder during normal business hours for any purpose reasonably related to such Holder’s interest as a Holder. 
  
 SECTION 6.9. Limitations on Voting Rights. 
  
 (a) Except as expressly provided in this Trust Agreement and in the Indenture
and as otherwise required by law, no Holder of Preferred Securities shall have any right to vote or in any manner otherwise control the administration, operation and management of the Trust or the obligations of the parties hereto, nor shall
anything herein set forth, or contained in the terms of the Securities Certificates, be construed so as to constitute the Holders from time to time as partners or members of an association. 
  
 (b) So long as any Notes are held by the Property Trustee on behalf of the
Trust, the Property Trustee shall not (i) direct the time, method and place of conducting any proceeding for any remedy available to the Note Trustee, or exercise any trust or power conferred on the Property Trustee with respect to the Notes, (ii)
waive any past default that may be waived under Section 5.13 of the Indenture or waive compliance with any covenant or condition under Section 10.7 of the Indenture, (iii) exercise any right to rescind or annul a declaration that the principal of
all the Notes shall be due and payable or (iv) consent to any amendment, modification or termination of the Indenture or the Notes, 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 the Preferred Securities; provided, that where a consent under the Indenture would require the consent of each holder of Notes (or each Holder of Preferred Securities) affected thereby, no such consent
shall be given by the Property Trustee without the prior written consent of each Holder of Preferred Securities. The Property Trustee shall not revoke any action previously authorized or approved by a vote of the Holders of the Preferred Securities,
except by a subsequent vote of the Holders of the Preferred Securities. In addition to obtaining the foregoing approvals of the Holders of the Preferred Securities, prior to taking any of the foregoing actions, the Property Trustee shall, at the
expense of the Depositor, obtain an Opinion of Counsel experienced in such matters to the effect that such action shall not cause the Trust to be taxable as a corporation or classified as other than a grantor trust for United States federal income
tax purposes. 
  
 (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 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 will 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 

  

 37 

 
Majority in Liquidation Amount of the Preferred Securities. Notwithstanding any other provision of this Trust Agreement, no amendment to this Trust Agreement
may be made if, as a result of such amendment, it would cause the Trust to be taxable as a corporation or classified as other than a grantor trust for United States federal income tax purposes. 
  
 SECTION 6.10. Acceleration of Maturity; Rescission of Annulment; Waivers
of Past Defaults. 
  
 (a) For so long as any Preferred
Securities remain Outstanding, if, upon a Note Event of Default, the Note Trustee fails or the holders of not less than twenty five percent (25%) in principal amount of the outstanding Notes fail to declare the principal of all of the Notes to be
immediately due and payable, the Holders of at least twenty five percent (25%) in Liquidation Amount of the Preferred Securities then Outstanding shall have the right to make such declaration by a notice in writing to the Property Trustee, the
Depositor and the Note Trustee. At any time after a declaration of acceleration with respect to the Notes has been made and before a judgment or decree for payment of the money due has been obtained by the Note Trustee as provided in the Indenture,
the Holders of at least a Majority in Liquidation Amount of the Preferred Securities, by written notice to the Property Trustee, the Depositor and the Note Trustee, may rescind and annul such declaration and its consequences if: 
  
 (i) the Depositor has paid or deposited with the Note
Trustee a sum sufficient to pay: 
  
 (A) all
overdue installments of interest on all of the Notes; 
  
 (B) any accrued Additional Interest on all of the Notes; 
  
 (C) the principal of and any premium, if any, on any Notes that have become due otherwise than by such declaration of acceleration and interest and Additional Interest thereon at the rate borne by the Notes; and

  
 (D) all sums paid or advanced by the Note
Trustee under the Indenture and the reasonable compensation, expenses, disbursements and advances of the Note Trustee, the Property Trustee and their agents and counsel; and 
  
 (ii) all Note Events of Default, other than the non-payment of the principal of the Notes that has become
due solely by such acceleration, have been cured or waived as provided in Section 5.13 of the Indenture. 
  
 Upon receipt by the Property Trustee of written notice requesting such an acceleration, or rescission and annulment thereof, by Holders of any part of the
Preferred Securities, a record date shall be established for determining Holders of Outstanding Preferred Securities entitled to join in such notice, which record date shall be at the close of business on the day the Property Trustee receives such
notice. The Holders of Outstanding Preferred Securities on such record date, or their duly designated proxies, and only such Persons, shall be entitled to join in such notice, whether or not such Holders remain Holders after such record date;
provided, that, unless such declaration of acceleration, or rescission and annulment, as the case may be, shall have become effective by virtue of the requisite percentage having joined in such notice prior to the 

  

 38 

 
day that is ninety (90) days after such record date, such notice of declaration of acceleration, or rescission and annulment, as the case may be, shall
automatically and without further action by any Holder be canceled and of no further effect. Nothing in this paragraph shall prevent a Holder of Outstanding Preferred Securities, or a proxy of a Holder, from giving, after expiration of such ninety
(90)-day period, a new written notice of declaration of acceleration, or rescission and annulment thereof, as the case may be, that is identical to a written notice that has been canceled pursuant to the proviso to the preceding sentence, in which
event a new record date shall be established pursuant to the provisions of this Section 6.10(a). 
  
 (b) For so long as any Preferred Securities remain Outstanding, to the fullest extent permitted by law and subject to the terms of this Trust Agreement
and the Indenture, upon a Note Event of Default specified in paragraph (a) or (b) of Section 5.1 of the Indenture, any Holder of Preferred Securities shall have the right to institute a proceeding directly against the Depositor, pursuant to Section
5.8 of the Indenture, for enforcement of payment to such Holder of any amounts payable in respect of Notes having an aggregate principal amount equal to the aggregate Liquidation Amount of the Preferred Securities of such Holder. Except as set forth
in Section 6.10(a) and this Section 6.10(b), the Holders of Preferred Securities shall have no right to exercise directly any right or remedy available to the holders of, or in respect of, the Notes. 
  
 (c) Notwithstanding paragraphs (a) and (b) of this Section 6.10, the
Holders of at least a Majority in Liquidation Amount of the Preferred Securities may, on behalf of the Holders of all the Preferred Securities, waive any Note Event of Default, except any Note Event of Default arising from the failure to pay any
principal of or any premium, if any, or interest (including any Additional Interest) on the Notes (unless such Note Event of Default has been cured and a sum sufficient to pay all matured installments of interest and all principal and premium, if
any, on all Notes due otherwise than by acceleration has been deposited with the Note Trustee) or a Note Event of Default in respect of a covenant or provision that under the Indenture cannot be modified or amended without the consent of the holder
of each outstanding Note. Upon any such waiver, such Note Event of Default shall cease to exist and any Note Event of Default arising therefrom shall be deemed to have been cured for every purpose of the Indenture; but no such waiver shall affect
any subsequent Note Event of Default or impair any right consequent thereon. 
  
 (d) Notwithstanding paragraphs (a) and (b) of this Section 6.10, the Holders of at least a Majority in Liquidation Amount of the Preferred Securities may, on behalf of the Holders of all the Preferred
Securities, waive any past Event of Default and its consequences. Upon such waiver, any such Event of Default shall cease to exist, and any Event of Default arising therefrom shall be deemed to have been cured, for every purpose of this Trust
Agreement, but no such waiver shall extend to any subsequent or other Event of Default or impair any right consequent thereon. 
  
 (e) The Holders of a Majority in Liquidation Amount of the Preferred Securities shall have the right to direct the time, method and place of conducting
any proceeding for any remedy available to the Property Trustee in respect of this Trust Agreement or the Notes or exercising any trust or power conferred upon the Property Trustee under this Trust Agreement; provided, that, subject to
Sections 8.5 and 8.7, the Property Trustee shall have the right to decline to follow any such direction if the Property Trustee being advised by counsel determines that the action so 

  

 39 

 
directed may not lawfully be taken, or if the Property Trustee in good faith shall, by an officer or officers of the Property Trustee, determine that the
proceedings so directed would be illegal or involve it in personal liability or be unduly prejudicial to the rights of Holders not party to such direction, and provided, further, that nothing in this Trust Agreement shall impair
the right of the Property Trustee to take any action deemed proper by the Property Trustee and which is not inconsistent with such direction. 
  
 ARTICLE VII. 
  
 REPRESENTATIONS AND WARRANTIES 
  
 SECTION 7.1. Representations and Warranties of the Property Trustee and the Delaware Trustee. 
  
 The Property Trustee and the Delaware Trustee, each severally on behalf of
and as to itself, hereby represents and warrants for the benefit of the Depositor and the Holders that: 
  
 (a) the Property Trustee is a national banking association, duly organized and validly existing under the laws of the United States of
America; 
  
 (b) the Property Trustee has full
corporate 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) the Delaware Trustee is a banking corporation, duly
formed and validly existing under the laws of the State of Delaware; 
  
 (d) the Delaware Trustee has full corporate 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; 
  
 (e) this Trust Agreement has been duly authorized, executed and delivered by the Property Trustee and the Delaware Trustee and constitutes the legal, valid and binding agreement of each of the Property Trustee and the
Delaware Trustee enforceable against each of them in accordance with its terms, subject to applicable bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium and similar laws affecting creditors’ rights generally and to general
principles of equity; 
  
 (f) the execution,
delivery and performance of this Trust Agreement have been duly authorized by all necessary corporate or other action on the part of the Property Trustee and the Delaware Trustee and do not require any approval of stockholders of the Property
Trustee and the Delaware Trustee and such execution, delivery and performance will not (i) violate the respective Articles of Association or By-laws of the Property Trustee or the Delaware Trustee, (ii) violate any provision of, or constitute, with
or without notice or lapse of time, a default under, or result in the imposition of any lien on 

  

 40 

 
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 Delaware Trustee is a party or by which it is bound, or (iii) violate any applicable law, governmental rule or regulation of the United States or the State of Delaware, as the case may be, governing
the banking, trust or general powers of the Property Trustee or the Delaware Trustee or any order, judgment or decree applicable to the Property Trustee or the Delaware Trustee; 
  
 (g) neither the authorization, execution or delivery by the Property Trustee or the Delaware Trustee of this
Trust Agreement nor the consummation of any of the transactions by the Property Trustee or the Delaware Trustee contemplated herein 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 law of the United States or the State of Delaware governing the banking, trust or general powers of the Property Trustee or the Delaware Trustee, as the case may be; and

  
 (h) to the best of each of the Property
Trustee’s and the Delaware Trustee’s knowledge, there are no proceedings pending or threatened against or affecting the Property Trustee or the Delaware Trustee in any court or before any governmental authority, agency or arbitration board
or tribunal that, individually or in the aggregate, would materially and adversely affect the Trust or would question the right, power and authority of the Property Trustee or the Delaware Trustee, as the case may be, to enter into or perform its
obligations as one of the Trustees under this Trust Agreement. 
  
