Document:

exv10w1

 

Exhibit 10.1

REAL ESTATE PURCHASE AGREEMENT

BETWEEN

GRS SAHARA AVENUE CORP.

AND

BANKWEST OF NEVADA

 

 

REAL ESTATE PURCHASE AGREEMENT

     This Agreement is entered into as of this 15th day of September, 2005, by and between GRS
Sahara Avenue Corp., a Michigan corporation (“Seller”), with an address at 79 Alfred Street,
Detroit, Michigan 48201 and BankWest of Nevada, a Nevada Banking Corporation, or its permitted
nominees or assigns (“Purchaser”), with an address at 12220 El Camino Real, Suite 100, San Diego,
California 92130.

     1. Purchase and Sale. In consideration of their mutual covenants set forth in this
Agreement, Seller agrees to sell to Purchaser, and Purchaser agrees to purchase from Seller, for
the Purchase Price (as hereinafter defined) and on the terms and conditions set forth herein, the
following:

     (a) All of the land (the “Real Estate”) situated in City of Las Vegas, County of Clark, State
of Nevada, described on Exhibit “A” attached to this Agreement and made a part hereof, and commonly
known as 2700 West Sahara Avenue.

     (b) All structures, buildings, improvements and fixtures, including without limitation all
equipment and appliances used in connection with the operation or occupancy thereof, such as
heating and air-conditioning systems and facilities used to provide any utility services, parking
services, refrigeration, ventilation, trash disposal or other services owned by Seller and located
on the Real Estate (“Improvements”).

     (c) All personal property owned by Seller located on or in the Real Estate or Improvements and
used in connection with the operation and maintenance of the Real Estate or Improvements (“Personal
Property”).

     (d) Seller’s interest in all leases and other agreements to occupy the Real Estate and/or the
Improvements, or any portion thereof, as amended from time to time, in effect on the Closing Date,
as hereinafter defined (all such leases and agreements being sometimes collectively referred to
herein as “Leases”).

     (e) All intangible property owned by Seller and used in connection with the Real Estate,
Improvements and Personal Property, including all trademarks and trade names used in connection
with any part of the Real Estate and Improvements, and all plans and specifications, if any, in
the possession of Seller which were prepared in connection with the construction of any of the
Improvements, all hereditaments, privileges, tenements and appurtenances belonging to the Real
Estate, all right, title and interest of Seller in and to all open or proposed highways, streets,
roads, avenues, alleys, easements, strips, gores and rights-of-way in, on, across, in front of,
contiguous to, abutting or adjoining the Real Estate, all licenses, permits and warranties now in
effect with respect to the Real Estate, Improvements and Personal Property, all written contracts
listed on Exhibit “L” attached to this Agreement and made a part hereof (“Service Contracts”) in
effect at Closing, as hereinafter defined, and which are not terminated, in any way relating to the
Real Estate and/or the Improvements and all

 

 

equipment leases and all rights of Seller thereunder relating to equipment or property located upon
the Real Estate and/or the Improvements, which will survive the Closing (“Intangible Property”),
all of which shall be transferred to Purchaser pursuant to an assignment in the form attached to
this Agreement as Exhibit “B” (“Assignment of Intangible Property”).

     The Real Estate, Improvements, Personal Property, Leases and Intangible Property are sometimes
collectively referred to herein as “Property”.

     2. Purchase Price; Earnest Money.

     (a) Purchase Price. The purchase price for the Property shall be Sixteen Million,
Three Hundred Thousand and 00/100 ($16,300,000.00) Dollars (the “Purchase Price”). The Purchase
Price shall be payable in accordance with the following.

	 	(b)	 	Earnest Money.
	 
	 	(1)	 	Within three (3) Business Days after the Effective Date, as hereinafter defined, Purchaser
shall deposit the sum of One Hundred Thousand and 00/100 ($100,000.00) Dollars (the “Initial
Deposit”) with First American Title Insurance Company 30 N. LaSalle, Suite 310, Chicago,
Illinois 60602 (“Title Company”) to be held in escrow in a money market type bank account
pursuant to an Escrow Agreement of even date herewith, in the form of Exhibit “C” attached to
this Agreement. Purchaser shall be entitled to a refund of the Initial Deposit and all
interest accrued on the Initial Deposit: (i) if, upon the expiration of the Due Diligence
Period, as hereinafter defined, Purchaser elects not to proceed to purchase the Property, (ii)
if, after the Due Diligence Period, Seller is unable to convey to Purchaser good, marketable
record and insurable fee simple title to the Real Estate, subject only to the Permitted
Exceptions, as defined in Section 5 (b) of this Agreement, or to transfer any material portion
of the other Property, (iii) if the Lender’s Consent, as hereinafter defined, has not been
obtained by the scheduled Closing Date, as it may be extended in accordance with Section 2 (d)
(3) of this Agreement, (iv) if Purchaser shall be entitled to a refund of the Earnest Money
under Sections 5 (b), 11, 12 or 13 (b) of this Agreement, or (v) if Seller fails to consummate
the Closing for any reason other than for Purchaser’s default under this Agreement.
	 
	 	(2)	 	Notwithstanding anything contained in this Agreement to the contrary, in the event Title
Company has not received the Initial Deposit by 5:00 p.m., Central Time, on the third
(3rd) Business Day after the execution of this Agreement by Purchaser, then Seller
shall have the right, in Seller’s sole and absolute discretion, to terminate this Agreement,
and upon such termination, neither party shall any further rights or duties under this
Agreement.

 

 

	 	(3)	 	In the event that Purchaser gives notice of its election to proceed in accordance with
Section 4 (b) of this Agreement or does not give Seller notice of Purchaser’s election to
terminate this Agreement and not proceed to purchase the Property by the end of the Due
Diligence Period, then simultaneously with the delivery of Purchaser’s notice of its election
to proceed to Seller or upon the end of the Due Diligence Period, whichever is applicable,
Purchaser shall deposit with Title Company an additional One Hundred Thousand and 00/100
Dollars ($100,000.00) Dollars (the “Additional Deposit”), and thereafter the Initial Deposit
and the Additional Deposit (the Initial Deposit and the Additional Deposit are hereinafter
collectively referred to as the “Earnest Money”) in the aggregate amount of $200,000.00 shall
be non-refundable except upon the occurrence of any of the following: (i) if Seller is unable
to convey to Purchaser good, marketable record and insurable fee simple title to the Real
Estate, subject only to the Permitted Exceptions, as defined in Section 5 (b) of this
Agreement, or to transfer any material portion of the other Property, (ii) if the Lender’s
Consent has not been obtained by the scheduled Closing Date, as may be extended in accordance
with Section 2 (d) (3) of this Agreement, (iii) if Purchaser shall be entitled to a refund of
the Earnest Money under Sections 5 (b), 11, 12 or 13 (b) of this Agreement, or (iv) if Seller
fails to consummate the Closing for any reason other than for Purchaser’s default under this
Agreement.
	 
	 	(4)	 	Notwithstanding anything contained in this Agreement to the contrary, in the event Title
Company has not received the Additional Deposit by 5:00 p.m., Central Time, on the second
(2nd) Business Day after Purchaser gives notice of its election to proceed in
accordance with Section 4 (b) of this Agreement, or the second (2nd) Business Day
after the end of the Due Diligence Period, whichever is applicable, then Seller shall have the
right, in Seller’s sole and absolute discretion, to terminate this Agreement, and upon such
termination, Title Company shall return the Initial Deposit to Purchaser, and neither party
shall any further rights or duties under this Agreement.
	 
	 	(5)	 	In the event Purchaser consummates the transaction contemplated hereby, the Earnest Money and
all interest accrued on the Earnest Money shall be applied to the Purchase Price. Subject to
the terms and conditions set forth in Section 4, in the event Purchaser fails to consummate
the transaction contemplated hereby through no fault of Seller, the Earnest Money, plus the
accrued interest, shall, as provided in Section 13 (a) of this Agreement, be forfeited to
Seller as liquidated damages.

     For purposes of this Agreement, the term “Effective Date” means the later of the date that
Seller or Purchaser has executed this Agreement, and the term “Business

 

 

Day” means any day other than Saturday, Sunday or any other day on which the national banks in the
State of Michigan are not open for business.

     (c) Balance of Purchase Price. Not later than 10:00 a.m., Eastern Time, on the Closing
Date, Purchaser shall deposit with the Title Company, in immediately available funds, the sum
necessary, along with the Earnest Money, to make the total consideration paid to Seller at Closing
equal to the Purchase Price, minus the outstanding principal balance of the Loan, as hereinafter
defined, as of the Closing Date, and plus or minus prorations as hereinafter provided, in
accordance with the Escrow Agreement.

     (d) Existing Indebtedness. The Property is to be conveyed without release of, and
Purchaser shall assume, the lien of that certain existing deed of trust (the “Deed of Trust”) in
favor of Bear, Stearns Funding, Inc. as beneficiary (“Lender”), which secures a certain
indebtedness in the original principal amount of $10,250,000.00 (the “Loan”). Copies of all Loan
Documents, as hereinafter defined, in the possession of Seller shall be delivered to Purchaser as
soon as practicable, but in any event within five (5) Business Days after the Effective Date.

	 	(1)	 	It shall be a condition precedent to the obligation of Purchaser to close the transactions
contemplated hereby that as of the Closing any required consent of Lender to the conveyance of
the Property subject to the Deed of Trust and the instruments and documents evidencing and
securing the Loan (the “Loan Documents”) and the assumption of the Loan by Purchaser shall
have been obtained from Lender.
	 
	 	(2)	 	Purchaser shall pay all transfer or other fees charged by Lender, including without
limitation a transfer fee equal to one percent (1%) of the outstanding principal balance of
the Loan and any costs and expenses charged by Lender in connection with the assumption of the
Loan, recording costs and expenses relating to the recordation of any Deed of Trust assignment
agreement or other documentation relating to the assumption of the Loan, and any other costs
and expenses relating to the assumption of the Loan.
	 
	 	(3)	 	The parties shall cooperate in good faith and with reasonable diligence to secure the
approval of the Lender to the conveyance of the Property to, and assumption of the Loan by,
Purchaser in accordance with the provisions of this Agreement. Purchaser shall have the right
to negotiate directly with Lender concerning Lender’s consent. Purchaser shall promptly
provide to Lender all information it may reasonably require in order to obtain Lender’s
consent. Purchaser shall provide Seller with copies of all information so provided to Lender.
If the conditions set forth in this Section 2 (d) have not been satisfied by the Closing
Date, then Purchaser may elect to (i) terminate this Agreement, in which event the Earnest
Money shall be promptly refunded to Purchaser; (ii) proceed with

 

 

	 	 	 	Closing as provided in Section 3 below; or (iii) extend the Closing Date for up to
forty-five (45) days in an attempt to satisfy these conditions. In the event
Purchaser desires to exercise such extensions rights, Purchaser shall give written
notice to Seller and Title Company on or before five (5) days prior to the
previously scheduled Closing Date. If the conditions set forth in this Section 2
(d) have not been satisfied by the extended Closing Date, then unless mutually
agreed between the parties, this Agreement shall on such date be terminated, in
which event the Earnest Money shall be promptly refunded to Purchaser.

     3. Closing.

     (a) The consummation of the purchase and sale of the Property (the “Closing”) shall take place
at the office of Title Company on a date ( the “Closing Date”) mutually agreed upon by the parties,
but not later than thirty (30) calendar days after the end of the Due Diligence Period as described
in Section 4 of this Agreement, unless such date is extended according to the provisions of
Sections 2 (d), 5 or 12 of this Agreement or by written agreement signed by the parties.

     (b) This transaction shall be closed in accordance with this Agreement and the Escrow
Agreement. The Purchase Price shall be paid and all documents necessary for the consummation of
this transaction shall be delivered through Title Company on or prior to the Closing Date.
Provided that all conditions of the Escrow Agreement have been satisfied and further provided that
all the terms and conditions of this Agreement have been satisfied, Title Company shall disburse
the proceeds of sale on the Closing Date to Seller, and Seller shall deliver possession of the
Property to Purchaser.

     (c) Prior to or simultaneously with the Closing, Seller shall deliver or cause to be delivered
to Title Company the following documents:

	 	(1)	 	A good and sufficient Grant, Bargain and Sale Deed properly executed on behalf of Seller,
conveying to Purchaser the Real Estate and Improvements described on Exhibit “A” in fee
simple, subject only to the Deed of Trust and the Permitted Exceptions, in the form of Exhibit
“E” attached to this Agreement;
	 
	 	(2)	 	A duly executed Affidavit of Title, dated even with the Closing Date, in the form of Exhibit
“F” attached to this Agreement;
	 
	 	(3)	 	A Bill of Sale making no warranty whatsoever, in the form of Exhibit “G” attached to this
Agreement executed by Seller, conveying to Purchaser the Personal Property, if any;
	 
	 	(4)	 	A duly executed and acknowledged Assignment of Leases assigning and conveying to Purchaser
the landlord’s interest in, to and under the Leases, and containing an assumption by Purchaser
of Seller’s obligations under the Leases from and after the Closing Date (including any
obligations

 

 

	 	 	 	relating to security deposits) all in the form of Exhibit “H” attached to this
Agreement;

	 	(5)	 	Such documents as may be required by Lender to effect Purchaser’s assumption of the Loan,
executed by Seller;
	 
	 	(6)	 	A form letter signed by Seller to tenants at the Real Estate instructing the tenants to pay
rent at the direction of Purchaser and to recognize Purchaser as landlord under their
respective leases;
	 
	 	(7)	 	Originals of all Leases in Seller’s possession, together with Certificate of Rent Roll in the
form of Exhibit “I” attached to this Agreement;
	 
	 	(8)	 	An affidavit sworn by an officer of Seller to the effect that Seller is not a “foreign
person” as that term is defined in Section 1445 of the Internal Revenue Code of 1986, as
amended, which affidavit shall be in the form of Exhibit “D” attached to this Agreement;
	 
	 	(9)	 	A duly executed and acknowledged Assignment of Intangible Property in the form of Exhibit “B”
attached to this Agreement assigning and conveying to Purchaser the Intangible Property and
containing an assumption by Purchaser of Seller’s obligations arising out of Purchaser’s
ownership of the Intangible Property from and after the Closing Date, and any consents of
third parties required for transfer of the Intangible Property;
	 
	 	(10)	 	Termination statements terminating, as of the date of Closing, all the management and leasing
contracts relating to the improvements; and
	 
	 	(11)	 	An estoppel certificate, in form substantially in accordance with Exhibit “J” attached to
this Agreement, executed by the tenants under the Leases, other than Purchaser; provided
however, that estoppel certificates containing non-material exceptions, qualifications or
modifications shall be deemed to be substantially in accordance with Exhibit “J,” and provided
further, that if Seller is unable to procure such estoppel certificates the tenants, Seller
may, in lieu thereof, deliver to Purchaser Seller’s certification, to the best of its
knowledge, certifying as to the matters set forth on Exhibit “J” attached to this Agreement,
with respect to those estoppel certificates which Seller is unable to furnish.

     (d) Prior to or simultaneously with the Closing, Purchaser shall deliver or cause to be
delivered to Title Company the following:

	 	(1)	 	An amount of money equal to or greater than the Purchase Price, net of the Loan Amount, and
net of prorations in accordance with this Agreement, less the amount of the Earnest Money;

 

 

	 	(2)	 	A fully executed Assignment and Assumption of Intangible Property and Other Rights in the
condition required by this Agreement;
	 
	 	(3)	 	A fully executed Assignment of Leases and Security Deposits;
	 
	 	(4)	 	A closing statement in accordance with the terms and conditions of this Agreement; and
	 
	 	(5)	 	Such documents as may be required by Lender to effect Purchaser’s assumption of the Loan,
executed by Purchaser.

     4. Conditions to Closing. In addition to all other conditions to the completion of the
transaction described in this Agreement, Seller and Purchaser agree that the closing of this sale
and purchase is subject to satisfaction, approval or waiver by Purchaser of the following
conditions on or before twenty (20) calendar days after the Effective Date (the “Due Diligence
Period”):

     (a) Inspection and approval of the physical condition and use of the Property, including
without limitation, the availability of access, utility services, zoning, environmental risks,
engineering and soil conditions. For the purpose of conducting physical inspections, Seller agrees
to provide Purchaser and its authorized agents, accompanied by a representative of Seller,
reasonable access to the Property at all reasonable times on Business Days during the Due Diligence
Period upon at least forty-eight (48) hours prior notice to Seller, and Purchaser shall conduct
such inspections in a manner not disruptive to tenants or to the operation of the Property. All
tests and inspections, other than ones which do not in any way interfere with Seller’s or the
Property tenants’ use, possession or enjoyment of the Property, shall be conducted only (i) at
times, (ii) in places and (iii) utilizing procedures as shall be approved by Seller in writing, in
advance of any such test or inspection. Purchaser shall obtain insurance covering all activities
of Purchaser, and/or Purchaser’s agents or consultants, on the Real Estate and/or the Improvements
in the amount of not less than $1,000,000. Said insurance shall name Seller as an additional named
insured, and a copy of the policy together with a certificate of insurance shall be delivered to
Seller prior to any entry upon the Real Estate and/or the Improvements by Purchaser, and/or
Purchaser’s agents or consultants. Purchaser agrees that in making any inspections of or
conducting any testing of, on or under the Real Estate and/or the Improvements, Purchaser or
Purchaser’s agents will not reveal to any third party (other than Purchaser’s counsel and
prospective lenders) not approved by Seller the results of its inspections or tests, and Seller
reserves the right to have a representative present. Purchaser agrees to provide Seller with a
copy of any third party report at no cost to Seller upon Seller’s written request. Any inspections
and testing shall be at Purchaser’s expense. Purchaser hereby agrees to indemnify Seller and to
hold Seller, Seller’s agents and employees harmless from and against any and all losses, cost,
damage, claims or liabilities including, but not limited to, mechanic’s and materialmen’s liens and
attorneys’ fees, arising out of or in connection with Purchaser’s access to or entry upon the Real
Estate and/or the Improvements under this Section 4 (a). Purchaser’s

 

 

indemnity and hold harmless pursuant to this Section 4 (a) shall survive the termination or
expiration of this Agreement by Closing or otherwise.

     (b) Inspection and approval of documents and files concerning the construction, environmental
condition, leasing, maintenance and operation of the Property, including but not limited to all
Leases, Service Contracts, equipment leases, other documents pertaining to Intangible Property, and
environmental site assessments, but excluding Seller’s corporate records, internal memoranda,
financial projections, budgets, appraisals, accounting and tax records and similar proprietary,
confidential or privileged information (the “Due Diligence Documents”). Seller shall provide
copies of the Due Diligence Documents to Purchaser within five (5) Business Days after the
Effective Date. The information supplied to or made available to Purchaser by Seller as provided
in this Section 4 shall not be released or disclosed to any other parties unless and until this
transaction has closed without the prior written consent of Seller; provided, however, that
Purchaser may disclose such information to Purchaser’s attorneys, accountants, consultants agents,
and representatives, as long as each such person, if not an employee of Purchaser, has first
executed and delivered to Seller a Nondisclosure Agreement in the form of Exhibit “K” attached to
this Agreement. In the event that this transaction is not closed for any reason, then Purchaser
shall refrain, and shall cause its agents, representatives and accountants to refrain, from
disclosing all such information to any other party. Purchaser shall defend, indemnify and hold
harmless Seller (which indemnification shall survive the closing of this transaction or the
termination or expiration of this Agreement, whichever shall occur) from and against all loss,
damage or expense sustained or incurred by Seller by reason of any unauthorized disclosure of such
information.

     Prior to the expiration of the Due Diligence Period, Purchaser shall have the right to
terminate this Agreement for any reason whatsoever or no reason, and thereupon shall be entitled to
a full refund of its Earnest Money. In the event that Purchaser elects not to proceed with the
purchase of the Property, then not later than 5:00 p.m., Pacific Time on the last day of the Due
Diligence Period, Purchaser shall notify Seller in writing (or via facsimile transmission) that it
elects not to proceed with the purchase of the Property. In the event that Purchaser gives
Seller notice of Purchaser’s election not to proceed, this Agreement shall terminate and become
null and void, and Purchaser shall thereupon receive a full refund of its Earnest Money, together
with all interest earned thereon and, subject to the provisions of Section 25 of this Agreement,
shall be relieved of any and all liability hereunder. In the event that Purchaser gives notice of
its election to proceed or does not give Seller any notice whether Purchaser intends to proceed or
not, the parties shall proceed to Closing in accordance with the terms hereof.

     Upon a termination of this Agreement, Purchaser agrees to return to Seller all materials,
other than de minimis materials, delivered to Purchaser pursuant to this Section 4 or otherwise
under this Agreement and all copies thereof, together with copies of any marketing studies,
environmental studies and other tests, studies or site specific information or studies pertaining
to the Real Estate and/or the Improvements prepared

 

 

by or on behalf of Purchaser in connection with Purchaser’s proposed purchase of the Real Estate
and/or the Improvements.

     5. Evidence of Title and Survey. As evidence of Seller’s title, Seller shall deliver to
Purchaser:

     (a) Evidence of Title. At Seller’s expense, and as expeditiously as possible, but in
no event later than five (5) Business Days after the Effective Date, a title commitment issued by
Title Company (the “Title Commitment”). At Closing, Seller shall pay to Title Company the entire
amount of the premium payable for a C.L.T.A. owner’s title insurance policy (or similar policy in
general use in the state where the Real Estate is located), with standard exceptions, and subject
to the Deed of Trust and related documents and the Permitted Exceptions, in the amount of the
Purchase Price, naming Purchaser as the insured (the “Title Policy”), and Title Company shall
mark-up and acknowledge the Title Commitment so as to constitute a Title Policy as of the Closing
Date. Any endorsements required by Purchaser shall be at Purchaser’s expense. If Purchaser desires
an A.L.T.A. owner’s title insurance policy, the increase in premium over the cost of the C.L.T.A.
owner’s title insurance policy shall be paid by Purchaser.

     (b) Objections to Title. For purposes of this Agreement, the term “Permitted
Exceptions” means those exceptions, other than any exception in connection with the Deed of Trust,
set forth in the Title Commitment which are not objected to by Purchaser pursuant to this Section 5
(b). In the event the Title Commitment contains any exceptions to title, Purchaser shall have
until the later of: (i) ten (10) Business Days from and after its receipt of the Title Commitment,
or (ii) the end of the Due Diligence Period, to approve or object to the condition of title
disclosed in the Title Commitment. Purchaser’s approval of any such exceptions to title which are
not Permitted Exceptions shall be a condition precedent to Purchaser’s obligation to close the
transaction contemplated by this Agreement, which condition Purchaser reserves the right to waive.
If objection to the title is made, based upon a written opinion of Purchaser’s attorney, that title
is not in the condition required for performance hereunder for reason other than any lien,
judgment, debt, security interest or other lien, financial encumbrance or obligation in a
liquidated amount, Purchaser shall give Seller ten (10) Business Days from the date it is notified
in writing of the particular defects claimed, either, as Seller shall elect, (i) to remedy the
title or (ii) to obtain title insurance as required above, or (iii) to decline to remedy the title
or obtain title insurance as required above, and, if Purchaser has not elected to waive such
defect, the Earnest Money, plus accrued interest, shall be refunded forthwith in full termination
of this Agreement, subject to the provisions of Section 25 of this Agreement. Provided all other
conditions precedent set forth in Section 4 of this Agreement have been met to Purchaser’s
satisfaction or have been waived by Purchaser, if Seller remedies the title or obtains a Title
Commitment acceptable to Purchaser within the time specified, Purchaser agrees to complete the
sale, and if Seller is unable to remedy the title or obtain title insurance within the time
specified, the Earnest Money, plus accrued interest, shall be refunded forthwith in full
termination of this Agreement, subject to the provisions of Section 25 of this Agreement.
Purchaser shall have the right to notify Title Company of any matters materially affecting

 

 

the title to the Property which have not been disclosed by the Title Commitment after reviewing
same with Seller and permitting Seller the opportunity to cure or dispose of same. In the event
such matters, in the opinion of Purchaser, adversely affect the title to the Property, Purchaser
shall have the right to object to the condition of the title as provided herein.

     (c) Survey. Within five (5) Business Days after the Effective Date, Seller shall
deliver to Purchaser, at Seller’s sole cost and expense, a copy of the existing survey of the
Property (the “Survey”) which is in the possession of Seller. Purchaser may, at its sole cost and
expense order such update(s) and revisions(s) to the Survey as Purchaser in its opinion shall deem
necessary or desirable.

