Document:

Exhibit 4.5

 

FLOATING RATE CUMULATIVE TRUST PREFERRED

SECURITY CERTIFICATE

OF SAN RAFAEL CAPITAL TRUST I

 

THIS TRUST PREFERRED SECURITY
HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE
“SECURITIES ACT”), ANY STATE SECURITIES LAWS OR ANY OTHER APPLICABLE SECURITIES
LAWS.  NEITHER THIS TRUST PREFERRED
SECURITY NOR ANY INTEREST OR PARTICIPATION HEREIN MAY BE REOFFERED, SOLD,
ASSIGNED, TRANSFERRED, PLEDGED, ENCUMBERED OR OTHERWISE DISPOSED OF IN THE
ABSENCE OF SUCH REGISTRATION OR UNLESS THE TRANSACTION IS EXEMPT FROM, OR NOT
SUBJECT TO, SUCH REGISTRATION.  PRIOR TO
(i) THE DATE WHICH IS TWO YEARS (OR SUCH SHORTER PERIOD OF TIME AS
PERMITTED BY RULE 144(k) UNDER THE SECURITIES ACT) AFTER THE LATER OF THE
ORIGINAL ISSUE DATE HEREOF AND THE LAST DATE ON WHICH THE TRUST OR ANY
AFFILIATE OF THE TRUST WAS THE OWNER OF THIS TRUST PREFERRED SECURITY (OR ANY
PREDECESSOR OF THIS TRUST PREFERRED SECURITY) OR (ii) SUCH LATER DATE, IF ANY,
AS MAY BE REQUIRED BY APPLICABLE LAWS (THE “RESALE RESTRICTION TERMINATION
DATE”), THE HOLDER OF THIS TRUST PREFERRED SECURITY BY ITS ACCEPTANCE HEREOF
AGREES FOR THE BENEFIT OF THE TRUST TO OFFER, SELL OR OTHERWISE TRANSFER THIS
TRUST PREFERRED SECURITY ONLY (A) TO THE TRUST OR AN AFFILIATE OF THE
TRUST, (B) PURSUANT TO A REGISTRATION STATEMENT WHICH HAS BEEN DECLARED
EFFECTIVE UNDER THE SECURITIES ACT, (C) FOR SO LONG AS THIS TRUST
PREFERRED SECURITY IS ELIGIBLE FOR RESALE PURSUANT TO RULE 144A (“RULE 144A”)
PROMULGATED UNDER THE SECURITIES ACT, TO A PERSON THE HOLDER REASONABLY
BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” AS DEFINED IN RULE 144A THAT
PURCHASES FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QUALIFIED INSTITUTIONAL
BUYER IN COMPLIANCE WITH RULE 144A, (D) TO AN INSTITUTIONAL “ACCREDITED
INVESTOR” WITHIN THE MEANING OF SUBPARAGRAPH (A)(1), (2), (3) OR (7) OF RULE
501 UNDER THE SECURITIES ACT THAT IS ACQUIRING THIS TRUST PREFERRED SECURITY
FOR ITS OWN ACCOUNT, OR FOR THE ACCOUNT OF SUCH AN INSTITUTIONAL “ACCREDITED
INVESTOR,” FOR INVESTMENT PURPOSES AND NOT WITH A VIEW TO OR FOR OFFER OR SALE
IN CONNECTION WITH, ANY DISTRIBUTION IN VIOLATION OF THE SECURITIES ACT OR (E)
PURSUANT TO ANOTHER AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF
THE SECURITIES ACT, SUBJECT TO THE TRUST’S AND THE ADMINISTRATIVE TRUSTEES’
RIGHT PRIOR TO ANY SUCH OFFER, SALE, TRANSFER OR OTHER DISPOSITION (i) PURSUANT
TO CLAUSES (D) OR (E) TO REQUIRE THE DELIVERY BY THE HOLDER OF AN OPINION OF
COUNSEL, CERTIFICATIONS AND/OR OTHER INFORMATION SATISFACTORY TO THE TRUST AND
THE ADMINISTRATIVE TRUSTEE TO CONFIRM THAT SUCH TRANSFER IS BEING MADE PURSUANT
TO AN EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO THE REGISTRATION
REQUIREMENTS OF THE SECURITIES ACT AND (ii) IN EACH OF THE FOREGOING CASES, TO
REQUIRE THAT A CERTIFICATE OF TRANSFER IN THE FORM APPEARING ON THE OTHER SIDE
OF THIS CERTIFICATE IS COMPLETED AND DELIVERED BY THE TRANSFEROR TO THE
PROPERTY

 

 

TRUSTEE AND THE SECURITIES
REGISTRAR IN CONNECTION WITH ANY TRANSFER OF THIS SECURITY PRIOR TO THE RESALE
RESTRICTION TERMINATION DATE.  THE
HOLDER MUST CHECK THE APPROPRIATE BOX SET FORTH ON THE CERTIFICATE OF TRANSFER
RELATING TO THE MANNER OF SUCH TRANSFER AND SUBMIT THE CERTIFICATE OF TRANSFER
TO THE PROPERTY TRUSTEE AND THE SECURITIES REGISTRAR.  THIS LEGEND WILL BE REMOVED UPON REQUEST OF THE HOLDER AFTER THE
EARLIER OF (i) THE TRANSFER OF THE TRUST PREFERRED SECURITY EVIDENCED HEREBY
PURSUANT TO CLAUSE (B) ABOVE OR (ii) THE RESALE RESTRICTION TERMINATION
DATE.  THE HOLDER WILL, AND EACH
SUBSEQUENT HOLDER IS REQUIRED TO, NOTIFY ANY PURCHASER OF THIS TRUST PREFERRED
SECURITY OF THE RESALE RESTRICTIONS REFERRED TO HEREIN.

