Document:

HFFC-2012.6.30-EX-10.8

EXHIBIT 10.8

HF FINANCIAL CORP. as Issuer

INDENTURE
Dated as of July 5, 2007

WILMINGTON TRUST COMPANY

as Trustee

FLOATING RATE JUNIOR SUBORDINATED DEBT SECURITIES DUE 2037

THIS INDENTURE, dated as of July 5, 2007, between HF Financial Corp., a savings and loan holding company incorporated in Delaware (hereinafter sometimes called the "Company"), and Wilmington Trust Company, a Delaware banking corporation, as trustee (hereinafter sometimes called the "Trustee").

WITNESSETH:

WHEREAS, for its lawful corporate purposes, the Company has duly authorized the issuance of its Floating Rate Junior Subordinated Debt Securities due 2037 (the "Debt Securities") under this Indenture and to provide, among other things, for the execution and authentication, delivery and administration thereof, the Company has duly authorized the execution of this Indenture.

NOW, THEREFORE, in consideration of the premises, and the purchase of the Debt Securities by the holders thereof, the Company covenants and agrees with the Trustee for the equal and proportionate benefit of the respective holders from time to time of the Debt Securities as follows:

ARTICLE I DEFINITIONS

Section 1.01    Definitions.

The terms defined in this Section 1.01 (except as herein otherwise expressly provided or unless the context otherwise requires) for all purposes of this Indenture and of any indenture supplemental hereto shall have the respective meanings specified in this Section 1.01. All accounting terms used herein and not expressly defined shall have the meanings assigned to such terms in accordance with generally accepted accounting principles and the term "generally accepted accounting principles" means such accounting principles as are generally accepted in the United States at the time of any computation. 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.
"Additional Amounts" has the meaning set forth in Section 3.06.         "Additional Provisions" has the meaning set forth in Section 15.01. "Administrative Action" has the meaning specified within the definition of "Tax
    Event" in this Section 1.01.

"Applicable Depositary Procedures" means, with respect to any transfer or transaction involving a Book-Entry Capital Security or a Debt Security represented by a Global Debenture, the rules and procedures of the Depositary for such Book-Entry Capital Security or Debt Security represented by a Global Debenture, in each case to the extent applicable to such transaction and as in effect from time to time.

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"Authenticating Agent" means any agent or agents of the Trustee which at the time shall be appointed and acting pursuant to Section 6.12.

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

"Board of Directors" means the board of directors or the executive committee or any other duly authorized designated officers of the Company.

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

"Book-Entry Capital Security" means a Capital Security the ownership and transfers of which shall be reflected and made, as applicable, through book entries by the Depositary.

"Business Day" means any day other than a Saturday, Sunday or any other day on which banking institutions in Wilmington, Delaware, The City of New York or Pierre, South Dakota are permitted or required by law or executive order to close.

"Calculation  Agent"  means  the  Person  identified  as  "Trustee"  in  the  first paragraph hereof with respect to the Debt Securities and the Institutional Trustee with respect to the Trust Securities.

"Capital Securities" means undivided beneficial interests in the assets of the Trust which are designated as "MMCapSSM”, and rank pari passu with Common Securities issued by the Trust; provided, however, that if an Event of Default (as defined in the Declaration) has occurred and is continuing, the rights of holders of such Common Securities to payment in respect of distributions and payments upon liquidation, redemption and otherwise are subordinated to the rights of holders of such Capital Securities.

"Capital Securities Guarantee" means the guarantee agreement that the Company will enter into with Wilmington Trust Company or other Persons that operates directly or indirectly for the benefit of holders of Capital Securities of the Trust.

"Capital Treatment Event" means, if the Company is organized and existing under the laws of the United States or any state thereof or the District of Columbia, the receipt by the Company and the Trust of an Opinion of Counsel experienced in such matters to the effect that, as a result of (a) any amendment to, or change in, the laws, rules or regulations of the United States or any political subdivision thereof or therein, or any rules, guidelines or policies of an applicable  regulatory  authority  for  the  Company  or  (b) of  any  official  or  administrative pronouncement or action or decision interpreting or applying such laws, rules or regulations, which  amendment or  change  is  effective  or  which  pronouncement, action  or  decision  is announced on or after the date of original issuance of the Debt Securities, there is more than an insubstantial risk that the Company will not, within 90 days of the date of such opinion, be 

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entitled to treat Capital Securities as "Tier 1 Capital" (or the then equivalent if the Company were subject to such capital requirement) applied as if the Company (or its successors) were a bank holding company for purposes of the capital adequacy guidelines of the Federal Reserve (or any successor regulatory authority with jurisdiction over bank holding companies), or any capital adequacy guidelines as then in effect and applicable to the Company; provided, however, that the

inability of the Company to treat all or any portion of the aggregate Liquidation Amount of the Capital Securities as "Tier 1 Capital" shall not constitute the basis for a Capital Treatment Event if such inability results from the Company having preferred stock, minority interests in consolidated subsidiaries and any other class of security or interest which the Federal Reserve (or any successor regulatory authority with jurisdiction over bank holding companies) may now or hereafter accord "Tier 1 Capital" treatment that, in the aggregate, exceed the amount which may now or hereafter qualify for treatment as "Tier 1 Capital" under applicable capital adequacy guidelines the Federal Reserve (or any successor regulatory authority with jurisdiction over bank holding companies), applied as if the Company (or its successor) were a bank holding company for purposes of the capital adequacy guidelines of the Federal Reserve (or any successor regulatory authority with jurisdiction over bank holding companies); provided further, that the distribution of  the  Debt  Securities in  connection with  the  liquidation of  the  Trust  by  the Company shall not in and of itself constitute a Capital Treatment Event unless such liquidation shall have occurred in connection with a Tax Event or an Investment Company Event.  For the avoidance of doubt, the inability of the Company to treat all or any portion of the aggregate Liquidation Amount of the Capital Securities as "Tier 1 Capital" as a result of the changes effected by the final rule adopted by the Federal Reserve on March 1, 2005 shall not constitute the basis for a Capital Treatment Event.

"Certificate" means a certificate signed by any one of the principal executive officer, the principal financial officer or the principal accounting officer of the Company.

"Code" means the Internal Revenue Code of 1986, as amended.

"Common Securities" means undivided beneficial interests in the assets of the Trust which are designated as "Common Securities" and rank pari passu with Capital Securities issued by the Trust; provided, however, that if an Event of Default (as defined in the Declaration) has occurred and is continuing, the rights of holders of such Common Securities to payment in respect of distributions and payments upon liquidation, redemption and otherwise are subordinated to the rights of holders of such Capital Securities.

"Company" means HF Financial Corp., a savings and loan holding company incorporated in the State of Delaware, and, subject to the provisions of Article XI, shall include its successors and assigns.

this Indenture.
 
"Debt Security" or "Debt Securities" has the meaning stated in the first recital of

"Debt Security Register" has the meaning specified in Section 2.05.

"Declaration" means the Amended and Restated Declaration of Trust of the Trust, dated as of July 5, 2007, as amended or supplemented from time to time.

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

"Defaulted Interest" has the meaning set forth in Section 2.08.

"Deferred Interest" has the meaning set forth in Section 2.11.

"Depositary" means an organization registered as a clearing agency under the Exchange Act that is designated as Depositary by the Company.   DTC will be the initial Depositary.

"Depositary Participant" means a broker, dealer, bank, other financial institution or other Person for whom from time to time the Depositary effects book-entry transfers and pledges of securities deposited with or on behalf of the Depositary.

"DTC" means The Depository Trust Company, a New York corporation.

"Event of Default" means any event specified in Section 5.01, which has continued for the period of time, if any, and after the giving of the notice, if any, therein designated.

"Exchange Act" means the Securities Exchange Act of 1934, as amended. "Extension Period" has the meaning set forth in Section 2.11.
"Federal Reserve" means the Board of Governors of the Federal Reserve System.

"Global Debenture" means a global certificate that evidences all or part of the Debt Securities the ownership and transfers of which shall be reflected and made, as applicable, through book entries by the Depositary and the Depositary Participants.

"Indenture" means this Indenture as originally executed or, if amended or supplemented as herein provided, as so amended or supplemented, or both.

"Institutional Trustee" has the meaning set forth in the Declaration.

"Interest Payment Date" means January 1, April 1, July 1 and October 1 of each year, commencing on October 1, 2007, subject to Section 14.07.

"Interest Period" has the meaning set forth in Section 2.08.

"Interest Rate" means, with respect to any Interest Period, a per annum rate of interest equal to LIBOR, as determined on the LIBOR Determination Date for such Interest Period (or, in the case of the first Interest Period, 5.36%), plus 1.65%; provided, however, that the Interest Rate for any Interest Period may not exceed the highest rate permitted by New York law, as the same may be modified by United States law of general application.

"Investment Company Event" means the receipt by the Company and the Trust of an Opinion of Counsel experienced in such matters to the effect that, as a result of a change in law or regulation or written change in interpretation or application of law or regulation by any legislative body, court, governmental agency or regulatory authority, there is more than an insubstantial risk that the Trust is or, within 90 days of the date of such opinion will be, considered an "investment company" that is required to be registered under the Investment

Company Act of 1940, as amended, which change becomes effective on or after the date of the original issuance of the Debt Securities.

"LIBOR" means the London Interbank Offered Rate for three-month U.S. Dollar deposits in Europe as determined by the Calculation Agent according to Section 2.1O(b).

"LIBOR Banking Day" has the meaning set forth in Section 2.10(b)(i). "LIBOR Business Day" has the meaning set forth in Section 2.10(b)(i). "LIBOR Determination Date" has the meaning set forth in Section 2.10(b)(i).
"Liquidation Amount" means the liquidation amount of $1,000 per Trust Security.

"Major Depository Institution Subsidiary" means any subsidiary of the Company that (i) is a depository institution and (ii) meets the definition of "significant subsidiary" within the meaning of Rule 405 under the Securities Act.

"Maturity Date" means October 1, 2037, subject to Section 14.07.

"Officers' Certificate" means a certificate signed by the Chairman of the Board, the Vice Chairman, the President or any Vice President, and by the Chief Financial Officer, the Treasurer, an Assistant Treasurer, the Comptroller, an Assistant Comptroller, the Secretary or an Assistant Secretary of the Company, and delivered to the Trustee.   Each such certificate  shall include  the  statements  provided  for  in  Section  14.06  if  and  to  the  extent  required  by  the provisions of such Section.

"Opinion of Counsel" means an opinion in writing signed by legal counsel, who may  be  an  employee  of  or  counsel  to  the  Company  or  may  be  other  counsel  reasonably satisfactory  to the Trustee.    Each such opinion shall include the statements provided for in Section 14.06 if and to the extent required by the provisions of such Section.

"OTS" means the Office of Thrift Supervision.

The term "outstanding," when used with reference  to Debt Securities, subject to the provisions of Section 7.04, means, as of any particular time, all Debt Securities authenticated and delivered by the Trustee or the Authenticating Agent under this Indenture, except

(a)     Debt Securities theretofore canceled by the Trustee or the Authenticating
Agent or delivered to the Trustee for cancellation;

(b)       Debt  Securities,  or  portions  thereof,  for  the payment  or redemption  of which moneys in the necessary  amount shall have been deposited  in trust with the Trustee or with any Paying Agent (other than the Company) or shall have been set aside and segregated in trust by the Company (if the Company shall act as its own Paying Agent); provided, that, if such Debt Securities, or portions thereof, are to be redeemed prior to maturity thereof, notice of such redemption shall have been given as provided in Articles X and XIV or provision satisfactory to the Trustee shall have been made for giving such notice; and

(c)       Debt  Securities   paid  pursuant  to  Section   2.06  or  in  lieu  of  or  in substitution for which other Debt Securities shall have been authenticated and delivered pursuant to  the  terms  of  Section  2.06  unless  proof  satisfactory  to  the  Company  and  the  Trustee  is presented that any such Debt Securities are held by bona fide holders in due course.

"Optional Redemption Date" has the meaning set forth in Section 10.01.

"Optional Redemption Price" means an amount in cash equal to 100% of the principal amount of the Debt Securities  being redeemed plus unpaid interest accrued on such Debt Securities to the related Optional Redemption Date.

"Paying Agent" has the meaning set forth in Section 3.04(e).

"Person" means a legal person, including any individual, corporation, estate, partnership, joint venture, association, joint-stock company, limited liability company, trust, unincorporated association, or government or any agency or political subdivision thereof, or any other entity of whatever nature.

"Predecessor  Security"  of  any  particular  Debt  Security  means  every  previous Debt Security evidencing all or a portion of the same debt as that evidenced by such particular Debt Security; and, for  the purposes  of  this definition,  any Debt  Security  authenticated  and delivered under Section 2.06 in lieu of a lost, destroyed or stolen Debt Security shall be deemed to evidence the same debt as the lost, destroyed or stolen Debt Security.

"Principal Office of the Trustee" means the office of the Trustee at which at any particular time its corporate trust business shall be principally administered, which at all times shall be located within the United States and at the time of the execution of this Indenture shall be Rodney Square North, 1100 North Market Street, Wilmington, DE 19890-0001.

"Reference Banks" has the meaning set forth in Section 2.10(b)(ii).

"Resale Restriction Termination Date" means, with respect to any Debt Security, the date which is the later of (i) two years (or such shorter period of time as permitted by Rule
144(k) under the Securities Act) after the later of (y) the date of original issuance of such Debt
Security and (z) the last date on which the Company or any Affiliate (as defined in Rule 405 under  the  Securities  Act)  of  the  Company  was  the  holder  of  such  Debt  Security  (or  any predecessor thereto) and (ii) such later date, if any, as may be required by any subsequent change in applicable law.

"Responsible  Officer" means, with respect to the Trustee, any officer within the Principal Office of the Trustee with direct responsibility for the administration of the Indenture, including any vice-president, any assistant vice-president, any secretary, any assistant secretary, the treasurer, any assistant treasurer, any trust officer or other officer of the Principal Office of the Trustee customarily performing functions similar to those performed by any of the above designated 

officers and also means, with respect to a particular corporate trust matter, any other officer to whom such matter is referred because of that officer's  knowledge of and familiarity with the particular subject.

"Securities Act" means the Securities Act of 1933, as amended.

"Security holder," "holder of Debt Securities" or other similar terms, means any Person in whose name at the time a particular Debt Security is registered on the Debt Security Register.

"Senior Indebtedness" means, with respect to the Company, (i) the principal, premium, if  any, and  interest  in  respect of  (A)  indebtedness of  the  Company for  money borrowed, as well as similar obligations arising from off-balance sheet guarantees and direct credit substitutes and (B) indebtedness evidenced by securities, debentures, notes, bonds or other similar instruments issued by the Company, (ii) all capital lease obligations of the Company, (iii) all obligations of the Company issued or assumed as the deferred purchase price of property, all conditional sale obligations of the Company and all obligations of the Company under any title retention agreement (but excluding trade accounts payable and other accrued liabilities arising in the ordinary course of business), (iv) all obligations of the Company for the reimbursement of any letter of credit, any banker's  acceptance, any security purchase facility, any repurchase agreement or similar arrangement, all obligations associated with derivative products such as interest rate and foreign exchange contracts and commodity contracts, any interest rate swap, any other hedging arrangement, any obligation under options or any similar credit or other transaction, (v) all obligations of the type referred to in clauses (i) through (iv) above of other Persons for the payment of which the Company is responsible or liable as obligor, guarantor or otherwise and (vi) all obligations of the type referred to in clauses (i) through (v) above of other Persons secured by any lien on any property or asset of the Company (whether or not such obligation is assumed by the Company), whether the obligations of the type referred to in clauses (i) through (vi) above were incurred on or prior to the date of this Indenture or thereafter incurred, unless, with the prior approval of the OTS if not otherwise generally approved, it is provided in the instrument creating or evidencing the same or pursuant to which the same is outstanding that such obligations are not superior or are pari passu in right of payment to the Debt Securities; provided, however, that Senior Indebtedness shall not include (A) any debt securities issued to any trust other than the Trust (or a trustee of such trust) that is a financing vehicle of the Company (a "financing entity"), in connection with the issuance by such financing entity of equity or other securities in transactions substantially similar in structure to the transactions contemplated hereunder and in the Declaration or (B) any guarantees of the Company in respect of the equity or other securities of any financing entity referred to in clause (A) above.

"Special Event" means any of a Tax Event, an Investment Company Event or a
Capital Treatment Event.

"Special Redemption Date" has the meaning set forth in Section 10.02.

"Special Redemption Price" means, with respect to the redemption of any Debt Security following a Special Event, an amount in cash equal to 103.50% of the principal amount of Debt Securities to be redeemed prior to October 1, 2008 and thereafter equal to the percentage of the principal amount of the Debt Securities that is specified below for the Special Redemption Date plus, in each case, unpaid interest accrued thereon to the Special Redemption Date:

Special Redemption During the 12-Month
Period Beginning October 1,

2008
 

Percentage of Principal Amount

102.80%

2009     102.10%

2010     101.40%

2011     100.70%

2012 and thereafter     100.00%

"Subsidiary" means,  with respect  to any Person,  (i) any corporation,  at least a majority of the outstanding voting stock of which is owned, directly or indirectly, by such Person or one or more of its Subsidiaries or by such Person and one or more of its Subsidiaries, (ii) any general  partnership,  joint  venture  or  similar  entity,  at  least  a  majority  of  the  outstanding partnership or similar interests of which shall at the time be owned by such Person or one or more of its Subsidiaries  or by such Person  and one or more of its Subsidiaries,  and (iii) any limited partnership of which such Person or any of its Subsidiaries is a general partner.  For the purposes  of  this  definition,  "voting  stock"  means  shares,  interests,  participations  or  other equivalents in the equity interest (however designated)  in such Person having ordinary  voting power for the election of a majority of the directors (or the equivalent) of such Person, other than shares, interests, participations or other equivalents having such power only by reason of the occurrence of a contingency.

"Tax Event" means the receipt by the Company  and the Trust of an Opinion of Counsel experienced in such matters to the effect that, as a result of any amendment to or change (including any announced prospective change) in the laws or any regulations thereunder of the United States or any political subdivision or taxing authority thereof or therein, or as a result of any official administrative pronouncement (including any private letter ruling, technical advice memorandum, regulatory procedure, notice or announcement (an "Administrative Action")) or judicial decision interpreting or applying such laws or regulations, regardless of whether such Administrative  Action  or  judicial  decision  is  issued  to  or  in  connection  with  a  proceeding involving the Company or the Trust and whether or not subject to review or appeal, which 

amendment, clarification, change, Administrative  Action or decision is enacted, promulgated or announced, in each case on or after the date of original issuance of the Debt Securities, there is more than an insubstantial risk that: (i) the Trust is, or will be within 90 days of the date of such opinion, subject to United States federal income tax with respect to income received or accrued on the Debt Securities; (ii) if the Company is organized and existing under the laws of the United States or any state thereof or the District of Columbia, interest payable by the Company on the Debt Securities is not, or within 90 days of the date of such opinion, will not be, deductible by the Company, in whole or in part, for United States federal income tax purposes; or (iii) the Trust is, or will be within 90 days of the date of such opinion, subject to or otherwise required to pay, or required to withhold from distributions to holders of Trust Securities, more than a de minimis

amount of other taxes (including withholding  taxes), duties, assessments or other governmental charges.

"Trust" means HF Financial Capital Trust VI, the Delaware statutory trust, or any other similar  trust created  for the purpose of issuing Capital Securities  in connection  with the issuance of Debt Securities under this Indenture, of which the Company is the sponsor.

"Trust Indenture Act" means the Trust Indenture Act of 1939, as amended from time to time, or any successor legislation.
"Trust Securities" means Common Securities and Capital Securities of the Trust. "Trustee" means the Person identified as "Trustee" in the first paragraph hereof,
and, subject to the provisions of Article VI hereof, shall also include its successors and assigns as
Trustee hereunder.
"United States" means the United States of America and the District of Columbia. "U.S.  Person"  has  the  meaning  given  to United  States  Person  as  set  forth  in
Section 7701(a)(30) of the Code.

ARTICLE II DEBT SECURITIES

Section 2.01        Authentication and Dating.

Upon the execution and delivery of this Indenture, or from time to time thereafter, Debt Securities in an aggregate principal amount not in excess of $5,155,000  may be executed and delivered by the Company to the Trustee for authentication, and the Trustee shall thereupon authenticate and make available for delivery said Debt Securities to or upon the written order of the Company,  signed by its Chairman of the Board of Directors, Vice Chairman, President or Chief Financial Officer or one of its Vice Presidents, without any further action by the Company hereunder.   In authenticating such Debt Securities, and accepting the additional responsibilities under this Indenture in relation to such Debt Securities, the Trustee shall be entitled to receive, and  (subject  to Section  6.01)  shall  be  fully  protected  in relying  upon  a copy  of  any  Board Resolution or Board Resolutions relating thereto and, if applicable, an appropriate record of any action taken pursuant to such resolution, in each case certified by the Secretary or an Assistant Secretary or other officers with appropriate delegated authority of the Company as the case may be.

The Trustee shall have the right to decline to authenticate and deliver any Debt Securities under this Section if the Trustee, being advised by counsel, determines that such action 

may not lawfully be taken or if a Responsible Officer of the Trustee in good faith shall determine that such action would expose the Trustee to personal liability to existing Security holders.

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

Section 2.02     Form of Trustee's  Certificate of Authentication.

The  Trustee's   certificate  of  authentication  on  all  Debt  Securities  shall  be  m substantially the following form:

Indenture.
 
This  certificate  represents  Debt  Securities  referred  to  in  the  within-mentioned

Wilmington Trust Company,
not in its individual capacity but solely as trustee

		
	By: 
	_ Authorized Officer

Section 2.03     Form and Denomination of Debt Securities.

The Debt Securities shall be substantially in the form of Exhibit A hereto.  The
Debt Securities shall be in registered form without coupons and in minimum denominations of
$100,000 and any multiple of $1,000 in excess thereof.  The Debt Securities shall be numbered, lettered,  or otherwise  distinguished  in such  manner or  in  accordance  with  such plans  as the officers executing the same may determine with the approval of the Trustee as evidenced by the execution and authentication thereof.

Section 2.04     Execution of Debt Securities.

The Debt Securities shall be signed in the name and on behalf of the Company by the manual or facsimile signature of its Chairman of the Board of Directors, Vice Chairman, President  or  Chief  Financial  Officer  or  one  of  its  Executive  Vice  Presidents,  Senior  Vice Presidents or Vice Presidents, under its corporate seal (if legally required) which may be affixed thereto or printed, engraved  or otherwise  reproduced  thereon,  by facsimile  or otherwise,  and which need not be attested.   Only such Debt Securities as shall bear thereon a certificate of authentication substantially in the form herein before recited, executed by the Trustee or the Authenticating  Agent by the manual  or facsimile  signature of an authorized  officer, shall be entitled  to  the  benefits  of  this  Indenture  or  be  valid  or  obligatory  for  any  purpose.    Such certificate by the Trustee or the Authenticating  Agent upon any Debt Security executed by the Company shall be conclusive evidence that the Debt Security so authenticated has been duly authenticated  and delivered  hereunder  and  that  the  holder  is  entitled  to  the benefits  of  this Indenture.

In  case  any  officer  of  the  Company  who  shall  have  signed  any  of  the  Debt Securities  shall cease to be such officer before the Debt Securities  so signed shall have been authenticated  and delivered by the Trustee or the Authenticating Agent, or disposed of by the Company, such Debt Securities nevertheless may be authenticated and delivered or disposed of as though the Person who signed such Debt Securities had not ceased to be such officer of the Company; and any Debt Security may be signed on behalf of the Company by such Persons as, at the actual date of the execution  of such Debt Security,  shall  be the proper officers  of the

Company, although at the date of the execution of this Indenture any such person was not such an officer.

Every Debt Security shall be dated the date of its authentication.

Section 2.05     Exchange and Registration of Transfer of Debt Securities.

The Company shall cause to be kept, at the office or agency maintained for the purpose of registration of transfer and for exchange as provided in Section 3.02, a register (the "Debt Security Register") for the Debt Securities issued hereunder in which, subject to such reasonable  regulations  as it may prescribe, the Company shall provide for the registration  and transfer of all Debt Securities as provided in this Article II.  Such register shall be in written form or in any other form capable of being converted into written form within a reasonable time.

Debt Securities to be exchanged may be surrendered at the Principal Office of the Trustee  or  at  any  office  or  agency  to  be  maintained  by  the  Company  for  such  purpose  as provided  in Section  3.02,  and the Company  shall execute,  the Company  or the Trustee  shall register and the Trustee or the Authenticating  Agent shall authenticate  and make available for delivery  in exchange  therefor, the Debt Security  or Debt  Securities  which  the Security holder making  the exchange  shall be entitled  to receive.   Upon  due  presentment  for registration  of transfer of any Debt Security at the Principal Office of the Trustee or at any office or agency of the Company  maintained  for such  purpose  as provided  in  Section  3.02,  the Company  shall execute, the Company or the Trustee shall register and the Trustee or the Authenticating  Agent shall authenticate and make available for delivery in the name of the transferee or transferees, a new Debt Security for a like aggregate principal amount. Registration or registration of transfer of any Debt Security  by the Trustee  or by any agent of the Company  appointed  pursuant  to Section 3.02, and delivery of such Debt Security, shall be deemed to complete the registration or registration of transfer of such Debt Security.

All  Debt  Securities  presented  for  registration  of  transfer  or  for  exchange  or payment shall (if so required by the Company or the Trustee or the Authenticating  Agent) be duly endorsed by, or be accompanied by, a written instrument or instruments of transfer in form satisfactory to the Company and either the Trustee or the Authenticating Agent duly executed by, the holder or such holder's  attorney duly authorized in writing.

No service charge shall be made for any exchange  or registration of transfer of Debt Securities,  but the Company  or the Trustee may require  payment  of a sum sufficient  to cover any tax, fee or other governmental  charge that may be imposed  in connection therewith other than exchanges pursuant to Section 2.07, Section 9.04 or Section 10.04 not involving any transfer.