     6. Representations and Warranties. Seller represents and warrants that as of the date
hereof and as of the Closing Date:

     (a) To the actual knowledge of Seller, Seller has received no notice from any governmental
authority of any pending or threatened (i) zoning, building, fire, or health code violations or
violations of other governmental requirements or regulations with respect to the Real Estate and/or
the Improvements that have not previously been corrected, or (ii) any condemnation of the Real
Estate and/or the Improvements. Seller further warrants and represents that in the event it
receives any such notice prior to the Closing Date, it will provide to Purchaser copies of any such
notice. Seller agrees to use reasonable efforts to correct any matters disclosed in such notice,
provided, however, that Seller shall not be obligated to expend more than an aggregate amount of
$10,000 in connection any or all such corrections. If any such matter cannot be corrected by
Seller by Closing, Seller shall give Purchaser a credit at Closing for the amount estimated to be
required to correct such matter, but in no event more than $10,000. If the estimated costs to
correct such matter is greater than $10,000, Purchaser may deliver written notice of termination of
this Agreement to the other party, and this Agreement shall thereupon terminate and the Earnest
Money shall be returned to Purchaser, unless either party agrees in writing to pay the excess
required to correct such matter;

     (b) As of the Effective Date, there are no Leases or other Agreements for occupancy in effect
with respect to the Real Estate and/or the Improvements except for those described upon the Rent
Roll attached to this Agreement as Exhibit “I”;

     (c) To the actual knowledge of Seller, Seller has received no notices from insurers of defects
in the Improvements which have not been corrected;

     (d) To the actual knowledge of Seller, there are no legal actions pending or threatened
against the Property nor are there any violations of any building codes or other statutes affecting
the use, occupancy and enjoyment of the Property;

     (e) All lease commissions due with regard to the Leases of existing tenants have been paid;

 

 

     (f) To the actual knowledge of Seller, based upon a review of the Rent Roll prepared by
Seller’s Property Manager, and inquiry of said Seller’s Property Manager, the Rent Roll is
accurate;

     (g) To the actual knowledge of Seller, Seller has heretofore delivered to Purchaser true and
correct copies of the Service Contracts. Except as may be shown on Exhibit “L” attached to this
Agreement, all of the Service Contracts are in full force and effect, Seller has not sent or
received any notices of default under the Service Contracts, and, to the best of Seller’s
knowledge, there are no defaults or events which, with the passage of time or giving of notice, or
both, could become a default under the Service Contracts. All charges under the Service Contracts
have been paid through the dates shown on Exhibit “L” attached to this Agreement;

     (h) Seller has been duly organized, is validly existing, and is in good standing as a Michigan
corporation. Seller is in good standing and qualified to do business in the State where the
Property is located. Subject to obtaining the Lender’s consent to the assumption of the Loan by
Purchaser, Seller has the full right and authority and has obtained any and all consents required
to enter into this Agreement and to consummate the transactions contemplated hereby. This Agreement
has been, and all of the documents to be delivered by Seller at the Closing will be, authorized and
properly executed and constitutes, or will constitute, as appropriate, the valid and binding
obligations of Seller, enforceable in accordance with their terms;

     (i) Seller has no actual knowledge of any violation of Environmental Laws related to the
Property or the presence or release of Hazardous Materials on or from the Property. Except in the
ordinary course of the operation of the Property and in accordance with applicable Environmental
Laws, Seller has not manufactured, introduced, released or discharged from or onto the Property any
Hazardous Materials or any toxic wastes, substances or materials (including, without limitation,
asbestos), and Seller has not used the Property or any part thereof for the generation, treatment,
storage, handling or disposal of any Hazardous Materials in violation of any Environmental Laws.
The term “Environmental Laws” means all federal laws governing the environment as in effect on the
date of this Agreement together with their implementing regulations as of the date of this
Agreement, and all state, regional, county, municipal and other local laws, regulations and
ordinances that are equivalent or similar to the federal laws recited above or that purport to
regulate Hazardous Materials. The term “Hazardous Materials” means petroleum, including crude oil
or any fraction thereof, natural gas, natural gas liquids, liquefied natural gas, or synthetic gas
usable for fuel (or mixtures of natural gas or such synthetic gas), asbestos and asbestos
containing materials and any substance, material, waste, pollutant or contaminant listed or defined
as hazardous or toxic under any Environmental Law;

     (j) To Seller’s actual knowledge, the Loan Documents to be delivered to Purchaser include
true, accurate and complete copies of all of the material documents and instruments in effect with
respect to the Loan. Seller has not received any notice

 

 

that it is in default under any of the Loan Documents, nor, to Seller’s actual knowledge, does any
default or breach exist, nor any event or circumstance which, with the giving of notice or passage
of time, or both, would constitute a default or breach by Seller under any of the Loan Documents.

     For purposes of this Agreement, the term “actual knowledge” of Seller means the actual
knowledge of Mr. Gene Thompson and Mr. Randal Potterf, the asset manager for Seller in charge of
the Property.

     7. As Is. Purchaser represents and warrants to Seller that:

     (a) Purchaser will have examined and investigated to Purchaser’s full satisfaction the
physical condition of the Property and Seller’s Disclosure Documentation during the Due Diligence
Period set forth in Section 4;

     (b) Except as set forth herein, neither Seller nor any real estate broker, agent or other
representative of Seller has made any representations or warranties whatsoever regarding this
transaction or any fact relating thereto, including, without limitation, any representations or
warranties concerning the physical condition of the Property, access, zoning laws, environmental
matters, utilities, or any other matter affecting the Property or the use thereof;

     (c) If Purchaser proceeds to purchase the Property, Purchaser shall accept the Property “as
is” and “where is” at Closing;

     (d) Purchaser has not relied and will not rely on, and Seller is not liable for or bound by,
any express or implied warranties, guaranties, statements, representations or information
pertaining to the Property or relating thereto made or furnished by Seller, Property Manager or any
real estate broker or agent representing or purporting to represent Seller, to whomever made or
given, directly or indirectly, verbally or in writing, unless specifically set forth herein’ and

     (e) Purchaser is a duly organized and validly existing banking corporation under the laws of
the State of Nevada.

     8. Seller’s Covenants. Between the date of the execution of this Agreement and the
Closing, Seller shall:

     (a) Maintain the Property in its present condition, ordinary wear and tear excepted;

     (b) Maintain all casualty, liability and hazard insurance currently in force with respect to
the Property;

     (c) Operate and manage the Real Estate and/or the Improvements, in the same manner done by
Seller prior to the date hereof, maintaining present services and

 

 

sufficient supplies and equipment for the operation and maintenance of the Real Estate and/or the
Improvements in the same manner as prior to the date hereof;

     (d) Offer Purchaser a right of first refusal to lease any portion of the Property for which
Seller has received an offer to lease said space from any third party. Seller shall deliver a
complete copy of any such offer to lease and the form of the proposed Lease to Purchaser, and
Purchaser shall have ten (10) Business Days to notify Seller if Purchaser will enter into a lease
for said space on the terms and conditions contained in said proposed Lease

     (e) Not enter into any contract pertaining to the Property without Purchaser’s prior written
consent unless said contract is cancelable without penalty on thirty (30) days’ notice.

     (f) Not list the Property with any broker or otherwise solicit or make or accept any offers
to sell the Property, engage in any discussions or negotiations with any third party with respect
to the sale or other disposition of the Property, or enter into any contracts or agreements
regarding any disposition of the Property; and

     (g) Comply with the terms of the Loan Documents and provide Purchaser with copies of any
notices delivered or received in connection therewith.

     9. Prorations. The following adjustments to the Purchase Price paid hereunder shall be
made between Seller and Purchaser and shall be prorated (as applicable) on a per diem basis. For
purposes of this Agreement, Seller shall be deemed the owner of the Property up to but not
including the Closing Date, and Purchaser shall be deemed the owner of the Property from and
including the Closing Date.

     (a) All real estate taxes and installment of special assessments due and payable in the
calendar year of Closing shall be prorated as set forth above. Seller shall pay all prior years’
taxes and assessments. All subsequent taxes and installments of special assessments not yet due
and payable shall be paid by Purchaser.

     (b) Current rents, advance rentals, cost-of-living index escalations, utility deposits, tax
and operating expense escalations and other charges payable by tenants under the Leases; premiums
under assigned insurance policies (if any); utility charges and deposits made by Seller with
respect to common area utilities shall be prorated as set forth above. All other items of accrued
or prepaid income and expenses (except delinquent rents) shall be prorated on an accrual basis up
to and including the Closing Date on the basis of the most recent ascertainable amounts of or other
reliable information in respect to each such item of income and expense.

     (c) Security deposits in the possession of Seller and any interest accrued thereon if said
interest is the property of the tenants which delivered the said deposits shall be credited to
Purchaser at Closing.

 

 

     (d) Any tenant-improvement and/or leasing-commission cost, including referral fees, paid or
incurred by Seller after the date of this Agreement with respect to Leases or other rental
Agreements approved by Purchaser and executed after the date of this Agreement, and legal fees
directly related to such leasing, which (i) are attributable by reason of proration or accrual
between landlord and tenant thereunder to periods of time which will actually occur after Closing,
or (ii) have been paid or incurred on behalf of and for the direct benefit of Purchaser, shall be
credited in favor of Seller at Closing. Seller shall supply invoices and statement for all such
tenant-finish work and leasing commissions to Purchaser on or prior to the Closing Date. Purchaser
shall be solely responsible for the payment of all tenant-improvement and leasing-commission costs
payable in connection with any options, renewal, or extensions exercisable under the leases after
the Closing Date.

     (e) The balance(s) in any escrow accounts maintained by or on behalf of Seller with Lender as
required by the provisions of any of the Loan Documents, including without limitation (i) the
Leasing Commission Reserve (the balance in which as of August 11, 2005 is $31,690.15), (ii) the
Replacement Reserve (the balance in which as of August 11, 2005 is $72,601.98), (iii) the Tenant
Improvement Reserve (the balance in which as of August 11, 2005 is $0.00), (iv) the Tax Escrow (the
balance in which as of August 11, 2005 is $41,467.65), and (v) the Insurance Escrow (the balance in
which as of August 11, 2005 is $14,743.02) shall be credited to Seller at Closing.

     Any offer to lease space in the Property presented to Seller after the date of this Agreement
and prior to the Closing Date for its approval, together with a copy of the proposed Lease shall be
submitted to Purchaser prior to execution by Seller. Purchaser shall have ten (10) Business Days
to notify Seller if Purchaser will enter into a lease for said space on the terms and conditions
contained in said proposed Lease. In the event Purchaser informs Seller that Purchaser does not
elect to enter into such Lease, or Purchaser fails to notify Seller in writing of its decision
within the ten (10) Business Day time period for such purpose set forth above, such failure shall
be deemed an election by Purchaser not to enter into such Lease, and Seller shall be free to enter
into such Lease with the proposed tenant.

     (f) In the event that on the Closing Date, any tenant is delinquent in the payment of rent,
including any additional rent billed but unpaid at the time of Closing, said delinquent rent shall
remain the property of Seller and no proration with respect thereto shall be made at Closing, and
Purchaser will use its best efforts to collect such delinquent rent and, following the application
of same to the most current monthly rental obligations, remit the balance thereof, if any, to
Seller. Purchaser shall advise Seller of all such collection efforts including sending Seller
copies of all correspondence and memos. Further, Purchaser will, if requested by Seller to do so,
seek legal relief on behalf of Seller for the collection of such delinquent rent. Seller agrees to
reimburse Purchaser for reasonable attorneys’ fees in connection therewith, provided Seller
approves Purchaser’s attorney prior to commencement of such legal proceedings.

 

 

     (g) Immediately after Closing, Seller shall direct Property Manager to make available at the
offices of Property Manager, all contracts, leases and leasing correspondence, receipts for
deposits, and unpaid bills which pertain to the Property, together with all advertising materials,
booklets, codes and keys, if any, used in the operation of the Property. Seller makes no
representations regarding the existence or adequacy of such documents or items for use in
management or operation of the Property. The foregoing shall not include the separate books,
records, correspondence and other documentation of Seller located at its offices. After the
Closing, Seller shall have the right to inspect the books and records of the Property to verify
that Purchaser is remitting to Seller all amounts to be remitted to Seller according to the terms
of this Agreement, and for any other purpose related to Seller’s prior ownership of the Property.
For purposes of all prorations provided for herein, Seller shall be responsible for all days up to
but not including the Closing Date, and Purchaser shall be responsible for the Closing Date and all
days thereafter.

     If after the Closing, either Seller or Purchaser discovers any inaccuracies or errors in the
adjustments, prorations or credits computed at the Closing, Seller and Purchaser shall each take
such action and pay such sums as may be necessary so that the said adjustments, prorations and
credits shall be in accordance with the terms of this Agreement, and the obligations of either
party to take any such actions and pay any such amounts shall survive the Closing for sixty (60)
calendar days after the Closing Date.

     10. Transfer Taxes; Title Charges. Seller and Purchaser agree to execute any real estate
transfer declarations required by the state, county or municipality in which the Real Estate is
located. Each party shall pay one-half (1/2) of the cost of the transfer and documentary taxes
related to the conveyance of the Real Estate. Each party shall pay the cost of recording the
instruments of conveyance related to the conveyance of the Real Estate, and all sales and transfer
taxes or other fees assessed by any governmental authority against the Personal Property as the
result of the sale and transfer of same as contemplated hereby, as is customarily paid by the
seller or the purchaser in the State of Nevada. If this transaction is terminated by Purchaser
prior to the expiration of the Due Diligence Period, Purchaser shall pay all escrow costs billed by
the Title Company. If the transaction is terminated after the Due Diligence Period by either party
on account of default by the other, the defaulting party shall pay all escrow costs billed by the
Title Company. In the event this transaction shall close as provided in this Agreement, escrow
costs shall be divided equally between Seller and Purchaser. Purchaser shall pay any taxes in
connection with Purchaser’s assumption of the Deed of Trust.

     Each party shall pay its own attorneys’ fees except as otherwise provided in this Agreement.

     11. Risk of Loss. Except as provided in any indemnity provisions of this Agreement, Seller
shall bear all risk of loss with respect to the Property up to the earlier of the dates upon which
either possession or title is transferred to Purchaser in

 

 

accordance with this Agreement. Notwithstanding the foregoing, in the event of damage to the
Property by fire or other casualty prior to the Closing Date, repair of which would cost less than
an amount equal to the Earnest Money (as determined by Seller in good faith) Purchaser shall not
have the right to terminate its obligations under this Agreement by reason thereof, but Seller
shall have the right to elect to either repair and restore the Property or to assign and transfer
to Purchaser on the Closing Date all of Seller’s right, title and interest in and to all insurance
proceeds paid or payable to Seller on account of such fire or casualty, and provide a credit to
Purchaser for any deductible amount. Seller shall promptly notify Purchaser in writing of any such
fire or other casualty and Seller’s determination of the cost to repair the damage caused thereby.
In the event of damage to the Property by fire or other casualty prior to the Closing Date, repair
of which would cost in excess of an amount equal to the Earnest Money (as determined by Seller in
good faith), then this Agreement may be terminated at the option of either party, which option
shall be exercised, if at all, by such party’s written notice thereof to the other party within
five (5) Business Days after Purchaser receives written notice of such fire or other casualty and
Seller’s determination of the amount of such damages, and upon the exercise of such option by
either party this Agreement shall become null and void, the Earnest Money shall be returned to
Purchaser, and, subject to the provisions of Section 25 of this Agreement, neither party shall have
any further liability or obligations hereunder. If neither party does not so select to terminate,
then this Agreement shall not be terminated, and Seller shall assign and transfer to Purchaser on
the Closing Date all of Seller’s right, title and interest in and to all insurance proceeds paid or
payable to Seller on account of such fire or casualty and provide a credit to Purchaser for any
deductible amount.

     12. Condemnation. In the event between the date of this Agreement and the Closing Date,
any condemnation or eminent domain proceedings are initiated which might result in the taking of
any part of the Real Estate or the Improvements or the taking or closing of any right of access to
the Real Estate and/or the Improvements or the termination of any substantial tenant Lease,
Purchaser may:

     (a) terminate this Agreement by written notice to Seller; or

     (b) proceed with the Closing, in which event Seller shall assign to Purchaser all of Seller’s
right, title and interest in and to any award made in connection with such condemnation or eminent
domain proceedings.

     Seller shall promptly notify Purchaser in writing of the commencement or occurrence of any
condemnation or eminent domain proceedings. If such proceedings would result in the taking of any
of the Real Estate or the Improvements or the taking or closing of any right of access to the Real
Estate and/or the Improvements, Purchaser shall then notify Seller, within ten (10) days of
Purchaser’s receipt of Seller’s Notice, whether Purchaser elects to exercise its rights under
subparagraph (a) or subparagraph (b) of this Section 12. Closing shall be delayed, if necessary,
until Purchaser makes such election. If Purchaser fails to make an election within such ten-day
period, Purchaser shall be deemed to have elected to exercise its rights under subparagraph

 

 

(b) and Closing shall be delayed, if necessary, until the later to occur of (i) the Closing Date or
(ii) five (5) days after the expiration of the ten-day period.

     13. Default.

     (a) If this transaction is not consummated by reason of a default by Purchaser hereunder,
then Seller shall have the right to declare this Agreement terminated, in which event the Earnest
Money and all interest thereon shall be retained by Seller as full compensation for its damages as
its sole remedy, and all further rights and obligations of the parties hereunder shall cease,
subject to the provisions of Section 25 of this Agreement.

     (b) If this transaction is not consummated by reason of a default by Seller hereunder,
Purchaser shall have the right to either: (i) declare this Agreement terminated, in which event
the Earnest Money and all interest thereon shall be returned to Purchaser, Purchaser may recover
its out of pocket third-party expenses, if any, incurred in connection with its due diligence
investigation of the Property under Article 4 of this Agreement (not to exceed $10,000), and all
further rights and obligations of the parties hereunder shall cease, subject to the provisions of
Section 25 of this Agreement, or (ii) be entitled to specific performance of this Agreement.

     14. Notices. Any notice, request, demand, consent, approval or other communication given
pursuant to this Agreement (hereinafter “Notice”) shall be in writing and shall be sent by
registered or certified mail, return receipt requested, by way of facsimile transmission before
5:00 p.m. Eastern Time on the day of delivery or by hand-delivery or by means of a reputable
express mail delivery service which guarantees next day delivery. A Notice shall be deemed to have
been received (i) forty-eight (48) hours after a certified or registered letter containing a
Notice, properly addressed, with postage prepaid is deposited in the United States mail, (ii) upon
electronic confirmation that a telephonic facsimile transmission has been sent and (iii) if given
otherwise than by certified or registered mail or by telephonic facsimile transmission, it shall be
deemed to have been received upon the date of actual receipt. Any notice by either party shall be
sufficient if signed on behalf of said party by any partner or officer thereof or by the legal
representative of such party. Any party may, by notice given as aforesaid, change its address for
any subsequent notice. All notices shall be given to the parties to this Agreement at the addresses
set forth below:

	 	 	 	 	 
	 

	 	If to Seller:
	 	GRS Sahara Avenue Corp.
	 

	 	 	 	79 Alfred Street
	 

	 	 	 	Detroit, Michigan 48201
	 

	 	 	 	Fax: (313) 578-1201
	 
	 	 	 	 
	 

	 	with copies to:
	 	Ronald Zajac, P.C.
	 

	 	 	 	79 Alfred Street
	 

	 	 	 	Detroit, Michigan 48201
	 

	 	 	 	Fax: (313) 578-1201

 

 

	 	 	 	 	 
	 

	 	and to:
	 	Capozzoli Advisory for Pensions, Inc.
	 

	 	 	 	Attn: Mr. Gary Kittrell
	 

	 	 	 	21500 Haggerty Road, Suite 100
	 

	 	 	 	Northville, Michigan 48167
	 

	 	 	 	Fax (248) 305-8904
	 
	 	 	 	 
	 

	 	If to Purchaser:
	 	BankWest of Nevada
	 

	 	 	 	Attn: Robert G. Sarver
	 

	 	 	 	12220 El Camino Real, Suite 100
	 

	 	 	 	San Diego, California 92130
	 

	 	 	 	Fax: (858) 755-0875
	 
	 	 	 	 
	 

	 	with copies to:
	 	BankWest of Nevavda
	 

	 	 	 	Attn: Jack Wallis
	 

	 	 	 	2700 West Sahara Avenue
	 

	 	 	 	Las Vegas, Nevada 89102
	 

	 	 	 	Fax: (702) 362-2026
	 
	 	 	 	 
	 

	 	and to:
	 	Stephen B. Yoken, Esq.
	 

	 	 	 	Snell & Wilmer L.L.P.
	 

	 	 	 	3800 Howard Hughes Parkway, Suite 1000
	 

	 	 	 	Las Vegas, Nevada 89109
	 

	 	 	 	Fax: 702-784-5252

     15. Time of Essence. Time is of the essence of this Agreement.

     16. Termination of Management and Leasing Contracts. Provided Purchaser has elected to
proceed to purchase the Property, on or before the Closing Date Seller shall terminate any existing
management and/or leasing contracts and any of the Service Contracts which Purchaser desires not to
assume and which can be terminated without cost to Seller.

     17. Governing Law; Jurisdiction and Venue. The validity, meaning and effect of this
Agreement shall be determined in accordance with the laws of the State of Nevada. Purchaser and
Seller consent to the jurisdiction and venue of any state or federal court located in Clark County,
Nevada; provided, however said consent shall not be deemed a waiver of either party’s right to
remove any suit brought in state court to federal court.

     18. Counterparts. This Agreement may be executed any number of counterparts, each of
which shall be deemed an original, but all of which together shall constitute one and the same
instrument.

 

 

     19. Captions. The captions in this Agreement are inserted for convenience of reference and
in no way define, describe or limit the scope or intent of this Agreement or any of the provisions
hereof.

     20. Assignability. Purchaser shall have the right to assign its rights under this Agreement
to an affiliate of Purchaser controlled by Purchaser without the consent of Seller. Other than an
assignment to an affiliate of Purchaser controlled by Purchaser, Purchaser may not assign its
rights under this Agreement without the prior written consent of Seller.

     21. Binding Effect. This Agreement shall be binding upon and inure to the benefit of the
parties to this Agreement and their respective legal representatives, successors and permitted
assigns.

     22. Modifications; Waiver. No waiver, modification amendment, discharge or change of this
Agreement shall be valid unless the same is in writing and signed by the party against which the
enforcement of such modification, waiver, amendment, discharge or change is sought.

     23. Entire Agreement. This Agreement contains the entire Agreement between the parties
relating to the transactions contemplated hereby and all prior or contemporaneous agreements,
understandings, representations or statements, oral or written, are superseded hereby.

     24. Partial Invalidity. Any provision of this Agreement which is unenforceable or invalid
or the inclusion of which would adversely affect the validity, legality or enforcement of this
Agreement shall be of no effect, but all the remaining provisions of this Agreement shall remain in
full force and effect.

     25. Survival. Except as otherwise expressly provided in this Agreement, no
representations, warranties, covenants, agreements and other obligations in this Agreement shall
survive the Closing of this transaction and no action based thereon shall be commenced after the
Closing of this transaction. However, the obligations of Seller and Purchaser in Sections 9 and 28
of this Agreement and the obligations of Purchaser in Section 4 (notwithstanding any other
provision of this Agreement) and any other indemnity provisions by Purchaser in this Agreement
shall survive the Closing of this transaction or the termination of this Agreement.

     26. No Personal Liability of Officers or Directors of Seller. Purchaser acknowledges that
this Agreement is entered into by a corporation as Seller, and Purchaser agrees that no individual
officer or director or representative of Seller shall have any personal liability under this
Agreement or any document executed in connection with the transactions contemplated by this
Agreement.

     27. No Third Party Rights. Nothing in this Agreement, express or implied, is intended to
confer upon any person, other than the parties to this Agreement and their

 

 

respective successors and assigns, any rights or remedies under or by reason of this Agreement.

     28. Broker. Seller and Purchaser each hereby agrees to indemnify and hold the other
harmless from all loss, cost, damage or expense (including reasonable attorney’s fees) incurred by
the other as a result of any claim arising out of the acts of the indemnifying party (or others on
its behalf) for a commission, finder’s fee or similar compensation made by any broker, finder or
any party who claims to have dealt with such party. The representations and warranties contained
in this Section 28 shall survive the Closing.

     29. Effective Date. For purpose of calculation of all time periods within which Seller or
Purchaser must act or respond as herein described, all phrases such as “the date of this
Agreement”, “the date of execution of this Agreement” of any other like phrase referring to the
date of the Agreement, shall mean and refer to the Effective Date of this Agreement as described in
Section 2 of this Agreement, regardless of whether or not both Seller and Purchaser may or may not
have executed this Agreement on such Effective Date.

     30. Confidentiality. Neither Seller nor Purchaser shall make any public announcement or
disclosure of any information related to this Agreement to outside brokers or third parties, before
or after Closing, without the prior specific consent of the other; provided either party may make
disclosure of this Agreement to its lenders, creditors, shareholders, directors, officers,
employees and agents as necessary to perform its obligations hereunder.

     31. Attorneys’ Fees. Should either party employ attorneys to enforce any of the provisions
hereof, the prevailing party as determined by the court shall be entitled to recover all reasonable
costs, charges, and expenses, including attorneys’ fees, expended or incurred in connection
therewith.

     32. Indemnities. Seller agrees to indemnify Purchaser and hold it harmless from and
against any cost, expense or liability resulting from the ownership and operation of the Property
by Seller prior to the Closing Date. Purchaser agrees to indemnify Seller and hold it harmless
from and against any cost, expense or liability arising from the ownership and operation of the
Property on or after the Closing Date.

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

SELLER:

GRS Sahara Avenue Corp.,

a Michigan corporation

By:
Capozzoli Advisory for Pensions, Inc.

Its:
Authorized Representative

By: /s/ Gene S. Thompson

Its: Senior Vice President

Date: September 15, 2005

 

 

PURCHASER:

BankWest of Nevada,

a Nevada banking corporation

By: /s/ Jack R. Wallis

Its: Senior Executive Vice President and Chief Operating Officer

Date: September 13, 2005exv4w3

 

Exhibit 4.3

 

 

INDEPENDENCE COMMUNITY BANK CORP.

