Document:

Exhibit 4.1

 

Execution Copy

 

 

 

AMENDED AND RESTATED TRUST AGREEMENT

 

among

 

SL GREEN
OPERATING PARTNERSHIP, L.P.,

as Depositor

 

 

JPMORGAN CHASE BANK, NATIONAL ASSOCIATION,

as Property Trustee

 

 

 

CHASE BANK USA, NATIONAL ASSOCIATION,

as
Delaware Trustee

 

and

 

THE ADMINISTRATIVE TRUSTEES NAMED HEREIN

as Administrative Trustees

 

 

 

Dated
as of June 30, 2005

 

 

SL GREEN CAPITAL TRUST I

 

 

 

 

CONTENTS

 

	
  Clause

  	
   

  
	
   

  	
   

  	
   

  
	
  ARTICLE I.

  	
  Defined Terms

  	
   

  
	
  Section 1.1. 

  	
  Definitions

  	
   

  
	
  ARTICLE II.

  	
  The Trust

  	
   

  
	
  Section 2.1.

  	
  Name

  	
   

  
	
  Section 2.2.

  	
  Office of the Delaware
  Trustee; Principal Place of Business

  	
   

  
	
  Section 2.3.

  	
  Initial Contribution of
  Trust Property; Fees, Costs and Expenses

  	
   

  
	
  Section 2.4.

  	
  Purposes of Trust

  	
   

  
	
  Section 2.5.

  	
  Authorization to Enter into
  Certain Transactions

  	
   

  
	
  Section 2.6.

  	
  Assets of Trust

  	
   

  
	
  Section 2.7.

  	
  Title to Trust Property

  	
   

  
	
  ARTICLE III.

  	
  Payment Account; Paying
  Agents

  	
   

  
	
  Section 3.1.

  	
  Payment Account

  	
   

  
	
  Section 3.2.

  	
  Appointment of Paying Agents

  	
   

  
	
  ARTICLE IV.

  	
  Distributions; Redemption

  	
   

  
	
  Section 4.1.

  	
  Distributions

  	
   

  
	
  Section 4.2.

  	
  Redemption

  	
   

  
	
  Section 4.3.

  	
  Subordination of Common
  Securities

  	
   

  
	
  Section 4.4.

  	
  Payment Procedures

  	
   

  
	
  Section 4.5.

  	
  Withholding Tax

  	
   

  
	
  Section 4.6.

  	
  Tax Returns and Other
  Reports

  	
   

  
	
  Section
  4.7.

  	
  Payment of
  Taxes, Duties, Etc. of the Trust

  	
   

  
	
  Section
  4.8.

  	
  Payments
  under Indenture or Pursuant to Direct Actions

  	
   

  
	
  Section 4.9.

  	
  Exchanges

  	
   

  
	
  Section 4.10.

  	
  Calculation
  Agent

  	
   

  
	
  Section
  4.11.

  	
  Certain
  Accounting Matters

  	
   

  
	
  ARTICLE V.

  	
  Securities

  	
   

  
	
  Section 5.1.

  	
  Initial
  Ownership

  	
   

  
	
  Section
  5.2.

  	
  Authorized
  Trust Securities

  	
   

  
	
  Section
  5.3.

  	
  Issuance of
  the Common Securities; Subscription and Purchase of Notes

  	
   

  
	
  Section 5.4.

  	
  The
  Securities Certificates

  	
   

  
	
  Section 5.5.

  	
  Rights of Holders

  	
   

  
	
  Section
  5.6.

  	
  Book-Entry
  Preferred Securities

  	
   

  
	
  Section
  5.7.

  	
  Registration
  of Transfer and Exchange of Preferred Securities Certificates

  	
   

  
				

 

i

 

	
  Section
  5.8.

  	
  Mutilated,
  Destroyed, Lost or Stolen Securities Certificates

  	
   

  
	
  Section 5.9.

  	
  Persons
  Deemed Holders

  	
   

  
	
  Section 5.10.

  	
  Cancellation

  	
   

  
	
  Section
  5.11.

  	
  Ownership
  of Common Securities by Depositor

  	
   

  
	
  Section 5.12.

  	
  Restricted
  Legends

  	
   

  
	
  Section
  5.13.

  	
  Form of
  Certificate of Authentication

  	
   

  
	
  ARTICLE VI.

  	
  Meetings;
  Voting; Acts of Holders

  	
   

  
	
  Section 6.1.

  	
  Notice of
  Meetings

  	
   

  
	
  Section
  6.2.

  	
  Meetings of
  Holders of the Preferred Securities

  	
   

  
	
  Section 6.3.

  	
  Voting Rights

  	
   

  
	
  Section 6.4.

  	
  Proxies, Etc.

  	
   

  
	
  Section
  6.5.

  	
  Holder
  Action by Written Consent

  	
   

  
	
  Section
  6.6.

  	
  Record Date
  for Voting and Other Purposes

  	
   

  
	
  Section 6.7.

  	
  Acts of Holders

  	
   

  
	
  Section 6.8.

  	
  Inspection of
  Records

  	
   

  
	
  Section
  6.9.

  	
  Limitations
  on Voting Rights

  	
   

  
	
  Section
  6.10.

  	
  Acceleration
  of Maturity; Rescission of Annulment; Waivers of Past Defaults

  	
   

  
	
  ARTICLE
  VII.

  	
  Representations
  and Warranties

  	
   

  
	
  Section
  7.1.

  	
  Representations
  and Warranties of the Property Trustee and the Delaware Trustee

  	
   

  
	
  Section
  7.2.

  	
  Representations
  and Warranties of Depositor

  	
   

  
	
  ARTICLE VIII.

  	
  The Trustees

  	
   

  
	
  Section 8.1.

  	
  Number of
  Trustees

  	
   

  
	
  Section
  8.2.

  	
  Property
  Trustee Required

  	
   

  
	
  Section
  8.3.

  	
  Delaware
  Trustee Required

  	
   

  
	
  Section
  8.4.

  	
  Appointment
  of Administrative Trustees

  	
   

  
	
  Section
  8.5.

  	
  Duties and
  Responsibilities of the Trustees

  	
   

  
	
  Section
  8.6.

  	
  Notices of
  Defaults and Extensions

  	
   

  
	
  Section
  8.7.

  	
  Certain
  Rights of Property Trustee

  	
   

  
	
  Section 8.8.

  	
  Delegation of
  Power

  	
   

  
	
  Section 8.9.

  	
  May Hold
  Securities

  	
   

  
	
  Section
  8.10.

  	
  Compensation;
  Reimbursement; Indemnity

  	
   

  
	
  Section
  8.11.

  	
  Resignation
  and Removal; Appointment of Successor

  	
   

  
	
  Section
  8.12.

  	
  Acceptance
  of Appointment by Successor

  	
   

  
	
  Section
  8.13.

  	
  Merger,
  Conversion, Consolidation or Succession to Business

  	
   

  
				

 

ii

 

	
  Section
  8.14.

  	
  Not
  Responsible for Recitals or Issuance of Securities

  	
   

  
	
  Section
  8.15.

  	
  Property
  Trustee May File Proofs of Claim

  	
   

  
	
  Section
  8.16.

  	
  Reports to
  the Property Trustee

  	
   

  
	
  ARTICLE IX.

  	
  Termination,
  Liquidation and Merger

  	
   

  
	
  Section
  9.1.

  	
  Dissolution
  Upon Expiration Date

  	
   

  
	
  Section 9.2.

  	
  Early
  Termination

  	
   

  
	
  Section 9.3.

  	
  Termination

  	
   

  
	
  Section 9.4.

  	
  Liquidation

  	
   

  
	
  Section
  9.5.

  	
  Mergers,
  Consolidations, Amalgamations or Replacements of Trust

  	
   

  
	
  ARTICLE X.

  	
  Miscellaneous
  Provisions

  	
   

  
	
  Section
  10.1.

  	
  Limitation
  of Rights of Holders

  	
   

  
	
  Section
  10.2.

  	
  Agreed Tax
  Treatment of Trust and Trust Securities

  	
   

  
	
  Section 10.3.

  	
  Amendment

  	
   

  
	
  Section 10.4.

  	
  Separability

  	
   

  
	
  Section 10.5.

  	
  Governing Law

  	
   

  
	
  Section 10.6.

  	
  Successors

  	
   

  
	
  Section 10.7.

  	
  Headings

  	
   

  
	
  Section
  10.8.

  	
  Reports,
  Notices and Demands

  	
   

  
	
  Section
  10.9.

  	
  Agreement
  Not to Petition

  	
   

  
	
  Section
  10.10.

  	
  Counterparts

  	
   

  
	
  Exhibit A

  	
  Certificate of Trust of SL Green Capital Trust I

  	
   

  
	
  Exhibit B

  	
  Form of Common Securities
  Certificate

  	
   

  
	
  Exhibit C

  	
  Form of Preferred Securities
  Certificate

  	
   

  
	
  Exhibit D

  	
  Junior Subordinated Indenture

  	
   

  
	
  Exhibit E

  	
  Form of Transferor Certificate to be
  Executed for Transferees

  	
   

  
	
  Exhibit F

  	
  Form of Officer’s Financial
  Certificate of the Depositor

  	
   

  
	
   

  	
   

  	
   

  
	
  Schedule A

  	
  Calculation of LIBOR

  	
   

  
					

 

iii

 

This Amended And Restated Trust Agreement, dated as of
June 30, 2005, among (i) SL Green Operating Partnership, L.P., a Delaware
limited partnership (including any successors or permitted assigns, the “Depositor”), (ii) JPMorgan Chase Bank,
National Association, a national banking association, as property trustee (in
such capacity, the “Property Trustee”), (iii) Chase Bank USA, National
Association, a national banking association, as Delaware trustee (in such
capacity, the “Delaware Trustee”),
(iv) Gregory F. Hughes, an individual, Andrew S. Levine, an individual and Marc
Holliday, an individual, each of whose address is c/o SL Green Operating
Partnership, L.P., 420 Lexington Avenue, New York, NY 10170, as administrative trustees (in such capacities,
each an “Administrative Trustee”
and, collectively, the “Administrative
Trustees” and, together with the Property Trustee and the Delaware
Trustee, the “Trustees”) and
(v) the several Holders, as hereinafter defined.

 

Witnesseth

 

Whereas, the Depositor and the Delaware Trustee have
heretofore created a Delaware statutory trust pursuant to the Delaware
Statutory Trust Act by entering into a Trust Agreement, dated as of June 28,
2005 (the “Original Trust Agreement”),
and by executing and filing with the Secretary of State of the State of
Delaware the Certificate of Trust, substantially in the form attached as Exhibit A;
and

 

Whereas, the Depositor and the Trustees desire to amend
and restate the Original Trust Agreement in its entirety as set forth herein to
provide for, among other things, (i) the issuance of the Common Securities
by the Trust to the Depositor, (ii) the issuance and sale of the Preferred
Securities by the Trust pursuant to the Purchase Agreements (as defined below)
and (iii) the acquisition by the Trust from the Depositor of all of the
right, title and interest in and to the Notes (as herein defined);

 

Now, Therefore, in consideration of the agreements and
obligations set forth herein and for other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, each party, for the
benefit of the other parties and for the benefit of the Holders, hereby amends
and restates the Original Trust Agreement in its entirety and agrees as
follows:

 

ARTICLE I.

Defined Terms

 

SECTION 1.1.        Definitions.

 

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

 

(a)           the terms defined in this Article I have the
meanings assigned to them in this Article I;

 

(b)           the words “include”, “includes” and “including”
shall be deemed to be followed by the phrase “without limitation”;

 

 

(c)           all accounting terms used but not defined
herein have the meanings assigned to them in accordance with United States
generally accepted accounting principles;

 

(d)           unless the context otherwise requires, any
reference to an “Article”, a “Section”, a “Schedule” or an “Exhibit” refers to
an Article, a Section, a Schedule or an Exhibit, as the case may be, of or
to this Trust Agreement;

 

(e)           the words “hereby”, “herein”, “hereof” and “hereunder”
and other words of similar import refer to this Trust Agreement as a whole and
not to any particular Article, Section or other subdivision;

 

(f)            a reference to the singular includes the
plural and vice versa; and

 

(g)           the masculine, feminine or neuter genders
used herein shall include the masculine, feminine and neuter genders.

 

“Act” has the meaning specified in Section 6.7.

 

“Additional Interest” has the meaning
specified in Section 1.1 of the Indenture.

 

“Additional Interest Amount” means, with
respect to Trust Securities of a given Liquidation Amount and/or a given
period, the amount of Additional Interest paid by the Depositor on a Like
Amount of Notes for such period.

 

“Additional Taxes” has the meaning
specified in Section 1.1 of the Indenture.

 

“Additional Tax Sums” has the meaning
specified in Section 10.5 of the Indenture.

 

“Administrative Trustee” means each of the
Persons identified as an “Administrative
Trustee” in the preamble to this Trust Agreement, solely in each
such Person’s capacity as Administrative Trustee of the Trust and not in such
Person’s individual capacity, or any successor Administrative Trustee appointed
as herein provided.

 

“Affiliate” of any specified Person means any
other Person directly or indirectly controlling or controlled by or under
direct or indirect common control with such specified Person.  For the purposes of this definition, “control”
when used with respect to any specified Person means the power to direct the
management and policies of such Person, directly or indirectly, whether through
the ownership of voting securities, by contract or otherwise; and the terms “controlling”
and “controlled” have meanings correlative to the foregoing.

 

“Applicable Depositary Procedures” means, with
respect to any transfer or transaction involving a Book-Entry Preferred
Security, the rules and procedures of the Depositary for such Book-Entry
Preferred Security, in each case to the extent applicable to such transaction and
as in effect from time to time.

 

2

 

“Bankruptcy Event” means, with respect to any
Person:

 

(a)  the entry of a decree or order by a court
having jurisdiction in the premises (i) judging such Person a bankrupt or
insolvent, (ii) approving as properly filed a petition seeking reorganization,
arrangement, adjudication or composition of or in respect of such Person under
any applicable Federal or state bankruptcy, insolvency, reorganization or other
similar law, (iii) appointing a custodian, receiver, liquidator, assignee,
trustee, sequestrator or other similar official of such Person or of any
substantial part of its property or (iv) ordering the winding up or liquidation
of its affairs, and the continuance of any such decree or order unstayed and in
effect for a period of sixty (60) consecutive days; or

 

(b)  the institution by such Person of proceedings
to be adjudicated a bankrupt or insolvent, or the consent by it to the
institution of bankruptcy or insolvency proceedings against it, or the filing
by it of a petition or answer or consent seeking reorganization or relief under
any applicable Federal or State bankruptcy, insolvency, reorganization or other
similar law, or the consent by it to the filing of any such petition or to the
appointment of a custodian, receiver, liquidator, assignee, trustee,
sequestrator or similar official of such Person or of any substantial part of
its property, or the making by it of an assignment for the benefit of
creditors, or the admission by it in writing of its inability to pay its debts
generally as they become due and its willingness to be adjudicated a bankrupt
or insolvent, or the taking of corporate action by such Person in furtherance
of any such action.

 

“Bankruptcy Laws” means all Federal and state
bankruptcy, insolvency, reorganization and other similar laws, including the
United States Bankruptcy Code.

 

“Book-Entry Preferred Security” means a
Preferred Security, the ownership and transfers of which shall be made through
book entries by a Depositary.

 

“Business Day” means a day other than
(a) a Saturday or Sunday, (b) a day on which banking institutions in
the City of New York are authorized or required by law or executive order to
remain closed or (c) a day on which the Corporate Trust Office is closed
for business.

 

“Calculation Agent” has the meaning specified
in Section 4.10.

 

“Closing Date” has the meaning specified in
the Purchase Agreements.

 

“Code” means the United States Internal
Revenue Code of 1986, as amended.

 

“Commission” means the Securities and Exchange
Commission, as from time to time constituted, created under the Exchange Act
or, if at any time after the execution of this Trust 

 

3

 

Agreement such Commission is
not existing and performing the duties assigned to it, then the body performing
such duties at such time.

 

“Common Securities Certificate” means a
certificate evidencing ownership of Common Securities, substantially in the
form attached as Exhibit B.

 

“Common Security” means an undivided
beneficial interest in the assets of the Trust, having a Liquidation Amount of
$1,000 and having the rights provided therefor in this Trust Agreement.

 

“Corporate Trust Office” means the principal
office of the Property Trustee at which any particular time its corporate trust
business shall be administered, which office at the date of this Trust
Agreement is located at 600 Travis, 50th Floor, Houston, Texas
77002, Attention:  Worldwide Securities
Services— SL Green Capital Trust I.

 

“Definitive Preferred Securities Certificates”
means Preferred Securities issued in certificated, fully registered form that
are not Global Preferred Securities.

 

“Delaware Statutory  Trust Act” means Chapter 38 of Title 12 of the Delaware
Code, 12 Del. Code § 3801 et seq.,
or any successor statute thereto, in each case as amended from time to time.

 

“Delaware Trustee” means the Person identified
as the “Delaware Trustee” in the
preamble to this Trust Agreement, solely in its capacity as Delaware Trustee of
the Trust and not in its individual capacity, or its successor in interest in
such capacity, or any successor Delaware Trustee appointed as herein provided.

 

“Depositary” means an organization registered
as a clearing agency under the Exchange Act that is designated as Depositary by
the Depositor or any successor thereto. 
DTC will be the initial Depositary.

 

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

 

“Depositor” has the meaning specified in the
preamble to this Trust Agreement and any successors and permitted assigns.

 

“Depositor Affiliate” has the meaning specified
in Section 4.9.

 

“Distribution Date” has the meaning specified
in Section 4.1(a)(i).

 

“Distributions” means amounts payable in
respect of the Trust Securities as provided in Section 4.1.

 

“DTC” means The Depository Trust Company, a
New York corporation, or any successor thereto.

 

4

 

 “Early Termination Event”
has the meaning specified in Section 9.2.

 

 “EDGAR”  has the meaning specified in Section 4.11(c).

 

“Event of Default” means any one of the following
events (whatever the reason for such event and whether it shall be voluntary or
involuntary or be effected by operation of law or pursuant to any judgment,
decree or order of any court or any order, rule or regulation of any
administrative or governmental body):

 

(a)  the occurrence of a Note Event of Default; or

 

(b)  default by the Trust in the payment of any
Distribution when it becomes due and payable, and continuation of such default
for a period of thirty (30) days; or

 

(c)  default by the Trust in the payment of any
Redemption Price of any Trust Security when it becomes due and payable; or

 

(d)  default in the performance, or breach, in any
material respect of any covenant or warranty of the Trustees in this Trust
Agreement (other than those specified in clause (b) or (c) above) and
continuation of such default or breach for a period of thirty (30) days after
there has been given, by registered or certified mail, to the Trustees and to
the Depositor by the Holders of at least twenty five percent (25%) in aggregate
Liquidation Amount of the Outstanding Preferred Securities a written notice
specifying such default or breach and requiring it to be remedied and stating
that such notice is a “Notice of Default”
hereunder; or

 

(e)  the occurrence of a Bankruptcy Event with
respect to the Property Trustee if a successor Property Trustee has not been
appointed within ninety (90) days thereof.

 

“Exchange Act” means the Securities Exchange
Act of 1934, and any successor statute thereto, in each case as amended from
time to time.

 

“Expiration Date” has the meaning specified in
Section 9.1.

 

“Extension Period” has the meaning
specified in Section 4.1(a)(ii).

 

“Fiscal Year” shall be the fiscal year of the
Trust, which shall be the calendar year, or such other period as is required by
the Code.

 

“Fixed Rate Period” shall mean the period
through the interest payment date in July 2015.

 

 “Global Preferred Security”
means a Preferred Securities Certificate evidencing ownership of Book-Entry
Preferred Securities.

 

5

 

“Holder” means a Person in whose name a Trust
Security or Trust Securities are registered in the Securities Register; any
such Person shall be deemed to be a beneficial owner within the meaning of the
Delaware Statutory Trust Act.

 

“Indemnified Person” has the meaning specified
in Section 8.10(c).

 

“Indenture” means the Junior Subordinated
Indenture executed and delivered by the Depositor and the Note Trustee
contemporaneously with the execution and delivery of this Trust Agreement, for
the benefit of the holders of the Notes, a copy of which is attached hereto as Exhibit
D, as amended or supplemented from time to time.

 

“Interest Payment Date” has the meaning
specified in Section 1.1 of the Indenture.

 

“Investment Company Act” means the Investment
Company Act of 1940, or any successor statute thereto, in each case as amended
from time to time.

 

“Investment Company Event” has the meaning
specified in Section 1.1 of the Indenture.

 

“LIBOR” has the meaning specified in Schedule
A.

 

“LIBOR Business Day” has the meaning specified
in Schedule A.

 

“LIBOR Determination Date” has the meaning
specified in Schedule A.

 

“Lien” means any lien, pledge, charge,
encumbrance, mortgage, deed of trust, adverse ownership interest, hypothecation,
assignment, security interest or preference, priority or other security
agreement or preferential arrangement of any kind or nature whatsoever.

 

“Like Amount” means (a) with respect to a
redemption of any Trust Securities, Trust Securities having a Liquidation
Amount equal to the principal amount of Notes to be contemporaneously redeemed
or paid at maturity in accordance with the Indenture, the proceeds of which
will be used to pay the Redemption Price of such Trust Securities, (b) with
respect to a distribution of Notes to Holders of Trust Securities in connection
with a dissolution of the Trust, Notes having a principal amount equal to the
Liquidation Amount of the Trust Securities of the Holder to whom such Notes are
distributed and (c) with respect to any distribution of Additional Interest
Amounts to Holders of Trust Securities, Notes having a principal amount equal
to the Liquidation Amount of the Trust Securities in respect of which such
distribution is made.

 

“Liquidation Amount” means the stated amount
of $1,000 per Trust Security.

 

“Liquidation Date” means the date on which
assets are to be distributed to Holders in accordance with Section 9.4(a)
hereunder following dissolution of the Trust.

 

“Liquidation Distribution” has the meaning specified
in Section 9.4(d).

 

“Majority in Liquidation Amount” means Common
or Preferred Securities, as the case may be, representing more than fifty
percent (50%) of the aggregate Liquidation Amount of all (or a specified group
of) then Outstanding Common or Preferred Securities, as the case may be.

 

6

 

“Note Event of Default” means any “Event of Default” specified in Section
5.1 of the Indenture.

 

“Note Redemption Date” means, with respect to
any Notes to be redeemed under the Indenture, the date fixed for redemption of
such Notes under the Indenture.

 

“Note Trustee” means the Person identified as
the “Trustee” in the Indenture,
solely in its capacity as Trustee pursuant to the Indenture and not in its
individual capacity, or its successor in interest in such capacity, or any
successor Trustee appointed as provided in the Indenture.

 

“Notes” means the Depositor’s Floating Rate
Junior Subordinated Notes issued pursuant to the Indenture.

 

“Officers’ Certificate” means a certificate
signed by the Chief Executive Officer, the President or an Executive Vice
President, and by the Chief Financial Officer, Treasurer or an Assistant
Treasurer, of the Depositor, and delivered to the Trustees. Any Officers’
Certificate delivered with respect to compliance with a condition or covenant
provided for in this Trust Agreement (other than the certificate provided
pursuant to Section 8.16 which is not an Officers’ Certificate) shall
include:

 

(a)  a statement
by each officer signing the Officers’ Certificate that such officer has read
the covenant or condition and the definitions relating thereto;

 

(b)  a brief
statement of the nature and scope of the examination or investigation
undertaken by such officer in rendering the Officers’ Certificate;

 

(c)  a statement
that such officer has made such examination or investigation as, in such
officer’s opinion, is necessary to enable such officer to express an informed
opinion as to whether or not such covenant or condition has been complied with;
and

 

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

 

“Operative
Documents” means the
Purchase Agreements, the Indenture, the Trust Agreement, the Notes and the
Trust Securities.

 

“Opinion of Counsel” means a written opinion
of counsel, who may be counsel for, or an employee of, the Depositor or any
Affiliate of the Depositor.

 

“Optional Note Redemption Price” means, with
respect to any Note to be redeemed on any Redemption Date under the Indenture,
an amount equal to one hundred percent (100%) of the outstanding principal
amount of such Note, together with accrued interest, including any Additional
Interest (to the extent legally enforceable), thereon through but not including
the date fixed as such Redemption Date.

 

7

 

 “Optional Redemption Price”
means, with respect to any Trust Security, an amount equal to one hundred
percent (100%) of the Liquidation Amount of such Trust Security on the
Redemption Date, plus accumulated and unpaid Distributions to the Redemption
Date, plus the related amount of the premium, if any, and/or accrued interest,
including Additional Interest, if any, thereon paid by the Depositor upon the
concurrent redemption or payment at maturity of a Like Amount of Notes.

 

“Original Trust  Agreement” has the meaning specified in the recitals to this
Trust Agreement.

 

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

 

(a)  Trust
Securities theretofore canceled by the Property Trustee or delivered to the
Property Trustee for cancellation;

 

(b)  Trust
Securities for which payment or redemption money in the necessary amount has
been theretofore deposited with the Property Trustee or any Paying Agent in
trust for the Holders of such Trust Securities; provided, that
if such Trust Securities are to be redeemed, notice of such redemption has been
duly given pursuant to this Trust Agreement; and

 

(c)  Trust
Securities that have been paid or in exchange for or in lieu of which other
Trust Securities have been executed and delivered pursuant to the provisions of
this Trust Agreement, unless proof satisfactory to the Property Trustee is
presented that any such Trust Securities are held by Holders in whose hands
such Trust Securities are valid, legal and binding obligations of the Trust;

 

provided, that in determining whether the Holders of
the requisite Liquidation Amount of the Outstanding Preferred Securities have
given any request, demand, authorization, direction, notice, consent or waiver
hereunder, Preferred Securities owned by the Depositor, any Trustee or any
Affiliate of the Depositor or of any Trustee shall be disregarded and deemed
not to be Outstanding, except that (i) in determining whether any Trustee
shall be protected in relying upon any such request, demand, authorization,
direction, notice, consent or waiver, only Preferred Securities that such
Trustee knows to be so owned shall be so disregarded and (ii) the
foregoing shall not apply at any time when all of the Outstanding Preferred
Securities are owned by the Depositor, one or more of the Trustees and/or any
such Affiliate. Preferred Securities so owned that have been pledged in good
faith may be regarded as Outstanding if the pledgee establishes to the
satisfaction of the Administrative Trustees the pledgee’s right so to act with
respect to such Preferred Securities and that the pledgee is not the Depositor,
any Trustee or any Affiliate of the Depositor or of any Trustee.

 

“Owner” means each Person who is the
beneficial owner of Book-Entry Preferred Securities as reflected in the records
of the Depositary or, if a Depositary Participant is not the beneficial owner,
then the beneficial owner as reflected in the records of the Depositary
Participant.

 

8

 

“Paying Agent” means any Person authorized by
the Administrative Trustees to pay Distributions or other amounts in respect of
any Trust Securities on behalf of the Trust.

 

“Payment Account” means a segregated
non-interest-bearing corporate trust account maintained by the Property Trustee
for the benefit of the Holders in which all amounts paid in respect of the
Notes will be held and from which the Property Trustee, through the Paying
Agent, shall make payments to the Holders in accordance with Sections 3.1,
4.1 and 4.2.

 

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

 

“Preferred Security” means an undivided
beneficial interest in the assets of the Trust, having a Liquidation Amount of
$1,000 and having the rights provided therefor in this Trust Agreement.

 

“Preferred Securities Certificate” means a
certificate evidencing ownership of Preferred Securities, substantially in the
form attached as Exhibit C.

 

“Property Trustee” means the Person identified
as the “Property Trustee” in the
preamble to this Trust Agreement, solely in its capacity as Property Trustee of
the Trust and not in its individual capacity, or its successor in interest in
such capacity, or any successor Property Trustee appointed as herein provided.

 

“Purchase Agreements” means the two (2)
Purchase Agreements, each executed and delivered by the Trust, the Depositor
and the Purchaser named therein, contemporaneously with the execution and
delivery of this Trust Agreement, as amended from time to time.

 

“QIB” means a “qualified institutional
buyer” as defined in Rule 144A under the Securities Act of 1933, as amended.

 

“QP” means a “qualified purchaser” as
defined in Section 2(a)(51) of the Investment Company Act of 1940, as amended.

 

“QIB/QP” means a QIB that is also a QP.

 

“Redemption Date” means, with respect to any
Trust Security to be redeemed, the date fixed for such redemption by or
pursuant to this Trust Agreement; provided, that each Note Redemption Date and the
stated maturity (or any date of principal repayment upon early maturity) of the
Notes shall be a Redemption Date for a Like Amount of Trust Securities.

 

“Redemption Price” means the Special
Redemption Price or Optional Redemption Price, as applicable.  If the Depositor has redeemed the Notes at
the Special Note Redemption Price, the Trust shall redeem the Trust Securities
at the Special Redemption Price.  If the
Depositor has redeemed the Notes at the Optional Note Redemption Price, the
Trust shall redeem the Trust Securities at the Optional Redemption Price.

 

9

 

“Reference Banks” has the meaning specified in
Schedule A.

 

“Responsible Officer” means, with respect to
the Property Trustee, the officer in the Worldwide Securities Services
department of the Property Trustee having direct responsibility for the
administration of this Trust Agreement.

 

“Securities Act” means the Securities Act of
1933, and any successor statute thereto, in each case as amended from time to
time.

 

“Securities Certificate” means any one of the
Common Securities Certificates or the Preferred Securities Certificates.

 

“Securities Register” and “Securities Registrar” have the respective
meanings specified in Section 5.7.

 

“Special Note Redemption Price” means, with
respect to any Note to be redeemed on any Redemption Date under the Indenture,
an amount equal to one hundred seven and one half percent (107.5%) of the
outstanding principal amount of such Note, together with accrued interest,
including Additional Interest, thereon through but not including the date fixed
as such Redemption Date.

 

 “Special Redemption Price”
means, with respect to any Trust Security, an amount equal to one hundred seven
and one half percent (107.5%) of the Liquidation Amount of such Trust Security
on the Redemption Date, plus accumulated and unpaid Distributions to the
Redemption Date, and/or accrued interest, including Additional Interest, if
any, thereon paid by the Depositor upon the concurrent redemption or payment at
maturity of a Like Amount of Notes.

 

“Successor Securities” has the meaning
specified in Section 9.5(a).

 

“Tax Event” has the meaning specified in
Section 1.1 of the Indenture.

 

“Trust” means the Delaware statutory trust
known as “SL Green Capital Trust
I,” which was created on June 28, 2005
under the Delaware Statutory Trust Act pursuant to the Original Trust Agreement
and the filing of the Certificate of Trust, and continued pursuant to this
Trust Agreement.

 

“Trust Agreement” means this Amended and
Restated Trust Agreement, as the same may be modified, amended or supplemented
from time to time in accordance with the applicable provisions hereof,
including all Schedules and Exhibits.

 

“Trustees” means the Administrative Trustees,
the Property Trustee and the Delaware Trustee, each as defined in this Article
I.

 

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

 

10

 

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

 

ARTICLE II.

The Trust

 

SECTION 2.1.        Name.

 

The trust
continued hereby shall be known as “SL Green Capital
Trust I “, as such name may be modified from time to time by the Administrative
Trustees following written notice to the Holders of Trust Securities and the
other Trustees, in which name the Trustees may conduct the business of the
Trust, make and execute contracts and other instruments on behalf of the Trust
and sue and be sued.

 

SECTION
2.2.        Office of the Delaware Trustee; Office of the Trust.

 

The address of
the Delaware Trustee in the State of Delaware is Chase Bank USA, National
Association, 500 Stanton Christiana Road, Building 4 (3rd Floor),
Newark, DE 19713, Attention:  Worldwide
Securities Services, or such other address in the State of Delaware as the
Delaware Trustee may designate by written notice to the Holders, the Depositor,
the Property Trustee and the Administrative Trustees. The principal office of
the Trust is 420 Lexington Avenue, New York, NY 10170, Attention: Gregory F.
Hughes, as such address may be changed from time to time by the Administrative
Trustees following written notice to the Holders and the other Trustees.

 

SECTION
2.3.        Initial Contribution of Trust Property; Fees, Costs
and Expenses.

 

The Property
Trustee acknowledges receipt from the Depositor in connection with the Original
Trust Agreement of the sum of ten dollars ($10), which constituted the initial
Trust Property. The Depositor shall pay all fees, costs and expenses of the
Trust (except with respect to the Trust Securities) as they arise or shall,
upon request of any Trustee, promptly reimburse such Trustee for any such fees,
costs and expenses paid by such Trustee. The Depositor shall make no claim upon
the Trust Property for the payment of such fees, costs or expenses.

 

SECTION
2.4.        Purposes of Trust.

 

(a)           The exclusive purposes and functions of the
Trust are to (i) issue and sell Trust Securities and use the proceeds from
such sale to acquire the Notes and (ii)  engage in only those activities
necessary or incidental thereto. The Delaware Trustee, the Property Trustee and
the Administrative Trustees are trustees of the Trust, and have all the rights,
powers and duties to the extent set forth herein.  The Trustees hereby acknowledge that they are
trustees of the Trust.

 

(b)           So long as this Trust Agreement remains in
effect, the Trust (or the Trustees acting on behalf of the Trust) shall not
undertake any business, activities or transaction except as expressly provided
herein or contemplated hereby. In particular, the Trust (or the Trustees acting
on behalf of the Trust) shall not (i) acquire any investments or engage in
any activities not authorized by this Trust Agreement, (ii) sell, assign,
transfer, exchange, mortgage, pledge, set-off 

 

11

 

or otherwise dispose of any of the Trust
Property or interests therein, including to Holders, except as expressly
provided herein, (iii) incur any indebtedness for borrowed money or issue
any other debt, (iv) take or consent to any action that would result in
the placement of a Lien on any of the Trust Property, (v) take or consent
to any action that would reasonably be expected to cause the Trust to become
taxable as a corporation or classified as other than a grantor trust for United
States federal income tax purposes, (vi) take or consent to any action that
would cause the Notes to be treated as other than indebtedness of the Depositor
for United States federal income tax purposes or (vii) take or consent to any
action that would cause the Trust to be deemed to be an “investment company”
required to be registered under the Investment Company Act.

 

SECTION
2.5.        Authorization to Enter into Certain Transactions.

 

(a)           The Trustees shall conduct the affairs of the
Trust in accordance with and subject to the terms of this Trust Agreement. In
accordance with the following provisions (i) and (ii), the Trustees shall have
the authority to enter into all transactions and agreements determined by the
Trustees to be appropriate in exercising the authority, express or implied,
otherwise granted to the Trustees, under this Trust Agreement, and to perform
all acts in furtherance thereof, including the following:

 

(i)            As among the Trustees, each Administrative
Trustee shall severally have the power and authority to act on behalf of the
Trust with respect to the following matters:

 

(A)          the issuance and sale of the Trust
Securities;

 

(B)           to cause the Trust to enter into, and to
execute, deliver and perform on behalf of the Trust, such agreements as may be
necessary or desirable in connection with the purposes and function of the
Trust, including, without limitation, a common securities subscription agreement
and a junior subordinated note purchase agreement;

 

(C)           assisting in the sale of the Preferred
Securities in one or more transactions exempt from registration under the
Securities Act, and in compliance with applicable state securities or blue sky
laws;

 

(D)          assisting in the sending of notices (other
than notices of default) and other information regarding the Trust Securities
and the Notes to the Holders in accordance with this Trust Agreement;

 

(E)           the appointment of a Paying Agent and
Securities Registrar in accordance with this Trust Agreement;

 

(F)           execution of the Trust Securities on behalf
of the Trust in accordance with this Trust Agreement;

 

(G)           execution and delivery of closing
certificates, if any, pursuant to the Purchase Agreements and application for a
taxpayer identification number for the Trust;

 

12

 

(H)          preparation and filing of all applicable tax
returns and tax information reports that are required to be filed on behalf of
the Trust;

 

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

 

(J)            unless otherwise required by the Delaware
Statutory Trust Act to execute on behalf of the Trust (either acting alone or
together with the other Administrative Trustees) any documents that such
Administrative Trustee has the power to execute pursuant to this Trust
Agreement; and

 

(K)          the taking of any action incidental to the
foregoing as such Administrative Trustee may from time to time determine is
necessary or advisable to give effect to the terms of this Trust Agreement.