The  Company  or  the  Trustee  shall  not  be  required  to  exchange  or  register  a transfer of any Debt Security for a period of 15 days immediately preceding the date of selection of Debt Securities for redemption.

Notwithstanding the foregoing, Debt Securities may not be transferred prior to the
Resale  Restriction  Termination  Date  except  in compliance  with  the  legend  set  forth  below,

unless otherwise determined  by the Company in accordance  with applicable law, which legend shall be placed on each Debt Security:

THIS SECURITY  HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT  OF  1933,  AS AMENDED  (THE  "SECURITIES ACT"),  OR  ANY STATE SECURITIES LAWS OR ANY OTHER APPLICABLE SECURITIES LAWS. NEITHER  THIS  SECURITY   NOR  ANY INTEREST   OR  PARTICIPATION HEREIN MAY BE REOFFERED, SOLD, ASSIGNED,  TRANSFERRED,  PLEDGED, ENCUMBERED OR OTHERWISE DISPOSED OF IN THE ABSENCE OF SUCH REGISTRATION OR UNLESS SUCH TRANSACTION IS EXEMPT FROM, OR NOT SUBJECT  TO, THE  REGISTRATION REQUIREMENTS OF THE SECURITIES ACT. THE   HOLDER   OF  THIS  SECURITY   OR  ANY  INTEREST  OR  PARTICIPATION HEREIN,  BY ITS ACCEPTANCE  HEREOF OR THEREOF, AS THE  CASE MAY BE, AGREES TO OFFER, SELL OR OTHERWISE  TRANSFER SUCH SECURITY  OR ANY INTEREST  OR PARTICIPATION HEREIN  PRIOR  TO  THE  DATE  WHICH  IS THE LATER   OF   (i)   TWO   YEARS   (OR   SUCH   SHORTER  PERIOD   OF   TIME   AS PERMITTED BY RULE 144(k) UNDER THE SECURITIES ACT) AFTER THE LATER OF (Y) THE  DATE OF ORIGINAL  ISSUANCE HEREOF AND (Z) THE LAST DATE ON  WHICH   THE  COMPANY  OR  ANY AFFILIATE  (AS  DEFINED  IN  RULE  405
UNDER THE SECURITIES ACT) OF THE COMPANY WAS THE HOLDER  OF THIS
SECURITY  OR SUCH  INTEREST OR  PARTICIPATION (OR  ANY PREDECESSOR THERETO) AND (ii) SUCH LATER  DATE, IF ANY, AS MAY BE REQUIRED  BY ANY SUBSEQUENT CHANGE IN APPLICABLE LAW, ONLY (A) TO THE COMPANY, (B) PURSUANT TO RULE 144A UNDER THE SECURITIES ACT ("RULE 144A"), TO A PERSON     THE      HOLDER     REASONABLY      BELIEVES     IS     A        "QUALIFIED INSTITUTIONAL BUYER",  AS DEFINED  IN RULE 144A, THAT  PURCHASES  FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QUALIFIED  INSTITUTIONAL BUYER TO WHOM NOTICE  IS GIVEN THAT THE TRANSFER IS BEING MADE IN RELIANCE   ON  RULE  144A,  (C)  PURSUANT  TO  AN  EXEMPTION   FROM   THE REGISTRATION      REQUIREMENTS        OF         THE     SECURITIES        ACT     TO         AN "ACCREDITED INVESTOR" WITHIN  THE MEANING OF SUBPARAGRAPH  (a) (1), (2),  (3),  (7)  OR   (8)  OF   RULE   501  UNDER  THE   SECURITIES  ACT  THAT   IS ACQUIRING  THIS SECURITY OR SUCH INTEREST OR PARTICIPATION FOR ITS OWN ACCOUNT, OR FOR THE ACCOUNT OF SUCH AN ACCREDITED INVESTOR, FOR INVESTMENT  PURPOSES  AND NOT WITH  A VIEW TO, OR FOR OFFER  OR SALE  IN  CONNECTION   WITH,   ANY  DISTRIBUTION   IN  VIOLATION   OF  THE SECURITIES ACT, (D) PURSUANT TO OFFERS  AND SALES TO NON-US PERSONS THAT  OCCUR  OUTSIDE  THE  UNITED STATES  PURSUANT TO  REGULATIONS UNDER  THE  SECURITIES ACT  OR  (E)  PURSUANT  TO  ANOTHER  AVAILABLE EXEMPTION  FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT, SUBJECT TO THE COMPANY'S  RIGHT  PRIOR  TO ANY SUCH OFFER, SALE OR  TRANSFER  PURSUANT  TO  CLAUSE (C)  OR  (E)  ABOVE  TO  REQUIRE  THE DELIVERY  OF  AN  OPINION   OF  COUNSEL,  CERTIFICATION  AND/OR  OTHER INFORMATION     

SATISFACTORY    TO     IT     IN         ACCORDANCE     WITH     THE INDENTURE,  A COPY  OF  WHICH  MAY BE OBTAINED  FROM  THE  COMPANY. THE  HOLDER   OF  THIS  SECURITY   OR  ANY  INTEREST  OR  PARTICIPATION

HEREIN, BY ITS  ACCEPTANCE HEREOF OR  THEREOF, AS THE  CASE  MAY BE, AGREES THAT IT WILL  COMPLY WITH  THE  FOREGOING RESTRICTIONS.

THE  HOLDER OF THIS  SECURITY OR ANY INTEREST OR PARTICIPATION HEREIN, BY ITS ACCEPTANCE HEREOF OR THEREOF, AS THE CASE  MAY BE, ALSO  AGREES, REPRESENTS AND WARRANTS THAT  IT  IS NOT AN  EMPLOYEE  BENEFIT,  INDIVIDUAL RETIREMENT  ACCOUNT  OR   OTHER PLAN  OR  ARRANGEMENT SUBJECT TO  TITLE I  OF  THE  EMPLOYEE RETIREMENT INCOME SECURITY ACT  OF  1974,  AS  AMENDED ("ERISA"), OR SECTION 4975 OF THE  INTERNAL REVENUE CODE  OF 1986, AS AMENDED (THE "CODE") (EACH  A "PLAN"), OR  AN ENTITY WHOSE UNDERLYING ASSETS INCLUDE "PLAN ASSETS" BY REASON  OF  ANY  PLAN'S INVESTMENT IN  THE ENTITY AND NO PERSON INVESTING "PLAN ASSETS" OF  ANY PLAN  MAY ACQUIRE OR HOLD THIS SECURITY OR ANY INTEREST OR PARTICIPATION HEREIN, UNLESS  SUCH PURCHASER OR HOLDER IS ELIGIBLE FOR  THE EXEMPTIVE RELIEF  AVAILABLE UNDER  U.S.  DEPARTMENT OF  LABOR PROHIBITED TRANSACTION CLASS EXEMPTION 96-23,95-60,91-38,90-1 OR 84-14
OR ANOTHER APPLICABLE EXEMPTION OR ITS  PURCHASE AND HOLDING OF
THIS  SECURITY OR SUCH  INTEREST OR PARTICIPATION IS NOT PROHIBITED BY SECTION 406 OF ERISA  OR SECTION 4975 OF THE  CODE  WITH  RESPECT TO SUCH PURCHASE OR HOLDING.  ANY PURCHASER OR HOLDER OF THIS SECURITY OR ANY INTEREST OR  PARTICIPATION HEREIN WILL  BE DEEMED TO  HAVE  REPRESENTED BY ITS  PURCHASE AND  HOLDING HEREOF OR THEREOF, AS THE  CASE  MAY  BE, THAT  EITHER (i) IT  IS NOT  AN EMPLOYEE BENEFIT PLAN WITHIN THE  MEANING OF SECTION 3(3) OF ERISA, OR  A PLAN TO   WHICH  SECTION  4975  OF   THE   CODE   IS  APPLICABLE, A  TRUSTEE OR OTHER PERSON ACTING ON  BEHALF OF  AN  EMPLOYEE BENEFIT PLAN  OR PLAN,  OR   ANY  OTHER  PERSON  OR   ENTITY  USING   THE   ASSETS   OF   ANY EMPLOYEE BENEFIT PLAN  OR  PLAN  TO  FINANCE SUCH  PURCHASE, OR  (ii) SUCH PURCHASE AND HOLDING WILL  NOT RESULT IN A PROHIBITED TRANSACTION UNDER  SECTION 406 OF ERISA  OR SECTION 4975 OF THE  CODE FOR WHICH THERE IS NO APPLICABLE STATUTORY OR ADMINISTRATIVE EXEMPTION.

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

THIS   SECURITY  WILL   BE  ISSUED   AND  MAY  BE  TRANSFERRED ONLY IN MINIMUM DENOMINATIONS OF $100,000 AND MULTIPLES OF $1,000 IN EXCESS   THEREOF.    ANY   ATTEMPTED  TRANSFER  OF   THIS   SECURITY   IN DENOMINATIONS OF LESS THAN $100,000 SHALL  BE DEEMED TO BE VOID  AND OF  NO LEGAL  EFFECT WHATSOEVER. ANY SUCH  PURPORTED TRANSFEREE SHALL   

BE  DEEMED  NOT  TO  BE  THE  HOLDER OF  THIS  SECURITY OR  ANY INTEREST OR  PARTICIPATION HEREIN FOR  ANY  PURPOSE, INCLUDING, BUT

NOT LIMITED TO,  THE  RECEIPT OF  DISTRIBUTIONS ON THIS  SECURITY OR SUCH INTEREST OR PARTICIPATION, AND SUCH PURPORTED TRANSFEREE SHALL BE DEEMED  TO HAVE NO INTEREST WHATSOEVER  IN THIS SECURITY OR ANY INTEREST OR PARTICIPATION HEREIN.

THIS  OBLIGATION IS  NOT  A DEPOSIT  AND IS  NOT  INSURED  BY THE UNITED STATES OR ANY AGENCY OR FUND OF THE UNITED STATES, INCLUDING THE FEDERAL DEPOSIT INSURANCE CORPORATION (THE "FDIC"). THIS  OBLIGATION IS SUBORDINATED  TO THE  CLAIMS  OF THE  DEPOSITORS AND THE CLAIMS OF GENERAL AND SECURED CREDITORS OF THE COMPANY, IS INELIGIBLE AS COLLATERAL FOR  A LOAN BY THE COMPANY  OR ANY OF ITS SUBSIDIARIES AND IS NOT SECURED.

Section 2.06     Mutilated, Destroyed, Lost or Stolen Debt Securities.

In case any Debt Security shall become mutilated or be destroyed, lost or stolen, the Company  shall  execute,  and  upon  its  written  request  the  Trustee  shall  authenticate  and deliver, a new Debt Security bearing a number not contemporaneously  outstanding, in exchange and substitution  for the mutilated Debt Security, or in lieu of and in substitution  for the Debt Security so destroyed, lost or stolen.  In every case the applicant for a substituted Debt Security shall furnish to the Company and the Trustee such security or indemnity as may be required by them to save each of them harmless, and, in every case of destruction, loss or theft, the applicant shall  also  furnish  to  the  Company  and  the  Trustee  evidence  to  their  satisfaction  of  the destruction, loss or theft of such Debt Security and of the ownership thereof.

The Trustee may authenticate any such substituted Debt Security and deliver the same  upon  the  written  request  or  authorization  of  any  officer  of  the  Company.    Upon  the issuance  of  any substituted  Debt  Security,  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 connected therewith.  In case any Debt Security which has matured or is about to mature or has been called for redemption in full shall become mutilated or be destroyed, lost or stolen, the Company may, instead of issuing a substitute Debt Security, pay or authorize the payment  of  the  same  (without  surrender  thereof  except  in  the case  of  a mutilated  Debt Security) if the applicant for such payment shall furnish to the Company and the Trustee such security or indemnity as may be required by them to save each of them harmless and, in case of destruction,  loss  or  theft,  evidence  satisfactory  to  the  Company  and  to  the  Trustee  of  the destruction, loss or theft of such Security and of the ownership thereof.

Every substituted Debt Security issued pursuant to the provisions of this Section
2.06 by virtue of the fact that any such Debt Security is destroyed, lost or stolen shall constitute an additional contractual obligation of the Company, whether or not the destroyed, lost or stolen Debt Security shall be found at any time, and shall be entitled to all the benefits of this Indenture equally and proportionately  with any and all other Debt Securities duly issued hereunder.   All Debt Securities shall be held and owned upon the express condition that, to the extent permitted 

by applicable  law, the foregoing  provisions  are exclusive  with  respect  to the replacement  or payment  of mutilated,  destroyed, lost or stolen Debt Securities  and shall preclude  any and all other rights or remedies notwithstanding  any law or statute existing or hereafter enacted to the

contrary with respect to the replacement or payment of negotiable instruments or other securities without their surrender.

Section 2.07     Temporary Debt Securities.

Pending the preparation of definitive Debt Securities, the Company may execute and the Trustee shall authenticate and make available for delivery temporary Debt Securities that are typed, printed or lithographed. Temporary Debt Securities shall be issuable in any authorized denomination,  and  substantially  in  the  form  of  the definitive  Debt  Securities  but  with  such omissions, insertions and variations as may be appropriate for temporary Debt Securities, all as may be determined by the Company.  Every such temporary Debt Security shall be executed by the Company and be authenticated by the Trustee upon the same conditions and in substantially the  same  manner,  and  with  the  same  effect,  as  the  definitive  Debt  Securities.     Without unreasonable delay, the Company will execute and deliver to the Trustee or the Authenticating Agent definitive Debt Securities and thereupon any or all temporary Debt Securities may be surrendered in exchange therefor, at the Principal Office of the Trustee or at any office or agency maintained by the Company for such purpose as provided in Section 3.02, and the Trustee or the Authenticating Agent shall authenticate and make available for delivery in exchange for such temporary Debt Securities a like aggregate principal amount of such definitive Debt Securities. Such  exchange  shall  be  made  by  the  Company  at its own  expense  and  without  any  charge therefor  except  that  in  case  of  any  such  exchange  involving  a  registration  of  transfer  the Company may require payment of a sum sufficient to cover any tax, fee or other governmental charge  that  may  be  imposed  in  relation  thereto.    Until  so  exchanged,  the  temporary  Debt Securities shall in all respects be entitled to the same benefits under this Indenture as definitive Debt Securities authenticated and delivered hereunder.

Section 2.08     Payment of Interest.

Each Debt Security will bear interest at the then applicable Interest Rate (i) in the case of the initial Interest Period, for the period from, and including, the date of original issuance of such Debt Security to, but excluding, the initial Interest Payment Date and (ii) thereafter, for the period from, and including, the first day following the end of the preceding Interest Period to, but excluding, the applicable Interest Payment Date or, in the case of the last Interest Period, the related Optional  Redemption  Date, Special  Redemption  Date or Maturity  Date, as applicable (each such period, an "Interest Period"), on the principal thereof, on any overdue principal and (to the extent  that payment of such  interest  is enforceable  under applicable  law) on Deferred Interest  and  on  any  overdue  installment  of  interest  (including  Defaulted  Interest),  payable (subject  to the provisions of Article XV) on each Interest Payment  Date and on the Maturity Date,  any  Optional  Redemption  Date  or  the Special  Redemption  Date,  as the case  may be. Interest and any Deferred Interest on any Debt Security that is payable, and is punctually paid or 

duly provided for by the Company, on any Interest Payment Date shall be paid to the Person in whose name such Debt Security (or one or more Predecessor Securities) is registered at the close of business on the regular record date for such interest installment,  except that interest and any Deferred Interest payable on the Maturity Date, any Optional Redemption  Date or the Special Redemption Date, as the case may be, other than any Interest Payment Date shall be paid to the Person to whom principal is paid.  In case (i) the Maturity Date of any Debt Security or (ii) any Debt Security  or portion  thereof is called for redemption and the related Optional Redemption

Date or the Special Redemption Date, as the case may be, is subsequent to the regular record date with respect to any Interest Payment Date and prior to such Interest Payment Date, interest on such Debt Security will be paid upon presentation and surrender of such Debt Security.

Any interest on any Debt Security, other than Deferred Interest, that is payable, but is not punctually paid or duly provided for by the Company, 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 shall be paid by the Company to the Persons in whose names such Debt Securities (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 such Debt Security 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 reasonably 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 provided in this paragraph. Thereupon the Trustee shall fix a special record date for the payment of such Defaulted Interest, which shall not be more than fifteen nor less than ten days prior to the date of the proposed payment and not less than ten 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 Security holder at his or her address as it appears in the Debt Security Register, not less than ten days prior to such special record date. Notice of the proposed payment of such Defaulted Interest and the special record date therefor having been mailed as aforesaid, such Defaulted Interest shall be paid to the Persons in whose names such Debt Securities (or their respective Predecessor Securities) are registered on  such special record date and thereafter the Company shall have no further payment obligation in respect of the Defaulted Interest.

Any interest scheduled to become payable on an Interest Payment Date occurring during an Extension Period shall not be Defaulted Interest and shall be payable on such other date as may be specified in the terms of such Debt Securities.

The term "regular record date", as used in this Section, shall mean the fifteenth day prior to the applicable Interest Payment Date, whether or not such day is a Business Day.

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

Section 2.09    Cancellation of Debt Securities Paid, etc.

All  Debt  Securities  surrendered  for  the  purpose  of  payment,  redemption, exchange or registration of transfer, shall, if surrendered to the Company or any Paying Agent,

be surrendered  to the Trustee and promptly canceled by it, or, if surrendered  to the Trustee or any Authenticating  Agent,  shall  be promptly  canceled  by it, and no Debt  Securities  shall  be issued in lieu thereof except as expressly  permitted by any of the provisions of this Indenture. All Debt Securities canceled by any Authenticating Agent shall be delivered to the Trustee.  The Trustee  shall  destroy  all canceled  Debt  Securities  unless  the  Company  otherwise  directs  the Trustee in writing, in which case the Trustee shall dispose of such Debt Securities as directed by the  Company.     If  the  Company  shall  acquire  any  of  the  Debt  Securities,  however,  such acquisition shall not operate as a redemption or satisfaction  of the indebtedness  represented  by such Debt Securities unless and until the same are surrendered to the Trustee for cancellation.

Section 2.10     Computation of Interest.

(a)       The amount of interest payable for any Interest Period will be computed on the basis of a 360-day year and the actual number of days elapsed in such Interest Period.

(b)       LIBOR  shall  be determined  by the Calculation  Agent  for  each  Interest Period (other than the first Interest Period, in which case LIBOR will be 5.36% per annum) in accordance with the following provisions:

(i)        On the second LIBOR Business Day (provided, that on such day commercial banks are open for business (including dealings in foreign currency deposits) in London (a "LIBOR Banking Day"), and otherwise the next preceding LIBOR Business Day  that  is  also  a  LIBOR  Banking  Day)  prior  to  the  Interest  Payment  Date  that commences  such  Interest  Period  (each  such  day,  a  "LIBOR   Determination  Date"), LIBOR shall equal the rate, as obtained by the Calculation  Agent, for three-month U.S. Dollar  deposits  in  Europe,  which  appears on Telerate  (as defined  in the  International Swaps and Derivatives Association, Inc. 2000 Interest Rate and Currency Exchange Definitions) page 3750 or such other page as may replace such page 3750, as of 11:00 a.m.  (London  time)  on  such  LIBOR  Determination  Date,  as  reported  by  Bloomberg Financial Markets Commodities  News or any successor service ("Telerate Page 3750"). "LIBOR  Business Day" means any day that is not a Saturday, Sunday or other day on which  commercial   banking  institutions  in  The  City  of  New  York  or  Wilmington, Delaware are authorized or obligated by law or executive order to be closed.  If such rate is superseded on Telerate Page 3750 by a corrected rate before 12:00 noon (London time) on such LIBOR Determination  Date, the corrected rate as so substituted will be LIBOR for such LIBOR Determination  Date.

(ii)     If, on such LIBOR Determination  Date, such rate does not appear on Telerate Page 3750, the Calculation Agent shall determine the arithmetic mean of the offered  quotations  of the  Reference  Banks  to leading  banks  in  the  London  interbank market for three-month U.S. Dollar deposits in Europe (in an amount determined by the Calculation Agent) by reference to requests for quotations as of approximately 11:00 a.m. (London time) on such LIBOR Determination Date made by the Calculation Agent to the Reference Banks.   If, on such LIBOR Determination Date, at least two of the Reference 

Banks  provide  such  quotations,   LIBOR  shall   equal  the  arithmetic   mean  of  such quotations.   If, on such LIBOR Determination Date, only one or none of the Reference Banks provide such a quotation, LIBOR shall be deemed to be the arithmetic mean of the

offered quotations that at least two leading banks in The City of New York (as selected by the Calculation  Agent)  are quoting  on such  LIBOR  Determination  Date  for  three­ month U.S. Dollar deposits in Europe at approximately  11:00 a.m. (London time) (in an amount determined by the Calculation Agent). As used herein, "Reference  Banks" means four major banks in the London interbank market selected by the Calculation Agent.

(iii)      If the Calculation Agent is required  but is unable to determine  a rate in accordance with at least one of the procedures  provided above, LIBOR for such Interest Period shall be LIBOR in effect for the immediately preceding Interest Period.

(c)       All percentages resulting from any calculations on the Debt Securities will be rounded, if necessary, to the nearest one hundred-thousandth  of a percentage point, with five one-millionths  of a percentage  point  rounded  upward (e.g.,  9.876545%  (or .09876545)  being rounded to 9.87655% (or .0987655)), and all dollar amounts used in or resulting from such calculation will be rounded to the nearest cent (with one-half cent being rounded upward).

(d)       On each LIBOR Determination Date, the Calculation  Agent shall notify, in writing, the Company and the Paying Agent of the applicable Interest Rate that applies to the related Interest Period.   The Calculation  Agent shall, upon the request of a holder of any Debt Securities, inform such holder of the Interest Rate that applies to the related Interest Period.  All calculations made by the Calculation  Agent in the absence of manifest error shall be conclusive for all purposes and binding on the Company and the holders of the Debt Securities.  The Paying Agent  shall  be  entitled  to  rely  on  information  received  from  the  Calculation  Agent  or  the Company as to the applicable Interest Rate.  The Company shall, from time to time, provide any necessary information to the Paying Agent relating to any original issue discount and interest on the Debt Securities that is included in any payment and reportable for taxable income calculation purposes.

Section 2.11     Extension of Interest Payment Period.

So long as no Event of Default pursuant to Sections 5.01(b), (e), (f), (g), (h) or (i) of this Indenture has occurred and is continuing, the Company shall have the right, from time to time and without causing an Event of Default, to defer payments of interest on the Debt Securities by extending the interest payment period on the Debt Securities at any time and from time to time during the term of the Debt Securities, for up to 20 consecutive quarterly periods (each such extended interest payment period, together with all previous and further consecutive extensions thereof, is referred to herein as an "Extension Period").  No Extension Period may end on a date other than an Interest Payment Date or extend beyond the Maturity Date, any Optional Redemption Date or the Special Redemption Date, as the case may be. During any Extension Period, interest will continue to accrue on the Debt Securities, and interest on such accrued interest (such accrued interest and interest thereon referred to herein as "Deferred Interest") will 

accrue at an annual rate equal to the Interest Rate applicable during such Extension Period, compounded quarterly from the date such Deferred Interest would have been payable were it not for the Extension Period, to the extent permitted by applicable law.  No interest or Deferred Interest (except any Additional Amounts that may be due and payable) shall be due and payable during an Extension Period, except at the end thereof.  At the end of any Extension Period, the Company shall pay all Deferred Interest then accrued and unpaid on the Debt Securities;

provided,  however,  that during any Extension Period, the Company shall be subject  to the restrictions set forth in Section  3.08.  Prior to the termination of any Extension Period, the Company  may further  extend such Extension Period, provided, that no Extension Period (including all previous  and further consecutive extensions that are part of such Extension Period) shall exceed 20 consecutive quarterly  periods.   Upon the termination of any Extension Period
and upon the payment  of all Deferred  Interest, the Company may commence a new Extension Period, subject to the foregoing requirements. The Company must give the Trustee  notice of its election to begin or extend  an Extension Period no later than the close of business  on the fifteenth Business  Day prior to the applicable  Interest  Payment  Date.  The Trustee  shall give notice of the Company's election to begin or extend an Extension Period to the Security holders,
promptly  after receipt of notice from the Company  of its election  to begin or extend an Extension
Period.

Section  2.12     CUSIP Numbers.

The Company in issuing  the Debt Securities may  use a "CUSIP" number  (if then generally in use), and, if so, the Trustee  shall use a "CUSIP" number in notices of redemption as a convenience to Security holders; provided,  that any such notice may state that no representation is  made  as  to  the  correctness of  such  number  either  as  printed  on  the  Debt  Securities or  as contained  in  any  notice  of  a  redemption and  that  reliance  may  be  placed  only  on  the  other identification numbers  printed  on  the  Debt  Securities,   and  any  such  redemption shall  not  be affected  by any defect  in or omission  of such numbers.   The Company will promptly  notify  the Trustee in writing of any change in the CUSIP number.

Section  2.13     Global Debentures.

(a)        Upon  the election  of an owner of beneficial interests  in outstanding Debt Securities,  the Debt Securities owned by such beneficial  owner shall be issued in the form of one or  more  Global   Debentures.    Each  Global   Debenture   issued   under  this  Indenture   shall  be registered  in the name of the Depositary designated by the Company for such Global  Debenture or  a nominee  of  such  Depositary and  delivered  to  such  Depositary or  a  nominee   thereof  or custodian  therefor, and each such Global  Debenture  shall constitute a single Debt Security for all purposes of this Indenture.