 SECTION 7.2. Representations and Warranties of Depositor. 
  
 The Depositor hereby represents and warrants for the benefit of the Holders and the Trustees that: 
  
 (a) the Depositor is a corporation duly organized, validly existing and in good standing under the laws of its state of incorporation;

  
 (b) the Depositor has full corporate power,
authority and legal right to execute, deliver and perform its obligations under this Trust Agreement and has taken all necessary corporate 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 Depositor and constitutes the legal, valid and binding agreement of the Depositor enforceable against the Depositor in accordance with its terms, subject to (a) the effect of bankruptcy, insolvency or other similar laws of
general applicability relating to or affecting creditors’ rights generally; (b) the application of general principles of equity (regardless of whether enforceability is considered in a proceeding in equity or at law) and (c) certain other
limitations that exist relating to the rights of set-off, indemnification or contribution by virtue of public policy; 
  

 41 

 (d) the Securities Certificates issued at the Closing Date on behalf of the Trust have
been duly authorized and when duly and validly executed, issued, authenticated 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 Holders will
be, as of such date, entitled to the benefits of this Trust Agreement; 
  
 (e) the execution, delivery and performance of this Trust Agreement have been duly authorized by all necessary corporate or other action on the part of the Depositor and do not require any approval of stockholders of
the Depositor and such execution, delivery and performance will not (i) violate the articles or certificate of incorporation or by-laws (or other organizational documents) of the Depositor or (ii) violate any applicable law, governmental rule or
regulation governing the Depositor or any material portion of its property or any order, judgment or decree applicable to the Depositor or any material portion of its property; 
  
 (f) neither the authorization, execution or delivery by the Depositor of this Trust Agreement nor the
consummation of any of the transactions by the Depositor contemplated herein 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 law governing the Depositor or any material portion of its property other than such filings, registrations or qualifications as may be required under any securities or blue sky laws (domestic or foreign); and 
  
 (g) there are no proceedings pending or, to the best of the
Depositor’s knowledge, threatened against or affecting the Depositor or any material portion of its property in any court or before any governmental authority, agency or arbitration board or tribunal that, individually or in the aggregate,
would materially and adversely affect the Trust or would question the right, power and authority of the Depositor, as the case may be, to enter into or perform its obligations under this Trust Agreement. 
  
 ARTICLE VIII. 
  
 THE TRUSTEES 
  
 SECTION 8.1. Number of Trustees. 
  
 The number of Trustees shall be four (4); provided, that the Property Trustee and the Delaware Trustee may be the
same Person, in which case the number of Trustees shall be three (3). The number of Trustees may be increased or decreased by Act of the Holder of the Common Securities subject to Sections 8.2, 8.3, and 8.4. The death,
resignation, retirement, removal, bankruptcy, incompetence or incapacity to perform the duties of a Trustee shall not operate to annul, dissolve or terminate the Trust. 
  
 SECTION 8.2. Property Trustee Required. 
  
 There shall at all times be a Property Trustee hereunder with respect to the Trust Securities. The Property Trustee shall be
a corporation or national banking association organized 

  

 42 

 
and doing business under the laws of the United States or of any state thereof, authorized to exercise corporate trust powers, having or having a parent that
has a combined capital and surplus of at least fifty million dollars ($50,000,000), subject to supervision or examination by federal or state authority and having an office within the United States. If any such Person publishes reports of condition
at least annually pursuant to law or to the requirements of its supervising or examining authority, then for the purposes of this Section 8.2, 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 shall cease to be eligible in accordance with the provisions of this Section 8.2, it shall resign immediately in the manner and with
the effect hereinafter specified in this Article VIII. 
  
 SECTION 8.3. Delaware Trustee Required. 
  
 (a) If
required by the Delaware Statutory Trust Act, 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 that has its principal place of business in the State of Delaware, otherwise meets the requirements of applicable Delaware law and shall act through one or more persons authorized to bind such entity. If at any
time the Delaware Trustee shall cease to be eligible in accordance with the provisions of this Section 8.3, it shall resign immediately in the manner and with the effect hereinafter specified in this Article VIII. The Delaware Trustee
shall have the same rights, privileges and immunities as the Property Trustee. 
  
 (b) 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 and for taking such actions as are required to be taken by a
Delaware trustee under the Delaware Statutory Trust Act. The duties (including fiduciary duties), liabilities and obligations of the Delaware Trustee shall be limited to (a) accepting legal process served on the Trust in the State of Delaware and
(b) the execution of any certificates required to be filed with the Secretary of State of the State of Delaware that the Delaware Trustee is required to execute under Section 3811 of the Delaware Statutory Trust Act and there shall be no other
duties (including fiduciary duties) or obligations, express or implied, at law or in equity, of the Delaware Trustee. 
  
 SECTION 8.4. Appointment of Administrative Trustees. 
  
 (a) 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. Each of the individuals identified as an “Administrative Trustee” in the preamble
of this Trust Agreement hereby accepts his or her appointment as such. 
  
 (b) Except where a requirement for action by a specific number of Administrative Trustees is expressly set forth in this Trust Agreement, any act required or permitted to be taken by, and any power of the Administrative Trustees may be
exercised by, or with the consent of, 

  

 43 

 
any one such Administrative Trustee. 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 8.11, the Administrative Trustees in office, regardless of their number (and notwithstanding any other provision of this Trust 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 8.5. Duties and Responsibilities of the Trustees. 
  

(a) The rights, immunities, duties and responsibilities of the Trustees shall be as provided by this Trust Agreement and there shall be no other duties
(including fiduciary duties) or obligations, express or implied, at law or in equity, of the Trustees; provided, however, that if an Event of Default known to the Property Trustee has occurred and is continuing, the Property Trustee shall,
prior to the receipt of directions, if any, from the Holders of at least a Majority in Liquidation Amount of the Preferred Securities, exercise such of the rights and powers vested in it by this Trust Agreement, 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 such person’s own affairs. 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 duties hereunder, or in the exercise of any of its or their rights or powers, if it or they shall have reasonable grounds for believing that
repayment of such funds or adequate indemnity against such risk or liability is not reasonably assured to it. Whether or not 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 of this Section 8.5. Nothing in this Trust Agreement shall be construed to release any Administrative Trustee from liability for his or her own negligent action,
negligent failure to act; or his or her own willful misconduct. To the extent that, at law or in equity, a Trustee has duties and liabilities relating to the Trust or to the Holders, such Trustee shall not be liable to the Trust or to any Holder for
such Trustee’s good faith reliance on the provisions of this 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 Holders 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 Holder, by its acceptance of a Trust Security, agrees that it will look solely to the
revenue and proceeds from the Trust Property to the extent legally available for distribution to it as herein provided and that the Trustees are not personally liable to it for any amount distributable in respect of any Trust Security or for any
other liability in respect of any Trust Security. This Section 8.5(b) does not limit the liability of the Trustees expressly set forth elsewhere in this Trust Agreement. 
  
 (c) No provisions 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 

  

 44 

 
under this Trust Agreement for its own negligent action, negligent failure to act or willful misconduct, except that: 
  
 (i) the Property Trustee shall not be liable for any error
or 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 at least 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 hereunder or under the Indenture, 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 Notes 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; 
  
 (iv) the Property Trustee
shall not be liable for any interest on any money received by it except as it may otherwise agree in writing with the Depositor; and money held by the Property Trustee need not be segregated from other funds held by it except in relation to the
Payment Account maintained by the Property Trustee pursuant to Section 3.1 and except to the extent otherwise required by law; and 
  
 (v) the Property Trustee shall not be responsible for monitoring the compliance by the Administrative Trustees or the Depositor with their
respective duties under this Trust Agreement, nor shall the Property Trustee be liable for the default or misconduct of any other Trustee or the Depositor. 
  
 SECTION 8.6. Notices of Defaults. 
  
 (a) Within ninety (90) days after the occurrence of a default actually known to the Property Trustee, the Property Trustee shall transmit notice of such
default to the Holders, the Administrative Trustees and the Depositor, unless such default shall have been cured or waived. For the purpose of this Section 8.6, the term “default” means any event that is, or after notice or
lapse of time or both would become, an Event of Default. 
  
 (b)
The Property Trustee shall not be charged with knowledge of any default or Event of Default unless either (i) a Responsible Officer of the Property Trustee shall have actual knowledge or (ii) the Property Trustee shall have received written notice
thereof from the Depositor, an Administrative Trustee or a Holder. 
  
 (c) The Property Trustee shall notify all Holders of the Preferred Securities of any notice of default received with respect to the Notes. 
  

 45 

 SECTION 8.7. Certain Rights of Property Trustee. 
  