 

PRIOR TO THE RESALE RESTRICTION
TERMINATION DATE, THIS TRUST PREFERRED SECURITY MAY BE TRANSFERRED OR EXCHANGED
ONLY IN A MINIMUM  AGGREGATE LIQUIDATION
AMOUNT OF NOT LESS THAN $100,000.  ANY
ATTEMPTED TRANSFER OF THIS TRUST PREFERRED SECURITY IN AN AGGREGATE LIQUIDATION
AMOUNT OF LESS THAN $100,000 PRIOR TO THE RESALE RESTRICTION TERMINATION DATE
SHALL BE DEEMED TO BE VOID AND OF NO LEGAL EFFECT WHATSOEVER.  AFTER SUCH RESALE RESTRICTION TERMINATION
DATE, ANY ATTEMPTED TRANSFER OF THIS TRUST PREFERRED SECURITY IN AN AGGREGATE
LIQUIDATION AMOUNT OF LESS THAN $100,000 SHALL BE DEEMED TO BE VOID AND OF NO
LEGAL EFFECT WHATSOEVER.  ANY  SUCH PURPORTED TRANSFEREE SHALL BE DEEMED
NOT TO BE THE HOLDER OF THIS TRUST PREFERRED SECURITY FOR ANY PURPOSE,
INCLUDING, BUT NOT LIMITED TO, THE RIGHT TO RECEIVE DISTRIBUTIONS ON THIS TRUST
PREFERRED SECURITY, AND SUCH PURPORTED TRANSFEREE SHALL BE DEEMED TO HAVE NO
INTEREST WHATSOEVER IN THIS TRUST PREFERRED SECURITY.

 

IN CONNECTION WITH ANY
TRANSFER, THE HOLDER WILL DELIVER TO THE SECURITIES REGISTRAR SUCH CERTIFICATES
AND OTHER INFORMATION AS MAY BE REQUIRED BY THE AMENDED AND RESTATED TRUST
AGREEMENT TO CONFIRM THAT THE TRANSFER COMPLIES WITH THE FOREGOING RESTRICTIONS

 

2

 

Certificate
Number     

 

Number of
Trust Preferred Securities:  Ten
Thousand (10,000)

 

Certificate
Evidencing Trust Preferred Securities

 

of

 

San Rafael
Capital Trust I

 

Floating Rate
Cumulative Trust Preferred Securities

 

(liquidation
amount $1,000 per Trust Preferred Security)

 

San Rafael
Capital Trust I, a statutory business trust created under the laws of the State
of Delaware (the “Trust”), hereby certifies that Bear Stearns Securities Corp.
(the “Holder”) is the registered owner of Ten Thousand (10,000) preferred
securities of the Trust representing undivided beneficial interests in the
assets of the Trust and designated the Floating Rate Cumulative Trust Preferred
Securities (liquidation amount $1,000 per Trust Preferred Security) (the “Trust
Preferred Securities”). The Trust Preferred Securities are transferable on the
books and records of the Trust, in person or by a duly authorized attorney, upon
surrender of this certificate duly endorsed and in proper form for transfer as
provided in Section 5.4 of the Trust Agreement (as defined herein). The
designations, rights, privileges, restrictions, preferences, and other terms
and provisions of the Trust Preferred Securities are set forth in, and this
certificate and the Trust 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 effective as of June 27, 2002,
as the same may be amended from time to time (the “Trust Agreement”), including
the designation of the terms of Trust Preferred Securities as set forth
therein. The Holder is entitled to the benefits of the Trust Preferred Securities
Guarantee Agreement entered into by San Rafael Bancorp, a California
corporation, and Wells Fargo Bank, National Association, as guarantee trustee,
effective as of June 27, 2002, as the same may be amended from time to time
(the “Preferred Securities Guarantee”), to the extent provided therein. The
Trust shall furnish a copy of the Trust Agreement and the Preferred Securities
Guarantee to the Holder without charge upon written request to the Trust at its
principal place of business.

 

Capitalized
terms used herein but not otherwise defined shall have the meanings assigned
them in the Trust Agreement.  Upon
receipt of this certificate, the Holder is bound by the Trust Agreement and is
entitled to the benefits thereunder.

 

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

 

3

 

IN WITNESS
WHEREOF, the Administrative Trustees of the Trust have executed this
Certificate this June 27, 2002.

 

	
   

  	
  San Rafael
  Capital Trust I

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  , as

  
	
   

  	
  Administrative
  Trustee

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  , as

  
	
   

  	
  Administrative
  Trustee

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  , as

  
	
   

  	
  Administrative
  Trustee

  	
   

  

 

 

PROPERTY TRUSTEE’S CERTIFICATE OF AUTHENTICATION

 

This is one of
the Floating Rate Cumulative Trust Preferred Securities referred to in the
within-mentioned Trust Agreement.