 

(ii)           As among the Trustees, the Property Trustee
shall have the power, duty and authority to act on behalf of the Trust with
respect to the following matters:

 

(A)          the receipt and holding of legal title of the
Notes;

 

(B)           the establishment of the Payment Account;

 

(C)           the collection of interest, principal and any
other payments made in respect of the Notes and the holding of such amounts in
the Payment Account;

 

(D)          the distribution through the Paying Agent of
amounts distributable to the Holders in respect of the Trust Securities;

 

(E)           the exercise of all of the rights, powers and
privileges of a holder of the Notes in accordance with the terms of this Trust
Agreement;

 

(F)           the sending of notices of default and other
information regarding the Trust Securities and the Notes to the Holders in
accordance with this Trust Agreement;

 

(G)           the distribution of the Trust Property in
accordance with the terms of this Trust Agreement;

 

(H)          to the extent provided in this Trust
Agreement, the winding up of the affairs of and liquidation of the Trust,
provided that the Administrative Trustees shall have the power, duty and
authority to act on behalf of the Trust with respect to the preparation,
execution and filing of the certificate of cancellation of the Trust with the
Secretary of State of the State of Delaware; and

 

(I)            the taking of any action incidental to the
foregoing as the Property Trustee may from time to time determine is necessary
or advisable to give effect to the terms of this Trust Agreement and protect
and conserve the Trust Property 

 

13

 

for the benefit of the
Holders (without consideration of the effect of any such action on any
particular Holder).

 

(b)           In connection with the issue and sale of the
Preferred Securities, the Depositor shall have the right and responsibility to
assist the Trust with respect to, or effect on behalf of the Trust, the
following (and any actions taken by the Depositor in furtherance of the
following prior to the date of this Trust Agreement are hereby ratified and
confirmed in all respects):

 

(i)            the negotiation of the terms of, and the
execution and delivery of, the Purchase Agreements providing for the sale of
the Preferred Securities in one or more transactions exempt from registration
under the Securities Act, and in compliance with applicable state securities or
blue sky laws; and

 

(ii)           the taking of any other actions necessary or
desirable to carry out any of the foregoing activities.

 

(c)           Notwithstanding anything herein to the
contrary, the Administrative Trustees are authorized and directed to conduct
the affairs of the Trust and authorized to operate the Trust so that the Trust
will not be taxable as a corporation or classified as other than a grantor
trust for United States federal income tax purposes, so that the Notes will be
treated as indebtedness of the Depositor for United States federal income tax
purposes and so that the Trust will not be deemed to be an “investment company”
required to be registered under the Investment Company Act.  In respect thereof, each Administrative
Trustee is authorized to take any action, not inconsistent with applicable law,
the Certificate of Trust or this Trust Agreement, that such Administrative
Trustee determines in his or her discretion to be necessary or desirable for
such purposes, as long as such action does not adversely affect in any material
respect the interests of the Holders of the Outstanding Preferred
Securities.  In no event shall the
Administrative Trustees be liable to the Trust or the Holders for any failure
to comply with this Section 2.5 to the extent that such failure results
solely from a change in law or regulation or in the interpretation thereof.

 

(d)           Any action taken by a Trustee in accordance
with its powers shall constitute the act of and serve to bind the Trust.  In dealing with any Trustee acting on behalf
of the Trust, no Person shall be required to inquire into the authority of such
Trustee to bind the Trust.  Persons
dealing with the Trust are entitled to rely conclusively on the power and
authority of any Trustee as set forth in this Trust Agreement.

 

SECTION 2.6.        Assets of Trust.

 

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

 

SECTION
2.7.        Title to Trust Property.

 

(a)           Legal title to all Trust Property shall be
vested at all times in the Property Trustee and shall be held and administered
by the Property Trustee in trust for the benefit of the Trust and the Holders
in accordance with this Trust Agreement.

 

14

 

(b)           The Holders shall not have any right or title
to the Trust Property other than the undivided beneficial interest in the
assets of the Trust conferred by their Trust Securities and they shall have no
right to call for any partition or division of property, profits or rights of
the Trust except as described below. The Trust Securities shall be personal property
giving only the rights specifically set forth therein and in this Trust
Agreement.

 

ARTICLE
III.

Payment Account;  Paying Agents

 

SECTION 3.1.        Payment Account.

 

(a)           On or prior to the Closing Date, the Property
Trustee shall establish the Payment Account. The Property Trustee and the
Paying Agent shall have exclusive control and sole right of withdrawal with
respect to the Payment Account for the purpose of making deposits in and
withdrawals from the Payment Account in accordance with this Trust Agreement.
All monies and other property deposited or held from time to time in the
Payment Account shall be held by the Property Trustee in the Payment Account
for the exclusive benefit of the Holders and for Distribution as herein
provided.

 

(b)           The Property Trustee shall deposit in the
Payment Account, promptly upon receipt, all payments of principal of or
interest on, and any other payments with respect to, the Notes. Amounts held in
the Payment Account shall not be invested by the Property Trustee pending distribution
thereof.

 

SECTION
3.2.        Appointment of Paying Agents.

 

The Paying
Agent shall initially be the Property Trustee. The Paying Agent shall make
Distributions to Holders from the Payment Account and shall report the amounts
of such Distributions to the Property Trustee and the Administrative Trustees.
Any Paying Agent shall have the revocable power to withdraw funds from the
Payment Account solely for the purpose of making the Distributions referred to
above. The Administrative Trustees may revoke such power and remove the Paying
Agent in their sole discretion. Any Person acting as Paying Agent shall be
permitted to resign as Paying Agent upon thirty (30) days’ written notice to
the Administrative Trustees and the Property Trustee. If the Property Trustee
shall no longer be the Paying Agent or a successor Paying Agent shall resign or
its authority to act be revoked, the Administrative Trustees shall appoint a
successor (which shall be a bank or trust company) to act as Paying Agent.  Such successor Paying Agent appointed by the
Administrative Trustees shall execute and deliver to the Trustees an instrument
in which such successor Paying Agent shall agree with the Trustees that as
Paying Agent, such successor Paying Agent will hold all sums, if any, held by
it for payment to the Holders in trust for the benefit of the Holders entitled
thereto until such sums shall be paid to such Holders. The Paying Agent shall
return all unclaimed funds to the Property Trustee and upon removal of a Paying
Agent such Paying Agent shall also return all funds in its possession to the
Property Trustee. The provisions of Article VIII shall apply to the
Property Trustee also in its role as Paying Agent, for so long as the Property
Trustee shall act as Paying Agent and, to the extent applicable, to any other
Paying Agent appointed hereunder. 

 

15

 

Any reference in this Trust
Agreement to the Paying Agent shall include any co-paying agent unless the
context requires otherwise.

 

ARTICLE
IV.

Distributions; Redemption

 

SECTION 4.1.        Distributions.

 

(a)           The Trust Securities represent undivided
beneficial interests in the Trust Property, and Distributions (including any
Additional Interest Amounts) will be made on the Trust Securities at the rate
and on the dates that payments of interest (including any Additional Interest)
are made on the Notes. Accordingly:

 

(i)            Distributions on the Trust Securities shall
be cumulative, and shall accumulate whether or not there are funds of the Trust
available for the payment of Distributions. 
Distributions shall accumulate from June 30, 2005, and, except as
provided in clause (ii) below, shall be payable quarterly in arrears on January
30, April 30, July 30,
and October 30 of each
year, commencing on October 30, 2005.  If
any date on which a Distribution is otherwise payable on the Trust Securities
is not a Business Day, then the payment of such Distribution shall be made on
the next succeeding Business Day (and no interest shall accrue in respect of
the amounts whose payment is so delayed for the period from and after each such
date until the next succeeding Business Day), except that, if such Business Day
falls in the next succeeding calendar year, such payment shall be made on the
immediately preceding Business Day, in each case, with the same force and
effect as if made on such date (each date on which Distributions are payable in
accordance with this Section 4.1(a)(i), a “Distribution Date”);

 

(ii)           in the event (and to the extent) that the
Depositor exercises its right under the Indenture to defer the payment of
interest on the Notes, upon thirty (30) days’ prior written notice,
Distributions on the Trust Securities shall be deferred.  Under the Indenture, so long as no Note Event
of Default has occurred and is continuing and upon thirty (30) days’ prior
written notice, the Depositor shall have the right, at any time and from time
to time during the term of the Notes, to defer the payment of interest on the
Notes for a period of up to eight (8) consecutive
quarterly interest payment periods
(each such extended interest payment period, an “Extension Period”), during
which Extension Period no interest on the Notes shall be due and payable
(except any Additional Tax Sums that may be due and payable).  No interest on the Notes shall be due and
payable during an Extension Period, except at the end thereof.  If Distributions are deferred, the deferred
Distributions shall be paid on the date that the related Extension Period
terminates, to Holders of the Trust Securities as they appear on the books and
records of the Trust on the record date immediately preceding such termination
date.

 

(iii)          Distributions shall accumulate in respect of
the Trust Securities at a fixed rate equal to 5.61%  per annum through
the interest payment date in July 2015 and

 

16

 

thereafter at a variable rate equal to LIBOR plus 1.25%
per annum of the Liquidation Amount of the Trust Securities, such rate being
the rate of interest payable on the Notes. 
LIBOR shall be determined by the Calculation Agent in accordance with Schedule
A.  During the Fixed Rate Period, the amount of
Distributions payable for any period less than a full Distribution period shall
be computed on the basis of a 360-day year of twelve 30-day months and the
amount payable for any partial period shall be computed on the basis of the
number of days elapsed in a 360-day year of twelve 30-day months.  Upon expiration of the Fixed Rate Period, the
amount of interest payable for any Distribution period will be computed on the
basis of a 360-day year and the actual number of days elapsed in the relevant
Distribution period.  The amount of Distributions
payable for any period shall include any Additional Interest Amounts in respect
of such period; and

 

(iv)          Distributions on the Trust Securities shall
be made by the Paying Agent from the Payment Account and shall be payable on
each Distribution Date only to the extent that the Trust has funds then on hand
and available in the Payment Account for the payment of such Distributions.

 

(b)           Distributions on the Trust Securities with
respect to a Distribution Date shall be payable to the Holders thereof as they
appear on the Securities Register for the Trust Securities at the close of
business on the relevant record date, which shall be at the close of business
on the fifteenth day (whether or not a Business Day) preceding the relevant
Distribution Date, except that Distributions and any Additional Interest
Amounts payable on the stated maturity (or any date of principal repayment upon
early maturity) of the principal of a Trust Security or on a Redemption Date
shall be paid to the Person to whom principal is paid.  Distributions payable on any Trust Securities
that are not punctually paid on any Distribution Date as a result of the
Depositor having failed to make an interest payment under the Notes will cease
to be payable to the Person in whose name such Trust Securities are registered
on the relevant record date, and such defaulted Distributions and any
Additional Interest Amounts will instead be payable to the Person in whose name
such Trust Securities are registered on the special record date, or other
specified date for determining Holders entitled to such defaulted Distribution
and Additional Interest Amount, established in the same manner, and on the same
date, as such is established with respect to the Notes under the Indenture.

 

(c)           As a condition to the payment of any
principal of or interest on the Trust Securities without the imposition of
withholding tax, the Administrative Trustees shall require the previous
delivery of properly completed and signed applicable U.S. federal income tax
certifications (generally, an Internal Revenue Service Form W-9 (or applicable
successor form) in the case of a person that is a “United States person” within
the meaning of Section 7701(a)(30) of the Code or an Internal Revenue Service
Form W-8 (or applicable successor form) in the case of a person that is not a “United
States person” within the meaning of Section 7701(a)(30) of the Code) and any
other certification acceptable to it to enable the Property Trustee or any
Paying Agent to determine their respective duties and liabilities with respect
to any taxes or other charges that they may be required to pay, deduct or
withhold in respect of such Trust Securities.

 

17

 

SECTION 4.2.        Redemption.

 

(a)           On each Note Redemption Date and on the
stated maturity (or any date of principal repayment upon early maturity) of the
Notes and on each other date on (or in respect of) which any principal on the
Notes is repaid, the Trust will be required to redeem a Like Amount of Trust
Securities at the Redemption Price.

 

(b)           Notice of redemption shall be given by the
Property Trustee by first-class mail, postage prepaid, mailed not less than
thirty (30) nor more than sixty (60) days prior to the Redemption Date to each
Holder of Trust Securities to be redeemed, at such Holder’s address appearing
in the Securities Register. All notices of redemption shall state:

 

(i)            the Redemption Date;

 

(ii)           the Redemption Price or, if the Redemption
Price cannot be calculated prior to the time the notice is required to be sent,
the estimate of the Redemption Price provided pursuant to the Indenture, as
calculated by the Depositor, together with a statement that it is an estimate
and that the actual Redemption Price will be calculated by the Calculation
Agent on the fifth Business Day prior to the Redemption Date (and if an
estimate is provided, a further notice shall be sent of the actual Redemption
Price on the date that such Redemption Price is calculated);

 

(iii)          if less than all the Outstanding Trust
Securities are to be redeemed, the identification (and, in the case of partial
redemption, the respective amounts) and Liquidation Amounts of the particular
Trust Securities to be redeemed;

 

(iv)          that on the Redemption Date, the Redemption
Price will become due and payable upon each such Trust Security, or portion
thereof, to be redeemed and that Distributions thereon will cease to accumulate
on such Trust Security or such portion, as the case may be, on and after said
date, except as provided in Section 4.2(d);

 

(v)           the place or places where the Trust
Securities are to be surrendered for the payment of the Redemption Price; and

 

(vi)          such other provisions as the Property Trustee
deems relevant.

 

(c)           The Trust Securities (or portion thereof)
redeemed on each Redemption Date shall be redeemed at the Redemption Price with
the proceeds from the contemporaneous redemption or payment at maturity of
Notes. Redemptions of the Trust Securities (or portion thereof) shall be made
and the Redemption Price shall be payable on each Redemption Date only to the
extent that the Trust has funds then on hand and available in the Payment
Account for the payment of such Redemption Price.  Under the Indenture, the Notes may be
redeemed by the Depositor on any Interest Payment Date, at the Depositor’s
option, on or after July 30, 2010, in
whole or in part, from time to time at the Optional Note Redemption Price.  The Notes may also be redeemed by the
Depositor, at its option pursuant to the terms of the Indenture, in whole but
not in part, upon the occurrence and during the continuation of an Investment
Company Event or a Tax Event, at the Special Note Redemption Price.

 

18

 

(d)           If the Property Trustee gives a notice of
redemption in respect of any Preferred Securities, then by 10:00 A.M., New York
City time, on the Redemption Date, the Depositor shall deposit sufficient funds
with the Property Trustee to pay the Redemption Price.  If such deposit has been made by such time,
then by 12:00 noon, New York City time, on the Redemption Date, the Property
Trustee will, with respect to Book-Entry Preferred Securities, irrevocably
deposit with the Depositary for such Book-Entry Preferred Securities, to the
extent available therefor, funds sufficient to pay the applicable Redemption
Price and will give such Depositary irrevocable instructions and authority to
pay the Redemption Price to the Holders of the Preferred Securities. With
respect to Preferred Securities that are not Book-Entry Preferred Securities,
the Property Trustee will irrevocably deposit with the Paying Agent, to the extent
available therefor, funds sufficient to pay the applicable Redemption Price and
will give the Paying Agent irrevocable instructions and authority to pay the
Redemption Price to the Holders of the Preferred Securities upon surrender of
their Preferred Securities Certificates. Notwithstanding the foregoing,
Distributions payable on or prior to the Redemption Date for any Trust
Securities (or portion thereof) called for redemption shall be payable to the
Holders of such Trust Securities as they appear on the Securities Register on
the relevant record dates for the related Distribution Dates. If notice of
redemption shall have been given and funds deposited as required, then upon the
date of such deposit, all rights of Holders holding Trust Securities (or portion
thereof) so called for redemption will cease, except the right of such Holders
to receive the Redemption Price and any Distribution payable in respect of the
Trust Securities on or prior to the Redemption Date, but without interest, and,
in the case of a partial redemption, the right of such Holders to receive a new
Trust Security or Securities of authorized denominations, in aggregate
Liquidation Amount equal to the unredeemed portion of such Trust Security or
Securities, and such Securities (or portion thereof) called for redemption will
cease to be Outstanding. In the event that any date on which any Redemption
Price is payable is not a Business Day, then payment of the Redemption Price
payable on such date will be made on the next succeeding Business Day (and no
interest shall accrue in respect of the amounts whose payment is so delayed for
the period from and after each such date until the next succeeding Business
Day), except that, if such Business Day falls in the next succeeding calendar
year, such payment shall be made on the immediately preceding Business Day, in
each case, with the same force and effect as if made on such date. In the event
that payment of the Redemption Price in respect of any Trust Securities (or
portion thereof) called for redemption is improperly withheld or refused and
not paid either by the Trust, Distributions on such Trust Securities (or
portion thereof) will continue to accumulate, as set forth in Section 4.1,
from the Redemption Date originally established by the Trust for such Trust
Securities (or portion thereof) to the date such Redemption Price is actually
paid, in which case the actual payment date will be the date fixed for
redemption for purposes of calculating the Redemption Price.

 

(e)           Subject to Section 4.3(a), if
less than all the Outstanding Trust Securities are to be redeemed on a
Redemption Date, then the aggregate Liquidation Amount of Trust Securities to
be redeemed shall be allocated pro rata
to the Common Securities and the Preferred Securities based upon the relative
aggregate Liquidation Amounts of the Common Securities and the Preferred
Securities.  The Preferred Securities to
be redeemed shall be selected on a pro rata
basis based upon their respective Liquidation Amounts not more than sixty (60) days
prior to the Redemption Date by the Property Trustee from the Outstanding
Preferred Securities not previously called for redemption; provided, that with respect to Holders
that would be required to hold less than one hundred (100) but more than zero (0)
Trust Securities as a result of such 

 

19

 

redemption, the Trust shall redeem Trust
Securities of each such Holder so that after such redemption such Holder shall
hold either one hundred (100) Trust Securities or such Holder no longer holds
any Trust Securities, and shall use such method (including, without limitation,
by lot) as the Trust shall deem fair and appropriate; and provided, further,
that so long as the Preferred Securities are Book-Entry Preferred Securities,
such selection shall be made in accordance with the Applicable Depositary
Procedures for the Preferred Securities by such Depositary. The Property
Trustee shall promptly notify the Securities Registrar in writing of the
Preferred Securities (or portion thereof) selected for redemption and, in the
case of any Preferred Securities selected for partial redemption, the
Liquidation Amount thereof to be redeemed. For all purposes of this Trust
Agreement, unless the context otherwise requires, all provisions relating to
the redemption of Preferred Securities shall relate, in the case of any
Preferred Securities redeemed or to be redeemed only in part, to the portion of
the aggregate Liquidation Amount of Preferred Securities that has been or is to
be redeemed.

 

(f)            The Trust in issuing the Trust Securities may
use “CUSIP” numbers (if then generally in use), and, if so, the Property
Trustee shall indicate the “CUSIP” numbers of the Trust Securities in notices
of redemption and related materials as a convenience to Holders; provided, that any such notice may state
that no representation is made as to the correctness of such numbers either as
printed on the Trust Securities or as contained in any notice of redemption and
related materials.

 

SECTION
4.3.        Subordination of Common Securities.

 

(a)           Payment of Distributions (including any
Additional Interest Amounts) on, the Redemption Price of and the Liquidation
Distribution in respect of, the Trust Securities, as applicable, shall be made,
pro rata among the Common
Securities and the Preferred Securities based on the Liquidation Amount of the
respective Trust Securities; provided, that if on any Distribution Date,
Redemption Date or Liquidation Date an Event of Default shall have occurred and
be continuing, no payment of any Distribution (including any Additional
Interest Amounts) on, Redemption Price of or Liquidation Distribution in
respect of, any Common Security, and no other payment on account of the
redemption, liquidation or other acquisition of Common Securities, shall be
made unless payment in full in cash of all accumulated and unpaid Distributions
(including any Additional Interest Amounts) on all Outstanding Preferred
Securities for all Distribution periods terminating on or prior thereto, or in
the case of payment of the Redemption Price the full amount of such Redemption
Price on all Outstanding Preferred Securities then called for redemption, or in
the case of payment of the Liquidation Distribution the full amount of such
Liquidation Distribution on all Outstanding Preferred Securities, shall have
been made or provided for, and all funds immediately available to the Property
Trustee shall first be applied to the payment in full in cash of all
Distributions (including any Additional Interest Amounts) on, or the Redemption
Price of or the Liquidation Distribution in respect of, the Preferred
Securities then due and payable.

 

(b)           In the case of the occurrence of any Event of
Default, the Holders of the Common Securities shall have no right to act with respect
to any such Event of Default under this Trust Agreement until all such Events
of Default with respect to the Preferred Securities have been cured, waived or
otherwise eliminated. Until all such Events of Default under this Trust
Agreement with respect to the Preferred Securities have been so cured, waived
or otherwise

 

20

 

eliminated, the Property Trustee shall act
solely on behalf of the Holders of the Preferred Securities and not on behalf
of the Holders of the Common Securities, and only the Holders of all the
Preferred Securities will have the right to direct the Property Trustee to act
on their behalf.

 

SECTION
4.4.        Payment Procedures.

 

Payments of
Distributions (including any Additional Interest Amounts), the Redemption
Price, Liquidation Amount or any other amounts in respect of the Preferred
Securities shall be made by wire transfer at such place and to such account at
a banking institution in the United States as may be designated in writing at least
ten (10) Business Days prior to the date for payment by the Person entitled
thereto unless proper written transfer instructions have not been received by
the relevant record date, in which case such payments shall be made by check
mailed to the address of such Person as such address shall appear in the
Securities Register.  If any Preferred
Securities are held by a Depositary, such Distributions thereon shall be made
to the Depositary in immediately available funds. Payments in respect of the
Common Securities shall be made in such manner as shall be mutually agreed
between the Property Trustee and the Holder of all the Common Securities.

 

SECTION 4.5.        Withholding Tax.

 

(a)           The Trust and the Administrative Trustees
shall comply with all withholding and backup withholding tax requirements under
United States federal, state and local law. 
The Administrative Trustees on behalf of the Trust shall request, and
the Holders shall provide to the Trust, such forms or certificates as are
necessary to establish an exemption from withholding and backup withholding tax
with respect to each Holder and any representations and forms as shall
reasonably be requested by the Administrative Trustees on behalf of the Trust
to assist it in determining the extent of, and in fulfilling, its withholding
and backup withholding tax obligations. 
The Administrative Trustees shall file required forms with applicable
jurisdictions and, unless an exemption from withholding and backup withholding
tax is properly established by a Holder, shall remit amounts withheld with
respect to the Holder to applicable jurisdictions.  To the extent that the Trust is required to
withhold and pay over any amounts to any jurisdiction with respect to
Distributions or allocations to any Holder, the amount withheld shall be deemed
to be a Distribution in the amount of the withholding to the Holder.  In the event of any claimed overwithholding,
Holders shall be limited to an action against the applicable jurisdiction.  If the amount required to be withheld was not
withheld from actual Distributions made, the Administrative Trustees on behalf
of the Trust may reduce subsequent Distributions by the amount of such required
withholding.

 

SECTION
4.6.        Tax Returns and Other Reports.

 

The Administrative Trustees
shall prepare (or cause to be prepared) at the principal office of the Trust in
the United States, as defined for purposes of Treasury regulations section
301.7701-7, at the Depositor’s expense, and file, all United States federal,
state and local tax and information returns and reports required to be filed by
or in respect of the Trust.  The
Administrative Trustees shall prepare at the principal office of the Trust in
the United States, as defined for purposes of Treasury regulations section
301.7701-7, and furnish (or cause to be prepared and furnished), by January 31
in each taxable year of the Trust to each Holder all 

 

21

 

Internal Revenue Service forms and returns
required to be provided by the Trust. The Administrative Trustees shall provide
the Depositor, Cohen Bros. & Company and the Property Trustee with a copy
of all such returns and reports promptly after such filing or furnishing.

 

SECTION
4.7.        Payment of Taxes, Duties, Etc. of the Trust.

 

Upon receipt
under the Notes of Additional Tax Sums and upon the written direction of the
Administrative Trustees, the Property Trustee shall promptly pay, solely out of
monies on deposit pursuant to this Trust Agreement, any Additional Taxes
imposed on the Trust by the United States or any other taxing authority.

 

SECTION
4.8.        Payments under Indenture or Pursuant to Direct Actions.

 

Any amount
payable hereunder to any Holder of Preferred Securities shall be reduced by the
amount of any corresponding payment such Holder (or any Owner with respect
thereto) has directly received pursuant to Section 5.8 of the Indenture or
Section 6.10(b) of this Trust Agreement.

 

SECTION 4.9.        Exchanges.

 

(a)           If at any time the Depositor or any of its Affiliates (in
either case, a “Depositor Affiliate”)
is the Owner or Holder of any Preferred Securities, such Depositor Affiliate
shall have the right to deliver to the Property Trustee all or such portion of
its Preferred Securities as it elects and, subject to compliance with Sections
2.2 and 3.5 of the Indenture, receive, in exchange therefor, a Like Amount of
Notes.  Such election shall be
exercisable effective on any Distribution Date by such Depositor Affiliate
delivering to the Property Trustee (i) at least ten (10) Business Days prior to
the Distribution Date on which such exchange is to occur, the registration
instructions and the documentation, if any, required pursuant to Sections 2.2
and 3.5 of the Indenture to enable the Indenture Trustee to issue the requested
Like Amount of Notes, (ii) a written notice of such election specifying the
Liquidation Amount of Preferred Securities with respect to which such election
is being made and the Distribution Date on which such exchange shall occur,
which Distribution Date shall be not less than ten (10) Business Days after the
date of receipt by the Property Trustee of such election notice and (iii) shall
be conditioned upon such Depositor Affiliate having delivered or caused to be
delivered to the Property Trustee or its designee the Preferred Securities that
are the subject of such election by 10:00 A.M. New York time, on the
Distribution Date on which such exchange is to occur.  After the exchange, such Preferred Securities
will be canceled and will no longer be deemed to be Outstanding and all rights
of the Depositor Affiliate with respect to such Preferred Securities will
cease.

 

(b)           In the case of an exchange described in Section 4.9(a),
the Property Trustee on behalf of the Trust will, on the date of such exchange,
exchange Notes having a principal amount equal to a proportional amount of the
aggregate Liquidation Amount of the Outstanding Common Securities, based on the
ratio of the aggregate Liquidation Amount of the Preferred Securities exchanged
pursuant to Section 4.9(a) divided by the aggregate Liquidation Amount
of the Preferred Securities Outstanding immediately prior to such exchange, for
such proportional amount of Common Securities held by the Depositor (which
contemporaneously shall be canceled and no longer be deemed to be Outstanding);
provided, that the Depositor
delivers or 

 

22

 

causes to be delivered to the Property
Trustee or its designee the required amount of Common Securities to be
exchanged by 10:00 A.M. New York time, on the Distribution Date on which such
exchange is to occur.

 

SECTION
4.10.      Calculation Agent.

 

(a)           The Property Trustee shall initially, and, subject to the
immediately following sentence, for so long as it holds any of the Notes, be
the Calculation Agent for purposes of determining LIBOR for each Distribution
Date.  The Calculation Agent may be
removed by the Administrative Trustees at any time.  If the Calculation Agent is unable or
unwilling to act as such or is removed by the Administrative Trustees, the
Administrative Trustees will promptly appoint as a replacement Calculation
Agent the London office of a leading bank which is engaged in transactions in
six-month Eurodollar deposits in the international Eurodollar market and which
does not control or is not controlled by or under common control with the
Administrative Trustee or its Affiliates. 
The Calculation Agent may not resign its duties without a successor having
been duly appointed.

 

(b)           The Calculation Agent shall be required to agree that, as
soon as possible after 11:00 a.m. (London time) on each LIBOR Determination
Date, but in no event later than 11:00 a.m. (London time) on the Business Day
immediately following each LIBOR Determination Date, the Calculation Agent will
calculate the interest rate (rounded to the nearest cent, with half a cent
being rounded upwards) for the related Distribution Date, and will communicate
such rate and amount to the Depositor, the Administrative Trustees, the Note
Trustee, each Paying Agent and the Depositary. The Calculation Agent will also
specify to the Administrative Trustee the quotations upon which the foregoing
rates and amounts are based and, in any event, the Calculation Agent shall
notify the Administrative Trustees before 5:00 p.m. (London time) on each LIBOR
Determination Date that either: 
(i) it has determined or is in the process of determining the
foregoing rates and amounts or (ii) it has not determined and is not in
the process of determining the foregoing rates and amounts, together with its
reasons therefor.  The Calculation
Agent’s determination of the foregoing rates and amounts for any Distribution
Date will (in the absence of manifest error) be final and binding upon all
parties.  For the sole purpose of
calculating the interest rate for the Trust Securities, “Business Day” shall be
defined as any day on which dealings in deposits in Dollars are transacted in
the London interbank market.

 

SECTION
4.11.      Certain Accounting Matters.

 

(a)           At all times during the existence of the Trust, the
Administrative Trustees shall keep, or cause to be kept at the principal office
of the Trust in the United States, as defined for purposes of Treasury
Regulations section 301.7701-7, full books of account, records and supporting
documents, which shall reflect in reasonable detail each transaction of the
Trust.  The books of account shall be
maintained on the accrual method of accounting, in accordance with generally
accepted accounting principles, consistently applied.

 

(b)           The Administrative Trustees shall either (i) if the
Depositor is then subject to such reporting requirements, cause each Form 10-K
and Form 10-Q prepared by the Depositor and filed with the Commission in accordance
with the Exchange Act to be delivered to each Holder, with a copy to the
Property Trustee, within thirty (30) days after the filing thereof or
(ii) cause to 

 

23

 

be prepared at the principal office of the
Trust in the United States, as defined for purposes of Treasury Regulations
section 301.7701-7, and delivered to each of the Holders, with a copy to the
Property Trustee, within ninety (90) days after the end of each Fiscal Year,
annual financial statements of the Trust, including a balance sheet of the
Trust as of the end of such Fiscal Year, and the related statements of income
or loss.

 

(c)           If the Depositor intends to file its annual and quarterly
information with the Commission in electronic form pursuant to Regulation S-T
of the Commission using the Commission’s Electronic Data Gathering, Analysis
and Retrieval (“EDGAR”) system,
the Administrative Trustees shall notify the Property Trustee in the manner
prescribed herein of each such annual and quarterly filing.  The Property Trustee is hereby authorized and
directed to access the EDGAR system for purposes of retrieving the financial
information so filed.  Compliance with
the foregoing shall constitute delivery by the Administrative Trustees of its
financial statements to the Property Trustee in compliance with the provisions
of Section 314(a) of the Trust Indenture Act, if applicable.  The Property Trustee shall have no duty to
search for or obtain any electronic or other filings that the Depositor makes
with the Commission, regardless of whether such filings are periodic,
supplemental or otherwise.  Delivery of
reports, information and documents to the Property Trustee pursuant to this Section
4.11(c) shall be solely for purposes of compliance with this Section
4.11 and, if applicable, with Section 314(a) of the Trust Indenture
Act.  The Property Trustee’s receipt of
such reports, information and documents shall not constitute notice to it of
the content thereof or any matter determinable from the content thereof,
including the Depositor’s compliance with any of its covenants hereunder, as to
which the Property Trustee is entitled to rely upon Officers’ Certificates.

 

(d)           The Trust shall maintain one or more bank accounts in the
United States, as defined for purposes of Treasury Regulations section
301.7701-7, in the name and for the sole benefit of the Trust; provided, however, that all payments of
funds in respect of the Notes held by the Property Trustee shall be made
directly to the Payment Account and no other funds of the Trust shall be
deposited in the Payment Account.  The
sole signatories for such accounts (including the Payment Account) shall be
designated by the Property Trustee.

 

ARTICLE V.

Securities

 

SECTION
5.1.        Initial Ownership.

 

Upon the
creation of the Trust and the contribution by the Depositor referred to in Section 2.3
and until the issuance of the Trust Securities, and at any time during which no
Trust Securities are Outstanding, the Depositor shall be the sole beneficial
owner of the Trust.

 

SECTION
5.2.        Authorized Trust Securities.

 

The Trust
shall be authorized to issue one series of Preferred Securities having an
aggregate Liquidation Amount of $100,000,000 and one series of Common
Securities having an aggregate Liquidation Amount of $3,100,000.

 

24

 

SECTION
5.3.        Issuance of the Common Securities; Subscription and Purchase of Notes.

 

On the Closing
Date, an Administrative Trustee, on behalf of the Trust, shall execute and
deliver to the Depositor Common Securities Certificates, registered in the name
of the Depositor, evidencing an aggregate of Three Thousand One Hundred (3,100) Common Securities having an aggregate
Liquidation Amount of Three Million One Hundred Thousand Dollars $3,100,000,
against receipt by the Trust of the aggregate purchase price of such Common
Securities of Three Million One Hundred Thousand Dollars ($3,100,000). 
Contemporaneously therewith and with the sale by the Trust to the
Holders of an aggregate of One Hundred Thousand (100,000) Preferred Securities
having an aggregate Liquidation Amount of One Hundred Million Dollars
($100,000,000), an Administrative Trustee, on behalf of the Trust, shall
purchase from the Depositor Notes, to be registered in the name of the Property
Trustee on behalf of the Trust and having an aggregate principal amount equal
to One Hundred Three Million One Hundred Thousand Dollars ($103,100,000), and,
in satisfaction of the purchase price for such Notes, the Property Trustee, on
behalf of the Trust, shall deliver to the Depositor the sum of One Hundred
Three Million One Hundred Thousand Dollars ($103,100,000
) (being the aggregate amount paid by the Holders for the Preferred Securities,
and the amount paid by the Depositor for the Common Securities).

 

SECTION
5.4.        The Securities Certificates.

 

(a)           The Preferred Securities Certificates shall be issued in
minimum denominations of $100,000 Liquidation Amount and integral multiples of
$1,000 in excess thereof, and the Common Securities Certificates shall be
issued in minimum denominations of $10,000 Liquidation Amount and integral
multiples of $1,000 in excess thereof. 
The Securities Certificates shall be executed on behalf of the Trust by
manual or facsimile signature of at least one Administrative Trustee.  Securities Certificates bearing the
signatures of individuals who were, at the time when such signatures shall have
been affixed, authorized to sign such Securities Certificates on behalf of the
Trust shall be validly issued and entitled to the benefits of this Trust
Agreement, notwithstanding that such individuals or any of them shall have
ceased to be so authorized prior to the delivery of such Securities
Certificates or did not have such authority at the date of delivery of such Securities
Certificates.

 

(b)           On the Closing Date, upon the written order of an
authorized officer of the Depositor, the Administrative Trustees shall cause
Securities Certificates to be executed on behalf of the Trust and delivered,
without further corporate action by the Depositor, in authorized denominations.

 

(c)           The Preferred Securities issued to QIBs/QPs shall be,
except as provided in Section 5.6, Book-Entry Preferred Securities
issued in the form of one or more Global Preferred Securities registered in the
name of the Depositary, or its nominee and deposited with the Depositary or a
custodian for the Depositary for credit by the Depositary to the respective
accounts of the Depositary Participants thereof (or such other accounts as they
may direct).  The Preferred Securities
issued to a Person other than a QIB/QP shall be issued in the form of
Definitive Preferred Securities Certificates.

 

25

 

(d)           A Preferred Security shall not be valid until
authenticated by the manual signature of an authorized signatory of the
Property Trustee.  Such signature shall
be conclusive evidence that the Preferred Security has been authenticated under
this Trust Agreement.  Upon written order
of the Trust signed by one Administrative Trustee, the Property Trustee shall
authenticate the Preferred Securities for original issue.  The Property Trustee may appoint an
authenticating agent that is a U.S. Person acceptable to the Trust to
authenticate the Preferred Securities.  A
Common Security need not be so authenticated and shall be valid upon execution
by one or more Administrative Trustees. 
The form of this certificate of authentication can be found in Section
5.13.

 

SECTION
5.5.        Rights of Holders.

 

The Trust
Securities shall have no preemptive or similar rights and when issued and
delivered to Holders against payment of the purchase price therefor will be
fully paid and non-assessable by the Trust. 
Except as provided in Section 5.11(b), the Holders of the Trust
Securities, in their capacities as such, shall be entitled to the same
limitation of personal liability extended to stockholders of private
corporations for profit organized under the General Corporation Law of the
State of Delaware.

 

SECTION
5.6.        Book-Entry Preferred Securities.

 

(a)           A Global Preferred Security may be exchanged, in whole or
in part, for Definitive Preferred Securities Certificates registered in the
names of the Owners only if such exchange complies with Section 5.7 and
(i) the Depositary advises the Administrative Trustees and the Property
Trustee in writing that the Depositary is no longer willing or able properly to
discharge its responsibilities with respect to the Global Preferred Security,
and no qualified successor is appointed by the Administrative Trustees within
ninety (90) days of receipt of such notice, (ii) the Depositary ceases to
be a clearing agency registered under the Exchange Act and the Administrative
Trustees fail to appoint a qualified successor within ninety (90) days of
obtaining knowledge of such event, (iii) the Administrative Trustees at their
option advise the Property Trustee in writing that the Trust elects to
terminate the book-entry system through the Depositary or (iv) a Note
Event of Default has occurred and is continuing. Upon the occurrence of any
event specified in clause (i), (ii), (iii) or (iv) above, the Administrative
Trustees shall notify the Depositary and instruct the Depositary to notify all
Owners of Book-Entry Preferred Securities, the Delaware Trustee and the Property
Trustee of the occurrence of such event and of the availability of the
Definitive Preferred Securities Certificates to Owners of the Preferred
Securities requesting the same. Upon the issuance of Definitive Preferred
Securities Certificates, the Trustees shall recognize the Holders of the
Definitive Preferred Securities Certificates as Holders.  Notwithstanding the foregoing, if an Owner of
a beneficial interest in a Global Preferred Security wishes at any time to transfer
an interest in such Global Preferred Security to a Person other than a QIB/QP,
such transfer shall be effected, subject to the Applicable Depositary
Procedures, in accordance with the provisions of this Section 5.6 and Section
5.7, and the transferee shall receive a Definitive Preferred Securities
Certificate in connection with such transfer.   
A holder of a Definitive Preferred Securities Certificate that is a
QIB/QP may, upon request and in accordance with the provisions of this Section
5.6 and Section 5.7, exchange such Definitive Preferred Securities
Certificate for a beneficial interest in a Global Preferred Security.