(b)     Notwithstanding   any   other   prov1Slon  in   this   Indenture,    no   Global Debenture  may be exchanged in whole  or in part for Debt Securities in certificated form, and no transfer of a Global  Debenture in whole  or in part may be, registered  in the name of any Person other  than  the  Depositary for  such  Global  Debenture   or  a  nominee   thereof  unless  (i)  such Depositary advises  the  Trustee  and  the Company  in writing  that  such  Depositary is no longer willing or able to properly  discharge its responsibilities as Depositary with respect to such Global Debenture, and no qualified  successor is appointed  by the Company within  ninety  (90) days  of receipt  by  the  Company of  such  notice,  (ii)  such  Depositary ceases  to  be  a clearing   agency registered  under the Exchange Act and no successor is appointed  by the Company within  ninety (90)  days  after  obtaining  knowledge of  such  event  or  (iii)  an  Event  of  Default   shall  have occurred  and be continuing. Upon obtaining  knowledge of the occurrence of any event specified in clause (i), (ii) or (iii) above, the Trustee shall notify 

the Depositary and instruct  the Depositary to notify  all owners  of beneficial  interests  in such  Global  Debenture  of the occurrence of such

event and of the availability of Debt Securities in certificated form to such beneficial owners requesting the same.   Upon the issuance of such Debt Securities in certificated form and the registration in the Debt Security Register of such Debt Securities in the names of the holders thereof, the Trustee shall recognize such holders as holders of Debt Securities for all purposes of this Indenture and the Debt Securities.

(c)       If  any  Global  Debenture  is  to  be  exchanged for  Debt  Securities  in certificated form or canceled in part, or if a Debt Security in certificated form is to be exchanged in whole or in part for a beneficial interest in any Global Debenture, then either (i) such Global Debenture shall be so surrendered for exchange or cancellation as provided herein or (ii) the principal amount thereof shall be reduced or increased, subject to Section 2.03, by an amount equal to the portion thereof to be so exchanged or canceled, or equal to the principal amount of such Debt Security to be so exchanged for a beneficial interest therein, as the case may be, by means of an appropriate adjustment made on the records of the Debt Security registrar, whereupon the Trustee, in accordance with the Applicable Depositary Procedures, shall instruct the Depositary or its authorized representative to make a corresponding adjustment to its records. Upon any such surrender or adjustment of a Global Debenture by the Depositary, accompanied by registration instructions, the Company shall execute and the Trustee shall authenticate and deliver Debt Securities issuable in exchange for such Global Debenture (or any portion thereof) in accordance with the instructions of the Depositary. The Trustee may conclusively rely on, and shall be fully protected in relying on, such instructions.

(d)       Every  Debt  Security  authenticated and  delivered  upon  registration of transfer of, or in exchange for or in lieu of, a Global Debenture or any portion thereof shall be authenticated and delivered in the form of, and shall be, a Global Debenture, unless such Debt Security is registered in the name of a Person other than the Depositary for such Global Debenture or a nominee thereof.

(e)       Debt Securities distributed to holders of Book-Entry Capital Securities (as defined in the Declaration) upon the dissolution of the Trust shall be distributed in the form of one or more Global Debentures registered in the name of the Depositary or its nominee, and deposited with the Debt Securities registrar, as custodian for such Depositary, or with such Depositary, for credit by the Depositary to the owners of beneficial interests in such Book-Entry Capital Securities.   Debt Securities distributed to holders of Capital Securities in certificated form upon the dissolution of the Trust shall be issued in certificated form.

(f)       The Depositary or its nominee, as the registered owner of a Global Debenture, shall be the holder of such Global Debenture for all purposes under this Indenture and the Debt Securities, and owners of beneficial interests in a Global Debenture shall hold such interests pursuant to the Applicable Depositary Procedures.   Accordingly, any such owner's beneficial interest in a Global Debenture shall be shown only on, and the transfer of such interest shall be effected only through, records maintained by the Depositary or its nominee or its Depositary Participants.  The Debt Securities registrar and the Trustee shall be entitled to deal with the Depositary for all purposes of this Indenture relating to a Global Debenture as the sole holder of the Debt Security and shall have no obligation to any beneficial owner of a Global Debenture.   Neither the Trustee nor the Debt 

Securities registrar shall have any liability in respect of any transfers affected by the Depositary or its Depositary Participants.

(g)       The rights of owners of beneficial interests in a Global Debenture shall be exercised only through the Depositary and shall be limited to those established by law and agreements between such owners and the Depositary and/or its Depositary Participants.

(h)       No owner of any beneficial interest in any Global Debenture shall have any rights under this Indenture with respect to such Global Debenture, and the Depositary may be treated by the Company, the Trustee and any agent of the Company or the Trustee as the owner and holder of such Global Debenture for all purposes under the Indenture.  None of the Company, the Trustee nor any agent of the Company or the Trustee will have any responsibility or liability for any aspect of the records relating to or payments made on account of beneficial ownership interests in a Global Debenture or maintaining, supervising or reviewing any records relating to such beneficial ownership interests.  Notwithstanding the foregoing, 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 the Depositary or impair, as between the Depositary and such beneficial owners, the operation of customary practices governing the exercise of the rights of the Depositary or its nominee as holder of any Debt Security.
(i)    Global Debentures shall bear the following legend on the face thereof: THIS SECURITY IS A GLOBAL DEBENTURE WITHIN THE MEANING  OF
THE  INDENTURE  HEREINAFTER REFERRED TO AND IS REGISTERED IN
THE   NAME  OF   THE   DEPOSITORY  TRUST   COMPANY   ("DTC")   OR   A NOMINEE OF DTC. THIS SECURITY IS EXCHANGEABLE  FOR SECURITIES REGISTERED IN THE NAME OF A PERSON OTHER  THAN DTC OR ITS NOMINEE  ONLY IN THE LIMITED  CIRCUMSTANCES DESCRIBED  IN THE INDENTURE, AND NO TRANSFER OF THIS SECURITY  (OTHER THAN A TRANSFER  OF THIS SECURITY  AS A WHOLE  BY DTC TO A NOMINEE OF DTC  OR  BY A NOMINEE  OF  DTC  TO  DTC  OR  ANOTHER  NOMINEE  OF DTC) MAY BE REGISTERED EXCEPT IN LIMITED CIRCUMSTANCES.

UNLESS THIS SECURITY IS PRESENTED  BY AN AUTHORIZED REPRESENTATIVE OF DTC TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY SECURITY  ISSUED IS REGISTERED IN THE  NAME OF CEDE & CO. OR IN SUCH OTHER  NAME AS IS REQUESTED  BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED  BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER  USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL  INASMUCH AS THE REGISTERED OWNER HEREOF,  CEDE & CO., HAS AN INTEREST  HEREIN.

ARTICLE III
PARTICULAR COVENANTS OF THE COMPANY

Section 3.01 of the Debt Securities.
 
Payment ofPrincipal, Premium and Interest; Agreed Treatment

(a)       The Company covenants and agrees that it will duly and punctually pay or cause to be paid all payments due in respect of the Debt Securities at the place, at the respective times and in the manner provided in this Indenture and the Debt Securities.   Payment of the principal of and premium, if any, and interest on the Debt Securities due on the Maturity Date, any Optional Redemption Date or the Special Redemption Date, as the case may be, will be made by the Company in immediately available funds against presentation and surrender of such Debt Securities.   At  the option of  the Company, each installment of  interest on  the Debt Securities due on an Interest Payment Date other than the Maturity Date, any Optional Redemption Date or the Special Redemption Date, as the case may be, may be paid (i) by mailing checks for such interest payable to the order of the holders of Debt Securities entitled thereto as they appear on the Debt Security Register or (ii) by wire transfer of immediately available funds to any account with a banking institution located in the United States designated by such holders to the Paying Agent no later than the related record date.   Notwithstanding anything to the contrary contained in this Indenture or any Debt Security, if the Trust or the trustee of the Trust is the holder of any Debt Security, then all payments in respect of such Debt Security shall be made by the Company in immediately available funds when due.

(b)       The Company will treat the Debt Securities as  indebtedness, and the interest payable in respect of such Debt Securities (including any Additional Amounts) as interest, for  all U.S.  federal income  tax purposes.   All payments in  respect of  such Debt Securities will be made free and clear of U.S. withholding tax provided, that (i) any beneficial owner thereof that is a "United States person" within the meaning of Section 7701(a)(30) of the Code (A) has provided an Internal Revenue Service Form W-9 (or any substitute or successor form) in the manner required establishing its status as a "United States person" for U.S. federal income tax purposes, and (B) the Internal Revenue Service has neither notified the Issuer that the taxpayer identification number furnished by such beneficial owner is incorrect nor notified the Issuer that there is underreporting by such beneficial owner, and (ii) any beneficial owner thereof that is not a "United States person" within the meaning of Section 7701(a)(30) of the Code has provided an Internal Revenue Service Form W-8 BEN, Internal Revenue Service Form W-8ECI, or Internal Revenue Service Form W-8EXP, as applicable (or any substitute or successor form) in the manner required establishing its non-U.S. status for U.S. federal income tax purposes.

(c)       As of the date of this Indenture, the Company represents that it has no intention to exercise its right under Section 2.11 to defer payments of interest on the Debt Securities by commencing an Extension Period.

(d)       As  of  the  date  of  this  Indenture,  the  Company  represents  that  the likelihood that it would exercise its right under Section 2.11 to defer payments of interest on the Debt  Securities by  commencing an  Extension Period at  any  time  during  which the  Debt Securities are outstanding is remote because of the restrictions that would be imposed on the Company's ability to declare or pay dividends or distributions on, or to redeem, purchase or

make a liquidation payment with respect to, any of its outstanding equity and on the Company's ability to make any payments of principal of or premium, if any, or interest on, or repurchase or redeem, any of its debt securities that rank pari passu in all respects with or junior in interest to the Debt Securities.

Section 3.02    Offices for Notices and Payments, etc.

So long as any of the Debt Securities remain outstanding, the Company will maintain in Wilmington, Delaware or in Pierre, South Dakota an office or agency where the Debt Securities may be presented for payment, an office or agency where the Debt Securities may be presented for registration of transfer and for exchange as provided in this Indenture and an office or agency where notices and demands to or upon the Company in respect of the Debt Securities or of this Indenture may be served.  The Company will give to the Trustee written notice of the location of any such office or agency and of any change of location thereof.  Until otherwise designated from time  to  time by  the  Company in a  notice  to  the Trustee, or  specified as contemplated by Section 2.05, such office or agency for all of the above purposes shall be the Principal Office of the Trustee.  In case the Company shall fail to maintain any such office or agency in Wilmington, Delaware or in Pierre, South Dakota, or shall fail to give such notice of the location or of any change in the location thereof, presentations and demands may be made and notices may be served at the Principal Office of the Trustee.

In addition to any such office or agency, the Company may from time to time designate one or more offices or agencies outside Wilmington, Delaware or Pierre, South Dakota where the Debt Securities may be presented for registration of transfer and for exchange in the manner provided in  this Indenture, and the Company may from time to time rescind such designation, as the Company may deem desirable or expedient; provided, however, that no such designation or rescission shall in any manner relieve the Company of its obligation to maintain any such office or agency in Wilmington, Delaware or in Pierre, South Dakota for the purposes above mentioned.  The Company will give to the Trustee prompt written notice of any such designation or rescission thereof.

Section 3.03     Appointments to Fill Vacancies in Trustee's Office.

The Company, whenever necessary to avoid or fill a vacancy in the office of Trustee, will appoint, in the manner provided in Section 6.09, a Trustee, so that there shall at all times be a Trustee hereunder.

Section 3.04    Provision as to Paying Agent.

(a)       If the  Company shall appoint a Paying Agent other than the Trustee, it will cause such Paying Agent to execute and deliver to the Trustee an instrument in which such agent shall agree with the Trustee, subject to the provision of this Section 3.04,

(i)        that it will hold all sums held by it as such agent for the payment of all payments due on the Debt Securities (whether such sums have been paid to it by the Company or by any other obligor on the Debt Securities) in trust for the benefit of the holders of the Debt Securities;

(ii)       that it will give the Trustee prompt written notice of any failure by the Company (or by any other obligor on the Debt Securities)  to make any payment  on the Debt Securities when the same shall be due and payable; and

(iii)      that it will, at any time  during  the continuance  of  any  Event  of Default, upon the written request of the Trustee, forthwith pay to the Trustee all sums so held in trust by such Paying Agent.

(b)       If the Company  shall act as its own Paying  Agent, it will, on or before each due date of the payments due on the Debt Securities, set aside, segregate and hold in trust for the benefit of the holders of the Debt Securities a sum sufficient to make such payments so becoming due and will notify the Trustee in writing of any failure to take such action and of any failure by the Company (or by any other obligor under the Debt Securities) to make any payment on the Debt Securities when the same shall become due and payable.

Whenever the Company shall have one or more Paying Agents for the Debt Securities, it will, on or prior to each due date of the payments on the Debt Securities, deposit with a Paying Agent a sum sufficient to pay all payments so becoming due, such sum to be held in  trust for  the benefit  of  the Persons  entitled thereto  and  (unless  such  Paying  Agent  is the Trustee) the Company shall promptly notify the Trustee in writing of its action or failure to act.

(c)       Anything   in  this   Section  3.04  to  the   contrary  notwithstanding,   the Company may, at any time, for the purpose of obtaining a satisfaction and discharge with respect to the Debt Securities, or for any other reason, pay, or direct any Paying Agent to pay, to the Trustee all sums held in trust by the Company or any such Paying Agent, such sums to be held by the Trustee upon the same terms and conditions herein contained.

(d)       Anything   in  this   Section  3.04  to  the   contrary  notwithstanding,   the agreement to hold sums in trust as provided in this Section 3.04 is subject to Sections 12.03 and
12.04.

(e)       The Company hereby initially appoints the Trustee to act as paying agent for the Debt Securities (the "Paying Agent").

Section 3.05     Certificate to Trustee.

The Company will deliver to the Trustee on or before 120 days after the end of each fiscal year, so long as Debt Securities are outstanding hereunder, a Certificate, substantially in the form of Exhibit B attached hereto, stating that in the course of the performance  by the signers of their duties as officers of the Company they would normally have knowledge of any default by the Company in the performance of any covenants of the Company contained herein, stating whether or not they have knowledge of any such default and, if so, specifying each such default of which the signers have knowledge and the nature thereof.

Section 3.06     Additional Amounts.

If and for so long as the Trust is the holder of all Debt Securities and is subject to or otherwise  required  to pay (or is required to withhold from distributions  to holders of Trust

Securities) any additional taxes (including withholding taxes), duties, assessments or other governmental charges  as a result of a Tax Event, the Company will pay such additional amounts (the "Additional Amounts") on the Debt Securities or the Trust Securities, as the case may be, as shall be required  so that the net amounts  received  and retained  by the holders  of Debt  Securities or Trust  Securities, as the case may be, after payment  of all taxes (including withholding taxes), duties, assessments or other governmental charges,  will be equal to the amounts  that such holders would  have  received   and  retained   had  no  such  taxes  (including withholding taxes),   duties, assessments or other governmental charges been imposed.

Whenever in  this  Indenture or  the  Debt  Securities there  is  a reference in  any context  to the payment  of principal  of or premium,  if any, or interest on the Debt Securities, such mention  shall  be deemed  to include  mention  of payments of the Additional Amounts provided for in this Section  to the extent  that, in such context,  Additional Amounts  are, were or would  be payable  in respect  thereof  pursuant  to the provisions of this Section  and express  mention  of the payment  of Additional  Amounts  (if applicable) in any provisions hereof shall not be construed as excluding  Additional  Amounts in  those  provisions hereof  where  such  express  mention  is not made,  provided,  however,  that,  notwithstanding  anything   to  the  contrary  contained  in  this Indenture  or  any  Debt  Security,   the  deferral  of  the  payment   of  interest  during  an  Extension Period pursuant  to Section 2.11 shall not defer the payment  of any Additional Amounts that may be due and payable.

Section 3.07     Compliance with Consolidation Provisions.

The  Company will  not,  while  any  of  the  Debt  Securities   remain  outstanding, consolidate with, or merge  into, any other Person, or merge into itself, or sell, convey,  transfer or otherwise  dispose  of all or substantially all of its property or capital  stock  to any  other  Person unless the provisions of Article XI hereof are complied  with.

Section 3.08     Limitation on Dividends.

If (i) there shall have occurred  and be continuing a Default or an Event of Default, (ii)  the  Company shall  be in default  with  respect  to its  payment  of  any  obligations under  the Capital  Securities Guarantee or (iii) the Company  shall have given notice of its election  to defer payments  of interest  on the Debt Securities by extending  the interest payment  period as provided herein and such period,  or any extension thereof, shall have commenced and be continuing, then the Company may not (A) declare  or pay any dividends or distributions on, or redeem,  purchase, acquire,  or make a liquidation payment  with respect  to, any of the Company's capital  stock,  (B) make  any  payment  of  principal  of or  premium,  if  any,  or  interest  on  or  repay,  repurchase or redeem  any debt securities of the Company that rank pari passu in all respects  with or junior  in interest  to the Debt Securities or (C) make  any payment  under  any guarantees of the Company that rank pari passu in all respects  with or junior  in interest  to the Capital  Securities Guarantee (other  than  (a) repurchases, redemptions or other  acquisitions of shares  of capital  stock  of the Company   (I)  in  connection  with   any   employment  contract,   benefit   plan   or  other   similar arrangement with or for the benefit  of one or more employees, officers,  directors  or consultants, (II) in connection with  a dividend  reinvestment or  stockholder stock  purchase  plan  or (III)  in connection  with  the issuance  of capital  stock  of the Company (or securities convertible into  or exercisable for  such  capital  stock)  as  consideration in  an  acquisition transaction entered  into

prior to the occurrence of (i), (ii) or (iii) above, (b) as a result of any exchange or conversion of any class or series of the Company's capital stock (or any capital stock of a subsidiary of the Company) for any class or series of the Company's capital stock or of any class or series of the Company's indebtedness for any class or series of the Company's capital stock, (c) the purchase of fractional interests in shares of the Company's capital stock pursuant to the conversion or exchange provisions of such capital stock or the security being converted or exchanged, (d) any declaration of a dividend in connection with any stockholder's rights plan, or the issuance of rights, stock  or  other  property  under  any  stockholder's  rights  plan,  or  the  redemption or repurchase of rights pursuant thereto or (e) any dividend in the form of stock, warrants, options or other rights where the dividend stock or the stock issuable upon exercise of such warrants, options or other rights is the same stock as that on which the dividend is being paid or ranks pari passu with or junior in interest to such stock).

Section 3.09    Covenants as to the Trust.

For so long as such Trust Securities remain outstanding, the Company shall maintain 100% ownership of the Common Securities; provided, however, that any permitted successor of the Company under this Indenture may succeed to the Company's ownership of such Common Securities.   The Company, as owner of the Common Securities, shall use commercially reasonable efforts to cause the Trust (a) to remain a statutory trust, except in connection with a distribution of Debt Securities to the holders of Trust Securities in liquidation of the Trust, the redemption of all of the Trust Securities or mergers, consolidations or amalgamations, each as permitted by the Declaration, (b) to otherwise continue to be classified as a grantor trust for United States federal income tax purposes and (c) to cause each holder of Trust Securities to be treated as owning an undivided beneficial interest in the Debt Securities.

ARTICLE IV LISTS

Section 4.01    Security holders' Lists.

the Trustee:
 
The Company covenants and agrees that it will furnish or cause to be furnished to

(a)       on each regular record date for an Interest Payment Date, a list, in such form as the Trustee may reasonably require, of the names and addresses of the Security holders of the Debt Securities as of such record date; 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; except that no such lists need be furnished 

under this Section 4.01 so long as the Trustee is in possession thereof by reason of its acting as Debt Security registrar.

Section 4.02    Preservation and Disclosure of Lists.

(a)       The  Trustee  shall  preserve,  in  as  current  a  form  as  is  reasonably practicable, all information as to the names and addresses of the holders of Debt Securities (1)

contained in the most recent list furnished to it as provided in Section 4.01 or (2) received by it in the capacity of Debt Securities registrar (if so acting) hereunder.  The Trustee may destroy any list furnished to it as provided in Section 4.01 upon receipt of a new list so furnished.

(b)       In case three or more holders of Debt Securities (hereinafter referred to as "applicants") apply in writing to the Trustee and furnish to the Trustee reasonable proof that each such applicant has owned a Debt Security for a period of at least six months preceding the date of such application, and such application states that the applicants desire to communicate with other holders of Debt Securities with respect to their rights under this Indenture or under such Debt Securities and is accompanied by a copy of the form of proxy or other communication which such applicants propose to transmit, then the Trustee shall within five Business Days after the receipt of such application, at its election, either:

(i)       afford such applicants access to the information preserved at the time by the Trustee in accordance with the provisions of subsection (a) of this Section
4.02, or

(ii)      inform such applicants as to the approximate number of holders of Debt Securities whose names and addresses appear in the information preserved at the time by the Trustee in accordance with the provisions of subsection (a) of this Section
4.02, and as to the approximate cost of mailing to such Security holders the form of proxy or other communication, if any, specified in such application.

If the Trustee shall elect not to afford such applicants access to such information, the Trustee shall, upon the written request of such applicants, mail to each Security holder of Debt Securities whose name and address appear in the information preserved at the time by the Trustee in accordance with the provisions of subsection (a) of this Section 4.02 a copy of the form of proxy or other communication which is specified in such request with reasonable promptness after a tender to the Trustee of the material to be mailed and of payment, or provision for the payment, of the reasonable expenses of mailing, unless within five days after such tender, the Trustee shall mail to such applicants and file with the Securities and Exchange Commission, if permitted or required by applicable law, together with a copy of the material to be mailed, a written statement to the effect that, in the opinion of the Trustee, such mailing would be contrary to the best interests of the holders of all Debt Securities, as the case may be, or would be in violation of applicable law.  Such written statement shall specify the basis of such opinion.  If said Commission, as permitted or required by applicable law, after opportunity for a hearing upon the objections specified in the written statement so filed, shall enter an order refusing to sustain any of such objections or if, after 

the entry of an order sustaining one or more of such objections, said Commission shall find, after notice and opportunity for hearing, that all the objections so sustained have been met and shall enter an order so declaring, the Trustee shall mail copies of such material to all such Security holders with reasonable promptness after the entry of such order and the renewal of such tender; otherwise the Trustee shall be relieved of any obligation or duty to such applicants respecting their application.

(c)       Each and every holder of Debt Securities, by receiving and holding the same, agrees with the Company and the Trustee that none of the Company, the Trustee or any Paying Agent shall be held accountable by reason of the disclosure of any such information as to

the names and addresses of the holders of Debt Securities in accordance  with the provisions of subsection  (b) of this Section 4.02, 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 said subsection (b).

Section 4.03     Financial and Other Information.

(a)       The Company shall deliver, by hardcopy or electronic  transmission, (i) to each  Security holder   each  Report  on  Form  10-K  and  Form  10-Q,  if  any,  prepared  by  the Company  and  filed  with  the  Securities  and  Exchange  Commission  in  accordance  with  the Exchange Act within 10 Business Days after the filing thereof or (ii) if the Company is (a) not then subject to Section 13 or 15(d) of the Exchange Act (a "Private  Entity") or (b) exempt from reporting pursuant to Rule 12g3-2(b)  thereunder, the information  required  by Rule 144A(d)(4) under  the  Securities  Act.    Notwithstanding  the foregoing,  so  long  as  a Holder  of  the  Debt Securities  is Sandler O'Neill  & Partners,  L.P. or an entity that holds a pool of trust preferred securities  and/or  debt  securities  as  collateral  for  its  securities  or  a  trustee  thereof,  and  the Company is (i) a Private Entity that, on the date of original issuance of the Debt Securities, is required to provide audited consolidated financial statements to its primary regulatory authority, (ii) a Private Entity that, on the date of original issuance of the Debt Securities, is not required to provide  audited  consolidated   financial   statements   to  its  primary   regulatory   authority   but subsequently  becomes subject to the audited consolidated  financial  statement reporting requirements of that regulatory authority or (iii) subject to Section 13 or 15(d) of the Exchange Act on the date of original issuance of the Debt Securities or becomes so subject after the date hereof but subsequently  becomes  a Private  Entity, then, within  90 days after the end of each fiscal year, beginning with the fiscal year in which the Debt Securities were originally issued if the Company  was then subject to (x) Section 13 or 15(d) of the Exchange  Act or (y) audited consolidated financial statement reporting requirements of its primary regulatory authority or, otherwise, the earliest fiscal year in which the Company becomes subject  to (1) Section 13 or
15(d)  of  the  Exchange  Act  or  (2)  the  audited  consolidated   financial  statement  reporting
requirements of its primary regulatory authority, the Company shall deliver, by hardcopy or electronic  transmission,  to  each  Security holder,  unless  otherwise  provided  pursuant  to  the preceding  sentence,  (A)  a copy  of  the  Company's   audited  consolidated  financial  statements (including balance sheet and income statement) covering the related annual period and (B) the report of the independent  accountants  with respect to such financial statements.   In addition to the foregoing, the Company shall deliver to each Security holder within 30 days after the end of the  fiscal  year  of  the  Company,  Form  1099  or  such  other  annual  U.S.  federal  income  tax information statement required by the Code containing such information with regard to the Debt Securities held by such holder as is required by the Code and the income tax regulations of the U.S. Treasury thereunder.

(b)       If and so long as the Holder of the Debt Securities is Sandler 0'Neill  & Partners, L.P. or an entity that holds a pool of trust preferred securities and/or debt securities or a trustee thereof, the Company will cause copies of its reports on Form 10-Q to be delivered to such Holder promptly following their filing with the OTS.