 

	
   

  	
  Wells Fargo
  Bank, National Association, as

  Property Trustee/Authenticating Agent

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By

  	
   

  	
   

  
	
   

  	
  AUTHORIZED
  SIGNATORY

  	
   

  

 

4

 

[REVERSE OF CERTIFICATE]

 

The Trust
Preferred Securities represent undivided preferred beneficial interests in the
Trust Property.  Distributions payable
on the Trust Preferred 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 27, 2002, and, except
during any Extended Interest Payment Period with respect to the Debentures,
shall be payable quarterly in arrears on March 30, June 30, September 30 and
December 30 of each year (each a “Distribution Date”), commencing on September
30, 2002 at the rate per annum of 3.65% above the Three-Month LIBOR Rate (the
“Floating Distribution Rate”), multiplied by the Aggregate Liquidation Amount
of the Trust Preferred Securities outstanding as of each Distribution
Date.  If a Distribution Date is not a
Business Day, then the payment of such Distribution shall be made on the next
succeeding day that is a Business Day except that, if such Business Day is in
the next succeeding calendar year, such payment shall be made on the
immediately preceding Business Day, in each case with the same force and effect
as if made on the date such payment was originally payable.  In no event shall the Floating Distribution
Rate exceed 12% prior to June 30, 2007.

 

The
“Three-Month LIBOR Rate” shall mean the rate determined in accordance with the
following provisions:

 

(i)                                     On
the second LIBOR BUSINESS DAY (provided that on such day commercial banks are
open for business (including dealings in foreign currency deposits) in London
(a “LIBOR Banking Day”) preceding each of January 15, April 15, July 15 and
October 15 (except with respect to June 27, 2002 (each such date, a
“Distribution Reset Date”), Wells Fargo Bank, National Association (the
“Calculation Agent”), will determine the Three-Month LIBOR Rate which shall be
the rate for deposits in the London interbank market in U.S. dollars having a
three-month maturity which appears on the Telerate Page 3750 as of 11:00 a.m.,
London time, on such Distribution Reset Date. 
“Telerate Page 3750” means the display on Page 3750 of the Bloomberg
Financial Markets Commodities News (or such other page as may replace that page
on that service for the purpose of displaying London interbank offered rates of
major banks for U.S. dollar deposits). 
If the Three-Month LIBOR Rate on such Distribution Reset Date does not
appear on the Tleerate Page 3750, such Three-Month LIBOR Rate will be
determined as described in (ii) below. 
“LIBOR Business Day” means any day that is not a Saturday, Sunday or
other day on which commercial banking institutions in New York, New York or
Wilmington, Delaware are authorized or obligated by law or executive order to
be closed.  If such rate is superseded
on Telerate Page 3750 by a corrected rate before 12:00 noon (London time) on
the same Distribution Reset Date, the corrected rate as so substituted will be
the applicable LIBOR for that Distribution Reset Date.

 

(ii)                                  If,
on any Distribution Reset Date, such rate does not appear on  Telerate Page 3750 as reported by Bloomberg
Financial Markets Commodities News or such other page as may replace such
Telerate Page 3750, the Calculation Agent shall determine the arithmetic mean
of quotations of the Reference Banks (defined below) to leading banks in the
London interbank market for three-month U.S. Dollar deposits in Euope (in an
amount determined by the Calculation Agent) by reference to requests for quotations
as

 

5

 

of
approximately 11:00 a.m. (London time) on the Distribution Reset Date made by
the Calculation Agent to the Reference Banks. 
If, on any Distribution Reset Date, at least two of the Reference Banks
provide such quotations, LIBOR shall equal the arithmetic mean of such
quotations.  If, on any Distribution
Reset Date, only one or none of the Reference Banks provide such a quotation,
LIBOR shall be deemed to be the arithmetic mean of the offered quotations that
at least two leading banks in the City of New York (as selected by the
Calculation Agent) are quoting on the relevant Distribution Reset Date for
three-month U.S. Dollar deposits in Europe at approximately 11:00 a.m. (London
time) (in an amount determined by the Calculation Agent).  As used herein, “Reference Banks” means four
major banks in the London interbank market selected by the Calculation Agent.

 

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 in effect on the previous Distribution Reset Date (whether or not
LIBOR for such period was in fact determined on such Distribution Reset Date).

 

The amount  payable for any
Distribution Period shall be computed on the basis of a 360-day year and the
actual number of days in such Distribution Period. In the event that any date
on which distribution is payable is not a Business Day, then payment shall be
made on the next succeeding day that is a Business Day except that, if such
Business Day is in the next succeeding calendar year, payment will be made on
the immediately preceding Business Day.

 

The Company
shall have the right, at any time and from time to time during the term of the
Debentures so long as no Debenture Event of Default has occurred and is
continuing, to defer payments of interest by extending the interest payment
period of such Debentures for a period not exceeding 20 consecutive quarters
(the “Extended Interest Payment Period”), during which Extended Interest
Payment Period the payment of interest due and payable shall be deferred;
provided that no Extended Interest Payment Period may extend beyond the
Maturity Date of the Debentures or end on a date other than an Interest Payment
Date for the Debentures. As a consequence of such deferral, Distributions on
the Trust Preferred Securities will also be deferred for a period equal to the
Extended Interest Payment Period. 
Notwithstanding such deferral, Distributions, the payment of which has
been deferred because of the extension of the interest payment period pursuant
to the Indenture, will continue to accumulate with interest thereon (to the
extent permitted by applicable law but not at a rate greater than the rate at
which interest is then accruing on the Debentures) at the Floating Distribution
Rate as in effect during each quarter of the Extended Interest Payment Period,
compounded quarterly. At the end of the Extended Interest Payment Period, the
Company shall calculate (and deliver such calculation to the Property Trustee)
and pay all Distributions accrued and unpaid on the Trust Securities that shall
be payable to the Holders in whose names the Trust Securities are registered in
the Securities Register on the first record date after the end of the Extended
Interest Payment Period. Before the termination of any Extended Interest
Payment Period, the Company may further extend such period so long as no Event
of Default under the Indenture has occurred and is continuing, provided that
such period together with all such further extensions thereof shall not exceed
20 consecutive quarters, or extend beyond the Maturity Date of the Debentures
or end on a date other than an Interest Payment Date for the Debentures. Upon
the termination of any Extended Interest Payment Period and upon the payment of
all Deferred Interest (as defined in