 

26

 

(b)           If any Global Preferred Security is to be exchanged for
Definitive Preferred Securities Certificates or canceled in part, or if any
Definitive Preferred Securities Certificate is to be exchanged in whole or in
part for any Global Preferred Security, then either (i) such Global Preferred
Security shall be so surrendered for exchange or cancellation as provided in this
Article V or (ii) the aggregate Liquidation Amount represented by such
Global Preferred Security shall be reduced, subject to Section 5.4, or
increased by an amount equal to the Liquidation Amount represented by that
portion of the Global Preferred Security to be so exchanged or canceled, or
equal to the Liquidation Amount represented by such Definitive Preferred
Securities Certificates to be so exchanged for any Global Preferred Security,
as the case may be, by means of an appropriate adjustment made on the records
of the Securities Registrar, whereupon the Property Trustee, in accordance with
the Applicable Depositary Procedures, shall instruct the Depositary or its
authorized representative to make a corresponding adjustment to its records.
Upon any such surrender to the Administrative Trustees or the Securities
Registrar of any Global Preferred Security or Securities by the Depositary,
accompanied by registration instructions, the Administrative Trustees, or any
one of them, shall execute the Definitive Preferred Securities Certificates in
accordance with the instructions of the Depositary.  None of the Securities Registrar or the
Trustees shall be liable for any delay in delivery of such instructions and may
conclusively rely on, and shall be fully protected in relying on, such
instructions.

 

(c)           Every Definitive Preferred Securities Certificate executed
and delivered upon registration or transfer of, or in exchange for or in lieu
of, a Global Preferred Security or any portion thereof shall be executed and
delivered in the form of, and shall be, a Global Preferred Security, unless
such Definitive Preferred Securities Certificate is registered in the name of a
Person other than the Depositary for such Global Preferred Security or a
nominee thereof.

 

(d)           The Depositary or its nominee, as registered owner of a
Global Preferred Security, shall be the Holder of such Global Preferred
Security for all purposes under this Trust Agreement and the Global Preferred
Security, and Owners with respect to a Global Preferred Security shall hold
such interests pursuant to the Applicable Depositary Procedures. The Securities
Registrar and the Trustees shall be entitled to deal with the Depositary for
all purposes of this Trust Agreement relating to the Global Preferred Securities
(including the payment of the Liquidation Amount of and Distributions on the
Book-Entry Preferred Securities represented thereby and the giving of
instructions or directions by Owners of Book-Entry Preferred Securities
represented thereby and the giving of notices) as the sole Holder of the
Book-Entry Preferred Securities represented thereby and shall have no
obligations to the Owners thereof.  None
of the Trustees nor the Securities Registrar shall have any liability in
respect of any transfers effected by the Depositary.

 

(e)           The rights of the Owners of the Book-Entry Preferred
Securities shall be exercised only through the Depositary and shall be limited
to those established by law, the Applicable Depositary Procedures and
agreements between such Owners and the Depositary and/or the Depositary
Participants; provided, that
solely for the purpose of determining whether the Holders of the requisite
amount of Preferred Securities have voted on any matter provided for in this
Trust Agreement, to the extent that Preferred Securities are represented by a
Global Preferred Security, the Trustees may conclusively rely on, and shall be
fully protected in relying on, any written instrument (including a proxy)
delivered to the Property Trustee by the Depositary setting forth the Owners’
votes or assigning the right to vote on any matter to any 

 

27

 

other Persons either in whole or in
part.  To the extent that Preferred
Securities are represented by a Global Preferred Security, the initial
Depositary will make book-entry transfers among the Depositary Participants and
receive and transmit payments on the Preferred Securities that are represented
by a Global Preferred Security to such Depositary Participants, and none of the
Depositor or the Trustees shall have any responsibility or obligation with
respect thereto.

 

(f)            To the extent that a notice or other communication to the
Holders is required under this Trust Agreement, for so long as Preferred
Securities are represented by a Global Preferred Security,  the Trustees shall give all such notices and
communications to the Depositary, and shall have no obligations to the Owners.

 

SECTION
5.7.        Registration of Transfer and Exchange of Preferred Securities
Certificates.

 

(a)           The Property Trustee shall keep or cause to be kept, at
the Corporate Trust Office, a register or registers (the “Securities Register”) in which the
registrar and transfer agent with respect to the Trust Securities (the “Securities Registrar”), subject to such
reasonable regulations as it may prescribe, shall provide for the registration
of Preferred Securities Certificates and Common Securities Certificates and
registration of transfers and exchanges of Preferred Securities Certificates as
herein provided. The Person acting as the Property Trustee shall at all times
also be the Securities Registrar.  The
provisions of Article VIII shall apply to the Property Trustee in its
role as Securities Registrar.

 

(b)           Subject to Section 5.7(d), upon surrender for registration
of transfer of any Preferred Securities Certificate at the office or agency
maintained pursuant to Section 5.7(f), the Administrative Trustees
or any one of them shall execute by manual or facsimile signature and deliver
to the Property Trustee, and the Property Trustee shall authenticate and
deliver, in the name of the designated transferee or transferees, one or more
new Preferred Securities Certificates in authorized denominations of a like
aggregate Liquidation Amount as may be required by this Trust Agreement dated
the date of execution by such Administrative Trustee or Trustees.  At the option of a Holder, Preferred
Securities Certificates may be exchanged for other Preferred Securities
Certificates in authorized denominations and of a like aggregate Liquidation
Amount upon surrender of the Preferred Securities Certificate to be exchanged
at the office or agency maintained pursuant to Section 5.7(f).  Whenever any Preferred Securities
Certificates are so surrendered for exchange, the Administrative Trustees or
any one of them shall execute by manual or facsimile signature and deliver to
the Property Trustee, and the Property Trustee shall authenticate and deliver,
the Preferred Securities Certificates that the Holder making the exchange is
entitled to receive.

 

(c)           The Securities Registrar shall not be required,
(i) to issue, register the transfer of or exchange any Preferred Security
during a period beginning at the opening of business fifteen (15) days before
the day of selection for redemption of such Preferred Securities pursuant to Article
IV and ending at the close of business on the day of mailing of the notice
of redemption or (ii) to register the transfer of or exchange any
Preferred Security so selected for redemption in whole or in part, except, in
the case of any such Preferred Security to be redeemed in part, any portion
thereof not to be redeemed.

 

28

 

(d)           Every Preferred Securities Certificate presented or
surrendered for registration of transfer or exchange shall be duly endorsed, or
be accompanied by a written instrument of transfer in form satisfactory to the
Securities Registrar duly executed by the Holder or such Holder’s attorney duly
authorized in writing and accompanied by a certificate of the transferee
substantially in the form set forth as Exhibit E hereto.

 

(e)           No service charge shall be made for any registration of
transfer or exchange of Preferred Securities Certificates, but the Property
Trustee on behalf of the Trust may require payment of a sum sufficient to cover
any tax or governmental charge that may be imposed in connection with any
transfer or exchange of Preferred Securities Certificates.

 

(f)            The Administrative Trustees shall designate an office or
offices or agency or agencies where Preferred Securities Certificates may be
surrendered for registration of transfer or exchange and initially designate
the Corporate Trust Office as its office and agency for such purposes. The
Administrative Trustees shall give prompt written notice to the Depositor, the
Property Trustee and to the Holders of any change in the location of any such
office or agency.

 

(g)           The Preferred Securities may only be transferred to a
“Qualified Purchaser” as such term is defined in Section 2(a)(51) of the
Investment Company Act.

 

(h)           Neither the Trustee nor the Securities Registrar shall be
responsible for ascertaining whether any transfer hereunder complies with the
registration provisions of or any exemptions from the Securities Act,
applicable state securities laws or the applicable laws of any other
jurisdiction, ERISA, the Code or the Investment Company Act; provided, that if
a certificate is specifically required by the express terms of this Section
5.7 to be delivered to the Trustee or the Securities Registrar by a Holder
or transferee of a Security, the Trustee and the Securities Registrar shall be
under a duty to receive and examine the same to determine whether or not the
certificate substantially conforms on its face to the requirements of this
Indenture and shall promptly notify the party delivering the same if such
certificate does not comply with such terms.

 

SECTION
5.8.        Mutilated, Destroyed, Lost or Stolen Securities Certificates.

 

(a)           If any mutilated Securities Certificate shall be surrendered
to the Securities Registrar together with such security or indemnity as may be
required by the Securities Registrar to save each of the Trustees harmless, the
Administrative Trustees, or any one of them, on behalf of the Trust, shall
execute and make available for delivery in exchange therefor a new Securities
Certificate of like class, tenor and denomination.

 

(b)           If the Securities Registrar shall receive evidence to its
satisfaction of the destruction, loss or theft of any Securities Certificate and there
shall be delivered to the Securities Registrar such security or indemnity as
may be required by it to save each of the Trustees harmless, then in the
absence of notice that such Securities Certificate shall have been acquired by
a protected purchaser, the Administrative Trustees, or any one of them, on
behalf of the Trust, shall execute and make available for delivery, and, with
respect to Preferred Securities, the Property Trustee shall authenticate, in
exchange for or in lieu of any such destroyed, lost or stolen Securities
Certificate, a new Securities Certificate of like class, tenor and
denomination.

 

29

 

(c)           In connection with the issuance of any new Securities
Certificate under this Section 5.8, the Administrative Trustees or
the Securities Registrar may require the payment of a sum sufficient to cover
any tax or other governmental charge that may be imposed in connection
therewith.

 

(d)           Any duplicate Securities Certificate issued pursuant to this
Section 5.8 shall constitute conclusive evidence of an undivided
beneficial interest in the assets of the Trust corresponding to that evidenced
by the mutilated, lost, stolen or destroyed Securities Certificate, as if
originally issued, whether or not the lost, stolen or destroyed Securities
Certificate shall be found at any time.

 

(e)           If any such mutilated, destroyed, lost or stolen
Securities Certificate has become or is about to become due and payable, the
Depositor in its discretion may provide the Administrative Trustee with the
funds to pay such Trust Security and upon receipt of such funds, the
Administrative Trustee shall pay such Trust Security instead of issuing a new
Securities Certificate.

 

(f)            The provisions of this Section 5.8 are exclusive and
shall preclude (to the extent lawful) all other rights and remedies with
respect to the replacement of mutilated, destroyed, lost or stolen Securities
Certificates.

 

SECTION
5.9.        Persons Deemed Holders.

 

The Trustees
and the Securities Registrar shall each treat the Person in whose name any
Securities Certificate shall be registered in the Securities Register as the
owner of such Securities Certificate for the purpose of receiving Distributions
and for all other purposes whatsoever, and none of the Trustees and the
Securities Registrar shall be bound by any notice to the contrary.

 

SECTION 5.10.      Cancellation.

 

All Preferred
Securities Certificates surrendered for registration of transfer or exchange or
for payment shall, if surrendered to any Person other than the Property
Trustee, be delivered to the Property Trustee, and any such Preferred
Securities Certificates and Preferred Securities Certificates surrendered
directly to the Property Trustee for any such purpose shall be promptly
canceled by it.  The Administrative
Trustees may at any time deliver to the Property Trustee for cancellation any
Preferred Securities Certificates previously delivered hereunder that the
Administrative Trustees may have acquired in any manner whatsoever, and all
Preferred Securities Certificates so delivered shall be promptly canceled by
the Property Trustee.  No Preferred
Securities Certificates shall be executed and delivered in lieu of or in
exchange for any Preferred Securities Certificates canceled as provided in this
Section 5.10, except as expressly permitted by this Trust
Agreement.  All canceled Preferred
Securities Certificates shall be retained by the Property Trustee in accordance
with its customary practices.

 

SECTION
5.11.      Ownership of Common Securities by Depositor.

 

(a)           On the Closing Date, the Depositor shall acquire, and
thereafter shall retain, beneficial and record ownership of the Common
Securities. Neither the Depositor nor any successor Holder of the Common
Securities may transfer less than all the Common Securities, 

 

30

 

and the Depositor or any such successor
Holder may transfer the Common Securities only (i) in connection with a
consolidation or merger of the Depositor into another Person, or any conveyance,
transfer or lease by the Depositor of its properties and assets substantially
as an entirety to any Person (in which event such Common Securities will be
transferred to such surviving entity, transferee or lessee, as the case may
be), pursuant to Section 8.1 of the Indenture or (ii) to the
Depositor or an Affiliate of the Depositor, in each such case in compliance
with applicable law (including the Securities Act, and applicable state
securities and blue sky laws). To the fullest extent permitted by law, any
attempted transfer of the Common Securities other than as set forth in the
immediately preceding sentence shall be void. The Administrative Trustees shall
cause each Common Securities Certificate issued to the Depositor to contain a
legend stating substantially “THIS CERTIFICATE IS NOT TRANSFERABLE EXCEPT IN
COMPLIANCE WITH APPLICABLE LAW AND SECTION 5.11 OF THE TRUST AGREEMENT.”

 

(b)           Any Holder of the Common Securities shall be liable for
the debts and obligations of the Trust in the manner and to the extent set
forth with respect to the Depositor and agrees that it shall be subject to all
liabilities to which the Depositor may be subject and, prior to becoming such a
Holder, shall deliver to the Administrative Trustees an instrument of
assumption satisfactory to such Trustees.

 

SECTION
5.12.      Restricted Legends.

 

(a)           Each Preferred Security Certificate shall bear a legend in
substantially the following form:

 

“[IF THIS SECURITY IS A GLOBAL SECURITY INSERT: THIS
PREFERRED SECURITY IS A GLOBAL SECURITY WITHIN THE MEANING OF THE TRUST
AGREEMENT HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF THE
DEPOSITORY TRUST COMPANY (“DTC”) OR A NOMINEE OF DTC.  THIS PREFERRED SECURITY IS EXCHANGEABLE FOR
SECURITIES REGISTERED IN THE NAME OF A PERSON OTHER THAN DTC OR ITS NOMINEE
ONLY IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE TRUST AGREEMENT, AND NO
TRANSFER OF THIS PREFERRED SECURITY (OTHER THAN A TRANSFER OF THIS PREFERRED
SECURITY AS A WHOLE BY DTC TO A NOMINEE OF DTC OR BY A NOMINEE OF DTC TO DTC OR
ANOTHER NOMINEE OF DTC) MAY BE REGISTERED EXCEPT IN LIMITED CIRCUMSTANCES.

 

UNLESS THIS PREFERRED
SECURITY IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF DTC TO SL GREEN
CAPITAL TRUST I OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT,
AND ANY PREFERRED SECURITY ISSUED IS REGISTERED IN THE NAME OF CEDE & CO.
OR IN SUCH OTHER NAME AS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND
ANY PAYMENT HEREON IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS
REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR
OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL 

 

31

 

INASMUCH AS THE REGISTERED
OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.]

 

THE PREFERRED SECURITIES
REPRESENTED BY THIS CERTIFICATE WERE ORIGINALLY ISSUED IN A TRANSACTION EXEMPT
FROM REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”), AND SUCH PREFERRED SECURITIES OR ANY INTEREST THEREIN, MAY NOT BE
OFFERED, SOLD OR OTHERWISE TRANSFERRED IN THE ABSENCE OF SUCH REGISTRATION OR
AN APPLICABLE EXEMPTION THEREFROM.  EACH
PURCHASER OF ANY PREFERRED SECURITIES IS HEREBY NOTIFIED THAT THE SELLER OF THE
PREFERRED SECURITIES MAY BE RELYING ON THE EXEMPTION FROM THE PROVISIONS OF
SECTION 5 OF THE SECURITIES ACT PROVIDED BY RULE 144A UNDER THE SECURITIES ACT.

 

THE HOLDER OF THE PREFERRED
SECURITIES REPRESENTED BY THIS CERTIFICATE AGREES FOR THE BENEFIT OF THE TRUST
AND THE DEPOSITOR THAT (A) SUCH PREFERRED SECURITIES MAY BE OFFERED, RESOLD OR
OTHERWISE TRANSFERRED ONLY (I) TO THE TRUST OR (II) TO A PERSON WHOM THE SELLER
REASONABLY BELIEVES IS A “QUALIFIED PURCHASER” (AS DEFINED IN SECTION 2(a)(51)
OF THE INVESTMENT COMPANY ACT OF 1940, AS AMENDED), AND (B) THE HOLDER WILL
NOTIFY ANY PURCHASER OF ANY PREFERRED SECURITIES FROM IT OF THE RESALE
RESTRICTIONS REFERRED TO IN (A) ABOVE.

 

THE PREFERRED SECURITIES
WILL BE ISSUED AND MAY BE TRANSFERRED ONLY IN BLOCKS HAVING AN AGGREGATE
LIQUIDATION AMOUNT OF NOT LESS THAN $100,000. TO THE FULLEST EXTENT PERMITTED
BY LAW, ANY ATTEMPTED TRANSFER OF PREFERRED SECURITIES, OR ANY INTEREST
THEREIN,  IN A BLOCK HAVING AN AGGREGATE
LIQUIDATION AMOUNT OF LESS THAN $100,000 AND MULTIPLES OF $1,000 IN EXCESS THEREOF
SHALL BE DEEMED TO BE VOID AND OF NO LEGAL EFFECT WHATSOEVER. TO THE FULLEST
EXTENT PERMITTED BY LAW, ANY SUCH PURPORTED TRANSFEREE SHALL BE DEEMED NOT TO
BE THE HOLDER OF SUCH PREFERRED SECURITIES FOR ANY PURPOSE, INCLUDING, BUT NOT
LIMITED TO, THE RECEIPT OF PRINCIPAL OF OR INTEREST ON SUCH PREFERRED
SECURITIES, OR ANY INTEREST THEREIN, AND SUCH PURPORTED TRANSFEREE SHALL BE
DEEMED TO HAVE NO INTEREST WHATSOEVER IN SUCH PREFERRED SECURITIES.

 

THE HOLDER OF THIS SECURITY,
OR ANY INTEREST THEREIN,  BY ITS
ACCEPTANCE HEREOF OR THEREOF ALSO AGREES, REPRESENTS AND WARRANTS THAT IT IS
NOT AN EMPLOYEE BENEFIT, INDIVIDUAL RETIREMENT ACCOUNT OR OTHER PLAN OR
ARRANGEMENT SUBJECT TO TITLE I OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT
OF 1974, AS AMENDED (“ERISA”), OR
SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”) (EACH A “PLAN”), OR AN 

 

32

 

ENTITY WHOSE UNDERLYING
ASSETS INCLUDE “PLAN ASSETS” BY REASON OF ANY PLAN’S INVESTMENT IN THE ENTITY,
AND NO PERSON INVESTING “PLAN ASSETS” OF ANY PLAN MAY ACQUIRE OR HOLD THIS
PREFERRED SECURITY OR ANY INTEREST THEREIN. ANY PURCHASER OR HOLDER OF THE
PREFERRED SECURITIES OR ANY INTEREST THEREIN WILL BE DEEMED TO HAVE REPRESENTED
BY ITS PURCHASE AND HOLDING THEREOF THAT IT IS NOT AN EMPLOYEE BENEFIT PLAN
WITHIN THE MEANING OF SECTION 3(3) OF ERISA, OR A PLAN TO WHICH SECTION 4975 OF
THE CODE IS APPLICABLE, A TRUSTEE OR OTHER PERSON ACTING ON BEHALF OF AN
EMPLOYEE BENEFIT PLAN OR PLAN, OR ANY OTHER PERSON OR ENTITY USING THE ASSETS
OF ANY EMPLOYEE BENEFIT PLAN OR PLAN TO FINANCE SUCH PURCHASE.”

 

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

 

SECTION
5.13.      Form of Certificate of Authentication.

 

The
Property Trustee’s certificate of authentication shall be in substantially the
following form:

 

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

 

	
  Dated:

  	
  JPMorgan
  Chase Bank, National Association, 

  not in its individual capacity, but solely as Property 

  Trustee

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Authorized signatory

  

 

ARTICLE
VI.

Meetings; Voting; Acts of Holders

 

SECTION
6.1.        Notice of Meetings.

 

Notice of all
meetings of the Holders of the Preferred Securities, stating the time, place
and purpose of the meeting, shall be given by the Property Trustee pursuant to Section 10.8
to 

 

33

 

each Holder of Preferred
Securities, at such Holder’s registered address, at least fifteen (15) days and
not more than ninety (90) days before the meeting. At any such meeting, any
business properly before the meeting may be so considered whether or not stated
in the notice of the meeting. Any adjourned meeting may be held as adjourned
without further notice.

 

SECTION
6.2.        Meetings of Holders of the Preferred Securities.

 

(a)           No annual meeting of Holders is required to be held. The
Property Trustee, however, shall call a meeting of the Holders of the Preferred
Securities to vote on any matter upon the written request of the Holders of at
least twenty five percent (25%) in aggregate Liquidation Amount of the
Outstanding Preferred Securities and the Administrative Trustees or the
Property Trustee may, at any time in their discretion, call a meeting of the
Holders of the Preferred Securities to vote on any matters as to which such
Holders are entitled to vote.

 

(b)           The Holders of at least a Majority in Liquidation Amount
of the Preferred Securities, present in person or by proxy, shall constitute a
quorum at any meeting of the Holders of the Preferred Securities.

 

(c)           If a quorum is present at a meeting, an affirmative vote
by the Holders present, in person or by proxy, holding Preferred Securities
representing at least a Majority in Liquidation Amount of the Preferred
Securities held by the Holders present, either in person or by proxy, at such
meeting shall constitute the action of the Holders of the Preferred Securities,
unless this Trust Agreement requires a lesser or greater number of affirmative
votes.

 

SECTION 6.3.        Voting
Rights.

 

Holders shall
be entitled to one vote for each $10,000 of Liquidation Amount represented by
their Outstanding Trust Securities in respect of any matter as to which such
Holders are entitled to vote.

 

SECTION 6.4.        Proxies,
Etc.

 

At any meeting
of Holders, any Holder entitled to vote thereat may vote by proxy, provided, that no proxy shall be voted at
any meeting unless it shall have been placed on file with the Administrative
Trustees, or with such other officer or agent of the Trust as the
Administrative Trustees may direct, for verification prior to the time at which
such vote shall be taken. Pursuant to a resolution of the Property Trustee,
proxies may be solicited in the name of the Property Trustee or one or more
officers of the Property Trustee. Only Holders of record shall be entitled to
vote. When Trust Securities are held jointly by several Persons, any one of
them may vote at any meeting in person or by proxy in respect of such Trust
Securities, but if more than one of them shall be present at such meeting in
person or by proxy, and such joint owners or their proxies so present disagree
as to any vote to be cast, such vote shall not be received in respect of such
Trust Securities. A proxy purporting to be executed by or on behalf of a Holder
shall be deemed valid unless challenged at or prior to its exercise, and the
burden of proving invalidity shall rest on the challenger. No proxy shall be
valid more than three years after its date of execution.

 

34

 

SECTION
6.5.        Holder Action by Written Consent.

 

Any action
that may be taken by Holders at a meeting may be taken without a meeting and
without prior notice if Holders holding at least a Majority in Liquidation
Amount of all Preferred Securities entitled to vote in respect of such action
(or such lesser or greater proportion thereof as shall be required by any other
provision of this Trust Agreement) shall consent to the action in writing; provided, that notice of such action is
promptly provided to the Holders of Preferred Securities that did not consent
to such action.  Any action that may be
taken by the Holders of all the Common Securities may be taken without a
meeting and without prior notice if such Holders shall consent to the action in
writing.

 

SECTION
6.6.        Record Date for Voting and Other Purposes.

 

Except as
provided in Section 6.10(a), for the purposes of determining the Holders
who are entitled to notice of and to vote at any meeting or to act by written
consent, or to participate in any distribution on the Trust Securities in
respect of which a record date is not otherwise provided for in this Trust
Agreement, or for the purpose of any other action, the Administrative Trustees
may from time to time fix a date, not more than ninety (90) days prior to the
date of any meeting of Holders or the payment of a Distribution or other
action, as the case may be, as a record date for the determination of the
identity of the Holders of record for such purposes.

 

SECTION 6.7.        Acts
of Holders.

 

(a)           Any request, demand, authorization, direction, notice,
consent, waiver or other action provided or permitted by this Trust Agreement
to be given, made or taken by Holders may be embodied in and evidenced by one
or more instruments of substantially similar tenor signed by such Holders in
person or by an agent thereof duly appointed in writing; and, except as
otherwise expressly provided herein, such action shall become effective when
such instrument or instruments are delivered to an Administrative Trustee. Such
instrument or instruments (and the action embodied therein and evidenced
thereby) are herein sometimes referred to as the “Act” of the Holders signing such instrument or instruments.
Proof of execution of any such instrument or of a writing appointing any such
agent shall be sufficient for any purpose of this Trust Agreement and
conclusive in favor of the Trustees, if made in the manner provided in this Section
6.7.

 

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

 

(c)           The ownership of Trust Securities shall be proved by the
Securities Register.

 

35

 

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

 

(e)           Without limiting the foregoing, a Holder entitled
hereunder to take any action hereunder with regard to any particular Trust
Security may do so with regard to all or any part of the Liquidation Amount of
such Trust Security or by one or more duly appointed agents each of which may
do so pursuant to such appointment with regard to all or any part of such
Liquidation Amount.

 

(f)            If any dispute shall arise among the Holders or the
Trustees with respect to the authenticity, validity or binding nature of any
request, demand, authorization, direction, notice, consent, waiver or other Act
of such Holder or Trustee under this Article VI, then the determination
of such matter by the Property Trustee shall be conclusive with respect to such
matter.

 

SECTION
6.8.        Inspection of Records.

 

Upon
reasonable written notice to the Administrative Trustees and the Property
Trustee, the records of the Trust shall be open to inspection by any Holder
during normal business hours for any purpose reasonably related to such
Holder’s interest as a Holder.

 

SECTION
6.9.        Limitations on Voting Rights.

 

(a)           Except as expressly provided in this Trust Agreement and
in the Indenture and as otherwise required by law, no Holder of Preferred
Securities shall have any right to vote or in any manner otherwise control the
administration, operation and management of the Trust or the obligations of the
parties hereto, nor shall anything herein set forth, or contained in the terms
of the Securities Certificates, be construed so as to constitute the Holders
from time to time as partners or members of an association.

 

(b)           So long as any Notes are held by the Property Trustee on
behalf of the Trust, the Property Trustee shall not (i) direct the time,
method and place of conducting any proceeding for any remedy available to the
Note Trustee, or exercise any trust or power conferred on the Property Trustee
with respect to the Notes, (ii) waive any past default that may be waived
under Section 5.13 of the Indenture or waive compliance with any covenant
or condition under Section 10.7 of the Indenture, (iii) exercise any right
to rescind or annul a declaration that the principal of all the Notes shall be
due and payable or (iv) consent to any amendment, modification or
termination of the Indenture or the Notes, where such consent shall be
required, without, in each case, obtaining the prior approval of the Holders of
at least a Majority in Liquidation Amount of the Preferred Securities; provided, that where a consent under the Indenture would require the consent
of each holder of Notes (or each Holder of Preferred Securities) affected
thereby, no such consent shall be given by the Property Trustee without the
prior written consent of each Holder of Preferred Securities. The Property
Trustee shall not revoke any action previously 

 

36

 

authorized or approved by a vote of the
Holders of the Preferred Securities, except by a subsequent vote of the Holders
of the Preferred Securities.  In addition
to obtaining the foregoing approvals of the Holders of the Preferred
Securities, prior to taking any of the foregoing actions, the Property Trustee
shall, at the expense of the Depositor, obtain an Opinion of Counsel
experienced in such matters to the effect that such action shall not cause the
Trust to be taxable as a corporation or classified as other than a grantor
trust for United States federal income tax purposes.

 

(c)           If any proposed amendment to the Trust Agreement provides
for, or the Trustees otherwise propose to effect, (i) any action that
would adversely affect in any material respect the powers, preferences or
special rights of the Preferred Securities, whether by way of amendment to the
Trust Agreement or otherwise or (ii) the dissolution, winding-up or
termination of the Trust, other than pursuant to the terms of this Trust Agreement,
then the Holders of Outstanding Preferred Securities as a class will be
entitled to vote on such amendment or proposal and such amendment or proposal
shall not be effective except with the approval of the Holders of at least a
Majority in Liquidation Amount of the Preferred Securities. Notwithstanding any
other provision of this Trust Agreement, no amendment to this Trust Agreement
may be made if, as a result of such amendment, it would cause the Trust to be
taxable as a corporation or classified as other than a grantor trust for United
States federal income tax purposes.

 

SECTION
6.10.      Acceleration of Maturity; Rescission of Annulment; Waivers of Past
Defaults.

 

(a)           For so long as any Preferred Securities remain
Outstanding, if, upon a Note Event of Default, the Note Trustee fails or the
holders of not less than twenty five percent (25%) in principal amount of the
outstanding Notes fail to declare the principal of all of the Notes to be
immediately due and payable, the Holders of at least twenty five percent (25%)
in Liquidation Amount of the Preferred Securities then Outstanding shall have
the right to make such declaration by a notice in writing to the Property
Trustee, the Depositor and the Note Trustee. 
At any time after a declaration of acceleration with respect to the
Notes has been made and before a judgment or decree for payment of the money
due has been obtained by the Note Trustee as provided in the Indenture, the
Holders of at least a Majority in Liquidation Amount of the Preferred
Securities, by written notice to the Property Trustee, the Depositor and the
Note Trustee, may rescind and annul such declaration and its consequences if:

 

(i)            the Depositor has paid or deposited
with the Note Trustee a sum sufficient to pay:

 

(A)          all overdue installments of interest
on all of the Notes;

 

(B)           any accrued Additional Interest on
all of the Notes;

 

(C)           the principal of and any premium, if
any, on any Notes that have become due otherwise than by such declaration of
acceleration and interest and Additional Interest thereon at the rate borne by
the Notes; and

 

37

 

(D)          all sums paid or advanced by the Note
Trustee under the Indenture and the reasonable compensation, expenses,
disbursements and advances of the Note Trustee, the Property Trustee and their
agents and counsel; and

 

(ii)           all Note Events of Default, other
than the non-payment of the principal of the Notes that has become due solely
by such acceleration, have been cured or waived as provided in
Section 5.13 of the Indenture.

 

Upon receipt
by the Property Trustee of written notice requesting such an acceleration, or
rescission and annulment thereof, by Holders of any part of the Preferred
Securities, a record date shall be established for determining Holders of
Outstanding Preferred Securities entitled to join in such notice, which record
date shall be at the close of business on the day the Property Trustee receives
such notice. The Holders on such record date, or their duly designated proxies,
and only such Persons, shall be entitled to join in such notice, whether or not
such Holders remain Holders after such record date; provided, that, unless such declaration of acceleration, or
rescission and annulment, as the case may be, shall have become effective by virtue
of the requisite percentage having joined in such notice prior to the day that
is ninety (90) days after such record date, such notice of declaration of
acceleration, or rescission and annulment, as the case may be, shall
automatically and without further action by any Holder be canceled and of no
further effect. Nothing in this paragraph shall prevent a Holder, or a proxy of
a Holder, from giving, after expiration of such ninety (90)-day period, a new
written notice of declaration of acceleration, or rescission and annulment
thereof, as the case may be, that is identical to a written notice that has
been canceled pursuant to the proviso to the preceding sentence, in which event
a new record date shall be established pursuant to the provisions of this Section 6.10(a).

 

(b)           For so long as any Preferred Securities remain
Outstanding, to the fullest extent permitted by law and subject to the terms of
this Trust Agreement and the Indenture, upon a Note Event of Default specified
in paragraph (a) or (b) of Section 5.1 of the Indenture, any Holder of
Preferred Securities shall have the right to institute a proceeding directly
against the Depositor, pursuant to Section 5.8 of the Indenture, for
enforcement of payment to such Holder of any amounts payable in respect of
Notes having an aggregate principal amount equal to the aggregate Liquidation
Amount of the Preferred Securities of such Holder.  Except as set forth in Section 6.10(a)
and this Section 6.10(b), the Holders of Preferred Securities shall
have no right to exercise directly any right or remedy available to the holders
of, or in respect of, the Notes.

 

(c)           Notwithstanding paragraphs (a) and (b) of this Section
6.10, the Holders of at least a Majority in Liquidation Amount of the
Preferred Securities may, on behalf of the Holders of all the Preferred
Securities, waive any Note Event of Default, except any Note Event of Default
arising from the failure to pay any principal of or any premium, if any, or
interest on (including any Additional Interest) the Notes (unless such Note
Event of Default has been cured and a sum sufficient to pay all matured
installments of interest and all principal and premium, if any, on all Notes
due otherwise than by acceleration has been deposited with the Note Trustee) or
a Note Event of Default in respect of a covenant or provision that under the
Indenture cannot be modified or amended without the consent of the holder of
each outstanding Note.  Upon any such
waiver, such Note Event of Default shall cease to exist and any Note Event of
Default arising therefrom shall be deemed to have been cured for every purpose
of the Indenture; but no 

 

38

 

such waiver shall affect any subsequent Note
Event of Default or impair any right consequent thereon.

 

(d)           Notwithstanding paragraphs (a) and (b) of this Section
6.10, the Holders of at least a Majority in Liquidation Amount of the
Preferred Securities may, on behalf of the Holders of all the Preferred
Securities, waive any past Event of Default and its consequences.  Upon such waiver, any such Event of Default
shall cease to exist, and any Event of Default arising therefrom shall be
deemed to have been cured, for every purpose of this Trust Agreement, but no
such waiver shall extend to any subsequent or other Event of Default or impair
any right consequent thereon.

 

(e)           The Holders of a Majority in Liquidation Amount of the
Preferred Securities shall have the right to direct the time, method and place
of conducting any proceeding for any remedy available to the Property Trustee
in respect of this Trust Agreement or the Notes or exercising any trust or
power conferred upon the Property Trustee under this Trust Agreement; provided, that, subject to Sections 8.5 and 8.7, the Property
Trustee shall have the right to decline to follow any such direction if the
Property Trustee being advised by counsel determines that the action so
directed may not lawfully be taken, or if the Property Trustee in good faith
shall, by an officer or officers of the Property Trustee, determine that the
proceedings so directed would be illegal or involve it in personal liability or
be unduly prejudicial to the rights of Holders not party to such direction, and
provided, further, that nothing in this Trust Agreement
shall impair the right of the Property Trustee to take any action deemed proper
by the Property Trustee and which is not inconsistent with such direction.

 

ARTICLE
VII.

Representations and Warranties

 

SECTION
7.1.        Representations and Warranties of the Property Trustee and the Delaware
Trustee.

 

The Property
Trustee and the Delaware Trustee, each severally on behalf of and as to itself,
hereby represents and warrants for the benefit of the Depositor and the Holders
that:

 

(a)           the Property Trustee is a national
banking association, duly organized and validly existing under the laws of the
United States;

 

(b)           the Property Trustee has full
corporate power, authority and legal right to execute, deliver and perform its
obligations under this Trust Agreement and has taken all necessary action to
authorize the execution, delivery and performance by it of this Trust
Agreement;

 

(c)           the Delaware Trustee is a national
banking association, duly formed and validly existing under the laws of the
United States;

 

(d)           the Delaware Trustee has full
corporate power, authority and legal right to execute, deliver and perform its
obligations under this Trust Agreement and has taken all 

 

39

 

necessary action to
authorize the execution, delivery and performance by it of this Trust
Agreement;

 

(e)           this Trust Agreement has been duly
authorized, executed and delivered by the Property Trustee and the Delaware
Trustee and constitutes the legal, valid and binding agreement of each of the
Property Trustee and the Delaware Trustee enforceable against each of them in
accordance with its terms, subject to applicable bankruptcy, insolvency,
fraudulent transfer, reorganization, moratorium and similar laws affecting
creditors’ rights generally and to general principles of equity;

 

(f)            the execution, delivery and
performance of this Trust Agreement have been duly authorized by all necessary
corporate or other action on the part of the Property Trustee and the Delaware
Trustee and do not require any approval of stockholders of the Property Trustee
and the Delaware Trustee and such execution, delivery and performance will not
(i) violate the Restated Organization Certificate or Articles of
Association, as applicable, or By-laws of the Property Trustee or the Delaware
Trustee, (ii) violate any provision of, or constitute, with or without notice
or lapse of time, a default under, or result in the imposition of any lien on
any properties included in the Trust Property pursuant to the provisions of any
indenture, mortgage, credit agreement, license or other agreement or instrument
to which the Property Trustee or the Delaware Trustee is a party or by which it
is bound, or (iii) violate any applicable law, governmental rule or
regulation of the United States or the State of Delaware, as the case may be,
governing the banking, trust or general powers of the Property Trustee or the
Delaware Trustee or any order, judgment or decree applicable to the Property
Trustee or the Delaware Trustee;

 

(g)           neither the authorization, execution
or delivery by the Property Trustee or the Delaware Trustee of this Trust
Agreement nor the consummation of any of the transactions by the Property
Trustee or the Delaware Trustee contemplated herein requires the consent or
approval of, the giving of notice to, the registration with or the taking of
any other action with respect to any governmental authority or agency under any
existing law of the United States or the State of Delaware governing the
banking, trust or general powers of the Property Trustee or the Delaware
Trustee, as the case may be; and

 

(h)           to the best of each of the Property
Trustee’s and the Delaware Trustee’s knowledge, there are no proceedings
pending or threatened against or affecting the Property Trustee or the Delaware
Trustee in any court or before any governmental authority, agency or
arbitration board or tribunal that, individually or in the aggregate, would
materially and adversely affect the Trust or would question the right, power
and authority of the Property Trustee or the Delaware Trustee, as the case may
be, to enter into or perform its obligations as one of the Trustees under this
Trust Agreement.