TO

JPMORGAN CHASE BANK, N.A.

As Trustee

 

Indenture

Dated as of September 23, 2005

SENIOR SECURITIES

 

 

 

 

INDEPENDENCE COMMUNITY BANK CORP.

Reconciliation and tie between Trust Indenture Act of 1939 and

Indenture, dated as of September 23, 2005

	 	 	 
	Trust Indenture	 	 
	Act Section	 	Indenture Section
	§ 310(a)
	(1)	6.09
	(a)
	(2)	6.09
	(a)
	(3)	Not Applicable
	(a)
	(4)	Not Applicable
	(a)
	(5)	6.09
	(b)
	 	6.08
	 
	 	6.10
	§ 311    
	 	6.13
	§ 312(a)
	 	7.01
	 
	 	7.02(a)
	(b)
	 	7.02(b)
	(c)
	 	7.02(c)
	§ 313    
	 	7.03
	§ 314(a)
	 	7.04
	(b)
	 	Not Applicable
	(c)
	(1)	1.02
	(c)
	(2)	1.02
	(c)
	(3)	Not Applicable
	(d)
	 	Not Applicable
	(e)
	 	1.02
	§ 315(a)
	 	6.01
	(b)
	 	6.02
	(c)
	 	6.01
	(d)
	 	6.01
	(e)
	 	5.14
	§ 316(a)
	 	1.01
	(a)
	(1)(A)	5.02
	 
	 	5.12
	(a)
	(1)(B)	5.13
	(a)
	(2)	Not Applicable
	(b)
	 	5.08
	§ 317(a)
	(1)	5.03
	(a)
	(2)	5.04
	(b)
	 	10.03
	§ 318(a)
	 	1.07

 

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

 

 

TABLE OF CONTENTS

 

	 	 	 	 	 
	 	 	Page	 
	PARTIES
	 	 	1	 
	RECITALS OF THE COMPANY
	 	 	1	 
	 
	 	 	 	 
	ARTICLE ONE
	 	 	 	 
	 
	 	 	 	 
	Definitions and Other Provisions of General Application
	 	 	 	 
	 
	 	 	 	 
	Section 1.01. Definitions
	 	 	1	 
	Section 1.02. Compliance Certificates and Opinions
	 	 	5	 
	Section 1.03. Form of Documents Delivered to Trustee
	 	 	6	 
	Section 1.04. Acts of Holders
	 	 	6	 
	Section 1.05. Notices, Etc. to Trustee and Company
	 	 	7	 
	Section 1.06. Notice to Holders; Waiver
	 	 	7	 
	Section 1.07. Compliance with Trust Indenture Act
	 	 	8	 
	Section 1.08. Effect of Headings and Table of Contents
	 	 	8	 
	Section 1.09. Successors and Assigns
	 	 	8	 
	Section 1.10. Separability Clause
	 	 	8	 
	Section 1.11. Benefits of Indenture
	 	 	8	 
	Section 1.12. Governing Law
	 	 	8	 
	Section 1.13. Legal Holidays
	 	 	8	 
	Section 1.14. Counterparts
	 	 	8	 
	 
	 	 	 	 
	ARTICLE TWO
	 	 	 	 
	 
	 	 	 	 
	Security Forms
	 	 	 	 
	 
	 	 	 	 
	Section 2.01. Forms Generally
	 	 	9	 
	Section 2.02. Form of Face of Security
	 	 	9	 
	Section 2.03. Form of Reverse of Security
	 	 	10	 
	Section 2.04. Form of Trustee’s Certificate of Authentication
	 	 	13	 
	Section 2.05. Form of Legend for Global Securities
	 	 	13	 
	 
	 	 	 	 
	ARTICLE THREE
	 	 	 	 
	 
	 	 	 	 
	The Securities
	 	 	 	 
	 
	 	 	 	 
	Section 3.01. Amount Unlimited; Issuable in Series
	 	 	13	 
	Section 3.02. Denominations
	 	 	15	 
	Section 3.03. Execution, Authentication, Delivery and Dating
	 	 	16	 
	Section 3.04. Temporary Securities
	 	 	17	 
	Section 3.05. Registration, Registration of Transfer and Exchange
	 	 	17	 
	Section 3.06. Mutilated, Destroyed, Lost and Stolen Securities
	 	 	19	 
	Section 3.07. Payment of Interest; Interest Rights Preserved
	 	 	19	 
	Section 3.08. Persons Deemed Owners
	 	 	20	 
	Section 3.09. Cancellation
	 	 	20	 
	Section 3.10. Computation of Interest
	 	 	20	 
	Section 3.11. Payment to be in Proper Currency
	 	 	21	 

 

			
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i

 

	 	 	 	 	 
	 	 	Page	 
	ARTICLE FOUR
	 	 	 	 
	 
	 	 	 	 
	Satisfaction and Discharge
	 	 	 	 
	 
	 	 	 	 
	Section 4.01. Satisfaction and Discharge of Indenture
	 	 	21	 
	Section 4.02. Application of Trust Money
	 	 	22	 
	Section 4.03. Satisfaction, Discharge and Defeasance of Securities of Any Series
	 	 	22	 
	Section 4.04. Repayment to Company
	 	 	24	 
	Section 4.05. Reinstatement
	 	 	24	 
	 
	 	 	 	 
	ARTICLE FIVE
	 	 	 	 
	 
	 	 	 	 
	Remedies
	 	 	 	 
	 
	 	 	 	 
	Section 5.01. Events of Default
	 	 	24	 
	Section 5.02. Acceleration of Maturity; Rescission and Annulment
	 	 	26	 
	Section 5.03. Collection of Indebtedness and Suits for Enforcement by Trustee
	 	 	27	 
	Section 5.04. Trustee May File Proofs of Claim
	 	 	27	 
	Section 5.05. Trustee May Enforce Claims Without Possession of Securities
	 	 	28	 
	Section 5.06. Application of Money Collected
	 	 	28	 
	Section 5.07. Limitation on Suits
	 	 	28	 
	Section 5.08. Unconditional Right of Holders to Receive Principal, Premium and Interest
	 	 	29	 
	Section 5.09. Restoration of Rights and Remedies
	 	 	29	 
	Section 5.10. Rights and Remedies Cumulative
	 	 	29	 
	Section 5.11. Delay or Omission Not Waiver
	 	 	29	 
	Section 5.12. Control by Holders
	 	 	30	 
	Section 5.13. Waiver of Past Defaults
	 	 	30	 
	Section 5.14. Undertaking for Costs
	 	 	30	 
	Section 5.15. Waiver of Stay or Extension Laws
	 	 	31	 
	 
	 	 	 	 
	ARTICLE SIX
	 	 	 	 
	 
	 	 	 	 
	The Trustee
	 	 	 	 
	 
	 	 	 	 
	Section 6.01. Certain Duties and Responsibilities
	 	 	31	 
	Section 6.02. Notice of Defaults
	 	 	31	 
	Section 6.03. Certain Rights of Trustee
	 	 	31	 
	Section 6.04. Not Responsible for Recitals or Issuance of Securities
	 	 	32	 
	Section 6.05. May Hold Securities
	 	 	32	 
	Section 6.06. Money Held in Trust
	 	 	32	 
	Section 6.07. Compensation and Reimbursement
	 	 	33	 
	Section 6.08. Disqualification; Conflicting Interests
	 	 	33	 
	Section 6.09. Corporate Trustee Required; Eligibility
	 	 	33	 
	Section 6.10. Resignation and Removal; Appointment of Successor
	 	 	33	 
	Section 6.11. Acceptance of Appointment by Successor
	 	 	34	 
	Section 6.12. Merger, Conversion, Consolidation or Succession to Business
	 	 	35	 
	Section 6.13. Preferential Collection of Claims Against Company
	 	 	35	 
	Section 6.14. Appointment of Authenticating Agent
	 	 	36	 
	 
	 	 	 	 
	ARTICLE SEVEN
	 	 	 	 
	 
	 	 	 	 
	Holders’ Lists and Reports by Trustee and Company
	 	 	 	 
	 
	 	 	 	 
	Section 7.01. Company to Furnish Trustee Names and Addresses of Holders
	 	 	37	 
	Section 7.02. Preservation of Information; Communications to Holders
	 	 	37	 
	Section 7.03. Reports by Trustee
	 	 	37	 
	Section 7.04. Reports by Company
	 	 	38	 

 

			
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ii

 

	 	 	 	 	 
	 	 	Page	 
	ARTICLE EIGHT
	 	 	 	 
	 
	 	 	 	 
	Consolidation, Merger, Conveyance, Transfer or Lease
	 	 	 	 
	 
	 	 	 	 
	Section 8.01. Company May Consolidate, Etc., Only on Certain Terms
	 	 	38	 
	Section 8.02. Successor Substituted
	 	 	39	 
	 
	 	 	 	 
	ARTICLE NINE
	 	 	 	 
	 
	 	 	 	 
	Supplemental Indentures
	 	 	 	 
	 
	 	 	 	 
	Section 9.01. Supplemental Indentures Without Consent of Holders
	 	 	39	 
	Section 9.02. Supplemental Indentures with Consent of Holders
	 	 	40	 
	Section 9.03. Execution of Supplemental Indentures
	 	 	41	 
	Section 9.04. Effect of Supplemental Indentures
	 	 	41	 
	Section 9.05. Conformity with Trust Indenture Act
	 	 	41	 
	Section 9.06. Reference in Securities to Supplemental Indentures
	 	 	41	 
	Section 9.07. Notice of Supplemental Indentures
	 	 	41	 
	 
	 	 	 	 
	ARTICLE TEN
	 	 	 	 
	 
	 	 	 	 
	Covenants
	 	 	 	 
	 
	 	 	 	 
	Section 10.01. Payment of Principal, Premium and Interest
	 	 	41	 
	Section 10.02. Maintenance of Office or Agency
	 	 	42	 
	Section 10.03. Money for Securities Payments to Be Held in Trust
	 	 	42	 
	Section 10.04. Existence
	 	 	43	 
	Section 10.05. Maintenance of Properties
	 	 	43	 
	Section 10.06. Payment of Taxes and Other Claims
	 	 	43	 
	Section 10.07. Limitations on Disposition of Voting Stock of Principal Subsidiary Bank
	 	 	43	 
	Section 10.08. Restrictions on Liens
	 	 	44	 
	Section 10.09. Waiver of Certain Covenants
	 	 	44	 
	 
	 	 	 	 
	ARTICLE ELEVEN
	 	 	 	 
	 
	 	 	 	 
	Redemption of Securities
	 	 	 	 
	 
	 	 	 	 
	Section 11.01. Applicability of Article
	 	 	44	 
	Section 11.02. Election to Redeem; Notice to Trustee
	 	 	44	 
	Section 11.03. Selection by Trustee of Securities to Be Redeemed
	 	 	45	 
	Section 11.04. Notice of Redemption
	 	 	45	 
	Section 11.05. Deposit of Redemption Price
	 	 	46	 
	Section 11.06. Securities Payable on Redemption Date
	 	 	46	 
	Section 11.07. Securities Redeemed in Part
	 	 	46	 
	 
	 	 	 	 
	ARTICLE TWELVE
	 	 	 	 
	 
	 	 	 	 
	Sinking Funds
	 	 	 	 
	 
	 	 	 	 
	Section 12.01. Applicability of Article
	 	 	46	 
	Section 12.02. Satisfaction of Sinking Fund Payments with Securities
	 	 	47	 
	Section 12.03. Redemption of Securities for Sinking Fund
	 	 	47	 
	 
	TESTIMONIUM
	 	 	48	 
	SIGNATURES AND SEALS
	 	 	48	 
	ACKNOWLEDGMENTS
	 	 	48	 

 

			
	Note:	 	This table of contents shall not, for any purpose, be deemed to be a part of the Indenture.

iii

 

     INDENTURE, dated as of September 23, 2005, between Independence Community Bank Corp., a
corporation duly organized and existing under the laws of the State of Delaware (herein called the
“Company”), having its principal office at 195 Montague Street, Brooklyn, New York 11201, and
JPMorgan Chase Bank, N.A., a national banking association duly organized and existing under the
laws of the United States of America, as Trustee (herein called the “Trustee”).

RECITALS
OF THE COMPANY

     The Company has duly authorized the execution and delivery of this Indenture to provide for
the issuance from time to time of its unsecured debentures, notes or other evidences of
indebtedness (herein called the “Securities”), to be issued in one or more series as in this
Indenture provided.

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

Now,
Therefore, This Indenture Witnesseth:

     For and in consideration of the premises and the purchase of the Securities by the Holders
thereof, it is mutually covenanted and agreed, for the equal and proportionate benefit of all
Holders of the Securities or of series thereof, as follows:

ARTICLE ONE

Definitions and Other Provisions of General Application

Section 1.01. Definitions.

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

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

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

     (3) any gender used in this Indenture shall be deemed and construed to include
correlative words of the masculine, feminine or neuter gender;

     (4) all accounting terms not otherwise defined herein have the meanings assigned to
them in accordance with generally accepted accounting principles in the United States, and,
except as otherwise herein expressly provided, the term “generally accepted accounting
principles” with respect to any computation required or permitted hereunder shall mean such
accounting principles as are generally accepted in the United States at the date of such
computation; and

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

     Certain terms, used principally in Article Six, are defined in that Article.

     “Act”, when used with respect to any Holder, has the meaning specified in Section 1.04.

     “Affiliate” of any specified Person means any other Person directly or indirectly controlling
or controlled by or under direct or indirect common control with such specified Person. For the
purposes of this definition, “control” when used with respect to any specified Person means the
power to direct the management and policies of

 

 

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

     “Authenticating Agent” means any Person authorized by the Trustee pursuant to Section 6.14 to
act on behalf of the Trustee to authenticate Securities of one or more series.

     “Board of Directors” means either the board of directors of the Company or any duly authorized
committee appointed by that board.

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

     “Business Day”, when used with respect to any Place of Payment, means each Monday, Tuesday,
Wednesday, Thursday and Friday which is not a day on which banking institutions generally in that
Place of Payment or New York, New York are authorized or obligated by law or executive order to
close.

     “Commission” means the Securities and Exchange Commission, as from time to time constituted,
created under the Securities Exchange Act of 1934, as amended, or, if at any time after the
execution of this instrument such Commission is not existing and performing the duties now assigned
to it under the Trust Indenture Act, then the body performing such duties at such time.

     “Company” means the Person named as the “Company” in the first paragraph of this instrument
until a successor corporation shall have become such pursuant to the applicable provisions of this
Indenture, and thereafter, “Company” shall mean such successor corporation.

     “Company Request” or “Company Order” means a written request or order signed in the name of
the Company by its Chairman of the Board, its Vice Chairman of the Board, its President, its
Treasurer, an Assistant Treasurer or Senior Vice President, and by a Vice President, and delivered
to the Trustee.

     “Corporate Trust Office” means the office of the Trustee in New York, New York at which at any
particular time its corporate trust business shall be principally administered, which office on the
date of execution of this Indenture is located at 4 New York Plaza, 15th Floor, New
York, New York 10004.

     “Corporation” includes corporations, associations, companies, joint-stock companies and
business trusts.

     “Defaulted Interest” has the meaning specified in Section 3.07.

     “Depositary” means, with respect to the Securities of any series issuable or issued in whole
or in part in the form of one or more Global Securities, the clearing agency registered under the
Exchange Act, specified for that purpose as contemplated by Section 3.01 or any successor clearing
agency registered under the Exchange Act as contemplated by Section 3.05, and if at any time there
is more than one such Person, “Depositary” as used with respect to the Securities of any series
shall mean the Depositary with respect to the Securities of such series.

     “Event of Default” has the meaning specified in Section 5.01.

     “Exchange Act” means the Securities and Exchange Act of 1934, as amended, from time to time,
or any successor legislation.

     “Foreign Currency’ means a currency issued by the government of any country (other than a
currency of the United States of America) or any composite currency based on the aggregate value of
the currencies of any group of countries.

     “Foreign Government Obligations” has the meaning specified in Section 4.03.

2

 

     “Global Security” means a Security bearing the legend specified in Section 2.05 evidencing all
or part of a series of Securities, issued to the Depositary for such series or its nominee, and
registered in the name of such Depositary or nominee.

     “Holder” means a Person in whose name a Security is registered in the Security Register.

     “Indenture” means this instrument as originally executed or as it may from time to time be
supplemented or amended by one or more indentures supplemental hereto entered into pursuant to the
applicable provisions hereof and shall include the terms of particular series of Securities
established as contemplated by Section 3.01; provided, however, that, if at any time more than one
Person is acting as Trustee under this instrument due to the appointment of one or more separate
Trustees for any one or more separate series of Securities pursuant to Section 6.10(e), “Indenture”
shall mean, with respect to such series of Securities for which any such Person is Trustee, this
instrument as originally executed or as it may from time to time be supplemented or amended by one
or more indentures supplemental hereto entered into pursuant to the applicable provisions hereof
and shall include the terms of particular series of Securities for which such Person is Trustee
established as contemplated by Section 3.01, exclusive, however, of any provisions or terms which
relate solely to other series of Securities for which such Person is not Trustee, regardless of
when such terms or provisions were adopted, and exclusive of any provisions or terms adopted by
means of one or more indentures supplemental hereto executed and delivered after such Person had
become such Trustee but to which such Person, as such Trustee, was not a party.

     “interest”, when used with respect to an Original Issue Discount Security which by its terms
bears interest only after Maturity, means interest payable after Maturity.

     “Interest Payment Date”, when used with respect to any Security, means the Stated Maturity of
an installment of interest on such Security.

     “Maturity”, when used with respect to any Security, means the date on which the principal of
such Security or an installment of principal becomes due and payable as therein or herein provided,
whether at the Stated Maturity or by declaration of acceleration, call for redemption or otherwise.

     “Officers’ Certificate” means a certificate signed by the Treasurer, an Assistant Treasurer or
a Senior Vice President of the Company, and by a Vice President of the Company, and delivered to
the Trustee.

     “Opinion of Counsel” means a written opinion of counsel, who may be counsel for the Company,
and who shall be acceptable to the Trustee.

     “Original Issue Discount Security” means any Security which provides for an amount less than
the principal amount thereof to be due and payable upon a declaration of acceleration of the
Maturity thereof pursuant to Section 5.02.

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

     (i) Securities theretofore cancelled by the Trustee or delivered to the Trustee for
cancellation;

     (ii) Securities for whose payment or redemption money in the necessary amount has been
theretofore deposited with the Trustee or any Paying Agent (other than the Company) in trust
or set aside and segregated in trust by the Company (if the Company shall act as its own
Paying Agent) for the Holders of such Securities; provided that, if such Securities are to
be redeemed, notice of such redemption has been duly given pursuant to this Indenture or
provision therefor satisfactory to the Trustee has been made; and

     (iii) Securities which have been paid pursuant to Section 3.06 or in exchange for or in
lieu of which other Securities have been authenticated and delivered pursuant to this
Indenture, other than any such Securities in respect of which there shall have been
presented to the Trustee proof satisfactory to it

3

 

that such Securities are held by a protected purchaser in whose hands such Securities
are valid obligations of the Company;

provided, however, that in determining whether the Holders of the requisite principal amount of the
Outstanding Securities have given any request, demand, authorization, direction, notice, consent or
waiver hereunder or whether a quorum is present at a meeting of Holders of Securities, (i) the
principal amount of an Original Issue Discount Security that shall be deemed to be Outstanding
shall be the amount of the principal thereof that would be due and payable as of the date of such
determination upon acceleration of the Maturity thereof pursuant to Section 5.02, (ii) the
principal amount of a Security denominated in one or more Foreign Currencies or currency units that
shall be deemed to be Outstanding shall be the U.S. dollar equivalent, determined in the manner
provided as contemplated by Section 3.01 as of the date of original issuance of such Security, of
the principal amount (or, in the case of an Original Issue Discount Security, the U.S. dollar
equivalent, determined as of the date of original issuance of such Security, of the amount
determined as provided in (i) above) of such Security as determined by the Company pursuant to
Section 3.01, and (iii) Securities owned by the Company or any other obligor under the Securities
or any Affiliate of the Company or of such other obligor shall be disregarded and deemed not to be
Outstanding, except that, in determining whether the Trustee shall be protected in relying upon any
such request, demand, authorization, direction, notice, consent or waiver, only Securities which a
Responsible Officer of the Trustee knows to be so owned shall be so disregarded. Securities so
owned which have been pledged in good faith may be regarded as Outstanding if the pledgee
establishes to the satisfaction of the Trustee the pledgee’s right so to act with respect to such
Securities and that the pledgee is not the Company or any other obligor upon the Securities or any
Affiliate of the Company or of such other obligor.

     “Paying Agent” means any Person authorized by the Company to pay the principal of (and
premium, if any) and/or interest on any Securities on behalf of the Company.

     “Periodic Offering” means an offering of Securities of a series from time to time the specific
terms of which Securities, including without limitation the rate or rates of interest (or formula
for determining the rate or rates of interest), if any, thereon, the Stated Maturity or Maturities
thereof and the redemption provisions, if any, with respect thereto, are to be determined by the
Company or its agents upon the issuance of such Securities.

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

     “Place of Payment”, when used with respect to the Securities of any series, means the place of
places where the principal of (and premium, if any) and/or interest on the Securities of that
series are payable, where Securities of that series may be surrendered for registration of transfer
or exchange and where notices and demands to or upon the Company in respect of the Securities of
that series and this Indenture may be served as specified as contemplated by Section 3.01.

     “Predecessor Security” of any particular Security means every previous Security evidencing all
or a portion of the same debt as that evidenced by such particular Security; and, for the purposes
of this definition, any Security authenticated and delivered under Section 3.06 in exchange for or
in lieu of a mutilated, destroyed, lost or stolen Security shall be deemed to evidence the same
debt as the mutilated, destroyed, lost or stolen Security.

     “Principal Subsidiary Bank” means Independence Community Bank and its successors (whether by
consolidation, merger, conversion, transfer of substantially all their assets and business or
otherwise) so long as such bank or any such successor is a Subsidiary.

     “Redemption Date”, when used with respect to any Security to be redeemed, means the date fixed
for such redemption pursuant to this Indenture.

     “Redemption Price”, when used with respect to any Security to be redeemed, means the price at
which it is to be redeemed pursuant to this Indenture.

4

 

     “Regular Record Date” for the interest payable on any Interest Payment Date on the Securities
of any series means the date specified for that purpose as contemplated by Section 3.01.

     “Responsible Officer”, when used with respect to the Trustee, means any officer of the Trustee
assigned by it to administer its corporate trust matters and having direct responsibility for the
administration of this Indenture.

     “Securities” has the meaning stated in the first recital of this Indenture and more
particularly means any Securities authenticated and delivered under this Indenture; provided,
however, that if at any time there is more than one Person acting as Trustee under this Indenture,
“Securities” with respect to the Indenture as to which such Person is Trustee shall have the
meaning stated in the first recital of this Indenture and shall more particularly mean Securities
authenticated and delivered under this Indenture, exclusive, however, of Securities of any series
as to which such Person is not Trustee.

     “Security Register” and “Security Registrar” have the respective meanings specified in Section
3.05.

     “Special Record Date” for the payment of any Defaulted Interest means a date fixed by the
Trustee pursuant to Section 3.07.

     “Stated Maturity”, when used with respect to any Security or any installment of principal
thereof or interest thereon, means the date specified in such Security as the fixed date on which
the principal of such Security or such installment of principal or interest is due and payable.

     “Subsidiary” means a Corporation more than 50% of the outstanding Voting Stock of which is
owned, directly or indirectly, by the Company and/or by one or more of its Subsidiaries.

     “Trustee” means the Person named as the “Trustee” in the first paragraph of this instrument
until a successor Trustee shall have become such pursuant to the applicable provisions of this
Indenture, and thereafter, “Trustee” shall mean or include each Person who is then a Trustee
hereunder, and if at any time there is more than one such Person, “Trustee” as used with respect to
the Securities of any series shall mean the Trustee with respect to Securities of that series.

     “Trust Indenture Act” or “TIA” means the Trust Indenture Act of 1939 as in force at the date
as of which this instrument was executed, provided, however, in the event the Trust Indenture Act
of 1939 is amended after such date, “TIA” and “Trust Indenture Act” means, to the extent of such
amendment, the Trust Indenture Act of 1939 as so amended.

     “U.S. Government Obligations” has the meaning specified in Section 4.03.

     “Vice President”, when used with respect to the Company, means any vice president, whether or
not designated by a number or a word or words added before or after the title “vice president”.

     “Voting Stock”, when used with respect to a Corporation, means stock of the class or classes
having general voting power under ordinary circumstances to elect at least a majority of the board
of directors, managers, or trustees of such Corporation (irrespective of whether or not at the time
stock of any other class or classes shall have or might have voting power by reason of the
happening of any contingency).

Section 1.02. Compliance Certificates and Opinions.

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

5

 

     Every certificate or opinion with respect to compliance with a condition or covenant provided
for in this Indenture shall include:

     (1) a statement that each individual signing such certificate or opinion has read such
covenant or condition and the definitions herein relating thereto;

     (2) a brief statement as to the nature and scope of the examination or investigation
upon which the statements or opinions contained in such certificate or opinion are based;

     (3) a statement that, in the opinion of each such individual, he or she has made such
examination or investigation as is necessary to enable him or her to express an informed
opinion as to whether or not such covenant or condition has been complied with; and

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

Section 1.03. Form of Documents Delivered to Trustee.