 

6

 

 the Indenture) then due, the Company may commence a new Extended
Interest Payment Period, subject to the foregoing requirements. No
Distributions on the Trust Securities shall be due and payable during an
Extended Interest Payment Period, except at the end thereof, but the Company
may prepay at any time all or any portion of the Distributions accrued during
an Extended Interest Payment Period.

 

The Floating
Distribution Rate and amount of Distributions to be paid on the Trust
Securities for each Distribution Period will be determined by the calculation
agent (“Calculation Agent”).  Wells
Fargo Bank, National Association shall be the initial Calculation Agent.  All calculations made by the Calculation
Agent shall, in the absence of manifest error, be conclusive for all purposes
and binding on the Company and the Holders of the Trust Securities.  In the event that any then acting
Calculation Agent shall be unable or unwilling to act, or that such Calculation
Agent shall fail duly to establish the Floating Distribution Rate for any
Distribution Period, or that the Company proposes to remove such Calculation
Agent, or that the Calculation Agent proposes to terminate its service as
Calculation Agent, the Company shall appoint another Person which is a bank,
trust company, investment banking firm or other financial institution, to act
as the Calculation Agent.  The Calculation
Agent shall certify the Floating Distribution Rate on each Distribution Reset
Date and shall provide a copy of such certification to the Property Trustee as
soon as practicable following each Distribution Reset Date.  The Property Trustee shall provide written
notice of the Floating Distribution Rate as certified by the Calculation Agent
to each holder of Trust Securities as set forth in the Securities Register for
the Trust Securities no later than five Business Days following each
Distribution Reset Date.

 

Distributions
on the Trust Securities shall be made by the Property Trustee solely from the
Payment Account and shall be payable on each Distribution Date only to the
extent that the Trust has funds on hand and legally immediately available by
12:30 p.m. on each Distribution Date in the Payment Account for the payment of
such Distributions.

 

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 on the relevant
record date, which shall be the 15th day of the month in which the
relevant Distribution Date occurs, which Distribution Dates correspond to the
interest payment dates on the Debentures.

 

The Trust will
furnish without charge to any registered Holder of Trust Preferred Securities
who so requests, a copy of the Trust Agreement and the Preferred Securities
Guarantee. Any such request should be in writing and addressed to San Rafael
Capital Trust I, 919 Market Street, Suite 700, Wilmington, Delaware 19801, or
to the Securities Registrar (as defined in the Trust Agreement).

 

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

 

TEN CON                                              -  as tenants in common

TEN ENT                                                -  as tenants in the entireties

JT TEN                                                           -  as joint tenants with right of survival

UNIF GIFT MIN ACT                            -  under Uniform Gift to Minors Act and not as
tenants

 

7

 

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

 

ASSIGNMENT

 

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

 

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

 

(insert address and zip code of assignee)

 

the within Certificate and all
rights and interests represented by the Trust Preferred Securities evidenced
thereby, and hereby irrevocably constitutes and appoints attorney to transfer
the said Trust Preferred Securities on the books of the within-named Trust with
full power of substitution in the premises.

 

	
  Date:

  	
   

  	
   

  	
  Signature: 

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

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

  

 

Signature(s)
Guaranteed:

 

NOTICE:
Signature(s) must be guaranteed by an “eligible guarantor institution” that is
a member or participant in a “signature guarantee program” (i.e., the
Securities Transfer Agents Medallion Program, the Stock Exchange Medallion
Program or the New York Stock Exchange, Inc. Medallion Signature Program).

 

8

 

CERTIFICATE OF TRANSFER

 

Wells Fargo
Bank, National Association,

as Property Trustee and Securities Registrar

 

Re:                               Trust
Preferred Securities (the “Securities”) of San Rafael Capital Trust I (the
“Trust”)

 

This letter
relates to
$               
liquidation amount of the Securities beneficially owned in the name of
                                (the
“Transferor”).  The Transferor has
requested a transfer of such beneficial interest to such Person as the
Transferor instructs the Property Trustee.

 

In connection
with such request, the Transferor hereby certifies that if such transfer is
being requested prior to (X) the date which is two years (or such other shorter
period of time as permitted by Rule 144(k) under the Securities Act of 1933, as
amended (the “Securities Act”)) after the later of (i) the original issue date
of the Securities or (ii) the last date on which the Trust or any affiliate of
the Trust was the owner of the Securities (or any predecessor of the
Securities) or (Y) such later date, if any, as may be required by applicable
laws, then the transfer of the Securities is being made:

 

[CHECK ONE]

 

	
  1.

  	
  o

  	
   

  	
  to the Trust or an affiliate of the Trust;

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  or

  
	
   

  	
   

  	
   

  	
   

  
	
  2.

  	
  o

  	
   

  	
  pursuant to a registration statement which
  has been declared effective under the Securities Act;

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  or

  
	
   

  	
   

  	
   

