Document:

EXHIBIT 4.10

DEBENTURE SUBSCRIPTION AGREEMENT

DEBENTURE SUBSCRIPTION
AGREEMENT, dated as of September 14, 2006 (this “Agreement”), between Team
Financial, Inc., a Kansas corporation (the “Company”), and Team Financial
Capital Trust II, a statutory trust created under the laws of the State of
Delaware (the “Trust”), relating to the Junior Subordinated Debt Securities due
October 7, 2036 (the “Junior Subordinated Debentures”), issuable pursuant to an
Indenture, dated as of September 14, 2006 (the “Indenture”), between the
Company and Wells Fargo Bank, National Association, as Trustee. Capitalized
terms used herein and not otherwise defined herein have the respective meanings
ascribed thereto in the Purchase Agreement (as defined below).

WHEREAS, the Company, the
Trust and the Purchaser named therein have entered into a Purchase Agreement,
dated September 12, 2006 (the “Purchase Agreement”), in connection with the
issuance and sale of Capital Securities (liquidation amount of $1,000 per
security) (the “Capital Securities”) by the Trust; and

WHEREAS, the Company and
the Trust have entered into a Common Securities Subscription Agreement, dated
September 14, 2006 (the “Common Securities Subscription Agreement”), in
connection with the issuance and sale of Common Securities (liquidation amount
of $1,000 per security) (the “Common Securities”) by the Trust; and

WHEREAS, in connection
with the Purchase Agreement and the Common Securities Subscription Agreement
and the issuance and sale of the Capital Securities and Common Securities
pursuant thereto, the Trust desires to purchase from the Company, and the
Company desires to sell to the Trust, all of the Junior Subordinated
Debentures.

NOW, THEREFORE, in
consideration of the foregoing premises and the conditions and agreements
hereinafter set forth, the parties hereto agree as follows:

1.             The Trust hereby subscribes for and offers to purchase
from the Company, and the Company hereby accepts such offer and agrees to issue
and sell to the Trust, contemporaneous with the Closing Date, Twenty Two
Million Six Hundred Eighty One Thousand Dollars ($22,681,000) aggregate
principal amount of Junior Subordinated Debentures, in consideration of the
payment on or before the date hereof of Twenty Two Million Six Hundred Eighty
One Thousand Dollars ($22,681,000) in immediately available funds.

2.             The Company represents and warrants that the Junior
Subordinated Debentures have been duly authorized and executed by the Company,
and, when duly authenticated and delivered to the Trust in accordance with the
terms hereof and the Indenture, will constitute the valid and binding
obligations of the Company entitled to the benefits of the Indenture,
enforceable against the Company in accordance with their terms, except to the
extent that enforcement thereof may be limited by bankruptcy, insolvency,
reorganization, moratorium or other similar laws affecting creditors’ rights
generally or by general principles of equity (regardless of whether considered
in a proceeding in equity or at law).

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3.             This Agreement shall be deemed to be a contract made
under the laws of the State of New York, and for all purposes shall be governed
by, and construed in accordance with, the laws of the State of New York without
regard to conflict of law principles.

4.             This Agreement may be executed in any number of
counterparts, each of which when 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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IN WITNESS WHEREOF, the
parties hereto have caused this Debenture Subscription Agreement to be duly
executed as of the date first written above.

	
  

  	
  Team Financial, Inc.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Michael L. Gibson

  	
   

  
	
   

  	
   Name: Michael
  L. Gibson

  
	
   

  	
  Title: CFO

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Team Financial Capital Trust II

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Lois Rausch

  	
   

  
	
   

  	
  Name:

  	
  Lois Rausch

  
	
   

  	
  Title:

  	
  Administrator

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Michael L. Gibson

  	
   

  
	
   

  	
  Name:

  	
  Michael L. Gibson

  
	
   

  	
  Title:

  	
  Administrator

  
								

 

 3EXHIBIT4.11

COMMON SECURITIES SUBSCRIPTION
AGREEMENT

COMMON SECURITIES
SUBSCRIPTION AGREEMENT, dated as of September 14, 2006 (this “Agreement”),
between Team Financial Capital Trust II, a statutory trust created under the
laws of the State of Delaware (the “Trust”), and Team Financial, Inc., a Kansas
corporation (the “Buyer”), relating to the Trust’s common securities
(liquidation amount of $1,000 per security) representing undivided beneficial
interests in the assets of the Trust (the “Common Securities”). Capitalized
terms used herein and not otherwise defined herein have the respective meanings
ascribed thereto in the Purchase Agreement (as defined below).

WHEREAS, the Buyer, the
Trust and the Initial Purchaser named therein have entered into a Purchase Agreement,
dated September 12, 2006 (the “Purchase Agreement”), in connection with the
issuance and sale of Capital Securities (liquidation amount of $1,000 per
security) by the Trust; and

WHEREAS, the Buyer, as
sponsor of the Trust, desires to purchase from the Trust, and the Trust desires
to sell to the Buyer, all of the Common Securities.

NOW, THEREFORE, in
consideration of the foregoing premises and the conditions and agreements
hereinafter set forth, the parties hereto agree as follows:

1.             The Buyer hereby subscribes for and offers to purchase
from the Trust, and the Trust hereby accepts such offer and agrees to issue and
sell to the Buyer, contemporaneous with the Closing Date, 681 Common Securities
with an aggregate liquidation amount with respect to the assets of the Trust of
Six Hundred Eighty One Thousand Dollars ($681,000) in consideration of the
payment on or before the date hereof of Six Hundred Eighty One Thousand Dollars
($681,000) in immediately available funds.

2.             The Trust represents and warrants that, upon execution
and delivery of the Common Securities to the Buyer, the Common Securities will
be duly authorized, validly issued, fully paid and nonassessable and entitled
to the benefits and subject to the terms of the Amended and Restated Declaration
of Trust, dated as of September 14, 2006, among the Buyer, as Sponsor, Wells
Fargo Bank, National Association, as Institutional Trustee, Wells Fargo
Delaware Trust Company as Delaware Trustee, and Lois Rausch and Michael L.
Gibson, as Administrators, and the holders, from time to time, of undivided
beneficial interests in the Trust.

3.             This Agreement shall be deemed to be a contract made
under the laws of the State of New York, and for all purposes shall be governed
by, and construed in accordance with, the laws of the State of New York without
regard to conflict of law principles.