ARTICLE V
REMEDIES OF THE TRUSTEE AND SECURITYHOLDERS Section 5.01     Events of Default.
The following events shall be "Events of Default" with respect to Debt Securities:

(a)       the  Company  defaults  in  the  payment  of  any  interest  upon  any  Debt Security when it becomes due and payable, and continuance of such default for a period of 30 days; for the avoidance of doubt, an extension of any interest payment period by the Company in accordance  with Section  2.11 of this Indenture shall not constitute  a default under this clause
5.01(a); or

(b)       the  Company  defaults  in  the  payment  of  any  interest  upon  any  Debt Security, including any Additional Amounts in respect thereof, following the nonpayment of any such interest for twenty or more consecutive Interest Periods; or

(c)       the Company defaults in the payment of all or any part of the principal of (or  premium,  if any,  on)  any Debt  Securities  as  and when  the  same  shall  become  due  and payable, whether at maturity, upon redemption, by acceleration of maturity pursuant to Section
5.01 of this Indenture or otherwise; or

(d)       the  Company  defaults  in  the  performance  of,  or  breaches,  any  of  its covenants  or agreements  in Sections  3.06, 3.07, 3.08 or 3.09  of this Indenture  (other  than a covenant  or agreement  a default  in whose performance  or whose  breach  is elsewhere in this Section specifically dealt with), and continuance of such default or breach for a period of 90 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 not less than 25% in aggregate principal amount of  the  outstanding  Debt  Securities,  a  written  notice  specifying  such  default  or  breach  and requiring it to be remedied and stating that such notice is a "Notice of Default" hereunder; or

(e)       a court having jurisdiction in the premises shall enter a decree or order for relief  in  respect  of  the  Company  in  an  involuntary  case  under  any  applicable  bankruptcy, insolvency  or other similar  law now  or hereafter  in effect, or  appoints  a receiver, liquidator, assignee, custodian, trustee, sequestrator or other similar official of the Company or for any substantial  part of its property, or orders the winding-up or liquidation  of its affairs and such decree, appointment or order shall remain unstayed and in effect for a period of 90 consecutive days; or

(f)        the  Company  shall  commence  a  voluntary  case  under  any  applicable bankruptcy, insolvency or other similar law now or hereafter in effect, shall consent to the entry of  an  order  for  relief  in  an  involuntary  case  under  any  such  law,  or  shall  consent  to  the appointment of or taking possession by a receiver, liquidator, assignee, trustee, custodian, sequestrator or other similar official of the Company or of any substantial part of its property, or 

shall make any general assignment for the benefit of creditors, or shall fail generally to pay its debts as they become due; or

(g)       a court or  administrative  or governmental  agency  or body  shall  enter  a decree or order for the appointment of a receiver of a Major Depository Institution Subsidiary or all or substantially  all of its property in any liquidation,  insolvency or similar proceeding  with respect to such Major Depository Institution Subsidiary or all or substantially all of its property; or

(h)       a Major Depository Institution Subsidiary shall consent to the appointment of a receiver  for it or all or substantially  all of its property  in any liquidation,  insolvency  or similar proceeding with respect to it or all or substantially all of its property; or

(i)        the  Trust  shall  have  voluntarily  or  involuntarily  liquidated,  dissolved, wound-up its business or otherwise terminated its existence except in connection with (1) the distribution  of  the  Debt  Securities  to  holders  of  the  Trust  Securities  in  liquidation  of  their interests in the Trust, (2) the redemption of all of the outstanding Trust Securities or (3) mergers, consolidations or amalgamations, each as permitted by the Declaration.

If an Event of Default specified under clause (b) of this Section 5.01 occurs and is continuing  with respect  to the Debt  Securities,  then, in  each  and every such case, either  the Trustee or the holders of not less than 25% in aggregate principal amount of the Debt Securities then outstanding hereunder, by notice in writing to the Company (and to the Trustee if given by Security holders), may declare the entire principal of the Debt Securities and any premium and interest accrued, but unpaid, thereon to be due and payable immediately, and upon any such declaration  the  same  shall  become  immediately  due  and  payable.    If  an  Event  of  Default specified under clause (e), (f), (g), (h) or (i) of this Section 5.01 occurs, then, in each and every such case,  the entire  principal  amount  of  the Debt Securities  and  any  premium  and  interest accrued,  but  unpaid,  thereon  shall  ipso  facto  become  immediately  due  and  payable  without further action.

The foregoing provisions, however, are subject to the condition that if, at any time after the principal of the Debt Securities shall have become due by acceleration, and before any judgment or decree for the payment of the moneys due shall have been obtained or entered as hereinafter provided, (i) the Company shall pay or shall deposit with the Trustee a sum sufficient to pay all matured installments  of interest upon all the Debt Securities and all payments on the Debt Securities which shall have become due otherwise than by acceleration (with interest upon all such payments and Deferred Interest, to the extent permitted by law) and such amount as shall be sufficient to cover reasonable compensation to the Trustee and each predecessor Trustee, their respective agents, attorneys and counsel, and all other amounts  due to the Trustee pursuant to Section  6.06, if any, and  (ii) all Events of Default  under this  Indenture,  other than  the non­ payment  of  the  payments  in  respect  of  Debt  Securities  which  shall  have  become  due  by acceleration,  shall have been cured, waived or otherwise remedied as provided herein, then, in each and every such case, the holders of a majority in aggregate  principal amount of the Debt Securities then outstanding, by written notice to the Company and to the Trustee, may waive all defaults and rescind and annul such acceleration and its consequences, but no such waiver or rescission and annulment shall extend to or shall affect any subsequent  default or shall impair any right consequent 

thereon; provided, however, that if the Debt Securities are held by the Trust or a trustee of the Trust, such waiver or rescission and annulment shall not be effective until the

holders of a majority in aggregate liquidation amount of the outstanding Capital Securities of the
Trust shall have consented to such waiver or rescission and annulment.

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

Section 5.02     Payment of Debt Securities on Default; Suit Therefor.

The Company covenants that upon the occurrence of an Event of Default pursuant to clause (b) of Section  5.01 and upon demand of the Trustee,  the Company  will pay to the Trustee, for the benefit of the holders of the Debt Securities, the whole amount that then shall have become due and payable on all Debt Securities, including Deferred Interest accrued on the Debt Securities; and, in addition thereto, such further amount as shall be sufficient to cover the costs and expenses of collection, including a reasonable compensation to the Trustee, its agents, attorneys and counsel, and any other amounts due to the Trustee under Section 6.06.  In case the Company shall fail forthwith to pay such amounts upon such demand, the Trustee, in its own name and as trustee of an express trust, shall be entitled and empowered to institute any actions or proceedings  at law or in equity for the collection of the sums so due and unpaid, and may prosecute any such action or proceeding to judgment or final decree, and may enforce any such judgment or final decree against the Company or any other obligor on such Debt Securities and collect in the manner provided by law out of the property of the Company or any other obligor on such Debt Securities wherever situated the moneys adjudged or decreed to be payable.

In  case  there  shall  be  pending  proceedings   for  the  bankruptcy   or  for  the reorganization  of the Company  or any other obligor on the Debt Securities  under Bankruptcy Law, or in case a receiver or trustee shall have been appointed for the property of the Company or such other obligor,  or in the case of any other similar  judicial  proceedings  relative  to the Company  or  other  obligor  upon  the  Debt  Securities,  or  to  the  creditors  or  property  of  the Company or such other obligor, the Trustee, irrespective of whether the principal of the Debt Securities shall then be due and payable as therein expressed or by acceleration or otherwise and irrespective of whether the Trustee shall have made any demand pursuant to the provisions of this  Section  5.02,  shall  be  entitled  and  empowered,  by  intervention  in  such  proceedings  or otherwise, to file and prove  a claim or claims for the whole amount of principal  and interest owing and unpaid in respect of the Debt Securities and, in case of any judicial proceedings, to file such proofs of claim  and other papers or documents as may be necessary  or advisable  in order to have the claims of the Trustee (including any claim for reasonable compensation  to the Trustee and each predecessor Trustee, and their respective agents, attorneys and counsel, and for reimbursement   of  all  other  amounts  due  to  the  Trustee  under  Section  6.06)  and  of  the Security holders  allowed  in  such  judicial  proceedings  relative  to  the  Company  or  any  

other obligor on the Debt Securities,  or to the creditors  or property  of the Company  or such other obligor, unless prohibited by applicable law and regulations, to vote on behalf of the holders of the  Debt   Securities   in   any  election   of  a  trustee  or   a  standby   trustee   in  arrangement,

reorganization, liquidation or other bankruptcy or insolvency proceedings or Person performing similar  functions  in comparable  proceedings,  and to collect  and receive any moneys or other property payable or deliverable on any such claims, and to distribute the same after the deduction of its charges and expenses; and any receiver, assignee or trustee in bankruptcy or reorganization is hereby authorized by each of the Security holders 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 Security holders, to pay to the Trustee such amounts as shall be sufficient to cover reasonable compensation to the Trustee, each predecessor Trustee and their respective agents, attorneys and counsel, and all other amounts due to the Trustee under Section 6.06.

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

All rights of action and of asserting claims under this Indenture, or under any of the Debt Securities, may be enforced by the Trustee without the possession of any of the Debt Securities, or the production  thereof at any trial or other proceeding relative thereto, and any such suit or proceeding instituted by the Trustee shall be brought in its own name as trustee of an express trust, and any recovery of judgment shall be for the ratable benefit of the holders of the Debt Securities.

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 a party), the Trustee  shall be held  to represent  all the holders  of the Debt Securities,  and it shall not be necessary to make any holders of the Debt Securities parties to any such proceedings.

Section 5.03     Application of Moneys Collected by Trustee.

Any moneys collected by the Trustee shall be applied in the following order, at the date or dates fixed by the Trustee for the distribution of such moneys, upon presentation of the several  Debt  Securities  in  respect  of  which  moneys  have  been  collected,  and  stamping thereon the payment, if only partially paid, and upon surrender thereof if fully paid:

First: To the payment of costs and expenses incurred by, and reasonable fees of, the Trustee, its agents, attorneys and counsel, and of all other amounts due to the Trustee under Section 6.06;

Second: To the payment of all Senior Indebtedness of the Company if and to the extent required by Article XV;

Third:  To the payment of the amounts then due and unpaid upon Debt Securities, in  respect of  which  or  for  the benefit of  which  money  has been collected,  ratably,  without preference or priority of any kind, according to the amounts due upon such Debt Securities; and

Fourth: The balance, if any, to the Company.

Section 5.04     Proceedings by Security holders.

No holder of any Debt Security shall have any right to institute any suit, action or proceeding for any remedy hereunder, unless such holder previously shall have given to the Trustee written notice of an Event of Default with respect to the Debt Securities and unless the holders of not less than 25% in aggregate principal amount of the Debt Securities then outstanding shall have given the Trustee a written request to institute such action, suit or proceeding and shall have offered to the Trustee such reasonable indemnity as it may require against the costs, expenses and liabilities to be incurred thereby, and the Trustee for 60 days after its receipt of such notice, request and offer of indemnity shall have failed to institute any such action, suit or proceeding; provided, that no holder of Debt Securities shall have any right to prejudice the rights of any other holder of Debt Securities, obtain priority or preference over any other such holder or enforce any right under this Indenture except in the manner herein provided and for the equal, ratable and common benefit of all holders of Debt Securities.

Notwithstanding any other provisions in this Indenture, the right of any holder of any Debt Security to receive payment of the principal of and premium, if any, and interest on such Debt Security when due, or to institute suit for the enforcement of any such payment, shall not be impaired or affected without the consent of such holder.   For the protection and enforcement of the provisions of this Section, each and every Security holder and the Trustee shall be entitled to such relief as can be given either at law or in equity.

Section 5.05    Proceedings by Trustee.

In case of an Event of Default, the Trustee may in its discretion proceed to protect and enforce the rights vested in it by this Indenture by such appropriate judicial proceedings as the Trustee shall deem most effectual to protect and enforce any of such rights, either by suit in equity or by action at law or by proceeding in bankruptcy or otherwise, whether for the specific enforcement of any covenant or agreement contained in this Indenture or in aid of the exercise of any power granted in this Indenture, or to enforce any other legal or equitable right vested in the Trustee by this Indenture or by law.

Section 5.06    Remedies Cumulative and Continuing.

Except as otherwise provided in Section 2.06, all powers and remedies given by this Article V to the Trustee or to the Security holders shall, to the extent permitted by law, be deemed cumulative and not exclusive of any other powers and remedies available to the Trustee or the holders of the Debt Securities, by judicial proceedings or otherwise, to enforce the performance or observance of the covenants and agreements contained in this Indenture or otherwise established with respect to the Debt Securities, and no delay or omission of the Trustee or of any holder of any of the Debt Securities to exercise any right or power accruing upon any Event of Default occurring and continuing as aforesaid shall impair any such right or power, or shall be construed to be a waiver of any such default or an acquiescence therein; and, subject to the provisions of Section 5.04, every power and remedy given by this Article V or by law to the Trustee or to the Security holders may be exercised 

from time to time, and as often as shall be deemed expedient, by the Trustee or by the Security holders.

Section 5.07 of Security holders.
 
Direction of Proceedings and Waiver of Defaults by Majority

The holders of a majority in aggregate principal amount of the Debt Securities affected at the time outstanding and, if the Debt Securities are held by the Trust or a trustee of the Trust, the holders of a majority in aggregate liquidation amount of the outstanding Capital Securities of the Trust 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 such Debt Securities; provided, however, that if the Debt Securities are held by the Trust or a trustee of the Trust, such time, method and place or such exercise, as the case may be, may not be so directed until the holders of a majority in aggregate liquidation amount of the outstanding Capital Securities of the Trust shall have directed such time, method and place or such exercise, as the case may be; provided, further, that (subject to the provisions of Section 6.01) the Trustee shall have the right to decline to follow any such direction if the Trustee shall determine that the action so directed would be unjustly prejudicial to the holders not taking part in such direction or if the Trustee being advised by counsel determines that the action or proceeding so directed may not lawfully be taken or if a Responsible Officer of the Trustee shall determine that the action or proceedings so directed would involve the Trustee in personal liability.   Prior to any declaration of acceleration, or ipso facto acceleration, of the maturity of the Debt Securities, the holders of a majority in aggregate principal amount of the Debt Securities at the time outstanding may on behalf of the holders of all of the Debt Securities waive (or modify any previously granted waiver of) any past Default or Event of Default and its consequences, except a default (a) in the payment of principal of or premium, if any, or interest on any of the Debt Securities, (b) in respect of covenants or provisions hereof which cannot be modified or amended without the consent of the holder of each Debt Security affected, or (c)  in respect of the covenants contained in Section 3.09; provided, however, that if the Debt Securities are held by the Trust or a trustee of the Trust, such waiver or modification to such waiver shall not be effective until the holders of a majority in aggregate liquidation amount of the outstanding Capital Securities of the Trust shall have consented to such waiver or modification to such waiver; provided, further, that if the consent of the holder of each outstanding Debt Security is required, such waiver or modification to such waiver shall not be effective until each holder of the outstanding Capital Securities of the Trust shall have consented to such waiver or modification to such waiver.  Upon any such waiver or modification to such waiver, the Default or  Event of  Default covered thereby shall be deemed to be cured for  all purposes of this Indenture and the Company, the Trustee and the holders of the Debt Securities shall be restored to their former positions and rights hereunder, respectively; but no such waiver or modification to such waiver shall extend to any subsequent or other Default or Event of Default or impair any right consequent thereon.  Whenever any Default or Event of Default hereunder shall have been waived as permitted by this Section, said Default or Event of Default shall for all purposes of the Debt Securities and this Indenture be deemed to have been cured and to be not continuing.

Section 5.08     Notice of Defaults.

The Trustee shall, within 90 days after a Responsible Officer of the Trustee shall have actual knowledge or received written notice of the occurrence of a default with respect to the Debt Securities, mail to all Security holders, as the names and addresses of such holders appear upon the Debt Security Register, notice of all defaults with respect to the Debt Securities

known to the Trustee, unless such defaults shall have been cured before the giving of such notice (the term "default" for the purpose of this Section is hereby defined to be any event specified in Section 5.01, not including periods of grace, if any, provided for therein); provided, that, except in the case of default in the payment of the principal of or premium, if any, or interest on any of the Debt Securities, the Trustee shall be protected in withholding such notice if and so long as a Responsible Officer of the Trustee in good faith determines that the withholding of such notice is in the interests of the Security holders.

Section 5.09     Undertaking to Pay Costs.

All parties to this Indenture agree, and each holder of any Debt Security by such holder's acceptance thereof shall be deemed to have agreed, that any court may in its discretion require, in any suit for the enforcement of any right or remedy under this Indenture, or in any suit against the Trustee for any action taken or omitted by it as Trustee, the filing by any party litigant in such suit of an undertaking to pay the costs of such suit, and that such court may in its discretion assess reasonable costs, including reasonable attorneys' fees and expenses, against any party litigant in such suit, having due regard to the merits and good faith of the claims or defenses made by such party litigant; but the provisions of this Section shall not apply to any suit instituted  by  the  Trustee,  to   any  suit  instituted  by   any   Security holder,  or   group  of Security holders, holding in the aggregate more than 10% in principal amount of the outstanding Debt Securities (or, if such Debt Securities are held by the Trust or a trustee of the Trust, more than 10% in liquidation amount of the outstanding Capital Securities),to any suit instituted by any Security holder for the enforcement of the payment of the principal of or premium, if any, or interest on any Debt Security against the Company on or after the same shall have become due and payable or to any suit instituted in accordance with Section 14.12.

ARTICLE VI CONCERNING THE TRUSTEE

Section 6.01     Duties and Responsibilities of Trustee.

With respect to the holders of Debt Securities issued hereunder, the Trustee, prior to the occurrence of an Event of Default with respect to the Debt Securities and after the curing or waiving of all Events of Default which may have occurred, with respect to the Debt Securities, undertakes to perform such duties and only such duties as are specifically set forth in this Indenture.  In case an Event of Default with respect to the Debt Securities has occurred (which has not been cured or waived), the Trustee shall exercise such of the rights and powers vested in it by this Indenture, and use the same degree of care and skill in their exercise, as a prudent person would exercise or use under the circumstances in the conduct of such person's  own affairs.

No provision of this Indenture shall be construed to relieve the Trustee from liability  for  its  own  negligent  action,  its  own  negligent  failure  to  act  or  its  own  willful misconduct or bad faith, except that:

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

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

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

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

(c)        the Trustee  shall not be liable with respect  to any action  taken  or omitted to be taken by it in good faith, in accordance with the direction  of the Security holders pursuant  to Section   5.07,  relating  to  the  time,  method  and  place  of  conducting any  proceeding for  any remedy  available  to the  Trustee,  or  exercising any  trust  or  power  conferred  upon  the  Trustee, under this Indenture;  and

(d)        the Trustee  shall not be charged  with  knowledge of any Default  or Event of Default  with respect  to the Debt  Securities unless  either  (1) a Responsible Officer  shall  have actual  knowledge of such  Default  or Event  of Default  or (2)  written  notice  of such  Default  or Event  of Default  shall  have been  given  to the Trustee  by the Company or any other  obligor  on the  Debt  Securities  or  by  any  holder  of  the  Debt  Securities, except  that  the  Trustee  shall  be deemed  to  have  knowledge of  any  Event  of  Default  pursuant  to Sections  5.01(a),  5.01(b)  or
5.01(c)  hereof  (other  than  an  Event  of  Default  resulting   from  the  default  in  the  payment  of Additional  Amounts  if the Trustee  does  not  have actual  knowledge or written  notice  that such payment  is due and payable) .

None  of  the  provisions contained  in  this  Indenture shall  require  the  Trustee  to expend or risk its own funds or otherwise incur personal  financial liability  in the performance of any of its duties or in the exercise  of any of its rights or powers.

Section  6.02     Reliance  on Documents, Opinions, etc. Except as otherwise provided  in Section 6.01:
(a)        the Trustee  may conclusively rely and shall be fully protected  in acting  or refraining  from  acting  upon  any  resolution,   certificate,  statement, instrument, opinion,   report, notice,  request,  consent,  order,  bond,  note, debenture or other  paper  or document  believed  by it in good faith to be genuine  and to have been signed or presented by the proper party or parties;

(b)       any request, direction, order or demand of the Company mentioned herein shall  be  sufficiently  evidenced  by  an  Officers'  Certificate  (unless  other  evidence  in  respect thereof be herein specifically  prescribed);  and any Board Resolution  may be evidenced  to the Trustee by a copy thereof certified by the Secretary or an Assistant Secretary of the Company;

(c)       the Trustee may consult with counsel of its selection  and any advice or 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 accordance  with such advice or Opinion of Counsel;

(d)       the Trustee shall be under no obligation  to exercise  any of the rights or powers  vested  in  it  by  this  Indenture   at  the  request,  order  or  direction   of  any  of  the Security holders,  pursuant  to the provisions of this Indenture, unless such Security holders  shall have offered  to the  Trustee  reasonable  security  or indemnity  against  the costs, expenses  and liabilities which may be incurred therein or thereby;

(e)       the Trustee shall not be liable for any action taken or omitted by it in good faith and reasonably believed by it to be authorized or within the discretion or rights or powers conferred upon it by this Indenture; nothing contained herein shall, however, relieve the Trustee of the obligation, upon the occurrence of an Event of Default with respect to the Debt Securities (which has not been cured or waived) to exercise with respect to the Debt Securities such of the rights and powers vested in it by this Indenture, and to use the same degree of care and skill in their exercise, as a prudent person would exercise or use under the circumstances in the conduct of such person's own affairs;

(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, consent, order,  approval, bond, debenture, coupon or other paper or document,  unless requested in writing to do so by the holders of a majority in aggregate principal amount of the outstanding Debt Securities affected thereby; provided, however, that if the payment within a reasonable time to the Trustee of the costs, expenses or liabilities likely to be incurred by it in the making of such  investigation  is, in the opinion of the Trustee,  not reasonably  assured  to the Trustee by the security afforded to it by the terms of this Indenture, the Trustee may require reasonable indemnity against such expense or liability as a condition to so proceeding; and

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

Section 6.03     No Responsibility for Recitals, etc.

The recitals contained herein and in the Debt Securities (except in the certificate of authentication of the Trustee or the Authenticating Agent) shall be taken as the statements of the 

Company, and the Trustee and the Authenticating Agent assume no responsibility for the correctness of the same.   The Trustee and the Authenticating Agent make no representations  as to the validity or sufficiency  of this Indenture or of the Debt Securities.   The Trustee  and the

Authenticating Agent shall not be accountable for the use or application by the Company of any Debt Securities or the proceeds  of any Debt Securities authenticated and delivered by the Trustee or the Authenticating Agent in conformity with the provisions of this Indenture.

Section  6.04              Trustees,  Authenticating Agent, Paying Agents, Transfer Agents or Registrar  May Own Debt Securities.

The Trustee,  any Authenticating Agent,  any Paying  Agent,  any transfer  agent  or any Debt  Security  registrar,  in its individual or any other  capacity,  may  become  the  owner  or pledgee   of  Debt   Securities  with   the  same   rights   it  would   have   if  it  were   not   Trustee, Authenticating Agent, Paying Agent, transfer  agent or Debt Security  registrar.

Section  6.05     Moneys to be Held in Trust.

Subject  to the provisions  of Section  12.04,  all moneys  received  by the Trustee  or any Paying  Agent shall, until used or applied  as herein  provided, be held in trust for the purpose for which  they were  received,  but need not be segregated from  other  funds  except  to the extent required by law.  The Trustee and any Paying  Agent shall be under no liability  for interest  on any money  received  by it hereunder  except  as otherwise agreed  in writing  with  the Company.    So long as no Event  of Default  shall  have occurred  and be continuing, all interest  allowed  on any such moneys,  if any, shall  be paid from time to time to the Company  upon  the written  order of the  Company, signed   by  the  Chairman   of  the  Board  of  Directors,   the  President,   the  Chief Operating  Officer, a Vice President,  the Treasurer  or an Assistant  Treasurer  of the Company.

Section  6.06     Compensation and Expenses of Trustee.

The Company covenants and agrees  to pay to the Trustee  from time to time, and the Trustee  shall  be entitled  to, such compensation as shall  be agreed to in writing  between  the Company and the Trustee (which shall not be limited by any provision of law in regard to the compensation of  a  trustee  of  an  express  trust),  and  the  Company  will  pay  or  reimburse  the Trustee  upon  its  written   request  for  all  documented reasonable expenses, disbursements and advances   incurred  or  made  by  the  Trustee  in  accordance with  any  of  the  provisions of  this Indenture     (including   the    reasonable     compensation   and    the    reasonable   expenses   and disbursements of  its  counsel  and  of  all  Persons  not  regularly  in  its  employ)  except  any  such expense,  disbursement or  advance  that  arises  from  its  negligence, willful  misconduct or  bad faith.  The Company also covenants  to indemnify each of the Trustee (including in its individual capacity)  and any predecessor Trustee  (and its officers, agents, directors  and employees) for, and to hold it harmless  against,  any and all loss, damage,  claim,  liability  or expense  including taxes (other  than  taxes  based  on the income  of the Trustee),  except  to the extent  such  loss,  damage, claim,  liability  or expense  results  from  the negligence, willful  misconduct or bad  faith  of such indemnitee, arising  out  of or in connection with  the acceptance or administration of this trust, including  the costs and expenses  of defending  itself against any claim or liability in the premises. The obligations of the Company  under this Section  to compensate and indemnify the Trustee and to  pay  or  reimburse the  Trustee  for  documented expenses, disbursements and  advances  shall constitute additional  indebtedness hereunder.   Such additional  indebtedness shall be secured  by a lien  prior  to  that  of  the Debt  Securities upon  all  property  and  funds  held  or  collected  by the

Trustee  as  such,  except  funds  held  in  trust  for the  benefit  of  the holders  of particular  Debt
Securities.

Without  prejudice to any other  rights available  to the Trustee  under applicable law, when the Trustee incurs expenses or renders services in connection with an Event of Default specified in clause (e), (f), (g), (h) or (i) of Section 5.01, the expenses (including the reasonable charges  and  expenses  of  its counsel)  and  the compensation  for  the  services  are  intended  to constitute   expenses   of   administration   under   any   applicable   federal   or   state  bankruptcy, insolvency or other similar law.

The provisions  of  this  Section  shall survive  the  resignation  or removal  of the
Trustee and the defeasance or other termination of this Indenture.

Notwithstanding anything in this Indenture or any Debt Security to the contrary, the Trustee  shall have no obligation  whatsoever  to advance funds  to pay any principal  of or interest on or other amounts with respect to the Debt Securities or otherwise advance funds to or on behalf of the Company.