 

SECTION
7.2.        Representations and Warranties of Depositor.

 

The Depositor
hereby represents and warrants for the benefit of the Holders and the Trustees
that:

 

40

 

(a)           the Depositor is a corporation duly
organized, validly existing and in good standing under the laws of its state of
incorporation;

 

(b)           the Depositor has full corporate
power, authority and legal right to execute, deliver and perform its
obligations under this Trust Agreement and has taken all necessary action to
authorize the execution, delivery and performance by it of this Trust
Agreement;

 

(c)           this Trust Agreement has been duly
authorized, executed and delivered by the Depositor and constitutes the legal,
valid and binding agreement of the Depositor enforceable against the Depositor
in accordance with its terms, subject to applicable bankruptcy, insolvency and
similar laws affecting creditors’ rights generally and to general principles of
equity;

 

(d)           the Securities Certificates issued at
the Closing Date on behalf of the Trust have been duly authorized and will have
been duly and validly executed, issued and delivered by the applicable Trustees
pursuant to the terms and provisions of, and in accordance with the
requirements of, this Trust Agreement and the Holders will be, as of such date,
entitled to the benefits of this Trust Agreement;

 

(e)           the execution, delivery and
performance of this Trust Agreement have been duly authorized by all necessary
corporate or other action on the part of the Depositor and do not require any
approval of stockholders of the Depositor and such execution, delivery and
performance will not (i) violate the articles or certificate of
incorporation or by-laws (or other organizational documents) of the Depositor
or (ii) violate any applicable law, governmental rule or regulation
governing the Depositor or any material portion of its property or any order,
judgment or decree applicable to the Depositor or any material portion of its
property;

 

(f)            neither the authorization, execution
or delivery by the Depositor of this Trust Agreement nor the consummation of
any of the transactions by the Depositor contemplated herein requires the
consent or approval of, the giving of notice to, the registration with or the
taking of any other action with respect to any governmental authority or agency
under any existing law governing the Depositor or any material portion of its
property; and

 

(g)           there are no proceedings pending or,
to the best of the Depositor’s knowledge, threatened against or affecting the
Depositor or any material portion of its property in any court or before any
governmental authority, agency or arbitration board or tribunal that,
individually or in the aggregate, would materially and adversely affect the
Trust or would question the right, power and authority of the Depositor, as the
case may be, to enter into or perform its obligations under this Trust
Agreement.

 

41

 

ARTICLE VIII.

The Trustees

 

SECTION
8.1.        Number of Trustees.

 

The number of
Trustees shall be five (5); provided,
that the Property Trustee and the Delaware Trustee may be the same Person, in
which case the number of Trustees shall be four (4).  The number of Trustees may be increased or
decreased by Act of the Holder of the Common Securities subject to Sections
8.2, 8.3, and 8.4.  The
death, resignation, retirement, removal, bankruptcy, incompetence or incapacity
to perform the duties of a Trustee shall not operate to annul, dissolve or
terminate the Trust.

 

SECTION
8.2.        Property Trustee Required.

 

There shall at
all times be a Property Trustee hereunder with respect to the Trust Securities.
The Property Trustee shall be a corporation organized and doing business under
the laws of the United States or of any state thereof, authorized to exercise
corporate trust powers, having a combined capital and surplus of at least fifty
million dollars ($50,000,000), subject to supervision or examination by federal
or state authority and having an office within the United States.  If any such Person publishes reports of
condition at least annually pursuant to law or to the requirements of its
supervising or examining authority, then for the purposes of this Section
8.2, the combined capital and surplus of such Person shall be deemed to be
its combined capital and surplus as set forth in its most recent report of
condition so published. If at any time the Property Trustee shall cease to be
eligible in accordance with the provisions of this Section 8.2, it shall
resign immediately in the manner and with the effect hereinafter specified in
this Article VIII.

 

SECTION
8.3.        Delaware Trustee Required.

 

(a)           If required by the Delaware Statutory Trust Act, there
shall at all times be a Delaware Trustee with respect to the Trust Securities.
The Delaware Trustee shall either be (i) a natural person who is at least
21 years of age and a resident of the State of Delaware or (ii) a legal
entity that has its principal place of business in the State of Delaware,
otherwise meets the requirements of applicable Delaware law and shall act
through one or more persons authorized to bind such entity.  If at any time the Delaware Trustee shall
cease to be eligible in accordance with the provisions of this Section 8.3,
it shall resign immediately in the manner and with the effect hereinafter
specified in this Article VIII. 
The Delaware Trustee shall have the same rights, privileges and
immunities as the Property Trustee.

 

(b)           The Delaware Trustee shall not be entitled to exercise any
powers, nor shall the Delaware Trustee have any of the duties and
responsibilities, of the Property Trustee or the Administrative Trustees set
forth herein. The Delaware Trustee shall be one of the trustees of the Trust
for the sole and limited purpose of fulfilling the requirements of
Section 3807 of the Delaware Statutory Trust Act and for taking such
actions as are required to be taken by a Delaware trustee under the Delaware
Statutory Trust Act.  The duties
(including fiduciary duties), liabilities and obligations of the Delaware
Trustee shall be limited to (a) accepting legal 

 

42

 

process served on the Trust in the State of
Delaware and (b) the execution of any certificates required to be filed with
the Secretary of State of the State of Delaware that the Delaware Trustee is
required to execute under Section 3811 of the Delaware Statutory Trust Act and
there shall be no other duties (including fiduciary duties) or obligations,
express or implied, at law or in equity, of the Delaware Trustee.

 

SECTION
8.4.        Appointment of Administrative Trustees.

 

(a)           There shall at all times be one or more Administrative
Trustees hereunder with respect to the Trust Securities. Each Administrative
Trustee shall be either a natural person who is at least 21 years of age or a
legal entity that shall act through one or more persons authorized to bind that
entity.  Each of the individuals
identified as an “Administrative Trustee”
in the preamble of this Trust Agreement hereby accepts his or her appointment
as such.

 

(b)           Except where a requirement for action by a specific number
of Administrative Trustees is expressly set forth in this Trust Agreement, any
act required or permitted to be taken by, and any power of the Administrative
Trustees may be exercised by, or with the consent of, any one such
Administrative Trustee.  Whenever a
vacancy in the number of Administrative Trustees shall occur, until such
vacancy is filled by the appointment of an Administrative Trustee in accordance
with Section 8.11, the Administrative Trustees in office,
regardless of their number (and notwithstanding any other provision of this Trust
Agreement), shall have all the powers granted to the Administrative Trustees
and shall discharge all the duties imposed upon the Administrative Trustees by
this Trust Agreement.

 

SECTION
8.5.        Duties and Responsibilities of the Trustees.

 

(a)           The rights, immunities, duties and responsibilities of the
Trustees shall be as provided by this Trust Agreement and there shall be no
other duties (including fiduciary duties) or obligations, express or implied,
at law or in equity, of the Trustees; provided,
however, that if an Event of Default known to the Property Trustee
has occurred and is continuing, the Property Trustee shall, prior to the
receipt of directions, if any, from the Holders of at least a Majority in
Liquidation Amount of the Preferred Securities, exercise such of the rights and
powers vested in it by this Trust Agreement, and use the same degree of care
and skill in its exercise, as a prudent person would exercise or use under the
circumstances in the conduct of such person’s own affairs.  Notwithstanding the foregoing, no provision
of this Trust Agreement shall require any of the Trustees to expend or risk its
own funds or otherwise incur any financial liability in the performance of any
of its duties hereunder, or in the exercise of any of its or their rights or
powers, if it or they shall have reasonable grounds for believing that
repayment of such funds or adequate indemnity against such risk or liability is
not reasonably assured to it. Whether or not herein expressly so provided,
every provision of this Trust Agreement relating to the conduct or affecting
the liability of or affording protection to the Trustees shall be subject to
the provisions of this Section 8.5. 
Nothing in this Trust Agreement shall be construed to release any
Administrative Trustee from liability for his or her own negligent action,
negligent failure to act; or his or her own willful misconduct.  To the extent that, at law or in equity, a
Trustee has duties and liabilities relating to the Trust or to the Holders,
such Trustee shall not be liable to the Trust or to any Holder for such
Trustee’s good faith reliance on the provisions of this Trust Agreement. The
provisions of this Trust Agreement, to the extent that they restrict the duties
and 

 

43

 

liabilities of the Trustees otherwise
existing at law or in equity, are agreed by the Depositor and the Holders to
replace such other duties and liabilities of the Trustees.

 

(b)           All payments made by the Property Trustee or a Paying
Agent in respect of the Trust Securities shall be made only from the revenue
and proceeds from the Trust Property and only to the extent that there shall be
sufficient revenue or proceeds from the Trust Property to enable the Property
Trustee or a Paying Agent to make payments in accordance with the terms hereof.
Each Holder, by its acceptance of a Trust Security, agrees that it will look
solely to the revenue and proceeds from the Trust Property to the extent
legally available for distribution to it as herein provided and that the
Trustees are not personally liable to it for any amount distributable in
respect of any Trust Security or for any other liability in respect of any
Trust Security. This Section 8.5(b) does not limit the liability of
the Trustees expressly set forth elsewhere in this Trust Agreement.

 

(c)           No provisions of this Trust Agreement shall be construed
to relieve the Property Trustee from liability with respect to matters that are
within the authority of the Property Trustee under this Trust Agreement for its
own negligent action, negligent failure to act or willful misconduct, except
that:

 

(i)            the Property Trustee shall not be
liable for any error or judgment made in good faith by an authorized officer of
the Property Trustee, unless it shall be proved that the Property Trustee was
negligent in ascertaining the pertinent facts;

 

(ii)           the Property Trustee shall not be
liable with respect to any action taken or omitted to be taken by it in good
faith in accordance with the direction of the Holders of at least a Majority in
Liquidation Amount of the Preferred Securities relating to the time, method and
place of conducting any proceeding for any remedy available to the Property
Trustee hereunder or under the Indenture, or exercising any trust or power
conferred upon the Property Trustee under this Trust Agreement;

 

(iii)          the Property Trustee’s sole duty with
respect to the custody, safe keeping and physical preservation of the Notes and
the Payment Account shall be to deal with such Property in a similar manner as
the Property Trustee deals with similar property for its own account, subject
to the protections and limitations on liability afforded to the Property
Trustee under this Trust Agreement;

 

(iv)          the Property Trustee shall not be
liable for any interest on any money received by it except as it may otherwise
agree in writing with the Depositor; and money held by the Property Trustee
need not be segregated from other funds held by it except in relation to the
Payment Account maintained by the Property Trustee pursuant to Section 3.1
and except to the extent otherwise required by law; and

 

(v)           the Property Trustee shall not be
responsible for monitoring the compliance by the Administrative Trustees or the
Depositor with their respective duties under this Trust Agreement, nor shall
the Property Trustee be liable for the default or misconduct of any other
Trustee or the Depositor.

 

44

 

SECTION
8.6.        Notices of Defaults and Extensions.

 

(a)           Within ninety (90) days after the occurrence of a default
actually known to the Property Trustee, the Property Trustee shall transmit
notice of such default to the Holders, the Administrative Trustees and the
Depositor, unless such default shall have been cured or waived.  For the purpose of this Section 8.6,
the term “default” means any
event that is, or after notice or lapse of time or both would become, an Event
of Default.

 

(b)           Within five (5) Business Days after the receipt of notice
of the Depositor’s exercise of its right to defer the payment of interest on
the Notes pursuant to the Indenture, the Property Trustee shall transmit, in
the manner and to the extent provided in Section 10.8, notice of
such exercise to the Holders and the Administrative Trustees, unless such
exercise shall have been revoked.

 

(c)           The Property Trustee shall not be charged with knowledge
of any Event of Default unless either (i) a Responsible Officer of the Property
Trustee shall have actual knowledge or (ii) the Property Trustee shall have
received written notice thereof from the Depositor, an Administrative Trustee
or a Holder.

 

(d)           The Property Trustee shall notify all Holders of the
Preferred Securities of any notice of default received with respect to the
Notes.

 

SECTION
8.7.        Certain Rights of Property Trustee.

 

Subject to the
provisions of Section 8.5:

 

(a)           the Property Trustee may conclusively
rely and shall be protected in acting or refraining from acting in good faith
and in accordance with the terms hereof upon any resolution, Opinion of
Counsel, certificate, written representation of a Holder or transferee,
certificate of auditors or any other resolution, certificate, statement,
instrument, opinion, report, notice, request, direction, consent, order,
appraisal, bond, debenture, note, other evidence of indebtedness or other paper
or document believed by it to be genuine and to have been signed or presented
by the proper party or parties;

 

(b)           if (i) in performing its duties
under this Trust Agreement the Property Trustee is required to decide between
alternative courses of action, (ii) in construing any of the provisions of
this Trust Agreement the Property Trustee finds a provision ambiguous or
inconsistent with any other provisions contained herein or (iii) the
Property Trustee is unsure of the application of any provision of this Trust
Agreement, then, except as to any matter as to which the Holders of the
Preferred Securities are entitled to vote under the terms of this Trust
Agreement, the Property Trustee shall deliver a notice to the Depositor
requesting the Depositor’s written instruction as to the course of action to be
taken and the Property Trustee shall take such action, or refrain from taking
such action, as the Property Trustee shall be instructed in writing to take, or
to refrain from taking, by the Depositor; provided,
that if the Property Trustee does not receive such instructions of the
Depositor within ten (10) Business Days after it has delivered such notice or
such reasonably shorter period of time set forth in such notice, the Property
Trustee may, but shall be under no duty to, take such action, or refrain from
taking such 

 

45

 

action, as the Property
Trustee shall deem advisable and in the best interests of the Holders, in which
event the Property Trustee shall have no liability except for its own
negligence, bad faith or willful misconduct;

 

(c)           any direction or act of the Depositor
contemplated by this Trust Agreement shall be sufficiently evidenced by an
Officers’ Certificate unless otherwise expressly provided herein;

 

(d)           any direction or act of an
Administrative Trustee contemplated by this Trust Agreement shall be
sufficiently evidenced by a certificate executed by such Administrative Trustee
and setting forth such direction or act;

 

(e)           the Property Trustee shall have no
duty to see to any recording, filing or registration of any instrument
(including any financing or continuation statement or any filing under tax or
securities laws) or any re-recording, re-filing or re-registration thereof;

 

(f)            the Property Trustee may consult
with counsel (which counsel may be counsel to the Property Trustee, the
Depositor or any of its Affiliates, and may include any of its employees) and
the advice of such counsel shall be full and complete authorization and
protection in respect of any action taken, suffered or omitted by it hereunder
in good faith and in reliance thereon and in accordance with such advice; the
Property Trustee shall have the right at any time to seek instructions
concerning the administration of this Trust Agreement from any court of
competent jurisdiction;

 

(g)           the Property Trustee shall be under
no obligation to exercise any of the rights or powers vested in it by this
Trust Agreement at the request or direction of any of the Holders pursuant to
this Trust Agreement, unless such Holders shall have offered to the Property
Trustee reasonable security or indemnity against the costs, expenses (including
reasonable attorneys’ fees and expenses) and liabilities that might be incurred
by it in compliance with such request or direction, including reasonable
advances as may be requested by the Property Trustee; provided, however, that nothing contained
in this Section 8.7(g) shall be construed to relieve the Property
Trustee, upon the occurrence of an Event of Default, of its obligation to
exercise the rights and powers in it vested by this Trust Agreement; provided,
further, that nothing contained in this Section 8.7(g) shall prevent the
Property Trustee from exercising its rights under Section 8.11 hereof;

 

(h)           the Property Trustee shall not be
bound to make any investigation into the facts or matters stated in any
resolution, certificate, statement, instrument, opinion, report, notice,
request, direction, consent, order, approval, bond, debenture, note or other
evidence of indebtedness or other paper or document, unless requested in
writing to do so by one or more Holders, but the Property Trustee may make such
further inquiry or investigation into such facts or matters as it may see fit,
and, if the Property Trustee shall determine to make such inquiry or
investigation, it shall be entitled to examine the books, records and premises
of the Depositor, personally or by agent or attorney;

 

(i)            the Property Trustee may execute any
of the trusts or powers hereunder or perform any duties hereunder either
directly or by or through its agents, attorneys, 

 

46

 

custodians or nominees and
the Property Trustee shall not be responsible for any negligence or misconduct
on the part of any such agent, attorney, custodian or nominee appointed with
due care by it hereunder;

 

(j)            whenever in the administration of this Trust
Agreement the Property Trustee shall deem it desirable to receive instructions
with respect to enforcing any remedy or right hereunder, the Property Trustee
(i) may request instructions from the Holders (which instructions may only
be given by the Holders of the same proportion in Liquidation Amount of the
Trust Securities as would be entitled to direct the Property Trustee under this
Trust Agreement in respect of such remedy, right or action), (ii) may
refrain from enforcing such remedy or right or taking such other action until
such instructions are received and (iii) shall be protected in acting in
accordance with such instructions;

 

(k)           except as otherwise expressly provided by this
Trust Agreement, the Property Trustee shall not be under any obligation to take
any action that is discretionary under the provisions of this Trust Agreement;

 

(l)            without prejudice to any other rights
available to the Property Trustee under applicable law, when the Property
Trustee incurs expenses or renders services in connection with a Bankruptcy
Event, such expenses (including legal fees and expenses of its agents and
counsel) and the compensation for such services are intended to constitute
expenses of administration under any bankruptcy law or law relating to creditors
rights generally; and

 

(m)          whenever in the administration of this Trust
Agreement the Property Trustee shall deem it desirable that a matter be proved
or established prior to taking, suffering or omitting any action hereunder, the
Property Trustee (unless other evidence be herein specifically prescribed) may,
in the absence of bad faith on its part, request and rely on an Officers’
Certificate which, upon receipt of such request, shall be promptly delivered by
the Depositor.

 

No provision
of this Trust Agreement shall be deemed to impose any duty or obligation on any
Trustee to perform any act or acts or exercise any right, power, duty or
obligation conferred or imposed on it, in any jurisdiction in which it shall be
illegal, or in which such Person shall be unqualified or incompetent in
accordance with applicable law, to perform any such act or acts, or to exercise
any such right, power, duty or obligation.

 

SECTION
8.8.        Delegation of Power.

 

Any Trustee
may, by power of attorney consistent with applicable law, delegate to any other
natural person over the age of 21 its, his or her
power for the purpose of executing any documents contemplated in Section 2.5.  The Trustees shall have power to delegate
from time to time to the Depositor the doing of such things and the execution
of such instruments either in the name of the Trust or the names of the
Trustees or otherwise as the Trustees may deem expedient, to the extent such
delegation is not prohibited by applicable law or contrary to the provisions of
this Trust Agreement.

 

47

 

SECTION
8.9.        May Hold Securities.

 

Any Trustee or
any other agent of any Trustee or the Trust, in its individual or any other
capacity, may become the owner or pledgee of Trust Securities and except as
provided in the definition of the term “Outstanding”
in Article I, may otherwise deal with the Trust with the same rights it
would have if it were not an Trustee or such other agent.

 

SECTION 8.10.      Compensation;
Reimbursement; Indemnity.

 

The Depositor
agrees:

 

(a)           to pay to the Trustees from time to time such
reasonable compensation for all services rendered by them hereunder as may be
agreed by the Depositor and the Trustees from time to time (which compensation
shall not be limited by any provision of law in regard to the compensation of a
trustee of an express trust);

 

(b)           to reimburse the Trustees upon request for
all reasonable expenses, disbursements and advances incurred or made by the
Trustees in accordance with any provision of this Trust Agreement (including
the reasonable compensation and the expenses and disbursements of their agents
and counsel), except any such expense, disbursement or advance as may be
attributable to their gross negligence, bad faith or willful misconduct; and

 

(c)           to the fullest extent permitted by applicable
law, to indemnify and hold harmless (i) each Trustee, (ii) any Affiliate
of any Trustee, (iii) any officer, director, shareholder, employee,
representative or agent of any Trustee or any Affiliate of any Trustee and
(iv) any employee or agent of the Trust (referred to herein as an “Indemnified Person”) from and against any
loss, damage, liability, tax (other than income, franchise or other taxes
imposed on amounts paid pursuant to Section 8.10(a) or (b)
hereof), penalty, expense or claim of any kind or nature whatsoever incurred
without negligence, bad faith or willful misconduct on its part, arising out of
or in connection with the acceptance or administration of the Trust hereunder,
including the advancement of funds to cover the costs and expenses of defending
itself against any claim or liability in connection with the exercise or
performance of any of its powers or duties hereunder.

 

The Trust
shall have no payment, reimbursement or indemnity obligations to the Trustees
under this Section 8.10.  The
provisions of this Section 8.10 shall survive the termination of
this Trust Agreement and the earlier removal or resignation of any Trustee.

 

No Trustee may
claim any Lien on any Trust Property whether before or after termination of the
Trust as a result of any amount due pursuant to this Section 8.10.

 

To the fullest
extent permitted by law, in no event shall the Property Trustee and the
Delaware Trustee be liable for any indirect, special, punitive or consequential
loss or damage of any kind whatsoever, including, but not limited to, lost
profits, even if the Trustee has been advised of the likelihood of such loss or
damage and regardless of the form of action.

 

48

 

In no event
shall the Property Trustee and the Delaware Trustee be liable for any failure
or delay in the performance of its obligations hereunder because of
circumstances beyond its control, including, but not limited to, acts of God,
flood, war (whether declared or undeclared), terrorism, fire, riot, embargo,
government action, including any laws, ordinances, regulations, governmental
action or the like which delay, restrict or prohibit the providing of the
services contemplated by this Trust Agreement.

 

SECTION 8.11.      Resignation
and Removal; Appointment of Successor.

 

(a)           No resignation or removal of any Trustee and
no appointment of a successor Trustee pursuant to this Article VIII
shall become effective until the acceptance of appointment by the successor
Trustee in accordance with the applicable requirements of Section 8.12.

 

(b)           A Trustee may resign at any time by giving
written notice thereof to the Depositor and, in the case of the Property
Trustee and the Delaware Trustee, to the Holders.

 

(c)           Unless an Event of Default shall have
occurred and be continuing, the Property Trustee or the Delaware Trustee, or
both of them, may be removed (with or without cause) at any time by Act of the
Holder of Common Securities.  If an Event
of Default shall have occurred and be continuing, the Property Trustee or the
Delaware Trustee, or both of them, may be removed (with or without cause) at
such time by Act of the Holders of at least a Majority in Liquidation Amount of
the Preferred Securities, delivered to the removed Trustee (in its individual
capacity and on behalf of the Trust).  An
Administrative Trustee may be removed (with or without cause) only by Act of
the Holder of the Common Securities at any time.

 

(d)           If any Trustee shall resign, be removed or become
incapable of acting as Trustee, or if a vacancy shall occur in the office of
any Trustee for any reason, at a time when no Event of Default shall have
occurred and be continuing, the Holder of the Common Securities, by Act of the
Holder of the Common Securities, shall promptly appoint a successor Trustee or
Trustees, and such successor Trustee and the retiring Trustee shall comply with
the applicable requirements of Section 8.12.  If the Property Trustee or the Delaware
Trustee shall resign, be removed or become incapable of continuing to act as
the Property Trustee or the Delaware Trustee, as the case may be, at a time
when an Event of Default shall have occurred and be continuing, the Holders of
the Preferred Securities, by Act of the Holders of a Majority in Liquidation
Amount of the Preferred Securities, shall promptly appoint a successor Property
Trustee or Delaware Trustee, and such successor Property Trustee or Delaware
Trustee and the retiring Property Trustee or Delaware Trustee shall comply with
the applicable requirements of Section 8.12.  If an Administrative Trustee shall resign, be
removed or become incapable of acting as Administrative Trustee, at a time when
an Event of Default shall have occurred and be continuing, the Holder of the
Common Securities by Act of the Holder of Common Securities shall promptly
appoint a successor Administrative Trustee and such successor Administrative
Trustee and the retiring Administrative Trustee shall comply with the
applicable requirements of Section 8.12. 
If no successor Trustee shall have been so appointed by the Holder of
the Common Securities or Holders of the Preferred Securities, as the case may
be, and accepted appointment in the manner required by Section 8.12
within thirty (30) days after the giving of a notice of resignation by a
Trustee, the removal of a Trustee, or a Trustee becoming incapable of acting as
such Trustee, any Holder who has been a Holder of Preferred Securities for at
least six 

 

49

 

(6) months
may, on behalf of himself and all others similarly situated, and any resigning
Trustee may, in each case, at the expense of the Depositor, petition any court
of competent jurisdiction for the appointment of a successor Trustee.

 

(e)           The Depositor shall give notice of each
resignation and each removal of the Property Trustee or the Delaware Trustee
and each appointment of a successor Property Trustee or Delaware Trustee to all
Holders in the manner provided in Section 10.8.  Each notice shall include the name of the
successor Property Trustee or Delaware Trustee and the address of its Corporate
Trust Office if it is the Property Trustee.

 

(f)            Notwithstanding the foregoing or any other
provision of this Trust Agreement, in the event any Administrative Trustee or a
Delaware Trustee who is a natural person dies or becomes, in the opinion of the
Holder of Common Securities, incompetent or incapacitated, the vacancy created
by such death, incompetence or incapacity may be filled by (i) the unanimous act
of the remaining Administrative Trustees if there are at least two of them or
(ii) otherwise by the Holder of the Common Securities (with the successor in
each case being a Person who satisfies the eligibility requirement for
Administrative Trustees or Delaware Trustee, as the case may be, set forth in Sections
8.3 and 8.4).

 

(g)           Upon the appointment of a successor Delaware
Trustee, such successor Delaware Trustee shall file a Certificate of Amendment
to the Certificate of Trust in accordance with Section 3810 of the Delaware
Statutory Trust Act.

 

SECTION 8.12.      Acceptance
of Appointment by Successor.

 

(a)           In case of the appointment hereunder of a
successor Trustee, each successor Trustee shall execute and deliver to the
Depositor and to the retiring Trustee an instrument accepting such appointment,
and thereupon the resignation or removal of the retiring Trustee shall become
effective and each such successor Trustee, without any further act, deed or
conveyance, shall become vested with all the rights, powers, trusts and duties
of the retiring Trustee; but, on request of the Trust or any successor Trustee
such retiring Trustee shall, upon payment of its charges, duly assign, transfer
and deliver to such successor Trustee all Trust Property, all proceeds thereof
and money held by such retiring Trustee hereunder with respect to the Trust
Securities and the Trust.

 

(b)           Upon request of any such successor Trustee,
the Trust (or the retiring Trustee if requested by the Depositor) shall execute
any and all instruments for more fully and certainly vesting in and confirming
to such successor Trustee all such rights, powers and trusts referred to in the
preceding paragraph.

 

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

 

SECTION 8.13.      Merger,
Conversion, Consolidation or Succession to Business.

 

Any Person
into which the Property Trustee or the Delaware Trustee may be merged or
converted or with which it may be consolidated, or any Person resulting from
any merger, conversion or consolidation to which such Trustee shall be a party,
or any Person succeeding to 

 

50

 

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

 

SECTION 8.14.      Not Responsible for
Recitals Issuance of Securities and Representations.

 

The recitals contained
herein and in the Securities Certificates shall be taken as the statements of
the Trust and the Depositor, and the Trustees do not assume any responsibility
for their correctness.  The Trustees make
no representations as to the title to, or value or condition of, the property
of the Trust or any part thereof, nor as to the
validity or sufficiency of this Trust Agreement, the Notes or the Trust
Securities.  The Trustees shall not be
accountable for the use or application by the Depositor of the proceeds of the
Notes.  It is expressly understood and
agreed by the parties hereto that insofar as any document, agreement or certificate
is executed on behalf of the Trust by any Trustee (i) such document, agreement
or certificate is executed and delivered by such Trustee, not in its individual
capacity but solely as Trustee under this Trust Agreement in the exercise of
the powers and authority conferred and vested in it, (ii) each of the
representations, undertakings and agreements made on the part of the Trust is
made and intended not as representations, warranties, covenants, undertakings
and agreements by any Trustee in its individual capacity but is made and
intended for the purpose of binding only the Trust and (iii) under no
circumstances shall any Trustee in its individual capacity be personally liable
for the payment of any indebtedness or expenses of the Trust or be liable for
the breach or failure of any obligation, representation, warranty or covenant
made or undertaken by the Trust under this Trust Agreement or any other
document, agreement or certificate.

 

SECTION 8.15.      Property Trustee May File
Proofs of Claim.

 

(a)           In case of any Bankruptcy Event (or event
that with the passage of time would become a Bankruptcy Event) relative to the
Trust or any other obligor upon the Trust Securities or the property of the
Trust or of such other obligor or their creditors, the Property Trustee
(irrespective of whether any Distributions on the Trust Securities shall then
be due and payable and irrespective of whether the Property Trustee shall have
made any demand on the Trust for the payment of any past due Distributions)
shall be entitled and empowered, to the fullest extent permitted by law, by
intervention in such proceeding or otherwise:

 

(i)            to file and prove a claim for the whole
amount of any Distributions owing and unpaid in respect of the Trust Securities
and to file such other papers or documents as may be necessary or advisable in
order to have the claims of the Property Trustee (including any claim for the
reasonable compensation, expenses, disbursements and advances of the Property
Trustee, its agents and counsel) and of the Holders allowed in such judicial
proceeding; and

 

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

 

51

 

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

 

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

 

SECTION 8.16.      Reports
to the Property Trustee.

 

(a)           The Depositor and the Administrative Trustees
shall deliver to the Property Trustee, not later than forty five (45) days
after the end of each of the first three fiscal quarters of the Depositor and
not later than ninety (90) days after the end of each fiscal year of the Trust
ending after the date of this Trust Agreement, an Officers’ Certificate
covering the preceding fiscal year, stating whether or not to the knowledge of
the signers thereof the Depositor and the Trust are in default in the
performance or observance of any of the terms, provisions and conditions of this
Trust Agreement (without regard to any period of grace or requirement of notice
provided hereunder) and, if the Depositor or the Trust shall be in default,
specifying all such defaults and the nature and status thereof of which they
have knowledge.

 

(b)           The Depositor shall furnish (i) to the
Property Trustee; (ii) Cohen Bros. & Company, 450 Park, 23rd Floor,
New York, NY 10022 or such other address as designated by Cohen Bros.
& Company); and (iii) any Owner of the Preferred Securities reasonably
identified to the Depositor and the Trust (which identification may be made
either by such Owner or by Cohen Bros. & Company) a duly completed and
executed certificate substantively and substantially in the form attached
hereto as Exhibit F, including the financial statements referenced in
such Exhibit, which certificate and financial statements shall be so furnished
by the Depositor not later than forty five (45) days after the end of each of
the first three fiscal quarters of each fiscal year of the Depositor and not
later than ninety (90) days after the end of each fiscal year of the Depositor.

 

The Property
Trustee shall obtain all reports, certificate and information, which it is
entitled to obtain under each of the Operative Documents.

 

ARTICLE IX.

Termination, Liquidation and Merger

 

SECTION 9.1.        Dissolution Upon Expiration Date.

 

Unless earlier
dissolved, the Trust shall automatically dissolve on July 30, 2040 (the “Expiration Date”), and the Trust Property
shall be liquidated in accordance with Section 9.4.

 

52

 

SECTION
9.2.        Early Termination.

 

The first to
occur of any of the following events is an “Early
Termination Event”, upon the occurrence of which the Trust shall be
dissolved:

 

(a)           the occurrence of a Bankruptcy Event in
respect of, or the dissolution or liquidation of, the Depositor, in its
capacity as the Holder of the Common Securities, unless the Depositor shall
have transferred the Common Securities as provided by Section 5.11, in
which case this provision shall refer instead to any such successor Holder of
the Common Securities;

 

(b)           the written direction to the Property Trustee
from the Holder of the Common Securities at any time to dissolve the Trust and,
after satisfaction of any liabilities of the Trust as required by applicable
law, to distribute the Notes to Holders in exchange for the Preferred
Securities (which direction is optional and wholly within the discretion of the
Holder of the Common Securities);

 

(c)           the redemption of all of the Preferred
Securities in connection with the payment at maturity or redemption of all the
Notes; and

 

(d)           the entry of an order for dissolution of the
Trust by a court of competent jurisdiction.

 

SECTION
9.3.        Termination.

 

(a)           The respective obligations and responsibilities
of the Trustees and the Trust shall terminate upon the latest to occur of the
following: (a) the distribution by the Property Trustee to Holders of all
amounts required to be distributed hereunder upon the liquidation of the Trust
pursuant to Section 9.4, or upon the redemption of all of the Trust
Securities pursuant to Section 4.2; (b) the satisfaction of
any expenses owed by the Trust; and (c) the discharge of all
administrative duties of the Administrative Trustees, including the performance
of any tax reporting obligations with respect to the Trust or the Holders.

 

(b)           As soon as practicable thereafter, and after
satisfaction of liabilities to creditors of the Trust as required by applicable
law, including Section 3808 of the Statutory Trust Act, the Delaware Trustee,
when notified in writing of the completion of the winding up of the Trust in
accordance with the Delaware Statutory Trust Act, shall terminate the Trust by
filing, at the expense of the Depositor, a certificate of cancellation with the
Secretary of State of the State of Delaware.

 

SECTION
9.4.        Liquidation.

 

(a)           If an Early Termination Event specified in Section
9.2(a), (b) or (d) occurs or upon the Expiration Date, the
Trust shall be liquidated by the Property Trustee as expeditiously as the
Property Trustee shall determine to be possible by distributing, after
satisfaction of liabilities to creditors of the Trust as provided by applicable
law, to each Holder a Like Amount of Notes, subject to Section 9.4(d).
Notice of liquidation shall be given by the Property Trustee 

 

53

 

not less than thirty (30) nor more than sixty
(60) days prior to the Liquidation Date to each Holder of Trust Securities at
such Holder’s address appearing in the Securities Register. All such notices of
liquidation shall:

 

(i)            state the Liquidation Date;

 

(ii)           state that from and after the Liquidation
Date, the Trust Securities will no longer be deemed to be Outstanding and
(subject to Section 9.4(d)) any Securities Certificates not surrendered
for exchange will be deemed to represent a Like Amount of Notes; and

 

(iii)          provide such information with respect to the
mechanics by which Holders may exchange Securities Certificates for Notes, or
if Section 9.4(d) applies, receive a Liquidation Distribution, as
the Property Trustee shall deem appropriate.

 

(b)           Except where Section 9.2(c) or 9.4(d)
applies, in order to effect the liquidation of the Trust and distribution of
the Notes to Holders, the Property Trustee, either itself acting as exchange
agent or through the appointment of a separate exchange agent, shall establish
a record date for such distribution (which shall not be more than forty five
(45) days prior to the Liquidation Date nor prior to the date on which notice
of such liquidation is given to the Holders) and establish such procedures as
it shall deem appropriate to effect the distribution of Notes in exchange for
the Outstanding Securities Certificates.

 

(c)           Except where Section 9.2(c) or 9.4(d)
applies, after the Liquidation Date, (i) the Trust Securities will no
longer be deemed to be Outstanding, (ii) certificates representing a Like
Amount of Notes will be issued to Holders of Securities Certificates, upon
surrender of such Certificates to the exchange agent for exchange, (iii) the
Depositor shall use its best efforts to have the Notes listed on the New York
Stock Exchange or on such other exchange, interdealer quotation system or
self-regulatory organization on which the Preferred Securities are then listed,
if any, (iv) Securities Certificates not so surrendered for exchange will be
deemed to represent a Like Amount of Notes bearing accrued and unpaid interest
in an amount equal to the accumulated and unpaid Distributions on such
Securities Certificates until such certificates are so surrendered (and until
such certificates are so surrendered, no payments of interest or principal will
be made to Holders of Securities Certificates with respect to such Notes) and
(v) all rights of Holders holding Trust Securities will cease, except the right
of such Holders to receive Notes upon surrender of Securities Certificates.