 Subject to the provisions of Section 8.5: 
  
 (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, certificate, written representation of an Administrative Trustee, a Holder or transferee, certificate of
auditors or any other resolution, certificate, statement, instrument, opinion, report, notice, request, 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; 
  
 (b) if (i) in performing its duties under this Trust Agreement the Property Trustee is required to decide between alternative courses of action, (ii) in construing any of the provisions of this Trust Agreement the
Property Trustee finds a provision ambiguous or inconsistent with any 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 the Preferred Securities are entitled to vote under the terms of this Trust Agreement, the Property Trustee shall deliver a notice to the Depositor requesting the Depositor’s written instruction 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, that if the Property Trustee
does not receive such instructions of the Depositor within ten (10) Business Days after it has delivered such notice or such reasonably shorter period of time set forth in such notice, the Property Trustee may, but shall be under no duty to, take
such action, or refrain from taking such action, as the Property Trustee shall deem advisable and in the best interests of the Holders, in which event the Property Trustee shall have no liability except for its own negligence, bad faith or willful
misconduct; 
  
 (c) any direction or act of the
Depositor contemplated by this Trust Agreement shall be sufficiently evidenced by an Officers’ Certificate unless otherwise expressly provided herein; 
  
 (d) 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; 
  
 (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 re-recording, re-filing or re-registration thereof; 
  
 (f) the Property Trustee may consult with counsel (which counsel may be counsel to the Property Trustee, the Depositor or any of its
Affiliates, and may include any of its employees) and the advice of such counsel shall be full and complete authorization and protection in respect of any action taken, suffered or omitted by it 

  

 46 

 
hereunder in good faith and in reliance thereon and in accordance with such advice; the Property Trustee shall have the right at any time to seek
instructions concerning the administration of this 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 Holders pursuant to this Trust Agreement, unless such Holders shall have offered to the Property Trustee reasonable security or indemnity against the costs, expenses (including reasonable attorneys’ fees and
expenses) and liabilities that might be incurred by it in compliance with such request or direction, including reasonable advances as may be requested by the Property Trustee; provided, however, that nothing contained in this Section
8.7(g) shall be construed to relieve the Property Trustee, upon the occurrence of an Event of Default, of its obligation to exercise the rights and powers in it vested by this Trust Agreement; provided, further, that nothing contained in this
Section 8.7(g) shall prevent the Property Trustee from exercising its rights under Section 8.11 hereof; 
  
 (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 Holders, 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 shall determine 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; 
  
 (i) the Property Trustee may execute any of the trusts or powers hereunder or perform any duties hereunder either directly or by or through its agents, attorneys, custodians or nominees and the Property Trustee shall
not be responsible for any negligence or misconduct on the part of any such agent, attorney, custodian or nominee appointed with due care 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 hereunder, the Property Trustee (i) may request instructions from the Holders (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 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; 
  
 (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;

  
 (l) without prejudice to any other rights
available to the Property Trustee under applicable law, when the Property Trustee incurs expenses or renders services in 

  

 47 

 
connection with a Bankruptcy Event, such expenses (including legal fees and expenses of its agents and counsel) and the compensation for such services are
intended to constitute expenses of administration under any bankruptcy law or law relating to creditors rights generally; and 
  
 (m) whenever in the administration of this Trust Agreement the Property Trustee shall deem it desirable that a matter be proved or
established prior to taking, suffering or omitting any action hereunder, the Property Trustee (unless other evidence be herein specifically prescribed) may, in the absence of bad faith on its part, request and rely on an Officers’ Certificate
which, upon receipt of such request, shall be promptly delivered by the Depositor. 
  
 (n) in the event that the Property Trustee is also acting as Paying Agent, Authenticating Agent (as defined in the Indenture), Securities
Registrar or Calculation Agent hereunder, the rights and protections afforded the Property Trustee pursuant to this Article VIII shall also be afforded such Paying Agent, Authenticating Agent, Securities Registrar or Calculation Agent.

  
 No provision of this Trust Agreement shall be deemed to impose
any duty or obligation on any 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 such Person 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. 
  
 SECTION 8.8. Delegation of Power. 
  
 Any Trustee may, by power of attorney consistent with applicable law, delegate to any other natural person over the age of 21 its, his or her power for
the purpose of executing any documents contemplated in Section 2.5. The 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 Trustees or otherwise as the Trustees may deem expedient, to the extent such delegation is not prohibited by applicable law or contrary to the provisions of this Trust Agreement. 
  
 SECTION 8.9. 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 except as provided in the definition of the term “Outstanding” in Article I, may otherwise deal with the Trust with the same rights it would have
if it were not a Trustee or such other agent. 
  
 SECTION 8.10.
Compensation; Reimbursement; Indemnity. 
  
 The Depositor
agrees: 
  
 (a) to pay to the Trustees from time
to time such reasonable compensation for all services rendered by them hereunder as may be agreed by the Depositor and the 

  

 48 

 
Trustees from time to time (which compensation shall not be limited by any provision of law in regard to the compensation of a trustee of an express trust);

  
 (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 their gross negligence, bad faith or willful misconduct; and 
  
 (c) to the fullest extent permitted by applicable law, to indemnify and hold harmless (i) each Trustee, (ii) any Affiliate of any Trustee,
(iii) any officer, director, shareholder, employee, representative or agent of any Trustee or any Affiliate of any Trustee and (iv) any employee or agent of the Trust (referred to herein as an “Indemnified Person”) from and against
any loss, damage, liability, tax (other than income, franchise or other taxes imposed on amounts paid pursuant to Section 8.10(a) or (b) hereof), penalty, expense or claim of any kind or nature whatsoever incurred without negligence,
bad faith or willful misconduct on its part, arising out of or in connection with the acceptance or administration of the Trust hereunder, including the advancement of funds to cover the costs and expenses of defending itself against any claim or
liability in connection with the exercise or performance of any of its powers or duties hereunder. 
  
 The Trust shall have no payment, reimbursement or indemnity obligations to the Trustees under this Section 8.10. The provisions of this Section
8.10 shall survive the termination of this Trust Agreement and the earlier removal or resignation of any Trustee. 
  
 No Trustee may claim any Lien on any Trust Property whether before or after termination of the Trust as a result of any amount due pursuant to this
Section 8.10. 
  
 To the fullest extent permitted by law,
in no event shall the Property Trustee and the Delaware Trustee be liable for any indirect, special, punitive or consequential loss or damage of any kind whatsoever, including, but not limited to, lost profits, even if the Trustee has been advised
of the likelihood of such loss or damage and regardless of the form of action. 
  
 In no event shall the Property Trustee and the Delaware 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 Trust Agreement. 
  
 SECTION
8.11. Resignation and Removal; Appointment of Successor. 
  
 (a) No resignation or removal of any Trustee and no appointment of a successor Trustee pursuant to this Article VIII shall become effective until the acceptance of appointment by the successor Trustee in accordance with the
applicable requirements of Section 8.12. 
  

 49 

 (b) A Trustee may resign at any time by giving written notice thereof to the Depositor and, in the case
of the Property Trustee and the Delaware Trustee, to the Holders. 
  
 (c) Unless an Event of Default shall have occurred and be continuing, the Property Trustee or the Delaware Trustee, or both of them, may be removed (with or without cause) at any time by Act of the Holder of Common Securities. If an Event
of Default shall have occurred and be continuing, the Property Trustee or the Delaware Trustee, or both of them, may be removed (with or without cause) at such time by Act of the Holders of at least a Majority in Liquidation Amount of the Preferred
Securities, delivered to the removed Trustee (in its individual capacity and on behalf of the Trust). An Administrative Trustee may be removed (with or without cause) only by Act of the Holder of the Common Securities at any time. 
  
 (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 reason, at a time when no Event of Default shall have occurred and be continuing, the Holder of the Common Securities, by Act of the Holder of the Common Securities, shall
promptly appoint a successor Trustee or Trustees, and such successor Trustee and the retiring Trustee shall comply with the applicable requirements of Section 8.12. 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 an Event of Default shall have occurred and be continuing, the Holders of the Preferred Securities, by Act of the Holders of a
Majority in Liquidation Amount of the Preferred Securities, shall promptly appoint a successor Property Trustee or Delaware Trustee, and such successor Property Trustee or Delaware Trustee and the retiring Property Trustee or Delaware Trustee shall
comply with the applicable requirements of Section 8.12. If an Administrative Trustee shall resign, be removed or become incapable of acting as Administrative Trustee, at a time when an Event of Default shall have occurred and be continuing,
the Holder of the Common Securities by Act of the Holder of Common Securities shall promptly appoint a successor Administrative Trustee and such successor Administrative Trustee and the retiring Administrative Trustee shall comply with the
applicable requirements of Section 8.12. If no successor Trustee shall have been so appointed by the Holder of the Common Securities or Holders of the Preferred Securities, as the case may be, and accepted appointment in the manner required
by Section 8.12 within thirty (30) days after the giving of a notice of resignation by a Trustee, the removal of a Trustee, or a Trustee becoming incapable of acting as such Trustee, any Holder who has been a Holder of Preferred Securities
for at least six (6) months may, on behalf of himself and all others similarly situated, and any resigning Trustee may, in each case, at the expense of the Depositor, petition any court of competent jurisdiction for the appointment of a successor
Trustee.  
  
 (e) The Depositor shall give notice of each
resignation and each removal of the Property Trustee or the Delaware Trustee and each appointment of a successor Property Trustee or Delaware Trustee to all Holders in the manner provided in Section 10.8. Each notice shall include the name of
the successor Property Trustee or Delaware 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 Holder of Common Securities, incompetent or incapacitated, the 

  

 50 

 
vacancy created by such death, incompetence or incapacity may be filled by (i) the unanimous act of the remaining Administrative Trustees if there are at
least two of them or (ii) otherwise by the Holder of the Common Securities (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
Sections 8.3 and 8.4). 
  
 (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. 
  
 SECTION 8.12. Acceptance of Appointment by Successor. 
  
 (a) In case of the appointment hereunder of a successor Trustee, each
successor Trustee shall execute and deliver to the Depositor and to the retiring Trustee an instrument accepting such appointment, and thereupon the resignation or removal of the retiring Trustee shall become effective and each 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 request of the Trust or any successor Trustee such retiring Trustee shall, upon payment of its
charges, duly assign, transfer and deliver to such successor Trustee all Trust Property, all proceeds thereof and money held by such retiring Trustee hereunder with respect to the Trust Securities and the Trust. 
  
 (b) Upon request of any such successor Trustee, the Trust (or the retiring
Trustee if requested by the Depositor) 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 the preceding paragraph. 
  
 (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 VIII. 
  
 SECTION 8.13. 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 Trustee shall be a party, or any Person succeeding to all or substantially all the corporate trust business of such Trustee, shall be the successor of
such Trustee hereunder, without the execution or filing of any paper or any further act on the part of any of the parties hereto, provided, that such Person shall be otherwise qualified and eligible under this Article VIII. 

 
 SECTION 8.14. Not Responsible for Recitals, Issuance of Securities, or
Representations. 
  
 The recitals contained herein and in the
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 Notes or the Trust Securities. The Trustees shall not be accountable for the use 

  

 51 

 
or application by the Depositor of the proceeds of the Notes. 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 (i) 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, (ii) each of the representations, undertakings and agreements made on the part of the Trust is made and intended not as individual capacity but is made and intended not as
representations, warranties, covenants, undertakings and agreements by any Trustee in its individual capacity but is made and intended for the purpose of binding only the Trust and (iii) 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. 
  