  	
   

  
	
  3.

  	
  o

  	
   

  	
  pursuant to and in accordance with Rule
  144A under the Securities Act (“Rule 144A”), and, accordingly, the Transferor
  hereby further certifies that the Securities are being transferred to a
  Person that the Transferor reasonably believes is a “Qualified Institutional
  Buyer” as defined in Rule 144A that is purchasing for its own account or for
  the account of a Qualified Institutional Buyer in compliance with Rule 144A;

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  or

  
	
   

  	
   

  	
   

  	
   

  
	
  4.

  	
  o

  	
   

  	
  to an institutional “accredited investor”
  within the meaning of subparagraph (A)(1), (2), (3) or (7) of Rule 501 under
  the Securities Act that is acquiring the Securities for its own account, or
  for the account of such an institutional “accredited investor,” for
  investment purposes and not with a view to or for offer or sale in connection
  with, any distribution in violation of the Securities Act;

  

 

9

 

	
   

  	
   

  	
   

  	
  or

  
	
   

  	
   

  	
   

  	
   

  
	
  5.

  	
  o

  	
   

  	
  pursuant to any available exemption from
  the registration requirements of the Securities Act;

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  and the Securities are being transferred in
  compliance with any applicable blue sky securities laws of any state of the
  United States or any other applicable jurisdiction.

  

 

 

Unless one of
the boxes is checked, the Securities Registrar will refuse to register any of
the Securities evidenced by this Certificate in the name of any Person other
than the Holder hereof; provided, however, that if box (4) or (5) is checked,
the Securities Registrar may require, prior to registering any such transfer of
the Securities, such legal opinions, certifications and other information as
the Trust and Administrative Trustees have reasonably requested to confirm that
such transfer is being made pursuant to an exemption from, or in a transaction
not subject to, the registration requirements of the Securities Act.  If box (4) is checked, the transferee must
also provide to the Securities Registrar a Transferee Letter of Representations
in the form attached to the Trust Agreement. 
After the date that a registration statement with respect to the
Securities represented by this Certificate has been filed and so long as such
registration statement has been declared effective under the Securities Act and
so long as such registration statement continues to be effective, only then may
the Securities Registrar permit transfers for which box (2) has been checked.

 

This
certificate and the statements contained herein are made for your benefit and
the benefit of the Trust.

 

	
   

  	
   

  	
  [Insert Name of Transferor]

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  	
   

  
	
   

  	
   

  	
  Title:

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Dated:

  	
   

  
	
   

  	
   

  	
   

  
	
  cc:

  	
  San Rafael Capital Trust I

  	
   

  
						

 

10Exhibit 4.6

 

FLOATING RATE JUNIOR SUBORDINATED

DEFERRABLE INTEREST DEBENTURE

OF SAN RAFAEL BANCORP

 

THIS DEBENTURE
HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE
“SECURITIES ACT”), ANY STATE SECURITIES LAWS OR ANY OTHER APPLICABLE SECURITIES
LAWS.  NEITHER THIS DEBENTURE NOR ANY
INTEREST OR PARTICIPATION HEREIN MAY BE REOFFERED, SOLD, ASSIGNED, TRANSFERRED,
PLEDGED, ENCUMBERED OR OTHERWISE DISPOSED OF IN THE ABSENCE OF SUCH
REGISTRATION OR UNLESS THE TRANSACTION IS EXEMPT FROM, OR NOT SUBJECT TO, SUCH
REGISTRATION.  PRIOR TO (X) THE DATE
WHICH IS TWO YEARS (OR SUCH SHORTER PERIOD OF TIME AS PERMITTED BY RULE 144(k)
UNDER THE SECURITIES ACT) AFTER THE LATER OF (i) THE ORIGINAL ISSUE DATE HEREOF
OR (ii) THE LAST DATE ON WHICH THE COMPANY OR ANY AFFILIATE OF THE COMPANY WAS
THE OWNER OF THIS DEBENTURE (OR ANY PREDECESSOR OF THIS DEBENTURE) AND (Y) SUCH
LATER DATE, IF ANY, AS MAY BE REQUIRED BY APPLICABLE LAWS (THE “RESALE
RESTRICTION TERMINATION DATE”), THE HOLDER OF THIS DEBENTURE BY ITS ACCEPTANCE
HEREOF AGREES FOR THE BENEFIT OF THE COMPANY TO OFFER, SELL OR OTHERWISE
TRANSFER THIS DEBENTURE ONLY (A) TO THE COMPANY OR AN AFFILIATE OF THE COMPANY,
(B) PURSUANT TO A REGISTRATION STATEMENT WHICH HAS BEEN DECLARED EFFECTIVE
UNDER THE SECURITIES ACT, (C) FOR SO LONG AS THIS DEBENTURE IS ELIGIBLE FOR
RESALE PURSUANT TO RULE 144A (“RULE 144A”) PROMULGATED UNDER THE SECURITIES
ACT, TO A PERSON IT REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” AS
DEFINED IN RULE 144A THAT PURCHASES FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A
QUALIFIED INSTITUTIONAL BUYER IN COMPLIANCE WITH RULE 144A, (D) TO AN
INSTITUTIONAL “ACCREDITED INVESTOR” WITHIN THE MEANING OF SUBPARAGRAPH (A)(1),
(2), (3) OR (7) OF RULE 501 UNDER THE SECURITIES ACT THAT IS ACQUIRING THIS
DEBENTURE FOR ITS OWN ACCOUNT, OR FOR THE ACCOUNT OF SUCH AN INSTITUTIONAL
“ACCREDITED INVESTOR,” FOR INVESTMENT PURPOSES AND NOT WITH A VIEW TO OR FOR
OFFER OR SALE IN CONNECTION WITH, ANY DISTRIBUTION IN VIOLATION OF THE
SECURITIES ACT, OR (E) PURSUANT TO ANOTHER AVAILABLE EXEMPTION FROM THE
REGISTRATION REQUIREMENTS OF THE SECURITIES ACT, SUBJECT TO THE COMPANY’S AND
THE TRUSTEE’S RIGHT PRIOR TO ANY SUCH OFFER, SALE, TRANSFER OR OTHER
DISPOSITION (i) PURSUANT TO CLAUSES (D) OR (E) TO REQUIRE THE DELIVERY BY THE
HOLDER OF AN OPINION OF COUNSEL, CERTIFICATIONS AND/OR OTHER INFORMATION
SATISFACTORY TO THE COMPANY TO CONFIRM THAT SUCH TRANSFER IS BEING MADE
PURSUANT TO AN EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO THE
REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND (ii) IN EACH OF THE
FOREGOING CASES, TO REQUIRE THAT A CERTIFICATE OF TRANSFER IN THE FORM
APPEARING ON THE OTHER SIDE OF THIS DEBENTURE IS COMPLETED AND DELIVERED BY THE
TRANSFEROR TO THE TRUSTEE AND THE DEBENTURE REGISTRAR IN CONNECTION WITH ANY
TRANSFER OF THIS DEBENTURE PRIOR TO THE RESALE RESTRICTION TERMINATION
DATE.  THE HOLDER MUST CHECK