Section 6.07     Officers' Certificate as Evidence.

Except as otherwise provided in Sections 6.01 and 6.02, whenever in the administration of the provisions of this Indenture the Trustee shall deem it necessary or desirable that a matter  be proved or established  prior to taking or omitting  any action hereunder,  such matter (unless  other evidence in respect thereof be herein specifically  prescribed) may, in the absence of negligence, willful misconduct or bad faith on the part of the Trustee, be deemed to be conclusively proved and established by an Officers' Certificate delivered  to the Trustee, and such certificate, in the absence of negligence,  willful misconduct or bad faith on the part of the Trustee,  shall  be full warrant  to the Trustee  for any action  taken  or  omitted  by it under the provisions of this Indenture upon the faith thereof.

Section 6.08     Eligibility of Trustee.

The  Trustee  hereunder  shall  at  all  times  be  a  U.S.  Person  that  is  a  banking corporation or national association organized  and doing business under the laws of the United States of America or any state thereof or of the District of Columbia and authorized under such laws to exercise corporate trust powers, having a combined capital and surplus of at least fifty million U.S. dollars ($50,000,000) and subject to supervision or examination by federal, state, or District of Columbia authority.   If such corporation or national association publishes reports of condition at least annually, pursuant to law or to the requirements of the aforesaid supervising or examining authority, then for the purposes of this Section the combined  capital and surplus of such corporation or national association shall be deemed to be its combined capital and surplus as set forth in its most recent records of condition so published.

The Company may not, nor may any Person directly or indirectly controlling, controlled  by, or under common control with the Company, serve as Trustee, notwithstanding that such corporation or national association shall be otherwise eligible and qualified under this Article.

In case at any time the Trustee shall cease to be eligible in accordance with the provisions of this Section, the Trustee shall resign immediately in the manner and with the effect specified in Section 6.09.

If the Trustee has or shall acquire any "conflicting  interest" within the meaning of
§31O(b) of the Trust Indenture Act, the Trustee shall either eliminate such interest or resign, to the extent and in the manner provided by, and subject to, this Indenture.

Section 6.09     Resignation or Removal of Trustee.

(a)       The  Trustee,  or  any trustee or trustees  hereafter  appointed,  may  at any time resign by giving written notice of such resignation to the Company and by mailing notice thereof, at the Company's expense, to the holders of the Debt Securities at their addresses as they shall  appear  on  the  Debt  Security  Register.    Upon  receiving  such  notice  of resignation,  the Company  shall  promptly  appoint  a  successor  trustee  or  trustees  by  written  instrument,  in duplicate, executed by order of its Board of Directors, one copy of which instrument shall be delivered to the resigning Trustee and one copy to the successor Trustee.  If no successor Trustee shall have been so appointed and have accepted appointment within 30 days after the mailing of such notice of resignation to the affected Security holders, the resigning Trustee may petition any court of competent jurisdiction for the appointment of a successor Trustee, or any Security holder who has been a bona fide holder of a Debt Security or Debt Securities for at least six months may, subject  to the provisions  of Section  5.09, on behalf of himself  or herself  and all others similarly situated, petition any such court for the appointment of a successor Trustee.  Such court may  thereupon,  after  such  notice,  if  any,  as  it  may  deem  proper  and  prescribe,  appoint  a successor Trustee.

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

(i)        the  Trustee  shall  fail  to comply  with  the  provisions  of  the  last paragraph of Section 6.08 after written request therefor by the Company or by any Security holder  who has been a bona fide holder of a Debt Security or Debt Securities for at least six months;

(ii)       the  Trustee  shall  cease  to  be  eligible  in  accordance  with  the provisions of Section 6.08 and shall fail to resign after written request therefor by the Company or by any such Security holder; or

(iii)      the Trustee shall become incapable of acting, or shall be adjudged 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, the Company may remove the Trustee and appoint a successor Trustee by written instrument, in duplicate, executed by order of the Board of Directors, one copy of which instrument shall be delivered to the Trustee so removed and one copy to the successor Trustee, or, 

subject to the provisions of Section 5.09, if no successor Trustee shall have been so appointed and have accepted appointment within 30 days of the occurrence of any of (i), (ii) or (iii) above, any Security holder  who has been a bona fide holder of a Debt Security or Debt Securities for at

least six months may, on behalf of himself or herself and all others similarly situated, petition any court  of competent  jurisdiction  for the removal of the  Trustee  and the appointment  of a successor Trustee.   Such court may thereupon, after such notice, if any, as it may deem proper and prescribe, remove the Trustee and appoint a successor Trustee.

(c)       Upon prior written notice to the Company and the Trustee, the holders of a majority in aggregate principal amount of the Debt Securities at the time outstanding may at any time remove the Trustee and nominate a successor Trustee, which shall be deemed appointed as successor Trustee unless within ten Business Days after such nomination  the Company objects thereto, in which case or in the case of a failure by such holders to nominate a successor Trustee, the Trustee so removed or any Security holder, upon the terms and conditions and otherwise as in subsection   (a)  of  this  Section,  may  petition  any  court  of  competent   jurisdiction   for  an appointment of a successor.

(d)       Any resignation or removal of the Trustee and appointment of a successor Trustee pursuant to any of the provisions of this Section shall become effective upon acceptance of appointment by the successor Trustee as provided in Section 6.10.

Section 6.10     Acceptance by Successor Trustee.

Any successor Trustee appointed as provided in Section 6.09 shall execute, acknowledge   and  deliver   to  the   Company   and  to  its  predecessor   Trustee  an  indenture supplemental  hereto  which  shall  contain  such  provisions  as  shall  be  deemed  necessary  or desirable to confirm that all of the rights, powers, trusts and duties of the retiring Trustee shall be vested in the successor Trustee, 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, duties and obligations with respect to the Debt Securities of its predecessor hereunder, with like effect as if originally named as Trustee herein; but, nevertheless, on the written request of the Company or of the successor Trustee, the Trustee ceasing  to act shall, upon  payment  of the amounts  then due  it pursuant  to the provisions  of Section  6.06,  execute and deliver  an instrument transferring  to such successor  Trustee  all the rights and powers of the Trustee so ceasing to act and shall duly assign, transfer and deliver to such successor Trustee all property and money held by such retiring Trustee hereunder.   Upon request of any such successor  Trustee,  the Company shall execute  any and all instruments  in writing for more fully and certainly vesting in and confirming to such successor Trustee all such rights and powers.  Any Trustee ceasing to act shall, nevertheless, retain a lien upon all property or funds held or collected by such Trustee to secure any amounts then due it pursuant to the provisions of Section 6.06.

No successor Trustee shall accept appointment as provided in this Section unless at the time of such acceptance such successor Trustee shall be eligible and qualified under the provisions of Section 6.08.

In no event  shall  a retiring  Trustee be liable  for  the acts or omissions  of any successor Trustee hereunder.

Upon acceptance of appointment by a successor Trustee as provided in this Section, the Company shall mail notice of the succession of such Trustee hereunder to the holders of Debt Securities at their addresses as they shall appear on the Debt Security Register. If the Company fails to mail such notice within ten Business Days after the acceptance of appointment by the successor Trustee, the successor Trustee shall cause such notice to be mailed at the expense of the Company.

Section 6.11     Succession by Merger, etc.

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 of the corporate trust business of the Trustee, shall be the successor of the Trustee hereunder without the execution or filing of any paper or any further act on the part of any of the parties hereto, provided, that such corporation shall be otherwise eligible and qualified under this Article.

In case at the time such successor to the Trustee shall succeed to the trusts created by this Indenture any of the Debt Securities shall have been authenticated but not delivered, any such successor to the Trustee may adopt the certificate of authentication of any predecessor Trustee, and deliver such Debt Securities so authenticated; and in case at that time any of the Debt Securities shall not have been authenticated, any successor to the Trustee may authenticate such Debt Securities either in the name of any predecessor hereunder or in the name of the successor Trustee; and in all such cases such certificates shall have the full force which it is anywhere in the Debt Securities or in this Indenture provided that the certificate of the Trustee shall have; provided, however, that the right to adopt the certificate of authentication of any predecessor Trustee or authenticate Debt Securities in the name of any predecessor Trustee shall apply only to its successor or successors by merger, conversion or consolidation.

Section 6.12     Authenticating Agents.

There may be one or more Authenticating Agents appointed by the Trustee upon the request of the Company with power to act on its behalf and subject to its direction in the authentication and delivery of Debt Securities issued upon exchange or registration of transfer thereof as fully to all intents and purposes as though any such Authenticating Agent had been expressly authorized to authenticate and deliver Debt Securities; provided, however, that the Trustee shall have no liability to the Company for any acts or omissions of the Authenticating Agent with respect to the authentication and delivery of Debt Securities.   Any such Authenticating Agent shall at all times be a corporation organized and doing business under the laws of the United States or of any state thereof or of the District of Columbia authorized under such laws to act as Authenticating Agent, having a combined capital and surplus of at least
$50,000,000 and being subject to supervision or examination by federal, state or District of
Columbia authority. If such corporation publishes reports of condition at least annually pursuant
to law or the requirements of such 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 an Authenticating

Agent shall cease to be eligible in accordance with the provisions of this Section, it shall resign immediately in the manner and with the effect herein specified in this Section.

Any corporation into which any Authenticating Agent may be merged or converted or with which it may be consolidated, or any corporation resulting from any merger, consolidation or conversion to which any Authenticating Agent shall be a party, or any corporation succeeding to all or substantially all of the corporate trust business of any Authenticating Agent, shall be the successor of such Authenticating Agent hereunder, if such successor corporation is otherwise eligible under this Section without the execution or filing of any paper or any further act on the part of the parties hereto or such Authenticating Agent.

Any Authenticating Agent may at any time resign by giving written notice of resignation to the Trustee and to the Company.   The Trustee may at any time terminate the agency of any Authenticating Agent with respect to the Debt Securities by giving written notice of termination 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 any Authenticating Agent shall cease to be eligible under this Section, the Trustee may, and upon the request of the Company shall, promptly appoint a successor Authenticating Agent eligible under this Section, shall give written notice of such appointment to the Company and shall mail notice of such appointment to all holders of Debt Securities as the names and addresses of such holders appear on the Debt Security Register.  Any successor Authenticating Agent, upon acceptance of its appointment hereunder, shall become vested with all rights, powers, duties and responsibilities of its predecessor hereunder, with like effect as if originally named as Authenticating Agent herein.

The Company agrees to pay to any Authenticating Agent from time to time reasonable compensation for its services. Any Authenticating Agent shall have no responsibility or liability for any action taken by it as such in accordance with the directions of the Trustee.

ARTICLE VII CONCERNING THE SECURITYHOLDERS

Section 7.01    Action by Security holders.

Whenever  in  this  Indenture  it  is  provided  that  the  holders  of  a  specified percentage in aggregate principal amount of the Debt Securities or aggregate liquidation amount of the Capital Securities may take any action (including the making of any demand or request, the giving of any notice, consent or waiver or the taking of any other action), the fact that at the time of taking any such action the holders of such specified percentage have joined therein may be evidenced (a) by any instrument or any number of instruments of similar tenor executed by such Security holders or holders of Capital Securities, as the case may be, in person or by agent or proxy appointed in writing, or (b) by the record of such holders of Debt Securities voting in favor thereof at any meeting of such Security holders duly called and held in accordance with the provisions of Article VIII or of such holders of Capital Securities duly called and held in accordance with the provisions of the Declaration, or (c) by a combination of such instrument or instruments and any such record of such a meeting of such Security holders or holders of Capital Securities, as the case may be, or (d) by any other method the Trustee deems satisfactory.

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

Section 7.02    Proof of Execution by Security holders.

Subject to the provisions of Sections 6.01, 6.02 and 8.05, proof of the execution of any instrument by a Security holder or such Security holder’s agent or proxy shall be sufficient if made in accordance with such reasonable rules and regulations as may be prescribed by the Trustee or in such manner as shall be satisfactory to the Trustee.  The ownership of Debt Securities shall be proved by the Debt Security Register or by a certificate of the Debt Security registrar. The Trustee may require such additional proof of any matter referred to in this Section as it shall deem necessary.

The record of any Security holders' meeting shall be proved m the manner provided in Section 8.06.

Section 7.03    Who Are Deemed Absolute Owners.

Prior to due presentment for registration of transfer of any Debt Security, the Company, the Trustee, any Authenticating Agent, any Paying Agent, any transfer agent and any Debt Security registrar may deem the Person in whose name such Debt Security shall be registered upon the Debt Security Register to be, and may treat such Person as, the absolute owner of such Debt Security (whether or not such Debt Security shall be overdue) for the purpose of receiving payment of or on account of the principal of and premium, if any, and interest on such Debt Security and for all other purposes; and none of the Company, the Trustee, any Authenticating Agent, any Paying Agent, any transfer agent or any Debt Security registrar shall be affected by any notice to the contrary.  All such payments so made to any holder for the time being or upon such holder's order shall be valid, and, to the extent of the sum or sums so paid, effectual to satisfy and discharge the liability for moneys payable upon any such Debt Security.

Section 7.04    Debt Securities Owned by Company Deemed Not Outstanding.

In determining whether the holders of the requisite aggregate principal amount of Debt Securities have concurred in any direction, consent or waiver under this Indenture, Debt 

Securities which are owned by the Company or any other obligor on the Debt Securities or by any Person directly or indirectly controlling or controlled by or under direct or indirect common control with the Company (other than the Trust) or any other obligor on the Debt Securities shall be disregarded and deemed not to be outstanding for the purpose of any such determination, provided, that for the purposes of determining whether the Trustee shall be protected in relying on any such direction, consent or waiver, only Debt Securities which a Responsible Officer of the Trustee actually knows are so owned shall be so disregarded.   Debt Securities so owned which have been pledged in good faith may be regarded as outstanding for the purposes of this Section if the pledgee shall establish to the satisfaction of the Trustee the pledgee's right to vote such Debt Securities and that the pledgee is not the Company or any such other obligor or Person directly or indirectly controlling or controlled by or under direct or indirect common control with the Company or any such other obligor. In the case of a dispute as to such right, any decision by the Trustee taken upon the advice of counsel shall be full protection to the Trustee.

Section 7.05    Revocation of Consents; Future Holders Bound.

At any time prior to (but not after) the evidencing to the Trustee, as provided in Section 7.01, of the taking of any action by the holders of the percentage in aggregate principal amount of the Debt Securities specified in this Indenture in connection with such action, any holder (in cases where no record date has been set pursuant to Section 7.01) or any holder as of an applicable record date (in cases where a record date has been set pursuant to Section 7.01) of a  Debt Security (or any Debt Security issued in whole or in part in exchange or substitution therefor) the serial number of which is shown by the evidence to be included in the Debt Securities the holders of which have consented to such action may, by filing written notice with the Trustee at the Principal Office of the Trustee and upon proof of holding as provided in Section 7.02, revoke such action so far as concerns such Debt Security (or so far as concerns the principal amount represented by any exchanged or substituted Debt Security).   Except as aforesaid any such action taken by the holder of any Debt Security shall be conclusive and binding upon such holder and upon all future holders and owners of such Debt Security, and of any Debt Security issued in exchange or substitution therefor or on  registration of transfer thereof, irrespective of whether or not any notation in regard thereto is made upon such Debt Security or any Debt Security issued in exchange or substitution therefor.

ARTICLE VIII SECURITYHOLDERS' MEETINGS

Section 8.01    Purposes of Meetings.

A meeting of Security holders may be called at any time and from time to time pursuant to the provisions of this Article VIII for any of the following purposes:

(a)       to give any notice to the Company or  to the Trustee, or to give any directions  to  the  Trustee, or  to  consent  to  the  waiving of  any default  hereunder and  its

consequences,  or to take any other action authorized to be taken by Security holders  pursuant to any of the provisions of Article V;

(b)      to remove the Trustee and nominate a successor trustee pursuant to the provisions of Article VI;

(c)       to consent  to the execution  of an indenture  or  indentures  supplemental hereto pursuant to the provisions of Section 9.02; or

(d)       to take any other  action  authorized  to be  taken  by or on behalf  of the holders of any specified aggregate principal amount of such Debt Securities under any other provision of this Indenture or under applicable law.

Section 8.02     Call of Meetings by Trustee.

The Trustee may at any time call a meeting of Security holders  to take any action specified in Section 8.01, to be held at such time and at such place in The City of New York, the Borough  of Manhattan,  or Wilmington,  Delaware,  as the Trustee  shall  determine.    Notice of every meeting of the Security holders,  setting forth the time and the place of such meeting and in general terms the action proposed to be taken at such meeting, shall be mailed to holders of Debt Securities affected at their addresses as they shall appear on the Debt Securities Register.   Such notice shall be mailed not less than 20 nor more than 180 days prior to the date fixed for the meeting.

Section 8.03     Call of Meetings by Company or Security holders.

In case at any time the Company pursuant to a Board Resolution, or the holders of at least 10% in aggregate principal amount of the Debt Securities, as the case may be, then outstanding,  shall have requested  the Trustee to call a meeting  of Security holders,  by written request setting forth in reasonable detail the action proposed to be taken at the meeting, and the Trustee shall not have mailed the notice of such meeting within 20 days after receipt of such request,  then  the Company  or such  Security holders  may determine  the time  and the place in Pierre, South Dakota for such meeting and may call such meeting to take any action authorized in Section 8.01, by mailing notice thereof as provided in Section 8.02.

Section 8.04     Qualifications for Voting.

To be entitled to vote at any meeting of Security holders,  a Person shall be (a) a holder of one or more Debt Securities or (b) a Person appointed  by an instrument in writing as proxy by a holder of one or more Debt Securities.  The only Persons who shall be entitled to be present or to speak at any meeting of Security holders shall be the Persons entitled to vote at such meeting and their counsel and any representatives of the Trustee and its counsel and any representatives of the Company and its counsel.

Section 8.05     Regulations.

Notwithstanding  any other provisions  of this  Indenture,  the Trustee  may  make such  reasonable  regulations  as it may deem  advisable  for any  meeting  of Security holders,  in

regard to proof of the holding of Debt Securities and of the appointment of proxies, and in regard to the appointment and duties of inspectors of votes, the submission and examination of proxies, certificates and other evidence of the right to vote, and such other matters concerning the conduct of the meeting as it shall deem appropriate.

The Trustee shall, by an instrument in writing, appoint a temporary chairman of the meeting, unless the meeting shall have been called by the Company or by Security holders as provided in Section 8.03, in which case the Company or the Security holders calling the meeting, as the case may be, shall in like manner appoint a temporary chairman. A permanent chairman and a permanent secretary of the meeting shall be elected by majority vote at the meeting.

Subject to the provisions of Section 7.04, at any meeting each holder of Debt Securities with respect to which such meeting is being held or proxy therefor shall be entitled to one vote for each $1,000 principal amount of Debt Securities held or represented by such holder; provided, however, that no vote shall be cast or counted at any meeting in respect of any Debt Security challenged as not outstanding and ruled by the chairman of the meeting to be not outstanding.  The chairman of the meeting shall have no right to vote other than by virtue of Debt Securities held by such chairman or instruments in writing as aforesaid duly designating such chairman as the Person to vote on behalf of other Security holders.  Any meeting of Security holders duly called pursuant to the provisions of Section 8.02 or 8.03 may be adjourned from time to time by a majority of those present, whether or not constituting a quorum, and the meeting may be held as so adjourned without further notice.

Section 8.06     Voting.

The vote upon any resolution submitted to any meeting of holders of Debt Securities with respect to which such meeting is being held shall be by written ballots on which shall be subscribed the signatures of such holders or of their representatives by proxy and the serial number or numbers of the Debt Securities held or represented by them.  The permanent chairman of the meeting shall appoint two inspectors of votes who shall count all votes cast at the meeting for or against any resolution and who shall make and file with the secretary of the meeting their verified written reports in triplicate of all votes cast at the meeting. A record in duplicate of  the proceedings of  each  meeting of  Security holders shall  be  prepared by  the secretary of the meeting and there shall be attached to said record the original reports of the inspectors of votes on any vote by ballot taken thereat and affidavits by one or more Persons having knowledge of the facts setting forth a copy of the notice of the meeting and showing that said notice was mailed as provided in Section 8.02.  The record shall show the serial numbers of the Debt Securities voting in favor of or against any resolution. The record shall be signed and verified by the affidavits of the permanent chairman and secretary of the meeting and one of the duplicates shall be delivered to the Company and the other to the Trustee to be preserved by the Trustee, the latter to have attached thereto the ballots voted at the meeting.

therein stated.

 
 
Any record so signed and verified shall be conclusive evidence of the matters

Section 8.07     Quorum; Actions.

The Persons entitled to vote a majority in aggregate principal amount of the Debt Securities then outstanding shall constitute a quorum for a meeting of Security holders; provided, however,  that if any action  is to be taken at such meeting  with respect to a consent,  waiver, request,  demand,  notice,  authorization,  direction  or  other  action  which  may be  given  by the holders  of  not  less  than  a  specified  percentage  in  aggregate  principal  amount  of  the  Debt Securities then outstanding, the Persons holding or representing such specified percentage in aggregate principal amount of the Debt Securities then outstanding will constitute a quorum.  In the absence of a quorum  within  30 minutes of the time appointed  for any such meeting,  the meeting shall, if convened at the request of Security holders, be dissolved.  In any other case, the meeting may be adjourned for a period of not less than 10 days as determined by the permanent chairman of the meeting prior to the adjournment of such meeting.  In the absence of a quorum at any such adjourned meeting, such adjourned meeting may be further adjourned for a period of not less than 10 days as determined by the permanent chairman of the meeting prior to the adjournment of such adjourned meeting.   Notice of the reconvening of any adjourned meeting shall be given as provided in Section 8.02, except that such notice need be given only once not less than five days prior to the date on which the meeting is scheduled to be reconvened.  Notice of the reconvening  of an adjourned  meeting  shall state expressly  the percentage,  as provided above, of the aggregate principal amount of the Debt Securities then outstanding which shall constitute a quorum.

Except  as  limited  by  the  proviso  in  the  first  paragraph  of  Section  9.02,  any resolution presented to a meeting or adjourned meeting duly reconvened at which a quorum is present as aforesaid  may  be adopted  by the affirmative  vote of the holders of  a majority  in aggregate  principal  amount  of the Debt Securities  then outstanding;  provided,  however,  that, except as limited by the proviso in the first paragraph of Section 9.02, any resolution with respect to any consent, waiver, request, demand, notice, authorization, direction or other action that this Indenture expressly provides may be given by the holders of not less than a specified percentage in  outstanding  principal  amount  of  the Debt  Securities  may  be adopted  at  a meeting  or  an adjourned meeting duly reconvened  and at which a quorum is present as aforesaid only by the affirmative vote of the holders of not less than such specified percentage in aggregate principal amount of the Debt Securities then outstanding.

Any  resolution  passed  or  decision  taken  at  any  meeting  of  holders  of  Debt Securities duly held in accordance with this Section shall be binding on all the Security holders, whether or not present or represented at the meeting.

ARTICLE IX SUPPLEMENTAL INDENTURES
Section 9.01     Supplemental Indentures without Consent of Security holders. The Company, when authorized by a Board Resolution, and the Trustee may from
time to time and at any time enter into an indenture or indentures supplemental hereto, without

the consent of the Security holders, for one or more of the following purposes:

(a)       to  evidence  the  succession  of  another  corporation  to  the  Company,  or successive  successions,  and  the  assumption  by  the  successor  corporation  of  the  covenants, agreements and obligations of the Company, pursuant to Article XI hereof;

(b)       to   add  to  the   covenants   of   the   Company   such   further   covenants, restrictions or conditions  for the protection  of the holders of Debt Securities  as the Board  of Directors shall consider  to be for the protection  of the holders of such Debt Securities,  and to make the occurrence, or the occurrence and continuance, of a Default in any of such additional covenants, restrictions or conditions a Default or an Event of Default permitting the enforcement of all or any of the several  remedies  provided in this Indenture as herein  set forth; provided, however,  that  in  respect   of  any  such  additional   covenant,   restriction  or  condition   such supplemental indenture may provide for a particular period of grace after Default (which period may be shorter or longer than that allowed in the case of other Defaults) or may provide for an immediate enforcement  upon such Default or may limit the remedies available  to the Trustee upon such default;

(c)       to cure any ambiguity or to correct or supplement any provision contained herein or in any supplemental  indenture which may be defective or inconsistent with any other provision contained herein or in any supplemental indenture, or to make such other provisions in regard to matters or questions arising under this Indenture, provided, that any such action shall not adversely affect the interests of the holders of the Debt Securities then outstanding;

(d)       to add to, delete from, or revise the terms of Debt Securities,  including, without limitation, any terms relating to the issuance, exchange, registration or transfer of Debt Securities, including to provide for transfer procedures  and restrictions substantially  similar to those applicable to the Capital Securities, as required by Section 2.05 (for purposes of assuring that no registration of Debt Securities is required  under the Securities Act), provided, that any such action shall not adversely affect the interests of the holders of the Debt Securities then outstanding (it being understood, for purposes of this proviso, that transfer restrictions  on Debt Securities substantially similar to those applicable to Capital Securities shall not be deemed to adversely affect the holders of the Debt Securities);

(e)       to evidence and provide for the acceptance of appointment hereunder by a successor  Trustee  with  respect  to  the  Debt  Securities  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 6.10;

(f)        to make any change (other than as elsewhere provided in this Section) that does not adversely affect the rights of any Security holder in any material respect; or

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

The Trustee is hereby authorized to join with the Company in the execution  of any such supplemental  indenture,  to make any further appropriate  agreements  and stipulations

which may be therein contained and to accept the conveyance, transfer and assignment of any property thereunder, but the Trustee shall not be obligated to, but may in its discretion, enter into any such supplemental  indenture  which affects the Trustee's  own rights, duties or immunities under this Indenture or otherwise.