     In any case where several matters are required to be certified by, or covered by an opinion
of, any specified Person, it is not necessary that all such matters be certified by, or covered by
the opinion of, only one such Person, or that they be so certified or covered by only one document,
but one such Person may certify or give an opinion with respect to some matters and one or more
other such Persons as to other matters, and any such Person may certify or give an opinion as to
such matters in one or several documents.

     Any certificate or opinion of any officer of the Company may be based, insofar as it relates
to legal matters, upon a certificate or opinion of, or representation by, counsel, unless such
officer knows, or in the exercise of reasonable care should know, that the certificate or opinion
or representation with respect to the matters upon which his or her certificate or opinion is based
are erroneous. Any such certificate or Opinion of Counsel may be based, insofar as it relates to
factual matters, upon a certificate or opinion of, or representations by, an officer or officers of
the Company stating that the information with respect to such factual matters is in the possession
of the Company, unless such counsel knows, or in the exercise of reasonable care should know, that
the certificate or opinion or representations with respect to such matters are erroneous.

     Where any Person is required to make, give or execute two or more applications, requests,
consents, certificates, statements, opinions or other instruments under this Indenture, they may,
but need not, be consolidated and form one instrument.

Section 1.04. Acts of Holders.

     (a) Any request, demand, authorization, direction, notice, consent, waiver or other action
provided by this Indenture to be given or taken by Holders may be embodied in and evidenced by one
or more instruments of substantially similar tenor signed by such Holders in person or by an agent
duly appointed in writing; and, except as herein otherwise expressly provided, such action shall
become effective when such instrument or instruments are delivered to the Trustee and, where it is
hereby expressly required, to the Company. Such instrument or instruments (and the action embodied
therein and evidenced thereby) are herein sometimes referred to as the “Act” of the Holders signing
such instrument or instruments. Proof of execution of any such instrument or of a writing
appointing any such agent shall be sufficient for any purpose of this Indenture and (subject to
Section 6.01) conclusive in favor of the Trustee and the Company, if made in the manner provided in
this Section.

     (b) The fact and date of the execution by any Person of any such instrument or writing may be
proved by the affidavit of a witness of such execution or by a certificate of a notary public or
other officer authorized by law to take acknowledgments of deeds, certifying that the individual
signing such instrument or writing acknowledged to him the execution thereof. Where such execution
is by a signer acting in a capacity other than his individual capacity, such certificate or
affidavit shall also constitute sufficient proof of his authority. The fact and date of the

6

 

execution of any such instrument or writing, or the authority of the Person executing the
same, may also be proved in any other manner which the Trustee deems sufficient.

     (c) The ownership of Securities shall be proved by the Security Register. The Company may fix
any day as the record date for the purpose of determining the Holders of Securities of any series
entitled to give or take any request, demand, authorization, direction, notice, consent, waiver or
other action, or to vote on any action, authorized or permitted to be given or taken by Holders of
Securities of such series. If not set by the Company prior to the first solicitation of a Holder
of Securities of such series made by any Person in respect of any such action, or, in the case of
any such vote, prior to such vote, the record date for any such action or vote shall be the
30th day (or, if later, the date of the most recent list of Holders required to be
provided pursuant to Section 7.01) prior to such first solicitation or vote, as the case may be.
With regard to any record date for action to be taken by the Holders of one or more series of
Securities, only the Holders of Securities of such series on such date (or their duly designated
proxies) shall be entitled to give or take, or vote on, the relevant action.

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

Section 1.05. Notices, Etc. to Trustee and Company.

     Any request, demand, authorization, direction, notice, consent, waiver or Act of Holders or
other document provided or permitted by this Indenture to be made upon, given or furnished to, or
filed with,

     (1) the Trustee by any Holder or by the Company shall be sufficient for every purpose
hereunder if made, given, furnished or filed in writing to or with a Responsible Officer of
the Trustee at its Corporate Trust Office, Attention: Worldwide Securities Services, or

     (2) the Company by the Trustee or by any Holder shall be sufficient for every purpose
hereunder (unless otherwise herein expressly provided) if in writing and mailed, first-class
postage prepaid, to the Company addressed to it at the address of its principal office
specified in the first paragraph of this instrument (Attention: Chief Financial Officer) or
at any other address previously furnished in writing to the Trustee by the Company.

Section 1.06. Notice to Holders; Waiver.

     Where this Indenture provides for notice to Holders of any event, such notice shall be
sufficiently given (unless otherwise herein expressly provided) if in writing and mailed,
first-class postage prepaid, to each Holder affected by such event, at his address as it appears in
the Security Register, not later than the latest date, and not earlier than the earliest date,
prescribed for the giving of such notice. In any case where notice to Holders is given by mail,
neither the failure to mail such notice, nor any defect in any notice so mailed, to any particular
Holder shall affect the sufficiency of such notice with respect to other Holders. Where this
Indenture provides for notice in any manner, such notice may be waived in writing by the Person
entitled to receive such notice, either before or after the event, and such waiver shall be the
equivalent of such notice. Waivers of notice by Holders shall be filed with the Trustee, but such
filing shall not be a condition precedent to the validity of any action taken in reliance upon such
waiver.

     In case by reason of the suspension of regular mail service or by reason of any other cause it
shall be impracticable to give such notice by mail, then such notification as shall be made by or
with the approval of the Trustee shall constitute a sufficient notification for every purpose
hereunder.

7

 

Section 1.07. Compliance with Trust Indenture Act.

     This Indenture is subject to, and shall be governed by, the provisions of the Trust Indenture
Act that are required to be part of this Indenture. If any provision hereof limits, qualifies or
conflicts with a provision of the Trust Indenture Act that is required under such Act to be a part
of and govern this Indenture, the latter provision shall control. If any provision of this
Indenture modifies or excludes any provision of the Trust Indenture Act that may be so modified or
excluded, the latter provision shall be deemed to apply to this Indenture as so modified or to be
excluded, as the case may be.

Section 1.08. Effect of Headings and Table of Contents.

     The Article and Section headings herein and the Table of Contents are for convenience only and
shall not affect the construction hereof.

Section 1.09. Successors and Assigns.

     All covenants and agreements in this Indenture by the Company and the Trustee shall bind its
successors and assigns, whether so expressed or not.

Section 1.10. Separability Clause.

     In case any provision in this Indenture or in the Securities shall be invalid, illegal or
unenforceable, the validity, legality and enforceability of the remaining provisions shall not in
any way be affected or impaired thereby.

Section 1.11. Benefits of Indenture.

     Nothing in this Indenture or in the Securities, express or implied, shall give to any Person,
other than the parties hereto, any Authenticating Agent, any Paying Agent, any Securities
Registrar, and their successors hereunder and the Holders, any benefit or any legal or equitable
right, remedy or claim under this Indenture.

Section 1.12. Governing Law.

     This Indenture and the Securities shall be governed by and construed in accordance with the
laws of the State of New York.

Section 1.13. Legal Holidays.

     Except as may be otherwise specified with respect to any particular series, in any case where
any Interest Payment Date, Redemption Date or Stated Maturity of any Security shall not be a
Business Day at any Place of Payment, then (notwithstanding any other provision of this Indenture
or of the Securities) payment of interest or principal (and premium, if any) need not be made at
such Place of Payment on such date, but may be made on the next succeeding Business Day at such
Place of Payment with the same force and effect as if made on the Interest Payment Date or
Redemption Date, or at the Stated Maturity, provided that no interest shall accrue for the period
from and after such Interest Payment Date, Redemption Date or Stated Maturity, as the case may be,
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 such Interest Payment Date, Redemption Date or Stated Maturity as the case may be.

Section 1.14 Counterparts.

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

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ARTICLE TWO

Security Forms

Section 2.01. Forms Generally.

     The Securities of each series shall be in substantially the form set forth in this Article, or
in such other form as shall be established by or pursuant to a Board Resolution and set forth in an
Officers’ Certificate or established by one or more indentures supplemental hereto, in each case
with such appropriate insertions, omissions, substitutions and other variations as are required or
permitted by this Indenture, and may have such letters, numbers or other marks of identification
and such legends or endorsements placed thereon as may be required to comply with the rules of any
securities exchange or as may, consistently herewith, be determined by the officers executing such
Securities, as evidenced by their execution of the Securities. If the form of Securities of any
series is established by action taken pursuant to a Board Resolution, a copy of an appropriate
record of such action shall be certified by the Secretary or an Assistant Secretary of the Company
and delivered to the Trustee at or prior to the delivery of the Company Order contemplated by
Section 3.03 for the authentication and delivery of such Securities.

     The Trustee’s certificates of authentication shall be in substantially the form set forth in
this Article with such appropriate insertions, omissions, substitutions and other variations as are
required or permitted by this Indenture.

     The definitive Securities may be printed, lithographed or engraved on steel engraved borders
or may be produced in any other manner, all as determined by the officers executing such
Securities, as evidenced by their execution of such Securities.

Section 2.02. Form of Face of Security.

[Insert any legend required by the Internal Revenue Code and the regulations thereunder.]

INDEPENDENCE COMMUNITY BANK CORP.

 

			
	No. ___
	 	[$]___

     Independence Community Bank Corp., a Corporation duly organized and existing under the laws of
Delaware (herein called the “Company”, which term includes any successor Person under the Indenture
hereinafter referred to), for value received, hereby promises to pay to                     , or
registered assigns, the principal sum of                      [Dollars] on                      [if the
Security is to bear interest prior to Maturity, insert — , and to pay interest thereon from
                     or from the most recent Interest Payment Date to which interest has been paid or
duly provided for,                      on                      and                      in each year, commencing
                    , at [if the Security is to bear interest at a fixed rate, insert —  the rate of ...%
per annum,] [if the Security is a floating or adjustable rate Security insert —  a rate per annum
[comprised or determined] in accordance with [insert defined name of the floating or adjustable
rate provision] set forth below] until the principal hereof is paid or made available for payment
[if applicable insert — , and (to the extent that the payment of such interest shall be legally
enforceable) at the rate of ...% per annum on any overdue principal and premium and on any overdue
installment of interest]. The interest so payable, and punctually paid or duly provided for, on
any Interest Payment Date will, as provided in such Indenture, be paid to the Person in whose name
this Security (or one or more Predecessor Securities) is registered at the close of business on the
Regular Record Date for such interest, which shall be the                      or                      (whether
or not a Business Day), as the case may be, next preceding such Interest Payment Date. Any such
interest not so punctually paid or duly provided for will forthwith cease to be payable to the
Holder on such Regular Record Date and may either be paid to the Person in whose name this Security
(or one or more Predecessor Securities) is registered at the close of business on a Special Record
Date for the payment of such Defaulted Interest to be fixed by the Trustee, notice whereof shall be
given to Holders of Securities of this series not less than 10 days prior to such Special Record
Date, or be paid at any time in any other

9

 

lawful manner not inconsistent with the requirements of any securities
exchange on which the Securities of this series may be listed, and upon such notice as may be
required by such exchange, all as more fully provided in said Indenture]. [If the Security is not
to bear interest prior to Maturity, insert —  The principal of this Security shall not bear
interest except in the case of a default in payment of principal upon acceleration, upon redemption
or at Stated Maturity and in such case the overdue principal of this Security shall bear interest
at the rate of ___% per annum (to the extent that the payment of such interest shall be legally
enforceable), which shall accrue from the date of such default in payment to the date payment of
such principal has been made or duly provided for. Interest on any overdue principal shall be
payable on demand. Any such interest on any overdue principal that is not so paid on demand shall
bear interest at the rate of ...% per annum (to the extent that the payment of such interest shall be
legally enforceable), which shall accrue from the date of such demand for payment to the date
payment of such interest has been made or duly provided for, and such interest shall also be
payable on demand.]

     Payment of the principal of (and premium, if any) and [if applicable, insert —  any such]
interest on this Security will be made at the office or agency of the Company maintained for that
purpose in                     , in such coin or currency [of the United States of America] as at the
time of payment is legal tender for payment of public and private debts [if applicable, insert —
; provided, however, that at the option of the Company payment of interest may be made by check
mailed to the address of the Person entitled thereto as such address shall appear in the Security
Register].

     [If applicable, insert —  [The Securities of this series are/This Security is] subject to
redemption prior to the Stated Maturity as described on the reverse hereof.]

     Reference is hereby made to the further provisions of this Security set forth on the reverse
hereof, which further provisions shall for all purposes have the same effect as if set forth at
this place.

     Unless the certificate of authentication hereon has been executed by or on behalf of the
Trustee referred to on the reverse hereof by manual signature, this Security shall not be entitled
to any benefit under the Indenture or be valid or obligatory for any purpose.

     In Witness Whereof, the Company has caused this instrument to be duly executed under
its corporate seal.

	 	 	 	 	 
	 	 	INDEPENDENCE COMMUNITY BANK CORP.
	 
	 	 	 	 
	 

	 	By	 	 
	 

	 	 	 	 

Attest:

                                                            

Section 2.03. Form of Reverse of Security.

     This Security is one of a duly authorized issue of securities of the Company (herein called
the “Securities”), issued and to be issued in one or more series under an Indenture, dated as of
___ ____, 200___ (herein called the “Indenture”), between the Company and                     , as
Trustee (herein called the “Trustee”, which term includes any successor trustee under the
Indenture), to which Indenture and all indentures supplemental thereto reference is hereby made for
a statement of the respective rights, limitations of rights, duties and immunities thereunder of
the Company, the Trustee and the Holders of the Securities and of the terms upon which the
Securities are, and are to be, authenticated and delivered. This Security is one of the series
designated on the face hereof [, limited in aggregate principal amount to [$]___]. By the terms
of the Indenture, additional Securities [if applicable, insert —  of this series and] of other
separate series, which may vary as to date, amount, Stated Maturity, interest rate or method of
calculating the interest rate and in other respects as therein provided, may be issued in an
unlimited principal amount.

10

 

     [If applicable, insert —  [The Securities of this series are/This Security is] subject to
redemption prior to the Stated Maturity hereof upon not less than 30 days’ notice by mail to the
Person[s] in whose name[s] [the Securities to be redeemed are/this Security is] registered at the
address specified in the Security Register, [if applicable, insert —  (1) on                      in any
year commencing with the year ___ and ending with the year
___ through operation of the
sinking fund for this series at a Redemption Price equal to 100% of the principal amount, and (2)]
at any time [on or after ___], as a whole or in part, at the election of the Company, at the
following Redemption Prices (expressed as percentages of the principal amount): If redeemed [on or
before ___, ___%, and if redeemed] during the 12-month period beginning                      of the year
indicated,

	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Redemption	 	 	 	 	 	 	Redemption	 
	Year	 	Price	 	 	Year	 	 	Price	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 

and thereafter at a Redemption Price equal to ___% of the principal amount, [if there is a
sinking fund, insert — , together in the case of any such redemption [if applicable, insert —
(whether through operation of the sinking fund or otherwise)] with accrued interest to the
Redemption Date, provided, however, that installments of interest whose Stated Maturity is on or
prior to such Redemption Date will be payable to the [Holders of such Securities/Holder of this
Security] (or one or more Predecessor Securities) of record at the close of business on the
relevant Record Dates referred to on the face hereof, all as provided in the Indenture]. [If there
is no sinking fund, insert —  [The Securities of this series are/This Security is] not subject to
any sinking fund.]

     [If applicable, insert —  [The Securities of this series are/This Security is] subject to
redemption prior to the Stated Maturity hereof upon not less than 30 days’ notice by mail to the
Person[s] in whose name[s] [the Securities to be redeemed are/this Security is] registered at the
address specified in the Security Register, (1) on
___ in any year commencing with the year ___
and ending with the year ___ through operation of the sinking fund for this series at the
Redemption Prices for redemption through operation of the sinking fund (expressed as percentages of
the principal amount) set forth in the table below, and (2) at any time [on or after ___], as a
whole or in part, at the election of the Company, at the Redemption Prices for redemption otherwise
than through operation of the sinking fund (expressed as percentages of the principal amount) set
forth in the table below. If redeemed during the 12-month period
beginning ___ of the years
indicated,

	 	 	 	 	 	 	 	 	 
	 	 	Redemption Price	 	 	 	 
	 	 	For Redemption	 	 	Redemption Price For	 
	 	 	Through Operation	 	 	Redemption Otherwise	 
	 	 	of the	 	 	Than Through Operation	 
	Year	 	Sinking Fund	 	 	of the Sinking Fund	 
	 
	 	 	 	 	 	 	 	 

and thereafter at a Redemption Price equal to ___% of the principal amount, [if there is a
sinking fund, insert — , together in the case of any such redemption (whether through operation of
the sinking fund or otherwise) with accrued interest to the Redemption Date, provided, however,
that installments of interest whose Stated Maturity is on or prior to such Redemption Date will be
payable to the [Holders of such Securities/Holder of this Security] (or one or more Predecessor
Securities) of record at the close of business on the relevant Record Dates referred to on the face
hereof, all as provided in the Indenture].]

     [Notwithstanding the foregoing, the Company may not, prior to ___, redeem any Securities
of this series as contemplated by [Clause (2) of] the preceding paragraph as a part of, or in
anticipation of, any refunding operation by the application, directly or indirectly, of moneys
borrowed having an interest cost to the Company (calculated in accordance with generally accepted
financial practice) of less than ___% per annum.]

     [The
sinking fund for this series provides for the redemption on ___ in each year beginning
with the year ___ and ending with the year
___ of [not less than]
[$]___ [(“mandatory
sinking fund”) and not more than [$]___] aggregate principal amount of Securities of this series.
[Securities of this series acquired or redeemed by the Company otherwise than through [mandatory]
sinking fund payments may be credited against

11

 

subsequent [mandatory] sinking fund payments otherwise required to be made — in the inverse
order in which they become due.]]

     [In the event of redemption of this Security in part only, a new Security or Securities of
this series and of like tenor of an authorized denomination for the unredeemed portion hereof will
be issued in the name of the Holder hereof upon the cancellation hereof.]

     [If the Security is not an Original Issue Discount Security, —  If an Event of Default with
respect to Securities of this series shall occur and be continuing, the principal of the Securities
of this series may (subject to the conditions set forth in the Indenture) be declared due and
payable in the manner and with the effect provided in the Indenture.]

     [If the Security is an Original Issue Discount Security, —  If an Event of Default with
respect to Securities of this series shall occur and be continuing, a lesser amount than the
principal amount due at the Stated Maturity of the Securities of this series may (subject to the
conditions set forth in the Indenture) be declared due and payable in the manner and with the
effect provided in the Indenture. The amount due and payable on this Security in the event that
this Security is declared due and payable prior to the Stated Maturity hereof shall be — insert
formula for determining the amount —  or in the event that this Security is redeemed shall be the
specified percentage of — insert formula for determining the amount. Upon payment (i) of the
amount of principal so declared due and payable and (ii) of interest on any overdue principal and
overdue interest (in each case to the extent that the payment of such interest shall be legally
enforceable), all of the Company’s obligations in respect of the payment of the principal of and
interest, if any, on the Securities of this series shall terminate.]

     The Indenture permits, with certain exceptions as therein provided, the amendment thereof and
the modification of the rights and obligations of the Company and the rights of the Holders of the
Securities of each series to be affected under the Indenture at any time by the Company and the
Trustee with the consent of the Holders of not less than a majority in aggregate principal amount
of the Securities at the time Outstanding of each series to be affected and, for certain purposes,
without the consent of the Holders of any Securities at the time Outstanding. The Indenture also
contains provisions permitting the Holders of specified percentages in aggregate principal amount
of the Securities of each series at the time Outstanding, on behalf of the Holders of all
Securities of such series, to waive compliance by the Company with certain provisions of the
Indenture and certain past defaults under the Indenture and their consequences. Any such consent
or waiver by the Holder of this Security shall be conclusive and binding upon such Holder and upon
all future Holders of this Security and of any Security issued upon the registration of transfer
hereof or in exchange herefor or in lieu hereof, whether or not notation of such consent or waiver
is made upon this Security.

     [If the Security is an Original Issue Discount Security, —  In determining whether the
Holders of the requisite principal amount of the Outstanding Securities have given any request,
demand, authorization, direction, notice, consent or waiver under the Indenture or whether a quorum
is present at a meeting of Holders of Securities, the principal amount of any Original Issue
Discount Security that shall be deemed to be Outstanding shall be the amount of the principal
thereof that would be due and payable as of the date of such determination upon the acceleration of
the Maturity thereof.]

     No reference herein to the Indenture and no provision of this Security or of the Indenture
shall alter or impair the obligation of the Company, which is absolute and unconditional, to pay
the principal of (and premium, if any) and interest on this Security at the times, place and rate,
and in the coin or currency, herein prescribed.

     As provided in the Indenture and subject to certain limitations therein set forth, the
transfer of this Security is registrable in the Security Register, upon surrender of this Security
for registration of transfer at the office or agency of the Company in any place where the
principal of (and premium, if any) and interest on this Security are payable, duly endorsed by, or
accompanied by a written instrument of transfer in form satisfactory to the Company and the
Security Registrar duly executed by, the Holder hereof or his or her attorney duly authorized in
writing, and thereupon one or more new Securities of this series and of like tenor of authorized
denominations and for the same aggregate principal amount, will be issued to the designated
transferee or transferees.

12

 

     The Securities of this series are issuable only in registered form without coupons in
denominations of $1,000 and any amount in excess thereof which is an integral multiple of $1,000.
As provided in the Indenture and subject to certain limitations therein set forth, Securities of
this series are exchangeable for a like aggregate principal amount of Securities of this series and
of like tenor of a different authorized denomination, as requested by the Holder surrendering the
same.

     No service charge shall be made for any such registration of transfer or exchange, but the
Company and the Trustee may require payment of a sum sufficient to cover any tax or other
governmental charge payable in connection therewith.

     Prior to due presentment of this Security for registration of transfer, the Company, the
Trustee and any agent of the Company or the Trustee may treat the Person in whose name this
Security is registered in the Security Register as the owner hereof for all purposes, whether or
not this Security be overdue, and neither the Company, the Trustee, nor any such agent shall be
affected by notice to the contrary.

     The Securities shall be governed by and construed in accordance with the laws of the State of
New York.

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

Section 2.04. Form of Trustee’s Certificate of Authentication.

     This is one of the Securities of the series designated herein and issued pursuant to the
within-mentioned Indenture.

	 	 	 	 	 
	Dated:	 	JPMorgan Chase Bank, N.A.
	 	 	as Trustee
	 
	 	 	 	 
	 

	 	By	 	 
	 

	 	 	 	 
	 

	 	 	 	Authorized Officer

Section 2.05. Form of Legend for Global Securities.

     Any Global Security authenticated and delivered hereunder shall bear a legend in substantially
the following form or such similar form as may be required by the Depositary:

     “This Security is a Global Security within the meaning of the Indenture hereinafter
referred to and is registered in the name of a Depositary or a nominee of a Depositary.
This Security is exchangeable for Securities registered in the name of a Person other than
the Depositary or its nominee only in the limited circumstances described in the Indenture,
and no transfer of this Security (other than a transfer of this Security as a whole by the
Depositary to a nominee of the Depositary or by a nominee of the Depositary to the
Depositary or another nominee of the Depositary) may be registered except in such limited
circumstances.”

ARTICLE THREE

The Securities

Section 3.01. Amount Unlimited; Issuable in Series.

     The aggregate principal amount of Securities which may be authenticated and delivered under
this Indenture is unlimited.