 

 

THE APPROPRIATE BOX SET FORTH
ON THE CERTIFICATE OF TRANSFER RELATING TO THE MANNER OF SUCH TRANSFER AND
SUBMIT THE CERTIFICATE OF TRANSFER TO THE TRUSTEE AND THE DEBENTURE
REGISTRAR.  THIS LEGEND WILL BE REMOVED
UPON REQUEST OF THE HOLDER AFTER THE EARLIER OF (i) THE TRANSFER OF THE
DEBENTURE EVIDENCED HEREBY PURSUANT TO CLAUSE (B) ABOVE OR (ii) THE RESALE
RESTRICTION TERMINATION DATE.  THE
HOLDER WILL, AND EACH SUBSEQUENT HOLDER IS REQUIRED TO, NOTIFY ANY PURCHASER OF
THIS DEBENTURE OF THE RESALE RESTRICTIONS REFERRED TO HEREIN.

 

PRIOR TO THE
RESALE RESTRICTION TERMINATION DATE, THIS DEBENTURE MAY BE TRANSFERRED OR
EXCHANGED ONLY IN A MINIMUM AGGREGATE PRINCIPAL AMOUNT OF NOT LESS THAN $100,000.  ANY ATTEMPTED TRANSFER OF THIS DEBENTURE IN
AN AGGREGATE PRINCIPAL AMOUNT OF LESS THAN $100,000 PRIOR TO THE RESALE
RESTRICTION TERMINATION DATE SHALL BE DEEMED TO BE VOID AND OF NO LEGAL EFFECT
WHATSOEVER.  AFTER SUCH RESALE
RESTRICTION TERMINATION DATE, ANY ATTEMPTED TRANSFER OF THIS DEBENTURE IN AN
AGGREGATE PRINCIPAL AMOUNT OF LESS THAN $100,000 SHALL BE DEEMED TO BE VOID AND
OF NO LEGAL EFFECT WHATSOEVER.  ANY  SUCH PURPORTED TRANSFEREE SHALL BE DEEMED
NOT TO BE THE HOLDER OF THIS DEBENTURE FOR ANY PURPOSE, INCLUDING, BUT NOT
LIMITED TO, THE RIGHT TO RECEIVE INTEREST PAYMENTS ON THIS DEBENTURE, AND SUCH
PURPORTED TRANSFEREE SHALL BE DEEMED TO HAVE NO INTEREST WHATSOEVER IN THIS
DEBENTURE.

 

IN CONNECTION
WITH ANY TRANSFER, THE HOLDER WILL DELIVER TO THE REGISTRAR SUCH CERTIFICATES
AND OTHER INFORMATION AS MAY BE REQUIRED BY THE INDENTURE TO CONFIRM THAT THE
TRANSFER COMPLIES WITH THE FOREGOING RESTRICTIONS.

 

2

 

SAN RAFAEL BANCORP

 

FLOATING RATE JUNIOR SUBORDINATED DEFERRABLE INTEREST 

DEBENTURE

 

DUE JUNE 30, 2032

 

	
  No.                 

  	
   

  	
  Ten Million Three Hundred Ten Thousand
  Dollars ($10,310,000)

  

 

San Rafael
Bancorp, a California corporation (the “Company,” which term includes any
successor corporation under the Indenture hereinafter referred to), for value
received, hereby promises to pay to, Wells Fargo Bank, National Association or
any successor thereto, as property trustee of San Rafael Capital Trust I or
registered assigns, the principal sum of Ten Million Three Hundred Ten Thousand
Dollars ($10,310,000) on June 30, 2032 (the “Stated Maturity”), and to pay
interest on said principal sum from June 27, 2002, or from the most recent
interest payment date to which interest has been paid or duly provided for,
quarterly (subject to deferral as set forth herein) in arrears on March 30,
June 30, September 30 and December 30 of each year (each such date, an
“Interest Payment Date”) commencing September 30, 2002, at the rate of 3.65%
per annum over the Three-Month LIBOR Rate (the “Floating Interest Rate”),
applied to the aggregate principal amount of the Debentures Outstanding as of
such Interest Payment Date, until the principal hereof shall have become due
and payable, and on any overdue principal and (without duplication and to the
extent that payment of such interest is enforceable under applicable law) on
any overdue installment of interest at the same rate per annum compounded
quarterly.  In no event shall the
Floating Interest Rate exceed 12% prior to June 30, 2007.