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

IN WITNESS WHEREOF, the
parties hereto have caused this Common Securities Subscription Agreement to be
duly executed as of the date first written above.

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  Team Financial Capital Trust II

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Lois Rausch

  	
   

  
	
   

  	
  Name:

  	
  Lois Rausch

  
	
   

  	
  Title:

  	
  Administrator

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Michael L. Gibson

  	
   

  
	
   

  	
  Name:

  	
  Michael L. Gibson

  
	
   

  	
  Title:

  	
  Administrator

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   Team
  Financial, Inc.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Michael L. Gibson

  	
   

  
	
   

  	
  Name: Michael L. Gibson

  
	
   

  	
  Title: CFO

  
							

 

 2EXHIBIT 4.12

PURCHASE
AGREEMENT

among

TEAM FINANCIAL CAPITAL TRUST II,

Issuer

TEAM FINANCIAL, INC.,

Sponsor

and

BEAR, STEARNS & CO. INC.,

Initial Purchaser

Dated as of September 12, 2006

PURCHASE
AGREEMENT, dated as of September 12, 2006 (this “Agreement”), among Team
Financial Capital Trust II, a statutory trust created under the laws of the
State of Delaware (the “Issuer”), Team Financial, Inc., a Kansas corporation,
as Sponsor under the Trust Agreement, as defined below (the “Sponsor” and,
together with the Issuer, the “Trust Parties”), and Bear, Stearns & Co.
Inc., as initial purchaser (the “Initial Purchaser”).

WHEREAS,
the Issuer proposes to issue U.S. $22,000,000 capital securities due October 7,
2036 (the “Capital Securities”);

WHEREAS,
the Capital Securities will be issued pursuant to an Amended and Restated
Declaration of Trust to be dated as of September 14, 2006 (the “Trust Agreement”),
among Team Financial, Inc., as Sponsor, Wells Fargo Bank, National Association,
as Institutional Trustee, Wells Fargo Delaware Trust Company, as Delaware
Trustee, and the Administrators named therein;

WHEREAS,
the Issuer has agreed not later than September 14, 2006 (the “Closing Date”),
to provide the Initial Purchaser with a copy of the Trust Agreement and any other
documents required to be delivered pursuant to the terms hereof or the Trust
Agreement;

WHEREAS,
the Issuer will use the proceeds from the sale of the Capital Securities to
purchase Debentures (as defined in the Trust Agreement); and

WHEREAS,
capitalized terms used herein but not otherwise defined herein shall have the
meaning ascribed thereto in the Trust Agreement.

NOW
IT IS HEREBY AGREED as follows:

PURCHASE
AND SALE.

On
the terms and subject to the conditions of this Agreement and in reliance upon
the representations and warranties herein set forth, the Issuer agrees to sell
to the Initial Purchaser, and the Initial Purchaser agrees to purchase from the
Issuer, on the Closing Date referred to above, the Capital Securities in the
aggregate principal amount of $22,000,000 less any applicable discount as set
forth in the Flow of Funds Memorandum dated September 14, 2006.

The
Capital Securities shall be issued and sold free from all liens, charges and
encumbrances, equities and other third party rights of any nature whatsoever,
together with all rights of any nature.

Subject
to the provisions of Section 6 hereof, the Initial Purchaser may resell the
Capital Securities to a Subsequent Purchaser either individually or on behalf
of a collateralized debt obligation investor (“CDO Investor”) that is sponsored
or advised by such subsequent purchaser. 
Upon transfer of the Capital Securities to a 

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Subsequent
Purchaser, the Subsequent Purchaser shall be entitled to each of the benefits
of the Initial Purchaser under this Agreement, and shall be entitled to enforce
the obligations of the Trust Parties under this Agreement, as fully as if the
Subsequent Purchaser were a party to this Agreement.

CLOSING.  On the Closing Date, delivery of and payment
for the Capital Securities shall be made at the offices of Bear, Stearns &
Co. Inc. or such other location or locations as shall be mutually acceptable to
the parties hereto. Delivery of the Capital Securities shall be made against
payment of the purchase price therefor to the order of the Issuer in same day
funds by transfer to an account designated by the Issuer or by such other means
in same day funds as shall be acceptable to the Initial Purchaser.  Such payment shall be made upon authorization
from the Initial Purchaser (such authorization to be given if the conditions to
the Initial Purchaser’s obligations set forth herein are either satisfied or
waived) against delivery of the Capital Securities. The Capital Securities will
be in the form requested by the Initial Purchaser in accordance with the terms
of the Trust Agreement.

PAYMENT
OF EXPENSES. The Sponsor agrees to pay all costs and expenses
incident to the performance of the obligations of the Sponsor and the Issuer
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 Capital Securities and any taxes payable in connection therewith;
(ii) the fees and expenses of qualifying the Capital Securities under the
securities laws of applicable jurisdictions, and (iii) the fees and expenses of
the counsel, the accountants and any other experts or advisors retained by the
Sponsor or the Issuer.

Notwithstanding
the foregoing, if the sale of the Capital Securities provided for in this
Purchase Agreement is not consummated because any condition set forth herein to
be satisfied by either the Sponsor or the Issuer is not satisfied, because this
Purchase Agreement is terminated pursuant to Section 10 or because of
any failure, refusal or inability on the part of the Sponsor or the Issuer to
perform all obligations and satisfy all conditions on its part to be performed
or satisfied hereunder the Sponsor will reimburse the Initial Purchaser upon
demand for all reasonable out-of-pocket expenses (including the fees and all
reasonable expenses of the Trustee and special counsel retained by the Initial
Purchaser) that shall have been incurred by the Initial Purchaser in connection
with the proposed purchase and sale of the Capital Securities.