 SECTION 8.15.
Property Trustee May File Proofs of Claim. 
  
 (a) In case
of any Bankruptcy Event (or event that with the passage of time would become a Bankruptcy Event) relative to the Trust or any other obligor upon the Trust Securities or the property of the Trust or of such other obligor or their creditors, the
Property Trustee (irrespective of whether any Distributions on the Trust Securities shall then be due and payable and irrespective of whether the Property Trustee shall have made any demand on the Trust for the payment of any past due Distributions)
shall be entitled and empowered, to the fullest extent permitted by law, by intervention in such proceeding or otherwise: 
  
 (i) to file and prove a claim for the whole amount of any Distributions owing and unpaid in respect of the Trust Securities and to file
such other papers or documents as may be necessary or advisable in order to have the claims of the Property Trustee (including any claim for the reasonable compensation, expenses, disbursements and advances of the Property Trustee, its agents and
counsel) and of the Holders allowed in such judicial proceeding; and 
  
 (ii) to collect and receive any monies or other property payable or deliverable on any such claims and to distribute the same; 
  

and any custodian, receiver, assignee, trustee, liquidator, sequestrator or other similar official in any such proceeding is hereby authorized by each Holder to make
such payments to the Property Trustee and, in the event the Property Trustee shall consent to the making of such payments directly to the Holders, to pay to the Property Trustee first any amount due it for the reasonable compensation, expenses,
disbursements and advances of the Property Trustee, its agents and counsel, and any other amounts due the Property Trustee. 
  
 (b) Nothing herein contained shall be deemed to authorize the Property Trustee to authorize or consent to or accept or adopt on behalf of any Holder any
plan of reorganization, arrangement, adjustment or compensation affecting the Trust Securities or the rights of any Holder thereof or to authorize the Property Trustee to vote in respect of the claim of any Holder in any such proceeding. 

 

 52 

 SECTION 8.16. Reports to the Property Trustee. 
  
 (a) The Depositor and the Administrative Trustees shall deliver to the
Property Trustee, not later than forty five (45) days after the end of each of the first three fiscal quarters of the Depositor and not later than ninety (90) days after the end of each fiscal year of the Trust ending after the date of this Trust
Agreement, an Officers’ Certificate covering the preceding fiscal year, stating whether or not to the knowledge of the signers thereof the Depositor and the Trust are in default in the performance or observance of any of the terms, provisions
and conditions of this Trust Agreement (without regard to any period of grace or requirement of notice provided hereunder) and, if the Depositor or the Trust shall be in default, specifying all such defaults and the nature and status thereof of
which they have knowledge. 
  
 (b) The Depositor shall furnish (i)
to the Property Trustee; (ii) Bear, Stearns & Co. Inc., 383 Madison Avenue, New York, New York 10179 or such other address as designated by Bear, Stearns & Co. Inc.; and (iii) any Owner of the Preferred Securities reasonably identified to
the Depositor and the Trust (which identification may be made either by such Owner or by Bear, Stearns & Co. Inc.) a duly completed and executed certificate substantively and substantially in the form attached hereto as Exhibit F,
including the financial statements referenced in such Exhibit, which certificate and financial statements (except to the extent such financial statements are filed electronically with the SEC) shall be so furnished by the Depositor not later than
forty five (45) days after the end of each of the first three fiscal quarters of each fiscal year of the Depositor and not later than ninety (90) days after the end of each fiscal year of the Depositor. 
  
 The Property Trustee may obtain all reports, certificate and information,
which it is entitled to obtain under each of the Operative Documents. 
  
 ARTICLE IX. 
  
 TERMINATION,
LIQUIDATION AND MERGER 
  
 SECTION 9.1. Dissolution Upon Expiration Date. 
  
 Unless earlier dissolved, the Trust shall automatically dissolve on June 30, 2040 (the “Expiration Date”), and the Trust Property shall be liquidated in accordance with Section 9.4. 
  
 SECTION 9.2. Early Termination. 
  
 The first to occur of any of the following events is an “Early
Termination Event”, upon the occurrence of which the Trust shall be dissolved: 
  
 (a) the occurrence of a Bankruptcy Event in respect of, or the dissolution or liquidation of, the Depositor, in its capacity as the Holder
of the Common Securities, unless the Depositor shall have transferred the Common Securities as provided by Section 5.11, in which case this provision shall refer instead to any such successor Holder of the Common Securities; 
  

 53 

 (b) the written direction to the Property Trustee from the Holder of the Common
Securities at any time to dissolve the Trust and, after satisfaction of any liabilities of the Trust as required by applicable law and in accordance with written instructions of the Administrative Trustees, to distribute the Notes to Holders in
exchange for the Preferred Securities (which direction is optional and wholly within the discretion of the Holder of the Common Securities); provided, that the Holder of the Common Securities shall have received the prior approval of all
necessary Applicable Insurance Regulatory Authorities then required; 
  
 (c) the redemption of all of the Preferred Securities in connection with the payment at maturity or redemption of all the Notes; and 
  
 (d) the entry of an order for dissolution of the Trust by a court of competent jurisdiction. 
  
 SECTION 9.3. Termination. 
  
 The respective obligations and responsibilities of the Trustees and the Trust
shall terminate upon the latest to occur of the following: (a) the distribution by the Property Trustee to Holders of all amounts required to be distributed hereunder upon the liquidation of the Trust pursuant to Section 9.4, or upon the
redemption of all of the Trust Securities pursuant to Section 4.2; (b) the satisfaction of any expenses owed by the Trust; and (c) the discharge of all administrative duties of the Administrative Trustees, including the performance of any tax
reporting obligations with respect to the Trust or the Holders. 
  
 SECTION 9.4. Liquidation. 
  
 (a) If an Early
Termination Event specified in Section 9.2(a), (b) or (d) occurs or upon the Expiration Date, the Trust shall be liquidated by the Property Trustee as expeditiously as the Property Trustee shall determine to be possible by
distributing, after satisfaction of liabilities to creditors of the Trust as provided by applicable law, to each Holder a Like Amount of Notes, subject to Section 9.4(d). Notice of liquidation shall be given by the Property Trustee not less
than thirty (30) nor more than sixty (60) days prior to the Liquidation Date to each Holder of Trust Securities at such Holder’s address appearing in the Securities Register. All such notices of liquidation shall: 
  
 (i) state the Liquidation Date; 
  
 (ii) state that from and after the Liquidation Date, the
Trust Securities will no longer be deemed to be Outstanding and (subject to Section 9.4(d)) any Securities Certificates not surrendered for exchange will be deemed to represent a Like Amount of Notes; and 
  
 (iii) provide such information with respect to the mechanics
by which Holders may exchange Securities Certificates for Notes, or if Section 9.4(d) applies, receive a Liquidation Distribution, as the Property Trustee shall deem appropriate. 
  

 54 

 (b) Except where Section 9.2(c) or 9.4(d) applies, in order to effect the liquidation of
the Trust and distribution of the Notes to Holders, the Property Trustee, either itself acting as exchange agent or through the appointment of a separate exchange agent, shall establish a record date for such distribution (which shall not be more
than forty five (45) days prior to the Liquidation Date nor prior to the date on which notice of such liquidation is given to the Holders) and establish such procedures as it shall deem appropriate to effect the distribution of Notes in exchange for
the Outstanding Securities Certificates. 
  
 (c) Except where
Section 9.2(c) or 9.4(d) applies, after the Liquidation Date, (i) the Trust Securities will no longer be deemed to be Outstanding, (ii) certificates representing a Like Amount of Notes will be issued to Holders of Securities
Certificates, upon surrender of such Certificates to the exchange agent for exchange, (iii) the Depositor shall use its best efforts to have the Notes listed on the New York Stock Exchange or on such other exchange, interdealer quotation system or
self-regulatory organization on which the Preferred Securities are then listed, if any, (iv) Securities Certificates not so surrendered for exchange will be deemed to represent a Like Amount of Notes bearing accrued and unpaid interest in an amount
equal to the accumulated and unpaid Distributions on such Securities Certificates until such certificates are so surrendered (and until such certificates are so surrendered, no payments of interest or principal will be made to Holders of Securities
Certificates with respect to such Notes) and (v) all rights of Holders holding Trust Securities will cease, except the right of such Holders to receive Notes upon surrender of Securities Certificates. 
  
 (d) Notwithstanding the other provisions of this Section 9.4, if
distribution of the Notes in the manner provided herein is determined by the Property Trustee not to be permitted or practical, the Trust Property shall be liquidated, and the Trust shall be wound up by the Property Trustee in such manner as the
Property Trustee determines. In such event, Holders will be entitled to receive out of the assets of the Trust available for distribution to Holders, 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 winding up 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 will be entitled to receive Liquidation Distributions upon any such winding up pro rata (based upon Liquidation Amounts) with
Holders of all Trust Securities, except that, if an Event of Default has occurred and is continuing, the Preferred Securities shall have a priority over the Common Securities as provided in Section 4.3. 
  
 SECTION 9.5. Mergers, Consolidations, Amalgamations or Replacements of
Trust. 
  