 

The
“Three-Month LIBOR Rate” shall mean the rate determined in accordance with the
following provisions:

 

(i)                                     On
the second LIBOR BUSINESS DAY (provided that on such day commercial banks are
open for business (including dealings in foreign currency deposits) in London
(a “LIBOR Banking Day”) preceding each of January 15, April 15, July 15 and
October 15 (except with respect to June 27, 2002 (each such date, a “Interest
Reset Date”), Wells Fargo Bank, National Association (the “Calculation Agent”),
will determine the Three-Month LIBOR Rate which shall be the rate for deposits
in the London interbank market in U.S. dollars having a three-month maturity
which appears on the Telerate Page 3750 as of 11:00 a.m., London time, on such
Interest Reset Date.  “Telerate Page
3750” means the display on Page 3750 of the Bloomberg Financial Markets
Commodities News (or such other page as may replace that page on that service
for the purpose of displaying London interbank offered rates of major banks for
U.S. dollar deposits).  If the
Three-Month LIBOR Rate on such Interest Reset Date does not appear on the
Tleerate Page 3750, such Three-Month LIBOR Rate will be determined as described
in (ii) below.  “LIBOR Business Day”
means any day that is not a Saturday, Sunday or other day on which commercial
banking institutions in New York, New York or Wilmington, Delaware are
authorized or obligated by law or executive order to be closed.  If such rate is superseded on Telerate Page
3750 by a corrected rate before 12:00

 

3

 

noon (London
time) on the same Interest Reset Date, the corrected rate as so substituted
will be the applicable LIBOR for that Interest Reset Date.

 

(ii)                                  If,
on any Interest Reset Date, such rate does not appear on  Telerate Page 3750 as reported by Bloomberg
Financial Markets Commodities News or such other page as may replace such
Telerate Page 3750, the Calculation Agent shall determine the arithmetic mean
of quotations of the Reference Banks (defined below) to leading banks in the
London interbank market for three-month U.S. Dollar deposits in Euope (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 Interest Reset
Date made by the Calculation Agent to the Reference Banks.  If, on any Interest Reset Date, at least two
of the Reference Banks provide such quotations, LIBOR shall equal the
arithmetic mean of such quotations.  If,
on any Interest Reset Date, only one or none of the Reference Banks provide
such a quotation, LIBOR shall be deemed to be the arithmetic mean of the
offered quotations that at least two leading banks in the City of New York (as
selected by the Calculation Agent) are quoting on the relevant Interest Reset
Date for three-month U.S. Dollar deposits in Europe at approximately 11:00 a.m.
(London time) (in an amount determined by the Calculation Agent).  As used herein, “Reference Banks” means four
major banks in the London interbank market selected by the Calculation Agent.

 

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 in effect on the previous Interest Reset Date (whether or not LIBOR
for such period was in fact determined on such Interest Reset Date).

 

The amount
payable for any Interest Payment Period shall be computed on the basis of a
360-day year and the actual number of days in such Interest Payment Period. In
the event that any date on which interest is payable on this Debenture is not a
Business Day, then payment of interest payable on such date shall be made on
the next succeeding day that is a Business Day except that, if such Business
Day is in the next succeeding calendar year, payment of such interest will be
made on the immediately preceding Business Day.  The interest installment so payable, and punctually paid or duly
provided for, on any Interest Payment Date shall, be paid to the Person in
whose name this Debenture (or one or more Predecessor Debentures, as defined in
said Indenture) is registered as provided in the Indenture.

 

The amount of
interest for each day that a Debenture is outstanding (the “Daily Interest
Amount”) will be calculated by dividing the Floating Interest Rate in effect
for such day by 360 and multiplying the result by the principal amount of such
Debenture.

 

The Floating
Interest Rate will in no event be higher than the maximum rate permitted by the
law of the State of California, or, if higher, the law of the United States of
America.

 

The principal
of and the interest on this Debenture shall be payable at or through the office
or agency of the Trustee maintained for that purpose in any coin or currency of
the United States of America that at the time of payment is legal tender for
payment of public and private debts; provided, however, that payment of
interest may be made at the option of the Company by check mailed to the
registered holder at such address as shall appear in the Debenture Register.

 

4

 

Notwithstanding the foregoing,
so long as the holder of this Debenture is the Property Trustee, the payment of
the principal of and interest on this Debenture shall be made at such place and
to such account as may be designated by the Property Trustee.