REPRESENTATIONS
AND WARRANTIES.  Each
Trust Party hereby represents, warrants and agrees to and with the Initial
Purchaser that, as of the Closing Date, and as to itself only and not as to the
other:

with
respect to the Issuer, it is duly formed and validly existing under the laws of
the State of Delaware and, with respect to the Sponsor, and its significant
subsidiaries (as defined in Rule 1-02 of Regulation S-X) (the “Significant
Subsidiaries”), each is duly organized, validly existing and in good standing
under the laws of the jurisdiction of its organization, in each case, with all
requisite power and authority to own or transfer, as applicable, the
Debentures, to conduct its business as required under the Trust Agreement, this
Agreement or any other documents relating to or otherwise in connection with
the issue and sale of the Capital Securities (collectively, the “Transaction
Documents”) and to perform its obligations hereunder and under each Transaction
Document, and is lawfully qualified to do business and is in good standing in
those jurisdictions in which it conducts business and where the failure to be
so qualified or in good standing would have a material adverse effect on the
condition (financial or otherwise), earnings or business of such Trust Party,
whether or not occurring in the ordinary course of business, or would otherwise
be material in context of the issuance of the Capital Securities (“Material
Adverse Effect”);

this
Agreement has been duly authorized, executed and delivered by such Trust Party
and constitutes, and each of the Transaction Documents to which such Trust
Party is a party has been duly authorized by such Trust Party and, when duly
executed and delivered by the other parties thereto, on the Closing Date, will
constitute, legal, valid and binding obligations of such Trust Party, except as
such obligations may be limited by bankruptcy, insolvency, reorganization and
other similar laws affecting the rights of creditors generally and the
application of general equitable principles (regardless of whether the issue of
enforceability is considered in a proceeding in equity or at law);

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neither
the Issuer nor the Sponsor nor any of the Significant Subsidiaries is in breach
or violation of, or default under, with or without notice or lapse of time or
both, its corporate charter, bylaws or other governing documents (including
without limitation, the Trust Agreement);

with
respect to the Issuer, on the Closing Date, the Capital Securities have been
duly authorized by the Issuer and, when duly executed, authenticated, issued
and delivered in accordance with the Trust Agreement against payment therefor
as contemplated herein, will be validly issued and represent undivided
beneficial interests in the assets of the Issuer, entitled to the benefits
provided by the Trust Agreement;

with
respect to the Issuer, no consent, approval, authorization, order, registration
or qualification of or with any court or governmental agency or body is
required for the issue, sale or delivery of the Capital Securities, except for
those which have been obtained and are in full force and effect, and no
consent, approval, authorization, order, registration or qualification of or with
any court or governmental agency or body is required for the consummation of
the other transactions contemplated by the Transaction Documents, except for
those which have been obtained and are in full force and effect, and except
where the failure to obtain such consent, approval, authorization, order,
registration or qualification would not have a Material Adverse Effect;

the
execution and delivery of the Transaction Documents, the issue of the Capital
Securities and the consummation of the other transactions contemplated by the
Transaction Documents (and compliance with the terms thereof) do not and will
not conflict with or result in a breach of any of the terms or provisions of,
or constitute a default under the organizational documents of such Trust Party;
and the execution and delivery of the Transaction Documents, the issue of the
Capital Securities and the consummation of the other transactions contemplated
by the Transaction Documents (and compliance with the terms thereof) do not and
will not conflict with or result in a breach of any indenture, trust deed,
mortgage or other agreement or instrument to which such Trust Party is a party
or by which it or any of its properties is bound, or infringe any existing
applicable law, rule, regulation, judgment, order or decree of any government,
governmental body or court, domestic or foreign, having jurisdiction over such
Trust Party or any of its properties, except for such conflicts, breaches,
defaults or infringements that would not have a Material Adverse Effect;

there
are no pending actions, suits or proceedings against or affecting such Trust
Party or any of its properties and, to the best of such Trust Party’s
knowledge, no such suits or proceedings are threatened or contemplated that
individually or in the aggregate could reasonably be expected to have a
Material Adverse Effect on the Issuer’s issuance of the Capital Securities;

no
event has occurred which, had the applicable Capital Securities already been
issued, would reasonably be expected to (whether or not with the giving of
notice and/or the passage of time and/or the fulfillment of any other
requirement) constitute an Event of Default;

the
Trust Agreement does not require qualification under the U.S. Trust Indenture
Act of 1939, as amended;

neither
the Issuer nor any affiliate of the Issuer nor any person acting on behalf
thereof has made offers or sales of the Capital Securities under circumstances
that would require the registration of the Capital Securities under the U.S.
Securities Act of 1933, as amended (the “Securities Act”);

the
Issuer is not an “investment company” or an entity controlled by an “investment
company” as defined in Section 3(a) of the U.S. Investment Company Act of 1940,
as amended;

with
respect to the Issuer, any taxes, fees and other governmental charges in
connection with the execution and delivery of this Agreement and any
Transaction Document or the execution, delivery and sale of the Capital
Securities have been or will be paid on or prior to the Closing Date;

there
are no contracts, agreements or understandings between any of the Trust Parties
or any affiliate thereof and any person granting such person the right to
require the Issuer to file a registration statement under the Securities Act,
with respect to any Capital Securities owned or to be owned by such person;

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the
sale of the Capital Securities pursuant to this Agreement is exempt from the
registration and prospectus delivery requirements of the Securities Act. In the
case of each offer or sale of Capital Securities, no form of general
solicitation or general advertising was used by the Issuer or its
representatives, including, but not limited to, advertisements, articles,
notices or other communications published in any newspaper, magazine or similar
medium or broadcast over television or radio, or any seminar or meeting whose
attendees have been invited by any general solicitation or general advertising.
Neither the Issuer nor any person acting on its behalf (other than the Initial
Purchaser) has offered or sold, nor will the Issuer or any person acting on its
behalf (other than the Initial Purchaser) offer or sell directly or indirectly,
any Capital Securities or any other security in any manner that, assuming the
accuracy of the representations and warranties and the performance of the
covenants given by the Initial Purchaser, would render the issuance and sale of
any of the Capital Securities as contemplated hereby a violation of Section 5
of the Securities Act or the registration or qualification requirements of any
state securities laws, nor has the Issuer authorized, nor will it authorize,
any person to act in such manner;