Any supplemental  indenture authorized by the provisions of this Section may be executed by the Company and the Trustee without the consent of the holders of any of the Debt Securities at the time outstanding, notwithstanding any of the provisions of Section 9.02.

Section 9.02     Supplemental Indentures with Consent of Security holders.

With  the consent  (evidenced  as provided  in  Section  7.01)  of  the  holders  of a majority in aggregate principal amount of the Debt Securities at the time outstanding affected by such supplemental  indenture, the Company, when authorized  by a Board  Resolution,  and the Trustee may from time to time and at any time enter into an indenture or indentures supplemental hereto  (which  shall  conform  to  the  provisions  of  the  Trust  Indenture  Act,  then  in  effect, applicable  to indentures  qualified  thereunder)  for the purpose  of adding  any provisions  to or changing  in  any  manner  or  eliminating  any  of  the  provisions  of  this  Indenture  or  of  any supplemental indenture or of modifying in any manner the rights of the holders of the Debt Securities; provided, however, that no such supplemental indenture shall, without the consent of the holders of each Debt Security then outstanding and affected thereby, (i) change the Maturity Date of any Debt Security, or reduce the principal amount thereof or any premium thereon, or reduce the rate (or manner of calculation of the rate) or extend the time of payment of interest thereon, or reduce (other than as a result of the maturity or earlier redemption of any such Debt Security in accordance with the terms of this Indenture and such Debt Security) or increase the aggregate principal amount of Debt Securities then outstanding, or change any of the redemption provisions, or make the principal thereof or any interest or premium thereon payable in any coin or currency other than United States Dollars, or impair or affect the right of any Security holder to institute suit for payment thereof, or (ii) reduce the aforesaid percentage of Debt Securities the holders of which  are required  to consent  to any such  supplemental  indenture;  and provided, further,  that  if  the  Debt  Securities  are  held  by  the  Trust  or  the  trustee  of  the  Trust,  such supplemental  indenture  shall  not  be  effective  until  the  holders  of  a  majority  in  aggregate liquidation   amount   of   the  outstanding   Capital   Securities   shall  have   consented   to   such supplemental indenture; provided, further, that if the consent of the Security holder of each outstanding Debt Security is required, such supplemental indenture shall not be effective until each holder of the outstanding Capital Securities shall have consented to such supplemental indenture.

Upon   the   request   of   the   Company   accompanied   by   a  Board   Resolution authorizing  the  execution  of any such  supplemental  indenture,  and  upon  the filing  with  the Trustee  of  evidence  of  the consent  of  Security holders  (and  holders  of  Capital  Securities,  if required)  as  aforesaid,  the  Trustee  shall  join  with  the  Company  in  the  execution  of  such supplemental  indenture  unless  such  supplemental  indenture  affects  the  Trustee's  own  rights, duties or immunities under this Indenture or otherwise, in which case the Trustee may in its discretion, but shall not be obligated to, enter into such supplemental indenture.

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

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

Section 9.03    Effect of Supplemental Indentures.

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

Section 9.04     Notation on Debt Securities.

Debt Securities authenticated and delivered after the execution of any supplemental indenture pursuant to the provisions of this Article IX may bear a notation as to any matter provided for in such supplemental indenture. If the Company or the Trustee shall so determine, new Debt Securities so modified as to conform, in the opinion of the Board of Directors of the Company, to any modification of this Indenture contained in any such supplemental indenture may be prepared and executed by the Company, authenticated by the Trustee or the Authenticating Agent and delivered in exchange for the Debt Securities then outstanding.

Section 9.05
Furnished to Trustee.
 
Evidence of Compliance of Supplemental Indenture to be

The Trustee, subject to the provisions of Sections 6.01 and 6.02, shall, in addition to the documents required by Section 14.06, receive an Officers' Certificate as conclusive evidence that any supplemental indenture executed pursuant hereto complies with the requirements of this Article IX.   The Trustee shall also receive an Opinion of  Counsel as conclusive evidence that any supplemental indenture executed pursuant to this Article IX is authorized or permitted by, and 

conforms to, the terms of this Article IX and that it is proper for the Trustee under the provisions of this Article IX to join in the execution thereof.

ARTICLE  X REDEMPTION OF SECURITIES

Section  10.01     Optional  Redemption.

The Company shall  have  the right, subject  to the receipt  by the Company of the prior approval  from  the OTS, if then  required  under applicable capital  guidelines or policies  of the  OTS,  to  redeem  the  Debt  Securities, in  whole  or  (provided   that  all  accrued  and  unpaid interest  has  been  paid  on  all Debt  Securities for all Interest  Periods  terminating on or prior  to such date)  from  time to time in part, on any Interest  Payment  Date on or after October  1, 2012 (each, an "Optional Redemption Date"),  at the Optional Redemption Price.

Section  10.02     Special  Event Redemption.

If  a Special  Event  shall  occur  and  be  continuing, the  Company shall  have  the right, subject  to the receipt  by the Company of prior approval  from the Federal  Reserve, if then required  under  applicable capital  guidelines or policies  of  the  Federal  Reserve, to redeem  the Debt Securities, in whole  but not in part, at any time within 90 days following the occurrence of such Special  Event (the "Special Redemption Date"), at the Special  Redemption Price.

Section  10.03     Notice of Redemption; Selection of Debt Securities.

In case the Company shall desire to exercise the right to redeem  all, or, as the case may be, any part of the Debt Securities, it shall fix a date for redemption and shall mail, or cause the Trustee  to mail (at the expense  of the Company), a notice of such redemption at least 30 and not more than 60 days prior to the date fixed for redemption to the holders  of Debt Securities so to  be redeemed as  a whole  or  in  part  at their  last  addresses as  the  same  appear  on  the  Debt Security Register.   Such mailing  shall be by first class mail.   The notice  if mailed  in the manner herein  provided  shall  be  conclusively presumed  to  have  been  duly  given,  whether  or  not  the holder  receives  such notice.   In any case, failure to give such notice by mail or any defect  in the notice  to the holder  of any Debt Security designated  for redemption as a whole  or in part shall not affect the validity of the proceedings for the redemption of any other Debt Security.

Each  such  notice  of redemption shall  specify  the  CUSIP  number,  if any,  of the Debt Securities to be redeemed, the date fixed for redemption, the price or manner of calculation of the price  at which  Debt  Securities are to be redeemed,  the  place  or places  of payment,  that payment  will  be  made  upon  presentation and  surrender  of  such  Debt  Securities, that  interest accrued  to the date fixed for redemption will be paid as specified  in said notice,  and that on and after said date interest  thereon  or on the portions  thereof  to be redeemed  will cease to accrue.  If less than  all the Debt  Securities  are to be redeemed,  the notice  of redemption shall  specify  the numbers  of the Debt Securities to be redeemed.   In case the Debt  Securities are to be redeemed in part only, the notice of redemption shall state the portion of the principal  amount thereof  to be redeemed and shall state that on and after the date fixed for redemption, upon surrender of such Debt  Security,   a  new   Debt  Security  or  Debt  Securities   in  principal   amount   equal   to  the unredeemed portion thereof will be issued.

Prior to 10:00 a.m., New York City time, on the Optional  Redemption Date or the
Special  Redemption Date specified  in the notice of redemption given as provided  in this Section,

the Company will deposit with the Trustee or with one or more Paying Agents an amount of money sufficient to redeem on such date all the Debt Securities so called for redemption at the applicable price therefor, together with unpaid interest accrued to such date.

The Company will give the Trustee notice not less than 45 nor more than 75 days prior to the date fixed for redemption as to the price at which the Debt Securities are to be redeemed and the aggregate principal amount of Debt Securities to be redeemed and the Trustee shall select, in such manner as in its sole discretion it shall deem appropriate and fair, the Debt Securities or portions thereof (in integral multiples of $1,000) to be redeemed.

Section 10.04     Payment of Debt Securities Called for Redemption.

If notice of redemption has been given as provided in Section 10.03, the Debt Securities or portions of Debt Securities with respect to which such notice has been given shall become due and payable on the related Optional Redemption Date or Special Redemption Date (as the case may be) and at the place or places stated in such notice at the applicable price therefor, together with unpaid interest accrued thereon to said Optional Redemption Date or the Special Redemption Date (as the case may be), and on and after said Optional Redemption Date or the Special Redemption Date (as the case may be) (unless the Company shall default in the payment of such Debt Securities at the redemption price, together with unpaid interest accrued thereon to said date) interest on the Debt Securities or portions of Debt Securities so called for redemption shall cease to accrue.   On presentation and surrender of such Debt Securities at a place of payment specified in said notice, such Debt Securities or the specified portions thereof shall be paid and redeemed by the Company at the applicable price therefor, together with unpaid interest, if any, accrued thereon to said Optional Redemption Date or the Special Redemption Date (as the case may be); provided, however, that interest payable on any Interest Payment Date on or prior to said Optional Redemption Date or the Special Redemption Date will be paid to the holders on the relevant regular record date.

Upon presentation of any Debt Security redeemed in part only, the Company shall execute and the Trustee shall authenticate and make available for delivery to the holder thereof, at the expense of the Company, a new Debt Security or Debt Securities of authorized denominations in principal amount equal to the unredeemed portion of the Debt Security so presented.

ARTICLE XI
CONSOLIDATION, MERGER, SALE, CONVEYANCE AND LEASE

Section 11.01    Company May Consolidate, etc., on Certain Terms.

Nothing contained in this Indenture or in the Debt Securities shall prevent any consolidation or merger of the Company with or into any other corporation or corporations (whether or not affiliated with the Company) or successive consolidations or mergers in which the Company or its successor or successors shall be a party or parties, or shall prevent any sale, conveyance, transfer or other disposition of all or substantially all of the property or capital stock 

of the Company or its successor or successors to any other corporation (whether or not affiliated with the Company or its successor or successors) authorized to acquire and operate the same;

provided,  however,  that  the  Company  hereby  covenants  and  agrees  that  (i) upon  any  such consolidation,  merger (where the Company  is not the surviving corporation), sale, conveyance, transfer or other disposition,  the successor  entity shall be a corporation  organized and existing under the laws of the United States or any state thereof or the District of Columbia (unless such corporation has (1) agreed to make all payments due in respect of the Debt Securities or, if outstanding, the Trust Securities and the Capital Securities Guarantee without withholding or deduction  for, or on account  of, any taxes, duties, assessments  or other governmental  charges under the laws or regulations of the jurisdiction of organization or residence (for tax purposes) of such  corporation  or  any  political  subdivision  or  taxing  authority  thereof  or  therein  unless required  by  applicable  law,  in  which  case  such  corporation  shall  have  agreed  to  pay  such additional  amounts as shall  be required  so that the net amounts  received and retained  by the holders of such Debt Securities or Trust Securities, as the case may be, after payment of all taxes (including withholding taxes), duties, assessments or other governmental charges, will be equal to the amounts that such holders would have received and retained had no such taxes (including withholding  taxes),  duties,  assessments  or  other  governmental   charges  been  imposed,  (2) irrevocably and unconditionally  consented and submitted to the jurisdiction of any United States federal court or New York state court, in each case located in the Borough of Manhattan,  The City of New York, in respect of any action, suit or proceeding  against it arising out of or in connection with this Indenture, the Debt Securities, the Capital Securities Guarantee or the Declaration and irrevocably  and unconditionally waived, to the fullest extent permitted by law, any objection to the laying of venue in any such court or that any such action, suit or proceeding has been brought in an inconvenient forum and (3) irrevocably appointed an agent in The City of New York for service of process in any action, suit or proceeding referred to in clause (2) above) and such corporation expressly assumes all of the obligations of the Company under the Debt Securities,  this Indenture,  the  Capital  Securities  Guarantee  and  the Declaration  and  (ii) after giving effect to any such consolidation,  merger, sale, conveyance, transfer or other disposition, no Default or Event of Default shall have occurred and be continuing.

Section 11.02     Successor Entity to be Substituted.

In case  of  any such  consolidation,  merger,  sale,  conveyance,  transfer or  other disposition contemplated in Section 11.01 and upon the assumption by the successor corporation, by supplemental indenture, executed and delivered to the Trustee and reasonably satisfactory in form to the Trustee, of the due and punctual payment of the principal of and premium, if any, and interest on all of the Debt Securities and the due and punctual performance and observance of all of the covenants  and conditions  of this Indenture  to be performed  or observed  by the Company, such successor corporation shall succeed to and be substituted for the Company, with the same effect as if it had been named herein as the Company, and thereupon the predecessor entity  shall  be  relieved  of  any  further  liability  or  obligation  hereunder  or  upon  the  Debt Securities.  Such successor corporation thereupon may cause to be signed, and may issue either in its own name or in the  name of  the Company,  any or all of the Debt Securities  issuable hereunder which theretofore  shall not have been signed by the Company and delivered  to the Trustee or the Authenticating  Agent; and, upon the order of such successor corporation instead of  the  Company  and  subject  to  all  the  terms,  conditions  and  limitations  in  this  Indenture 

prescribed,  the Trustee  or  the Authenticating  Agent  shall  authenticate  and  deliver  any  Debt Securities which previously shall have been signed and delivered by the officers of the Company to the Trustee or the Authenticating  Agent for authentication,  and any Debt Securities  which

such successor corporation thereafter shall cause to be signed and delivered to the Trustee or the Authenticating Agent for that purpose.  All the Debt Securities so issued shall in all respects have the same legal rank and benefit under this Indenture as the Debt Securities theretofore or thereafter issued in accordance with the terms of this Indenture as though all of such Debt Securities had been issued at the date of the execution hereof.

Section 11.03     Opinion of Counsel to be Given to Trustee.

The Trustee, subject to the provisions of Sections 6.01 and 6.02, shall receive, in addition to the Opinion of Counsel required by Section 9.05, an Opinion of Counsel as conclusive evidence that any consolidation, merger, sale, conveyance, transfer or other disposition, and any assumption, permitted or required by the terms of this Article XI complies with the provisions of this Article XI.

ARTICLE XII
SATISFACTION AND DISCHARGE OF INDENTURE Section 12.01    Discharge of Indenture.
When (a) the Company shall deliver to the Trustee for cancellation all Debt Securities theretofore authenticated (other than any Debt Securities which shall have been destroyed, lost or stolen and which shall have been replaced or paid as provided in Section 2.06) and not theretofore canceled, or (b) all the Debt Securities not theretofore canceled or delivered to the Trustee for cancellation shall have become due and payable, or are by their terms to become due and payable within one year or are to be called for redemption within one year under arrangements satisfactory to the Trustee for the giving of notice of redemption, and the Company shall deposit with the Trustee, in trust, funds, which shall be immediately due and payable, sufficient to pay at maturity or upon redemption all of the Debt Securities (other than any Debt Securities which shall have been destroyed, lost or stolen and which shall have been replaced or paid as provided in Section 2.06) not theretofore canceled or delivered to the Trustee for cancellation, including principal and premium, if any, and interest due or to become due to the Maturity Date, any Optional Redemption Date or the Special Redemption Date, as the case may be, but excluding, however, the amount of any moneys for the payment of principal of and premium, if any, or interest on the Debt Securities (1) theretofore repaid to the Company in accordance with the provisions of Section 12.04, or (2) paid to any state or to the District of Columbia pursuant to its unclaimed property or similar laws, and if in the case of either clause (a) or (b) above the Company shall also pay or cause to be paid all other sums payable hereunder by the Company, then this Indenture shall cease to be of further effect except for the provisions of Sections 2.05, 2.06, 3.01, 3.02, 3.04, 6.06, 6.09 and 12.04 hereof, which shall survive until such Debt Securities shall mature or are redeemed, as the case may be, and are paid in full. Thereafter, Sections 6.06, 6.09 and 12.04 shall survive, and the Trustee, on demand of the Company accompanied by 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, and at the cost and expense of the Company, shall execute proper instruments acknowledging satisfaction of and discharging this Indenture, the Company, however, hereby  agreeing  to  reimburse  the  Trustee  for  any  costs  or  expenses  thereafter

reasonably  and properly  incurred by the Trustee in connection  with this Indenture or the Debt
Securities.

Section 12.02     Deposited Moneys to be Held in Trust by Trustee.

Subject to the provisions of Section 12.04, all moneys deposited with the Trustee pursuant to Section 12.01 shall be held in trust and applied by it to the payment, either directly or through any Paying Agent (including the Company  if acting as its own Paying Agent), to the holders  of  the particular  Debt  Securities  for  the  payment  of  which  such  moneys  have  been deposited with the Trustee, of all sums due and to become due thereon for principal, premium, if any, and interest.

Section 12.03     Paying Agent to Repay Moneys Held.

Upon the satisfaction and discharge of this Indenture, all moneys then held by any Paying  Agent  of  the  Debt  Securities  (other  than  the  Trustee)  shall,  upon  demand  of  the Company, be repaid to the Company or paid to the Trustee, and thereupon such Paying Agent shall be released from all further liability with respect to such moneys.

Section 12.04     Return of Unclaimed Moneys.

Any  moneys  deposited  with  or  paid  to  the  Trustee  or  any  Paying  Agent  for payment of the principal of and premium, if any, or interest on Debt Securities and not applied but remaining  unclaimed  by the holders of Debt Securities  for two years after the date  upon which the principal of and premium, if any, or interest on such Debt Securities, as the case may be, shall have become due and payable, shall be repaid to the Company by the Trustee or such Paying Agent on written demand; and the holder of any of the Debt Securities shall thereafter look only to the Company for any payment which such holder may be entitled to collect and all liability of the Trustee or such Paying Agent with respect to such moneys shall thereupon cease.

ARTICLE XIII
IMMUNITY OF INCORPORATORS, STOCKHOLDERS, OFFICERS AND DIRECTORS

Section 13.01     Indenture and Debt Securities Solely Corporate Obligations.

No recourse for the payment of the principal of or premium, if any, or interest on any  Debt  Security,  or  for  any  claim  based  thereon  or  otherwise  in  respect  thereof,  and  no recourse under or upon any obligation, covenant or agreement of the Company in this Indenture or in any supplemental indenture, or in any such Debt Security, or because of the creation of any indebtedness  represented  thereby, shall  be had against  any  incorporator,  stockholder,  officer, director,  employee  or  agent,  as  such,  past,  present  or  future,  of  the  Company  or  of  any predecessor or successor corporation of the Company, either directly or through the Company or any successor corporation of the Company, whether by virtue of any constitution, statute or rule of 

law, or by the enforcement of any assessment or penalty or otherwise; it being expressly understood that all such liability is hereby expressly waived and released as a condition of, and as a consideration for, the execution of this Indenture and the issue of the Debt Securities.

ARTICLE XIV MISCELLANEOUS PROVISIONS

Section 14.01    Successors.

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

Section 14.02    Official Acts by Successor Entity.

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

Section 14.03    Surrender of Company Powers.

The Company, by instrument in writing executed by authority of 2/3 (two thirds) of its Board of Directors and delivered to the Trustee, may surrender any of the powers reserved to the Company and thereupon such power so surrendered shall terminate both as to the Company and as to any permitted successor.

Section 14.04    Addresses for Notices, etc.

Any notice or demand which by any provision of this Indenture is required or permitted to be given or served by the Trustee or by the Security holders on the Company may be given or served in writing by being deposited postage prepaid by registered or certified mail in a post office letter box addressed (until another address is filed by the Company with the Trustee for such purpose) to the Company at 225 S. Main Avenue, PO Box 5000, Sioux Falls, South Dakota 57117-5000, Attention: Pamela Russo.  Any notice, direction, request or demand by any Security holder or the Company to or upon the Trustee shall be deemed to have been sufficiently given or made, for all purposes, if given or made in writing at the office of Wilmington Trust Company at Rodney Square North, 1100 North Market Street, Wilmington, DE 19890-0001, Attention: Corporate Capital Markets.

Section 14.05    Governing Law.

This Indenture and the Debt Securities shall each be governed by, and construed in accordance with, the laws of the State of New York, without regard to conflict of laws principles of said State other than Section 5-1401 of the New York General Obligations Law.

Section 14.06    Evidence of Compliance with Conditions Precedent.

Upon any application or demand by the Company to the Trustee to take any action under any of the provisions of this Indenture, the Company shall furnish to the Trustee an Officers' Certificate stating that in the opinion of the signers 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

have been complied with (except that no such Opinion of Counsel is required to be furnished to the Trustee in connection with the authentication and issuance of Debt Securities).

Each certificate or opinion provided for in this Indenture and delivered to the Trustee with respect to compliance with a condition or covenant provided for in this Indenture (except certificates delivered pursuant to Section 3.05) shall include (a) a statement that the person making such certificate or opinion has read such covenant or condition and the definitions relating thereto; (b) 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; (c) a statement that, in the opinion of such person, 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 (d) a statement as to whether or not, in the opinion of such person, such condition or covenant has been complied with.

Section 14.07    Business Day Convention.

Notwithstanding anything to the contrary contained herein, if any Interest Payment Date, , other than the Maturity Date, any Optional Redemption Date or the Special Redemption Date, falls on a day that is not a Business Day, then any interest payable will be paid on, and such Interest Payment Date will be moved to, the next succeeding Business Day, and additional interest will accrue for each day that such payment is delayed as a result thereof.  If the Maturity Date, any Optional Redemption Date or the Special Redemption Date falls on a day that is not a Business Day, then the principal, premium, if any, and/or interest payable on such date will be paid on the next succeeding Business Day, and no additional interest will accrue in respect of such payment made on such next succeeding Business Day.

Section 14.08     Table of Contents, Headings, etc.

The table of contents and the titles and headings of the Articles and Sections of this Indenture have been inserted for convenience of reference only, are not to be considered a part hereof, and shall in no way modify or restrict any of the terms or provisions hereof.

Section 14.09     Execution in Counterparts.

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

Section 14.10     Separability.

In case any one or more of the provisions contained in this Indenture or in the Debt Securities shall for any reason be held to be invalid, illegal or unenforceable in any respect, such invalidity, illegality or unenforceability shall not affect any other provisions of this Indenture or of 

such Debt Securities, but this Indenture and such Debt Securities shall be construed as if such invalid, illegal or unenforceable provision had never been contained herein or therein.

Section 14.11    Assignment.

Subject to Article XI, the Company will have the right at all times to assign any of its rights or obligations under this Indenture and the Debt Securities to a direct or indirect wholly owned Subsidiary of the  Company; provided, however, that, in the event of any such assignment, the Company will remain liable for all such obligations. Subject to the foregoing, this Indenture is binding upon and inures to the benefit of the parties hereto and their respective successors and assigns. This Indenture may not otherwise be assigned by the parties thereto.

Section 14.12     Acknowledgment of Rights.

The Company acknowledges that, with respect to any Debt Securities held by the Trust or a trustee of the Trust, if such trustee of the Trust fails to enforce its rights under this Indenture as the holder of Debt Securities held as the assets of the Trust after the holders of a majority in aggregate liquidation amount of the outstanding Capital Securities of the Trust have so directed in writing such trustee, a holder of record of such Capital Securities may, to the fullest extent permitted by law, institute legal proceedings directly against the Company to enforce such trustee's rights under this Indenture without first instituting any legal proceedings against such trustee or any other Person.  Notwithstanding the foregoing, if an Event of Default has occurred and is continuing and such event is attributable to the failure of the Company to pay interest or premium, if any, on or principal of the Debt Securities on the date such interest, premium, if any, or principal is otherwise due and payable (or, in the case of redemption, on the related Optional Redemption Date or the Special Redemption Date (as the case may be)), the Company acknowledges that a holder of outstanding Capital Securities of the Trust may directly institute a proceeding against the Company for enforcement of payment to such holder directly of the principal of or premium, if any, or interest on the Debt Securities having an aggregate principal amount equal to the aggregate liquidation amount of the Capital Securities of such holder on or after the respective due date (or Optional Redemption Date or Special Redemption Date (as the case may be)) specified in the Debt Securities.

ARTICLE XV SUBORDINATION OF DEBT SECURITIES

Section 15.01    Agreement to Subordinate.

The Company covenants and agrees, and each holder of Debt Securities issued hereunder and under any supplemental indenture (the "Additional Provisions") by such holder's acceptance thereof likewise covenants and agrees, that all Debt Securities shall be issued subject to the provisions of this Article XV; and each holder of a Debt Security, whether upon original issue or upon transfer or assignment thereof, accepts and agrees to be bound by such provisions.

The payment by the Company of the payments due on all Debt Securities issued hereunder and under any Additional Provisions shall, to the extent and in the manner hereinafter set forth, be subordinated and junior in right of payment to the prior payment in full of all Senior Indebtedness of the Company, whether outstanding at the date of this Indenture or thereafter incurred.

No provision of this Article XV shall prevent the occurrence of any default or
Event of Default hereunder.

Section 15.02    Default on Senior Indebtedness.

In the event and during the continuation of any default by the Company in the payment of principal, premium, interest or any other amount due on any Senior Indebtedness of the Company following any applicable grace period, or in the event that the maturity of any Senior Indebtedness of  the Company has been accelerated because of  a default, and such acceleration has not been rescinded or canceled and such Senior Indebtedness has not been paid in full, then, in either case, no payment shall be made by the Company with respect to the payments due on the Debt Securities.

In the event that, notwithstanding the foregoing, any payment shall be received by the Trustee or any Security holder when such payment is prohibited by the preceding paragraph of this Section, such payment shall, subject to Section 15.06, be held in trust for the benefit of, and shall be paid over or delivered to, the holders of Senior Indebtedness or their respective representatives, or to the trustee or trustees under any indenture pursuant to which any of such Senior Indebtedness may have been issued, as their respective interests may appear, but only to the extent that the holders of the Senior Indebtedness (or their representative or representatives or trustee) notify the Trustee in writing within 90 days of such payment of the amounts then due and owing on the Senior Indebtedness and only the amounts specified in such notice to the Trustee shall be paid to the holders of Senior Indebtedness.

Section 15.03    Liquidation; Dissolution; Bankruptcy.