13

 

     The Securities may be issued in one or more series. There shall be established by or pursuant
to a Board Resolution and, subject to Section 3.03, set forth or determined in the manner provided
in an Officers’ Certificate or established in one or more indentures supplemental hereto, prior to
the initial issuance of Securities of any series,

     (1) the title of the Securities of the series (which shall distinguish the Securities
of the series from Securities of any other series);

     (2) any limit upon the aggregate principal amount of the Securities of the series which
may be authenticated and delivered under this Indenture (except for Securities authenticated
and delivered upon registration of transfer of, or in exchange for, or in lieu of, other
Securities of the series pursuant to Sections 3.04, 3.05, 3.06, 9.06 or 11.07 and except for
any Securities which, pursuant to Section 3.03, are deemed never to have been authenticated
and delivered hereunder);

     (3) the Person to whom any interest on a Security of the series shall be payable, if
other than the Person in whose name that Security (or one or more Predecessor Securities) is
registered at the close of business on the Regular Record Date for such interest;

     (4) the date or dates on which the principal or installments of principal of the
Securities of the series is payable and any rights to extend such date or dates;

     (5) the rate or rates at which the Securities of the series shall bear interest, if
any, or the formula pursuant to which such rate or rates shall be determined, the date or
dates from which such interest shall accrue, the Interest Payment Dates on which such
interest shall be payable and the Regular Record Date for the interest payable on any
Interest Payment Date;

     (6) the place or places where the principal of (and premium, if any) and interest on
Securities of the series shall be payable, any Securities of the series may be surrendered
for registration of transfer or exchange and notices and demands to or upon the Company with
respect to the Securities of the series and this Indenture may be served;

     (7) the period or periods within which, the price or prices at which and the terms and
conditions upon which Securities of the series may be redeemed, in whole or in part, at the
option of the Company;

     (8) the obligation, if any, of the Company to redeem or purchase Securities of the
series pursuant to any sinking fund or analogous provisions or at the option of a Holder
thereof and the period or periods within which, the price or prices at which and the terms
and conditions upon which Securities of the series shall be redeemed or purchased, in whole
or in part, pursuant to such obligation;

     (9) if other than denominations of $1,000 or any amount in excess thereof which is an
integral multiple of $1,000, the denominations in which Securities of the series shall be
issuable;

     (10) the currency, currencies or currency units in which payment of the principal of
and any premium and interest on any Securities of the series shall be payable if other than
the currency of the United States of America, the manner of determining the U.S. dollar
equivalent of the principal amount thereof for purposes of the definition of “Outstanding”
in Section 1.01, and, if the principal of or any premium or interest on any Securities of
the series is to be payable, at the election of the Company or a Holder thereof, in one or
more currencies or currency units other than that or those in which the Securities are
stated to be payable, the currency, currencies or currency units in which payment of the
principal of and any premium and interest on Securities of such series as to which such
election is made shall be payable, and the periods within which and the terms and conditions
upon which such election is to be made;

     (11) if the amount of payments of principal of and any premium and interest on any
Securities of the series may be determined with reference to an index, the manner in which
such amounts shall be determined;

14

 

     (12) any other event or events of default applicable with respect to Securities of the
series in addition to or in lieu of those provided in Section 5.01 (l)-(9);

     (13) if less, than the principal amount thereof, the portion of the principal amount of
Securities of the series which shall be payable upon declaration of acceleration of the
Maturity thereof pursuant to Section 5.02;

     (14) whether the Securities of the series shall be issued in whole or in part in the
form of one or more Global Securities and, if so, (a) the Depositary with respect to such
Global Security or Securities and (b) the circumstances under which any such Global Security
may be exchanged for Securities registered in the name of, and any transfer of such Global
Security may be registered to, a Person other than such Depositary or its nominee, if other
than as set forth in Section 3.05;

     (15) if applicable, that the Securities of the series, in whole or any specified part,
shall be defeasible pursuant to Section 4.03 and, if other than by a Board Resolution, the
manner in which any election by the Company to defease such Securities shall be evidenced;

     (16) the right, if any, of the Company to convert or exchange the Securities of such
series, or the obligation, if any, of the Company to permit the Securities of such series to
be converted into or exchanged, for common stock of the Company or other securities or
property of the Company or other securities or property of the Company and the terms and
conditions upon which such conversion or exchange shall be effected (including, without
limitation, the initial conversion price or rate, the conversion or exchange period, any
adjustment of the applicable conversion or exchange price or rate and any requirements
relative to the reservation of such shares for purposes of conversion or exchange);

     (17) if convertible or exchangeable, any applicable limitations on the ownership or
transferability of the securities or property into which such Securities are convertible or
exchangeable; and

     (18) any other terms of the series (which terms shall not be inconsistent with the
provisions of this Indenture, except as permitted by Section 9.01(5)).

     All Securities of any one series (other than Securities offered in a Periodic Offering) shall
be substantially identical except as to denomination and except as may otherwise be provided by or
pursuant to the Board Resolution referred to above and, subject to Section 3.03, set forth, or
determined in the manner provided, in the Officers’ Certificate referred to above or in any such
indenture supplemental hereto.

     If any of the terms of the series are established by action taken pursuant to a Board
Resolution, a copy of an appropriate record of such action shall be certified by the Secretary or
an Assistant Secretary of the Company and delivered to the Trustee at or prior to the delivery of
the Officers’ Certificate setting forth the terms of the series.

     With respect to Securities of a series offered in a Periodic Offering, such Board Resolution
and Officers Certificate or supplemental indenture may provide general terms or parameters for
Securities of such series and provide either that the specific terms of particular Securities of
such series shall be specified in a Company Order or that such terms shall be determined by the
Company or its agents in accordance with other procedures specified in a Company Order as
contemplated by the third paragraph of Section 3.03.

Section 3.02. Denominations.

     The Securities of each series shall be issued in registered form without coupons in such
denominations as shall be specified as contemplated by Section 3.01. In the absence of any such
provisions with respect to the Securities of any series, the Securities of such series shall be
issuable in denominations of $1,000 or any amount in excess thereof which is an integral multiple
of $1,000.

15

 

Section 3.03. Execution, Authentication, Delivery and Dating.

     The Securities shall be executed on behalf of the Company by its Chairman of the Board, its
President or one of its Vice Presidents, under its corporate seal affixed thereto or reproduced
thereon attested by its Secretary or one of its Assistant Secretaries. The signature of any of
these officers on the Securities may be manual or facsimile.

     Securities bearing the manual or facsimile signatures of individuals who were at any time the
proper officers of the Company shall bind the Company, notwithstanding that such individuals or any
of them have ceased to hold such offices prior to the authentication and delivery of such
Securities or did not hold such offices at the date of such Securities.

     At any time and from time to time after the execution and delivery of this Indenture, the
Company may deliver Securities of any series executed by the Company to the Trustee for
authentication, together with a Company Order for the authentication and delivery of such
Securities, or, in the case of Securities offered in a Periodic Offering, from time to time in
accordance with such other procedures acceptable to the Trustee as may be specified from time to
time by a Company Order for establishing the specific terms of particular Securities being so
offered, and the Trustee in accordance with the Company Order shall authenticate and deliver such
Securities. If the form or terms of the Securities of the series have been established by or
pursuant to one or more Board Resolutions as permitted by Sections 2.01 and 3.01, in authenticating
such Securities and accepting the additional responsibilities under this Indenture in relation to
such Securities, the Trustee shall be entitled to receive, and (subject to Section 6.01) shall be
fully protected in relying upon, an Opinion of Counsel stating:

     (a) that the form of such Securities has been established in conformity with the provisions of
this Indenture;

     (b) that the terms of such Securities have been established in conformity with the provisions
of this Indenture;

     (c) that such Securities, when authenticated and delivered by the Trustee and issued by the
Company in the manner and subject to any conditions specified in such Opinion of Counsel, will
constitute valid and legally binding obligations of the Company, enforceable in accordance with
their terms, subject to bankruptcy, insolvency, reorganization and other laws of general
applicability relating to or affecting the enforcement of creditors’ rights and to general equity
principles;

     (d) that authentication and delivery of such Securities and the execution and delivery of the
supplemental indenture, if any, by the Trustee will not violate the terms of the Indenture;

     (e) that the Company has the corporate power to issue such Securities, and has duly taken all
necessary corporate action with respect to such issuance; and

     (f) that the issuance of such Securities will not contravene the certificate of incorporation
or bylaws of the Company or result in any violation of any of the terms or provisions of any law or
regulation or of any indenture, mortgage or other agreement known to such Counsel by which the
Company is bound.

provided, however, that, with respect to Securities of a series offered in a Periodic Offering, the
Trustee shall be entitled to receive such Opinion of Counsel in connection only with the first
authentication of Securities of such series and that the opinions described in clauses (b) and (c)
above may state, respectively, that

     (1) if the terms of such Securities shall have been established pursuant to a Company
Order or pursuant to such procedures as may be specified from time to time by a Company
Order, all as contemplated by a Board Resolution or action taken pursuant thereto, such
terms will have been duly authorized by the Company and established in conformity with the
provisions of this Indenture; and

     (2) that such Securities, when executed by the Company, completed, authenticated and
delivered by the Trustee in accordance with this Indenture, and issued and delivered by the
Company and

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paid for, all in accordance with any agreement of the Company relating to the offering,
issuance and sale of such Securities, will constitute valid and legally binding obligations
of the Company, enforceable in accordance with their terms, subject to bankruptcy,
insolvency, reorganization, moratorium and other laws relating to or affecting generally the
enforcement of creditors’ rights and to general principles of equity.

     With respect to Securities of a series offered in a Periodic Offering, the Trustee may rely,
as to the authorization by the Company of any of such Securities, the form and terms thereof and
the legality, validity, binding effect and enforceability thereof, upon the Opinion of Counsel and
other documents delivered pursuant to Sections 2.01 and 3.01 and this Section 3.03, as applicable,
in connection with the first authentication of Securities of such series and it shall not be
necessary for the Company to deliver such Opinion of Counsel and other documents (except as may be
required by the specified other procedures, if any, referred to above) at or prior to the time of
authentication of each Security of such series issued subsequent to the first authentication of
Securities of such series unless and until the Trustee receives written notice from the Company
that such Opinion of Counsel or other documents have been superseded or revoked, and may assume
compliance with any conditions specified in such Opinion of Counsel (other than any conditions to
be performed by the Trustee). If such form or terms have been so established, the Trustee shall not
be required to authenticate such Securities if the issue of such Securities pursuant to this
Indenture will affect the Trustee’s own rights, duties or immunities under the Securities and this
Indenture or otherwise in a manner which is not reasonably acceptable to the Trustee.

     Each Security shall be dated the date of its authentication.

     No Security shall be entitled to any benefit under this Indenture or be valid or obligatory
for any purpose unless there appears on such Security a certificate of authentication substantially
in the form provided for herein executed by the Trustee by manual signature, and such certificate
upon any Security shall be conclusive evidence, and the only evidence, that such Security has been
duly authenticated and delivered hereunder and is entitled to the benefits of this Indenture.
Notwithstanding the foregoing, if any Security shall have been authenticated and delivered
hereunder but never issued and sold by the Company, and the Company shall deliver such Security to
the Trustee for cancellation as provided in Section 3.09 together with a written statement (which
need not comply with Section 1.02 and need not be accompanied by an Opinion of Counsel) stating
that such Security has never been issued and sold by the Company, for all purposes of this
Indenture such Security shall be deemed never to have been authenticated and delivered hereunder
and shall never be entitled to the benefits of this Indenture.

Section 3.04. Temporary Securities.

     Pending the preparation of definitive Securities of any Series, the Company may execute, and
upon Company Order the Trustee shall authenticate and deliver, temporary Securities which are
printed, lithographed, typewritten, mimeographed or otherwise produced, in any authorized
denomination, substantially of the tenor of the definitive Securities in lieu of which they are
issued and with such appropriate insertions, omissions, substitutions and other variations the
officers executing such Securities may determine, as evidenced by their execution of such
Securities.

     If temporary Securities of any series are issued, the Company will cause definitive Securities
of that series to be prepared without unreasonable delay. After the preparation of definitive
Securities of such series, the temporary Securities of such series shall be exchangeable for
definitive Securities of like tenor of such series upon surrender of the temporary Securities of
such series at the office or agency of the Company in a Place of Payment for that series, without
charge to the Holder. Upon surrender for cancellation of any one or more temporary Securities of
any series the Company shall execute and the Trustee shall authenticate and deliver in exchange
therefor a like principal amount of definitive Securities of the same series and of like tenor and
of any authorized denominations. Until so exchanged the temporary Securities of any series shall in
all respects be entitled to the same benefits under this Indenture as definitive Securities of such
series and tenor.

Section 3.05. Registration, Registration of Transfer and Exchange.

     The Company shall cause to be kept at the Corporate Trust Office of the Trustee a register
(the “Security Register”) in which, subject to such reasonable regulations as it may prescribe, the
Company shall provide for the

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registration of Securities and of transfers of Securities. The Trustee is hereby appointed
“Security Registrar” for the purpose of registering Securities and transfers of Securities as
herein provided.

     Upon surrender for registration of transfer of any Security of any series at the office or
agency of the Company in any Place of Payment for such series, the Company shall execute and the
Trustee shall authenticate and deliver (in the name of the designated transferee or transferees)
one or more new Securities of the same series, of any authorized denominations and of a like
aggregate principal amount and tenor.

     At the option of the Holder, Securities of any series may be exchanged for other Securities of
the same series, of any authorized denominations and of a like aggregate principal amount and
tenor, upon surrender of the Securities to be exchanged at the office or agency of the Company in
any Place of Payment for such series. Whenever any Securities are so surrendered for exchange, the
Company shall execute, and the Trustee shall authenticate and deliver, the Securities which the
Holder making the exchange is entitled to receive.

     All Securities issued upon any registration of transfer or exchange of Securities shall be the
valid obligations of the Company, evidencing the same debt and entitled to the same benefits under
this Indenture as the Securities surrendered upon such registration of transfer or exchange.

     Every Security presented or surrendered for registration of transfer or for exchange shall (if
so required by the Company or the Trustee) be duly endorsed, or be accompanied by a written
instrument of transfer in form satisfactory to the Company and the Security Registrar duly
executed, by the Holder thereof or his attorney duly authorized in writing.

     No service charge shall be made for any registration of transfer or exchange of Securities,
but the Company or the Trustee may require payment of a sum sufficient to cover any tax or other
governmental charge that may be imposed in connection with any registration of transfer or exchange
of Securities, other than exchanges pursuant to Section 3.04, 9.06 or 11.07 not involving any
transfer.

     The Company may but shall not be required (i) to issue, register the transfer of or exchange
Securities of any series during a period beginning at the opening of business 15 days before the
day of the mailing of a notice of redemption of Securities of that series selected for redemption
under Section 11.03 and ending at the close of business on the day of such mailing, or (ii) to
register the transfer of or exchange any Security so selected for redemption in whole or in part,
except the unredeemed portion of any Security being redeemed in part.

     Notwithstanding the foregoing, except as otherwise specified as contemplated by Section 3.01,
any Global Security shall be exchangeable pursuant to this Section 3.05 for Securities registered
in the name of Persons other than the Depositary for such Security or its nominee only if (i) such
Depositary notifies the Company that it is unwilling or unable to continue as Depositary for such
Global Security or if at any time such Depositary ceases to be a clearing agency registered under
the Exchange Act, (ii) the Company executes and delivers to the Trustee a Company Order that such
Global Security shall be so exchangeable or (iii) there shall have occurred and be continuing an
Event of Default with respect to the Securities of such series. Upon the occurrence in respect of
any Global Security of any series of any one or more of the conditions specified in clauses (i),
(ii) or (iii) of the preceding sentence or such other conditions as may be specified as
contemplated by Section 3.01 for such series, such Global Security may be exchanged for Securities
not bearing the legend specified in Section 2.05 and registered in the names of such Persons as may
be specified by the Depositary (including Persons other than the Depositary).

     Notwithstanding any other provision of this Indenture, a Global Security may not be
transferred except as a whole by the Depositary for such Global Security to a nominee of such
Depositary or by a nominee of such Depositary to such Depositary or another nominee of such
Depositary.

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Section 3.06. Mutilated, Destroyed, Lost and Stolen Securities.

     If any mutilated Security is surrendered to the Trustee, the Company shall execute and the
Trustee shall authenticate and deliver in exchange therefor a new Security of the same series and
of like tenor and principal amount.

     If there shall be delivered to the Company and the Trustee (i) evidence to their satisfaction
of the destruction, loss or theft of any Security and (ii) such security or indemnity as may be
required by them to save each of them and any agent of either of them harmless, then, in the
absence of notice to the Company or the Trustee that such Security has been acquired by a protected
purchaser, the Company shall execute and upon its written request the Trustee shall authenticate
and deliver, in lieu of any such destroyed, lost or stolen Security, a new Security of the same
series and of like tenor and principal amount and bearing a number not contemporaneously
outstanding.

     In case any such mutilated, destroyed, lost or stolen Security has become or is about to
become due and payable, the Company in its discretion may, instead of issuing a new Security, pay
such Security.

     Upon the issuance of any new Security under this Section, the Company may require the payment
of a sum sufficient to cover any tax or other governmental charge that may be imposed in relation
thereto and any other expenses (including the fees and expenses of the Trustee) connected
therewith.

     Every new Security of any series issued pursuant to this Section in lieu of any destroyed,
lost or stolen Security shall constitute an original additional contractual obligation of the
Company, whether or not the destroyed, lost or stolen Security shall be at any time enforceable by
anyone, and shall be entitled to all the benefits of this Indenture equally and proportionately
with any and all other Securities of that series duly issued hereunder.

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

Section 3.07. Payment of Interest; Interest Rights Preserved.

     Unless otherwise provided as contemplated by Section 3.01 with respect to any series of
Securities, interest on any Security which is payable, and is punctually paid or duly provided for,
on any Interest Payment Date shall be paid to the Person in whose name that Security (or one or
more Predecessor Securities) is registered in the Security Register at the close of business on the
Regular Record Date for such Interest Payment Date.

     Any interest on any Security of any series which is payable but is not punctually paid or duly
provided for on any Interest Payment Date (herein called
“Defaulted Interest”), shall
forthwith cease to be payable to the Holder on the relevant Regular Record Date by virtue of having
been such Holder, and such Defaulted Interest may be paid by the Company, at its election in each
case, as provided in Clause (1) or (2) below:

     (1) The Company may elect to make payment of any Defaulted Interest to the Persons in
whose names the Securities of such series (or their respective Predecessor Securities) are
registered at the close of business on a Special Record Date for the payment of such
Defaulted Interest, which shall be fixed in the following manner. The Company shall notify
the Trustee in writing of the amount of Defaulted Interest proposed to be paid on each
Security of such series and the date of the proposed payment, and at the same time the
Company shall deposit with the Trustee an amount of money equal to the aggregate amount
proposed to be paid in respect of such Defaulted Interest or shall make arrangements
satisfactory to the Trustee for such deposit prior to the date of the proposed payment, such
money when deposited to be held in trust for the benefit of the Persons entitled to such
Defaulted Interest as in this Clause provided. Thereupon the Trustee shall fix a Special
Record Date for the payment of such Defaulted Interest which shall be not more than 15 days
and not less than 10 days prior to the date of the proposed payment and not less than 10
days after the receipt by the Trustee of the notice of the proposed payment. The Trustee
shall promptly notify the Company of such Special Record Date and, in the name and at the
expense of the Company, shall cause notice of the proposed payment of such Defaulted
Interest and the Special Record Date therefor to be mailed, first-class postage prepaid, to
each Holder of Securities of such series at his or

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her address as it appears in the Security Register not less than 10 days prior to such
Special Record Date. Notice of the proposed payment of such Defaulted Interest and the
Special Record Date therefor having been so mailed, such Defaulted Interest shall be paid to
the Persons in whose names the Securities of such series (or their respective Predecessor
Securities) are registered at the close of business on such Special Record Date and shall no
longer be payable pursuant to the following Clause (2).

     (2) The Company may make payment of any Defaulted Interest on the Securities of any
series in any other lawful manner not inconsistent with the requirements of any securities
exchange on which such Securities may be listed, and upon such notice as may be required by
such exchange, if, after notice given by the Company to the Trustee of the proposed payment
pursuant to this Clause, such manner of payment shall be deemed practicable by the Trustee.

     Subject to the foregoing provisions of this Section, each Security delivered under this
Indenture upon registration of transfer of, or in exchange for, or in lieu of, any other Security
shall carry the rights to interest accrued and unpaid, and to accrue, which were carried by such
other Security.

Section 3.08. Persons Deemed Owners.

     Prior to due presentment of a Security for registration of transfer, the Company, the Trustee
and any agent of the Company or the Trustee may treat the Person in whose name such Security is
registered in the Security Register as the owner of such Security for the purpose of receiving
payment of principal of (and premium, if any) and (subject to Section 3.07) interest on such
Security and for all other purposes whatsoever, whether or not such Security be overdue, and
neither the Company, the Trustee nor any agent of the Company or the Trustee shall be affected by
notice to the contrary.

     No holder of any beneficial interest in any Global Security held on its behalf by a Depositary
(or its nominee) shall have any rights under this Indenture with respect to such Global Security or
any Security represented thereby, and such Depositary may be treated by the Company, the Trustee,
and any agent of the Company or the Trustee as the owner of such Global Security or any Security
represented thereby for all purposes whatsoever. Notwithstanding the foregoing, with respect to any
Global Security, nothing herein shall prevent the Company, the Trustee, or any agent of the Company
or the Trustee, from giving effect to any written certification, proxy or other authorization
furnished by a Depositary or impair, as between a Depositary and such holders of beneficial
interests, the operation of customary practices governing the exercise of the rights of the
Depositary (or its nominee) as Holder of any Security.

Section 3.09. Cancellation.

     All Securities surrendered for payment, redemption, registration of transfer or exchange or
for credit against any sinking fund payment shall, if surrendered to any Person other than the
Trustee, be delivered to the Trustee and shall be promptly cancelled by it. The Company may at any
time deliver to the Trustee for cancellation any Securities previously authenticated and delivered
hereunder which the Company may have acquired in any manner whatsoever, and may deliver to the
Trustee (or to any other Person for delivery to the Trustee) for cancellation any Securities
previously authenticated hereunder which the Company has not issued and sold, and all Securities so
delivered shall be promptly cancelled by the Trustee. No Securities shall be authenticated in lieu
of or in exchange for any Securities cancelled as provided is this Section, except as expressly
permitted by this Indenture. All cancelled Securities held by the Trustee shall be destroyed in
accordance with the Trustee’s customary procedures unless otherwise directed by a Company Order.

Section 3.10. Computation of Interest.

     Except as otherwise specified as contemplated by Section 3.01 for Securities of any series,
interest on the Securities of each series shall be computed on the basis of a 360-day year of
twelve 30-day months.

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Section 3.11. Payment to be in Proper Currency.

     In the case of any Securities denominated in any currency (the “Required Currency”) other than
United States Dollars, except as otherwise provided therein, the obligation of the Company to make
any payment of principal, premium or interest thereon shall not be discharged or satisfied by any
tender by the Company, or recovery by the Trustee, in any currency other than the Required
Currency, except to the extent that such tender or recovery shall result in the Trustee timely
holding the full amount of the Required Currency then due and payable. If any such tender or
recovery is in a currency other than the Required Currency, the Trustee may take such actions as it
considers appropriate to exchange such currency for the Required Currency. The costs and risks of
any such exchange, including without limitation the risks of delay and exchange rate fluctuation,
shall be borne by the Company, the Company shall remain fully liable for any shortfall or
delinquency in the full amount of Required Currency then due and payable, and in no circumstances
shall the Trustee be liable therefor except in the case of its negligence or willful misconduct.
The Company hereby waives any defense of payment based upon any such tender or recovery which is
not in the Required Currency, or which, when exchanged for the Required Currency by the Trustee, is
less than the full amount of Required Currency then due and payable.

ARTICLE FOUR

Satisfaction and Discharge

Section 4.01. Satisfaction and Discharge of Indenture.

     This Indenture shall upon Company Request cease to be of further effect (except as to any
surviving rights of registration of transfer or exchange of Securities herein expressly provided
for), and the Trustee, at the expense of the Company, shall execute proper instruments
acknowledging satisfaction and discharge of this Indenture, when

     (1) either:

     (A) all Securities theretofore authenticated and delivered (other than (i)
Securities which have been destroyed, lost or stolen and which have been replaced or
paid as provided in Section 3.06 and (ii) Securities for whose payment money has
theretofore been deposited in trust or segregated and held in trust by the Company
and thereafter repaid to the Company or discharged from such trust, as provided in
Section 10.03) have been delivered to the Trustee for cancellation; or

     (B) all such Securities not theretofore delivered to the Trustee for
cancellation

     (i) have become due and payable, or

     (ii) will become due and payable at their Stated Maturity within one
year, or

     (iii) are to be called for redemption within one year under
arrangements satisfactory to the Trustee for the giving of notice of
redemption by the Trustee in the name, and at the expense, of the Company,

and the Company, in the case of (i), (ii) or (iii) above, has deposited or caused to be
deposited with the Trustee as trust funds in trust for the purpose an amount, in the
currency in which such Securities are payable, sufficient to pay and discharge the entire
indebtedness on such Securities not theretofore delivered to the Trustee for cancellation,
for principal (and premium, if any) and interest to the date of such deposit (in the case
of Securities which have become due and payable) or to the respective Stated Maturity or
Redemption Date, as the case may be;

     (2) the Company has paid or caused to be paid all other sums payable hereunder by the
Company; and

21

 

     (3) the Company has delivered to the Trustee an Officers’ Certificate and an Opinion of
Counsel, each stating that all conditions precedent herein provided for relating to the
satisfaction and discharge of this Indenture have been complied with.

     Notwithstanding the satisfaction and discharge of this Indenture, the obligations of the
Company to the Trustee under Section 6.07, and, if money shall have been deposited with the Trustee
pursuant to subclause (B) of clause (1) of this Section, the obligations of the Trustee under
Section 4.02 and the last paragraph of Section 10.03 shall survive.

Section 4.02. Application of Trust Money.

     Subject to provisions of the last paragraph of Section 10.03, all money deposited with the
Trustee pursuant to Sections 4.01 and 4.03 shall be held in trust and applied by it, in accordance
with the provisions of the Securities and this Indenture, to the payment, either directly or
through any Paying Agent (including the Company acting as its own Paying Agent) as the Trustee may
determine, to the Persons entitled thereto, of the principal (and premium, if any) and interest for
whose payment such money has been deposited with the Trustee but such money need not be segregated
from other funds except to the extent required by law.

Section 4.03. Satisfaction, Discharge and Defeasance of Securities of Any Series.