The
audited consolidated financial statements (including the notes thereto) and
schedules of the Sponsor and its consolidated subsidiaries for the year ended
December 31, 2005 (the “Financial Statements”) and the interim unaudited
consolidated balance sheet and income statement of the Sponsor and its
consolidated subsidiaries for the period ended June 30, 2006 (the “Interim
Financial Statements”) provided to the Initial Purchaser are the most recent
available audited and unaudited consolidated financial statements of the
Sponsor and its consolidated subsidiaries, respectively, and fairly present in
all material respects, in accordance with generally accepted accounting
principles, the financial position of the Sponsor 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. 
Such consolidated financial statements and schedules have been prepared
in accordance with generally accepted accounting principles consistently
applied throughout the periods involved (except as otherwise noted
therein).  The accountants of the Sponsor
who certified the Financial Statements are independent public accountants of
the Sponsor and its Subsidiaries within the meaning of the Securities Act and
the rules and regulations thereunder as in effect on the date of this
Agreement;

The
Sponsor’s report on FR Y-9C, FR Y-8, FR Y-11 and FR Y-9LP dated June 30, 2006,
provided to the Initial Purchaser is the most recent available such report and
the information therein fairly presents in all material respects the financial
position of the Sponsor and its subsidiaries;

Since
the respective dates of the Financial Statements, the Interim Financial
Statements and the FR Y-9C, FR Y-8, FR Y-11 and FR Y-9LP, there has been no
material adverse change or development with respect to the financial condition
or earnings of the Sponsor and its subsidiaries, taken as a whole;

The
Sponsor is duly registered as a bank holding company under the Bank Holding
Company Act of 1956, as amended (the “Bank Holding Company Act”), and the
regulations of the Board of Governors of the Federal Reserve System (the “Federal
Reserve”), and the deposit accounts of the Sponsor’s subsidiary depository
institutions are insured by the Federal Deposit Insurance Corporation (“FDIC”)
to the fullest extent permitted by law and the rules and regulations of the
FDIC, and no proceeding for the termination of such insurance is pending or, to
the knowledge of the Sponsor, threatened;

Neither
the Sponsor nor any of its Significant Subsidiaries is subject to or party to,
or has received any notice or advice that any of them may become subject to any
investigation with respect to, any cease-and-desist order, agreement, consent
decree, memorandum of understanding or other regulatory enforcement action,
proceeding or order with or by, or is a party to any commitment letter or
similar undertaking to, or is subject to any directive by, or has been a
recipient of any supervisory letter from, or has adopted any board resolutions
at the request of, any Regulatory Agency (as defined below) that currently
restricts in any material respect the conduct of their business or that in any
material manner relates to their capital adequacy, their credit policies, their
management or their business (each, a “Regulatory Agreement”), nor has the
Sponsor or any of its subsidiaries been advised by any Regulatory Agency that
it is considering issuing or requesting any such Regulatory Agreement; and
there is no unresolved violation, criticism or exception by any Regulatory
Agency with respect to any report or statement relating to any examinations of
the Sponsor or any of its Significant Subsidiaries which, in the reasonable
judgment of the Sponsor, is expected to result in a Material Adverse
Effect.  As used herein, the term “Regulatory
Agency” means any federal or state agency charged with the supervision or
regulation of depositary institutions or holding companies of depository
institutions, or engaged in the insurance of depository institution deposits,
or any court,

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administrative
agency or commission or other governmental agency, authority or instrumentality
having supervisory or regulatory authority with respect to the Sponsor or its
Significant Subsidiaries;

The
Sponsor has no present intention to exercise its option to defer payments of
interest on the Debentures as provided in the Indenture.  The Sponsor believes that the likelihood that
it would exercise its right to defer payments of interest on the Debentures as
provided in the Indenture at any time during which the Debentures are
outstanding is remote; and

All
of the issued and outstanding capital stock of the Sponsor has been duly
authorized and validly issued and is fully paid and nonassessable; all of the
issued and outstanding capital stock of each Significant Subsidiary of the
Sponsor has been duly authorized and validly issued, is fully paid and
nonassessable and, except for Capital Securities issued by the Trust, is owned
by the Sponsor, directly or through subsidiaries, free and clear of any
security interest, mortgage, pledge, lien, encumbrance, claim or equitable
right; and none of the issued and outstanding capital stock of the Sponsor or
its Significant Subsidiaries was issued in violation of any preemptive or
similar rights arising by operation of law, under the charter, by-laws or code
of regulations of the Sponsor or any of its Significant Subsidiaries or under
any agreement to which the Sponsor or any of its Significant Subsidiaries is a
party.

The
Sponsor is duly qualified to do business as a foreign corporation and is in
good standing under the laws of each jurisdiction which requires such
qualification wherein it owns or leases properties or conducts business, except
where the failure to be so qualified would not, singularly or in the aggregate,
have a Material Adverse Effect, and holds all approvals, authorizations,
orders, licenses, certificates and permits from governmental authorities
necessary for the conduct of its business, except where the failure to hold
such approvals, authorizations, orders, licenses, certificates and/or permits
would not, singularly or in the aggregate, have a Material Adverse Effect.  Each of the Significant Subsidiaries is duly
qualified to do business as a foreign corporation and is in good standing under
the laws of each jurisdiction which requires such qualification wherein it owns
or leases properties or conducts business, except where the failure to be so
qualified would not, singularly or in the aggregate, have a Material Adverse
Effect, and holds all approvals, authorizations, orders, licenses, certificates
and permits from governmental authorities necessary for the conduct of its
business, except where the failure to hold such approvals, authorizations,
orders, licenses, certificate and/or permits would not, singularly or in the
aggregate, have a Material Adverse Effect.

UNDERTAKINGS
BY THE ISSUER.  The
Issuer agrees with the Initial Purchaser as follows:

Neither
the Issuer, nor any of its affiliates nor any person authorized to act on its
behalf, will engage in any directed selling efforts with respect to the Capital
Securities to any U.S. Person except pursuant to an exemption from, or in a
transaction not subject to, the registration requirements of the Securities
Act. Terms used in this paragraph have the meanings given to them by Regulation
S under the Securities Act.

Neither
the Issuer, nor any of its affiliates nor any person authorized to act on its
behalf, will make offers or sales of Capital Securities under circumstances
that would require the registration of the Capital Securities under the
Securities Act.

For
so long as any of the Capital Securities are outstanding and are “restricted
securities” within the meaning of Rule 144(a)(3), the Issuer will provide or
cause to be provided to any holder of Capital Securities and any prospective
purchaser of the Capital Securities designated by such a holder, upon the
request of such holder or prospective purchaser, the information required to be
provided to such holder or prospective purchaser by Rule 144A(d)(4).