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

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

For purposes of this Article XV, the words "cash, property or securities" shall not be deemed to include shares of stock of the Company as reorganized or readjusted, or securities of the Company or any other corporation provided for by a plan of reorganization or readjustment, the payment of which is subordinated at least to the extent provided in this Article XV with respect to the Debt Securities to the payment of all Senior Indebtedness of the Company, that may at the time be outstanding, provided, that (a) such Senior Indebtedness is assumed by the new corporation, if any, resulting from any such reorganization or readjustment, and (b) the rights of the holders of such Senior Indebtedness are not, without the consent of such holders, altered by such reorganization or readjustment. The consolidation of the Company with, or the merger of the Company into, another corporation or the liquidation or dissolution of the Company following the conveyance, transfer or other disposition of its property as an entirety, or substantially as an entirety, to another corporation upon the terms and conditions provided for in Article XI of this Indenture shall not be deemed a dissolution, winding-up, liquidation or reorganization for the purposes of this Section if such other corporation shall, as a part of such consolidation, merger, conveyance or transfer, comply with the conditions stated in Article XI of this Indenture. Nothing in Section 15.02 or in this Section shall apply to claims of, or payments to, the Trustee under or pursuant to Section 6.06 of this Indenture.

Section 15.04     Subrogation.

Subject to the payment in full of all Senior Indebtedness of the Company, the Security holders shall be subrogated to the rights of the holders of such Senior Indebtedness to receive payments or distributions of cash, property or securities of the Company applicable to such Senior Indebtedness until all payments due on the Debt Securities shall be paid in full; and, for the purposes of such subrogation, no payments or distributions to the holders of such Senior Indebtedness of any cash, property or securities to which the Security holders or the Trustee would be entitled except for the provisions of this Article XV, and no payment over pursuant to the provisions of this Article XV to or for the benefit of the holders of such Senior Indebtedness by Security holders or the Trustee, shall, as between the Company, its creditors other than holders of Senior Indebtedness of the  Company, and the holders of the  Debt Securities be deemed to be a payment or distribution by the Company to or on account of such Senior Indebtedness.   It is understood that the provisions of this Article XV are, and are intended, solely for the purposes of

defining the relative rights of the holders of the  Debt Securities, on the one hand, and the holders of such Senior Indebtedness, on the other hand.

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

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

Section 15.05    Trustee to Effectuate Subordination.

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

Section 15.06    Notice by the Company.

The Company shall give prompt written notice to a Responsible Officer of the Trustee at the Principal Office of the Trustee of any fact known to the Company that would prohibit the making of any payment of moneys to or by the Trustee in respect of the Debt Securities pursuant to the provisions of this Article XV.  Notwithstanding the provisions of this Article XV or any other provision of this Indenture or any Additional Provisions, the Trustee shall not be charged with knowledge of the existence of any facts that would prohibit the making of any payment of moneys to or by the Trustee in respect of the Debt Securities pursuant to the provisions of this Article XV unless and until a Responsible Officer of  the Trustee at the Principal Office of the Trustee shall have received written notice thereof from the Company or a 

holder or holders of Senior Indebtedness or from any trustee therefor; and before the receipt of any such written notice, the Trustee, subject to the provisions of Article VI of this Indenture,

shall be entitled in all respects to assume that no such facts exist; provided, however, that if the Trustee shall not have received the notice provided for in this Section at least two Business Days prior to  the date  upon  which  by  the  terms  hereof  any money  may  become  payable  for  any purpose  (including,  without  limitation,  the payment of the principal  of or premium, if any, or interest on any Debt Security), then, anything herein contained to the contrary notwithstanding, the Trustee shall have full power and authority to receive such money and to apply the same to the purposes for which they were received, and shall not be affected by any notice to the contrary that may be received by it within two Business Days prior to such date.

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

Section 15.07     Rights of the Trustee; Holders of Senior Indebtedness.

The Trustee, in its individual capacity, shall be entitled to all the rights set forth in this Article XV in respect of any Senior Indebtedness at any time held by it, to the same extent as any  other  holder  of  Senior  Indebtedness,  and  nothing  in  this  Indenture  or  any  Additional Provisions shall deprive the Trustee of any of its rights as such holder.

With respect to the holders of Senior Indebtedness of the Company, the Trustee undertakes to perform or to observe only such of its covenants and obligations as are specifically set forth in this Article XV, and no implied covenants or obligations with respect to the holders of such Senior Indebtedness shall be read into this Indenture or any Additional Provisions against the Trustee.  The Trustee shall not owe or be deemed to owe any fiduciary duty to the holders of such Senior  Indebtedness  and, subject  to the  provisions  of  Article  VI  of  this Indenture,  the Trustee shall not be liable to any holder of such Senior Indebtedness if it shall pay over or deliver to Security holders,  the Company or any other Person money or assets to which any holder of such Senior Indebtedness shall be entitled by virtue of this Article XV or otherwise.

Nothing in this Article XV shall apply to claims of, or payments to, the Trustee under or pursuant to Section 6.06.

Section 15.08     Subordination May Not Be Impaired.

No  right  of  any  present  or  future  holder  of  any  Senior  Indebtedness  of  the
Company to enforce subordination as herein provided shall at any time in any way be prejudiced

or impaired by any act or failure to act on the part of the Company, or by any act or failure to act, in good faith, by any such holder, or by any noncompliance by the Company, with the terms, provisions  and covenants  of this Indenture, regardless of any knowledge  thereof that any such holder may have or otherwise be charged with.

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

Wilmington Trust Company, in its capacity as Trustee, hereby accepts the trusts in this Indenture declared and provided, upon the terms and conditions herein above set forth.

IN WITNESS WHEREOF, the parties hereto have caused this Indenture to be duly executed by their respective officers thereunto duly authorized, as of the day and year first above written.

HF FINANCIAL CORP.

      By:   _____/S/ Darrel L. Posegate
     Name: Darrel L. Posegate
     Title:   EVP, CFO, Treasurer

WILMINGTON TRUST COMPANY, as Trustee

		
	By:          /S/ Michael H. Wass
	 Name: Michael H. Wass

         Title:   Authorized Signer

Indenture

Exhibit A
Form of Debt  Security

v.

EXHIBIT A

FORM OF DEBT SECURITY [FORM OF FACE OF SECURITY]
[THIS  SECURITY IS  A  GLOBAL DEBENTURE WITHIN  THE MEANING  OF  THE   INDENTURE HEREINAFTER  REFERRED  TO  AND  IS REGISTERED IN  THE  NAME  OF  THE  DEPOSITORY TRUST  COMPANY ("DTC") OR A NOMINEE OF DTC. THIS  SECURITY IS EXCHANGEABLE FOR SECURITIES REGISTERED IN THE  NAME OF A PERSON OTHER THAN  DTC OR ITS  NOMINEE ONLY  IN  THE   LIMITED  CIRCUMSTANCES DESCRIBED IN  THE   INDENTURE, AND NO TRANSFER OF  THIS  SECURITY (OTHER THAN  A TRANSFER OF  THIS SECURITY AS A WHOLE BY DTC TO A NOMINEE OF DTC OR BY A NOMINEE OF DTC TO  DTC OR  ANOTHER NOMINEE OF DTC)  MAY  BE REGISTERED EXCEPT IN LIMITED CIRCUMSTANCES.

UNLESS  THIS  SECURITY IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE  OF  DTC   TO  THE   COMPANY  OR  ITS  AGENT   FOR REGISTRATION  OF  TRANSFER,  EXCHANGE,  OR  PAYMENT,  AND  ANY SECURITY ISSUED  IS REGISTERED IN THE  NAME  OF  CEDE  & CO. OR  IN SUCH OTHER NAME  AS IS  REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC  (AND  ANY  PAYMENT  IS  MADE  TO  CEDE   &  CO.  OR  TO  SUCH   OTHER ENTITY AS IS  REQUESTED BY AN  AUTHORIZED REPRESENTATIVE OF  DTC), ANY    TRANSFER,   PLEDGE,   OR    OTHER   USE    HEREOF   FOR    VALUE    OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.] 1

THIS  SECURITY HAS  NOT  BEEN  REGISTERED UNDER  THE SECURITIES ACT  OF  1933,  AS  AMENDED (THE  "SECURITIES  ACT"), OR  ANY STATE  SECURITIES LAWS  OR ANY OTHER APPLICABLE SECURITIES LAWS. NEITHER THIS  SECURITY NOR  ANY  INTEREST OR  PARTICIPATION HEREIN MAY  BE  REOFFERED, SOLD,  ASSIGNED, TRANSFERRED, PLEDGED, ENCUMBERED OR OTHERWISE DISPOSED OF IN THE  ABSENCE  OF SUCH REGISTRATION OR  UNLESS  SUCH  TRANSACTION IS  EXEMPT FROM, OR  NOT SUBJECT TO, THE  REGISTRATION REQUIREMENTS OF THE  SECURITIES ACT. THE   HOLDER  OF   THIS   SECURITY  OR   ANY  INTEREST  OR   PARTICIPATION HEREIN, BY ITS  ACCEPTANCE HEREOF OR  THEREOF, AS THE  CASE  MAY  BE, AGREES TO OFFER, SELL  OR OTHERWISE TRANSFER SUCH SECURITY OR ANY INTEREST OR PARTICIPATION HEREIN PRIOR TO THE  DATE WHICH IS THE LATER   OF   (i)   TWO    YEARS    (OR   SUCH   SHORTER  PERIOD  OF   TIME    AS PERMITTED BY RULE  144(k)  UNDER  THE  SECURITIES ACT) AFTER  THE  LATER OF  (Y)  THE  DATE  OF  ORIGINAL ISSUANCE  HEREOF AND (Z) THE  LAST  DATE ON  WHICH  THE   COMPANY  OR  ANY  AFFILIATE  (AS  DEFINED IN  RULE   405
UNDER  THE  SECURITIES ACT)  OF THE  COMPANY WAS THE  HOLDER OF  THIS

1 Only applicable if this Debt Security is a Global Debt Security.

SECURITY  OR  SUCH  INTEREST  OR  PARTICIPATION (OR  ANY PREDECESSOR THERETO) AND (ii) SUCH LATER DATE, IF ANY, AS MAY BE REQUIRED BY ANY SUBSEQUENT CHANGE IN APPLICABLE  LAW, ONLY (A) TO THE COMPANY, (B) PURSUANT TO RULE 144A UNDER THE  SECURITIES ACT ("RULE  144A"), TO A PERSON     THE      HOLDER     REASONABLY      BELIEVES     IS     A        "QUALIFIED INSTITUTIONAL BUYER", AS DEFINED  IN RULE 144A, THAT  PURCHASES  FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QUALIFIED  INSTITUTIONAL BUYER TO WHOM  NOTICE IS GIVEN THAT THE TRANSFER IS BEING MADE IN RELIANCE   ON  RULE  144A,  (C)  PURSUANT  TO  AN  EXEMPTION   FROM   THE REGISTRATION       REQUIREMENTS        OF         THE     SECURITIES        ACT     TO         AN "ACCREDITED INVESTOR" WITHIN  THE MEANING  OF SUBPARAGRAPH  (a) (1), (2),  (3),  (7)   OR   (8)  OF   RULE   501  UNDER  THE   SECURITIES  ACT   THAT   IS ACQUIRING THIS SECURITY  OR SUCH INTEREST  OR PARTICIPATION FOR ITS OWN ACCOUNT, OR FOR THE ACCOUNT OF SUCH AN ACCREDITED  INVESTOR, FOR INVESTMENT  PURPOSES  AND NOT WITH  A VIEW TO, OR FOR OFFER  OR SALE  IN  CONNECTION   WITH,   ANY  DISTRIBUTION   IN  VIOLATION   OF  THE SECURITIES  ACT, (D) PURSUANT TO OFFERS  AND SALES TO NON-US PERSONS THAT  OCCUR  OUTSIDE  THE  UNITED  STATES  PURSUANT TO  REGULATION  S UNDER THE  SECURITIES ACT  OR  (E)  PURSUANT  TO  ANOTHER  AVAILABLE EXEMPTION  FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT, SUBJECT  TO THE COMPANY'S  RIGHT  PRIOR  TO ANY SUCH OFFER, SALE OR  TRANSFER  PURSUANT  TO  CLAUSE  (C) OR  (E) ABOVE TO  REQUIRE  THE DELIVERY  OF  AN  OPINION   OF  COUNSEL,  CERTIFICATION  AND/OR  OTHER INFORMATION     SATISFACTORY     TO     IT     IN         ACCORDANCE      WITH     THE INDENTURE,  A COPY  OF  WHICH  MAY BE  OBTAINED  FROM  THE  COMPANY. THE  HOLDER   OF  THIS  SECURITY   OR  ANY  INTEREST   OR  PARTICIPATION HEREIN, BY ITS ACCEPTANCE  HEREOF  OR THEREOF, AS THE  CASE MAY BE, AGREES THAT IT WILL COMPLY WITH THE FOREGOING  RESTRICTIONS.

THE HOLDER OF THIS SECURITY OR ANY INTEREST  OR PARTICIPATION HEREIN, BY ITS ACCEPTANCE  HEREOF OR THEREOF, AS THE CASE MAY BE, ALSO AGREES, REPRESENTS  AND WARRANTS THAT IT IS NOT AN  EMPLOYEE   BENEFIT,  INDIVIDUAL   RETIREMENT  ACCOUNT  OR  OTHER PLAN  OR  ARRANGEMENT   SUBJECT  TO  TITLE  I  OF  THE  EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED ("ERISA"), OR SECTION  4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE "CODE")  (EACH  A  "PLAN"),   OR  AN  ENTITY   WHOSE   UNDERLYING   ASSETS INCLUDE "PLAN ASSETS" BY REASON OF ANY PLAN'S INVESTMENT IN THE ENTITY  AND  NO  PERSON  INVESTING  "PLAN   ASSETS"  OF  ANY  PLAN  MAY ACQUIRE OR HOLD THIS SECURITY OR ANY INTEREST OR PARTICIPATION HEREIN, UNLESS SUCH PURCHASER OR HOLDER  IS ELIGIBLE FOR THE EXEMPTIVE  RELIEF AVAILABLE UNDER U.S. DEPARTMENT  OF LABOR PROHIBITED TRANSACTION CLASS EXEMPTION  96-23,95-60,91-38,90-1 OR 84-14
OR ANOTHER APPLICABLE EXEMPTION  OR ITS PURCHASE AND HOLDING  OF THIS SECURITY  OR SUCH INTEREST  OR PARTICIPATION IS NOT PROHIBITED BY SECTION  406 OF ERISA OR SECTION 4975 OF THE CODE WITH  RESPECT  TO SUCH  PURCHASE   OR  HOLDING.     ANY  PURCHASER   OR  HOLDER   OF  THIS

SECURITY  OR ANY INTEREST  OR PARTICIPATION HEREIN  WILL  BE DEEMED TO   HAVE   REPRESENTED  BY  ITS   PURCHASE   AND  HOLDING   HEREOF  OR THEREOF, AS THE  CASE MAY BE, THAT  EITHER  (i) IT IS NOT AN EMPLOYEE BENEFIT  PLAN WITHIN  THE MEANING OF SECTION  3(3) OF ERISA, OR A PLAN TO  WHICH   SECTION   4975  OF  THE   CODE  IS  APPLICABLE, A  TRUSTEE   OR OTHER  PERSON  ACTING  ON  BEHALF  OF  AN EMPLOYEE BENEFIT  PLAN  OR PLAN,  OR  ANY  OTHER   PERSON   OR  ENTITY   USING  THE   ASSETS  OF  ANY EMPLOYEE  BENEFIT  PLAN  OR  PLAN TO  FINANCE  SUCH  PURCHASE,  OR  (ii) SUCH   PURCHASE   AND  HOLDING   WILL   NOT   RESULT   IN   A  PROHIBITED TRANSACTION  UNDER SECTION  406 OF ERISA OR SECTION  4975 OF THE CODE FOR  WHICH  THERE   IS  NO APPLICABLE STATUTORY  OR  ADMINISTRATIVE EXEMPTION.

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

THIS  SECURITY  WILL  BE  ISSUED  AND  MAY  BE  TRANSFERRED ONLY IN MINIMUM  DENOMINATIONS OF $100,000 AND MULTIPLES OF $1,000 IN EXCESS THEREOF.   ANY ATTEMPTED TRANSFER OF THIS SECURITY IN DENOMINATIONS  OF LESS THAN $100,000 SHALL BE DEEMED TO BE VOID AND OF  NO LEGAL  EFFECT  WHATSOEVER.  ANY SUCH  PURPORTED  TRANSFEREE SHALL BE DEEMED NOT TO BE THE HOLDER OF THIS SECURITY OR ANY INTEREST  OR PARTICIPATION HEREIN  FOR ANY PURPOSE,  INCLUDING,  BUT NOT LIMITED  TO, THE  RECEIPT OF  DISTRIBUTIONS ON THIS  SECURITY  OR SUCH INTEREST  OR PARTICIPATION, AND SUCH PURPORTED  TRANSFEREE SHALL BE DEEMED TO HAVE NO INTEREST  WHATSOEVER  IN THIS SECURITY OR ANY INTEREST  OR PARTICIPATION HEREIN.

THIS  OBLIGATION  IS  NOT  A DEPOSIT  AND IS  NOT INSURED  BY THE UNITED STATES OR ANY AGENCY OR FUND OF THE UNITED STATES, INCLUDING THE FEDERAL DEPOSIT INSURANCE CORPORATION (THE "FDIC"). THIS  OBLIGATION IS SUBORDINATED  TO THE  CLAIMS  OF  THE  DEPOSITORS AND THE CLAIMS OF GENERAL AND SECURED CREDITORS  OF THE COMPANY, IS INELIGIBLE AS COLLATERAL  FOR A LOAN BY THE COMPANY OR ANY OF ITS SUBSIDIARIES AND IS NOT SECURED.

Floating Rate Junior Subordinated Debt Security due 2037

of
HF FINANCIAL CORP.

HF Financial Corp., a savings and loan holding company incorporated in the State of Delaware (the "Company",  which term includes any successor permitted  under the Indenture 

(as defined herein)), for value received, promises to pay to Wilmington Trust Company, not in its individual  capacity  but  solely  as  Institutional  Trustee  for  HF  Financial  Capital  Trust  VI,  a Delaware statutory trust, or registered assigns, the principal amount of                                Dollars ($                                on  October 1, 2037  (the "Maturity  Date")  (or  any  Optional  Redemption Date or the Special Redemption Date, each as defined herein, or any earlier date of acceleration of the maturity of this Debt Security), and to pay interest on the outstanding principal amount of this Debt Security from July 5, 2007, or from the most recent Interest Payment Date (as defined below) to which interest has been paid or duly provided for, quarterly (subject to deferral as set forth herein) in arrears on January 1, April1, July 1 and October 1 of each year, commencing on October 1, 2007 (each, an "Interest Payment Date"), at a rate per annum , which, with respect to any Interest  Period  (as defined in the Indenture),  will be equal to LIBOR  (as defined  in the Indenture),  as determined on the LIBOR Determination  Date (as defined  in the Indenture) for such Interest Period (or, in the case of the first Interest Period, will be 5.36%), plus 1.65% (the "Interest  Rate")  (provided  that the  Interest  Rate  for any  Interest  Period  may not  exceed  the highest rate permitted by New York law, as the same may be modified by United States law of general application) until the principal hereof shall have been paid or duly provided for, and on any overdue principal and (without duplication and to the extent that payment of such interest is enforceable under applicable law) on any overdue installment of interest at an annual rate equal to the then applicable Interest Rate, compounded quarterly.   The amount of interest payable for any Interest Period shall be computed on the basis of a 360-day year and the actual number of days elapsed in such Interest Period.

The interest installment so payable, and punctually paid or duly provided for, on any Interest  Payment  Date will, as provided  in the Indenture, be paid to the Person in whose name this Debt Security (or one or more Predecessor Securities, as defined in the Indenture) is registered  at the close  of  business  on  the "regular  record date" for such  interest  installment, which shall be the fifteenth day prior to such Interest Payment Date, whether or not such day is a Business Day (as defined herein).  Any such interest installment (other than Deferred Interest (as defined herein)) not punctually paid or duly provided for shall forthwith cease to be payable to the holders on such regular record date and may be paid to the Person in whose name this Debt Security (or one or more Predecessor Securities) is registered at the close of business on a special record date to be fixed by the Trustee for the payment of such defaulted interest, notice whereof shall be given to the holders of the Debt Securities not less than 10 days prior to such special record date, all as more fully provided in the Indenture.

Payment  of  the  principal  of  and  premium,  if  any,  and  interest  on  this  Debt Security due on the Maturity Date, any Optional Redemption  Date or the Special Redemption Date, as the case may be, shall be made in immediately available funds against presentation and surrender of this Debt Security at the office or agency of the Trustee maintained for that purpose

in Wilmington, Delaware, or at the office or agency of any other Paying Agent appointed by the Company  maintained  for  that  purpose  in  Wilmington, Delaware  or  Pierre, South  Dakota. Payment of interest on this Debt Security due on any Interest Payment Date other than the Maturity Date, any Optional Redemption Date or the Special Redemption Date, as the case may be, shall be made at the option of the Company by check mailed to the holder thereof at such address as shall appear in the Debt Security Register or by wire transfer of immediately available funds to an account 

appropriately designated by the holder hereof.   Notwithstanding the foregoing, so long as the holder of this Debt Security is the Institutional Trustee, payment of the principal of and premium, if any, and interest on this Debt Security shall be made in immediately available funds when due at such place and to such account as may be designated by the Institutional Trustee.  All payments in respect of this Debt Security shall be payable in any coin or currency of the United States of America that at the time of payment is legal tender for payment of public and private debts.

Notwithstanding  anything  to  the  contrary  contained  herein,  if  any  Interest Payment Date, other than the Maturity Date, any Optional Redemption Date or the Special Redemption Date, falls on a day that is not a Business Day, then any interest payable will be paid on, and such Interest Payment Date will be moved to, the next succeeding Business Day, and additional interest will accrue for each day that such payment is delayed as a result thereof.  If the Maturity Date, any Optional Redemption Date or the Special Redemption Date falls on a day that is not a Business Day, then the principal, premium, if any, and/or interest payable on such date will be paid on the next succeeding Business Day, and no additional interest will accrue in respect of such payment made on such next succeeding Business Day.

So long as no Event of Default pursuant to Sections 5.01(b), (e), (f), (g), (h) or (i) of the Indenture has occurred and is continuing, the Company shall have the right, from time to time and without causing an Event of Default, to defer payments of  interest on  the Debt Securities by extending the interest payment period on the Debt Securities at any time and from time to time during the term of the Debt Securities, for up to 20 consecutive quarterly periods (each such extended interest payment period, together with all previous and further consecutive extensions thereof, is referred to herein as an "Extension Period").  No Extension Period may end on a date other than an Interest Payment Date or extend beyond the Maturity Date, any Optional Redemption Date or the Special Redemption Date, as the case may be.  During any Extension Period, interest will continue to accrue on the Debt Securities, and interest on such accrued interest (such accrued interest and interest thereon referred to herein as "Deferred Interest")  will  accrue at  an  annual  rate  equal  to  the  Interest Rate  applicable during  such Extension Period, compounded quarterly from the date such Deferred Interest would have been payable were it not for the Extension Period, to the extent permitted by applicable law.   No interest or Deferred Interest (except any Additional Amounts (as defined in the Indenture) that may be due and payable) shall be due and payable during an Extension Period, except at the end thereof.  At the end of any Extension Period, the Company shall pay all Deferred Interest then accrued and unpaid on the Debt Securities; provided, however, that during any Extension Period, the Company may not (i) declare or pay any dividends or distributions on, or redeem, purchase, acquire, or make a liquidation payment with respect to, any of the Company's capital stock, (ii) make any payment of principal of or premium, if any, or interest on or repay, repurchase or redeem any debt securities of the Company that rank pari passu in all respects with or junior in interest to the Debt Securities or (iii) make any payment under any guarantees of the Company

that rank in all respects pari passu with or junior in respect to the Capital Securities Guarantee (other than (a) repurchases, redemptions or other acquisitions of shares of capital stock of the Company  (A)  in  connection  with  any  employment contract,  benefit  plan  or  other  similar arrangement with or for the benefit of one or more employees, officers, directors or consultants, (B) in connection with a dividend reinvestment or stockholder stock purchase plan or (C) in 

connection with the issuance of capital stock of the Company (or securities convertible into or exercisable for such capital stock), as consideration in an acquisition transaction entered into prior to such Extension Period, (b) as a result of any exchange or conversion of any class or series of the Company's capital stock (or any capital stock of a subsidiary of the Company) for any class or series of the Company's capital stock or of any class or series of the Company's indebtedness for any class or series of the  Company's capital stock, (c) the purchase of fractional interests in  shares of  the Company's  capital stock pursuant to the conversion or  exchange provisions of such capital stock or the security being converted or exchanged, (d) any declaration of a dividend in connection with any stockholder's rights plan, or the issuance of rights, stock or other property under any stockholder's rights plan, or the redemption or repurchase of rights pursuant thereto or (e) any dividend in the form of stock, warrants, options or other rights where the dividend stock or the stock issuable upon exercise of such warrants, options or other rights is the same stock as that on which the dividend is being paid or ranks pari passu with or junior to such stock).  Prior to the termination of any Extension Period, the Company may further extend such Extension Period, provided, that no Extension Period (including all previous and further consecutive extensions that are part of such Extension Period) shall exceed 20 consecutive quarterly periods.  Upon the termination of any Extension Period and upon the payment of all Deferred Interest, the Company may commence a new Extension Period, subject to the foregoing requirements.  The Company must give the Trustee notice of its election to begin or extend an Extension Period no later than the close of business on the fifteenth Business Day prior to the applicable Interest Payment Date.

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

The Company waives diligence, presentment, demand for payment, notice of nonpayment, notice of protest, and all other demands and notices.

This Debt Security shall not be entitled to any benefit under the Indenture hereinafter referred to and shall not be valid or become obligatory for any purpose until the certificate of authentication hereon shall have been signed by or on behalf of the Trustee.