 The Trust may not merge with or into, consolidate,
amalgamate, or be replaced by, or convey, transfer or lease its properties and assets substantially as an entirety to, any Person except pursuant to this Article IX. At the request of the Holders of the Common Securities, without the consent
of the Holders of the Preferred Securities, the Trust may merge with or into, consolidate, amalgamate, or be replaced by or convey, transfer or lease its properties and assets 

  

 55 

 
substantially as an entirety to a trust organized as such under the laws of any State; provided, that: 
  
 (a) such successor entity either (i) expressly assumes all
of the obligations of the Trust under this Trust Agreement with respect to the Preferred Securities or (ii) substitutes for the Preferred Securities other securities having substantially the same terms as the Preferred Securities (such other
Securities, the “Successor Securities”) so long as the Successor Securities have the same priority as the Preferred Securities with respect to distributions and payments upon liquidation, redemption and otherwise; 
  
 (b) a trustee of such successor entity possessing
substantially the same powers and duties as the Property Trustee is appointed to hold the Notes; 
  
 (c) if the Preferred Securities or the Notes are rated, such merger, consolidation, amalgamation, replacement, conveyance, transfer or
lease does not cause the Preferred Securities or the Notes (including any Successor Securities) to be downgraded by any nationally recognized statistical rating organization that then assigns a rating to the Preferred Securities or the Notes;

  
 (d) the Preferred Securities are listed, or
any Successor Securities will be listed upon notice of issuance, on any national securities exchange or interdealer quotation system on which the Preferred Securities are then listed, if any; 
  
 (e) such merger, consolidation, amalgamation, replacement,
conveyance, transfer or lease does not adversely affect the rights, preferences and privileges of the Holders of the Preferred Securities (including any Successor Securities) in any material respect; 
  
 (f) such successor entity has a purpose substantially
identical to that of the Trust; 
  
 (g) prior to
such merger, consolidation, amalgamation, replacement, conveyance, transfer or lease, the Depositor has received an Opinion of Counsel to the effect that (i) such merger, consolidation, amalgamation, replacement, conveyance, transfer or lease does
not adversely affect the rights, preferences and privileges of the Holders of the Preferred Securities (including any Successor Securities) in any material respect; (ii) following such merger, consolidation, amalgamation, replacement, conveyance,
transfer or lease, neither the Trust nor such successor entity will be required to register as an “investment company” under the Investment Company Act and (iii) following such merger, consolidation, amalgamation, replacement, conveyance,
transfer or lease, the Trust (or the successor entity) will continue to be classified as a grantor trust for U.S. federal income tax purposes; and 
  
 (h) the Depositor or its permitted transferee owns all of the common securities of such successor entity. 
  
 Notwithstanding the foregoing, the Trust shall not, except with the consent of Holders of all
of the Preferred Securities, consolidate, amalgamate, merge with or into, or be replaced by or 

  

 56 

 
convey, transfer or lease its properties and assets substantially as an entirety to any other Person or permit any other entity to consolidate, amalgamate,
merge with or into, or replace, the Trust if such consolidation, amalgamation, merger, replacement, conveyance, transfer or lease would cause the Trust or the successor entity to be taxable as a corporation or classified as other than a grantor
trust for United States federal income tax purposes or cause the Notes to be treated as other than indebtedness of the Depositor for United States federal income tax purposes. 
  
 ARTICLE X. 
  
 MISCELLANEOUS PROVISIONS 
  
 SECTION 10.1. Limitation of Rights of Holders. 
  
 Except as set forth in Section 9.2, the death, bankruptcy, termination, dissolution or incapacity of any Person having an interest, beneficial or
otherwise, in Trust Securities shall not operate to terminate this Trust Agreement, nor annul, dissolve or terminate the Trust nor entitle the legal representatives or heirs of such Person or any Holder for such Person, to claim an accounting, take
any action or bring any proceeding in any court for a partition or winding up of the arrangements contemplated hereby, nor otherwise affect the rights, obligations and liabilities of the parties hereto or any of them. 
  
 SECTION 10.2. Agreed Tax Treatment of Trust and Trust Securities.

  
 The parties hereto and, by its acceptance or acquisition of a
Trust Security or a beneficial interest therein, the Holder of, and any Person that acquires a beneficial interest in, such Trust Security intend and agree to treat the Trust as a grantor trust for United States federal, state and local tax
purposes, and to treat the Trust Securities (including all payments and proceeds with respect to such Trust Securities) as undivided beneficial ownership interests in the Trust Property (and payments and proceeds therefrom, respectively) for United
States federal, state and local tax purposes and to treat the Notes as indebtedness of the Depositor for United States federal, state and local tax purposes. The provisions of this Trust Agreement shall be interpreted to further this intention and
agreement of the parties set forth in this Section 10.2. 
  
 SECTION 10.3. Amendment. 
  
 (a) This Trust
Agreement may be amended from time to time by the Property Trustee, the Administrative Trustees and the Holder of all the Common Securities, without the consent of any Holder of the Preferred Securities, (i) to cure any ambiguity, correct or
supplement any provision herein that may be defective or inconsistent with any other provision herein, or to make or amend any other provisions with respect to matters or questions arising under this Trust Agreement, which shall not be inconsistent
with the other provisions of this Trust Agreement, (ii) to modify, eliminate or add to any provisions of this Trust Agreement to such extent as shall be necessary to ensure that the Trust will neither be taxable as a corporation nor be classified as
other than a grantor trust for United States federal income tax purposes at all times that any Trust Securities are Outstanding or to ensure that the Notes are treated as indebtedness of the Depositor for United States federal income tax purposes,
or to ensure that the Trust will not be required to register as an “investment company” under the Investment Company 

  

 57 

 
Act or (iii) to add to the covenants, restrictions or obligations of the Depositor; provided, that in the case of clauses (i), (ii) or (iii), such
action shall not adversely affect in any material respect the interests of any Holder. 
  
 (b) Except as provided in Section 10.3(c), any provision of this Trust Agreement may be amended by the Property Trustee, the Administrative Trustees and the Holder of all of the Common Securities and with (i)
the consent of Holders of at least a Majority in Liquidation Amount of the Preferred Securities and (ii) receipt by the Trustees of an Opinion of Counsel to the effect that such amendment or the exercise of any power granted to the Trustees in
accordance with such amendment will not cause the Trust to be taxable as a corporation or classified as other than a grantor trust for United States federal income tax purposes or affect the treatment of the Notes as indebtedness of the Depositor
for United States federal income tax purposes or affect the Trust’s exemption from status (or from any requirement to register) as an “investment company” under the Investment Company Act. 
  
 (c) Notwithstanding any other provision of this Trust Agreement, without the
consent of each Holder, this Trust Agreement may not be amended to (i) change the accrual rate, amount, currency or timing of any Distribution on or the redemption price of the Trust Securities or otherwise adversely affect the amount of any
Distribution or other payment required to be made in respect of the Trust Securities as of a specified date, (ii) restrict or impair the right of a Holder to institute suit for the enforcement of any such payment on or after such date, (iii) reduce
the percentage of aggregate Liquidation Amount of Outstanding Preferred Securities, the consent of whose Holders is required for any such amendment, or the consent of whose Holders is required for any waiver of compliance with any provision of this
Trust Agreement or of defaults hereunder and their consequences provided for in this Trust Agreement; (iv) impair or adversely affect the rights and interests of the Holders in the Trust Property, or permit the creation of any Lien on any portion of
the Trust Property; or (v) modify the definition of “Outstanding,” this Section 10.3(c), Sections 4.1, 4.2, 4.3, 6.10(e) or Article IX. 
  
 (d) Notwithstanding any other provision of this Trust Agreement, no Trustee shall enter into or consent to any amendment to
this Trust Agreement that would cause the Trust to be taxable as a corporation or to be classified as other than a grantor trust for United States federal income tax purposes or that would cause the Notes to fail or cease to be treated as
indebtedness of the Depositor for United States federal income tax purposes or that would cause the Trust to fail or cease to qualify for the exemption from status (or from any requirement to register) as an “investment company” under the
Investment Company Act. 
  
 (e) If any amendment to this Trust
Agreement is made, the Administrative Trustees or the Property Trustee shall promptly provide to the Depositor and the Note Trustee a copy of such amendment. 
  
 (f) No Trustee shall be required to enter into any amendment to this Trust Agreement that affects its own rights, duties or immunities under this Trust
Agreement. The Trustees shall be entitled to receive an Opinion of Counsel and an Officers’ Certificate stating that any amendment to this Trust Agreement is in compliance with this Trust Agreement and all conditions precedent herein provided
for relating to such action have been met. 
  

 58 

 (g) No amendment or modification to this Trust Agreement that adversely affects in any material respect
the rights, duties, liabilities, indemnities or immunities of the Delaware Trustee hereunder shall be permitted without the prior written consent of the Delaware Trustee. 
  
 SECTION 10.4. Separability. 
  

If any provision in this Trust Agreement or in the 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, and there shall be deemed substituted for the provision at issue a valid, legal and enforceable provision as similar as possible to the provision at
issue. 
  
 SECTION 10.5. Governing Law. 
  
 THIS TRUST AGREEMENT AND THE RIGHTS AND OBLIGATIONS OF EACH OF THE
HOLDERS, THE TRUST, THE DEPOSITOR AND THE TRUSTEES WITH RESPECT TO THIS TRUST AGREEMENT AND THE TRUST SECURITIES SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH AND GOVERNED BY THE LAWS OF THE STATE OF DELAWARE WITHOUT REFERENCE TO ITS CONFLICTS
OF LAWS PROVISIONS, PROVIDED, HOWEVER, THAT THERE SHALL NOT BE APPLICABLE TO THE PARTIES HEREUNDER OR THIS TRUST 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 TRUSTEES
HEREUNDER AS SET FORTH OR REFERENCED IN THIS TRUST AGREEMENT. SECTION 3540 OF TITLE 12 OF THE DELAWARE CODE SHALL NOT APPLY TO THE TRUST. 
  
 SECTION 10.6. Successors. 
  
 This Trust Agreement shall be binding upon and shall inure to the benefit of any successor to the Depositor, the Trust and any Trustee, including any
successor by operation of 

  

 59 

 
law. Except in connection with a transaction involving the Depositor that is permitted under Article VIII 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 10.7. Headings. 
  
 The Article and Section headings are for convenience only and shall not affect the construction of this Trust Agreement 
  
 SECTION 10.8. Reports, Notices and Demands. 
  
 (a) Any report, notice, demand or other communication that by any provision
of this Trust Agreement is required or permitted to be given or served to or upon any Holder or the Depositor may be given or served in writing delivered in person, or by reputable, overnight courier, by telecopy or by deposit thereof, first-class
postage prepaid, in the United States mail, addressed, (a) in the case of a Holder of Preferred Securities, to such Holder as such Holder’s name and address may appear on the Securities Register; and (b) in the case of the Holder of all the
Common Securities or the Depositor, to HomeBanc Corp. 2002 Summit Blvd., Suite 100, Atlanta, GA 30319, Attention: Chief Investment Officer, or to such other address as may be specified in a written notice by the Holder of all the Common Securities
or the Depositor, as the case may be, to the Property Trustee. Such report, notice, demand or other communication to or upon a Holder or the Depositor shall be deemed to have been given when received in person, within one (1) Business Day following
delivery by overnight courier, when telecopied with receipt confirmed, or within three (3) Business Days following delivery by mail, except that if a notice or other document is refused delivery or cannot be delivered because of a changed address of
which no notice was given, such notice or other document shall be deemed to have been delivered on the date of such refusal or inability to deliver. 
  