During
the period from the date of this Agreement to the Closing Date, the Sponsor and
the Issuer shall use their best efforts 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 Agreement, as if
made on and as of the Closing Date.

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The
Sponsor and the Issuer will not claim, and will actively resist any attempts by
others to claim, the benefits of any usury laws against holders of the Capital
Securities or the Debentures.

The
Sponsor shall not identify the Initial Purchaser in a press release or any
other public statement without the consent of such Initial Purchaser.

SELLING
RESTRICTIONS.  The
Initial Purchaser represents and warrants to the Issuer that:

It
understands that the Capital Securities have not been and will not be
registered under the Securities Act and may not be offered or sold within the
United States except pursuant to an exemption from, or in a transaction not
subject to, the registration requirements of the Securities Act. It has not
offered or sold, and will not offer or sell, the Capital Securities within the
United States except to persons whom it reasonably believes to be Qualified
Institutional Buyers (as defined in Rule 144A under the Securities Act),
institutional Accredited Investors (as defined in Rule 501(a)(1), (2), (3) or
(7) under the Securities Act) or to certain persons in transactions outside the
United States in accordance with Regulation S under the Securities Act. In connection
with any offer or sale in the United States or to or for the benefit of a U.S.
Person, it will take reasonable steps to ensure that the purchaser of such
Capital Securities is aware that such offer or sale is being made in reliance
on Rule 144A or Regulation D in a manner that would not require registration of
the Capital Securities under the Securities Act or any blue sky law of any
State and that future transfers of the Capital Securities may not be made
except in compliance with applicable securities laws.

Neither
it nor any person acting on its behalf has engaged or will engage in any form
of general solicitation or general advertising (as those terms are used in Rule
502(c) of Regulation D) in connection with any offer or sale of the Capital Securities
in the United States.

It
will not offer or sell the Capital Securities outside the United States, except
in accordance with the representations described herein and the restrictions
set forth below:

It has offered and sold the Capital Securities, and
will offer and sell the Capital Securities, during the applicable Distribution
Compliance Period (as defined in Rule 902 of Regulation S), only in accordance
with Rule 903 or 904 of Regulation S under the Securities Act. Accordingly, it
represents and agrees that neither it, nor any of its affiliates nor any person
acting on its or their behalf has engaged or will engage in any directed
selling efforts with respect to the Capital Securities, and that it and they
have complied and will comply with the offering restriction requirements of
Regulation S. It agrees that, at or prior to the confirmation of sale of
Capital Securities, it shall have sent to each distributor, dealer or person
receiving a selling concession, fee or other remuneration that purchases the
Capital Securities through it during the applicable Distribution Compliance
Period a confirmation or notice of substantially the following effect:

“The Capital Securities offered hereby have not been
registered under the U.S. Securities Act of 1933 (the “Securities Act”) and may
not be offered or sold within the United States or to, or for the account or
benefit of, U.S. Persons (i) as part of their distribution at any time or (ii)
until forty calendar days after the later of the commencement of the offering
of the Capital Securities or the Closing Date, to persons other than the
Initial Purchaser or other distributors in reliance on Regulation S, except in
either case in accordance with Regulation S, Rule 144A, Regulation D or other
exemptive provisions under the Securities Act. Terms used above have the
meanings given to them by Regulation S.”

It
acknowledges that no action has been or will be taken by the Issuer or any
other person that would permit the offer or sale of the Capital Securities in
any jurisdiction where action to implement such offer or sale of the Capital
Securities is required. The Initial Purchaser shall not offer or sell any
Capital Securities in any jurisdiction except in compliance with applicable
law, and the Initial Purchaser agrees, at its own expense, to comply with all
such laws. The Initial Purchaser shall at its own expense obtain any consent,
approval or 

 6
 

 

authorization
required for it to offer or sell the Capital Securities under the laws or
regulations of any jurisdiction where it proposes to make offers or sales of
Capital Securities.

CONDITIONS
PRECEDENT.  The
obligations of the Initial Purchaser hereunder shall be subject to the accuracy
of the representations and warranties of each Trust Party contained herein as
of the date hereof, and, as of the Closing Date (as if made on the Closing
Date), to the accuracy of the statements of each Trust Party made in any
certificates delivered pursuant hereto on such date, to the performance by each
Trust Party of its obligations hereunder, and to the following additional
conditions:

The
Issuer shall have obtained all governmental authorizations required in
connection with the issue and sale of the Capital Securities and the
performance of its obligations hereunder and under the Transaction Documents to
which it is a party.

Each
Trust Party shall have furnished to the Initial Purchaser a certificate of such
Trust Party signed by, in the case of the Issuer, an Administrator and, in the
case of the Sponsor, the principal executive, financial or accounting officer,
dated the Closing Date, to the effect that such signatory has examined this
Agreement and that the representations and warranties of such party in this
Agreement are true and correct in all material respects on and as of the Closing
Date with the same effect as if made on the Closing Date, and such party has
performed all its obligations and satisfied all the conditions on its part to
be satisfied at or prior to the Closing Date.

The
Trust Parties shall have furnished to the Initial Purchaser the opinions of
counsel for the Trust Parties, date d the Closing Date, in substantially the
form set out in Annex A and Annex B hereto, in a form reasonably acceptable to
the Initial Purchaser.  Each opinion
addressed to the Initial Purchaser shall state that the first entity, if any,
to which the Initial Purchaser transfers any of the Capital Securities either
individually or on behalf of a collateralized debt obligation investor (“CDO
Investor”) that is sponsored or advised by such entity (any such purchaser from
the Initial Purchaser and related CDO Investors are referred to hereinafter as
a “Subsequent Purchaser”) shall be entitled to rely on such opinion.

The
conditions precedent to the performance by the Issuer of its obligations under
the Trust Agreement shall have been satisfied or waived.

Prior
to the Closing Date, the Issuer shall furnish to the Initial Purchaser such
further information, certificates and documents as the Initial Purchaser may
reasonably request.

If
any of the conditions specified in this Section 7 shall not have been fulfilled
in all material respects when and as provided in this Agreement, or if any of
the opinions and certificates referred to in or contemplated by this Agreement
shall not be in all material respects reasonably satisfactory in form and
substance to the Initial Purchaser and its counsel, this Agreement and all
obligations of the Initial Purchaser hereunder may be canceled by the Initial
Purchaser at, or at any time prior to, the Closing Date. Notice of such
cancellation shall be given to the Issuer in writing or by telephone or
facsimile confirmed in writing.