 

(d)           Notwithstanding the other provisions of this Section 9.4,
if distribution of the Notes in the manner provided herein is determined by the
Property Trustee not to be permitted or practical, the Trust Property shall be
liquidated, and the Trust shall be wound up by the Property Trustee in such
manner as the Property Trustee determines. 
In such event, Holders will be entitled to receive out of the assets of
the Trust available for distribution to Holders, after satisfaction of
liabilities to creditors of the Trust as provided by applicable law, an amount
equal to the Liquidation Amount per Trust Security plus accumulated and unpaid
Distributions thereon to the date of payment (such amount being the “Liquidation Distribution”). If, upon any
such winding up the Liquidation Distribution can be paid only in part because
the Trust has insufficient assets available to pay in full the aggregate
Liquidation Distribution, then, subject to 

 

54

 

the next succeeding sentence, the amounts
payable by the Trust on the Trust Securities shall be paid on a pro rata basis (based upon Liquidation
Amounts). The Holder of the Common Securities will be entitled to receive
Liquidation Distributions upon any such winding up pro rata (based upon Liquidation Amounts) with Holders of
all Trust Securities, except that, if an Event of Default has occurred and is
continuing, the Preferred Securities shall have a priority over the Common
Securities as provided in Section 4.3.

 

SECTION 9.5.        Mergers,
Consolidations, Amalgamations or Replacements of Trust.

 

The Trust may
not merge with or into, consolidate, amalgamate, or be replaced by, or convey,
transfer or lease its properties and assets substantially as an entirety to,
any Person except pursuant to this Article IX. At the request of the
Holders of the Common Securities, without the consent of the Holders of the
Preferred Securities, the Trust may merge with or into, consolidate,
amalgamate, or be replaced by or convey, transfer or lease its properties and
assets substantially as an entirety to a trust organized as such under the laws
of any State; provided, that:

 

(a)            such successor entity either
(i) expressly assumes all of the obligations of the Trust under this Trust
Agreement with respect to the Preferred Securities or (ii) substitutes for
the Preferred Securities other securities having substantially the same terms
as the Preferred Securities (such other Securities, the “Successor Securities”) so long as the
Successor Securities have the same priority as the Preferred Securities with
respect to distributions and payments upon liquidation, redemption and
otherwise;

 

(b)            a trustee of
such successor entity possessing substantially the same powers and duties as
the Property Trustee is appointed to hold the Notes;

 

(c)           the Preferred Securities are listed, or any
Successor Securities will be listed upon notice of issuance, on any national
securities exchange or interdealer quotation system on which the Preferred
Securities are then listed, if any;

 

(d)           such merger, consolidation, amalgamation,
replacement, conveyance, transfer or lease does not adversely affect the
rights, preferences and privileges of the Holders of the Preferred Securities
(including any Successor Securities) in any material respect;

 

(e)           such successor entity has a purpose substantially
identical to that of the Trust;

 

(f)            prior to such merger, consolidation, amalgamation,
replacement, conveyance, transfer or lease, the Depositor has received an
Opinion of Counsel to the effect that (i) such merger, consolidation,
amalgamation, replacement, conveyance, transfer or lease does not adversely
affect the rights, preferences and privileges of the Holders of the Preferred
Securities (including any Successor Securities) in any material respect;
(ii) following such merger, consolidation, amalgamation, replacement,
conveyance, transfer or lease, neither the Trust nor such successor entity will
be required to register as an “investment company” under the Investment Company
Act and (iii) following such merger, consolidation, amalgamation, replacement,
conveyance, transfer 

 

55

 

or lease, the Trust (or the successor entity)
will continue to be classified as a grantor trust for U.S. federal income tax
purposes; and

 

(g)           the Depositor or its permitted transferee owns
all of the common securities of such successor entity.

 

Notwithstanding the
foregoing, the Trust shall not, except with the consent of Holders of all of
the Preferred Securities, consolidate, amalgamate, merge with or into, or be
replaced by or convey, transfer or lease its properties and assets
substantially as an entirety to any other Person or permit any other entity to
consolidate, amalgamate, merge with or into, or replace, the Trust if such
consolidation, amalgamation, merger, replacement, conveyance, transfer or lease
would cause the Trust or the successor entity to be taxable as a corporation or
classified as other than a grantor trust for United States federal income tax
purposes or cause the Notes to be treated as other than indebtedness of the
Depositor for United States federal income tax purposes.

 

ARTICLE
X.

Miscellaneous Provisions

 

SECTION 10.1.      Limitation
of Rights of Holders.

 

Except as set
forth in Section 9.2, the death, bankruptcy, termination, dissolution or
incapacity of any Person having an interest, beneficial or otherwise, in Trust
Securities shall not operate to terminate this Trust Agreement, nor annul,
dissolve or terminate the Trust nor entitle the legal representatives or heirs
of such Person or any Holder for such Person, to claim an accounting, take any
action or bring any proceeding in any court for a partition or winding up of
the arrangements contemplated hereby, nor otherwise affect the rights,
obligations and liabilities of the parties hereto or any of them.

 

SECTION 10.2.      Agreed
Tax Treatment of Trust and Trust Securities.

 

The parties
hereto and, by its acceptance or acquisition of a Trust Security or a
beneficial interest therein, the Holder of, and any Person that acquires a
beneficial interest in, such Trust Security intend and agree to treat the Trust
as a grantor trust for United States federal, state and local tax purposes, and
to treat the Trust Securities (including all payments and proceeds with respect
to such Trust Securities) as undivided beneficial ownership interests in the
Trust Property (and payments and proceeds therefrom, respectively) for United
States federal, state and local tax purposes and to treat the Notes as
indebtedness of the Depositor for United States federal, state and local tax
purposes.  The provisions of this Trust
Agreement shall be interpreted to further this intention and agreement of the
parties.

 

SECTION
10.3.      Amendment.

 

(a)           This Trust Agreement may be amended from time
to time by the Property Trustee, the Administrative Trustees and the Holder of
all the Common Securities, without the consent of any Holder of the Preferred
Securities, (i) to cure any ambiguity, correct or supplement any provision
herein that may be defective or inconsistent with any other provision 

 

56

 

herein, or to make or amend any other
provisions with respect to matters or questions arising under this Trust
Agreement, which shall not be inconsistent with the other provisions of this
Trust Agreement, (ii) to modify, eliminate or add to any provisions of
this Trust Agreement to such extent as shall be necessary to ensure that the
Trust will neither be taxable as a corporation nor be classified as other than
a grantor trust for United States federal income tax purposes at all times that
any Trust Securities are Outstanding or to ensure that the Notes are treated as
indebtedness of the Depositor for United States federal income tax purposes, or
to ensure that the Trust will not be required to register as an “investment
company” under the Investment Company Act or (iii) to add to the covenants,
restrictions or obligations of the Depositor; provided,
that in the case of clauses (i), (ii) or (iii), such action shall not adversely
affect in any material respect the interests of any Holder.

 

(b)           Except as provided in Section 10.3(c),
any provision of this Trust Agreement may be amended by the Property Trustee,
the Administrative Trustees and the Holder of all of the Common Securities and
with (i) the consent of Holders of at least a Majority in Liquidation
Amount of the Preferred Securities and (ii) receipt by the Trustees of an
Opinion of Counsel to the effect that such amendment or the exercise of any
power granted to the Trustees in accordance with such amendment will not cause
the Trust to be taxable as a corporation or classified as other than a grantor
trust for United States federal income tax purposes or affect the treatment of
the Notes as indebtedness of the Depositor for United States federal income tax
purposes or affect the Trust’s exemption from status (or from any requirement
to register) as an “investment company” under the Investment Company Act.

 

(c)           Notwithstanding any other provision of this
Trust Agreement, without the consent of each Holder, this Trust Agreement may
not be amended to (i) change the accrual rate, amount, currency or timing
of any Distribution on or the redemption price of the Trust Securities or
otherwise adversely affect the amount of any Distribution or other payment
required to be made in respect of the Trust Securities as of a specified date,
(ii) restrict or impair the right of a Holder to institute suit for the
enforcement of any such payment on or after such date, (iii) reduce the
percentage of aggregate Liquidation Amount of Outstanding Preferred Securities,
the consent of whose Holders is required for any such amendment, or the consent
of whose Holders is required for any waiver of compliance with any provision of
this Trust Agreement or of defaults hereunder and their consequences provided
for in this Trust Agreement; (iv) impair or adversely affect the rights and
interests of the Holders in the Trust Property, or permit the creation of any
Lien on any portion of the Trust Property; or (v) modify the definition of
“Outstanding,” this Section 10.3(c), Sections 4.1, 4.2, 4.3,
6.10(e) or Article IX.

 

(d)           Notwithstanding any other provision of this
Trust Agreement, no Trustee shall enter into or consent to any amendment to
this Trust Agreement that would cause the Trust to be taxable as a corporation
or to be classified as other than a grantor trust for United States federal
income tax purposes or that would cause the Notes to fail or cease to be
treated as indebtedness of the Depositor for United States federal income tax
purposes or that would cause the Trust to fail or cease to qualify for the
exemption from status (or from any requirement to register) as an “investment
company” under the Investment Company Act.

 

57

 

(e)           If any amendment to this Trust Agreement is
made, the Administrative Trustees or the Property Trustee shall promptly
provide to the Depositor and the Note Trustee a copy of such amendment.

 

(f)            No Trustee shall be required to enter into
any amendment to this Trust Agreement that affects its own rights, duties or
immunities under this Trust Agreement. 
The Trustees shall be entitled to receive an Opinion of Counsel and an
Officers’ Certificate stating that any amendment to this Trust Agreement is in
compliance with this Trust Agreement and all conditions precedent herein
provided for relating to such action have been met.

 

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

 

SECTION
10.4.      Separability.

 

If any
provision in this Trust Agreement or in the Securities Certificates shall be
invalid, illegal or unenforceable, the validity, legality and enforceability of
the remaining provisions shall not in any way be affected or impaired thereby,
and there shall be deemed substituted for the provision at issue a valid, legal
and enforceable provision as similar as possible to the provision at issue.

 

SECTION
10.5.      Governing Law.

 

THIS
TRUST AGREEMENT AND THE RIGHTS AND OBLIGATIONS OF EACH OF THE HOLDERS, THE
TRUST, THE DEPOSITOR AND THE TRUSTEES WITH RESPECT TO THIS TRUST AGREEMENT AND
THE TRUST SECURITIES SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH AND
GOVERNED BY THE LAWS OF THE STATE OF DELAWARE WITHOUT REFERENCE TO ITS
CONFLICTS OF LAWS PROVISIONS.

 

SECTION
10.6.      Successors.

 

This Trust
Agreement shall be binding upon and shall inure to the benefit of any successor
to the Depositor, the Trust and any Trustee, including any successor by
operation of law. Except in connection with a transaction involving the
Depositor that is permitted under Article VIII of the Indenture and
pursuant to which the assignee agrees in writing to perform the Depositor’s
obligations hereunder, the Depositor shall not assign its obligations
hereunder.

 

SECTION
10.7.      Headings.

 

The Article
and Section headings are for convenience only and shall not affect the
construction of this Trust Agreement

 

SECTION 10.8.      Reports,
Notices and Demands.

 

(a)           Any report, notice, demand or other
communication that by any provision of this Trust Agreement is required or
permitted to be given or served to or upon any Holder or the 

 

58

 

Depositor may be given or served in writing delivered
in person, or by reputable, overnight courier, by telecopy or by deposit
thereof, first-class postage prepaid, in the United States mail, addressed,
(a) in the case of a Holder of Preferred Securities, to such Holder as
such Holder’s name and address may appear on the Securities Register; and
(b) in the case of the Holder of all the Common Securities or the
Depositor, to SL Green Operating Partnership, L.P.,  420 Lexington Avenue, New York, NY 10170, Attention:
Gregory F. Hughes, with a copy to Clifford Chance US LLP, 31 West 52nd
Street, New York, NY 10019, Attention: Larry P. Medvinsky, or to such other
address as may be specified in a written notice by the Holder of all the Common
Securities or the Depositor, as the case may be, to the Property Trustee. Such
report, notice, demand or other communication to or upon a Holder or the
Depositor shall be deemed to have been given when received in person, within
one (1) Business Day following delivery by overnight courier, when telecopied
with receipt confirmed, or within three (3) Business Days following delivery by
mail, except that if a notice or other document is refused delivery or cannot
be delivered because of a changed address of which no notice was given, such
notice or other document shall be deemed to have been delivered on the date of
such refusal or inability to deliver.

 

(b)           Any notice, demand or other communication
that by any provision of this Trust Agreement is required or permitted to be
given or served to or upon the Property Trustee, the Delaware Trustee, the
Administrative Trustees or the Trust shall be given in writing by deposit
thereof, first-class postage prepaid, in the U.S. mail, personal delivery or
facsimile transmission, addressed to such Person as follows: (i) with respect
to the Property Trustee to JPMorgan Chase Bank, National Association, 600
Travis, 50th Floor, Houston, Texas 77002, Attention: Worldwide
Securities Services— SL Green Capital Trust I,  facsimile no. (713) 216-2101, (ii) with
respect to the Delaware Trustee, to Chase Bank USA, National Association, c/o
JPMorgan Chase Bank, National Association, 500 Stanton Christiana Road,
Building 4 (3rd Floor), Newark, Delaware 19713, Attention: Worldwide
Securities Services— SL Green Capital Trust I, facsimile no. (302) 552-6280;
(iii) with respect to the Administrative Trustees, to them at the address
above for notices to the Depositor, marked “Attention: Administrative Trustees
of SL Green Capital Trust I”, and
(iv) with respect to the Trust, to its principal
executive office specified in Section 2.2, with a copy to the Property
Trustee. Such notice, demand or other communication to or upon the Trust, the
Property Trustee or the Administrative Trustees shall be deemed to have been
sufficiently given or made only upon actual receipt of the writing by the
Trust, the Property Trustee or the Administrative Trustees.

 

SECTION 10.9.      Agreement
Not to Petition.

 

Each of the
Trustees and the Depositor agree for the benefit of the Holders that, until at
least one year and one day after the Trust has been terminated in accordance
with Article IX, they shall not file, or join in the filing of, a
petition against the Trust under any Bankruptcy Law or otherwise join in the
commencement of any proceeding against the Trust under any Bankruptcy Law. If
the Depositor takes action in violation of this Section 10.9, the
Property Trustee agrees, for the benefit of Holders, that at the expense of the
Depositor, it shall file an answer with the applicable bankruptcy court or
otherwise properly contest the filing of such petition by the Depositor against
the Trust or the commencement of such action and raise the defense that the
Depositor has agreed in writing not to take such action and should be estopped 

 

59

 

and
precluded therefrom and such other defenses, if any, as counsel for the
Property Trustee or the Trust may assert.

 

SECTION 10.10.    Counterparts.  This instrument may be executed in any number of counterparts, each of
which so executed shall be deemed to be an original, but all such counterparts
shall together constitute but one and the same instrument.

 

 

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60

 

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

 

	
   

  	
  SL
  green Operating Partnership, L.P.,

  
	
   

  	
  as Depositor

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By: SL Green Realty corp., its General 

  Partner

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Name: Gregory F. Hughes

  	
   

  
	
   

  	
   

  	
  Title: Chief Financial
  Officer

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  JPMorgan
  Chase Bank, National 

  Association, in its
  individual as Property 

  Trustee

  	
  Chase
  Bank USA, National Association, as Delaware Trustee

  
	
   

  	
   

  
	
   

  	
   

  
	
  By:

  	
   

  	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
  Name:

  	
   

  	
   

  	
  Name:

  	
   

  
	
   

  	
  Title:

  	
   

  	
   

  	
  Title:

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Administrative
  Trustee

  	
  Administrative
  Trustee

  
	
  Name:
  Gregory F. Hughes

  	
  Name:
  Andrew S. Levine

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Administrative
  Trustee

  	
   

  
	
  Name:
  Marc Holliday

  	
   

  

 

1

 

Exhibit A

 

CERTIFICATE OF TRUST

 

OF

 

SL Green Capital Trust I

 

This Certificate of Trust of
SL Green Capital Trust I (the “Trust”)
is being duly executed and filed on behalf of the Trust by the undersigned, as
trustee, to form a statutory trust under the Delaware Statutory Trust Act (12 Del.
C. §3801 et  seq.) (the  “Act”).

 

1.             Name.  The name of the statutory
trust formed by this Certificate of Trust is: 
SL Green Capital Trust I.

 

2.             Delaware Trustee.  The
name and business address of the trustee of the Trust with its principal place
of business in the State of Delaware are Chase Bank USA, National Association
c/o JPMorgan Chase Bank, National Association, 500 Stanton Christiana Road,
Building 4 (3rd Floor), Newark, Delaware 19713, Attention: Worldwide
Securities Services.

 

3.             Effective Date.  This
Certificate of Trust shall be effective upon its filing with the Secretary of
State of the State of Delaware.

 

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

 

	
   

  	
  Chase
  Bank USA, National Association, not in 

  its individual capacity, but solely as Delaware 

  Trustee

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  

 

A-1

 

Exhibit B

 

[FORM OF COMMON SECURITIES CERTIFICATE]

 

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

 

	
  Certificate
  Number

  	
   

  	
  Number of Common Securities

  
	
   

  	
   

  	
   

  
	
  C-1

  	
   

  	
  3,100

  
	
   

  	
   

  	
   

  

 

Certificate Evidencing Common Securities

 

of

 

SL Green Capital Trust I

 

Floating Rate Common Securities

 

(liquidation amount $1,000 per
Common Security)

 

SL Green Capital Trust I, a
statutory trust created under the laws of the State of Delaware (the “Trust”), hereby certifies that SL Green
Operating Partnership, L.P., a Delaware limited partnership (the “Holder”) is the registered owner of Three
Thousand One Hundred (3,100) common securities of the Trust representing
undivided common beneficial interests in the assets of the Trust and designated
the SL Green Capital Trust I
Floating Rate Common Securities (liquidation amount $1,000 per Common Security)
(the “Common Securities”). Except
in accordance with Section 5.11 of the Trust Agreement (as defined
below), the Common Securities are not transferable and, to the fullest extent
permitted by law, any attempted transfer hereof other than in accordance
therewith shall be void. The designations, rights, privileges, restrictions,
preferences and other terms and provisions of the Common Securities are set
forth in, and this certificate and the Common Securities represented hereby are
issued and shall in all respects be subject to the terms and provisions of, the
Amended and Restated Trust Agreement of the Trust, dated as of June 30, 2005 as
the same may be amended from time to time (the “Trust
Agreement”), among SL Green Operating Partnership, L.P., as Depositor, JPMorgan Chase Bank,
National Association, as Property Trustee, Chase Bank USA, National
Association, as Delaware Trustee, the Administrative Trustees named therein and
the Holders, from time to time, of undivided beneficial interests in the assets
of the Trust. The Trust will furnish a copy of the Trust Agreement to the
Holder without charge upon written request to the Trust at its principal place
of business or registered office.

 

B-1

 

Upon receipt of this
certificate, the Holder is bound by the Trust Agreement and is entitled to the
benefits thereunder.

 

This Common Securities
Certificate shall be governed by and construed in accordance with the laws of
the State of Delaware.

 

Terms used but not defined
herein have the meanings set forth in the Trust Agreement.

 

In
Witness Whereof, one of
the Administrative Trustees of the Trust has executed on behalf of the Trust
this certificate this      
day of                               ,
200    .

 

	
   

  	
  SL
  Green Capital Trust I

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Name: Gregory F. Hughes

  
	
   

  	
   

  	
  Administrative
  Trustee

  

 

B-2

 

Exhibit C

 

[FORM OF PREFERRED SECURITIES CERTIFICATE]

 

“[IF THIS SECURITY IS A GLOBAL SECURITY INSERT: THIS
PREFERRED SECURITY IS A GLOBAL SECURITY WITHIN THE MEANING OF THE TRUST
AGREEMENT HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF THE
DEPOSITORY TRUST COMPANY (“DTC”) OR A NOMINEE OF DTC.  THIS PREFERRED SECURITY IS EXCHANGEABLE FOR
PREFERRED SECURITIES REGISTERED IN THE NAME OF A PERSON OTHER THAN DTC OR ITS
NOMINEE ONLY IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE TRUST AGREEMENT, AND
NO TRANSFER OF THIS PREFERRED SECURITY (OTHER THAN A TRANSFER OF THIS PREFERRED
SECURITY AS A WHOLE BY DTC TO A NOMINEE OF DTC OR BY A NOMINEE OF DTC TO DTC OR
ANOTHER NOMINEE OF DTC) MAY BE REGISTERED EXCEPT IN LIMITED CIRCUMSTANCES.

 

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

 

THE PREFERRED SECURITIES
REPRESENTED BY THIS CERTIFICATE WERE ORIGINALLY ISSUED IN A TRANSACTION EXEMPT
FROM REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND SUCH PREFERRED
SECURITIES OR ANY INTEREST THEREIN MAY NOT BE OFFERED, SOLD OR OTHERWISE
TRANSFERRED IN THE ABSENCE OF SUCH REGISTRATION OR AN APPLICABLE EXEMPTION
THEREFROM.  EACH PURCHASER OF ANY
PREFERRED SECURITIES IS HEREBY NOTIFIED THAT THE SELLER OF THE PREFERRED
SECURITIES MAY BE RELYING ON THE EXEMPTION FROM THE PROVISIONS OF SECTION 5 OF
THE SECURITIES ACT PROVIDED BY RULE 144A UNDER THE SECURITIES ACT.

 

THE HOLDER OF THE PREFERRED
SECURITIES REPRESENTED BY THIS CERTIFICATE AGREES FOR THE BENEFIT OF THE TRUST
AND THE DEPOSITOR THAT (A) SUCH PREFERRED SECURITIES MAY BE OFFERED, RESOLD OR
OTHERWISE TRANSFERRED ONLY (I) TO THE TRUST OR (II) TO A PERSON WHOM THE SELLER
REASONABLY BELIEVES IS A “QUALIFIED PURCHASER” (AS DEFINED IN SECTION 2(a)(51)
OF THE INVESTMENT COMPANY ACT OF 1940, AS AMENDED), AND (B) THE HOLDER WILL
NOTIFY ANY PURCHASER OF ANY PREFERRED SECURITIES FROM IT OF THE RESALE
RESTRICTIONS REFERRED TO IN (A) ABOVE.

 

THE PREFERRED SECURITIES
WILL BE ISSUED AND MAY BE TRANSFERRED ONLY IN BLOCKS HAVING AN AGGREGATE LIQUIDATION
AMOUNT OF NOT LESS THAN 

 

C-1

 

$100,000. TO THE FULLEST EXTENT PERMITTED BY LAW, ANY
ATTEMPTED TRANSFER OF PREFERRED SECURITIES, OR ANY INTEREST THEREIN,  IN A BLOCK HAVING AN AGGREGATE LIQUIDATION
AMOUNT OF LESS THAN $100,000 AND MULTIPLES OF $1,000 IN EXCESS THEREOF SHALL BE
DEEMED TO BE VOID AND OF NO LEGAL EFFECT WHATSOEVER. TO THE FULLEST EXTENT
PERMITTED BY LAW, ANY SUCH PURPORTED TRANSFEREE SHALL BE DEEMED NOT TO BE THE
HOLDER OF SUCH PREFERRED SECURITIES FOR ANY PURPOSE, INCLUDING, BUT NOT LIMITED
TO, THE RECEIPT OF PRINCIPAL OF OR INTEREST ON SUCH PREFERRED SECURITIES, OR
ANY INTEREST THEREIN, AND SUCH PURPORTED TRANSFEREE SHALL BE DEEMED TO HAVE NO
INTEREST WHATSOEVER IN SUCH PREFERRED SECURITIES.

 

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

 

C-2

 

	
  Certificate
  Number

  	
   

  	
  Aggregate Liquidation Amount

  
	
   

  	
   

  	
  Preferred Securities

  

 

Certificate Evidencing Preferred Securities

 

of

 

SL Green Capital Trust I

 

Floating Rate Preferred Securities

(liquidation amount $1,000 per Preferred Security)

 

SL Green Capital Trust I, a
statutory trust created under the laws of the State of Delaware (the “Trust”), hereby certifies that                           ,
a                    (the
“Holder”) is the registered owner
of [amount] Preferred Securities [if the
Preferred Security is a Global Security, then insert — or such other
number of Preferred Securities represented hereby as may be set forth in the
records of the Securities Registrar hereinafter referred to in accordance with
the Trust Agreement (as defined below)] of the Trust representing an undivided
preferred beneficial interest in the assets of the Trust and designated the SL
Green Capital Trust I Floating
Rate Preferred Securities, (liquidation amount $1,000 per Preferred Security)
(the “Preferred Securities”).
Subject to the terms of the Trust Agreement (as defined below), the Preferred
Securities are transferable on the books and records of the Trust, in person or
by a duly authorized attorney, upon surrender of this certificate duly endorsed
and in proper form for transfer as provided in Section 5.7 of the
Trust Agreement (as defined below). The designations, rights, privileges,
restrictions, preferences and other terms and provisions of the Preferred
Securities are set forth in, and this certificate and the Preferred Securities
represented hereby are issued and shall in all respects be subject to the terms
and provisions of, the Amended and Restated Trust Agreement of the Trust, dated
as of June 30, 2005, as the same may be amended from time to time (the “Trust Agreement”), among SL Green
Operating Partnership, L.P., as Depositor, JPMorgan Chase Bank, National
Association, as Property Trustee, Chase Bank USA, National Association, as
Delaware Trustee, the Administrative Trustees named therein and the Holders,
from time to time, of undivided beneficial interests in the assets of the
Trust.  The Trust will furnish a copy of
the Trust Agreement to the Holder without charge upon written request to the
Property Trustee at its Corporate Trust Office.

 

Upon receipt of this
certificate, the Holder is bound by the Trust Agreement and is entitled to the
benefits thereunder.

 

This Preferred Securities
Certificate shall be governed by and construed in accordance with the laws of
the State of Delaware.

 

C-3

 

All capitalized terms used
but not defined in this Preferred Securities Certificate are used with the
meanings specified in the Trust Agreement, including the Schedules and Exhibits
thereto.

 

In
Witness Whereof, one of
the Administrative Trustees of the Trust has executed on behalf of the Trust
this certificate this      day of                     ,
2005.

 

	
   

  	
  SL
  Green Capital Trust I

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Administrative
  Trustee

  

 

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

 

Dated:

 

	
   

  	
  JPMorgan
  Chase Bank, National Association, 

  not in its individual capacity, but solely as Property 

  Trustee

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Authorized signatory

  

 

C-4

 

[FORM OF REVERSE OF SECURITY]

 

The Trust
promises to pay Distributions from June 30, 2005, or from the most recent
Distribution Date to which Distributions have been paid or duly provided for,
quarterly (subject to deferral as set forth herein) in arrears on January 30, April 30, July 30, and October 30 of each year, commencing on
October 30, 2005, at a fixed rate equal to 5.61% per annum through the interest payment date in July
2015 and thereafter at a variable rate equal to LIBOR plus 1.25% per annum of
the Liquidation Amount of the Preferred Securities represented by this
Preferred Securities Certificate, together with any Additional Interest
Amounts, in respect to such period.

 

Distributions
on the Trust Securities shall be made by the Paying Agent from the Payment
Account and shall be payable on each Distribution Date only to the extent that
the Trust has funds then on hand and available in the Payment Account for the
payment of such Distributions.

 

In the event
(and to the extent) that the Depositor exercises its right under the Indenture
to defer the payment of interest on the Notes, Distributions on the Preferred
Securities shall be deferred.

 

Under the
Indenture, so long as no Note Event of Default has occurred and is continuing
and upon thirty (30) days’ prior written notice, the Depositor shall have the
right, at any time and from time to time during the term of the Notes, to defer
the payment of interest on the Notes for a period of up to eight (8)
consecutive quarterly interest
payment periods (each such extended interest payment period, an “Extension
Period”), during which Extension Period no interest shall be due and payable
(except any Additional Tax Sums that may be due and payable).  No interest on the Notes shall be due and
payable during an Extension Period.  If
Distributions are deferred, the deferred Distributions shall be paid on the
date that the related Extension Period terminates to Holders (as defined in the
Trust Agreement) of the Trust Securities as they appear on the books and
records of the Trust on the record date immediately preceding such termination
date.

 

Distributions
on the Securities must be paid on the dates payable
(after giving effect to any Extension Period) to the extent that the Trust has
funds available for the payment of such Distributions in the Payment Account of
the Trust.  The Trust’s funds available
for Distribution to the Holders of the Preferred Securities will be limited to
payments received from the Depositor.

 

During any
Event of Default or any such Extension Period, the Depositor shall not (i)
declare or pay any dividends or distributions on, or redeem, purchase, acquire
or make a liquidation payment with respect to, any of the Depositor’s limited
partnership interests or (ii) make any payment of principal of or any interest
or premium, if any, on or repay, repurchase or redeem any debt securities of the
Depositor that rank pari passu in
all respects with or junior in interest to the Notes (other than (a)
repurchases, redemptions or other acquisitions of units of limited partnership
interests of the Depositor in connection with (1) any employment contract,
benefit plan or other similar arrangement with or for the benefit of any one or
more employees, officers, directors or consultants, (2) a dividend reinvestment
or limited partnership interests purchase plan or (3) the issuance of limited
partnership interests of the Depositor (or securities convertible into or
exercisable for such limited partnership interests) as consideration in an 

 

C-5

 

acquisition transaction entered
into prior to the Event of Default or applicable Extension Period, (b) as a
result of an exchange or conversion of any series of the Depositor’s limited
partnership interests (or any capital stock or limited partnership interests of
a Subsidiary (as defined in the Indenture) of the Depositor for any series of
the Depositor’s limited partnership interests or of any of the Depositor’s
indebtedness for any series of the Depositor’s limited partnership interests,
(c) any declaration of a dividend in connection with any Rights Plan (as
defined in the Indenture), the issuance of rights, limited partnership
interests or other property under any Rights Plan, or the redemption or
repurchase of rights pursuant thereto or (d) any dividend in the form of units
of limited partnership interests, warrants, options or other rights where the
dividend in the form of units of limited partnership interests or limited
partnership interests issuable upon exercise of such warrants, options or other
rights is the same units of limited partnership interests as that on which the
dividend is being paid or ranks pari passu
with or junior to such units of limited partnership interests).

 

On each Note
Redemption Date, on the stated maturity (or any date of principal repayment
upon early maturity) of the Notes and on each other date on (or in respect of)
which any principal on the Notes is repaid, the Trust will be required to
redeem a Like Amount of Trust Securities at the Redemption Price.  Under the Indenture, the Notes may be redeemed
by the Depositor on any Interest Payment Date, at the Depositor’s option, on or
after July 30, 2010 in whole or in part from time to time at the Optional Note
Redemption Price of the principal amount thereof or the redeemed portion
thereof, as applicable, together, in the case of any such redemption, with
accrued interest, including any Additional Interest, to but excluding the date
fixed for redemption.  The Notes may also
be redeemed by the Depositor, at its option, at any time, in whole but not in
part, upon the occurrence of an Investment Company Event or a Tax Event at the
Special Note Redemption Price; provided,
that such Investment Company Event or a Tax Event is continuing on the
Redemption Date.

 

The Trust
Securities redeemed on each Redemption Date shall be redeemed at the Redemption
Price with the proceeds from the contemporaneous redemption or payment at
maturity of Notes. Redemptions of the Trust Securities (or portion thereof)
shall be made and the Redemption Price shall be payable on each Redemption Date
only to the extent that the Trust has funds then on hand and available in the
Payment Account for the payment of such Redemption Price.

 

Payments of
Distributions (including any Additional Interest Amounts), the Redemption
Price, Liquidation Amount or any other amounts in respect of the Preferred
Securities shall be made by wire transfer at such place and to such account at
a banking institution in the United States as may be designated in writing at
least ten (10) Business Days prior to the date for payment by the Person
entitled thereto unless proper written transfer instructions have not been
received by the relevant record date, in which case such payments shall be made
by check mailed to the address of such Person as such address shall appear in
the Security Register.  If any Preferred
Securities are held by a Depositary, such Distributions shall be made to the
Depositary in immediately available funds.

 

The
indebtedness evidenced by the Notes is, to the extent provided in the
Indenture, subordinate and junior in right of payment to the prior payment in
full of all Senior Debt (as 

 

C-6

 

defined
in the Indenture), and this Security is issued subject to the provisions of the
Indenture with respect thereto.

 

C-7

 

ASSIGNMENT

 

For
Value Received, the
undersigned assigns and transfers this Preferred Securities Certificate to:

 

 

(Insert
assignee’s social security or tax identification number)

 

 

 

(Insert
address and zip code of assignee)

 

 

and irrevocably appoints

 

agent to transfer this Preferred Securities
Certificate on the books of the Trust. The agent may substitute another to act
for him or her.

 

	
  Date:  

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  Signature:

  	
   

  	
   

  
	
   

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

  	
   

  
					

 

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

 

C-8

 

Exhibit D

 

Junior Subordinated Indenture

 

D-1

 

Exhibit E

 

Form of Transferee Certificate

to be Executed by Transferees

 

                    ,
[     ]

 

JPMorgan Chase Bank,
National Association

600 Travis, 50th Floor

Houston, Texas 77002

Attention:  Worldwide Securities Services

 

 

SL Green Operating
Partnership, L.P.

SL Green Capital Trust I

420 Lexington Avenue

 

New York, NY 10170

 

Re:          Purchase of $                        
stated liquidation amount of Floating Rate Preferred Securities (the
“Preferred Securities”) of SL Green Capital Trust I

 

Ladies and Gentlemen:

 

In connection with our
purchase of the Preferred Securities we confirm that:

 

1.             We understand that the Floating Rate
Preferred Securities (the “Preferred Securities”) of SL Green Capital Trust I
(the “Trust”) of SL Green Operating Partnership, L.P. (the “Company”) executed
in connection therewith) and the Floating Rate Junior Subordinated Notes due
2035 of the Company (the “Subordinated Notes”) (the entire amount of the
Trust’s outstanding Preferred Securities and the Subordinated Notes together
being referred to herein as the “Offered Securities”), have not been registered
under the Securities Act of 1933, as amended (the “Securities Act”), and may
not be offered or sold except as permitted in the following sentence. We agree
on our own behalf and on behalf of any investor account for which we are
purchasing the Offered Securities that, if we decide to offer, sell or
otherwise transfer any such Offered Securities, (i) such offer, sale or
transfer will be made only (a) to the Trust, (b) to a person we reasonably
believe is a “qualified purchaser” (a “QP”) (as defined in Section 2(a)(51) of
the Investment Company Act of 1940, as amended). We understand that the
certificates for any Offered Security that we receive will bear a legend
substantially to the effect of the foregoing.

 

2.             We are a “qualified purchaser” within the
meaning of section 2(a)(51) of the Investment Company Act of 1940, as amended,
and are purchasing for our own account or for the account of such a “qualified
purchaser,” and we have such knowledge and experience in financial and business
matters as to be capable of evaluating the merits and risks of our investment
in the Offered Securities, and we and any account for which we are acting are
each able to bear the economic risks of our or its investment.

 

E-1

 

3.             We are acquiring the Offered Securities
purchased by us for our own account (or for one or more accounts as to each of
which we exercise sole investment discretion and have authority to make, and do
make, the statements contained in this letter) and not with a view to any
distribution of the Offered Securities, subject, nevertheless, to the
understanding that the disposition of our property will at all times be and
remain within our control.

 

4.             In the event that we purchase any Preferred
Securities or any Subordinated Notes, we will acquire such Preferred Securities
having an aggregate stated liquidation amount of not less than $100,000 or such
Subordinated Notes having an aggregate principal amount not less than $100,000,
for our own account and for each separate account for which we are acting.

 

5.             We acknowledge that we are not a fiduciary of
(i) an employee benefit, individual retirement account or other plan or
arrangement subject to Title I of the Employee Retirement Income Security Act
of 1974, as amended (“ERISA”), or Section 4975 of the Internal Revenue Code of
1986, as amended (the “Code”) (each a “Plan”); or (ii) an entity whose
underlying assets include “plan assets” by reason of any Plan’s investment in
the entity, and are not purchasing any of the Offered Securities on behalf of
or with “plan assets” by reason of any Plan’s investment in the entity.

 

6.             We acknowledge that the Trust and the Company
and others will rely upon the truth and accuracy of the foregoing
acknowledgments, representations, warranties and agreements and agree that if
any of the acknowledgments, representations, warranties and agreements deemed
to have been made by our purchase of any of the Offered Securities are no
longer accurate, we shall promptly notify the Company.  If we are acquiring any Offered Securities as
a fiduciary or agent for one or more investor accounts, we represent that we
have sole discretion with respect to each such investor account and that we
have full power to make the foregoing acknowledgments, representations and
agreement on behalf of each such investor account.