 (b) Any notice, demand or other communication that by any provision of this Trust Agreement is required or permitted to be given or served to or upon the
Property Trustee, the Delaware Trustee, the Administrative Trustees or the Trust shall be given in writing by deposit thereof, first-class postage prepaid, in the U.S. mail, personal delivery or facsimile transmission, addressed to such Person as
follows: (i) with respect to the Property Trustee to Wells Fargo Bank, National Association, 919 North Market Street, 7th Floor, Wilmington, Delaware 19899 Attention: Institutional Trust Services—HMB Capital Trust I, facsimile no. (302) 575-2006, (ii) with respect to the Delaware Trustee, 919 North Market Street, 7th Floor, Wilmington, Delaware 19899, Attention: Institutional Trust Services—HMB Capital Trust I, facsimile no. (302)
575-2006; (iii) with respect to the Administrative Trustees, to them at the address above for notices to the Depositor, marked “Attention: Administrative Trustees of HMB Capital Trust I,” and (iv) with respect to the Trust, to its
principal executive office specified in Section 2.2, with a copy to the Property Trustee. Such notice, demand or other communication to or upon the Trust, the Property Trustee or the Administrative Trustees shall be deemed to have been
sufficiently given or made only upon actual receipt of the writing by the Trust, the Property Trustee or the Administrative Trustees. 
  

 60 

 SECTION 10.9. Agreement Not to Petition. 
  
 Each of the Trustees and the Depositor agree for the benefit of the Holders
that, until at least one year and one day after the Trust has been terminated in accordance with Article IX, they shall not file, or join in the filing of, a petition against the Trust under any Bankruptcy Law or otherwise join in the
commencement of any proceeding against the Trust under any Bankruptcy Law. If the Depositor takes action in violation of this Section 10.9, the Property Trustee agrees, for the benefit of Holders, that at the expense of the Depositor, it
shall file an answer with the applicable bankruptcy court or otherwise properly contest the filing of such petition by the Depositor against the Trust or the commencement of such action and raise the defense that the Depositor has agreed in writing
not to take such action and should be estopped and precluded therefrom and such other defenses, if any, as counsel for the Property Trustee or the Trust may assert. 
  
 SECTION 10.10. Counterparts. This instrument may be executed in any number of counterparts, each of which so executed
shall be deemed to be an original, but all such counterparts shall together constitute but one and the same instrument. 
  
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 61 

 IN WITNESS WHEREOF, the parties hereto have executed this Amended and Restated Trust Agreement as of the
day and year first above written. 
  

													
	 	 	 	 	 	 	 	 	 HOMEBANC CORP.,
 as Depositor

						
	 	 	 	 	 	 	 	 	 By:
	 	 /s/ John Kubiak

	 	 	 	 	 	 	 	 	 	 	 Name:
	 	 John Kubiak

							
	 	 	 	 	 	 	 	 	 	 	 Title:
	 	 Senior Vice President and Chief Investment Officer

			
	 WELLS FARGO BANK,
NATIONAL
 ASSOCIATION, as Property Trustee
	 	 	 	 WELLS FARGO DELAWARE TRUST
COMPANY, as
 Delaware Trustee

					
	By:	 	 /s/ Edward Truitt
	 	 	 	 By:
	 	 /s/ Edward Truitt

	 	 	 Name:
	 	 Edward Truitt
	 	 	 	 	 	 Name:
	 	 Edward Truitt

							
	 	 	 Title:
	 	 Vice President
	 	 	 	 	 	 Title:
	 	 Vice President

					
	By:	 	 /s/ James Krakau
	 	 	 	 By:
	 	 /s/ John Kubiak

	 	 	 Administrative Trustee
	 	 	 	 	 	 Administrative Trustee

							
	 	 	 Name:
	 	 James Krakau
	 	 	 	 	 	 Name:
	 	 John Kubiak

  

 Exhibit A 
  
 CERTIFICATE OF TRUST 
  
 OF 
  
 HMB Capital Trust I 
  
 This Certificate of Trust of HMB Capital Trust I (the “Trust”) is being duly executed and filed on behalf of the Trust by the undersigned, as trustee, to form a statutory trust under the Delaware
Statutory Trust Act (12 Del. C. §3801 et seq.) (the “Act”). 
  
 1. Name. The name of the statutory trust formed by this Certificate of Trust is: HMB Capital Trust I. 
  
 2. Delaware Trustee. The name and business address of the trustee of
the Trust with its principal place of business in the State of Delaware are Wells Fargo Delaware Trust Company, 919 North Market Street, 7th Floor, Wilmington, Delaware 19899, Attention: Institutional Trust Services. 
  
 3. Effective Date. This Certificate of Trust shall be effective upon its filing with the Secretary of State of the State of Delaware. 

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

			
	WELLS FARGO DELAWARE TRUST COMPANY, not in its individual capacity, but solely as Delaware
Trustee
		
	By:	 	 
	 	 	 Name:

		
	 	 	 Title:

  

 A-1 

 Exhibit B 
  
 [FORM OF COMMON SECURITIES CERTIFICATE] 
  
 THIS COMMON SECURITY HAS NOT BEEN REGISTERED UNDER THE 
 SECURITIES ACT OF 1933, AS AMENDED, OR ANY STATE SECURITIES LAWS OR 
 ANY OTHER APPLICABLE
SECURITIES LAWS AND MAY NOT BE OFFERED, 
 SOLD, PLEDGED OR OTHERWISE TRANSFERRED EXCEPT PURSUANT TO AN 
 EXEMPTION FROM REGISTRATION. THIS CERTIFICATE IS NOT 
 TRANSFERABLE EXCEPT IN COMPLIANCE WITH APPLICABLE LAW AND 
 SECTION 5.11 OF THE TRUST AGREEMENT

  

			
	Certificate Number	 	Number of Common Securities: 1,547

  
 C-
         
  
 Certificate Evidencing Common Securities 
  
 of

  
 HMB CAPITAL TRUST I

  
 Common Securities 
  
 (liquidation amount $1,000 per Common Security) 
  
 HMB Capital Trust I, a statutory trust created under the laws of the State of Delaware (the
“Trust”), hereby certifies that HomeBanc Corp., a Georgia corporation (the “Holder”) is the registered owner of 1,547 common securities of the Trust representing undivided common beneficial interests in the assets
of the Trust and designated the HMB Capital Trust I Common Securities (liquidation amount $1,000 per Common Security) (the “Common Securities”). Except in accordance with Section 5.11 of the Trust Agreement (as defined
below), the Common Securities are not transferable and, to the fullest extent permitted by law, any attempted transfer hereof other than in accordance therewith 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 June 28, 2005 as the same may be amended from time to time (the “Trust Agreement”), among HomeBanc Corp., as Depositor Wells Fargo Bank, National Association, as Property Trustee, Wells
Fargo Delaware Trust Company, as Delaware Trustee, the Administrative Trustees named therein and the Holders, from time to time, of Trust Securities. The Trust will 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. 
  

 B-1 

 This Common Securities Certificate shall be governed by and construed in accordance with the laws of the State of
Delaware. 
  
 Terms used but not defined herein have the meanings set forth in the
Trust Agreement. 
  
 IN WITNESS
WHEREOF, one of the Administrative Trustees of the Trust has executed on behalf of the Trust this certificate this      day of
                    , 200  . 
  

			
	HMB CAPITAL TRUST I
		
	By:	 	 
	 	 	 Name:

		
	 	 	Administrative Trustee

  

 B-2 

 Exhibit C 
  
 [FORM OF PREFERRED SECURITIES CERTIFICATE] 
  
 THIS PREFERRED SECURITY IS A GLOBAL SECURITY WITHIN THE MEANING OF THE TRUST AGREEMENT HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF THE DEPOSITORY TRUST
COMPANY (“DTC”) OR A NOMINEE OF DTC. THIS PREFERRED SECURITY IS EXCHANGEABLE FOR PREFERRED SECURITIES REGISTERED IN THE NAME OF A PERSON OTHER THAN DTC OR ITS NOMINEE ONLY IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE TRUST AGREEMENT, AND
NO TRANSFER OF THIS PREFERRED SECURITY (OTHER THAN A TRANSFER OF THIS PREFERRED SECURITY AS A WHOLE BY DTC TO A NOMINEE OF DTC OR BY A NOMINEE OF DTC TO DTC OR ANOTHER NOMINEE OF DTC) MAY BE REGISTERED EXCEPT IN LIMITED CIRCUMSTANCES. 
  
 UNLESS THIS PREFERRED SECURITY IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF DTC TO HMB
CAPITAL TRUST I OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY PREFERRED SECURITY ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT
HEREON IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER
HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 
  
 THE PREFERRED SECURITIES
REPRESENTED BY THIS CERTIFICATE WERE ORIGINALLY ISSUED IN A TRANSACTION EXEMPT FROM REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND SUCH PREFERRED SECURITIES OR ANY INTEREST THEREIN MAY NOT BE
OFFERED, SOLD OR OTHERWISE TRANSFERRED IN THE ABSENCE OF SUCH REGISTRATION OR AN APPLICABLE EXEMPTION THEREFROM. EACH PURCHASER OF ANY PREFERRED SECURITIES IS HEREBY NOTIFIED THAT THE SELLER OF THE PREFERRED SECURITIES MAY BE RELYING ON THE
EXEMPTION FROM THE PROVISIONS OF SECTION 5 OF THE SECURITIES ACT PROVIDED BY RULE 144A UNDER THE SECURITIES ACT. 
  
 THE HOLDER OF THE PREFERRED SECURITIES REPRESENTED BY THIS CERTIFICATE AGREES FOR THE BENEFIT OF THE TRUST AND THE DEPOSITOR THAT (A) SUCH PREFERRED SECURITIES MAY BE
OFFERED, RESOLD OR OTHERWISE TRANSFERRED ONLY (I) TO THE TRUST, OR (II) TO A PERSON WHOM THE SELLER REASONABLY BELIEVES IS A “QUALIFIED PURCHASER” (AS DEFINED IN SECTION 2(A)(51) OF THE INVESTMENT COMPANY ACT OF 1940, AS AMENDED), AND (B)
THE HOLDER WILL NOTIFY ANY PURCHASER OF ANY PREFERRED SECURITIES FROM IT OF THE RESALE RESTRICTIONS REFERRED TO IN (A) ABOVE. 
  