     If this Section 4.03 is specified, as contemplated by Section 3.01, to be applicable to the
Securities of any series, the Company shall be deemed to have paid and discharged the entire
indebtedness on all the Securities of any such series at the time Outstanding, and, upon Company
Request, the Trustee for the series, at the expense of the Company, shall execute proper
instruments supplied by the Company acknowledging satisfaction, discharge and defeasance of such
indebtedness, when

     (1) either

     (A) with respect to all Securities of such series at the time Outstanding, the
Company shall have deposited or caused to be deposited irrevocably with the Trustee
as trust funds in trust, (i) in the case of Securities denominated in a Foreign
Currency, money in such Foreign Currency or such Foreign Government Obligations (as
defined below) of the government or governments issuing such Foreign Currency or a
combination thereof, or (ii) in the case of Securities denominated in U.S. dollars,
U.S. dollars or U.S. Government Obligations (as defined below) or a combination
thereof, in each case, in an amount which, or which through the payment of interest,
principal and premium, if any, in respect thereof in accordance with their terms
will provide (without any reinvestment of such interest, principal or premium), not
later than one Business Day before the due date of any payment in respect of the
Securities for such series, money in an amount sufficient (in the case of a deposit
including any U.S. Government Obligations or Foreign Government Obligations in the
opinion of a nationally recognized firm of independent public accountants expressed
in a written certification thereof delivered to such Trustee two Business Days prior
to the time of such deposit) to pay and discharge each installment of principal of
(including any mandatory sinking fund payments), premium, if any, and interest on,
the Outstanding Securities of such series on the dates such installments of
principal (and premium, if any), and interest are due or the Stated Maturity or date
of redemption of such series, if applicable; or

     (B) the Company has properly fulfilled such other means of satisfaction and
discharge as is specified, as contemplated by Section 3.01, to be applicable to the
Securities of such series;

     (2) the Company shall have delivered to the Trustee an Officers’ Certificate certifying
as to whether the Securities of such series are then listed on any securities exchange,
including the Nasdaq Stock Market;

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     (3) if the Securities of such series are then listed on any securities exchange,
including the Nasdaq Stock Market, the Company shall have delivered to the Trustee an
Opinion of Counsel to the effect that the Company’s exercise of its option under this
Section would not cause such Securities to be delisted;

     (4) no Event of Default or event (including such deposit) which, with notice or lapse
of time, or both, would become an Event of Default with respect to the Securities of such
series shall have occurred and be continuing on the date of such deposit or, with regard to
any such event specified in Sections 5.01(6) and 5.01(7), at any time on or prior to the
90th day after the date of such deposit (it being understood that this condition shall not
be deemed satisfied until after such 90th day) as evidenced to such Trustee in an Officers’
Certificate delivered to such Trustee concurrently with such deposit;

     (5) the Company shall have paid or caused to be paid all other sums payable with
respect to the Securities of such series at the time outstanding;

     (6) such deposit will not result in a breach or violation of, or constitute a default
under, this Indenture or any other agreement or instrument to which the Company is a party
or by which it is bound;

     (7) the Company shall have delivered to the Trustee an Opinion of Counsel stating that
(a) the Company has received from, or there has been published by, the Internal Revenue
Service a ruling or (b) since the date of this instrument, there has been a change in the
applicable Federal income tax law, in either case (a) or (b) to the effect that, and based
thereon such opinion shall confirm that, the Holders of such Securities will not recognize
gain or loss for Federal income tax purposes as a result of the deposit, defeasance and
discharge to be effected with respect to such Securities and will be subject to Federal
income tax on the same amount and in the manner and at the same times as would have been the
case if such option had not been exercised, and, in the case of the Securities of such
series being discharged, accompanied by a ruling to that effect received from, or published
by, the Internal Revenue Service;

     (8) the Company shall have delivered to the Trustee for the series an Officers’
Certificate and an Opinion of Counsel, each stating that such satisfaction, discharge and
defeasance is authorized or permitted by this Indenture and that all conditions precedent
herein provided for relating to the satisfaction, discharge and defeasance of the entire
indebtedness on all Securities of any such series at the time Outstanding have been complied
with; and

     (9) the Company has delivered to the Trustee an Opinion of Counsel to the effect that
immediately following the deposit described in clause (1) above neither the Company nor the
Trust held by the Trustee shall be an “investment company” or a company “controlled” by an
“investment company” within the meaning of the Investment Company Act of 1940.

     “U.S. Government Obligations” means securities that are (i) direct obligations of the United
States of America for the payment of which its full faith and credit is pledged or (ii) obligations
of a person controlled or supervised by and acting as an agency or instrumentality of the United
States of America the payment of which is unconditionally guaranteed as a full faith and credit
obligation by the United States of America, which, in either case, under clauses (i) or (ii) are
not callable or redeemable at the option of the issuer thereof.

     “Foreign Government Obligations” means securities denominated in a Foreign Currency that are
(i) direct obligations of a foreign government for the payment of which its full faith and credit
is pledged or (ii) obligations of a Person controlled or supervised by and acting as an agency or
instrumentality of a foreign government the payment of which is unconditionally guaranteed as a
full faith and credit obligation by such foreign government, which, in either case, under clauses
(i) or (ii) are not callable or redeemable at the option of the issuer thereof.

     Any deposits with the Trustee for the series referred to in Sections 4.01 and 4.03(l)(A) above
shall be irrevocable and shall be made under the terms of an escrow trust agreement in form and
substance reasonably satisfactory to the Trustee. If any Securities of a series with respect to
which a deposit has been made pursuant to
Sections 4.01 and 4.03(l)(A) at the time outstanding are to be redeemed prior to their Stated
Maturity, whether pursuant to any optional redemption provisions or in accordance with any
mandatory sinking fund requirement, the

23

 

applicable escrow trust agreement shall provide therefor
and the Company shall make such arrangements as are satisfactory to the Trustee for the series for
the giving of notice of redemption by the Trustee for the series in the name, and at the expense,
of the Company. If the Securities of such series are not to become due and payable at their Stated
Maturity or upon call for redemption within one year of the date of deposit, then the Company shall
give, promptly after the date of such deposit, notice of such deposit to the Holders of Securities
of such series.

     Upon the satisfaction of the conditions set forth in this Section 4.03 with respect to all the
Securities of any series at the time Outstanding, the terms and conditions of such series,
including the terms and conditions with respect thereto set forth in this Indenture, shall no
longer be binding upon, or applicable to, the Company (except as to any surviving rights of
conversion or registration of transfer or exchange and rights relating to mutilated, destroyed,
lost and stolen Securities pursuant to Section 3.06 of Securities of such series expressly provided
for herein or in the form of Security of such series); provided, that the Company shall not be
discharged from any payment obligations in respect of Securities of such series which are deemed
not to be Outstanding under clause (iii) of the definition thereof if such obligations continue to
be valid obligations of the Company under applicable law; and provided, further, that in the event
a petition for relief under the Bankruptcy Reform Act of 1978 or a successor statute is filed with
respect to the Company within 91 days after the deposit, the entire indebtedness on all Securities
of such series shall not be discharged and in such event the Trustee shall return such deposited
funds or obligations as it is then holding to the Company on Company Request.

Section 4.04. Repayment to Company.

     After the payment in full of the entire indebtedness of a series of Securities with respect to
which a deposit has been made with the Trustee pursuant to Section 4.03, such Trustee and any
Paying Agent for such series shall upon Company Request promptly return to the Company any money,
U.S. Government Obligations or Foreign Government Obligations held by them that are not required
for the payment of the principal of (and premium, if any), and interest on the Securities of such
series.

Section 4.05. Reinstatement.

     If the Trustee is unable to apply any money, U.S. Government Obligations or Foreign Government
Obligations in accordance with Section 4.03 by reason of any legal proceeding or by reason of any
order or judgment of any court or governmental authority enjoining, restraining or otherwise
prohibiting such application, the Company’s obligations under this Indenture and the Securities
shall be revived and reinstated as though no deposit had occurred pursuant to Section 4.03 until
such time as the Trustee is permitted to apply all such money, U.S. Government Obligations or
Foreign Government Obligations in accordance with Section 4.03.

ARTICLE FIVE

Remedies

Section 5.01. Events of Default.

     “Event of Default”, wherever used herein with respect to Securities of any series, and unless
otherwise provided with respect to Securities of any series pursuant to Section 3.01(12), means any
one of the following events (whatever the reason for such Event of Default and whether it shall be
voluntary or involuntary or be effected by operation of law or pursuant to any judgment, decree or
order of any court or any order, rule or regulation of any administrative or governmental body):

     (1) default in the payment of any interest upon any Security of that series when it
becomes due and payable, and continuance of such default for a period of 30 days;

     (2) default in the payment of the principal of (or premium, if any, on) any Security of
that series at its Maturity;

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     (3) default in the deposit of any sinking fund payment, when and as due by the terms of
a Security of that series;

     (4) default in the performance, or breach, of any covenant or warranty of the Company
in this Indenture (other than a covenant or warranty a default in whose performance or whose
breach is elsewhere in this Section specifically dealt with or which has expressly been
included in this Indenture solely for the benefit of series of one or more Securities other
than that series), and continuance of such default or breach for a period of 60 days after
there has been given, by registered or certified mail, to the Company by the Trustee or to
the Company and the Trustee by the Holders of at least 25% in aggregate principal amount of
the Outstanding Securities of that series a written notice specifying such default or breach
and requiring it to be remedied and stating that such notice is a “Notice of Default”
hereunder;

     (5) an event of default, as defined in any indenture or instrument under which the
Company or the Principal Subsidiary Bank has at the date of this Indenture or shall
hereafter have outstanding any indebtedness for borrowed money in an aggregate principal
amount exceeding $5,000,000, shall happen and be continuing and such indebtedness shall
either have become due and payable by its terms but not been paid or shall have been
accelerated so that the same shall be or become due and payable prior to the date on which
the same would otherwise have become due and payable and such payment default shall not be
cured or such acceleration shall not be rescinded or annulled within 60 days after there has
been given, by registered or certified mail, to the Company by the Trustee or to the Company
and the Trustee by the Holders of at least 25% in aggregate principal amount of the
Outstanding Securities of that series a written notice specifying such default or breach and
requiring it to be remedied and stating that such notice is a “Notice of Default” hereunder,
provided, however, that if, prior to a declaration of acceleration of the Maturity of the
Securities of any series or the entry of judgment in favor of the Trustee in a suit pursuant
to Section 5.03, such event of default under such indenture or instrument shall be remedied
or cured by the Company or such Principal Subsidiary Bank or waived by the holders of such
indebtedness, then the Event of Default hereunder by reason thereof shall be deemed likewise
to have been thereupon remedied, cured or waived without further action upon the part of
either the Trustee or any of the Holders of Securities of such series;

     (6) the entry by a court having jurisdiction in the premises of (A) a decree or order
for relief in respect of the Company in an involuntary case or proceeding under any
applicable Federal or state bankruptcy, insolvency, reorganization or other similar law or
(B) a decree or order adjudging the Company bankrupt or insolvent, or approving as properly
filed, a petition seeking reorganization, arrangement, adjustment or composition of or in
respect of the Company under any applicable Federal or State law, or appointing a custodian,
receiver, liquidator, assignee, trustee, sequestrator or other similar official of the
Company or of any substantial part of its property, or ordering the winding up or
liquidation of its affairs, and the continuance of any such decree or order for relief or
any such other decree or order unstayed and in effect for a period of 60 consecutive days;

     (7) the commencement by the Company of a voluntary case or proceeding under any
applicable Federal or state bankruptcy, insolvency, reorganization or other similar law or
of any other case or proceeding to be adjudicated bankrupt or insolvent, or the consent by
it to the entry of a decree or order for relief in respect of the Company in an involuntary
case or proceeding under any applicable Federal or state bankruptcy, insolvency,
reorganization or other similar law or to the commencement of any bankruptcy or insolvency
case or proceeding against it, or the filing by it of a petition or answer or consent
seeking reorganization or relief under any applicable Federal or State law, or the consent
by it to the filing of such petition or to the appointment of or taking possession by a
custodian, receiver, liquidator, assignee, trustee, sequestrator or other similar official
of the Company or of any substantial part of its property, or the making by it of an
assignment for the benefit of creditors, or the admission by it in writing of its inability
to pay its debts generally as they become due, or the taking of corporate action by the
Company in furtherance of any such action;

     (8) (A) the appointment by the Federal Deposit Insurance Corporation (or other
competent government agency having primary regulatory authority over the Principal
Subsidiary Bank) under any applicable Federal or state banking, insolvency or other similar
law now or hereafter in effect of a receiver,

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conservator or other similar official for the Principal Subsidiary Bank or for all or
substantially all of its assets or (B) the entry of a decree or order in any case or
proceeding under any applicable Federal or state banking, insolvency or other similar law
now or hereafter in effect adjudging the Principal Subsidiary Bank insolvent or bankrupt, or
appointing any receiver, conservator or other similar official for the Principal Subsidiary
Bank or for all or substantially all of its assets, or ordering the winding up or
liquidation of its affairs;

     (9) (A) the filing by the Principal Subsidiary Bank with the Federal Deposit Insurance
Corporation (or other competent government agency having primary regulatory authority over
the Principal Subsidiary Bank) of a notice of voluntary liquidation or other similar action
under any applicable Federal or state banking, insolvency or other similar law now or
hereafter in effect or (B) the commencement by the Principal Subsidiary Bank of any case or
proceeding under any applicable Federal or state banking, insolvency or other similar law
now or hereafter in effect to be adjudicated insolvent or bankrupt or seeking the
appointment of a receiver, conservator or other similar official for the Principal
Subsidiary Bank or for all or substantially all of its assets, or the consent by the
Principal Subsidiary Bank to the entry of a decree or order in any case or proceeding under
Federal or state banking, insolvency or other similar laws adjudging the Principal
Subsidiary Bank insolvent or bankrupt, or appointing any receiver, conservator or other
similar official for the Principal Subsidiary Bank or for all or substantially all of its
assets, or ordering the winding up or liquidation of its affairs, or the taking of any
corporate action by the Principal Subsidiary Bank in furtherance of such action, or

     (10) any other Event of Default provided with respect to Securities of that series.

Section 5.02. Acceleration of Maturity; Rescission and Annulment.

     If an Event of Default (other than an Event of Default specified in Sections 5.01(6) or
5.01(7)) with respect to Outstanding Securities of any series occurs and is continuing, then and in
every such case the Trustee or the Holders of not less than 25% in aggregate principal amount of
the Outstanding Securities of that series may declare the principal amount (or, if any of the
Securities of that series are Original Issue Discount Securities, such lesser portion of the
principal amount of such Securities as may be specified in the terms thereof) of all of the
Securities of that series to be due and payable immediately, by a notice in writing to the Company
(and to the Trustee if given by Holders), and upon any such declaration such principal amount (or
specified portion thereof) shall become immediately due and payable. If an Event of Default
specified in Sections 5.01(6) or 5.01(7) with respect to Securities of any series at the time
Outstanding occurs, the principal amount of all the Securities of that series (or, if any
Securities of that series are Original Issue Discount Securities, such portion of the principal
amount of such Securities as may be specified by the terms thereof) shall automatically, and
without any declaration or other action on the part of the Trustee or any Holder, become
immediately due and payable.

     At any time after such a declaration of acceleration with respect to Outstanding Securities of
any series has been made and before a judgment or decree for payment of the money due has been
obtained by the Trustee as hereinafter in this Article provided, the Holders of a majority in
aggregate principal amount of the Outstanding Securities of that series, by written notice to the
Company and the Trustee, may rescind and annul such declaration and its consequences if,

     (1) the Company has paid or deposited with the Trustee a sum sufficient to pay:

     (A) all overdue interest on all Securities of that series,

     (B) the principal of (and premium, if any,) on any Securities of that series
which have become due otherwise than by such declaration of acceleration and
interest thereon at the rate or rates prescribed therefor in such Securities,

     (C) to the extent that payment of such interest is lawful, interest upon
overdue interest at the rate or rates prescribed therefor in such Securities, and

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     (D) all sums paid or advanced by the Trustee hereunder and the reasonable
compensation, expenses, disbursements and advances of the Trustee, its agents and
counsel, and any other amounts due the Trustee under Section 6.07;

and

     (2) all Events of Default with respect to Securities of that series, other than the
non-payment of the principal of Securities of that series which have become due solely by
such declaration of acceleration, have been cured or waived as provided in Section 5.13.

No such rescission shall affect any subsequent default or impair any right consequent thereon.

Section 5.03. Collection of Indebtedness and Suits for Enforcement by Trustee.

The Company covenants that if,

     (1) default is made in the payment of any interest on any Security when such interest
becomes due and payable and such default continues for a period of 30 days, or

     (2) default is made in the payment of the principal of (or premium, if any, on) any
Security at the Maturity thereof,

the Company will, upon demand of the Trustee, pay to it, for the benefit of the Holders of such
Securities, the whole amount then due and payable on such Securities for principal (and premium, if
any) and interest and, to the extent that payment of such interest shall be legally enforceable,
interest on any overdue principal (and premium, if any) and on any overdue interest, at the rate or
rates prescribed therefor in such Securities, and, in addition thereto, such further amount as
shall be sufficient to cover the costs and expenses of collection, including the reasonable
compensation, expenses, disbursements and advances of the Trustee, its agents and counsel.

     If the Company fails to pay such amounts forthwith upon such demand, the Trustee, in its own
name and as trustee of an express trust, may institute a judicial proceeding for the collection of
the sums so due and unpaid, may prosecute such proceeding to judgment or final decree and may
enforce the same against the Company or any other obligor upon such Securities and collect the
moneys adjudged or decreed to be payable in the manner provided by law out of the property of the
Company or any other obligor upon such Securities, wherever situated.

     If an Event of Default with respect to Securities of any series occurs and is continuing, the
Trustee may in its discretion proceed to protect and enforce its rights and the rights of the
Holders of Securities of such series by such appropriate judicial proceedings as the Trustee shall
deem most effectual to protect and enforce any such rights, whether for the specific enforcement of
any covenant or agreement in this Indenture or in aid of the exercise of any power granted herein,
or to enforce any other proper remedy.

Section 5.04. Trustee May File Proofs of Claim.

     In case of the pendency of any receivership, insolvency, liquidation, bankruptcy,
reorganization. arrangement, adjustment, composition or other judicial proceeding relative to the
Company or any other obligor upon the Securities or the property of the Company or of such other
obligor or their creditors, the Trustee (irrespective of whether the principal of the Securities
shall then be due and payable as therein expressed or by declaration or otherwise and irrespective
of whether the Trustee shall have made any demand on the Company for the payment of overdue
principal or interest) shall be entitled and empowered, by intervention in such proceeding or
otherwise,

     (i) to file and prove a claim for the whole amount of principal (and premium, if any)
or such portion of the principal amount of any series of Original Issue Discount Securities
a may be specified in the terms of such series and interest owing and unpaid in respect of
the Securities and to file such other papers or documents as may be necessary or advisable
in order to have the claims of the Trustee (including any

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claim for the reasonable compensation, expenses, disbursements and advances of the
Trustee, its agents and counsel, and any other amounts due the Trustee under Section 6.07)
and of the Holders allowed in such judicial proceeding, and

     (ii) to collect and receive any moneys or other property payable or deliverable on any
such claims and to distribute the same;

and any custodian, receiver, assignee, trustee. liquidator, sequestrator or other similar official
in any such judicial proceeding is hereby authorized by each Holder to make such payments to the
Trustee and, in the event that the Trustee shall consent to the making of such payments directly to
the Holders, to pay to the Trustee any amount due it for the reasonable compensation, expenses,
disbursements and advances of the Trustee, its agents and counsel, and any other amounts due the
Trustee under Section 6.07.

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

Section 5.05. Trustee May Enforce Claims Without Possession of Securities.

     All rights of action and claims under this Indenture or the Securities may be prosecuted and
enforced by the Trustee without the possession of any of the Securities or the production thereof
in any proceeding relating thereto, and any such proceeding instituted by the Trustee shall be
brought in its own name as trustee of an express trust, and any recovery of judgment shall, after
provision for the payment of the reasonable compensation, expenses. disbursements and advances of
the Trustee, its agents and counsel, and for any other amounts due the Trustee under Section 6.07,
be for the ratable benefit of the Holders of the Securities in respect of which such judgment has
been recovered.

     In any proceedings brought by the Trustee (and also any proceedings involving the
interpretation of any provision of this Indenture to which the Trustee shall be party) the Trustee
shall be held to represent all the Holders of the Securities in respect of which such action was
taken, and it shall not be necessary to make any Holders of such Securities parties to any such
proceedings.

Section 5.06. Application of Money Collected.

     Any money collected by the Trustee pursuant to this Article shall be applied in the following
order, at the date or dates fixed by the Trustee and, in case of the distribution of such money on
account of principal (or premium, if any) or interest, upon presentation of the Securities and the
notation thereon of the payment if only partially paid and upon surrender thereof if fully paid:

     FIRST: To the payment of all amounts due the Trustee under Section 6.07;

     SECOND: To the payment of the amounts then due and unpaid for principal of (and premium,
if any) and interest on the Securities in respect of which or for the benefit of which such
money has been collected, ratably, without preference or priority of any kind, according to the
amounts due and payable on such Securities for principal (and premium, if any) and interest,
respectively; and

     THIRD: The balance, if any, to the Person or Persons entitled thereto.

Section 5.07. Limitation on Suits

     No Holder of any Security of any series shall have any right to institute any proceeding,
judicial or otherwise, with respect to this Indenture, or for the appointment of a receiver or
trustee, or for any other remedy hereunder, unless,

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     (1) such Holder has previously given written notice to the Trustee of a continuing
Event of Default or Default with respect to the Securities of that series;

     (2) the Holders of not less than 25% in principal amount of the Outstanding Securities
of that series shall have made written request to the Trustee to institute proceedings in
respect of such Event of Default or Default in its own name as Trustee hereunder;

     (3) such Holder or Holders have offered to the Trustee reasonable indemnity against the
costs, expenses and liabilities to be incurred in compliance with such request;

     (4) the Trustee, for 60 days after its receipt of such notice, request and offer of
indemnity, has failed to institute any such proceeding; and

     (5) no direction inconsistent with such written request has been given to the Trustee
during such 60-day period by the Holders of a majority in principal amount of the
Outstanding Securities of that series;

it being understood and intended that no one or more of such Holders shall have any right in any
manner whatever by virtue of, or by availing of, any provision of this Indenture to affect, disturb
or prejudice the rights of any other of such Holders, or to obtain or to seek to obtain priority or
preference over any other of such Holders or to enforce any right under this Indenture, except in
the manner herein provided and for the equal and ratable benefit of all of such Holders.

Section 5.08. Unconditional Right of Holders to Receive Principal, Premium and Interest.

     Notwithstanding any other provision in this Indenture, the Holder of any Security shall have
the right, which is absolute and unconditional, to receive payment of the principal of (and
premium, if any) and (subject to Section 3.07) interest on such Security on the Stated Maturity or
Maturities expressed in such Security (or, in the case of redemption, on the Redemption Date) and
to institute suit for the enforcement of any such payment, and such rights shall not be impaired
without the consent of such Holder.

Section 5.09. Restoration of Rights and Remedies.

     If the Trustee or any Holder has instituted any proceeding to enforce any right or remedy
under this Indenture and such proceeding has been discontinued or abandoned for any reason, or has
been determined adversely to the Trustee or to such Holder, then and in every such case, subject to
any determination in such proceeding, the Company, the Trustee and the Holders shall be restored
severally and respectively to their former positions hereunder and thereafter all rights and
remedies of the Trustee and the Holders shall continue as though no such proceeding had been
instituted.

Section 5.10. Rights and Remedies Cumulative.

     Except as otherwise provided with respect to the replacement or payment of mutilated,
destroyed, lost or stolen Securities in the last paragraph of Section 3.06, no right or remedy
herein conferred upon or reserved to the Trustee or to the Holders is intended to be exclusive of
any other right or remedy, and every right and remedy shall, to the extent permitted by law, be
cumulative and in addition to every other right and remedy given hereunder or now or hereafter
existing at law or in equity or otherwise. The assertion or employment of any right or remedy
hereunder, or otherwise, shall not prevent the concurrent assertion or employment of any other
appropriate right or remedy.

Section 5.11. Delay or Omission Not Waiver.

     No delay or omission of the Trustee or of any Holder of any Securities to exercise any right
or remedy accruing upon any Event of Default or Default shall impair any such right or remedy or
constitute a waiver of any such Event of Default or Default or an acquiescence therein. Every right
and remedy given by this Article or by law

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to the Trustee or to the Holders may be exercised from time to time, and as often as may be
deemed expedient, by the Trustee or by the Holders, as the case may be.

Section 5.12. Control by Holders.

     The Holders of a majority in aggregate principal amount of the Outstanding Securities of any
series shall have the right to direct the time, method and place of conducting any proceeding for
any remedy available to the Trustee, or exercising any trust or power conferred on the Trustee,
with respect to the Securities of such series, provided that,

     (1) such direction shall not be in conflict with any rule of law or with this
Indenture,

     (2) the Trustee shall not determine such direction would be unduly prejudicial to the
rights of the other holders of the Securities of such series; and

     (3) the Trustee may take any other action deemed proper by the Trustee which is not
inconsistent with such direction.

Section 5.13. Waiver of Past Defaults.

     Subject to Section 5.02, the Holders of not less than a majority in aggregate principal amount
of the Outstanding Securities of any series may, on behalf of the Holders of all the Securities of
such series, waive any past default hereunder with respect to such series and its consequences,
except a default,

     (1) in the payment of the principal of (or premium, if any) or interest on any Security
of such series; or

     (2) in respect of a covenant or provision hereof which under Article Nine cannot be
modified or amended without the consent of the Holder of each Outstanding Security of such
series affected.