 

	
   

  	
  (Name of Purchaser)

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
  Date:

  	
   

  
				

 

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

 

	
  Name:

  
	
   

  
	
  Address:

  	
   

  	
   

  
	
   

  
	
  Taxpayer ID Number:

  	
   

  	
   

  
					

 

E-2

 

Exhibit F

 

Officer’s Financial Certificate

 

The undersigned, the
[Chairman/Vice Chairman/Chief Executive Officer/President/Vice President/Chief
Financial Officer/Treasurer/Assistant Treasurer], hereby certifies pursuant to
Section 8.16(b) of the Amended and Restated Trust Agreement, dated as of June
30, 2005 (the “Trust Agreement”), among SL Green Operating Partnership, L.P.]
(the “Company”), JPMorgan Chase Bank, National Association, as property
trustee, Chase Bank USA, National Association, as Delaware trustee, and the
administrative trustees named therein, that, as of [date], [20    ],
the Company had the following ratios and balances:

 

As of [Quarterly/Annual
Financial Date], 20    

 

	
  Senior secured indebtedness for borrowed money (“Debt”)

  	
   

  	
  $

  	
            

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Senior unsecured Debt

  	
   

  	
  $

  	
            

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Subordinated Debt

  	
   

  	
  $

  	
            

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Total Debt

  	
   

  	
  $

  	
            

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Ratio of (x) senior secured and unsecured
  Debt to (y) total Debt

  	
   

  	
            

  	
  %

  

 

 

[FOR FISCAL YEAR END:
Attached hereto are the audited consolidated financial statements (including
the balance sheet, income statement and statement of cash flows, and notes
thereto, together with the report of the independent accountants thereon) of
the Company and its consolidated subsidiaries for the three years ended               ,
20      ].]

 

[FOR FISCAL QUARTER END:
Attached hereto are the unaudited consolidated and consolidating financial
statements (including the balance sheet and income statement) of the Company
and its consolidated subsidiaries for the fiscal quarter ended [date], 20    .]

 

The financial statements
fairly present in all material respects, in accordance with U.S. generally
accepted accounting principles (“GAAP”), the financial position of the Company
and its consolidated subsidiaries, and the results of operations and changes in
financial condition as of the date, and for the [quarter]  [annual]
period ended [date], 20    ,
and such financial statements have been prepared in accordance with GAAP
consistently applied throughout the period involved (expect as otherwise noted
therein).

 

IN WITNESS
WHEREOF, the undersigned has executed this Officer’s Financial Certificate as
of this            day of                           ,
20    .

 

F-1

 

	
   

  	
  SL
  green Operating Partnership, L.P.

  
	
   

  	
   

  
	
   

  	
  By:
  SL Green Realty Corp., its general 

  partner

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
  Name:

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  SL Green Operating
  Partnership, L.P.

  
	
   

  	
  420 Lexington Avenue

  
	
   

  	
  New York, NY 10170

  
	
   

  	
  (212) 594-2700

  
						

 

F-2

 

Schedule A

 

DETERMINATION
OF LIBOR

 

With respect
to the Trust Securities, the London interbank offered rate (“LIBOR”) shall be determined by the
Calculation Agent in accordance with the following provisions (in each case
rounded to the nearest .000001%):

 

(1)           On
the second LIBOR Business Day (as defined below) prior to a Distribution Date
(each such day, a “LIBOR Determination Date”),
LIBOR for any given security shall for the following interest payment period
equal the rate, as obtained by the Calculation Agent from Bloomberg Financial
Markets Commodities News, for three-month Eurodollar deposits that appears on
Dow Jones Telerate Page 3750 (as defined in the International Swaps and
Derivatives Association, Inc. 2000 Interest Rate and Currency Exchange
Definitions), or such other page as may replace such Page 3750, as of 11:00
a.m. (London time) on such LIBOR Determination Date.

 

(2)           If,
on any LIBOR Determination Date, such rate does not appear on Dow Jones
Telerate Page 3750 or such other page as may replace such Page 3750, the
Calculation Agent shall determine the arithmetic mean of the offered quotations
of the Reference Banks (as defined below) to leading banks in the London
interbank market for three-month Eurodollar deposits in an amount determined by
the Calculation Agent by reference to requests for quotations as of
approximately 11:00 a.m. (London time) on the LIBOR Determination Date made by
the Calculation Agent to the Reference Banks. 
If, on any LIBOR Determination Date, at least two of the Reference Banks
provide such quotations, LIBOR shall equal such arithmetic mean of such
quotations.  If, on any LIBOR
Determination Date, only one or none of the Reference Banks provide such
quotations, LIBOR shall be deemed to be the arithmetic mean of the offered
quotations that leading banks in the City of New York selected by the
Calculation Agent are quoting on the relevant LIBOR Determination Date for
three-month Eurodollar deposits in an amount determined by the Calculation
Agent by reference to the principal London offices of leading banks in the
London interbank market; provided,
that if the Calculation Agent is required but is unable to determine a rate in
accordance with at least one of the procedures provided above, LIBOR shall be
LIBOR as determined on the previous LIBOR Determination Date.

 

(3)           As
used herein: “Reference Banks”
means four major banks in the London interbank market selected by the
Calculation Agent; and “LIBOR Business Day”
means a day on which commercial banks are open for business (including dealings
in foreign exchange and foreign currency deposits) in London.Exhibit 4.2

 

Execution Copy

 

 

 

JUNIOR SUBORDINATED INDENTURE

between

 

SL GREEN OPERATING PARTNERSHIP, L.P.

 

 

and

 

 

JPMORGAN
CHASE BANK, NATIONAL ASSOCIATION,

as Trustee

 

 

Dated
as of June 30, 2005

 

 

 

 

 

Table of Contents

 

	
  ARTICLE
  I

  	
  DEFINITIONS
  AND OTHER PROVISIONS OF GENERAL APPLICATION

  	
   

  
	
  Section 1.1.

  	
  Definitions

  	
   

  
	
  Section 1.2.

  	
  Compliance Certificate and
  Opinions

  	
   

  
	
  Section 1.3.

  	
  Forms of Documents Delivered
  to Trustee

  	
   

  
	
  Section 1.4.

  	
  Acts of Holders

  	
   

  
	
  Section 1.5.

  	
  Notices, Etc. to Trustee and
  Company

  	
   

  
	
  Section 1.6.

  	
  Notice to Holders; Waiver

  	
   

  
	
  Section 1.7.

  	
  Effect of Headings and Table
  of Contents

  	
   

  
	
  Section 1.8.

  	
  Successors and Assigns

  	
   

  
	
  Section 1.9.

  	
  Separability Clause

  	
   

  
	
  Section 1.10.

  	
  Benefits of Indenture

  	
   

  
	
  Section 1.11.

  	
  Governing Law

  	
   

  
	
  Section 1.12.

  	
  Submission to Jurisdiction

  	
   

  
	
  Section 1.13.

  	
  Non-Business Days

  	
   

  
	
  ARTICLE
  II

  	
  SECURITY
  FORMS

  	
   

  
	
  Section 2.1.

  	
  Form of Security

  	
   

  
	
  Section 2.2.

  	
  Restricted Legend

  	
   

  
	
  Section 2.3.

  	
  Form of Trustee’s
  Certificate of Authentication

  	
   

  
	
  Section 2.4.

  	
  Temporary Securities

  	
   

  
	
  Section 2.5.

  	
  Definitive Securities

  	
   

  
	
  ARTICLE III

  	
  THE SECURITIES

  	
   

  
	
  Section 3.1.

  	
  Payment of Principal and
  Interest

  	
   

  
	
  Section 3.2.

  	
  Denominations

  	
   

  
	
  Section
  3.3.

  	
  Execution,
  Authentication, Delivery and Dating

  	
   

  
	
  Section 3.4.

  	
  Global
  Securities

  	
   

  
	
  Section
  3.5.

  	
  Registration,
  Transfer and Exchange Generally

  	
   

  
	
  Section
  3.6.

  	
  Mutilated,
  Destroyed, Lost and Stolen Securities

  	
   

  
	
  Section 3.7.

  	
  Persons
  Deemed Owners

  	
   

  
	
  Section 3.8.

  	
  Cancellation

  	
   

  
				

 

i

 

	
  Section
  3.9.

  	
  Deferrals
  of Interest Payment Dates

  	
   

  
	
  Section 3.10.

  	
  Reserved

  	
   

  
	
  Section 3.11.

  	
  Agreed Tax Treatment

  	
   

  
	
  Section 3.12.

  	
  CUSIP Numbers

  	
   

  
	
  ARTICLE IV

  	
  SATISFACTION AND DISCHARGE

  	
   

  
	
  Section
  4.1.

  	
  Satisfaction
  and Discharge of Indenture

  	
   

  
	
  Section
  4.2.

  	
  Application
  of Trust Money

  	
   

  
	
  ARTICLE V

  	
  REMEDIES

  	
   

  
	
  Section 5.1.

  	
  Events of Default

  	
   

  
	
  Section
  5.2.

  	
  Acceleration
  of Maturity; Rescission and Annulment

  	
   

  
	
  Section
  5.3.

  	
  Collection
  of Indebtedness and Suits for Enforcement by Trustee.

  	
   

  
	
  Section
  5.4.

  	
  Trustee May
  File Proofs of Claim

  	
   

  
	
  Section
  5.5.

  	
  Trustee May
  Enforce Claim Without Possession of Securities

  	
   

  
	
  Section
  5.6.

  	
  Application
  of Money Collected

  	
   

  
	
  Section 5.7.

  	
  Limitation on
  Suits

  	
   

  
	
  Section
  5.8.

  	
  Unconditional
  Right of Holders to Receive Principal, Premium, if any, and Interest; Direct
  Action by Holders of Preferred Securities

  	
   

  
	
  Section
  5.9.

  	
  Restoration
  of Rights and Remedies

  	
   

  
	
  Section
  5.10.

  	
  Rights and
  Remedies Cumulative

  	
   

  
	
  Section
  5.11.

  	
  Delay or
  Omission Not Waiver

  	
   

  
	
  Section 5.12.

  	
  Control by
  Holders

  	
   

  
	
  Section
  5.13.

  	
  Waiver of
  Past Defaults

  	
   

  
	
  Section
  5.14.

  	
  Undertaking
  for Costs

  	
   

  
	
  Section
  5.15.

  	
  Waiver of
  Usury, Stay or Extension Laws

  	
   

  
	
  ARTICLE VI

  	
  THE TRUSTEE

  	
   

  
	
  Section
  6.1.

  	
  Corporate
  Trustee Required

  	
   

  
	
  Section
  6.2.

  	
  Certain
  Duties and Responsibilities

  	
   

  
	
  Section 6.3.

  	
  Notice of
  Defaults

  	
   

  
	
  Section
  6.4.

  	
  Certain
  Rights of Trustee

  	
   

  
				

 

ii

 

	
  Section 6.5.

  	
  May Hold
  Securities

  	
   

  
	
  Section
  6.6.

  	
  Compensation;
  Reimbursement; Indemnity

  	
   

  
	
  Section
  6.7.

  	
  Resignation
  and Removal; Appointment of Successor

  	
   

  
	
  Section
  6.8.

  	
  Acceptance
  of Appointment by Successor

  	
   

  
	
  Section
  6.9.

  	
  Merger,
  Conversion, Consolidation or Succession to Business

  	
   

  
	
  Section
  6.10.

  	
  Not Responsible
  for Recitals or Issuance of Securities

  	
   

  
	
  Section
  6.11.

  	
  Appointment
  of Authenticating Agent

  	
   

  
	
  ARTICLE VII

  	
  HOLDER’S LISTS AND REPORTS BY
  COMPANY

  	
   

  
	
  Section
  7.1.

  	
  Company to
  Furnish Trustee Names and Addresses of Holders

  	
   

  
	
  Section
  7.2.

  	
  Preservation
  of Information, Communications to Holders

  	
   

  
	
  Section 7.3.

  	
  Reports by
  Company

  	
   

  
	
  ARTICLE VIII

  	
  CONSOLIDATION, MERGER,
  CONVEYANCE, TRANSFER OR LEASE

  	
   

  
	
  Section
  8.1.

  	
  Company May
  Consolidate, Etc., Only on Certain Terms

  	
   

  
	
  Section
  8.2.

  	
  Successor
  Company Substituted

  	
   

  
	
  ARTICLE IX

  	
  SUPPLEMENTAL INDENTURES

  	
   

  
	
  Section
  9.1.

  	
  Supplemental
  Indentures without Consent of Holders

  	
   

  
	
  Section
  9.2.

  	
  Supplemental
  Indentures with Consent of Holders

  	
   

  
	
  Section
  9.3.

  	
  Execution
  of Supplemental Indentures

  	
   

  
	
  Section
  9.4.

  	
  Effect of
  Supplemental Indentures

  	
   

  
	
  Section
  9.5.

  	
  Reference
  in Securities to Supplemental Indentures

  	
   

  
	
  ARTICLE X

  	
  COVENANTS

  	
   

  
	
  Section
  10.1.

  	
  Payment of
  Principal, Premium, if any, and Interest

  	
   

  
	
  Section
  10.2.

  	
  Money for
  Security Payments to be Held in Trust

  	
   

  
	
  Section
  10.3.

  	
  Statement
  as to Compliance

  	
   

  
	
  Section 10.4.

  	
  Calculation
  Agent

  	
   

  
	
  Section 10.5.

  	
  Additional Tax
  Sums

  	
   

  
	
  Section
  10.6.

  	
  Additional
  Covenants

  	
   

  
	
  Section 10.7.

  	
  Waiver of
  Covenants

  	
   

  
	
  Section
  10.8.

  	
  Treatment
  of Securities

  	
   

  
				

 

iii

 

	
  ARTICLE XI

  	
  REDEMPTION OF SECURITIES

  	
   

  
	
  Section 11.1.

  	
  Optional
  Redemption

  	
   

  
	
  Section
  11.2.

  	
  Special
  Event Redemption

  	
   

  
	
  Section
  11.3.

  	
  Election to
  Redeem; Notice to Trustee

  	
   

  
	
  Section
  11.4.

  	
  Selection
  of Securities to be Redeemed

  	
   

  
	
  Section 11.5.

  	
  Notice of
  Redemption

  	
   

  
	
  Section
  11.6.

  	
  Deposit of
  Redemption Price

  	
   

  
	
  Section
  11.7.

  	
  Payment of
  Securities Called for Redemption

  	
   

  
	
  ARTICLE XII

  	
  SUBORDINATION OF SECURITIES

  	
   

  
	
  Section
  12.1.

  	
  Securities
  Subordinate to Senior Debt

  	
   

  
	
  Section
  12.2.

  	
  No Payment
  When Senior Debt in Default; Payment Over of Proceeds Upon Dissolution, Etc.

  	
   

  
	
  Section
  12.3.

  	
  Payment
  Permitted If No Default

  	
   

  
	
  Section
  12.4.

  	
  Subrogation
  to Rights of Holders of Senior Debt

  	
   

  
	
  Section
  12.5.

  	
  Provisions
  Solely to Define Relative Rights

  	
   

  
	
  Section
  12.6.

  	
  Trustee to
  Effectuate Subordination

  	
   

  
	
  Section
  12.7.

  	
  No Waiver
  of Subordination Provisions

  	
   

  
	
  Section 12.8.

  	
  Notice to
  Trustee

  	
   

  
	
  Section
  12.9.

  	
  Reliance on
  Judicial Order or Certificate of Liquidating Agent

  	
   

  
	
  Section
  12.10.

  	
  Trustee Not
  Fiduciary for Holders of Senior Debt

  	
   

  
	
  Section
  12.11.

  	
  Rights of
  Trustee as Holder of Senior Debt; Preservation of Trustee’s Rights

  	
   

  
	
  Section
  12.12.

  	
  Article
  Applicable to Paying Agents

  	
   

  
				

 

iv

 

JUNIOR SUBORDINATED
INDENTURE, dated as of June 30,
2005, between SL GREEN OPERATING PARTNERSHIP, LP, a Delaware limited
partnership (the “Company”), and JPMORGAN
CHASE BANK, NATIONAL ASSOCIATION, a national banking association, as Trustee
(in such capacity, the “Trustee”).

 

RECITALS OF THE COMPANY

 

WHEREAS, the Company has
duly authorized the execution and delivery of this Indenture to provide for the
issuance of its unsecured junior subordinated deferrable interest notes (the “Securities”) issued to evidence loans made
to the Company of the proceeds from the issuance by SL Green Capital Trust I, a
Delaware statutory trust (the “Trust”),
of undivided preferred beneficial interests in the assets of the Trust (the “Preferred Securities”) and undivided
common beneficial interests in the assets of the Trust (the “Common Securities” and, collectively with the Preferred
Securities, the “Trust Securities”),
and to provide the terms and conditions upon which the Securities are to be
authenticated, issued and delivered; and

 

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

 

NOW, THEREFORE, this
Indenture Witnesseth:

 

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

 

ARTICLE I

 

DEFINITIONS
AND OTHER PROVISIONS OF GENERAL APPLICATION

 

SECTION 1.1.  Definitions.

 

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

 

(a)  the terms defined in this Article I
have the meanings assigned to them in this Article I;

 

(b)  the words “include”, “includes” and “including”
shall be deemed to be followed by the phrase “without limitation”;

 

(c)  all accounting terms not otherwise defined
herein have the meanings assigned to them in accordance with GAAP;

 

(d)  unless the context otherwise requires, any
reference to an “Article” or a “Section” refers to an Article or a Section, as
the case may be, of this Indenture;

 

(e)  the words “hereby”, “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;

 

1

 

(f)  a reference to the singular includes the
plural and vice versa; and

 

(g)  the masculine, feminine or neuter genders
used herein shall include the masculine, feminine and neuter genders.

 

“Act” when used
with respect to any Holder, has the meaning specified in Section 1.4.

 

“Administrative Trustee” means, with respect to the Trust,
each Person identified as an “Administrative Trustee” in the Trust Agreement,
solely in its capacity as Administrative Trustee of the Trust under the Trust
Agreement and not in its individual capacity, or its successor in interest in
such capacity, or any successor Administrative Trustee appointed as therein
provided.

 

“Additional Interest” means
the interest, if any, that shall accrue on any amounts payable on the
Securities, the payment of which has not been made on the applicable Interest
Payment Date and which shall accrue at the rate per annum specified or
determined as specified in such Security, in each case to the extent legally
enforceable.

 

“Additional Tax Sums” has
the meaning specified in Section 10.5.

 

“Additional Taxes” means
taxes, duties or other governmental charges imposed on the Trust as a result of
a Tax Event (which, for the sake of clarity, does not include amounts required
to be deducted or withheld by the Trust from payments made by the Trust to or
for the benefit of the Holder of, or any Person that acquires a beneficial
interest in, the Securities).

 

“Affiliate” of
any specified Person means any other Person directly or indirectly controlling
or controlled by or under direct or indirect common control with such specified
Person. For the purposes of this definition, “control,” when used with respect
to any specified Person, means the power to direct the management and policies
of such Person, directly or indirectly, whether through the ownership of voting
securities, by contract or otherwise; and the terms “controlling” and “controlled”
have meanings correlative to the foregoing.

 

“Applicable Depositary Procedures” means, with respect to any
transfer or transaction involving a Global Security or beneficial interest
therein, the rules and procedures of the Depositary for such Security, in each
case to the extent applicable to such transaction and as in effect from time to
time.

 

“Authenticating Agent” means any Person authorized by the
Trustee pursuant to Section 6.11 to act on behalf of the Trustee to
authenticate the Securities.

 

“Bankruptcy Code” means Title 11 of the United States Code or
any successor statute(s) thereto, or any similar federal or state law for the
relief of debtors, in each case as amended from time to time.

 

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

 

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

 

2

 

“Business Day” means any day other than (i) a Saturday or
Sunday, (ii) a day on which banking institutions in the City of New York are
authorized or required by law or executive order to remain closed or (iii) a
day on which the Corporate Trust Office of the Trustee is closed for business.

 

“Calculation Agent” has the meaning specified in Section
10.4.

 

“Commission” has
the meaning specified in Section 7.3(c).

 

“Common Securities” has
the meaning specified in the first recital of this Indenture.

 

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

 

“Company Request” and
“Company Order” mean, respectively, the written request
or order signed in the name of the Company by its Chairman of the Board of
Directors, its Vice Chairman of the Board of Directors, its Chief Executive
Officer, President or a Vice President, and by its Chief Financial Officer, its
Treasurer, an Assistant Treasurer, its Secretary or an Assistant Secretary, and
delivered to the Trustee.

 

“Corporate Trust Office” means
the principal office of the Trustee at which at any particular time its
corporate trust business shall be administered, which office at the date of
this Indenture is located at 600 Travis, 50th Floor, Houston, Texas
77002 Attn:  Worldwide Securities
Services—SL Green Capital Trust I.

 

“Debt” means, with respect to any Person, whether recourse is
to all or a portion of the assets of such Person, whether currently existing or
hereafter incurred and whether or not contingent and without duplication, (i)
every obligation of such Person for money borrowed; (ii) every obligation of
such Person evidenced by bonds, debentures, notes or other similar instruments,
including obligations incurred in connection with the acquisition of property,
assets or businesses; (iii) every reimbursement obligation of such Person with
respect to letters of credit, bankers’ acceptances or similar facilities issued
for the account of such Person; (iv) every obligation of such Person issued or
assumed as the deferred purchase price of property or services (but excluding
trade accounts payable or other accrued liabilities arising in the ordinary
course of business); (v) every capital lease obligation of such Person; (vi) all
indebtedness of such Person, whether incurred on or prior to the date of this
Indenture or thereafter incurred, for claims in respect of derivative products,
including interest rate, foreign exchange rate and commodity forward contracts,
options and swaps and similar arrangements; (vii) every obligation of the type
referred to in clauses (i) through (vi) of another Person and all dividends of
another Person the payment of which, in either case, such Person has guaranteed
or is responsible or liable for, directly or indirectly, as obligor or
otherwise; and (viii) any renewals, extensions, refundings, amendments or
modifications of any obligation of the type referred to in clauses (i) through
(vii).

 

“Defaulted Interest” has the meaning specified in Section
3.1.

 

“Delaware Trustee” means, with respect to the Trust, the
Person identified as the “Delaware Trustee” in the Trust Agreement, solely in
its capacity as Delaware Trustee of the 

 

3

 

Trust under the Trust Agreement and not in
its individual capacity, or its successor in interest in such capacity, or any
successor Delaware Trustee appointed as therein provided.

 

“Depositary” means
an organization registered as a clearing agency under the Exchange Act that is
designated as Depositary by the Company or any successor thereto.  DTC will be the initial Depositary.

 

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

 

“Distributions” means amounts payable in respect of the Trust
Securities as provided in the Trust Agreement and referred to therein as “Distributions.”

 

“Dollar” or “$” means
the currency of the United States of America that, as at the time of payment,
is legal tender for the payment of public and private debts.

 

“DTC” means The Depository Trust Company, a New York
corporation, or any successor thereto.

 

“EDGAR” has the
meaning specified in Section 7.3(c).

 

“Event of Default” has
the meaning specified in Section 5.1.

 

“Exchange Act” means the Securities Exchange Act of 1934 or
any statute successor thereto, in each case as amended from time to time.

 

“Expiration Date” has the meaning specified in Section 1.4.

 

“Extension Period” has
the meaning specified in Section 3.9.

 

“Fixed Rate Period” shall have the meaning in the form of
Security set forth in Section 2.1.

 

 “GAAP”
means United States generally accepted accounting principles, consistently
applied, from time to time in effect.

 

“Global Security” means
a Security that evidences all or part of the Securities, the ownership and
transfers of which shall be made through book entries by a Depositary.

 

“Government Obligation” means
(a) any security that is (i) a direct obligation of the United States of
America of which the full faith and credit of the United States of America is
pledged or (ii) an obligation of a Person controlled or supervised by and
acting as an agency or instrumentality of the United States of America or the
payment of which is unconditionally guaranteed as a full faith and credit
obligation by the United States of America, which, in either case (i) or (ii),
is not callable or redeemable at the option of the issuer thereof, and (b) any
depositary receipt issued by a bank (as defined in Section 3(a)(2) of the
Securities Act) as custodian with respect to any Government Obligation that is
specified in clause (a) above and held by such bank for the account of the
holder of such depositary receipt, or with respect to any 

 

4

 

specific payment of principal of or interest on any Government
Obligation that is so specified and held, provided,
that (except as required by law) such custodian is not authorized to make any
deduction from the amount payable to the holder of such depositary receipt from
any amount received by the custodian in respect of the Government Obligation or
the specific payment of principal or interest evidenced by such depositary
receipt.

 

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

 

“Indenture” means
this instrument as originally executed or as it may from time to time be
amended or supplemented by one or more amendments or indentures supplemental
hereto entered into pursuant to the applicable provisions hereof.

 

“Interest Payment Date” means
January 30, April 30, July 30,
and October 30 of each
year, commencing on October 30, 2005, during the term of this Indenture.

 

“Investment Company Act” means the Investment Company Act of
1940 or any successor statute thereto, in each case as amended from time to
time.

 

“Investment Company Event” means the receipt by the Company
of an Opinion of Counsel experienced in such matters to the effect that, as a
result of the occurrence of a change in law or regulation (including any
announced prospective change) or a 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 ninety (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, which change or prospective change becomes effective or
would become effective, as the case may be, on or after the date of the
issuance of the Securities.

 

“LIBOR” has the meaning specified in Schedule A.

 

“LIBOR Business Day” has the meaning specified in Schedule
A.

 

“LIBOR Determination Date” has the meaning specified in Schedule
A.

 

“Liquidation Amount” has the meaning specified in the Trust
Agreement.

 

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

 

“Notice of Default” means
a written notice of the kind specified in Section 5.1(c).

 

“Officers’ Certificate” means
a certificate signed by the Chairman of the Board, a Vice Chairman of the
Board, the Chief Executive Officer, the President or a Vice President, and by
the Chief Financial Officer, the Treasurer, an Assistant Treasurer, the
Secretary or an Assistant Secretary, of the Company and delivered to the
Trustee.

 

5

 

“Operative Documents” means
the Trust Agreement, the Indenture, the Purchase Agreements and the Securities.

 

“Opinion of Counsel” means
a written opinion of counsel, who may be counsel for or an employee of the
Company or any Affiliate of the Company.

 

“Optional Redemption Price” has the meaning set forth in Section
11.1.

 

“Original Issue Date” means the date of original issuance of
each Security.

 

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

 

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

 

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

 

(iii)  Securities that have been paid or in
substitution for or in lieu of which other Securities have been authenticated
and delivered pursuant to the provisions of this Indenture, unless proof
satisfactory to the Trustee is presented that any such Securities are held by
Holders in whose hands such Securities are valid, binding and legal obligations
of the Company;

 

provided, that
in determining whether the Holders of the requisite principal amount of
Outstanding Securities have given any request, demand, authorization,
direction, notice, consent or waiver hereunder, Securities owned by the Company
or any other obligor upon the Securities or any Affiliate of the Company or
such other obligor shall be disregarded and deemed not to be Outstanding,
unless the Company shall hold all Outstanding Securities, except that, in
determining whether the Trustee shall be protected in relying upon any such
request, demand, authorization, direction, notice, consent or waiver, only
Securities that a Responsible Officer of the Trustee actually knows to be so
owned shall be so disregarded. Securities so owned that have been pledged in
good faith may be regarded as Outstanding if the pledgee establishes to the
satisfaction of the Trustee the pledgee’s right so to act with respect to such
Securities and that the pledgee is not the Company or any other obligor upon
the Securities or any Affiliate of the Company or such other obligor. Notwithstanding
anything herein to the contrary, Securities initially issued to the Trust that
are owned by the Trust shall be deemed to be Outstanding notwithstanding the
ownership by the Company or an Affiliate of any beneficial interest in the
Trust.

 

“Paying Agent” means
the Trustee or any Person authorized by the Company to pay the principal of or
any premium or interest on, or other amounts in respect of, any Securities on
behalf of the Company.

 

6

 

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

 

“Place of Payment” means,
with respect to the Securities, the Corporate Trust Office of the Trustee.

 

“Preferred Securities” has
the meaning specified in the first recital of this Indenture.

 

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

 

“Proceeding” has
the meaning specified in Section 12.2.

 

“Property Trustee” means
the Person identified as the “Property Trustee” in the Trust Agreement, solely
in its capacity as Property Trustee of the Trust under the Trust Agreement and
not in its individual capacity, or its successor in interest in such capacity,
or any successor Property Trustee appointed as therein provided.

 

“Purchase Agreements” means
the two agreements, each dated as of the date hereof, between the Company and
the Trust and the Purchaser named therein.

 

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

 

“Redemption Price” means, when used with respect to any
Security to be redeemed, in whole or in part, the Special Redemption Price or
the Optional Redemption Price, as applicable, at which such Security or portion
thereof is to be redeemed as fixed by or pursuant to this Indenture.

 

“Reference Banks” has the meaning specified in Schedule A.

 

“Regular Record Date” for
the interest payable on any Interest Payment Date with respect to the Securities
means the date that is fifteen (15) days preceding such Interest Payment Date
(whether or not a Business Day).

 

“Responsible Officer” means, when used with respect to the
Trustee, the officer in the Institutional Trust Services department of the Trustee
having direct responsibility for the administration of this Indenture.

 

“Rights Plan” means
a plan of the Company providing for the issuance by the Company to all holders
of its units of limited partnership interests of rights entitling the holders
thereof to subscribe for or purchase units of partnership interests of the
Company which rights (i) are deemed to be transferred with such units of
limited partnership interests and (ii) are also issued in 

 

7

 

respect of future issuances of such units of
limited partnership interests, in each case until the occurrence of a specified
event or events.

 

“Securities” or
“Security means any debt
securities or debt security, as the case may be, authenticated and delivered
under this Indenture.

 

“Securities Act” means the Securities Act of 1933 or any
successor statute thereto, in each case as amended from time to time.

 

“Securities Register” and
“Securities Registrar” have the respective meanings specified in
Section 3.5.

 

“Senior Debt” means
the principal of and any premium and interest on (including interest accruing
on or after the filing of any petition in bankruptcy or for reorganization
relating to the Company, whether or not such claim for post-petition interest
is allowed in such proceeding) all Debt of the Company, whether incurred on or
prior to the date of this Indenture or thereafter incurred, unless 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 in right of payment to the
Securities issued under this Indenture;
provided, that Senior Debt shall
not be deemed to include any other debt securities (and guarantees, if any, in
respect of such debt securities) issued to any trust other than the Trust (or a
trustee of any such trust), partnership or other entity affiliated with the
Company that is a financing vehicle of the Company (a “financing entity”) in
connection with the issuance by such financing entity of equity securities or
other securities pursuant to an instrument that ranks pari passu with or junior in right of
payment to this Indenture.

 

“Special Event” means
the occurrence of an Investment Company Event or a Tax Event.

 

“Special Record Date” for
the payment of any Defaulted Interest means a date fixed by the Trustee
pursuant to Section 3.1.

 

“Special Redemption Price” has the meaning set forth in Section
11.2.

 

“Stated Maturity” means July 30, 2035.

 

“Subsidiary” means a Person more than fifty percent (50%) of
the outstanding voting stock or other voting interests of which is owned,
directly or indirectly, by the Company or by one or more other Subsidiaries, or
by the Company and one or more other Subsidiaries. For purposes of this
definition, “voting stock” means
stock that ordinarily has voting power for the election of directors, whether
at all times or only so long as no senior class of stock has such voting power
by reason of any contingency.

 

“Tax Event” means the receipt by the Company of an Opinion of
Counsel experienced in such matters to the effect that, as a result of (a) 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 (b) any judicial decision or any
official administrative pronouncement (including any private letter ruling,
technical advice memorandum or field service advice) or regulatory procedure,
including any notice or announcement of intent to adopt any such pronouncement
or procedure (an “Administrative Action”),
regardless of whether such judicial decision or Administrative Action is issued
to or in 

 

8

 

connection with a proceeding involving the
Company or the Trust and whether or not subject to review or appeal, which
amendment, change, judicial decision or Administrative Action is enacted,
promulgated or announced, in each case, on or after the date of issuance of the
Securities, there is more than an insubstantial risk that (i) the Trust is, or
will be within ninety (90) days of the date of such opinion, subject to United
States federal income tax with respect to income received or accrued on the
Securities, (ii) interest payable by the Company on the Securities is not, or
within ninety (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 ninety (90) days of the date
of such opinion, subject to more than a de
minimis amount of other taxes, duties or other governmental charges.

 

“Trust” has the meaning specified in the first recital of
this Indenture.

 

“Trust Agreement” means the Amended and Restated Trust
Agreement executed and delivered by the Company, the Property Trustee, Chase
Bank USA, National Association, as Delaware Trustee and the Administrative
Trustees named therein, contemporaneously with the execution and delivery of
this Indenture, for the benefit of the holders of the Trust Securities, as
amended or supplemented from time to time.

 

“Trustee” means
the Person named as the “Trustee”
in the first paragraph of this instrument, solely in its capacity as such and
not in its individual capacity, until a successor Trustee shall have become
such pursuant to the applicable provisions of this Indenture, and, thereafter, “Trustee” shall mean or include each Person
who is then a Trustee hereunder.

 

“Trust Indenture Act” means
the Trust Indenture Act of 1939, as amended and as in effect on the date as of
this Indenture.

 

“Trust Securities” has the meaning specified in the first
recital of this Indenture.

 

SECTION
1.2. 
Compliance Certificate and Opinions.

 

(a)           Upon any application or request by the Company
to the Trustee to take any action under any provision of this Indenture, the
Company shall, if requested by the Trustee, 
furnish to the Trustee an Officers’ Certificate stating that all
conditions precedent (including covenants compliance with which constitutes a
condition 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 (including
covenants compliance with which constitutes a condition precedent), if any,
have been complied with.

 

(b)           Every certificate or opinion with respect to
compliance with a condition or covenant provided for in this Indenture (other
than the certificate provided pursuant to Section 10.3) shall include:

 

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

 

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

 

9

 

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

 

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

 

SECTION
1.3. 
Forms of Documents Delivered to Trustee.

 

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

 

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

 

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

 

(d)           Whenever, subsequent to the receipt by the
Trustee of any Board Resolution, Officers’ Certificate, Opinion of Counsel or
other document or instrument, a clerical, typographical or other inadvertent or
unintentional error or omission shall be discovered therein, a new document or
instrument may be substituted therefor in corrected form with the same force
and effect as if originally received in the corrected form and, irrespective of
the date or dates of the actual execution and/or delivery thereof, such
substitute document or instrument shall be deemed to have been executed and/or
delivered as of the date or dates required with respect to the document or
instrument for which it is substituted. 
Without limiting the generality of the foregoing, any Securities issued
under the authority of such defective document or instrument shall nevertheless
be the valid obligations of the Company entitled to the benefits of this
Indenture equally and ratably with all other Outstanding Securities.

 

SECTION 1.4.  Acts of
Holders.

 

(a)           Any request, demand, authorization,
direction, notice, consent, waiver or other action provided by this Indenture
to be given to or taken by Holders may be embodied in and evidenced by one or
more instruments of substantially similar tenor signed by such Holders in
person or by an agent thereof duly appointed in writing; and, except as herein
otherwise expressly provided, such action shall become effective when such
instrument or instruments 

 

10

 

(including any appointment of an agent) is or
are delivered to the Trustee, and, where it is hereby expressly required, to
the Company. Such instrument or instruments (and the action embodied therein
and evidenced thereby) are herein sometimes referred to as the “Act” of
the Holders signing such instrument or instruments. Proof of execution of any
such instrument or of a writing appointing any such agent shall be sufficient
for any purpose of this Indenture and conclusive in favor of the Trustee and
the Company, if made in the manner provided in this Section 1.4.

 

(b)           The fact and date of the execution by any
Person of any such instrument or writing may be proved by the affidavit of a
witness of such execution or by the certificate of any notary public or other
officer authorized by law to take acknowledgments of deeds, certifying that the
individual signing such instrument or writing acknowledged to him or her the
execution thereof. Where such execution is by a Person acting in other than his
or her individual capacity, such certificate or affidavit shall also constitute
sufficient proof of his or her authority. 
The fact and date of the execution by any Person of any such instrument
or writing, or the authority of the Person executing the same, may also be
proved in any other manner that the Trustee or the Company, as the case may be,
deems sufficient and in accordance with such reasonable rules as the Trustee
may determine.

 

(c)           The ownership of Securities shall be proved
by the Securities Register.

 

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

 

(e)           Without limiting the foregoing, a Holder
entitled to take any action hereunder with regard to any particular Security
may do so with regard to all or any part of the principal amount of such
Security or by one or more duly appointed agents each of which may do so
pursuant to such appointment with regard to all or any part of such principal
amount.