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

This Debt Security may contain more than one counterpart of the signature page and this Debt Security may be executed and authenticated by the affixing of the signature of a proper officer of the Company, and the signature of the Trustee providing authentication, to any of such counterpart signature pages.  All of such counterpart signature pages shall be read as though one, and they shall have the same force and effect as though the Company had executed, and the Trustee had authenticated, a single signature page.

IN WITNESS WHEREOF, the Company has duly executed this certificate.

HF FINANCIAL CORP.

		
	By:
	      Name:

Title:

Dated:       ,      

CERTIFICATE OF AUTHENTICATION

Indenture.
 
This  certificate  represents  Debt  Securities  referred  to in  the  within-mentioned

WILMINGTON TRUST COMPANY,
not in its individual capacity but solely as the Trustee

Dated:                  

 
 
By:                         
Authorized Officer

[FORM OF REVERSE OF SECURITY]

This Debt Security is one of a duly authorized series of debt securities of the Company (collectively, the "Debt Securities"),  all issued or to be issued pursuant to an Indenture (the "Indenture"), dated as of July 5, 2007, duly executed and delivered between the Company and  Wilmington   Trust  Company,  as  Trustee  (the  "Trustee"),   to  which  Indenture  and  all indentures  supplemental   thereto  reference  is  hereby  made  for  a  description   of  the  rights, limitations of rights, obligations, duties and immunities thereunder of the Trustee, the Company and the holders of the Debt Securities of which this Debt Security is a part.

Upon the occurrence and continuation  of a Tax Event, an Investment Company Event or a Capital Treatment Event (each, a "Special Event"), the Company shall have the right to redeem this Debt Security, at its option, in whole with all other Debt Securities but not in part, at  any  time,  within  90  days  following  the  occurrence  of  such  Special  Event  (the  "Special Redemption Date"), at the Special Redemption Price (as defined herein).

The Company shall also have the right to redeem this Debt Security at its option, in whole or (provided that all accrued and unpaid interest has been paid on all Debt Securities for all Interest Periods terminating on or prior to such date) from time to time in part, on any Interest Payment  Date  on  or  after  October  1,  2012  (each,  an  "Optional  Redemption  Date"),  at  the Optional Redemption Price (as defined herein).

Any redemption pursuant to the preceding two paragraphs will be made, subject to receipt by the Company of prior approval from the Office of Thrift Supervision (the "OTS") if then required  under applicable capital guidelines or policies of the OTS, upon not less than 30 days'  nor  more  than  60 days'  prior  written  notice.    If the Debt  Securities  are only  partially redeemed by the Company, the Debt Securities will be redeemed pro rata or by any other method utilized by the Trustee.  In the event of redemption of this Debt Security in part only, a new Debt Security or Debt Securities for the unredeemed portion hereof will be issued in the name of the holder hereof upon the cancellation hereof.

"Optional  Redemption  Price"  means  an amount  in cash  equal  to 100%  of the principal amount of this Debt Security being redeemed plus unpaid interest  accrued thereon to the related Optional Redemption Date.

"Special Redemption Price" means, with respect to the redemption of this Debt Security following a Special Event, an amount in cash equal to 103.50% of the principal amount of  this  Debt  Security  to  be  redeemed  prior  to  October  1,  2008  and  thereafter  equal  to  the percentage of the principal amount of this Debt Security that is specified below for the Special Redemption Date plus, in each case, unpaid interest accrued thereon to the Special Redemption Date:

Special Redemption During the 12-

 
Month

Period Beginning October 1,

2008
 

Percentage of Principal Amount

102.80%

2009     102.10%

2010     101.40%

2011     100.70%

2012 and thereafter     100.00%

In case an Event of Default, as defined in the Indenture, shall have occurred and be continuing, the principal of all of the Debt Securities may be declared, and, in certain cases, shall ipso facto become, due and payable, and upon any such declaration  of acceleration  shall become  due  and  payable,  in  each  case,  in  the  manner,  with  the  effect  and  subject  to  the conditions provided in the Indenture.

The Indenture contains provisions permitting the Company and the Trustee, with the consent of the holders of a majority in aggregate principal amount of the Debt Securities at the time  outstanding  affected  thereby,  as specified  in the Indenture,  to execute  supplemental indentures for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of the Indenture or of any supplemental indenture or of modifying in any manner  the  rights  of  the  holders  of  the  Debt  Securities;  provided,  however,  that  no  such supplemental  indenture  shall, among other things, without the consent  of the holders of each Debt Security  then outstanding  and affected thereby (i) change the Maturity Date of any Debt Security, or reduce the principal amount thereof or any premium thereon, or reduce the rate or manner of calculation  of the rate or extend the time of payment of interest  thereon, or reduce (other  than  as  a  result  of  the  maturity  or  earlier  redemption  of  any  such  Debt  Security  in accordance  with the terms of the Indenture  and such Debt Security)  or increase the aggregate principal  amount  of  Debt  Securities   then  outstanding,  or  change   any  of  the  redemption provisions, or make the principal thereof or any interest or premium thereon payable in any coin or currency  other  than  United  States  Dollars,  or  impair  or  affect  the  right  of  any  holder  to institute suit for payment thereof, or (ii) reduce the aforesaid percentage of Debt Securities the holders of which are required to consent to any such supplemental indenture.  The Indenture also contains provisions  permitting the holders of a majority in aggregate  principal  amount of the Debt Securities  at the time outstanding, on behalf of the holders of all the Debt Securities,  to waive any past default in the performance of any of the covenants contained in the Indenture, or established pursuant to the Indenture, and its consequences, except (a) a default in payments due 

in respect of any of the Debt Securities, (b) in respect of covenants or provisions of the Indenture which cannot be modified or amended without the consent of the holder of each Debt Security affected, or (c) in respect of the covenants of the Company relating to its ownership of Common Securities of the Trust.  Any such consent or waiver by the holder of this Debt Security (unless revoked as provided in the Indenture) shall be conclusive and binding upon such holder and upon

all future holders and owners of this Debt Security and of any Debt Security issued in exchange herefor or in place hereof (whether by registration of transfer or otherwise), irrespective of whether or not any notation of such consent or waiver is made upon this Debt Security.

No reference herein to the Indenture and no provision of this Debt Security or of the Indenture shall alter or impair the obligation of the Company, which is absolute and unconditional, to make all payments due on this Debt Security at the time and place and at the rate and in the money herein prescribed.

As provided in the Indenture and subject to certain limitations herein and therein set forth, this Debt Security is transferable by the holder hereof on the Debt Security Register (as defined in the Indenture) of the Company, upon surrender of this Debt Security for registration of transfer at the office or agency of the Trustee in Wilmington, Delaware, or at any other office or agency of the Company in Wilmington, Delaware or Pierre, South Dakota, accompanied by a written instrument or instruments of transfer in form satisfactory to the Company or the Trustee duly executed by the holder hereof or such holder's attorney duly authorized in writing, and thereupon one or more new Debt Securities of authorized denominations and for the same aggregate principal amount will be issued to the designated transferee or transferees. No service charge will be made for any such registration of transfer, but the Company or the Trustee may require payment of a sum sufficient to cover any tax, fee or other governmental charge payable in relation thereto as specified in the Indenture.

Prior to due presentment for registration of transfer of this Debt Security, the Company, the Trustee, any Authenticating Agent, any Paying Agent, any transfer agent and the Debt Security registrar may deem and treat the holder hereof as the absolute owner hereof (whether or not this Debt Security shall be overdue and notwithstanding any notice of ownership or writing hereon) for the purpose of receiving payment of the principal of and premium, if any, and interest on this Debt Security and for all other purposes, and none of the Company, the Trustee, any Authenticating Agent, any Paying Agent, any transfer agent or any Debt Security registrar shall be affected by any notice to the contrary.

As provided in the Indenture and subject to certain limitations herein and therein set forth, Debt Securities are exchangeable for a like aggregate principal amount of Debt Securities of different authorized denominations, as requested by the holder surrendering the same.

coupons.

 
 
The Debt Securities are issuable only in  registered certificated form  without

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

All terms  used  but  not  defined in  this Debt  Security  shall  have  the  meanings assigned to them in the Indenture.

THIS DEBT SECURITY SHALL BE GOVERNED BY, AND CONSTRUED  IN ACCORDANCE   WITH,   THE   LAWS   OF  THE   STATE   OF   NEW   YORK,   WITHOUT REGARD   TO  CONFLICT   OF  LAWS  PRINCIPLES   OF  SAID  STATE   OTHER   THAN SECTION 5-1401 OF THE NEW YORK GENERAL OBLIGATIONS  LAW.

Exhibit B

Form of Certificate of Officer of the Company

v.

EXHIBITB

FORM OF CERTIFICATE OF OFFICER OF THE COMPANY

Pursuant to Section 3.05 of the Indenture, dated as of July 5, 2007 (as amended or supplemented :from time to time, the "Indenture"), between HF Financial Corp., as issuer (the "Company"),  and Wilmington Trust Company, as trustee, the undersigned certifies that he/she is a [principal executive officer, principal financial officer or principal accounting officer] of the Company and in the course of the performance by the undersigned of his/her duties as an officer of the Company, the undersigned would normally have knowledge of any default by the Company in the performance of any covenants contained in the Indenture, and the undersigned hereby further certifies that he/she has no knowledge of any default for the fiscal year ending on 
     , 20_ [except as follows: specify each such default and the nature thereof].

Capitalized terms used herein, and not otherwise defined herein, have the respective meanings assigned thereto in the Indenture.

IN WITNESS WHEREOF, the undersigned has executed this Certificate as of

______________, 20__.

Name: Title:

NY! 6259255v.3
 
B-1HFFC-2012.6.30-EX-10.30

EXHIBIT 10.30
HOME FEDERAL BANK 
Seventh Amended and Restated Long-Term Incentive Plan 
(as amended and restated effective September 14, 2012)
		
	1.
	Purpose

The purpose of the Home Federal Bank ("Bank") Seventh Amended and Restated Long-Term Incentive Plan ("Plan") is to reward key managers for the attainment of longer term goals of the Bank. The reward will be in the form of cash, stock appreciation rights, stock options and/or restricted stock of the common shares of the Bank's holding company, HF Financial Corp. This Plan amends, restates, replaces and supersedes the Bank's existing Long-Term Incentive Plan.
The Plan is designed to reward key managers for performance over a period of longer than one (1) year. The Plan also is designed to enable the Bank to attract and retain key management talent.
The purpose of this Plan is to measure performance and to award Executives with cash, stock appreciation rights, stock options and/or restricted stock based upon their performance. All stock appreciation rights, stock options and/or restricted stock awarded will be governed by the terms of the HF Financial Corp. 2002 Stock Option and Incentive Plan. As set forth in paragraph 3, payment of cash compensation shall be determined by the Personnel Compensation and Benefits Committee.
		
	2.
	Participation

The Plan is for selected management staff of Home Federal Bank. Participation in this Plan will be recommended by the CEO and approved by the Personnel, Compensation and Benefits Committee of the Board of Directors. Participation in any one year does not guarantee the participation in future years or at the same award level.
New hires to the Corporation and individuals promoted to assignments which by virtue of their responsibilities may be otherwise eligible to participate in this Plan may only participate with the approval of the CEO. The “Plan Year” means the Corporation's fiscal year for which performance is being measured.
		
	3.
	Performance Measure, Award Levels and Award Payment

The annual performance measure, award levels and award payment provisions are determined by the Personnel, Compensation and Benefits Committee. Payment of awards denominated in cash shall be made according to the Plan Participant’s Cash Award Agreement, or as otherwise provided by the Personnel, Compensation and Benefits Committee.
		
	4.
	Termination of Employment

If the employment of a Plan participant terminates during a Plan Year, that is, during the fiscal year for which performance is being measured and which might result in an award, all rights to an award under this Plan are forfeited. Notwithstanding the provisions hereof, in the event of death or for those individuals who participate in the Plan and have executed a Change in Control Agreement with the Bank, the provisions of paragraph 5 shall apply. Once stock appreciation rights, stock options and/or restricted stock have been awarded, the terms of the HF Financial Corp. 2002 Stock Option and Incentive Plan shall control. For cash awards, following the completion of a Plan Year, the terms of the Plan Participant’s Cash Award Agreement shall control. 
		
	5.
	Death and Change in Control

(a)    If a Plan participant dies during a Plan Year, the Plan participant or the participant's designated beneficiary shall receive, in a lump sum in cash, any incentive payment for the partial year otherwise payable in cash, based on the number of months from the start of the Plan Year (or if later, from the first day of the month coincident with or next following the participant's date of participation in the Plan) to the last day of the month in which the death occurred, but only to the extent that an incentive payment is otherwise earned for the Plan Year.
(b)    If a Plan participant is entitled to benefits under a Change in Control Agreement, the participant shall receive, in a lump sum in cash, any incentive payment for the partial year otherwise payable in cash, based on the number of months from the start of the Plan Year (or if later, from the first day of the month coincident with or next following the participant's date of participation in the Plan) to the last day of the month in which the Date of Termination (as defined in the Change in Control Agreement) occurs.
		
	6.
	Beneficiary Designation

(a)    Any incentive payment following the death of a participant shall be paid to such person or persons, or other legal entity, as the participant may have designated in writing and delivered to Home Federal Bank. The participant may from time to time revoke or change any such designation by writing to Home Federal Bank. If there is no unrevoked designation on file at the participant's death, or if the person or persons designated therein shall have all pre-deceased the participant, such distribution shall be made to the participant's estate.
		
	7.
	Administration and Interpretation of Plan

The Plan shall be administered by the CEO of the Bank whose actions will be subject to the approval of the Personnel, Compensation and Benefits Committee in material matters. The role of the Committee shall be to approve the Home Federal Bank's Long-Term Incentive Plan, approve the annual target goal, approve Plan participants and (at the end of the Plan Year) approve the distribution of the incentive payment to all participants. The Plan Administrator is charged with the effective administration of the Plan including the interpretation in instances where the Plan is silent.
The Personnel, Compensation and Benefits Committee reserves the right, from time to time, to prescribe rules and regulations at such time and in such manner as it may deem appropriate.

		
	8.
	Amendment/Termination of Plan 

The Plan may be amended and shall be interpreted by the Personnel, Compensation and Benefits Committee of the Board of Directors, and its interpretation shall be final and binding on participant and all other parties of interest. The Plan may be terminated at any time as the Personnel, Compensation and Benefits Committee of the Board of Directors approves. Plan participants will be notified as soon as possible in the event of an amendment or terminations occurs.
		
	9.
	Employment

The Plan is not intended as an Employment Agreement. The Plan does not restrict the rights of the Bank to terminate the employment of a Plan participant at any time and without any obligation under the Plan.
		
	10.
	Legal Requirements 

The Plan will be administered in accordance with all federal, state and local statutory requirements.
		
	11.
	Effective Date 

This Amendment and Restatement becomes effective September 14, 2012.
*--*--*--*--*

FORM OF
HOME FEDERAL BANK
Long-Term Incentive Plan 
FY13 Cash Award Agreement

Made to: _______________________ (“Participant”)
This Cash Award Agreement (the “Award”) is made under the terms of the Home Federal Bank Long Term Incentive Plan (the “LTIP”). It is subject to the terms and conditions of the LTIP except as provided herein. 
Components of Fiscal Year 2013 Plan
Performance Measure – The performance measure for the Fiscal Year 2013 Long-Term Incentive Plan shall be the Return on Equity (ROE) of HF Financial Corp. ("HFFC" or the “Company”) based on the performance levels displayed below:
Metric Definition
		
	•
	Return on Equity - Company Consolidated Net Income Divided by Average HFFC Equity Capital

	
			
	Award Level
	Target to Meet
	Award %
(Base Salary Actually Earned)

	A – Minimum
	HFFC Return on Equity – xxx%
	xxx%

	B – Target
	HFFC Return on Equity – xxx%
	xxx%

	C – Exceptional
	HFFC Return on Equity – xxx%
	xxx%

	D – Outstanding/Cap
	HFFC Return on Equity – xxx%
	xxx%

The Fiscal Year 2013 Long-Term Incentive Plan award is payable in Cash, subject to the Vesting Schedule as set forth on Exhibit A, payable in equal installments upon vesting. Upon each payment under this Award, the Company will be entitled to deduct from all amounts paid the amount that is required to be withheld for federal, state and local or foreign withholding tax purposes. 
Any grant made under the Award will be made following the completion and acceptance of the independent audit by the Audit Committee of the Company’s Board of Directors. The Award will then be calculated as provided herein and in the Plan, based on the base salary of the Participant. Award levels will be prorated between tiers according to actual performance.

Any change in the approved metric(s) caused by a single, non recurring event that results in a 10% impact on the metric may be evaluated by the Personnel, Compensation and Benefits Committee (the “Committee”) in its sole discretion to determine its inclusion or exclusion from the incentive calculation. The approved metric(s) may be further adjusted by the Committee, in its sole discretion, as the result of significant or material events meriting consideration by the Committee including, but not limited to, any single, non recurring event that results in a 10% change in the incentive calculation.
If the Committee determines, in its sole discretion, that a Plan Participant received a payment under the Plan, that is based on materially inaccurate financial statements, reviews, gains, or any other materially inaccurate criteria used in determining the incentive calculation, then the Committee shall determine the amount of any such incentive compensation that was paid as a result of such materially inaccurate financial statements, reviews, gains, or other materially inaccurate criteria (the "Overpayment Amount"). The Committee shall, promptly after making such determination, send the Plan Participant a notice of recovery ("Recovery Notice") which shall specify the Overpayment Amount and the terms for prompt repayment thereof. In addition, to the extent that the governing laws and/or regulations that relate to the concept of a "Clawback Provision" change or are revised such that they apply to the Company, such change or revision shall be hereby incorporated with no further action required, ab initio.
This Agreement shall be binding upon, and inure to the benefit of, the Company and its successors and assigns, and upon any person acquiring, whether by merger, consolidation, purchase of assets or otherwise, all or substantially all of the Company's assets and business.  
The Participant shall forfeit any unvested amounts upon termination of his or her employment, except that, if a Change-in-Control occurs between June 30, 2013 and the time that this Award has vested in full, this Award shall vest in full and be due and payable in a lump sum in cash upon termination of the Participant’s employment if that termination occurs within 24 months following the month in which a Change-in-Control occurs, unless such termination is: (i) because of the Participant’s death or Disability; (ii) by the Bank for Cause; or (iii) by the Participant other than for Good Reason. Capitalized terms in this paragraph shall have the meanings set forth in Exhibit B hereto, except that if the Participant is party to a Change-in-Control Agreement with the Bank and the definitions in his or her Change-in-Control Agreement conflict with those set forth in Exhibit B, the definitions in his or her Change-in-Control Agreement shall control.  
No modification or waiver of any of the provisions of this Award shall be binding upon either the Company or the Participant unless made in writing and signed by both parties. 
HF FINANCIAL CORP.                    Participant 

____________________________________    ______________________________
By:                            Name:            Date:
Its:

Date:                            Date:     

Acknowledgement of Receipt of Seventh Amended and Restated Long-Term Incentive Plan:

                                                
Participant Name:                        Date

EXHIBIT A

FORM OF
VESTING SCHEDULE 
FY13 CASH AWARD AGREEMENT

The following schedule shall apply to the vesting of the Award made under the FY13 Cash Award Agreement.  

	
			
	

Date
	Cumulative Percentage Which Becomes Vested
	

Actual Dollars Vested

	

00/00/2014

	

25%
	

$_______

	

00/00/2015

	

50%
	

$_______

	

00/00/2016

	

75%

	

$_______

	

00/00/2017

	

100%
	

$_______

Exhibit B to Form of Cash Award Agreement: Definitions
Cause. Termination by the Bank of the Participant’s employment for “Cause” shall mean termination upon (i) material violation of a law or regulation which: (a) governs the Participant’s conduct as an officer of the Bank; or (b) in the reasonable opinion of the Bank affects the Participant’s fitness to serve in his position; (ii) substantial neglect of the Participant’s duties; (iii) action or inaction, which materially and adversely impacts the Bank’s safety, soundness, security, assets, customers or employees; (iv) dishonesty of a material nature; (v) failure to comply with material rules, regulations or policies of the Bank; (vi) engaging in personal conduct which, when considering the Participant’s position with the Bank, would materially detract from its business reputation in the community served; (vii) material breach of any material covenant or condition of the Participant’s employment agreement, if any; and (viii) willful and material misconduct.
Termination for Cause shall be preceded by a fair and complete investigation, including an opportunity for the Participant to provide information the Participant deems relevant.
Change-in-Control shall mean any of the following:
		
	a.
	a change-in-control of a nature that would be required to be reported in response to Item 6(e) of Schedule 14A of Regulation 14A promulgated under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), whether or not the Company is then subject to such reporting requirement; or

		
	b.
	the public announcement (which, for purposes of this definition, shall include, without limitation, a report filed pursuant to Section 13(d) of the Exchange Act) by the Company or any “person” (as such term is used in Sections 13(d) and 14(d) of the Exchange Act) that such person has become the “beneficial owner” (as defined in Rule 13d-3 promulgated under the Exchange Act), directly or indirectly, of securities of the  Company (i) representing 20% or more, but not more than 50%, of the combined voting power of the Company’s then outstanding securities unless the transaction resulting in such ownership has been approved in advance by the Continuing Directors (as hereinafter defined); or (ii) representing more than 50% of the combined voting power of the Company’s then outstanding securities (regardless of any approval by the Continuing Directors); provided, however, that notwithstanding the foregoing, no Change-in-Control shall be deemed to have occurred for purposes of this Agreement by reason of the ownership of 20% or more of the total voting capital stock of the Company then issued and outstanding by the Company, any subsidiary of the Company or any employee benefit plan of the Company or of any subsidiary of the Company or any entity  holding shares of the Common Stock organized, appointed or established for, or pursuant to the terms of, any such plan (any such person or entity described in this clause is referred to herein as a “Company Entity”); or

		
	c.
	any acquisition of control as defined in 12 Code of Federal Regulations Section 574.4, or any successor regulation, of the Company which would require the filing of an application for acquisition of control or notice of Change-in-Control in a manner which is set forth in 12 CFR Section 574.3, or any successor regulation; or

		
	d.
	the Continuing Directors (as hereinafter defined), cease to constitute a majority of the Company’s Board of Directors; or

		
	e.
	the shareholders of the Company approve (i) any consolidation or merger of the  Company in which the Company is not the continuing or surviving corporation or pursuant to which shares of Company stock would be converted into cash, securities or other property, other than a merger of the Company in which shareholders immediately prior to the merger have the same proportionate ownership of stock of the surviving company immediately after the merger; (ii) any sale, lease, exchange or other transfer (in one transaction or a series of related transactions) of all or substantially all of the assets of the Company; or (iii) any plan of liquidation or dissolution of the Company.

Continuing Director shall mean any person who is a member of the Board of Directors of the Company, while such person is a member of the Board of Directors, who is not an Acquiring Person (as defined below) or an Affiliate or Associate (as defined below) of an Acquiring Person, or a representative of an Acquiring Person or of any such Affiliate or Associate, and who (i) was a member of the Board of Directors on June 30, 2012; or (ii) subsequently becomes a member of the Board of Directors, if such person’s initial nomination for election or initial election to the Board of Directors is recommended or approved by a majority of the Continuing Directors. For purposes of this definition, “Acquiring Person” shall mean any “person” (as such term is used in Sections 13(d) and 14(d) of the Exchange Act) who or which, together with all Affiliates and Associates of such person, is the “beneficial owner” (as defined in Rule 13d-3 promulgated under the Exchange Act) directly or indirectly, of securities of the Holding Company representing 20% or more of the combined voting power of the Holding Company’s then outstanding securities, but shall not include the Investors or any Company Entity; and “Affiliate” and “Associate” shall have their respective meanings ascribed to such terms in Rule 12b-2 promulgated under the Exchange Act.
Date of Termination. “Date of Termination” shall mean the date specified in the Notice of Termination (except in the case of the Employee’s death, in which case Date of Termination shall be the date of death); provided, however, that if the Employee’s employment is terminated by the Bank, the date specified in the Notice of Termination shall be at least 30 days from the date the Notice of Termination is given to the Employee and if the Employee terminates his employment for Good Reason, the date specified in the Notice of Termination shall not be more than 60 days from the date the Notice of Termination is given to the Bank.
Disability. Disability shall mean incapacity due to physical or mental illness as determined by the Bank’s disability plan.
Good Reason. The Participant’s termination of employment for “Good Reason” shall mean termination by the Participant upon the occurrence, without his express written consent, within 24 months following a Change-in-Control of any one or more of the following:
		
	i.
	the assignment to the Participant of any duties inconsistent in any respect with the Participant’s position (including status, offices, titles, and reporting requirements), authorities, duties, or other responsibilities as in effect immediately prior to the Change-in-Control or any other action of the Bank which results in a diminishment 

in such position, authority, duties, or responsibilities, other than an insubstantial and inadvertent action which is remedied by the Bank promptly after receipt of notice thereof given by the Participant;
		
	ii.
	a reduction by the Bank in the Participant’s base salary as in effect on the date hereof or as the same shall be increased from time-to-time;

		
	iii.
	the failure by the Bank to (a) continue in effect any material compensation or benefit plan, program, policy or practice in which the Participant was participating at the time of the Change-in-Control, or (b) provide the Participant with compensation and benefits at least equal (in terms of benefit levels and/or reward opportunities) to those provided for under each employee benefit plan, program, policy and practice as in effect immediately prior to the Change-in-Control (or as in effect following the Change-in-Control, if greater);

		
	iv.
	the failure of the Bank to obtain a satisfactory agreement from any successor to the Bank to assume and agree to perform this Agreement; and

		
	v.
	any purported termination by the Bank of the Participant’s employment that is not effected pursuant to a Notice of Termination. For purposes of this Agreement, a “Notice of Termination” shall mean a written notice which shall indicate the specific termination provision in this Agreement relied upon and the Date of Termination (as defined below) and shall set forth in reasonable detail the facts and circumstances claimed to provide a basis for termination of the Employee’s employment under the provision so indicated.

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