     The Company may, but shall not be obligated to, fix a record date for the purpose of
determining the Persons entitled to waive any past default hereunder. If a record date is fixed,
the Holders on such record date, or their duly designated proxies, and only such Persons, shall be
entitled to waive any default hereunder, whether or not such Holders remain Holders after such
record date; provided, that unless such majority in principal amount shall have waived such default
prior to the date which is 90 days after such record date, any such waiver of such default
previously given shall automatically and without further action by any Holder be cancelled and of
no further effect.

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

Section 5.14. Undertaking for Costs.

     All parties to this Indenture agree, and each Holder of any Security by his acceptance thereof
shall be deemed to have agreed, that any court may in its discretion require, in any suit for the
enforcement of any right or remedy under this Indenture, or in any suit against the Trustee for any
action taken, suffered or omitted by it as Trustee, the filing by any party litigant in such suit
of an undertaking to pay the costs of such suit, and that such court may in its discretion assess
reasonable costs, including reasonable attorneys’ fees, against any party litigant in such suit,
having due regard to the merits and good faith of the claims or defenses made by such party
litigant; provided, however, that the provisions of this Section shall not apply to any suit
instituted by the Company, to any suit instituted by the Trustee, to any suit instituted by any
Holder, or group of Holders, holding in the aggregate more than 10% in principal amount of the
Outstanding Securities of any series, or to any suit instituted by any Holder for the enforcement
of the payment of the principal of (or premium, if any) or interest on any Security on or after the
Stated Maturity or Maturities expressed in such Security (or, in the case of redemption, on or
after the Redemption Date).

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Section 5.15. Waiver of Stay or Extension Laws.

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

ARTICLE SIX

The Trustee

Section 6.01. Certain Duties and Responsibilities.

     The provisions of TIA Section 315 shall apply to the Trustee.

Section 6.02. Notice of Defaults.

     Within 90 days after the occurrence of any default hereunder with respect to the Securities of
any series, the Trustee shall transmit by mail to all Holders of Securities of such series, as
their names and addresses appear in the Security Register, notice of such default hereunder known
to the Trustee, unless such default shall have been cured or waived; provided, however, that,
except in the case of a default in the payment of the principal of (or premium, if any) or interest
on any Security of such series or in the payment of any sinking fund installment with respect to
Securities of such series, the Trustee shall be protected in withholding such notice if and so long
as the board of directors, the executive committee or a trust committee of directors and/or
Responsible Officers of the Trustee in good faith determine that the withholding of such notice is
in the interest of the Holders of Securities of such series; and provided, further, that in the
case of any default of the character specified in Section 5.01(4) with respect to Securities of
such series, no such notice to Holders shall be given until at least 30 days after the occurrence
thereof. For the purpose of this Section, the term “default” means any event which is, or after
notice or lapse of time or both would become, an Event of Default with respect to Securities of
such series.

Section 6.03. Certain Rights of Trustee.

     Subject to the provisions of TIA Section 315(a) through 315(d):

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

     (b) any request or direction of the Company mentioned herein shall be sufficiently evidenced
by a Company Request or Company Order or as otherwise expressly provided herein and any resolution
of the Board of Directors may be sufficiently evidenced by a Board Resolution;

     (c) whenever in the administration of this Indenture the Trustee shall deem it desirable that
a matter be proved or established prior to taking, suffering or omitting any action hereunder, the
Trustee (unless other evidence be herein specifically prescribed) may, in the absence of bad faith
on its part, rely upon an Officers’ Certificate;

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

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     (e) the Trustee shall be under no obligation to exercise any of the rights or powers vested in
it by this Indenture at the request or direction of any of the Holders pursuant to this Indenture,
unless such Holders shall have offered to the Trustee reasonable security or indemnity against the
costs, expenses and liabilities which might be incurred by it in compliance with such request or
direction;

     (f) the Trustee shall not be bound to make any investigation into the facts or matters stated
in any resolution, certificate, statement, instrument, opinion, report, notice, request, direction,
consent, order, bond, debenture, note, other evidence of indebtedness or other paper or document,
but the Trustee, in its discretion, may make such further inquiry or investigation into such facts
or matters as it may see fit, and, if the Trustee shall determine to make such further inquiry or
investigation, it shall be entitled to examine the books, records and premises of the Company,
personally or by agent or attorney;

     (g) the Trustee may execute any of the trusts or powers hereunder or perform any duties
hereunder either directly or by or through agents or attorneys and the Trustee shall not be
responsible for any misconduct or negligence on the part of any agent or attorney appointed with
due care by it hereunder;

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

     (i) the Trustee shall not be required to expend or risk its own funds or otherwise incur any
financial liability in the performance of any of its duties hereunder or in the exercise of any of
its rights or powers if it shall have reasonable grounds for believing that repayment of such funds
or adequate indemnity against such risk or liability is not reasonably assured to it;

     (j) the Trustee shall not be charged with knowledge of any Default or Event of Default with
respect to the Securities, unless (1) such Default is a Default under Sections 5.01(1) or 5.01(2),
(2) a Responsible Officer shall have actual knowledge of such Default or Event of Default or (3)
written notice of such Default or Event of Default shall have been given to the Trustee by the
Company or by any Holder of the Securities; and

     (k) the permissive rights of the Trustee enumerated herein shall not be construed as duties
and the Trustee shall not be answerable for other than its negligence or willful default.

Section 6.04. Not Responsible for Recitals or Issuance of Securities.

     The recitals contained herein and in the Securities, except the Trustee’s certificates of
authentication, shall be taken as the statements of the Company, and the Trustee or any
Authenticating Agent assumes no responsibility for their correctness. The Trustee makes no
representations as to the validity or sufficiency of this Indenture or of the Securities. The
Trustee or any Authenticating Agent shall not be accountable for the use or application by the
Company of Securities or the proceeds thereof.

Section 6.05. May Hold Securities.

     The Trustee, any Authenticating Agent, any Paying Agent, any Security Registrar or any other
agent of the Company, in its individual or any other capacity, may become the owner or pledgee of
Securities and, subject to TIA Sections 310(b) and 311, may otherwise deal with the Company with
the same rights it would have if it were not Trustee, Authenticating Agent, Paying Agent, Security
Registrar or such other agent.

Section 6.06. Money Held in Trust.

     Money held by the Trustee in trust hereunder need not be segregated from other funds except to
the extent required by law. The Trustee shall be under no liability for interest on any money
received by it hereunder except as otherwise agreed with the Company.

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Section 6.07. Compensation and Reimbursement.

     The Company agrees:

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

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

     (3) to indemnify the Trustee and its agents for, and to hold it harmless against, any
loss, liability or expense incurred without negligence or bad faith on its part, arising out
of or in connection with the acceptance or administration of the trust or trusts hereunder,
including the costs and expenses of defending itself against any claim or liability in
connection with the exercise or performance of any of its powers or duties hereunder.

     The obligations of the Company under this Section 6.07 to compensate and indemnify the Trustee
and to pay or reimburse the Trustee for expenses, disbursements and advances shall constitute
additional indebtedness hereunder and shall survive the resignation or removal of the Trustee and
the satisfaction and discharge of this Indenture. Such additional indebtedness shall be a senior
claim to that of the Securities upon all property and funds held or collected by the Trustee as
such, except funds held in trust for the payment of principal of (and premium, if any) or interest
on particular Securities, and the Securities are hereby subordinated to each senior claim. When the
Trustee incurs expenses after the occurrence of an Event of Default specified in Section 5.01 with
respect to the Company, the expenses are intended to constitute expenses of administration under
the United States Bankruptcy Code (Title 11 of the United States Code) or any other similar law for
the relief of debtors.

Section 6.08. Disqualification; Conflicting Interests.

     The provisions of TIA Section 310(b) shall apply to the Trustee.

Section 6.09. Corporate Trustee Required; Eligibility.

     There shall at all times be a Trustee hereunder which shall be eligible to act under TIA
Section 310(a) (1) and shall have a combined capital and surplus of at least $50,000,000. If such
Corporation publishes reports of condition at least annually, pursuant to law or to the
requirements of said supervising or examining authority, then for the purposes of this Section, the
combined capital and surplus of such Corporation shall be deemed to be its combined capital and
surplus as set forth in its most recent report of condition so published. If at any time the
Trustee shall cease to be eligible in accordance with the provisions of this Section, it shall
resign immediately in the manner and with the effect hereinafter specified in this Article. Neither
the Company, nor any person or Corporation directly or indirectly controlling, controlled by or
under common control with the Company, shall act as Trustee hereunder.

Section 6.10. Resignation and Removal; Appointment of Successor.

     (a) No resignation or removal of the Trustee and no appointment of a successor Trustee
pursuant to this Article shall become effective until the acceptance of appointment by the
successor Trustee in accordance with the applicable requirements of Section 6.11.

     (b) The Trustee may resign at any time with respect to the Securities of one or more series by
giving written notice thereof to the Company. If the instrument of acceptance by a successor
Trustee required by Section 6.11 shall not have been delivered to the Trustee within 30 days after
the giving of such notice of resignation, the

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resigning Trustee may petition any court of competent jurisdiction for the appointment of a
successor Trustee with respect to the Securities of such series.

     (c) The Trustee may be removed at any time with respect to the Securities of any series by Act
of the Holders of a majority in principal amount of the Outstanding Securities of such series,
delivered to the Trustee and to the Company.

     (d) If at any time:

     (1) the Trustee shall fail to comply with TIA Section 310(b) after written request
therefor by the Company or by any Holder who has been a bona fide Holder of a Security for
at least six months,

     (2) the Trustee shall cease to be eligible under Section 6.09 and shall fail to resign
after written request therefor by the Company or by any such Holder, or

     (3) the Trustee shall become incapable of acting or shall he adjudged a bankrupt or
insolvent or a receiver of the Trustee or of its property shall be appointed or any public
officer shall take charge or control of the Trustee or of its property or affairs for the
purpose of rehabilitation, conservation or liquidation,

then, in any such case, (i) the Company by a Board Resolution may remove the Trustee with respect
to all Securities, or (ii) subject to Section 5.14, any Holder who has been a bona fide Holder of a
Security for at least six months may, on behalf of himself and all others similarly situated,
petition any court of competent jurisdiction for the removal of the Trustee with respect to all
Securities and the appointment of a successor Trustee or Trustees.

     (e) If the Trustee shall resign, be removed or become incapable of acting, or if a vacancy
shall occur in the office of Trustee for any cause, with respect to the Securities of one or more
series, the Company, by a Board Resolution, shall promptly appoint a successor Trustee or Trustees
with respect to the Securities of that or those series (it being understood that any such successor
Trustee may be appointed with respect to the Securities of one or more or all of such series and
that at any time there shall be only one Trustee with respect to the Securities of any particular
series) and shall comply with the applicable requirements of Section 6.11. If, within one year
after such resignation, removal or incapability, or the occurrence of such vacancy, a successor
Trustee with respect to the Securities of any Series shall be appointed by Act of the Holders of a
majority in principal amount of the Outstanding Securities of such series delivered to the Company
and the retiring Trustee, the successor Trustee so appointed shall, forthwith upon its acceptance
of such appointment in accordance with the applicable requirements of Section 6.11, become the
successor Trustee with respect to the Securities of such series and to that extent supersede the
successor Trustee appointed by the Company. If no successor Trustee with respect to the Securities
of any Series shall have been so appointed by the Company or the Holders and accepted appointment
in the manner required by Section 6.11, any Holder who has been a bona fide Holder of a Security of
such series for at least six months may, on behalf of himself and all others similarly situated,
petition any court of competent jurisdiction for the appointment of a successor Trustee with
respect to the Securities of such series.

     (f) The Company shall give notice of each resignation and each removal of the Trustee with
respect to the Securities of any series and each appointment of a successor Trustee with respect to
the Securities of any series by mailing written notice of such event by first-class mail, postage
prepaid, to all Holders of Securities of such series as their names and addresses appear in the
Security Register. Each notice shall include the name of the successor Trustee with respect to the
Securities of such series and the address of its Corporate Trust Office.

Section 6.11. Acceptance of Appointment by Successor.

     (a) In case of the appointment hereunder of a successor Trustee with respect to all
Securities, every such successor Trustee so appointed shall execute, acknowledge and deliver to the
Company and to the retiring Trustee an instrument accepting such appointment, and thereupon the
resignation or removal of the retiring Trustee shall become effective and such successor Trustee,
without any further act, deed or conveyance, shall become vested with all the rights, powers,
trusts and duties of the retiring Trustee; but, on the request of the Company or the

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successor Trustee, such retiring Trustee shall, upon payment of its charges, execute and
deliver an instrument transferring to such successor Trustee all the rights, powers and trusts of
the retiring Trustee and shall duly assign, transfer and deliver to such successor Trustee all
property and money held by such retiring Trustee hereunder.

     (b) In case of the appointment hereunder of a successor Trustee with respect to the Securities
of one or more (but not all) series, the Company, the retiring Trustee and each successor Trustee
with respect to the Securities of one or more series shall execute and deliver an indenture
supplemental hereto wherein each successor Trustee shall accept such appointment and which (1)
shall contain such provisions as shall be necessary or desirable to transfer and confirm to, and to
vest in, each successor Trustee all the rights, powers, trusts and duties of the retiring Trustee
with respect to the Securities of that or those series to which the appointment of such successor
Trustee relates, (2) if the retiring Trustee is not retiring with respect to all Securities, shall
contain such provisions as shall be deemed necessary or desirable to confirm that all the rights,
powers, trusts and duties of the retiring Trustee with respect to the Securities of that or those
series as to which the retiring Trustee is not retiring shall continue to be vested in the retiring
Trustee, and (3) shall add to or change any of the provisions of this Indenture as shall be
necessary to provide for or facilitate the administration of the trusts hereunder by more than one
Trustee, it being understood that nothing herein or in such supplemental indenture shall constitute
such Trustees co-trustees of the same trust and that each such Trustee shall be trustee of a trust
or trusts hereunder separate and apart from any trust or trusts hereunder administered by any other
such Trustee and upon the execution and delivery of such supplemental indenture the resignation or
removal of the retiring Trustee shall become effective to the extent provided therein and each such
successor Trustee, without any further act, deed or conveyance, shall become vested with all the
rights, powers, trusts and duties of the retiring Trustee with respect to the Securities of that or
those series to which the appointment of such successor Trustee relates; but, on request of the
Company or any successor Trustee, such retiring Trustee shall duly assign, transfer and deliver to
such successor Trustee all property and money held by such retiring Trustee hereunder with respect
to the Securities of that or those series to which the appointment of such successor Trustee
relates. Whenever there is a successor Trustee with respect to one or more (but less than all)
series of securities issued pursuant to this Indenture, the terms “Indenture” and “Securities”
shall have the meanings specified in the provisos to the respective definitions of those terms in
Section 1.01 which contemplate such situation.

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

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

Section 6.12. Merger, Conversion, Consolidation or Succession to Business.

     Any Corporation into which the Trustee may be merged or converted or with which it may be
consolidated, or any Corporation resulting from any merger, conversion or consolidation to which
the Trustee shall be a party, or any Corporation succeeding to all or substantially all the
corporate trust business of the Trustee, shall be the successor of the Trustee hereunder, provided
such Corporation shall be otherwise qualified and eligible under this Article, without the
execution or filing of any paper or any further act on the part of any of the parties hereto. In
case any Securities shall have been authenticated, but not delivered, by the Trustee then in
office, any successor by merger, conversion or consolidation to such authenticating Trustee may
adopt such authentication and deliver the Securities so authenticated with the same effect as if
such successor Trustee had itself authenticated such Securities; provided, however, that the right
to adopt the certificate of authentication of any predecessor Trustee shall apply only to its
successor or successors by merger, conversion or consolidation.

Section 6.13. Preferential Collection of Claims Against Company.

     The Trustee shall comply with TIA Section 311(a). A Trustee which has resigned or been removed
is subject to TIA Section 311(a) to the extent indicated therein.

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Section 6.14. Appointment of Authenticating Agent.

     At any time when any of the Securities remain Outstanding the Trustee, with the concurrence of
the Company, may appoint an Authenticating Agent or Agents with respect to one or more series of
Securities which shall be authorized to act on behalf of the Trustee to authenticate Securities of
such series, and Securities so authenticated shall be entitled to the benefits of this Indenture
and shall be valid and obligatory for all purposes as if authenticated by the Trustee hereunder.
Wherever reference is made in this Indenture to the authentication and delivery of Securities by
the Trustee or the Trustee’s certificate of authentication, such reference shall be deemed to
include authentication and delivery on behalf of the Trustee by an Authenticating Agent and a
certificate of authentication executed on behalf of the Trustee by an Authenticating Agent. Each
Authenticating Agent shall be acceptable to the Company and shall at all times be a Corporation
organized and doing business under the laws of the United States of America, any State thereof or
the District of Columbia authorized under such laws to act as Authenticating Agent, having a
combined capital and surplus of not less than $50,000,000 and subject to supervision or examination
by Federal, State or District of Columbia authority. If such Authenticating Agent publishes reports
of condition at least annually, pursuant to law or to the requirements of said supervising or
examining authority, then for the purposes of this Section, the combined capital and surplus of
such Authenticating Agent shall be deemed to be its combined capital and surplus as set forth in
its most recent report of condition so published. If at any time an Authenticating Agent shall
cease to be eligible in accordance with the provisions of this Section, such Authenticating Agent
shall resign immediately in the manner and with the effect specified in this Section.

     Any Corporation into which an Authenticating Agent may be merged or converted or with which it
may be consolidated, or any Corporation resulting from any merger, conversion or consolidation to
which such Authenticating Agent shall be a party, or any Corporation succeeding to the corporate
agency or corporate trust business of an Authenticating Agent, shall continue to be an
Authenticating Agent, provided such Corporation shall be otherwise eligible under this Section,
without the execution or filing of any paper or any further act on the part of the Trustee or the
Authenticating Agent. In case any Securities shall have been authenticated, but not delivered, by
the Authenticating Agent then in office, any successor by merger, conversion or consolidation to
such Authenticating Agent may adopt such authentication and deliver the Securities so authenticated
with the same effect as if such successor Authenticating Agent had itself authenticated such
Securities; provided, however, that the right to adopt the certificate of authentication of any
predecessor Authenticating Agent shall apply only to its successor or successors by merger,
conversion or consolidation.

     An Authenticating Agent may resign at any time by giving written notice thereof to the Trustee
and to the Company. The Trustee may at any time terminate the agency of an Authenticating Agent by
giving written notice thereof to such Authenticating Agent and to the Company. Upon receiving such
a notice of resignation or upon such a termination, or in case at any time such Authenticating
Agent shall cease to be eligible in accordance with the provisions of this Section, the Trustee may
appoint a successor Authenticating Agent which shall be acceptable to the Company and shall mail
written notice of such appointment by first-class mail, postage prepaid, to all Holders of
Securities of the series with respect to which such Authenticating Agent will serve, as their names
and addresses appear in the Security Register. Any successor Authenticating Agent upon acceptance
of its appointment hereunder shall become vested with all the rights, powers and duties of its
predecessor hereunder, with like effect as if originally named as an Authenticating Agent. No
successor Authenticating Agent shall be appointed unless eligible under the provisions of this
Section.

     The Company agrees to pay to each Authenticating Agent from time to time reasonable
compensation for its services under this Section.

     If an appointment with respect to one or more series is made pursuant to this Section, the
Securities of such series may have endorsed thereon, in addition to the Trustee’s certificate of
authentication, an alternate certificate of authentication in the following form:

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     This is one of the Securities of the series designated herein and issued pursuant to the
within-mentioned Indenture.

	 	 	 	 	 
	 	 	JPMorgan Chase Bank, N.A.
	 	 	   As Trustee
	 
	 	 	 	 
	 

	 	By:	 	 
	 

	 	 	 	 
	 

	 	 	 	Authenticating Agent
	 
	 

	 	By:	 	 
	 

	 	 	 	 
	 

	 	 	 	Authorized Officer

ARTICLE SEVEN

Holders’ Lists and Reports by Trustee and Company

Section 7.01. Company to Furnish Trustee Names and Addresses of Holders.

     If the Trustee is not acting as Security Registrar for the Securities of any series, the
Company will furnish or cause to be furnished to the Trustee,

     (a) at intervals of no more than six months commencing after the first issue of such
series, a list, in such form as the Trustee may reasonably require, of the names and
addresses of the Holders as of a date not more than 15 days prior to the time such
information is furnished, and

     (b) at such other times as the Trustee may request in writing, within 30 days after the
receipt by the Company of any such request, a list of similar form and content as of a date
not more than 15 days prior to the time such list is furnished.

Section 7.02. Preservation of Information; Communications to Holders.

     (a) The Trustee shall preserve, in as current a form as is reasonably practicable, the names
and addresses of Holders contained in the most recent list furnished to the Trustee as provided in
Section 7.01 and the names and addresses of Holders received by the Trustee in its capacity as
Security Registrar. The Trustee may destroy any list furnished to it as provided in Section 7.01
upon receipt of a new list so furnished.

     (b) The rights of Holders to communicate with other Holders with respect to their rights under
this Indenture or under the Securities, and the corresponding rights and privileges of the Trustee,
shall be as provided by TIA Section 312(b).

     (c) Every Holder of Securities, by receiving and holding the same, agrees with the Company and
the Trustee that neither the Company nor the Trustee nor any agent of either of them shall be held
accountable by reason of the disclosure of any such information as to the names and addresses of
the Holders in accordance with Section 7.02(b), regardless of the source from which such
information was derived, and that the Trustee shall not be held accountable by reason of mailing
any material pursuant to a request made under Section 7.02(b).

Section 7.03. Reports by Trustee.

     Within 60 days after May 15 of each year commencing with the later of May 15, 2006 or the
first May 15 after the first issuance of Securities pursuant to this Indenture, the Trustee shall
transmit by mail to all Holders of
Securities as provided in TIA Section 313(c) a brief report dated as of such May 15 if
required by TIA Section 313(a). A copy of each such report shall, at the time of such transmission
to Holders, be filed by the Trustee with

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each stock exchange upon which any Securities are listed,
with the Commission and with the Company. The Company will promptly notify the Trustee when any
Securities are listed on any stock exchange.

Section 7.04. Reports by Company.

The Company shall:

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

     (2) file with the Trustee and the Commission, in accordance with rules and regulations
prescribed from time to time by the Commission, such additional information, documents and
reports with respect to compliance by the Company with the conditions and covenants of this
Indenture as may be required from time to time by such rules and regulations;

     (3) transmit by mail to all Holders, as their names and addresses appear in the
Security Register, within 30 days after the filing thereof with the Trustee, such summaries
of any information, documents and reports required to be filed by the Company pursuant to
paragraphs (1) and (2) of this Section 7.04 as may be required by rules and regulations
prescribed from time to time by the Commission; and

     (4) furnish to the Trustee, within 120 days after the end of each fiscal year of the
Company ending after the date hereof, a brief certificate of the Company’s principal
executive officer, principal financial officer or principal accounting officer as to his or
her knowledge of the Company’s compliance with all conditions and covenants under this
Indenture. For purposes of this paragraph, such compliance shall be determined without
regard to any period of grace or requirement of notice provided under this Indenture.

     Delivery of such reports, information and documents to the Trustee is for informational
purposes only and the Trustee’s receipt of such reports shall not constitute constructive
notice of any information contained therein or determinable from information contained
therein, including the Company’s compliance with any of its covenants hereunder (as to which
the Trustee is entitled to rely exclusively on Officers’ Certificates).

ARTICLE EIGHT

Consolidation, Merger, Conveyance, Transfer or Lease

Section 8.01. Company May Consolidate, Etc., Only on Certain Terms.

     The Company shall not consolidate with or merge into any other Person or convey, transfer or
lease its properties and assets substantially as an entirety to any Person unless:

     (1) the Person formed by such consolidation or into which the Company is merged or the
Person which acquires by conveyance or transfer, or which leases, the properties and assets
of the
Company substantially as an entirety shall be a Corporation (with respect to
consolidation), partnership or trust, shall be organized and validly existing under the laws
of the United States of America, any state

38

 

thereof or the District of Columbia and shall
expressly assume, by an indenture supplemental hereto, executed and delivered to the
Trustee, in form satisfactory to the Trustee, the due and punctual payment of the principal
of (and premium, if any) and interest on all the Securities and the performance or
observance of every covenant of this Indenture on the part of the Company to be performed or
observed;

     (2) immediately after giving effect to such transaction, no Event of Default, and no
event which, after notice or lapse of time or both, would become an Event of Default, shall
have happened and be continuing; and

     (3) the Company has delivered to the Trustee an Officers’ Certificate and an Opinion of
Counsel, each stating that such consolidation, merger, conveyance, transfer or lease and, if
a supplemental indenture is required in connection with such transaction, such supplemental
indenture, comply with this Article and that all conditions precedent herein provided for
relating to such transaction have been complied with.

Section 8.02. Successor Substituted.

     Upon any consolidation of the Company with, or merger by the Company into any other Person or
any conveyance, transfer or lease of the properties and assets of the Company substantially as an
entirety in accordance with Section 8.01, the successor Person formed by such consolidation or into
which the Company is merged or to which such conveyance, transfer or lease is made shall succeed
to, and be substituted for, and may exercise every right and power of, the Company under this
Indenture with the same effect as if such successor Person had been named as the Company herein,
and thereafter, except in the case of a lease, the predecessor Person shall be relieved of all
obligations and covenants under this Indenture and the Securities.