 

(f)            Except as set forth in paragraph (g) of this Section
1.4, the Company may set any day as a record date for the purpose of
determining the Holders of Outstanding Securities entitled to give, make or
take any request, demand, authorization, direction, notice, consent, waiver or
other action provided or permitted by this Indenture to be given, made or taken
by Holders of Securities. If any record date is set pursuant to this paragraph,
the Holders of Outstanding Securities on such record date, and no other
Holders, shall be entitled to take the relevant action, whether or not such
Holders remain Holders after such record date; provided,
that no such action shall be effective hereunder unless taken on or prior to
the applicable Expiration Date (as defined in Section 1.4(h)) by Holders
of the requisite principal amount of Outstanding Securities on such record
date.  Nothing in this paragraph shall be
construed to prevent the Company from setting a new record date for any action
for which a record date has previously been set pursuant to this paragraph
(whereupon the record date previously set shall automatically and with no
action by any Person be canceled and of no effect).  Promptly after any record date is set
pursuant to this paragraph, the Company, at its own expense, shall cause notice
of such record date, the proposed action by Holders and the applicable
Expiration Date to be given to the Trustee in writing and to each Holder of
Securities in the manner set forth in Section 1.6.

 

11

 

(g)           The Trustee may set any day as a record date
for the purpose of determining the Holders of Outstanding Securities entitled
to join in the giving or making of (i) any Notice of Default, (ii) any
declaration of acceleration or rescission or annulment thereof referred to in Section
5.2, (iii) any request to institute proceedings referred to in Section
5.7(b) or (iv) any direction referred to in Section 5.12. If any
record date is set pursuant to this paragraph, the Holders of Outstanding
Securities on such record date, and no other Holders, shall be entitled to join
in such notice, declaration, request or direction, whether or not such Holders
remain Holders after such record date; provided,
that no such action shall be effective hereunder unless taken on or prior to
the applicable Expiration Date by Holders of the requisite principal amount of
Outstanding Securities on such record date. Nothing in this paragraph shall be
construed to prevent the Trustee from setting a new record date for any action
for which a record date has previously been set pursuant to this paragraph
(whereupon the record date previously set shall automatically and with no
action by any Person be canceled and of no effect).  Promptly after any record date is set
pursuant to this paragraph, the Trustee, at the Company’s expense, shall cause
notice of such record date, the proposed action by Holders and the applicable
Expiration Date to be given to the Company in writing and to each Holder of
Securities in the manner set forth in Section 1.6.

 

(h)           With respect to any record date set pursuant
to paragraph (f) or (g) of this Section 1.4, the party hereto that sets
such record date may designate any day as the “Expiration
Date” and from time to
time may change the Expiration Date to any earlier or later day; provided, that no such change shall be
effective unless notice of the proposed new Expiration Date is given to the
other party hereto in writing, and to each Holder of Securities in the manner
set forth in Section 1.6, on or prior to the existing Expiration Date.
If an Expiration Date is not designated with respect to any record date set
pursuant to this Section 1.4, the party hereto that set such record date
shall be deemed to have initially designated the ninetieth (90th)
day after such record date as the Expiration Date with respect thereto, subject
to its right to change the Expiration Date as provided in this paragraph.
Notwithstanding the foregoing, no Expiration Date shall be later than the one
hundred eightieth (180th) day after the applicable record date.

 

SECTION
1.5. 
Notices, Etc. to Trustee and Company.

 

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

 

(a)           the Trustee by any Holder, any holder of
Preferred Securities or the Company shall be sufficient for every purpose
hereunder if made, given, furnished or filed in writing to or with and received
by the Trustee at its Corporate Trust Office, or

 

(b)           the Company by the Trustee, any Holder or any
holder of Preferred Securities shall be sufficient for every purpose hereunder
if in writing and mailed, first class, postage prepaid, to the Company addressed
to it at 420 Lexington Avenue, New York, NY 10170, Attention:  Gregory F. Hughes, with a copy to Clifford
Chance US LLP, 31 West 52nd Street, New York, NY 10019,
Attention:  Larry P. Medvinsky, or at any
other address previously furnished in writing to the Trustee by the Company.

 

12

 

SECTION
1.6. 
Notice to Holders; Waiver.

 

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

 

SECTION
1.7. 
Effect of Headings and Table of Contents.

 

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

 

SECTION
1.8. 
Successors and Assigns.

 

This Indenture shall be
binding upon and shall inure to the benefit of any successor to the Company and
the Trustee, including any successor by operation of law.  Except in connection with a transaction
involving the Company that is permitted under Article VIII and pursuant
to which the assignee agrees in writing to perform the Company’s obligations
hereunder, the Company shall not assign its obligations hereunder.

 

SECTION
1.9. 
Separability Clause.

 

If any provision in this
Indenture or in the Securities shall be invalid, illegal or unenforceable, the
validity, legality and enforceability of the remaining provisions shall not in
any way be affected or impaired thereby, and there shall be deemed substituted
for the provision at issue a valid, legal and enforceable provision as similar
as possible to the provision at issue.

 

SECTION
1.10. 
Benefits of Indenture.

 

Nothing in this Indenture or
in the Securities, express or implied, shall give to any Person, other than the
parties hereto and their successors and assigns, the holders of Senior Debt,
the Holders of the Securities and, to the extent expressly provided in Sections
5.2, 5.8, 5.9, 5.11, 5.13, 9.2 and 10.7,
the holders of Preferred Securities, any benefit or any legal or equitable
right, remedy or claim under this Indenture.

 

13

 

SECTION 1.11.  Governing Law.

 

This
Indenture and the rights and obligations of each of the Holders, the Company
and the Trustee shall be construed and enforced in accordance with and governed
by the laws of the State of New York without reference to its conflict of laws
provisions (other than Section 5-1401 of the General Obligations Law).

 

SECTION
1.12.  Submission to Jurisdiction.

 

ANY LEGAL ACTION OR
PROCEEDING BY OR AGAINST ANY PARTY HERETO OR WITH RESPECT TO OR ARISING OUT OF
THIS INDENTURE MAY BE BROUGHT IN OR REMOVED TO THE COURTS OF THE STATE OF NEW
YORK, IN AND FOR THE COUNTY OF NEW YORK, OR OF THE UNITED STATES OF AMERICA FOR
THE SOUTHERN DISTRICT OF NEW YORK (IN EACH CASE SITTING IN THE BOROUGH OF
MANHATTAN). BY EXECUTION AND DELIVERY OF THIS INDENTURE, EACH PARTY ACCEPTS,
FOR ITSELF AND IN RESPECT OF ITS PROPERTY, GENERALLY AND UNCONDITIONALLY, THE
JURISDICTION OF THE AFORESAID COURTS (AND COURTS OF APPEALS THEREFROM) FOR
LEGAL PROCEEDINGS ARISING OUT OF OR IN CONNECTION WITH THIS INDENTURE.

 

SECTION
1.13. 
Non-Business Days.

 

If any Interest Payment
Date, Redemption Date or Stated Maturity of any Security shall not be a
Business Day, then (notwithstanding any other provision of this Indenture or
the Securities) payment of interest, premium, if any, or principal or other
amounts in respect of such Security shall not be made on such date, but shall be
made on the next succeeding Business Day (and no interest shall accrue in
respect of the amounts whose payment is so delayed for the period from and
after such Interest Payment Date, Redemption Date or Stated Maturity, as the
case may be, until such next succeeding Business Day) except that, if such
Business Day falls in the next succeeding calendar year, such payment shall be
made on the immediately preceding Business Day, in each case with the same
force and effect as if made on the Interest Payment Date or Redemption Date or
at the Stated Maturity.

 

ARTICLE II

 

SECURITY
FORMS

 

SECTION 2.1.  Form of
Security.

 

Any Security issued
hereunder shall be in substantially the following form:

 

SL GREEN OPERATING PARTNERSHIP, L.P.

 

Floating Rate Junior Subordinated Note due 2035

 

	
  No. 

  	
   

  	
   

  	
   

  	
  $

  	
  103,100,000

  

 

SL GREEN OPERATING
PARTNERSHIP, L.P., a limited partnership organized and existing under the laws
of Delaware (hereinafter called the “Company,”
which term includes any 

 

14

 

successor Person under the Indenture
hereinafter referred to), for value received, hereby promises to pay to
JPMorgan Chase Bank, National Association, not in its individual capacity, but
solely as Property Trustee for SL Green Capital Trust I or registered assigns,
the principal sum of One Hundred Three Million One Hundred Thousand Dollars
($103,100,000) [if the Security is a Global Security, then insert— or such
other principal amount represented hereby as may be set forth in the records of
the Securities Registrar hereinafter referred to in accordance with the
Indenture] on July 30, 2035. 
The Company further promises to pay interest on said principal sum from
June 30, 2005, or from the most recent Interest Payment Date to which interest
has been paid or duly provided for, quarterly (subject to deferral as set forth
herein) in arrears on January 30, April
30, July 30, and October
30 of each year, commencing on October 30, 2005, or if any such day is not a
Business Day, on the next succeeding Business Day (and no interest shall accrue
in respect of the amounts whose payment is so delayed for the period from and
after such Interest Payment Date until such next succeeding Business Day),
except that, if such Business Day falls in the next succeeding calendar year,
such payment shall be made on the immediately preceding Business Day, in each
case, with the same force and effect as if made on the Interest Payment Date,
at a fixed rate equal to 5.61% per annum through the interest payment date in
July 2015 (“Fixed Rate Period”) and thereafter at a variable rate equal to LIBOR plus 1.25%
per annum, together with Additional Tax Sums, if any, as provided in Section
10.5 of the Indenture, until the principal hereof is paid or duly provided
for or made available for payment; provided,
further, that any overdue
principal, premium, if any, or Additional Tax Sums and any overdue installment
of interest shall bear Additional Interest at a fixed rate equal to 5.61%
through the interest payment date in July 2015 and thereafter at a variable
rate equal to LIBOR plus 1.25% per annum (to the extent that the payment of
such interest shall be legally enforceable), compounded quarterly, from the
dates such amounts are due until they are paid or made available for payment,
and such interest shall be payable on demand.

 

During the Fixed Rate
Period, the amount of interest payable shall be computed on the basis of a
360-day year of twelve 30-day months and the amount payable for any partial
period shall be computed on the basis of the number of days elapsed in a
360-day year of twelve 30-day months. 
Upon expiration of the Fixed Rate Period, the amount of interest payable
for any Interest Payment Period will be computed on the basis of a 360-day year
and the actual number of days elapsed in the relevant interest period.  The
interest so payable, and punctually paid or duly provided for, on any Interest
Payment Date shall, as provided in the Indenture, be paid to the Person in
whose name this Security (or one or more Predecessor Securities) is registered
at the close of business on the Regular Record Date for such interest
installment.  Any such interest not so
punctually paid or duly provided for shall forthwith cease to be payable to the
Holder on such Regular Record Date and may either be paid to the Person in
whose name this Security (or one or more Predecessor Securities) is registered
at the close of business on a Special Record Date for the payment of such
Defaulted Interest to be fixed by the Trustee, notice whereof shall be given to
Holders of Securities not less than ten (10) days prior to such Special Record
Date, or be paid at any time in any other lawful manner not inconsistent with
the requirements of any securities exchange on which the Securities may be
listed, and upon such notice as may be required by such exchange, all as more
fully provided in the Indenture.

 

So long as no Event of
Default has occurred and is continuing, the Company shall have the right, at
any time and from time to time during the term of this Security, to defer the
payment of interest on this Security for a period of up to eight (8) consecutive quarterly interest payment 

 

15

 

periods (each such period, an “Extension
Period”), during which Extension Period(s), no interest shall be due
and payable (except any Additional Tax Sums that may be due and payable).  No Extension Period shall end on a date other
than an Interest Payment Date, and no Extension Period shall extend beyond the
Stated Maturity of the principal of this Security.  No interest shall be due and payable during
an Extension Period (except any Additional Tax Sums that may be due and
payable), except at the end thereof.  At
the end of any such Extension Period, the Company shall pay all interest then
accrued and unpaid on this Security. 
Prior to the termination of any such Extension Period, the Company may
further defer the payment of interest; provided,
that (i) all such previous and further extensions comprising such Extension
Period do not exceed eight (8) quarterly interest payment periods, (ii) no
Extension Period shall end on a date other than an Interest Payment Date and
(iii) no Extension Period shall extend beyond the Stated Maturity of the
principal of this Security.  Upon the
termination of any such Extension Period and upon the payment of all accrued
and unpaid interest then due on any Interest Payment Date, the Company may
elect to begin a new Extension Period; provided,
that (i) such Extension Period does not exceed eight (8) quarterly interest payment periods, (ii) no Extension
Period shall end on a date other than an Interest Payment Date and (iii) no
Extension Period shall extend beyond the Stated Maturity of the principal of
this Security.  The Company shall give
the Holder of this Security and the Trustee written notice of its election to
begin any such Extension Period at least thirty (30) days’ prior to the next
succeeding Interest Payment Date on which interest on this Security would be
payable but for such deferral.

 

During any Event of Default
or any such Extension Period, the Company shall not (i) declare or pay any
dividends or distributions on, or redeem, purchase, acquire or make a
liquidation payment with respect to, any of the Company’s units of limited
partnership interests or (ii) make any payment of principal of or any interest
or premium, if any, on or repay, repurchase or redeem any debt securities of
the Company that rank pari passu
in all respects with or junior in interest to this Security (other than (a)
repurchases, redemptions or other acquisitions of units of limited partnership
interests of the Company in connection with (1) any employment contract,
benefit plan or other similar arrangement with or for the benefit of any one or
more employees, officers, directors or consultants, (2) a dividend reinvestment
or limited partnership interests purchase plan and (3) the issuance of limited
partnership interests of the Company (or securities convertible into or
exercisable for such units of limited partnership interests) as consideration
in an acquisition transaction entered into prior to the applicable Extension
Period, (b) as a result of an exchange or conversion of any series of the
Company’s limited partnership interests (or any limited partnership interests
of a Subsidiary) for any series of the Company’s limited partnership interests
or of any series of the Company’s indebtedness for any series of the Company’s
limited partnership interests, (c)  any
declaration of a dividend in connection with any Rights Plan, the issuance of
rights, limited partnership interests or other property under any Rights Plan,
or the redemption or repurchase of rights pursuant thereto or (d) any dividend
in the form of limited partnership interests, warrants, options or other rights
where the dividend limited partnership interests or the limited partnership
interests issuable upon exercise of such warrants, options or other rights is
the same limited partnership interests as that on which the dividend is being
paid or ranks pari passu with or
junior to such limited partnership interests).

 

Payment of principal of,
premium, if any, and interest on this Security shall be made in such coin or
currency of the United States of America as at the time of payment is legal
tender for payment of public and private debts. 
Payments of principal, premium, if any, and interest due at the Maturity
of this Security shall be made at the Place of Payment upon surrender of such 

 

16

 

Securities to the Paying Agent, and payments of interest shall be made,
subject to such surrender where applicable, by wire transfer at such place and
to such account at a banking institution in the United States as may be
designated in writing to the Paying Agent at least ten (10) Business Days prior
to the date for payment by the Person entitled thereto unless proper written
transfer instructions have not been received by the relevant record date, in
which case such payments shall be made by check mailed to the address of such Person
as such address shall appear in the Security Register.  Notwithstanding the foregoing, so long as the
Holder of this Security is the Property Trustee, the payment of the principal
of (and premium, if any) and interest (including any overdue installment of
interest and Additional Tax Sums, if any) on this Security will be made at such
place and to such account as may be designated by the Property Trustee.

 

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

 

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

 

[FORM OF REVERSE OF SECURITY]

 

This Security is one of a
duly authorized issue of securities of the Company (the “Securities”) issued under the Junior
Subordinated Indenture, dated as of June 30, 2005 (the “Indenture”), between the Company and
JPMorgan Chase Bank, National Association, as Trustee (in such capacity, the “Trustee,” which term includes any
successor trustee under the Indenture), to which Indenture and all indentures
supplemental thereto reference is hereby made for a statement of the respective
rights, limitations of rights, duties and immunities thereunder of the Company,
the Trustee, the holders of Senior Debt, the Holders of the Securities and the
holders of the Preferred Securities, and of the terms upon which the Securities
are, and are to be, authenticated and delivered.

 

All terms used in this
Security that are defined in the Indenture or in the Amended and Restated Trust
Agreement, dated as of June 30, 2005 (as modified, amended or supplemented from
time to time, the “Trust Agreement”),
relating to the SL Green Capital
Trust I (the “Trust”) among the
Company, as Depositor, the Trustees named therein and the Holders from time to
time of the Trust Securities issued pursuant thereto, shall have the meanings
assigned to them in the Indenture or the Trust Agreement, as the case may be.

 

The Company may, on any
Interest Payment Date, at its option, upon not less than thirty (30) days’ nor
more than sixty (60) days’ written notice to the Holders of the Securities
(unless a shorter notice period shall be satisfactory to the Trustee) on or
after July 30, 2010 and subject to the terms and conditions of Article XI
of the Indenture, redeem this Security in whole at any time 

 

17

 

or in part from time to time at a Redemption Price equal to one hundred
percent (100%) of the principal amount hereof, together, in the case of any
such redemption, with accrued interest, including any Additional Interest,
through but excluding the date fixed as the Redemption Date.

 

In addition, upon the
occurrence and during the continuation of a Special Event, the Company may, at
its option, upon not less than thirty (30) days’ nor more than sixty (60) days’
written notice to the Holders of the Securities (unless a shorter notice period
shall be satisfactory to the Trustee), redeem this Security, in whole but not
in part, subject to the terms and conditions of Article XI of the
Indenture at a Redemption Price equal to one hundred seven and one half percent
(107.5%) of the principal amount hereof, together, in the case of any such
redemption, with accrued interest, including any Additional Interest, through
but excluding the date fixed as the Redemption Date.

 

In the event of redemption
of this Security in part only, a new Security or Securities for the unredeemed
portion hereof will be issued in the name of the Holder hereof upon the
cancellation hereof.  If less than all
the Securities are to be redeemed, the particular Securities to be redeemed
shall be selected not more than sixty (60) days prior to the Redemption Date by
the Trustee from the Outstanding Securities not previously called for
redemption, by such method as the Trustee shall deem fair and appropriate and
which may provide for the selection for redemption of a portion of the
principal amount of any Security.

 

The Indenture permits, with
certain exceptions as therein provided, the Company and the Trustee at any time
to enter into a supplemental indenture or indentures for the purpose of
modifying in any manner the rights and obligations of the Company and of the
Holders of the Securities, with the consent of the Holders of not less than a
majority in principal amount of the Outstanding Securities. The Indenture also
contains provisions permitting Holders of specified percentages in principal
amount of the Securities, on behalf of the Holders of all Securities, to waive
compliance by the Company with certain provisions of the Indenture and certain
past defaults under the Indenture and their consequences. Any such consent or
waiver by the Holder of this Security shall be conclusive and binding upon such
Holder and upon all future Holders of this Security and of any Security issued
upon the registration of transfer hereof or in exchange herefor or in lieu
hereof, whether or not notation of such consent or waiver is made upon this
Security.

 

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

 

As provided in the Indenture
and subject to certain limitations therein set forth, the transfer of this
Security is restricted to transfers to “Qualified Purchasers” (as such term is
defined in the Investment Company Act of 1940, as amended), and is registrable
in the Securities Register, upon surrender of this Security for registration of
transfer at the office or agency of the Company maintained for such purpose,
duly endorsed by, or accompanied by a written instrument of transfer in form
satisfactory to the Company and the Securities Registrar and duly executed by,
the Holder hereof or such Holder’s attorney duly authorized in writing, and 

 

18

 

thereupon one or more new Securities, of like tenor, of authorized
denominations and for the same aggregate principal amount, will be issued to
the designated transferee or transferees.

 

The Securities are issuable
only in registered form without coupons in minimum denominations of $100,000
and any integral multiple of $1,000 in excess thereof. As provided in the
Indenture and subject to certain limitations therein set forth, Securities are
exchangeable for a like aggregate principal amount of Securities and of like
tenor of a different authorized denomination, as requested by the Holder
surrendering the same.

 

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

 

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

 

The Company and, by its
acceptance of this Security or a beneficial interest herein, the Holder of, and
any Person that acquires a beneficial interest in, this Security agree that,
for United States federal, state and local tax purposes, it is intended that
this Security constitute indebtedness.

 

This
Security shall be construed and enforced in accordance with and governed by the
laws of the State of New York, without reference to its conflict of laws provisions
(other than Section 5-1401 of the General Obligations Law).

 

IN WITNESS WHEREOF, the
Company has caused this instrument to be duly executed on this         
day of                     ,
20    .

 

	
   

  	
  SL GREEN OPERATING
  PARTNERSHIP, L.P.

  
	
   

  	
   

  
	
   

  	
  By: SL GREEN REALTY CORP.,
  its General 

  Partner

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By: 

  	
   

  	
   

  
	
   

  	
  Name:

  	
   

  
	
   

  	
  Title:

  	
   

  

 

SECTION
2.2. 
Restricted Legend.

 

(a)           Any Security issued hereunder shall bear a
legend in substantially the following form:

 

“[IF THIS SECURITY IS A GLOBAL SECURITY INSERT:  THIS SECURITY
IS A GLOBAL SECURITY 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 

 

19

 

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 ISSUER 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 REQUESTED BY
AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT HEREON IS MADE TO CEDE
& CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE
OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR
TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE &
CO., HAS AN INTEREST HEREIN.]

 

THE SECURITIES REPRESENTED
BY THIS CERTIFICATE WERE ORIGINALLY ISSUED IN A TRANSACTION EXEMPT FROM
REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”),
AND SUCH SECURITIES, AND ANY INTEREST THEREIN, MAY NOT BE OFFERED, SOLD OR
OTHERWISE TRANSFERRED IN THE ABSENCE OF SUCH REGISTRATION OR AN APPLICABLE
EXEMPTION THEREFROM.  EACH PURCHASER OF
ANY SECURITIES IS HEREBY NOTIFIED THAT THE SELLER OF THE SECURITIES MAY BE
RELYING ON THE EXEMPTION FROM THE PROVISIONS OF SECTION 5 OF THE SECURITIES ACT
PROVIDED BY RULE 144A UNDER THE SECURITIES ACT.

 

THE HOLDER OF THE SECURITIES
REPRESENTED BY THIS CERTIFICATE AGREES FOR THE BENEFIT OF THE COMPANY THAT (A)
SUCH SECURITIES MAY BE OFFERED, RESOLD OR OTHERWISE TRANSFERRED ONLY (I) TO THE
COMPANY OR (II) TO A PERSON WHOM THE SELLER REASONABLY BELIEVES IS A “QUALIFIED
PURCHASER” (AS DEFINED IN SECTION 2(a)(51) OF THE INVESTMENT COMPANY ACT OF
1940, AS AMENDED), AND (B) THE HOLDER WILL NOTIFY ANY PURCHASER OF ANY
SECURITIES FROM IT OF THE RESALE RESTRICTIONS REFERRED TO IN (A) ABOVE.

 

THE SECURITIES WILL BE ISSUED
AND MAY BE TRANSFERRED ONLY IN BLOCKS HAVING AN AGGREGATE PRINCIPAL AMOUNT OF
NOT LESS THAN $100,000. TO THE FULLEST EXTENT PERMITTED BY LAW, ANY ATTEMPTED
TRANSFER OF SECURITIES, OR ANY INTEREST THEREIN, IN A BLOCK HAVING AN AGGREGATE
PRINCIPAL AMOUNT OF LESS THAN $100,000 AND MULTIPLES OF $1,000 IN EXCESS
THEREOF SHALL BE DEEMED TO BE VOID AND OF NO LEGAL EFFECT WHATSOEVER. TO THE
FULLEST EXTENT PERMITTED BY LAW, ANY SUCH PURPORTED TRANSFEREE SHALL BE DEEMED
NOT TO BE THE HOLDER OF SUCH SECURITIES FOR ANY PURPOSE, 

 

20

 

INCLUDING, BUT NOT LIMITED
TO, THE RECEIPT OF PRINCIPAL OF OR INTEREST ON SUCH SECURITIES, OR ANY INTEREST
THEREIN, AND SUCH PURPORTED TRANSFEREE SHALL BE DEEMED TO HAVE NO INTEREST
WHATSOEVER IN SUCH SECURITIES.

 

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

 

(b)           The above legends shall not be removed from
any Security unless there is delivered to the Company satisfactory evidence,
which may include an Opinion of Counsel, as may be reasonably required to
ensure that any future transfers thereof may be made without restriction under
or violation of the provisions of the Securities Act and other applicable
law.  Upon provision of such satisfactory
evidence, the Company shall execute and deliver to the Trustee, and the Trustee
shall deliver, upon receipt of a Company Order directing it to do so, a
Security that does not bear the legend.

 

SECTION
2.3. 
Form of Trustee’s Certificate of Authentication.

 

The Trustee’s certificate of
authentication shall be in substantially the following form:

 

This is one of the
Securities referred to in the within-mentioned Indenture.

 

Dated:

 

	
   

  	
  By: 

  	
   

  	
   

  
	
   

  	
   

  	
  Authenticating
  Agent

  
	
   

  	
   

  	
   

  
	
   

  	
  By: 

  	
   

  	
   

  
	
   

  	
   

  	
  Authorized Signatory

  

 

21

 

SECTION
2.4. 
Temporary Securities.

 

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

 

(b)           If temporary Securities are issued, the
Company will cause definitive Securities to be prepared without unreasonable
delay. After the preparation of definitive Securities, the temporary Securities
shall be exchangeable for definitive Securities upon surrender of the temporary
Securities at the office or agency of the Company designated for that purpose
without charge to the Holder. Upon surrender for cancellation of any one or
more temporary Securities, the Company shall execute and the Trustee shall
authenticate and deliver in exchange therefor one or more definitive Securities
of any authorized denominations having the same Original Issue Date and Stated
Maturity and having the same terms as such temporary Securities. Until so
exchanged, the temporary Securities shall in all respects be entitled to the
same benefits under this Indenture as definitive Securities.

 

SECTION
2.5. 
Definitive Securities.

 

The Securities issued on the
Original Issue Date shall be in definitive form.  The definitive Securities shall be printed,
lithographed or engraved, or produced by any combination of these methods, if
required by any securities exchange on which the Securities may be listed, on a
steel engraved border or steel engraved borders or may be produced in any other
manner permitted by the rules of any securities exchange on which the
Securities may be listed, all as determined by the officers executing such
Securities, as evidenced by their execution of such Securities.

 

ARTICLE III

 

THE
SECURITIES

 

SECTION
3.1. 
Payment of Principal and Interest.

 

(a)           The unpaid principal amount of the Securities
shall bear interest at a fixed rate equal to 5.61% per annum through the
interest payment date in July 2015 and thereafter at a variable rate of LIBOR
plus 1.25% per annum until paid or duly provided for, such interest to accrue
from the Original Issue Date or from the most recent Interest Payment Date to
which interest has been paid or duly provided for, and any overdue principal,
premium, if any, or Additional Tax Sums and any overdue installment of interest
shall bear Additional Interest at the rate equal to a fixed rate equal to 5.61%
per annum through the interest payment date in July 2015 and thereafter at a
variable rate of LIBOR plus 1.25% per annum, compounded quarterly from the
dates such amounts are due until they are paid or funds for the payment thereof
are made available for payment.

 

(b)           Interest and Additional Interest on any
Security that is payable, and is punctually paid or duly provided for, on any
Interest Payment Date shall be paid to the Person in whose 

 

22

 

name that Security (or one or more Predecessor Securities) is
registered at the close of business on the Regular Record Date for such
interest, except that interest and any Additional Interest payable on the
Stated Maturity (or any date of principal repayment upon early maturity) of the
principal of a Security or on a Redemption Date shall be paid to the Person to
whom principal is paid. The initial payment of interest on any Security that is
issued between a Regular Record Date and the related Interest Payment Date
shall be payable as provided in such Security.

 

(c)           Any interest on any Security that is due and
payable, but is not timely paid or duly provided for, on any Interest Payment
Date for Securities (herein called “Defaulted
Interest”) shall forthwith cease to be payable to the registered
Holder on the relevant Regular Record Date by virtue of having been such
Holder, and such Defaulted Interest may be paid by the Company, at its election
in each case, as provided in paragraph (i) or (ii) below:

 

(i)  The Company may elect to make payment of any
Defaulted Interest to the Persons in whose names the 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 (a “Special Record Date”), which shall be
fixed in the following manner.  At least
thirty (30) days prior to the date of the proposed payment, the Company shall
notify the Trustee in writing of the amount of Defaulted Interest proposed to
be paid on each 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 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. Thereupon
the Trustee shall fix a Special Record Date for the payment of such Defaulted
Interest, which shall be not more than fifteen (15) days and not less than ten
(10) days prior to the date of the proposed payment and not less than ten (10)
days after the receipt by the Trustee of the notice of the proposed payment.
The Trustee shall promptly notify the Company of such Special Record Date and,
in the name and at the expense of the Company, shall cause notice of the
proposed payment of such Defaulted Interest and the Special Record Date
therefor to be mailed, first class, postage prepaid, to each Holder of a
Security at the address of such Holder as it appears in the Securities Register
not less than ten (10) days prior to such Special Record Date.  Notice of the proposed payment of such
Defaulted Interest and the Special Record Date therefor having been so mailed,
such Defaulted Interest shall be paid to the Persons in whose names the
Securities (or their respective Predecessor Securities) are registered on such
Special Record Date; or

 

(ii)  The Company may make payment of any Defaulted
Interest in any other lawful manner not inconsistent with the requirements of
any securities exchange or automated quotation system on which the Securities
may be listed, traded or quoted and, upon such notice as may be required by
such exchange or automated quotation system (or by the Trustee if the
Securities are not listed), if, after notice given by the Company to the
Trustee of the proposed payment pursuant to this clause, such payment shall be
deemed practicable by the Trustee.

 

(d)           Payments of interest on the Securities shall
include interest accrued to but excluding the respective Interest Payment
Dates. During the Fixed Rate Period, the amount of 

 

23

 

interest payable shall be computed on the basis of a 360-day year of
twelve 30-day months and the amount payable for any partial period shall be
computed on the basis of the number of days elapsed in a 360-day year of twelve
30-day months.  Upon expiration of the
Fixed Rate Period, the amount of interest payable for any Interest Payment
Period will be computed on the basis of a 360-day year and the actual number of
days elapsed in the relevant interest period.

 

(e)           Payment of principal of, premium, if any, and
interest on the Securities shall be made in such coin or currency of the United
States of America as at the time of payment is legal tender for payment of
public and private debts.  Payments of
principal, premium, if any, and interest due at the Maturity of such Securities
shall be made at the Place of Payment upon surrender of such Securities to the
Paying Agent and payments of interest shall be made subject to such surrender
where applicable, by wire transfer at such place and to such account at a banking
institution in the United States as may be designated in writing to the Paying
Agent at least ten (10) Business Days prior to the date for payment by the
Person entitled thereto unless proper written transfer instructions have not
been received by the relevant record date, in which case such payments shall be
made by check mailed to the address of such Person as such address shall appear
in the Security Register. 
Notwithstanding the foregoing, so long as the holder of this Security is
the Property Trustee, the payment of the principal of (and premium, if any) and
interest (including any overdue installment of interest and Additional Tax
Sums, if any) on this Security will be made at such place and to such account
as may be designated by the Property Trustee.

 

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

 

SECTION 3.2.  Denominations.

 

The Securities shall be in
registered form without coupons and shall be issuable in minimum denominations
of $100,000 and any integral multiple of $1,000 in excess thereof.

 

SECTION
3.3. 
Execution, Authentication, Delivery and Dating.

 

(a)           At any time and from time to time after the
execution and delivery of this Indenture, 
the Company may deliver Securities in an aggregate principal amount
(including all then Outstanding Securities) not in excess of One Hundred Three
Million One Hundred Thousand Dollars ($103,100,000) executed by the Company to
the Trustee for authentication, together with a Company Order for the
authentication and delivery of such Securities, and the Trustee in accordance
with the Company Order shall authenticate and deliver such Securities. In
authenticating such Securities, and accepting the additional responsibilities
under this Indenture in relation to such Securities, the Trustee shall be
entitled to receive, and shall be fully protected in relying upon:

 

(i)  a copy of any Board Resolution relating
thereto; and

 

(ii)  an Opinion of Counsel stating that: (1) such
Securities, when authenticated and delivered by the Trustee and issued by the
Company in the manner and subject to any conditions specified in such Opinion
of Counsel, will constitute, and the Indenture 

 

24

 

constitutes, valid and
legally binding obligations of the Company, each enforceable in accordance with
its terms, subject to bankruptcy, insolvency, fraudulent transfer,
reorganization, moratorium and similar laws of general applicability relating
to or affecting creditors’ rights and to general equity principles; (2) the
Securities have been duly authorized and executed by the Company and have been
delivered to the Trustee for authentication in accordance with this Indenture;
(3) the Securities are not required to be registered under the Securities Act;
and (4) the Indenture is not required to be qualified under the Trust Indenture
Act.

 

(b)           The Securities shall be executed on behalf of
the Company by its Chairman of the Board, its Vice Chairman of the Board, its
Chief Executive Officer, its President or one of its Vice Presidents. The
signature of any of these officers on the Securities may be manual or
facsimile.  Securities bearing the manual
or facsimile signatures of individuals who were at any time the proper officers
of the Company shall bind the Company, notwithstanding that such individuals or
any of them have ceased to hold such offices prior to the authentication and
delivery of such Securities or did not hold such offices at the date of such
Securities.

 

(c)           No Security shall be entitled to any benefit
under this Indenture or be valid or obligatory for any purpose, unless there
appears on such Security a certificate of authentication substantially in the
form provided for herein executed by the Trustee by the manual signature of one
of its authorized signatories, and such certificate upon any Security shall be
conclusive evidence, and the only evidence, that such Security has been duly
authenticated and delivered hereunder. Notwithstanding the foregoing, if any
Security shall have been authenticated and delivered hereunder but never issued
and sold by the Company, and the Company shall deliver such Security to the
Trustee for cancellation as provided in Section 3.8, for all purposes of
this Indenture such Security shall be deemed never to have been authenticated
and delivered hereunder and shall never be entitled to the benefits of this
Indenture.

 

(d)           Each Security shall be dated the date of its
authentication.

 

SECTION
3.4. 
Global Securities.

 

(a)           Upon the election of the Holder after the
Original Issue Date, which election need not be in writing, the Securities
owned by such Holder shall be issued in the form of one or more Global
Securities registered in the name of the Depositary or its nominee. Each Global
Security issued under this Indenture shall be registered in the name of the
Depositary designated by the Company for such Global Security or a nominee
thereof and delivered to such Depositary or a nominee thereof or custodian
therefor, and each such Global Security shall constitute a single Security for
all purposes of this Indenture.

 

(b)           Notwithstanding any other provision in this
Indenture, no Global Security may be exchanged in whole or in part for
registered Securities, and no transfer of a Global Security in whole or in part
may be registered, in the name of any Person other than the Depositary for such
Global Security 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 Security, 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 

 

25

 

successor is appointed by the Company within
ninety (90) days after obtaining knowledge of such event, (iii) the Company
executes and delivers to the Trustee a Company Order stating that the Company
elects to terminate the book-entry system through the Depositary or (iv) an
Event of Default shall have occurred and be continuing.  Upon the occurrence of any event specified in
clause (i), (ii), (iii) or (iv) above, the Trustee shall notify the Depositary
and instruct the Depositary to notify all owners of beneficial interests in
such Global Security of the occurrence of such event and of the availability of
Securities to such owners of beneficial interests requesting the same.  The Trustee may conclusively rely, and be
protected in relying, upon the written identification of the owners of
beneficial interests furnished by the Depositary, and shall not be liable for
any delay resulting from a delay by the Depositary.  Upon the issuance of such Securities and the
registration in the Securities Register of such Securities in the names of the
Holders of the beneficial interests therein, the Trustees shall recognize such
holders of beneficial interests as Holders.

 

(c)           If any Global Security is to be exchanged for
other Securities or canceled in part, or if another Security is to be exchanged
in whole or in part for a beneficial interest in any Global Security, then
either (i) such Global Security shall be so surrendered for exchange or
cancellation as provided in this Article III or (ii) the principal
amount thereof shall be reduced or increased by an amount equal to (x) the
portion thereof to be so exchanged or canceled, or (y) the principal amount of
such other 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 Securities 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 Security by the Depositary,
accompanied by registration instructions, the Company shall execute and the
Trustee shall authenticate and deliver any Securities issuable in exchange for
such Global Security (or any portion thereof) in accordance with the
instructions of the Depositary. The Trustee shall not be liable for any delay
in delivery of such instructions and may conclusively rely on, and shall be
fully protected in relying on, such instructions.

 

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

 

(e)           Securities distributed to holders of
Book-Entry Preferred Securities (as defined in the applicable Trust Agreement)
upon the dissolution of the Trust shall be distributed in the form of one or
more Global Securities registered in the name of a Depositary or its nominee,
and deposited with the Securities Registrar, as custodian for such Depositary,
or with such Depositary, for credit by the Depositary to the respective
accounts of the beneficial owners of the Securities represented thereby (or
such other accounts as they may direct). 
Securities distributed to holders of Preferred Securities other than
Book-Entry Preferred Securities upon the dissolution of the Trust shall not be
issued in the form of a Global Security or any other form intended to
facilitate book-entry trading in beneficial interests in such Securities.