 THE PREFERRED SECURITIES WILL BE ISSUED AND MAY BE TRANSFERRED ONLY IN BLOCKS HAVING AN AGGREGATE LIQUIDATION AMOUNT OF NOT LESS THAN $100,000. TO THE FULLEST EXTENT
PERMITTED BY LAW, ANY ATTEMPTED 

  

 C-1 

 
TRANSFER OF PREFERRED SECURITIES, OR ANY INTEREST THEREIN, IN A BLOCK HAVING AN AGGREGATE LIQUIDATION AMOUNT OF LESS THAN $100,000 AND MULTIPLES OF $1,000 IN
EXCESS THEREOF SHALL BE DEEMED TO BE VOID AND OF NO LEGAL EFFECT WHATSOEVER. TO THE FULLEST EXTENT PERMITTED BY LAW, ANY SUCH PURPORTED TRANSFEREE SHALL BE DEEMED NOT TO BE THE HOLDER OF SUCH PREFERRED SECURITIES FOR ANY PURPOSE, INCLUDING, BUT NOT
LIMITED TO, THE RECEIPT OF PRINCIPAL OF OR INTEREST ON SUCH PREFERRED SECURITIES, OR ANY INTEREST THEREIN, AND SUCH PURPORTED TRANSFEREE SHALL BE DEEMED TO HAVE NO INTEREST WHATSOEVER IN SUCH PREFERRED SECURITIES. 
  
 THE HOLDER OF THIS SECURITY, OR ANY INTEREST THEREIN, BY ITS ACCEPTANCE HEREOF OR THEREOF
ALSO AGREES, REPRESENTS AND WARRANTS THAT IT IS NOT AN EMPLOYEE BENEFIT, INDIVIDUAL RETIREMENT ACCOUNT OR OTHER PLAN OR ARRANGEMENT SUBJECT TO TITLE I OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”), OR SECTION
4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”) (EACH A “PLAN”), OR AN ENTITY WHOSE UNDERLYING ASSETS INCLUDE “PLAN ASSETS” BY REASON OF ANY PLAN’S INVESTMENT IN THE ENTITY, AND NO PERSON
INVESTING “PLAN ASSETS” OF ANY PLAN MAY ACQUIRE OR HOLD THIS PREFERRED SECURITY OR ANY INTEREST THEREIN. ANY PURCHASER OR HOLDER OF THE PREFERRED SECURITIES OR ANY INTEREST THEREIN WILL BE DEEMED TO HAVE REPRESENTED BY ITS PURCHASE AND
HOLDING THEREOF THAT IT IS NOT AN EMPLOYEE BENEFIT PLAN WITHIN THE MEANING OF SECTION 3(3) OF ERISA, OR A PLAN TO WHICH SECTION 4975 OF THE CODE IS APPLICABLE, A TRUSTEE OR OTHER PERSON ACTING ON BEHALF OF AN EMPLOYEE BENEFIT PLAN OR PLAN, OR ANY
OTHER PERSON OR ENTITY USING THE ASSETS OF ANY EMPLOYEE BENEFIT PLAN OR PLAN TO FINANCE SUCH PURCHASE. 
  
 THIS OBLIGATION IS NOT A DEPOSIT AND IS NOT INSURED BY THE UNITED STATES OR ANY AGENCY OR FUND OF THE UNITED STATES, INCLUDING THE FEDERAL DEPOSIT INSURANCE CORPORATION (THE “FDIC”). 
  

 C-2 

			
	Certificate Number: P-__	 	 Fifty Million Aggregate Liquidation
 Amount
 Preferred Securities

  
 CUSIP NO.

  
 ___________________ 
  
 Certificate Evidencing Preferred Securities 
  
 of 
  
 HMB CAPITAL TRUST I 
  
 Preferred Securities 
 (liquidation amount $1,000 per Preferred Security) 
  
 HMB Capital Trust I, a statutory trust created under the laws of the State of Delaware (the “Trust”), hereby certifies that Cede & Co., as nominee on behalf of the Depository Trust Company (the
“Holder”) is the registered owner of 50,000 Preferred Securities or such other number of Preferred Securities represented hereby as may be set forth in the records of the Securities Registrar hereinafter referred to in accordance
with the Trust Agreement (as defined below) of the Trust representing an undivided preferred beneficial interest in the assets of the Trust and designated the HMB Capital Trust I Preferred Securities, (liquidation amount $1,000 per Preferred
Security) (the “Preferred Securities”). Subject to the terms of the Trust Agreement (as defined below), the Preferred Securities are transferable on the books and records of the Trust, in person or by a duly authorized attorney,
upon surrender of this certificate duly endorsed and in proper form for transfer as provided in Section 5.7 of the Trust Agreement (as defined below). 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 June 28, 2005 as the same may be amended from time to time (the “Trust Agreement”), among HomeBanc Corp., as Depositor, Wells Fargo Bank, National Association, as Property Trustee, Wells Fargo Delaware Trust
Company, as Delaware Trustee, the Administrative Trustees named therein and the Holders, from time to time, of Trust Securities. The Trust will furnish a copy of the Trust Agreement to the Holder without charge upon written request to the Property
Trustee at its Corporate Trust Office. 
  
 Upon receipt of this certificate, the
Holder is bound by the Trust Agreement and is entitled to the benefits thereunder. 
  
 This Preferred Securities Certificate shall be governed by and construed in accordance with the laws of the State of Delaware. 
  

 C-3 

 All capitalized terms used but not defined in this Preferred Securities Certificate are used with the meanings specified
in the Trust Agreement, including the Schedules and Exhibits thereto. 
  
 IN WITNESS WHEREOF, one of the Administrative Trustees of the Trust has executed on behalf of the Trust this certificate this
             day of                     , 2005. 
  

			
	HMB CAPITAL TRUST I
		
	By:	 	 
	 	 	 Name:

	 	 	Administrative Trustee

  
 This is one of
the Preferred Securities referred to in the within-mentioned Trust Agreement. 
  
 Dated: 
  

			
	WELLS FARGO BANK, NATIONAL ASSOCIATION, not in its individual capacity, but solely as Property
Trustee
		
	By:	 	 
	 	 	 Authorized signatory

  

 C-4 

 [FORM OF REVERSE OF SECURITY] 
  
 The Trust promises to pay Distributions from June 28, 2005, or from the most recent Distribution Date to which Distributions
have been paid or duly provided for, quarterly in arrears on March 30, June 30, September 30 and December 30 of each year, commencing on September 30, 2005, at a variable rate equal to 3-month LIBOR plus 3.65% per annum of the Liquidation Amount of
the Preferred Securities represented by this Preferred Securities Certificate, together with any Additional Interest Amounts, in respect to such period. 
  
 Distributions on the Trust Securities shall be made by the Paying Agent from the Payment Account and shall be payable on each Distribution Date only to
the extent that the Trust has funds then on hand and available in the Payment Account for the payment of such Distributions. 
  
 Distributions on the Securities must be paid on the dates payable to the extent that the Trust has funds available for the payment of such Distributions
in the Payment Account of the Trust. The Trust’s funds available for Distribution to the Holders of the Preferred Securities will be limited to payments received from the Depositor. 
  
 If an Event of Default consisting of a failure to pay interest or principal on the Notes has occurred and is continuing, the
Depositor shall not (i) declare or pay any dividends or distributions on, or redeem, purchase, acquire or make a liquidation payment with respect to, any of the Depositor’s capital stock or (ii) make any payment of principal of or any interest
or premium, if any, on or repay, repurchase or redeem any debt securities of the Depositor that rank pari passu in all respects with or junior in interest to the Notes (other than (a) repurchases, redemptions or other acquisitions of shares
of capital stock of the Depositor in connection with (1) any employment contract, benefit plan or other similar arrangement with or for the benefit of any one or more employees, officers, directors or consultants, (2) a dividend reinvestment or
stockholder stock purchase plan or any employee incentive or compensation plan or (3) the issuance of capital stock of the Depositor (or securities convertible into or exercisable for such capital stock) as consideration in an acquisition
transaction entered into prior to such Event of Default, (b) as a result of an exchange or conversion of any class or series of the Depositor’s capital stock (or any capital stock of a Subsidiary (as defined in the Indenture) of the Depositor)
for any class or series of the Depositor’s capital stock or of any class or series of the Depositor’s indebtedness for any class or series of the Depositor’s capital stock, (c) the purchase of fractional interests in shares of the
Depositor’s capital stock pursuant to the conversion or exchange provisions of such capital stock or the security being converted or exchanged, (d) any declaration of a dividend in connection with any Rights Plan (as defined in the Indenture),
the issuance of rights, stock or other property under any Rights Plan, or the redemption or repurchase of rights pursuant thereto or (e) any dividend in the form of stock, warrants, options or other rights where the dividend stock or the stock
issuable upon exercise of such warrants, options or other rights is the same stock as that on which the dividend is being paid or ranks pari passu with or junior to such stock). 
  
 On each Note Redemption Date, on the stated maturity (or any date of principal repayment upon early maturity) of the Notes
and on each other date on (or in respect of) which any principal on the Notes is repaid, the Trust will be required to redeem a Like Amount of Trust 

  

 C-5 

 
Securities at the Redemption Price. Under the Indenture, the Notes may be redeemed by the Depositor on any Interest Payment Date, at the Depositor’s
option, on or after June 30 in whole or in part from time to time at the Optional Note Redemption Price of the principal amount thereof or the redeemed portion thereof, as applicable, together, in the case of any such redemption, with accrued
interest, including any Additional Interest, to but excluding the date fixed for redemption; provided, that the Depositor shall have received the prior approval of any Applicable Insurance Regulatory Authority then required. The Notes may
also be redeemed by the Depositor, at its option, at any time, in whole but not in part, upon the occurrence of an Investment Company Event or a Tax Event at the Special Note Redemption Price; provided, that the Depositor shall have received
the prior approval of any Applicable Insurance Regulatory Authority then required; and provided, further, that such Investment Company Event or a Tax Event is continuing on the Redemption Date. 
  