INDEMNIFICATION.

Each
Trust Party agrees, jointly and severally, to indemnify and hold harmless the
Initial Purchaser and each person, if any, who controls the Initial Purchaser
within the meaning of the Securities Act, or the U.S. Securities Exchange Act
of 1934, as amended (the “Exchange Act”), and the respective affiliates,
officers, directors and employees of the Initial Purchaser and each such person
(and each and all referred to in Section 8(b) as an “indemnified party”),
against any losses, claims, damages or liabilities, joint or several, to which
the Initial Purchaser or such controlling person and the respective affiliates,
officers, directors and employees of the Initial Purchaser and each such person
may become subject, under the Securities Act, the Exchange Act or otherwise,
insofar as such losses, claims, damages or liabilities (or actions in respect
thereof) arise out of or are connected with the execution and delivery by such
Trust Party, and the consummation by such Trust Party of the transactions
contemplated by, this Agreement or any other Transaction Document. Each Trust
Party agrees, jointly and severally, to reimburse the Initial Purchaser and
each such affiliate, officer, director, employee or controlling person for any 

 7
 

 

legal or other
expenses reasonably incurred by the Initial Purchaser and each such affiliate,
officer, director, employee or controlling person in connection with
investigating or defending any such loss, claim, damage, liability or action
arising out of or being connected with the execution and delivery by such Trust
Party, and the consummation by such Trust Party of the transactions
contemplated by, this Agreement or the other Transaction Documents. This
indemnity agreement will be in addition to any liability that any of the Trust
Parties may otherwise have.

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,
notify the indemnifying party of the commencement thereof; but the omission
and/or delay to so notify the indemnifying party will not relieve it from any
liability which it may have to any indemnified party unless such omission
and/or delay caused actual prejudice to the indemnifying party; in case any
such action is brought against any indemnified party, and it notified the
indemnifying party of the commencement thereof, the indemnifying party will be
entitled to participate therein and, to the extent that it may elect by written
notice, to assume the defense thereof, with counsel satisfactory to such
indemnified party, and after notice from the indemnifying party to such
indemnified party of its election so to assume the defense thereof, the
indemnifying party will not be liable to such indemnified party under this
Section 8 for any legal or other expenses subsequently incurred by such
indemnified party in connection with the defense thereof other than reasonable
costs of investigation. Counsel provided by the indemnifying party may
represent the indemnifying party as well as all indemnified parties hereunder
subject to the following provisions. Notwithstanding anything to the contrary
contained herein, such indemnified party may continue any such action on its
own at its own expense. If the defendants in any action include both the
indemnified party and the indemnifying party and the indemnified party shall
have reasonably concluded that there may be legal defenses available to it
and/or other indemnified parties that are different from or additional to or in
conflict with those available to the indemnifying party, the indemnified party
or parties shall have the right to select separate counsel to assert such legal
defenses and to otherwise participate in the defense of such action on behalf
of such indemnified party or parties. The reasonable fees and expenses of such
separate counsel for the indemnified party shall be paid by the indemnifying
party. The indemnifying party may avoid its duty to indemnify under this
Section 8 if the indemnified party, without the prior written consent of the
indemnifying party (which consent shall not be unreasonably withheld), effects
any settlement or compromise of, or consents to the entry of any judgment in,
any pending or threatened action in respect of which any indemnifying party is
or could have been a party and indemnity could have been sought hereunder by
such indemnified party unless such settlement includes an unconditional release
of such indemnifying party from all liability on any claims that are the
subject matter of such action. The indemnifying party shall not be liable for any
settlement of any claim effected without its consent. 

CONTRIBUTION.

In
order to provide for just and equitable contribution in circumstances under
which the indemnification provided for in Section 8 hereof is for any
reason held to be unenforceable for the benefit of an indemnified party in
respect of any losses, liabilities, claims, damages or expenses referred to
therein, then each indemnifying party shall contribute to the aggregate amount
of such losses, liabilities, claims, damages and expenses incurred by such
indemnified party, as incurred, (i) in such proportion as is appropriate to
reflect the relative benefits received by the Sponsor and the Issuer, on the
one hand, and the Initial Purchaser, on the other hand, from the offering of
the Capital Securities or (ii) if the allocation provided by clause (i) is not
permitted by applicable law, in such proportion as is appropriate to reflect
not only the relative benefits referred to in clause (i) above, but also the
relative fault of the Sponsor and the Issuer, on the one hand, and the Initial
Purchaser, on the other hand, in connection with the statements, omissions or
breaches, which resulted in such losses, liabilities, claims, damages or
expenses, as well as any other relevant equitable considerations.

The
relative benefits received by the Sponsor and the Issuer, on the one hand, and
the Initial Purchaser, on the other hand, in connection with the offering of
the Capital Securities shall be deemed to be in the same respective proportions
as the total net proceeds from the offering of the Capital Securities (before
deducting expenses) received by the Sponsor and the Issuer and the benefit
received by the Initial Purchaser bear to the aggregate of such net proceeds.

 8
 

 

The
Sponsor and the Issuer and the Initial Purchaser agree that it would not be
just and equitable if contribution pursuant to this Section 9 were
determined by pro rata allocation or by any other method of allocation which
does not take account of the equitable considerations referred to above in this
Section 9. The aggregate amount of losses, liabilities, claims, damages
and expenses incurred by an indemnified party and referred to above in this Section
9 shall be deemed to include any legal or other expenses reasonably
incurred by such indemnified party in investigating, preparing or defending
against any litigation, or any investigation or proceeding by any governmental
agency or body, commenced or threatened, or any claim whatsoever based upon any
such untrue or alleged untrue statement, omission or alleged omission or breach
or alleged breach.

Notwithstanding
any provision of this Section 9 to the contrary, the Initial Purchaser
shall not be required to contribute any amount in excess of the benefit
received thereby.

No
person guilty of fraudulent misrepresentation (within the meaning of section
11(f) of the Securities Act) shall be entitled to contribution from any person
who was not guilty of such fraudulent misrepresentation.