 

The Floating
Interest Rate and amount of interest to be paid on the Debentures for each
Interest Payment Period will be determined by the Calculation Agent.  All calculations made by the Calculation
Agent shall, in the absence of manifest error, be conclusive for all purposes
and binding on the Company and the holders of this Debenture.  In the event that any then acting
Calculation Agent shall be unable or unwilling to act, or that such Calculation
Agent shall fail duly to establish the Floating Interest Rate for any Interest
Payment Period, or that the Company proposes to remove such Calculation Agent,
or that the Calculation Agent proposes to terminate its service as Calculation
Agent, the Company shall appoint another Person, which is a bank, trust
company, investment banking firm or other financial institution, to act as the
Calculation Agent.  The Calculation
Agent shall certify the Floating Interest Rate on each Interest Reset Date and
shall provide a copy of such certification to the Trustee under the Indenture
and to the Property Trustee as soon as practicable following each Interest
Reset Date.  The Trustee will provide
written notice of the Floating Interest Rate as certified by the Calculation
Agent to the holder of this Debenture within five Business Days following each
Interest Reset Date.

 

Subject to the
Company having received prior approval of the Federal Reserve if then required
under applicable capital guidelines, policies or regulations of the Federal
Reserve, the Company may redeem this Debenture prior to the Stated Maturity in
the manner and at the times set forth in the Indenture.

 

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

 

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

 

Capitalized
terms used and not defined in this Debenture shall have the meanings assigned
in the Indenture.

 

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

 

5

 

IN WITNESS WHEREOF, the Company has caused this instrument to be
effective June 27, 2002.

 

	
   

  	
   

  	
   

  	
  San Rafael
  Bancorp

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
   

  	
  Name:

  	
   

  
	
   

  	
   

  	
   

  	
  Title:

  	
   

  
	
  Attest:

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  By:

  	
   

  	
   

  	
   

  	
   

  
	
  Name:

  	
   

  	
   

  	
   

  	
   

  
	
  Title:

  	
  Secretary

  	
   

  	
   

  	
   

  
									

 

6

 

CERTIFICATE OF AUTHENTICATION

 

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

 

	
  Wells Fargo Bank, National Association,

  as Trustee or Authenticating Agent

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  By:

  	
   

  	
   

  	
   

  
	
  Authorized
  Signatory

  	
   

  	
   

  
				

 

7

 

FLOATING RATE JUNIOR SUBORDINATED

 

DEFERRABLE INTEREST DEBENTURE

 

This Debenture
is one of the subordinated debentures of the Company (herein sometimes referred
to as the “Debentures”), specified in the Indenture, all issued or to be issued
under and pursuant to an Indenture effective as of June 27, 2002 (the
“Indenture”) duly executed and delivered between the Company and Wells Fargo Bank,
National Association, as Trustee (the “Trustee”), to which Indenture reference
is hereby made for a description of the rights, limitations of rights,
obligations, duties and immunities thereunder of the Trustee, the Company and
the holders of the Debentures and of the terms upon which the Debentures are,
and are to be, authenticated and delivered. The Debentures are limited in
aggregate principal amount as specified in the Indenture.

 

Because of the
occurrence and continuation of a Special Event, in certain circumstances, this
Debenture may become due and payable at the principal amount together with any
interest accrued thereon (the “Redemption Price”).  The Redemption Price shall be paid prior to 12:00 noon, Eastern
Standard Time, on the date of such redemption or at such earlier time as the
Company determines.  The Company shall
have the right as set forth in the Indenture to redeem this Debenture at the
option of the Company, without premium or penalty, (i) in whole or in part, at
any time on or after June 30, 2007 (an “Optional Redemption”), or (ii) in
whole, but not in part, at any time in certain circumstances upon the
occurrence of a Special Event, at a Redemption Price equal to 103% of the
principal amount plus any accrued but unpaid interest hereon, to the date of
such redemption.  Any redemption
pursuant to this paragraph shall be made upon not less than 30 days’ nor more
than 60 days’ notice, at the Redemption Price. 
The Redemption Price shall be paid at the time and in the name provided
therefor in the Indenture.  If the
Debentures are only partially redeemed by the Company pursuant to an Optional
Redemption, the Debentures shall be redeemed pro rata or by lot or by any other
method utilized by the Trustee as described in the Indenture.

 

In the event
of redemption of this Debenture in part only, a new Debenture or Debentures for
the unredeemed portion hereof shall be issued in the name of the holder hereof
upon the cancellation hereof.  In case
an Event of Default, as defined in the Indenture, shall have occurred and be
continuing, the principal of all of the Debentures may be declared, and upon
such declaration shall become, due and payable, in the manner, with the effect
and subject to the conditions provided in the Indenture.

 

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

 

8

 

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

 

No reference
herein to the Indenture and no provision of this Debenture or of the Indenture
shall alter or impair the obligation of the Company, which is absolute and
unconditional, to pay the principal and interest on this Debenture at the time
(subject to the Company’s right to defer payment of interest during an Extended
Interest Payment Period as described herein) and place and at the rate and in
the money herein prescribed.

 

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

 

As provided in
the Indenture and subject to certain limitations therein set forth, this
Debenture is transferable by the registered holder hereof on the Debenture
Register at the office or agency of the Company designated for such purpose
upon surrender of this Debenture for registration of transfer accompanied by a
written instrument or instruments of transfer in form satisfactory to the
Company duly executed by the registered holder hereof or his attorney duly
authorized in writing, and thereupon one or more new Debentures of authorized
denominations and for the same aggregate principal amount shall be issued to
the designated transferee or transferees. 
No service charge shall be made for any such transfer, but the Company
may require payment of a sum sufficient to cover any tax or other governmental
charge payable in relation thereto.

 

9

 

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

 

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

 

Subject to
Section 2.3 of the Indenture, the Debentures are issuable only in registered
form without coupons in denominations of $1,000 and any integral multiple
thereof.

 

10

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