ARTICLE NINE

Supplemental Indentures

Section 9.01. Supplemental Indentures Without Consent of Holders.

     Without the consent of any Holders, the Company, when authorized by or pursuant to a Board
Resolution, and the Trustee, at any time and from time to time, may enter into one or more
indentures supplemental hereto, in form satisfactory to the Trustee, for any of the following
purposes:

     (1) to evidence the succession of another Person to the Company and the assumption by
any such successor of the covenants of the Company herein and in the Securities;

     (2) to add to the covenants of the Company for the benefit of the Holders of all or any
series of Securities (and if such covenants are to be for the benefit of less than all
series of Securities, stating that such covenants are expressly being included solely for
the benefit of such series) or to surrender any right or power herein conferred upon the
Company;

     (3) to add any additional Events of Default (and if such Events of Default are to be
for the benefit of less than all series of Securities, stating that such Events of Default
are being included solely for the benefit of such series);

     (4) to add to or change any of the provisions of this Indenture to such extent as shall
be necessary to permit or facilitate the issuance of Securities in bearer form, registrable
or not registrable as to principal, and with or without interest coupons;

     (5) to add to, change or eliminate any of the provisions of this Indenture in respect
of one or more series of Securities, provided that any such addition, change or elimination
(i) shall neither (A) apply
to any Security of any series created prior to the execution of such supplemental
indenture and entitled to

39

 

the benefit of such provision nor (B) modify the rights of the
Holder of any such Security with respect to such provision or (ii) shall become effective
only when there is no such Security Outstanding;

     (6) to secure the Securities;

     (7) to establish the form or terms of Securities of any series as permitted by Sections
2.01 and 3.01;

     (8) to evidence and provide for the acceptance of appointment hereunder by a successor
Trustee with respect to the Securities of one or more series and to add to or change any of
the provisions of this Indenture as shall be necessary to provide for or facilitate the
administration of the trusts hereunder by more than one Trustee, pursuant to the
requirements of Section 6.11(b); or

     (9) to cure any ambiguity, to correct or supplement any provision herein which may be
inconsistent with any other provision herein, or to make any other provisions with respect
to matters or questions arising under this Indenture, provided such action shall not
adversely affect the interests of the Holders of Securities of any series in any material
respect.

Section 9.02. Supplemental Indentures with Consent of Holders.

     With the consent of the Holders of not less than a majority in aggregate principal amount of
the Outstanding Securities of each series affected by such supplemental indenture, by Act of said
Holders delivered to the Company and the Trustee, the Company, when authorized by a Board
Resolution, and the Trustee may enter into an indenture or indentures supplemental hereto for the
purpose of adding any provisions to or changing in any manner or eliminating any of the provisions
of this Indenture or of modifying in any manner the rights of the Holders of Securities of such
series under this Indenture; provided, however, that no such supplemental indenture shall, without
the consent of the Holder of each Outstanding Security affected thereby,

     (1) change the Stated Maturity of the principal of, or any installment of principal of
or interest on, any such Security, or reduce the principal amount thereof or the rate of
interest thereon or any premium payable upon the redemption thereof, or reduce the amount of
the principal of an Original Issue Discount Security that would be due and payable upon a
declaration of acceleration of the Maturity thereof pursuant to Section 5.02, or change any
Place of Payment where, or the coin or currency in which, any such Security or any premium
or the interest thereon is payable, or impair the right to institute suit for the
enforcement of any such payment on or after the Stated Maturity thereof (or, in the case of
redemption, on or after the Redemption Date),

     (2) reduce the percentage in principal amount of the Outstanding Securities of any
series, the consent of whose Holders is required for any such supplemental indenture, or the
consent of whose Holders is required for any waiver of compliance with certain provisions of
this Indenture or certain defaults hereunder and their consequences provided for in this
Indenture, or

     (3) modify any of the provisions of this Section, Section 5.13 or Section 10.09, except
to increase any such percentage or to provide that certain other provisions of this
Indenture cannot be modified or waived without the consent of the Holder of each Outstanding
Security affected thereby, provided, however, that this clause shall not be deemed to
require the consent of any Holder with respect to changes in the references to “the Trustee”
and concomitant changes in this Section and Section 10.09 or the deletion of this proviso,
in accordance with the requirements of Sections 6.11(b) and 9.01(8).

A supplemental indenture which changes or eliminates any covenant or other provision of this
Indenture which has expressly been included solely for the benefit of one or more particular series
of Securities, or which modifies the rights of the Holders of Securities of such series with
respect to such covenant or other provision, shall be deemed not to affect the rights under this
Indenture of the Holders of Securities of any other series.

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     The Company may, but shall not be obligated to, fix a record date for the purpose of
determining the Persons entitled to consent to any indenture supplemental hereto. If a record date
is fixed for such purpose, the Holders on such record date or their duly designated proxies, and
only such Persons, shall be entitled to consent to such supplemental indenture, whether or not such
Holders remain Holders after such record date; provided, that unless such consent shall have become
effective by virtue of the requisite percentage having been obtained prior to the date which is 90
days after such record date, any such consent previously given shall automatically and without
further action by any Holder be cancelled and of no further effect.

     It shall not be necessary for any Act of Holders under this Section to approve the particular
form of any proposed supplemental indenture, but it shall be sufficient if such Act shall approve
the substance thereof.

Section 9.03. Execution of Supplemental Indentures.

     In executing or accepting the additional trusts created by, any supplemental indenture
permitted by this Article or the modifications thereby of the trusts created by this Indenture, the
Trustee shall be entitled to receive in addition to the documents required by Section 1.02, and
(subject to Section 6.01) shall be fully protected in relying upon, an Opinion of Counsel stating
that the execution of such supplemental indenture is authorized or permitted by this Indenture. The
Trustee may, but shall not be obligated to, enter into any such supplemental indenture which
affects the Trustee’s own rights, duties or immunities under this Indenture or otherwise.

Section 9.04. Effect of Supplemental Indentures.

     Upon the execution of any supplemental indenture under this Article, this Indenture shall be
modified in accordance therewith, and such supplemental indenture shall form a part of this
Indenture for all purposes; and every Holder of Securities theretofore or thereafter authenticated
and delivered hereunder shall be bound thereby to the extent provided therein.

Section 9.05. Conformity with Trust Indenture Act.

     Every supplemental indenture executed pursuant to this Article shall conform to the
requirements of the Trust Indenture Act as then in effect.

Section 9.06. Reference in Securities to Supplemental Indentures.

     Securities authenticated and delivered after the execution of any supplemental indenture
pursuant to this Article may, and shall if required by the Trustee, bear a notation in a form
approved by the Trustee as to any matter provided for in such supplemental indenture. If the
Company shall so determine, new Securities of any series so modified as to conform, in the opinion
of the Trustee and the Company, to any such supplemental indenture may be prepared and executed by
the Company and authenticated and delivered by the Trustee in exchange for Outstanding Securities
of such series.

Section 9.07. Notice of Supplemental Indentures.

     Promptly after the execution by the Company and the Trustee of any supplemental indenture
pursuant to the provisions of Section 9.02, the Company shall give notice thereof to the Holders of
each Outstanding Security so affected, pursuant to Section 1.06, setting forth in general terms the
substance of such supplemental indenture.

ARTICLE TEN

Covenants

Section 10.01. Payment of Principal, Premium and Interest.

     The Company covenants and agrees for the benefit of each series of Securities that it will
duly and punctually pay the principal of (and premium, if any) and interest on the Securities of
that series in accordance with

41

 

the terms of the Securities and this Indenture. In the absence of contrary provisions with
respect to the Securities of any series, interest on the Securities of any series may, at the
option of the Company, be paid by check mailed to the address of the Person entitled thereto as it
appears on the Security Register.

Section 10.02. Maintenance of Office or Agency.

     The Company will maintain in each Place of Payment for any series of Securities an office or
agency where Securities of that series may be presented or surrendered for payment, where
Securities of that series may be surrendered for registration of transfer or exchange and where
notices and demands to or upon the Company in respect of the Securities of that series and this
Indenture may be served. The Company will give prompt written notice to the Trustee of the location
and any change in the location of such office or agency. If at any time the Company shall fail to
maintain any such required office or agency or shall fail to furnish the Trustee with the address
thereof, such presentations, surrenders, notices and demands may be made or served at the Corporate
Trust Office of the Trustee, and the Company hereby appoints the Trustee as its agent to receive
all such presentations, surrenders, notices and demands.

     The Company may also from time to time designate one or more other offices or agencies where
the Securities of one or more series may be presented or surrendered for any or all such purposes
and may from time to time rescind such designation; provided, however, that no such designation or
rescission shall in any manner relieve the Company of its obligation to maintain an office or
agency in each Place of Payment for Securities of any series for such purposes. The Company will
give prompt written notice to the Trustee of any such designation or rescission and of any change
in the location of any such other office or agency.

Section 10.03. Money for Securities Payments to Be Held in Trust.

     If the Company shall at any time act as its own Paying Agent with respect to any series of
Securities, it will, on or before each due date of the principal of (and premium, if any) or
interest on any of the Securities of that series, segregate and hold in trust for the benefit of
the Persons entitled thereto a sum in the currency in which such series of Securities is payable
sufficient to pay the principal (and premium, if any) or interest so becoming due until such sums
shall be paid to such Persons or otherwise disposed of as herein provided and will promptly notify
the Trustee of its failure so to act.

     Whenever the Company shall have one or more Paying Agents for any series of Securities, it
will, prior to each due date of the principal of (and premium, if any) or interest on any
Securities of that series, deposit with a Paying Agent a sum sufficient to pay the principal (and
premium, if any) or interest so becoming due, such sum to be held in trust for the benefit of the
Persons entitled to such principal, premium or interest, and (unless such Paying Agent is the
Trustee) the Company will promptly notify the Trustee of its failure so to act.

     The Company will cause each Paying Agent for any series of Securities other than the Trustee
to execute and deliver to the Trustee an instrument in which such Paying Agent shall agree with the
Trustee, subject to the provisions of this Section, that such Paying Agent will:

     (1) hold all sums held by it for the payment of the principal of (and premium, if any)
or interest on Securities of that series in trust for the benefit of the Persons entitled
thereto until such sums shall be paid to such Persons or otherwise disposed of as herein
provided;

     (2) give the Trustee prompt notice of any default by the Company (or any other obligor
upon the Securities of that series) in the making of any payment of principal (and premium,
if any) or interest on the Securities of that series; and

     (3) at any time during the continuance of any such default, upon the written request of
the Trustee, forthwith pay to the Trustee all sums so held in trust by such Paying Agent.

     The Company may at any time, for the purpose of obtaining the satisfaction and discharge of
this Indenture or for any other purpose, pay, or by Company Order direct any Paying Agent to pay,
to the Trustee all sums held in

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trust by the Company or such Paying Agent, such sums to be held by the Trustee upon the same
trusts as those upon which such sums were held by the Company or such Paying Agent; and, upon such
payment by any Paying Agent to the Trustee, such Paying Agent shall be released from all further
liability with respect to such money.

     Any money deposited with the Trustee or any Paying Agent, or then held by the Company, in
trust for the payment of the principal of (and premium, if any) or interest on any Security of any
series and remaining unclaimed for two years after such principal (and premium, if any) or interest
has become due and payable shall be paid to the Company on Company Request, or (if then held by the
Company) shall be discharged from such trust; and the Holder of such Security shall thereafter, as
an unsecured general creditor, look only to the Company for payment thereof, and all liability of
the Trustee or such Paying Agent with respect to such trust money, and all liability of the Company
as trustee thereof, shall thereupon cease; provided, however, that the Trustee or such Paying
Agent, before being required to make any such repayment, may at the expense of the Company cause to
be published once, in a newspaper published in the English language, customarily published on each
Business Day and of general circulation in The City of New York, notice that such money remains
unclaimed and that, after a date specified therein, which shall not be less than 30 days from the
date of such publication, any unclaimed balance of such money then remaining will be repaid to the
Company.

Section 10.04. Existence.

     Subject to Article Eight, the Company will do or cause to be done all things necessary to
preserve and keep in full force and effect its existence, rights (charter and statutory) and
franchises; provided, however, that the Company shall not be required to preserve any such right or
franchise if the Board of Directors shall determine that the preservation thereof is no longer
desirable in the conduct of the business of the Company and that the loss thereof is not
disadvantageous in any material respect to the Holders.

Section 10.05. Maintenance of Properties.

     The Company will cause all properties used or useful in the conduct of its business or the
business of any Subsidiary to be maintained and kept in good condition, repair and working order
and supplied with all necessary equipment and will cause to be made all necessary repairs,
renewals, replacements, betterments and improvements thereof, all as in the judgment of the Company
may be necessary so that the business carried on in connection therewith may be properly and
advantageously conducted at all times; provided, however, that nothing in this Section shall
prevent the Company from discontinuing the operation or maintenance of any of such properties if
such discontinuance is, in the judgment of the Company, desirable in the conduct of its business or
the business of any Subsidiary and not disadvantageous in any material respect to the Holders.

Section 10.06. Payment of Taxes and Other Claims.

     The Company will pay or discharge or cause to be paid or discharged, before the same shall
become delinquent, (1) all taxes, assessments and governmental charges levied or imposed upon the
Company or any Subsidiary or upon the income, profits or property of the Company or any Subsidiary,
and (2) all lawful claims for labor, materials and supplies which, if unpaid, might by law become a
lien upon the property of the Company or any Subsidiary; provided, however, that the Company shall
not be required to pay or discharge or cause to be paid or discharged any such tax, assessment,
charge or claim whose amount, applicability or validity is being contested in good faith by
appropriate proceedings.

Section 10.07. Limitations on Disposition of Voting Stock of Principal Subsidiary Bank.

     Subject to Section 8.01, the Company will not, and will not permit any of its Subsidiaries to,
(a) issue, sell or otherwise dispose of any shares of or securities convertible into, or options,
warrants or rights to subscribe for or purchase shares of, Voting Stock of the Principal Subsidiary
Bank or permit the Principal Subsidiary Bank so to do, (b) permit the merger or consolidation of
the Principal Subsidiary Bank with or into any other Corporation or (c) permit the sale or other
disposition of all or substantially all of the assets of the Principal Subsidiary Bank if, after
giving effect to any such transaction and the issuance of the maximum number of shares of Voting
Stock issuable upon the conversion or exercise of all such convertible securities, options,
warrants or rights, the Company would

43

 

own, directly or indirectly, 80% or less of the shares of Voting Stock of such Principal
Subsidiary Bank or the successor bank in such merger or consolidation or the bank which acquires
such assets, as the case may be.

Section 10.08. Restrictions on Liens.

     The Company will not, and will not permit any of its subsidiaries to, create, assume, incur or
suffer to exist any pledge, encumbrance or lien, as security for indebtedness for borrowed money,
upon any shares of, or securities convertible into, or options, warrants or rights to subscribe for
or purchase shares of, Voting Stock of the Principal Subsidiary Bank or any Subsidiary that owns
the Voting Stock of the Principal Subsidiary Bank, owned by the Company, directly or indirectly,
without making effective provision whereby the Securities of all series shall be equally and
ratably secured, if, treating such pledge, encumbrance or lien as a transfer to the secured party,
and after giving effect to the issuance of the maximum number of shares of Voting Stock issuable
upon conversion or exercise of such convertible securities, options, warrants or rights, the
Company would own, directly or indirectly, 80% or less of the shares of Voting Stock of such
Principal Subsidiary Bank.

Section 10.09. Waiver of Certain Covenants.

     The Company may omit in any particular instance to comply with any term, provision or
condition set forth in Sections 10.04 to 10.08, inclusive, with respect to the Securities of any
series if before the time for such compliance the Holders of not less than a majority in aggregate
principal amount of the Outstanding Securities of such series shall, by Act of such Holders, either
waive such compliance in such instance or generally waive compliance with such term, provision or
condition, but no such waiver shall extend to or affect such term, provision or condition except to
the extent so expressly waived, and, until such waiver shall become effective, the obligations of
the Company and the duties of the Trustee in respect of any such term, provision or condition shall
remain in full force and effect.

     The Company may, but shall not be obligated to, fix a record date for the purpose of
determining the Persons entitled to waive any such term, provision or condition. If a record date
is fixed for such purpose, the Holders on such record date or their duly designated proxies, and
only such Persons, shall be entitled to waive any such term, provision or condition hereunder
whether or not such Holders remain Holders after such record date; provided, that unless the
Holders of not less than a majority in principal amount of the Outstanding Securities of such
series shall have waived such term, provision or condition prior to the date which is 90 days after
such record date, any such waiver previously given shall automatically and without further action
by any Holder be cancelled and of no further effect.

ARTICLE ELEVEN

Redemption of Securities

Section 11.01. Applicability of Article.

     Securities of any series which are redeemable before their Stated Maturity shall be redeemable
in accordance with their terms and (except as otherwise specified as contemplated by Section 3.01
for Securities of any series) in accordance with this Article.

Section 11.02. Election to Redeem; Notice to Trustee.

     The election of the Company to redeem Securities of any series shall be evidenced by an
Officers’ Certificate. The Company shall, at least 60 days prior to the Redemption Date fixed by
the Company (unless a shorter notice shall be satisfactory to the Trustee), notify the Trustee of:

     (1) such Redemption Date,

     (2) if the Securities of such series have different terms and less than all of the
Securities of such series are to be redeemed, the terms of the Securities to be redeemed,
and

44

 

     (3) if less than all the Securities of such series with identical terms are to be
redeemed, the principal amount of such Securities to be redeemed.

In the case of any redemption of Securities of any series prior to the expiration of any
restriction on such redemption provided in the terms of such Securities or elsewhere in this
Indenture, the Company shall furnish the Trustee with an Officers’ Certificate evidencing
compliance with such restriction.

Section 11.03. Selection by Trustee of Securities to Be Redeemed.

     If less than all the Securities of like tenor of any series are to be redeemed, the particular
Securities to be redeemed shall be selected not more than 60 days prior to the Redemption Date by
the Trustee, from the Outstanding Securities of like tenor of such series not previously called for
redemption, by such method as the Trustee shall deem fair and appropriate and which may provide for
the selection for redemption of portions (equal to the minimum authorized denomination for
Securities of like tenor of that series or any integral multiple thereof) of the principal amount
of Securities of such series of a denomination larger than the minimum authorized denomination for
Securities of that series.

     The Trustee shall promptly notify the Company in writing of the Securities selected for
redemption and, in the case of any Securities selected for partial redemption, the principal amount
thereof to be redeemed.

     For all purposes of this Indenture, unless the context otherwise requires, all provisions
relating to the redemption of Securities shall relate, in the case of any Securities redeemed or to
be redeemed only in part, to the portion of the principal amount of such Securities which has been
or is to be redeemed.

Section 11.04. Notice of Redemption.

     Notice of redemption shall be given by first-class mail, postage prepaid, mailed not less than
30 nor more than 60 days prior to the Redemption Date, to each Holder of Securities to be redeemed,
at his address appearing in the Security Register.

     All notices of redemption shall state:

     (1) the Redemption Date,

     (2) the Redemption Price,

     (3) if less than all the Outstanding Securities of like tenor of any series are to be
redeemed, the identification (and, in the case of partial redemption, the principal amounts)
of the particular Securities to be redeemed,

     (4) that on the Redemption Date the Redemption Price will become due and payable upon
each such Security to be redeemed and, if applicable, that interest thereon will cease to
accrue on and after said date,

     (5) the place or places where such Securities are to be surrendered for payment of the
Redemption Price,

     (6) that the redemption is for a sinking fund, if such is the case, and

     (7) and the CUSIP number of the Securities to be redeemed.

     Notice of redemption of Securities to be redeemed at the election of the Company shall be
given by the Company or, at the Company’s request, by the Trustee in the name and at the expense of
the Company.

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Section 11.05. Deposit of Redemption Price.

     On or prior to 10:00 a.m. New York City time on any Redemption Date, the Company shall deposit
with the Trustee or with a Paying Agent (or, if the Company is acting as its own Paying Agent,
segregate and hold in trust as provided in Section 10.03) an amount of money in immediately
available funds sufficient to pay the Redemption Price of, and (except if the Redemption Date shall
be an Interest Payment Date) accrued interest on, all the Securities which are to be redeemed on
that date.

Section 11.06. Securities Payable on Redemption Date.

     Notice of redemption having been given as aforesaid, the Securities so to be redeemed shall,
on the Redemption Date, become due and payable at the Redemption Price therein specified, and from
and after such date (unless the Company shall default in the payment of the Redemption Price and
accrued interest) such Securities shall cease to bear interest. Upon surrender of any such Security
for redemption in accordance with said notice, such Security shall be paid by the Company at the
Redemption Price, together with accrued interest to the Redemption Date; provided, however, that,
unless otherwise specified as contemplated by Section 3.01, installments of interest whose Stated
Maturity is on or prior to the Redemption Date shall be payable to the Holders of such Securities,
or one or more Predecessor Securities, registered as such at the close of business on the relevant
Regular Record Dates according to their terms and the provisions of Section 3.07.

     If any Security called for redemption shall not be so paid upon surrender thereof for
redemption, the principal (and premium, if any) shall, until paid, bear interest from the
Redemption Date at the rate prescribed therefor in the Security.

Section 11.07. Securities Redeemed in Part.

     Any Security which is to be redeemed in part shall be surrendered at a Place of Payment for
such series (with, if the Company or the Trustee so requires, due endorsement by, or a written
instrument of transfer in form satisfactory to the Company and the Trustee duly executed by, the
Holder thereof or his attorney duly authorized in writing), and the Company shall execute, and the
Trustee shall authenticate and deliver to the Holder of such Security without service charge. a new
Security or Securities of the same series and of like tenor, of any authorized denomination as
requested by such Holder, in aggregate principal amount equal to and in exchange for the unredeemed
portion of the principal of the Security so surrendered; provided, however, that if a Global
Security is so surrendered, such new Security so issued shall be a new Global Security in a
denomination equal to the unredeemed portion of the principal of the Global Security so
surrendered.

ARTICLE TWELVE

Sinking Funds

Section 12.01. Applicability of Article.

     The provisions of this Article shall be applicable to any sinking fund for the retirement of
Securities of a series except as otherwise specified as contemplated by Section 3.01 for Securities
of such series.

     The minimum amount of any sinking fund payment provided for by the terms of Securities of any
series is herein referred to as a “mandatory sinking fund payment”, and any payment in excess of
such minimum amount provided for by the terms of Securities of any series is herein referred to as
an “optional sinking fund payment”. If provided for by the terms of Securities of any series, the
cash amount of any sinking fund payment may be subject to reduction as provided in Section 12.02.
Each sinking fund payment shall be applied to the redemption of Securities of any series as
provided for by the terms of Securities of such series.

46

 

Section 12.02. Satisfaction of Sinking Fund Payments with Securities.

     The Company (1) may deliver Outstanding Securities of like tenor of a series (other than any
previously called for redemption) and (2) may apply as a credit Securities of like tenor of a
series which have been redeemed either at the election of the Company pursuant to the terms of such
Securities or through the application of permitted optional sinking fund payments pursuant to the
terms of such Securities, in each case in satisfaction of all or any part of any sinking fund
payment with respect to the Securities of like tenor of such series required to be made pursuant to
the terms of such Securities as provided for by the terms of such series; provided that such
Securities have not been previously so credited. Such Securities shall be received and credited for
such purpose by the Trustee at the Redemption Price specified in such Securities for redemption
through operation of the sinking fund and the amount of such sinking fund payment shall be reduced
accordingly.

Section 12.03. Redemption of Securities for Sinking Fund.

     Not less than 60 days prior to each sinking fund payment date for Securities of like tenor of
a series, the Company will deliver to the Trustee an Officers’ Certificate specifying the amount of
the next ensuing sinking fund payment for such Securities pursuant to the terms of such Securities,
the portion thereof, if any, which is to be satisfied by payment of cash and the portion thereof,
if any, which is to be satisfied by delivering and crediting Securities of like tenor of that
series pursuant to Section 12.02 and, at the time of delivery of such Officers’ Certificate, will
also deliver to the Trustee any Securities to be so delivered. Not less than 30 days before each
such sinking fund payment date the Trustee shall select the Securities to be redeemed upon such
sinking fund payment date in the manner specified in Section 11.03 and cause notice of the
redemption thereof to be given in the name of and at the expense of the Company in the manner
provided in Section 11.04. Such notice having been duly given, the redemption of such Securities
shall be made upon the terms and in the manner stated in Sections 11.06 and 11.07.

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          In Witness Whereof, the parties hereto have caused this Indenture to be duly
executed, all as of the day and year first above written.

	 	 	 	 	 	 	 
	 	 	INDEPENDENCE COMMUNITY BANK CORP.
	 
	 	 	 	 	 	 
	 

	 	By:
	 	 	 	/s/ Alan H. Fishman
	 	 	 	 	 
	 

	 	 	 	Name:
	 	Alan H. Fishman
	 

	 	 	 	Title:
	 	President and Chief Executive Officer
	 
	 	 	 	 	 	 
	 	 	JPMORGAN CHASE BANK, N.A.
	 
	 	 	 	 	 	 
	 

	 	By:
	 	 	 	/s/ Paul J. Schmalzel
	 	 	 	 	 
	 

	 	 	 	Name:
	 	Paul J. Schmalzel
	 

	 	 	 	Title:
	 	Vice President

48

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