For
purposes of this Section 9, the Initial Purchaser, each person, if any,
who controls the Initial Purchaser within the meaning of Section 15 of the
Securities Act or Section 20 of the Exchange Act and the respective partners,
directors, officers, employees and agents of the Initial Purchaser or any such
controlling person shall have the same rights to contribution as the Initial
Purchaser, while each officer and director of the Sponsor, each trustee of the
Issuer and each person, if any, who controls the Sponsor within the meaning of
Section 15 of the Securities Act or Section 20 of the Exchange Act shall have
the same rights to contribution as the Sponsor and the Issuer.

TERMINATION.  This Agreement shall be subject to
termination in the absolute discretion of the Initial Purchaser, by notice
given to the Sponsor and the Issuer prior to delivery of and payment for the
Capital Securities, if prior to such time (i) a downgrading shall have occurred
in the rating accorded the Sponsor’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 Exchange Act, or such
organization shall have publicly announced that it has under surveillance or
review, with possible negative implications, its rating of the Sponsor’s debt
securities or preferred stock, (ii) the Issuer shall be unable to sell and
deliver to the Initial Purchaser at least $22,000,000 stated liquidation value
of Capital Securities, (iii) the Sponsor or any of its subsidiaries that is an
insured depository institution shall cease to be “adequately-capitalized”
within the meaning of 12 U.S.C. §1831 and applicable regulations adopted
thereunder, or any formal administrative or judicial action is taken by any
appropriate regulatory agency against the Sponsor or any such insured
subsidiary for unsafe and unsound practices or violations of law, (iv) a
suspension or material limitation in trading in securities generally shall have
occurred on the New York Stock Exchange, (v) a suspension or material limitation
in trading in any of the Sponsor’s securities shall have occurred on the
exchange or quotation system upon which the Sponsor’s securities are traded, if
any, (vi) a general moratorium on commercial banking activities shall have been
declared either by federal or Delaware authorities or (vii) 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,
including acts of terrorism, the effect of which on financial markets is such
as to make it, in the Initial Purchaser’s judgment, impracticable or
inadvisable to proceed with the offering or delivery of the Capital Securities.

SURVIVAL
OF REPRESENTATIONS AND OBLIGATIONS.  The representations, warranties, agreements
and undertakings in this Agreement shall continue in full force and effect
despite completion of the arrangements for the purchase and issue of the
Capital Securities or any investigation made by or on behalf of the Initial
Purchaser.

NOTICES.

Any
communication shall be given by letter or facsimile, in the case of notices to
the Issuer, to it at:

 9
 

 

Team Financial Capital Trust II

c/o Team Financial, Inc.

8 West Peoria, Suite 200

Paola, Kansas 66071

Facsimile:  (913) 294-4406 

Attention:  Michael L. Gibson

in the case of notices to the Sponsor, to it at:

Team Financial, Inc.

8 West Peoria, Suite 200  

Paola, Kansas 66071 

Facsimile:  (913) 294-4406  

Attention:  Michael L. Gibson

and in the case of notices to the Initial Purchaser, to it at:

Bear, Stearns & Co. Inc. 

383 Madison Avenue 

New York, New York 10179 

Facsimile:  212-272-3182 

Attention:  Asset Backed Securities

Any
such communication shall take effect, in the case of a letter, at the time of
delivery and in the case of telex, at the time of dispatch.

Any
communication not by telex shall be confirmed by letter but failure to send or
receive the letter of confirmation shall not invalidate the original
communication.

GOVERNING
LAW.  This Agreement
shall be governed by and construed in accordance with the laws of the State of
New York without reference to its conflict of laws provisions.

JURISDICTION.  Each of the parties hereto hereby irrevocably
submits to the non-exclusive jurisdiction of any New York State or United
States federal court sitting in The City and County of New York over any suit,
action or proceeding arising out of or relating to this Agreement or the
transactions contemplated hereby which is brought by the Initial Purchaser, the
Issuer or the Sponsor and irrevocably waives, to the fullest extent it may
effectively do so, any objection which it may now or hereafter have to the
laying of venue of any such proceeding.

NO
BANKRUPTCY PETITION. 
The Initial Purchaser covenants and agrees that, prior to the date which
is one year and one day after the payment in full of all Capital Securities
issued by the Issuer, it will not institute against, or join any other Person
in instituting against, the Issuer any bankruptcy, reorganization, arrangement,
insolvency or liquidation proceedings or other proceedings under any Federal or
state bankruptcy or similar law. The provisions of this Section shall survive
termination of this Agreement for any reason whatsoever.

SUCCESSORS.
This Agreement will inure to the benefit of and be binding upon the parties
hereto and their respective successors and assigns, and no other person will
have any right or obligations hereunder.

COUNTERPARTS.  This Agreement may be executed 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 Agreement.

IN
WITNESS WHEREOF, this Agreement has been entered into as of the date
hereinabove set forth.

TEAM FINANCIAL, INC.

 

	
  By:

  	
  /s/ Michael L.
  Gibson

  	
   

  
	
  Name: Michael L.
  Gibson

  
	
  Title: CFO

  

 

 10
 

 

TEAM FINANCIAL CAPITAL
TRUST II

By: TEAM FINANCIAL, INC., as Sponsor

 

	
  By:

  	
  /s/ Michael L.
  Gibson

  	
   

  
	
  Name: Michael L.
  Gibson

  
	
  Title:
  Administrator

  
	
   

  
	
  BEAR, STEARNS
  & CO. INC., as Initial Purchaser

  
	
   

  
	
   

  
	
  By:

  	
  /s/ Thomas S.
  Dunstan

  	
   

  
	
  Name: Thomas S.
  Dunstan

  
	
  Title: Senior
  Managing Director

  
				

 

ANNEX A

Pursuant
to Section 7(c) of the Purchase Agreement, special counsel for the Offerors
shall deliver an opinion in substantially the following form:

The Company has
been duly incorporated and is validly existing and in good standing under the
laws of the State of Kansas, and is duly registered as a bank holding company
under the Bank Holding Company Act and the regulations thereunder of the
Federal Reserve, and the deposit accounts of the Company’s Significant
Subsidiaries are insured by the FDIC to the fullest extent permitted by law and
the rules and regulations of the FDIC, and, to the best of our knowledge no
proceeding for the termination of such insurance is pending or threatened.  The Company is duly qualified to do business
as a foreign corporation and is in good standing under the laws of each
jurisdiction which requires such qualification wherein it owns or leases properties
or conducts business, except where the failure to be so qualified would not,
singularly or in the aggregate, have a Material Adverse Effect, and holds all
approvals, authorizations, orders, licenses, certificates and permits from
governmental authorities necessary for the conduct of its business, except
where the failure to hold such approvals, authorizations, orders, licenses,
certificates and/or permits would not, singularly or in the aggregate, have a
Material Adverse Effect.  Each of the
Significant Subsidiaries is duly organized, validly existing and in good
standing under the laws of their jurisdiction of organization and each of the
Company and such subsidiaries has full corporate power and authority to own or
lease its properties and conduct its business as such business is currently
conducted in all material respects.  Each
of the Significant Subsidiaries is duly qualified to do business as a foreign
corporation and is in good standing under the laws of each jurisdiction which
requires such qualification wherein it owns or leases properties or conducts
business, except where the failure to be so qualified would not, singularly or
in the aggregate, have a Material Adverse Effect, and holds all approvals,
authorizations, orders, licenses, certificates and permits from governmental
authorities necessary for the conduct of its business, except where the failure
to hold such approvals, authorizations, orders, licenses, certificate and/or
permits would not, singularly or in the aggregate, have a Material Adverse
Effect.

The issuance, sale
and delivery of the Capital Securities and Debt Securities in accordance with
the terms and conditions of the Purchase Agreement, the Debenture Subscription
Agreement and the Transaction Documents have been duly authorized by all
necessary actions of the Company’s Board of Directors (the “Board”), and when
delivered in accordance with the Transaction Documents, will be duly and
validly issued, fully paid and nonassessable, and will conform to the
descriptions therein.

Neither the issue
and sale of the Capital Securities or the Debt Securities, the execution and
delivery of the Transaction Documents by the Company or the Trust and the
consummation of any other of the transactions contemplated in any Transaction
Document nor the fulfillment of the terms thereof will conflict with, result in
a breach or violation of, or constitute a default under any rule or regulation,
or the charter or by-laws of the Company or any of its Significant
Subsidiaries, the terms of any indenture or other agreement or instrument to which
the Company or any of its Significant Subsidiaries is a party, or otherwise
bound, or any judgment, order, decree of any court, regulatory body,
administrative agency, governmental body or arbitrator having jurisdiction over
the Company or any of its Significant Subsidiaries, or any rule or regulation
applicable to the Company or any of its Significant Subsidiaries, except for
such conflicts, 

 11
 

 

breaches,
violations or defaults which are not, in the aggregate, material to the Company
and its subsidiaries taken as a whole and which do not adversely affect the
consummation of the transactions contemplated in the Purchase Agreement and the
Transaction Documents.

The Offerors have
all requisite corporate and trust power to enter into and perform their obligations
under the Purchase Agreement, which has been duly and validly authorized,
executed and delivered by the Offerors, constitutes the legal, valid and
binding obligations of the Offerors enforceable against the Offerors in
accordance with its terms, except as the enforcement thereof may be limited by
general principles of equity and by bankruptcy, insolvency, reorganization,
receivership, moratorium, fraudulent conveyance or other laws relating to or
affecting creditors’ rights generally, and except as the indemnification and
contribution provisions thereof may be limited under applicable laws and as to
certain remedies which may not be available in the case of a non-material
breach.

Each of the
Indenture and the Guarantee Agreement has been duly authorized, executed and
delivered by the Company and (in the case of the Indenture and the Guarantee,
respectively, assuming it is duly authorized, executed and delivered by the
respective trustees) constitutes a valid and legally binding obligation of the
Company enforceable in accordance with its terms, subject to the effect of
bankruptcy, insolvency, reorganization, receivership, moratorium, fraudulent
conveyance and other laws affecting the rights and remedies of creditors
generally and to general principles of equity.

The Declaration
has been duly authorized, executed and delivered by the Company and the
Administrators;

The Debt
Securities have been duly authorized, executed and delivered by the Company,
are entitled to the benefits of the Indenture and when 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 enforceable against the Company in accordance with their terms, subject
to the effect of bankruptcy, insolvency, reorganization, receivership,
moratorium, fraudulent conveyance and other laws affecting the rights and
remedies of creditors generally and to general principles of equity.

The execution,
delivery and performance of the Purchase Agreement and the consummation of the
transactions contemplated by the Purchase Agreement and the Transaction
Documents do not and will not constitute a material breach or violation of, or
constitute a material default under, with or without notice or lapse of time or
both, any of the terms, provisions or conditions of the articles of
incorporation or charter, by-laws or other governing documents (including
without limitation, the Declaration) of the Offerors or any order, decree,
judgment, franchise, license, permit, rule or regulation of any court,
arbitrator, government, or governmental agency or instrumentality, domestic or
foreign, having jurisdiction over the Offerors.

No consent,
approval, authorization or order of any court, governmental agency or body, or
any other regulatory agency with jurisdiction over the Offerors is required for
the consummation of the transactions contemplated in the Transaction Documents,
in connection with the solicitation of the purchase and sale of the Capital
Securities by you or the purchase of the Debt Securities by the Trust except
such approvals as have been obtained.

Assuming the
accuracy of the representations and warranties and compliance with the
agreements contained in the Purchase Agreement, it is not necessary in
connection with the offering, sale and delivery of the Capital Securities, the
Debt Securities and the Common Securities to register the same under the
Securities Act of 1933, as amended, under the circumstances contemplated in the
Purchase Agreement, and the Indenture, Declaration and Guarantee Agreement are
not required to be qualified under the Trust Indenture Act of 1939.

Neither the
Company nor the Trust is, and, following the issuance of the Capital Securities
and the consummation of the transactions contemplated by the Operating
Documents and the application of the proceeds therefrom, will 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.

 12
 

 

The
Opinion is to be governed by New York law.

 13
 

 

ANNEX B

Pursuant
to Section 7(c) of the Purchase Agreement, tax counsel for the Offerors shall
deliver an opinion in substantially the following form:

It
is our opinion that, under current law and assuming the performance of the
Transaction 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 classified for United States federal
income tax purposes as a grantor trust and not as an association taxable as a
corporation.

 14

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