 The Trust Securities redeemed on each Redemption Date shall be redeemed at
the Redemption Price with the proceeds from the contemporaneous redemption or payment at maturity of Notes. Redemptions of the Trust Securities (or portion thereof) shall be made and the Redemption Price shall be payable on each Redemption Date only
to the extent that the Trust has funds then on hand and available in the Payment Account for the payment of such Redemption Price. 
  
 Payments of Distributions (including any Additional Interest Amounts), the Redemption Price, Liquidation Amount or any other amounts in respect of the
Preferred Securities shall be made by wire transfer at such place and to such account at a banking institution in the United States as may be designated in writing at least ten (10) Business Days prior to the date for payment by the Person entitled
thereto unless proper written transfer instructions have not been received by the relevant record date, in which case such payments shall be made by check mailed to the address of such Person as such address shall appear in the Security Register. If
any Preferred Securities are held by a Depositary, such Distributions shall be made to the Depositary in immediately available funds. 
  
 The indebtedness evidenced by the Notes 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 (as defined in the Indenture), and this Security is issued subject to the provisions of the Indenture with respect thereto. 
  

 C-6 

  
 ASSIGNMENT 

 
 FOR VALUE RECEIVED, the undersigned assigns
and transfers this Preferred Securities Certificate to: 
  
 _______________________________________________________________________________________________________ 
 (Insert assignee’s
social security or tax identification number) 
  
 _______________________________________________________________________________________________________ 
 (Insert address and zip
code of assignee) 
  
 and irrevocably appoints 
  
 agent to transfer this Preferred Securities Certificate on the books of the Trust. The agent
may substitute another to act for him or her. 
  

			
	Date:
                                       
 
		
	 Signature:
	  	 
	 	  	(Sign exactly as your name appears on the other side of this Preferred Securities Certificate)

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

 C-7 

 Exhibit D 
  
 Reserved 
  

 D-1 

 Exhibit E 
  
 Form of Transferor Certificate 
  
                     ,
[        ] 
  
 HomeBanc Corp. 

HMB Capital Trust I 
 2002 Summit Blvd., Suite 100 
 Atlanta, GA 30319 
  

	 	Re:	Purchase of $                     stated liquidation amount of
Preferred Securities (the “Preferred Securities”) of HMB Capital Trust I 

  
 Ladies and Gentlemen: 
  
 In
connection with our purchase of the Preferred Securities we confirm that: 
  
 1. We understand that the Preferred Securities (the “Preferred Securities”) of HMB Capital Trust I (the “Trust”) of HomeBanc Corp. (the “Company”) executed in connection therewith) and
the Junior Subordinated Notes due 2035 of the Company (the “Subordinated Notes”) (the entire amount of the Trust’s outstanding Preferred Securities and the Subordinated Notes together being referred to herein as the “Offered
Securities”), have not been registered under the Securities Act of 1933, as amended (the “Securities Act”), and may not be offered or sold except as permitted in the following sentence. We agree on our own behalf and on behalf of any
investor account for which we are purchasing the Offered Securities that, if we decide to offer, sell or otherwise transfer any such Offered Securities, (i) such offer, sale or transfer will be made only (a) to the Trust, (b) to a person we
reasonably believe is a “Qualified Purchaser” (a “QP”) (as defined in Section 2(a)(51) of the Investment Company Act of 1940, as amended). We understand that the certificates for any Offered Security that we receive will bear a
legend substantially to the effect of the foregoing. 
  
 2. We are
a “Qualified Purchaser” within the meaning of Section 2(a)(51) of the Investment Company Act of 1940, as amended, and are purchasing for our own account or for the account of such a “Qualified Purchaser,” and we have such
knowledge and experience in financial and business matters as to be capable of evaluating the merits and risks of our investment in the Offered Securities, and we and any account for which we are acting are each able to bear the economic risks of
our or its investment. 
  
 3. We are acquiring the Offered
Securities purchased by us for our own account (or for one or more accounts as to each of which we exercise sole investment discretion and have authority to make, and do make, the statements contained in this letter) and not with a view to any
distribution of the Offered Securities, subject, nevertheless, to the understanding that the disposition of our property will at all times be and remain within our control. 
  
 4. In the event that we purchase any Preferred Securities or any Subordinated Notes, we will acquire such Preferred
Securities having an aggregate stated liquidation amount 

  

 E-1 

 
of not less than $100,000 or such Subordinated Notes having an aggregate principal amount not less than $100,000, for our own account and for each separate
account for which we are acting. 
  
 5. We acknowledge that we are
not a fiduciary of (i) an employee benefit, individual retirement account or other plan or arrangement subject to Title I of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”), or Section 4975 of the Internal Revenue
Code of 1986, as amended (the “Code”) (each a “Plan”); or (ii) an entity whose underlying assets include “plan assets” by reason of any Plan’s investment in the entity, and are not purchasing any of the Offered
Securities on behalf of or with “plan assets” by reason of any Plan’s investment in the entity. 
  
 6. We acknowledge that the Trust and the Company and others will rely upon the truth and accuracy of the foregoing acknowledgments, representations,
warranties and agreements and agree that if any of the acknowledgments, representations, warranties and agreements deemed to have been made by our purchase of any of the Offered Securities are no longer accurate, we shall promptly notify the
Company. If we are acquiring any Offered Securities as a fiduciary or agent for one or more investor accounts, we represent that we have sole discretion with respect to each such investor account and that we have full power to make the foregoing
acknowledgments, representations and agreement on behalf of each such investor account. 
  

			
	(Name of Purchaser)
		
	By:	 	 
	 Date:
	 	 

  
 Upon transfer,
the Preferred Securities (having a stated liquidation amount of $                    ) would be registered in the name of the new beneficial
owner as follows. 
  
 Name: 
  
 Address:
                                       
                                         

  
 Taxpayer ID Number:
                                       
  
  

 E-2 

 Exhibit F 
  
 Officer’s Financial Certificate 
  
 The undersigned, the [Chairman/Vice Chairman/Chief Executive Officer/President/Vice President/Chief Financial Officer/Deputy Chief Financial Officer/Chief
Investment Officer/Treasurer/Assistant Treasurer], hereby certifies pursuant to Section 8.16(b) of the Amended and Restated Trust Agreement, dated as of June 28, 2005 (the “Trust Agreement”), among HomeBanc Corp. (the “Company”),
Wells Fargo Bank, National Association, as property trustee, Wells Fargo Delaware Trust Company, as Delaware trustee, and the administrative trustees named therein, that, as of [date], [20    ]: 
  
 [FOR FISCAL YEAR END: Attached hereto are the audited consolidated financial statements
(including the balance sheet, income statement and statement of cash flows, and notes thereto, together with the report of the independent accountants thereon) of the Company and its consolidated subsidiaries for the three years ended
                    , 20    ].] 
  
 [FOR FISCAL QUARTER END: Attached hereto are the unaudited consolidated and consolidating financial statements (including the balance sheet
and income statement) of the Company and its consolidated subsidiaries for the fiscal quarter ended [date], 20    .] 
  
 The financial statements fairly present in all material respects, in accordance with U.S. generally accepted accounting principles (“GAAP”), the financial
position of the Company and its consolidated subsidiaries, and the results of operations and changes in financial condition as of the date, and for the [quarter] [annual] period ended [date], 20    , and such
financial statements have been prepared in accordance with GAAP consistently applied throughout the period involved (expect as otherwise noted therein). 
  
 IN WITNESS WHEREOF, the undersigned has executed this Officer’s Financial Certificate as of this
             day of                     ,
20    . 
  

			
	HomeBanc Corp.
		
	By:	 	 
	 Name:
	 	 
	
	 HomeBanc Corp.

	 2002 Summit Blvd., Suite 100

	 Atlanta, GA 30319

	 (404) 459-7400

  

 F-1 

 Schedule A 
  
 DETERMINATION OF LIBOR 
  
 With respect to the Trust Securities, the London interbank offered rate (“LIBOR”) shall be determined by the Calculation Agent in
accordance with the following provisions (in each case rounded to the nearest .000001%): 
  
 (1) On the second LIBOR Business Day (as defined below) prior to a Distribution Date (except with respect to the first interest payment period, such date shall be two business days prior to the Closing Date) (each
such day, a “LIBOR Determination Date”), LIBOR for any given security shall for the following interest payment period equal the rate, as obtained by the Calculation Agent from Bloomberg Financial Markets Commodities News, for
three-month Eurodollar deposits that appears on Dow Jones Telerate Page 3750 (as defined in the International Swaps and Derivatives Association, Inc. 1991 Interest Rate and Currency Exchange Definitions), or such other page as may replace
such Page 3750, as of 11:00 a.m. (London time) on such LIBOR Determination Date. 
  
 (2) If, on any LIBOR Determination Date, such rate does not appear on Dow Jones Telerate Page 3750 or such other page as may replace such Page 3750, the Calculation Agent shall determine the arithmetic mean of the
offered quotations of the Reference Banks (as defined below) to leading banks in the London interbank market for three-month Eurodollar deposits in an amount determined by the Calculation Agent by reference to requests for quotations as of
approximately 11:00 a.m. (London time) on the LIBOR Determination Date made by the Calculation Agent to the Reference Banks. If, on any LIBOR Determination Date, at least two of the Reference Banks provide such quotations, LIBOR shall equal such
arithmetic mean of such quotations. If, on any LIBOR Determination Date, only one or none of the Reference Banks provide such quotations, LIBOR shall be deemed to be the arithmetic mean of the offered quotations that leading banks in the City of New
York selected by the Calculation Agent are quoting on the relevant LIBOR Determination Date for three-month Eurodollar deposits in an amount determined by the Calculation Agent by reference to the principal London offices of leading banks in the
London interbank market; provided, that if the Calculation Agent is required but is unable to determine a rate in accordance with at least one of the procedures provided above, LIBOR shall be LIBOR as determined on the previous LIBOR
Determination Date. 
  
 (3) As used herein: “Reference
Banks” means four major banks in the London interbank market selected by the Calculation Agent; and “LIBOR Business Day” means a day on which commercial banks are open for business (including dealings in foreign exchange
and foreign currency deposits) in London.

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