 

(f)            The Depositary or its nominee, as the
registered owner of a Global Security, shall be the Holder of such Global
Security for all purposes under this Indenture and the Securities, and owners
of beneficial interests in a Global Security shall hold such interests pursuant
to the 

 

26

 

Applicable Depositary Procedures. Accordingly, any such owner’s
beneficial interest in a Global Security 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 Securities Registrar and the Trustee
shall be entitled to deal with the Depositary for all purposes of this
Indenture relating to a Global Security (including the payment of principal and
interest thereon and the giving of instructions or directions by owners of
beneficial interests therein and the giving of notices) as the sole Holder of
the Security and shall have no obligations to the owners of beneficial
interests therein.  Neither the Trustee
nor the Securities Registrar shall have any liability in respect of any
transfers effected by the Depositary.

 

(g)           The rights of owners of beneficial interests
in a Global Security 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 holder of any beneficial interest in any
Global Security held on its behalf by a Depositary shall have any rights under
this Indenture with respect to such Global Security, and such Depositary may be
treated by the Company, the Trustee and any agent of the Company or the Trustee
as the owner of such Global Security for all purposes whatsoever.  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 of a Global Security 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 a Depositary
or impair, as between a Depositary and such holders of beneficial interests,
the operation of customary practices governing the exercise of the rights of
the Depositary (or its nominee) as Holder of any Security.

 

SECTION
3.5. 
Registration, Transfer and Exchange Generally.

 

(a)           The Trustee shall cause to be kept at the
Corporate Trust Office a register (the “Securities
Register”) in which the registrar and transfer agent with respect to
the Securities (the “Securities Registrar”),
subject to such reasonable regulations as it may prescribe, shall provide for
the registration of Securities and of transfers and exchanges of Securities.
The Trustee shall at all times also be the Securities Registrar.  The provisions of Article VI shall
apply to the Trustee in its role as Securities Registrar.

 

(b)           Subject to compliance with Section 2.2(b),
upon surrender for registration of transfer of any Security at the offices or
agencies of the Company designated for that purpose the Company shall execute,
and the Trustee shall authenticate and deliver, in the name of the designated
transferee or transferees, one or more new Securities of any authorized
denominations of like tenor and aggregate principal amount.

 

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

 

27

 

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

 

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

 

(f)            No service charge shall be made to a Holder
for any transfer or exchange of Securities, but the Company may require payment
of a sum sufficient to cover any tax or other governmental charge that may be imposed
in connection with any transfer or exchange of Securities.

 

(g)           Neither the Company nor the Trustee shall be
required pursuant to the provisions of this Section 3.5 (g): (i) to
issue, register the transfer of or exchange any Security during a period
beginning at the opening of business fifteen (15) days before the day of
selection for redemption of Securities pursuant to Article XI and ending
at the close of business on the day of mailing of the notice of redemption or
(ii) to register the transfer of or exchange any Security so selected for
redemption in whole or in part, except, in the case of any such Security to be
redeemed in part, any portion thereof not to be redeemed.

 

(h)           The Company shall designate an office or
offices or agency or agencies where Securities may be surrendered for
registration or transfer or exchange. 
The Company initially designates the Corporate Trust Office as its
office and agency for such purposes.  The
Company shall give prompt written notice to the Trustee and to the Holders of
any change in the location of any such office or agency.

 

(i)            The Securities may only be transferred to a “Qualified
Purchaser” as such term is defined in Section 2(a)(51) of the Investment
Company Act.

 

(j)            Neither the Trustee nor the Securities
Registrar shall be responsible for ascertaining whether any transfer hereunder
complies with the registration provisions of or any exemptions from the
Securities Act, applicable state securities laws or the applicable laws of any
other jurisdiction, ERISA, the United States Internal Revenue Code of 1986, as
amended, or the Investment Company Act; provided, that if a certificate is
specifically required by the express terms of this Section 3.5 to be delivered
to the Trustee or the Securities Registrar by a Holder or transferee of a
Security, the Trustee and the Securities Registrar shall be under a duty to
receive and examine the same to determine whether or not the certificate
substantially conforms on its face to the requirements of this Indenture and shall
promptly notify the party delivering the same if such certificate does not
comply with such terms

 

SECTION
3.6. 
Mutilated, Destroyed, Lost and Stolen Securities.

 

(a)           If any mutilated Security is surrendered to
the Trustee together with such security or indemnity as may be required by the
Trustee to save the Company and the Trustee harmless, the Company shall execute
and the Trustee shall authenticate and deliver in exchange therefor a new
Security of like tenor and aggregate principal amount and bearing a number not
contemporaneously outstanding.

 

28

 

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

 

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

 

(d)           Upon the issuance of any new Security under
this Section 3.6, the Company may require the payment of a sum
sufficient to cover any tax or other governmental charge that may be imposed in
relation thereto and any other expenses (including the fees and expenses of the
Trustee) connected therewith.

 

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

 

(f)            The provisions of this Section 3.6 are
exclusive and shall preclude (to the extent lawful) all other rights and
remedies with respect to the replacement or payment of mutilated, destroyed,
lost or stolen Securities.

 

SECTION
3.7. 
Persons Deemed Owners.

 

The Company, the Trustee and
any agent of the Company or the Trustee shall treat the Person in whose name
any Security is registered as the owner of such Security for the purpose of
receiving payment of principal of and any interest on such Security and for all
other purposes whatsoever, and neither the Company, the Trustee nor any agent
of the Company or the Trustee shall be affected by notice to the contrary.

 

SECTION 3.8.  Cancellation.

 

All Securities surrendered
for payment, redemption, transfer or exchange shall, if surrendered to any
Person other than the Trustee, be delivered to the Trustee, and any such
Securities and Securities surrendered directly to the Trustee for any such
purpose shall be promptly canceled by it. The Company may at any time deliver
to the Trustee for cancellation any Securities previously authenticated and
delivered hereunder that the Company may have acquired in any manner
whatsoever, and all Securities so delivered shall be promptly canceled by the
Trustee. No Securities shall be authenticated in lieu of or in exchange for any
Securities canceled as provided in this Section 3.8, except as expressly
permitted by this Indenture. All canceled Securities shall be retained or
disposed of by the Trustee in accordance with its customary practices and the
Trustee shall deliver to the Company a certificate of such disposition.

 

29

 

SECTION
3.9. Deferrals of Interest Payment Dates.

 

(a)           So long as no Event of Default has occurred
and is continuing, the Company shall have the right, at any time and from time
to time during the term of the Security, to defer the payment of interest on
the Securities for a period of up to eight (8) consecutive quarterly interest
payment periods (each such period, an “Extension
Period”), during which
Extension Period(s), the Company shall have the right to make no payments or
partial payments of interest on any Interest Payment Date (except any
Additional Tax Sums that otherwise may be due and payable).  No Extension Period shall end on a date other
than an Interest Payment Date and no Extension Period shall extend beyond the
Stated Maturity of the principal of the Securities.  No interest shall be due and payable during
an Extension Period, except at the end thereof. 
At the end of any such Extension Period, the Company shall pay all
interest then accrued and unpaid on the Securities.  Prior to the termination of any such
Extension Period, the Company may extend such Extension Period and further
defer the payment of interest; provided,
that (i) all such previous and further extensions comprising such Extension
Period do not exceed eight (8) quarterly interest payment periods, (ii) no
Extension Period shall end on a date other than an Interest Payment Date and
(iii) no Extension Period shall extend beyond the Stated Maturity of the
principal of the Securities.  Upon the
termination of any such Extension Period and upon the payment of all accrued
and unpaid interest then due on any Interest Payment Date, the Company may
elect to begin a new Extension Period; provided,
that (i) such Extension Period does not exceed eight (8) quarterly interest
payment periods, (ii) no Extension Period shall end on a date other than an
Interest Payment Date and (iii) no Extension Period shall extend beyond the
Stated Maturity of the principal of the Securities.  The Company shall give the Holders of the
Securities and the Trustee written notice of its election to begin any such
Extension Period at least thirty (30) days’ prior to the next succeeding
Interest Payment Date on which interest on the Securities would be payable but
for such deferral.

 

(b)           In connection with any such Extension Period,
the Company shall be subject to the restrictions set forth in Section
10.6(a).

 

SECTION 3.10.  Reserved.

 

SECTION
3.11. 
Agreed Tax Treatment.

 

Each Security issued
hereunder shall provide that the Company and, by its acceptance or acquisition
of a Security or a beneficial interest therein, the Holder of, and any Person
that acquires a direct or indirect beneficial interest in, such Security, intend
and agree to treat such Security as indebtedness of the Company for United
States Federal, state and local tax purposes and to treat the Preferred
Securities (including but not limited to all payments and proceeds with respect
to the Preferred Securities) as an undivided beneficial ownership interest in
the Securities (and any other Trust property) (and payments and proceeds
therefrom, respectively) for United States Federal, state and local tax
purposes.  The provisions of this
Indenture shall be interpreted to further this intention and agreement of the
parties.

 

SECTION 3.12.  CUSIP Numbers.

 

The Company in issuing the
Securities may use “CUSIP” numbers (if then generally in use), and, if so, the
Trustee shall use “CUSIP” numbers in notices of redemption and other 

 

30

 

similar or related materials as a convenience to Holders; provided, that any such notice or other
materials may state that no representation is made as to the correctness of
such numbers either as printed on the Securities or as contained in any notice
of redemption or other materials and that reliance may be placed only on the
other identification numbers printed on the Securities, and any such redemption
shall not be affected by any defect in or omission of such numbers.

 

ARTICLE IV

 

SATISFACTION
AND DISCHARGE

 

SECTION
4.1. 
Satisfaction and Discharge of Indenture.

 

This Indenture shall, upon
Company Request, cease to be of further effect (except as to any surviving
rights of registration of transfer or exchange of Securities herein expressly
provided for and as otherwise provided in this Section 4.1) and the
Trustee, on demand of and at the expense of the Company, shall execute proper
instruments acknowledging satisfaction and discharge of this Indenture, when

 

(a)           either

 

(i)
all Securities theretofore authenticated and delivered (other than (A)
Securities that have been mutilated, destroyed, lost or stolen and that have
been replaced or paid as provided in Section 3.6 and (B) Securities for
whose payment money has theretofore been deposited in trust or segregated and
held in trust by the Company and thereafter repaid to the Company or discharged
from such trust as provided in Section 10.2) have been delivered to the
Trustee for cancellation; or

 

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

 

(A)          have become due and payable, or

 

(B)           will become due and payable at their Stated
Maturity within one year of the date of deposit, or

 

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

 

and
the Company, in the case of subclause (ii)(A), (B) or (C) above, has deposited
or caused to be deposited with the Trustee as trust funds in trust for such
purpose (x) an amount in the currency or currencies in which the Securities are
payable, (y) Government Obligations which through the scheduled payment of
principal and interest in respect thereof in accordance with their terms will
provide, not later than the due date of any payment, money in an amount or (z)
a combination thereof, in each case sufficient, in the opinion of a nationally
recognized firm of independent public accountants expressed in a written
certification thereof delivered to the Trustee, to pay and discharge the entire
indebtedness on such Securities not theretofore delivered to the Trustee for
cancellation, for principal and any premium and interest (including any
Additional Interest) to the date of such deposit (in the case of Securities
that have become due and payable) or to the 

 

31

 

Stated
Maturity (or any date of principal repayment upon early maturity) or Redemption
Date, as the case may be;

 

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

 

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

 

Notwithstanding the
satisfaction and discharge of this Indenture, the obligations of the Company to
the Trustee under Section 6.6, the obligations of the Company to any
Authenticating Agent under Section 6.11 and, if money shall have been
deposited with the Trustee pursuant to subclause (a)(ii) of this Section 4.1,
the obligations of the Trustee under Section 4.2 and Section 10.2(e)
shall survive.

 

SECTION
4.2. 
Application of Trust Money.

 

Subject to the provisions of
Section 10.2(e), all money deposited with the Trustee pursuant to Section
4.1 shall be held in trust and applied by the Trustee, in accordance with
the provisions of the Securities and this Indenture, to the payment in
accordance with Section 3.1, either directly or through any Paying Agent
(including the Company acting as its own Paying Agent) as the Trustee may
determine, to the Persons entitled thereto, of the principal and any premium
and interest (including any Additional Interest) for the payment of which such
money or obligations have been deposited with or received by the Trustee.  Moneys held by the Trustee under this Section
4.2 shall not be subject to the claims of holders of Senior Debt under Article
XII.

 

ARTICLE V

 

REMEDIES

 

SECTION
5.1. 
Events of Default.

 

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

 

(a)           default in the payment of any interest upon
any Security, including any Additional Interest in respect thereof, when it
becomes due and payable, and continuance of such default for a period of thirty
(30) days (subject to the deferral of any due date in the case of an Extension
Period); or

 

(b)           default in the payment of the principal of or
any premium on any Security at its Maturity; or

 

32

 

(c)           default in the performance, or breach, of any
covenant or warranty in any material respect of the Company in this Indenture
or the Purchase Agreements and continuance of such default or breach for a
period of thirty (30) days after there has been given, by registered or
certified mail, to the Company by the Trustee or to the Company and the Trustee
by the Holders of at least twenty five percent (25%) in aggregate principal
amount of the Outstanding 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;

 

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

 

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

 

(f)            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 Securities to holders of the Preferred Securities in liquidation of
their interests in the Trust, (2) the redemption of all of the outstanding
Preferred Securities or (3) certain mergers, consolidations or
amalgamations, each as and to the extent permitted by the Trust Agreement.

 

SECTION
5.2. 
Acceleration of Maturity; Rescission and Annulment.

 

(a)           If an Event of Default occurs and is continuing,
then and in every such case the Trustee or the Holders of not less than twenty
five percent (25%) in aggregate principal amount of the Outstanding Securities
may declare the principal amount of all the Securities to be due and payable
immediately, by a notice in writing to the Company (and to the Trustee if given
by Holders), provided, that if, upon an Event of Default, the Trustee or the
Holders of not less than twenty five percent (25%) in principal amount of the
Outstanding Securities fail to declare the principal of all the Outstanding
Securities to be immediately due and payable, the holders of at least twenty
five percent (25%) in aggregate Liquidation Amount of the Preferred Securities
then outstanding shall have the right to make such declaration by a notice in
writing to the Property Trustee, the Company and the Trustee; and upon any such
declaration the principal amount of 

 

33

 

and the accrued interest (including any
Additional Interest) on all the Securities shall become immediately due and
payable.

 

(b)           At any time after such a declaration of
acceleration with respect to Securities has been made and before a judgment or
decree for payment of the money due has been obtained by the Trustee as hereinafter
provided in this Article V, the Holders of a majority in aggregate
principal amount of the Outstanding Securities, by written notice to the
Indenture Trustee, or the holders of a majority in aggregate Liquidation Amount
of the Preferred Securities, by written notice to the Property Trustee, the
Company and the Trustee, may rescind and annul such declaration and its
consequences if:

 

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

 

(A)          all overdue installments of interest on all
Securities,

 

(B)           any accrued Additional Interest on all
Securities,

 

(C)           the principal of and any premium on any
Securities that have become due otherwise than by such declaration of
acceleration and interest (including any Additional Interest) thereon at the
rate borne by the Securities, and

 

(D)          all sums paid or advanced by the Trustee
hereunder and the reasonable compensation, expenses, disbursements and advances
of the Trustee, the Property Trustee and their agents and counsel; and

 

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

 

provided, that if the Holders of such Securities fail
to annul such declaration and waive such default, the holders of not less than
a majority in aggregate Liquidation Amount of the Preferred Securities then
outstanding shall also have the right to rescind and annul such declaration and
its consequences by written notice to the Property Trustee, the Company and the
Trustee, subject to the satisfaction of the conditions set forth in paragraph
(b) of this Section 5.2.  No such
rescission shall affect any subsequent default or impair any right consequent
thereon.

 

SECTION
5.3. 
Collection of Indebtedness and Suits for Enforcement by Trustee.

 

(a)           The Company covenants that if:

 

(i)  default is made in the payment of any
installment of interest (including any Additional Interest) on any Security
when such interest becomes due and payable and such default continues for a
period of thirty (30) days, or

 

(ii)  default is made in the payment of the
principal of and any premium on any Security at the Maturity thereof,

 

the Company will, upon
demand of the Trustee, pay to the Trustee, for the benefit of the Holders of
such Securities, the whole amount then due and payable on such Securities for
principal and 

 

34

 

any premium and interest
(including any Additional Interest) and, in addition thereto, all amounts owing
the Trustee under Section 6.6.

 

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

 

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

 

SECTION
5.4. 
Trustee May File Proofs of Claim.

 

In case of any receivership,
insolvency, liquidation, bankruptcy, reorganization, arrangement, adjustment,
composition or similar judicial proceeding relative to the Company (or any
other obligor upon the Securities), its property or its creditors, the Trustee
shall be entitled and empowered, by intervention in such proceeding or otherwise,
to take any and all actions authorized hereunder in order to have claims of the
Holders and the Trustee allowed in any such proceeding. In particular, the
Trustee shall be authorized to collect and receive any moneys or other property
payable or deliverable on any such claims and to distribute the same; and any
custodian, receiver, assignee, trustee, liquidator, sequestrator or other
similar official in any such judicial proceeding is hereby authorized by each
Holder to make such payments to the Trustee and, in the event that the Trustee
shall consent to the making of such payments directly to the Holders, to first
pay to the Trustee any amount due it for the reasonable compensation, expenses,
disbursements and advances of the Trustee, its agents and counsel, and any
other amounts owing the Trustee, any predecessor Trustee and other Persons
under Section 6.6.

 

SECTION
5.5. 
Trustee May Enforce Claim Without Possession of Securities.

 

All rights of action and
claims under this Indenture or the Securities may be prosecuted and enforced by
the Trustee without the possession of any of the Securities or the production
thereof in any proceeding relating thereto, and any such proceeding instituted
by the Trustee shall be brought in its own name as trustee of an express trust,
and any recovery of judgment shall, subject to Article XII and after
provision for the payment of all the amounts owing the Trustee, any predecessor
Trustee and other Persons under Section 6.6, be for the ratable benefit
of the Holders of the Securities in respect of which such judgment has been
recovered.

 

SECTION
5.6. 
Application of Money Collected.

 

Any money or property
collected or to be applied by the Trustee with respect to the Securities
pursuant to this Article V shall be applied in the following order, at
the date or dates fixed by the Trustee and, in case of the distribution of such
money or property on account of 

 

35

 

principal or any premium or interest
(including any Additional Interest), upon presentation of the Securities and
the notation thereon of the payment if only partially paid and upon surrender
thereof if fully paid:

 

FIRST: To the payment of all
amounts due the Trustee, any predecessor Trustee and other Persons under Section
6.6;

 

SECOND: To the payment of
all Senior Debt of the Company if and to the extent required by Article XII;

 

THIRD:  Subject to Article XII, to the payment
of the amounts then due and unpaid upon the Securities for principal and any
premium and interest (including any Additional Interest) in respect of which or
for the benefit of which such money has been collected, ratably, without
preference or priority of any kind, according to the amounts due and payable on
the Securities for principal and any premium and interest (including any
Additional Interest), respectively; and

 

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

 

SECTION
5.7. 
Limitation on Suits.

 

Subject to Section 5.8,
no Holder of any Securities shall have any right to institute any proceeding,
judicial or otherwise, with respect to this Indenture or for the appointment of
a custodian, receiver, assignee, trustee, liquidator, sequestrator (or other
similar official) or for any other remedy hereunder, unless:

 

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

 

(b)           the Holders of not less than a majority in
aggregate principal amount of the Outstanding Securities shall have made
written request to the Trustee to institute proceedings in respect of such
Event of Default in its own name as Trustee hereunder;

 

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

 

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

 

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

 

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

 

36

 

SECTION
5.8. 
Unconditional Right of Holders to Receive Principal, Premium,
if any, and Interest; Direct Action by
Holders of Preferred Securities.

 

Notwithstanding any other
provision in this Indenture, the Holder of any Security shall have the right,
which is absolute and unconditional, to receive payment of the principal of and
any premium on such Security at its Maturity and payment of interest (including
any Additional Interest) on such Security when due and payable and to institute
suit for the enforcement of any such payment, and such right shall not be
impaired without the consent of such Holder. Any registered holder of the
Preferred Securities shall have the right, upon the occurrence of an Event of
Default described in Section 5.1(a) or Section 5.1(b), to
institute a suit directly against the Company for enforcement of payment to
such holder of principal of and any premium and interest (including any
Additional Interest) on the Securities having a principal amount equal to the
aggregate Liquidation Amount of the Preferred Securities held by such holder.

 

SECTION
5.9. 
Restoration of Rights and Remedies.

 

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

 

SECTION
5.10. 
Rights and Remedies Cumulative.

 

Except as otherwise provided
in Section 3.6(f), no right or remedy herein conferred upon or reserved
to the Trustee or the Holders is intended to be exclusive of any other right or
remedy, and every right and remedy shall, to the extent permitted by law, be
cumulative and in addition to every other right and remedy given hereunder or
now or hereafter existing at law or in equity or otherwise. The assertion or
employment of any right or remedy hereunder, or otherwise, shall not prevent
the concurrent assertion or employment of any other appropriate right or
remedy.

 

SECTION
5.11. 
Delay or Omission Not Waiver.

 

No delay or omission of the
Trustee, any Holder of any Securities or any holder of any Preferred Security
to exercise any right or remedy accruing upon any Event of Default shall impair
any such right or remedy or constitute a waiver of any such Event of Default or
an acquiescence therein.  Every right and
remedy given by this Article V or by law to the Trustee or to the
Holders and the right and remedy given to the holders of Preferred Securities
by Section 5.8 may be exercised from time to time, and as often as may
be deemed expedient, by the Trustee, the Holders or the holders of Preferred
Securities, as the case may be.

 

SECTION
5.12. 
Control by Holders.

 

The Holders of not less than
a majority in aggregate principal amount of the Outstanding Securities (or, as
the case may be, the holders of a majority in aggregate Liquidation Amount of
Preferred Securities)  shall have the
right to direct the time, method and place of conducting any 

 

37

 

proceeding for any remedy available to the
Trustee or exercising any trust or power conferred on the Trustee; provided, that:

 

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

 

(b)           the Trustee may take any other action deemed
proper by the Trustee that is not inconsistent with such direction, and

 

(c)           subject to the provisions of Section 6.2,
the Trustee shall have the right to decline to follow such direction if a
Responsible Officer or Officers of the Trustee shall, in good faith, reasonably
determine that the proceeding so directed would be unjustly prejudicial to the
Holders not joining in any such direction or would involve the Trustee in
personal liability.

 

SECTION
5.13. 
Waiver of Past Defaults.

 

(a)           The Holders of not less than a majority in
aggregate principal amount of the Outstanding Securities or the holders of not
less than a majority in aggregate Liquidation Amount of the Preferred
Securities may waive any past Event of Default hereunder and its consequences
except an Event of Default:

 

(i)  in the payment of the principal of or any
premium or interest (including any Additional Interest) on any Outstanding
Security (unless such Event of Default has been cured and the Company has paid
to or deposited with the Trustee a sum sufficient to pay all installments of
interest (including any Additional Interest) due and past due and all principal
of and any premium on all Securities due otherwise than by acceleration), or

 

(ii)  in respect of a covenant or provision hereof
that under Article IX cannot be modified or amended without the consent
of each Holder of any Outstanding Security.

 

(b)           Any such waiver shall be deemed to be on
behalf of the Holders of all the Outstanding Securities or, in the case of a
waiver by holders of Preferred Securities issued by such Trust, by all holders
of Preferred Securities.

 

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

 

SECTION
5.14. 
Undertaking for Costs.

 

All parties to this
Indenture agree, and each Holder of any Security by his or her 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 5.14 shall not apply to any suit
instituted by the Trustee, to any suit instituted by any Holder, or group of
Holders, holding in the 

 

38

 

aggregate more than ten percent (10%) in
aggregate principal amount of the Outstanding Securities, or to any suit
instituted by any Holder for the enforcement of the payment of the principal of
or any premium on the Security after the Stated Maturity or any interest
(including any Additional Interest) on any Security after it is due and
payable.

 

SECTION
5.15. 
Waiver of Usury, Stay or Extension Laws.

 

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

 

ARTICLE VI

 

THE
TRUSTEE

 

SECTION
6.1. 
Corporate Trustee Required.

 

There shall at all times be
a Trustee hereunder with respect to the Securities.  The Trustee shall be a corporation organized
and doing business under the laws of the United States or of any state thereof,
authorized to exercise corporate trust powers, having a combined capital and
surplus of at least $50,000,000, subject to supervision or examination by
Federal or state authority and having an office within the United States. If
such corporation publishes reports of condition at least annually, pursuant to
law or to the requirements of such supervising or examining authority, then,
for the purposes of this Section 6.1, the combined capital and surplus
of such corporation shall be deemed to be its combined capital and surplus as
set forth in its most recent report of condition so published.  If at any time the Trustee shall cease to be
eligible in accordance with the provisions of this Section 6.1, it shall
resign immediately in the manner and with the effect hereinafter specified in
this Article VI.

 

SECTION
6.2. 
Certain Duties and Responsibilities.

 

Except during the
continuance of an Event of Default:

 

(i)  the Trustee undertakes to perform such duties
and only such duties 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 its part, the
Trustee may conclusively rely, as to the truth of the statements and the
correctness of the opinions expressed therein, upon certificates or opinions
furnished to the Trustee and conforming to the requirements of this Indenture; provided, that in the case of any such
certificates or opinions that 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 substantially conform on their face
to the requirements of this Indenture.

 

39

 

(b)           If an Event of Default known to the Trustee
has occurred and is continuing, the Trustee shall, prior to the receipt of
directions, if any, from the Holders of at least a majority in aggregate
principal amount of the Outstanding Securities (or, if applicable, from the
holders of at least a majority in aggregate Liquidation Amount of Preferred
Securities), exercise such of the rights and powers vested in it by this
Indenture, and use the same degree of care and skill in its exercise, as a
prudent person would exercise or use under the circumstances in the conduct of
such person’s own affairs.

 

(c)           Notwithstanding the foregoing, no provision
of this Indenture shall require the Trustee to expend or risk its own funds or
otherwise incur any financial liability in the performance of any of its duties
hereunder, or in the exercise of any of its rights or powers, if it shall have
reasonable grounds for believing that repayment of such funds or adequate
indemnity against such risk or liability is not reasonably assured to it.
Whether or not therein expressly so provided, every provision of this Indenture
relating to the conduct or affecting the liability of or affording protection
to the Trustee shall be subject to the provisions of this Section 6.2.  To the extent that, at law or in equity, the
Trustee has duties and liabilities relating to the Holders, the Trustee shall
not be liable to any Holder or any holder of Preferred Securities for the
Trustee’s good faith reliance on the provisions of this Indenture.  The provisions of this Indenture, to the
extent that they restrict the duties and liabilities of the Trustee otherwise
existing at law or in equity, are agreed by the Company and the Holders and the
holders of Preferred Securities to replace such other duties and liabilities of
the Trustee.

 

(d)           No provisions of this Indenture shall be
construed to relieve the Trustee from liability with respect to matters that
are within the authority of the Trustee under this Indenture for its own negligent
action, negligent failure to act or willful misconduct, except that:

 

(i)  the Trustee shall not be liable for any error
or judgment made in good faith by an authorized officer of the Trustee, unless
it shall be proved that the Trustee was negligent in ascertaining the pertinent
facts;

 

(ii)  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 Holders of at least a majority in aggregate principal
amount of the Outstanding Securities (or, as the case may be, the holders of a
majority in aggregate Liquidation Amount of Preferred Securities) relating to
the time, method and place of conducting any proceeding for any remedy
available to the Trustee under this Indenture; and

 

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

 

(e)           If at any time the Trustee hereunder is not
the same Person as the Property Trustee under the Trust Agreement:

 

(i)  whenever a reference is made herein to the
dissolution, termination or liquidation of the Trust, the Trustee shall be
entitled to assume that no such dissolution, termination, or liquidation has
occurred so long as the Securities are or continue to be 

 

40

 

registered in the name of
such Property Trustee, and the Trustee shall be charged with notice or
knowledge of such dissolution, termination or liquidation only upon written
notice thereof given to the Trustee by the Depositor under the Trust Agreement;
and

 

(ii)  the Trustee shall not be charged with notice
or knowledge that any Person is a holder of Preferred Securities or Common
Securities issued by the Trust or whether any group of holders of Preferred
Securities constitutes any specified percentage of all outstanding Preferred
Securities for any purpose under this Indenture, unless and until the Trustee
is furnished with a list of holders by such Property Trustee and the aggregate
Liquidation Amount of the Preferred Securities then outstanding.  The Trustee may conclusively rely and shall
be protected in relying on such list.

 

(f)            Notwithstanding Section 1.10, the
Trustee shall not, and shall not be deemed to, owe any fiduciary duty to the
holders of any of the Trust Securities issued by the Trust and shall not be
liable to any such holder (other than for the willful misconduct or negligence
of the Trustee) if the Trustee in good faith (i) pays over or distributes to a
registered Holder of the Securities or to the Company or to any other Person,
cash, property or securities to which such holders of such Trust Securities
shall be entitled or (ii) takes any action or omits to take any action at the
request of the Holder of such Securities. 
Nothing in this paragraph shall affect the obligation of any other such Person
to hold such payment for the benefit of, and to pay such amount over to, such
holders of Preferred Securities or Common Securities or their representatives.

 

SECTION
6.3. 
Notice of Defaults.

 

Within ninety (90) days
after the occurrence of any default actually known to the Trustee, the Trustee
shall give the Holders notice of such default unless such default shall have
been cured or waived;  provided, that except in the case of a default in the payment of the
principal of or any premium or interest on any Securities, the Trustee shall be
fully protected in withholding the notice if and so long as the board of
directors, the executive committee or a trust committee of directors and/or
Responsible Officers of the Trustee in good faith determines that withholding
the notice is in the interest of holders of Securities; and provided, further, that in the case of any default of the
character specified in Section 5.1(c), no such notice to Holders shall
be given until at least thirty (30) days after the occurrence thereof. For the
purpose of this Section 6.3, the term “default” means any event which
is, or after notice or lapse of time or both would become, an Event of Default.

 

SECTION
6.4. 
Certain Rights of Trustee.

 

Subject to the provisions of
Section 6.2:

 

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

 

(b)           if (i) in performing its duties under this
Indenture the Trustee is required to decide between alternative courses of action,
(ii) in construing any of the provisions of this Indenture 

 

41

 

the Trustee finds ambiguous or inconsistent
with any other provisions contained herein or (iii) the Trustee is unsure of
the application of any provision of this Indenture, then, except as to any
matter as to which the Holders are entitled to decide under the terms of this
Indenture, the Trustee shall deliver a notice to the Company requesting the
Company’s written instruction as to the course of action to be taken and the
Trustee shall take such action, or refrain from taking such action, as the
Trustee shall be instructed in writing to take, or to refrain from taking, by
the Company; provided, that if
the Trustee does not receive such instructions from the Company within ten
Business Days after it has delivered such notice or such reasonably shorter
period of time set forth in such notice the Trustee may, but shall be under no
duty to, take such action, or refrain from taking such action, as the Trustee
shall deem advisable and in the best interests of the Holders, in which event
the Trustee shall have no liability except for its own negligence, bad faith or
willful misconduct;

 

(c)           any request or direction of the Company shall
be sufficiently evidenced by a Company Request or Company Order and any
resolution of the Board of Directors may be sufficiently evidenced by a Board
Resolution;

 

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

 

(e)           the Trustee shall be under no obligation to
exercise any of the rights or powers vested in it by this Indenture at the
request or direction of any of the Holders or any holder of Preferred
Securities pursuant to this Indenture, unless such Holders (or such holders of
Preferred Securities) shall have offered to the Trustee security or indemnity
reasonably satisfactory to it against the costs, expenses (including reasonable
attorneys’ fees and expenses) and liabilities that might be incurred by it in
compliance with such request or direction, including reasonable advances as may
be requested by the Trustee;

 

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

 

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

 

(h)           whenever in the administration of this
Indenture the Trustee shall deem it desirable to receive instructions with
respect to enforcing any remedy or right or taking any other action with
respect to enforcing any remedy or right hereunder, the Trustees (i) may
request instructions from the Holders (which instructions may only be given by
the Holders of the same aggregate principal amount of Outstanding Securities as
would be entitled to direct the Trustee 

 

42

 

under this Indenture in respect of such
remedy, right or action), (ii) may refrain from enforcing such remedy or right
or taking such action until such instructions are received and (iii) shall be
protected in acting in accordance with such instructions;

 

(i)            except as otherwise expressly provided by
this Indenture, the Trustee shall not be under any obligation to take any
action that is discretionary under the provisions of this Indenture;

 

(j)            without prejudice to any other rights
available to the Trustee under applicable law, when the Trustee incurs expenses
or renders services in connection with any bankruptcy, insolvency or other
proceeding referred to in clauses (d) or (e) of the definition of Event of
Default, such expenses (including legal fees and expenses of its agents and
counsel) and the compensation for such services are intended to constitute
expenses of administration under any bankruptcy laws or law relating to
creditors rights generally;

 

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

 

(l)            the Trustee shall not be charged with
knowledge of any Event of Default unless either (i) a Responsible Officer of
the Trustee shall have actual knowledge or (ii) the Trustee shall have received
written notice thereof from the Company or a Holder; and

 

(m)          in the event that the Trustee is also acting
as Paying Agent, Authenticating Agent or Securities Registrar hereunder, the
rights and protections afforded to the Trustee pursuant to this Article VI
shall also be afforded such Paying Agent, Authenticating Agent, or Securities
Registrar.

 

SECTION
6.5. 
May Hold Securities.

 

The Trustee, any
Authenticating Agent, any Paying Agent, any Securities Registrar or any other
agent of the Company, in its individual or any other capacity, may become the
owner or pledgee of Securities and may otherwise deal with the Company with the
same rights it would have if it were not Trustee, Authenticating Agent, Paying
Agent, Securities Registrar or such other agent.

 

SECTION
6.6. 
Compensation; Reimbursement; Indemnity.

 

(a)           The Company agrees:

 

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

 

(ii)  to reimburse the Trustee upon its request for
all reasonable expenses, disbursements and advances incurred or made by the
Trustee in accordance with any 

 

43

 

provision of this Indenture
(including the reasonable compensation and the expenses and disbursements of
its agents and counsel), except any such expense, disbursement or advance as
may be attributable to its negligence, bad faith or willful misconduct; and

 

(iii)  to the fullest extent permitted by applicable
law, to indemnify the Trustee and its Affiliates, and their officers,
directors, shareholders, agents, representatives and employees for, and to hold
them harmless against, any loss, damage, liability, tax (other than income,
franchise or other taxes imposed on amounts paid pursuant to (i) or (ii)
hereof), penalty, expense or claim of any kind or nature whatsoever incurred
without negligence, bad faith or willful misconduct on its part arising out of
or in connection with the acceptance or administration of this trust or the
performance of the Trustee’s duties hereunder, including the costs and expenses
of defending itself against any claim or liability in connection with the
exercise or performance of any of its powers or duties hereunder.

 

(b)           To secure the Company’s payment obligations
in this Section 6.6, the Company hereby grants and pledges to the
Trustee and the Trustee shall have a lien prior to the Securities on all money
or property held or collected by the Trustee, other than money or property held
in trust to pay principal and interest on particular Securities.  Such lien shall survive the satisfaction and
discharge of this Indenture or the resignation or removal of the Trustee.

 

(c)           The obligations of the Company under this Section
6.6 shall survive the satisfaction and discharge of this Indenture and the
earlier resignation or removal of the Trustee.

 

(d)           In no event shall the Trustee be liable for
any indirect, special, punitive or consequential loss or damage of any kind
whatsoever, including, but not limited to, lost profits, even if the Trustee
has been advised of the likelihood of such loss or damage and regardless of the
form of action.

 

(e)           In no event shall the Trustee be liable for
any failure or delay in the performance of its obligations hereunder because of
circumstances beyond its control, including, but not limited to, acts of God,
flood, war (whether declared or undeclared), terrorism, fire, riot, embargo,
government action, including any laws, ordinances, regulations, governmental
action or the like which delay, restrict or prohibit the providing of the
services contemplated by this Indenture.

 

SECTION
6.7. 
Resignation and Removal; Appointment of Successor.

 

(a)           No resignation or removal of the Trustee and
no appointment of a successor Trustee pursuant to this Article VI shall
become effective until the acceptance of appointment by the successor Trustee
under Section 6.8.

 

(b)           The Trustee may resign at any time by giving
written notice thereof to the Company.

 

(c)           Unless an Event of Default shall have
occurred and be continuing, the Trustee may be removed at any time by the
Company by a Board Resolution.  If an
Event of Default shall have occurred and be continuing, the Trustee may be
removed by Act of the Holders of a 

 

44

 

majority in aggregate principal amount of the
Outstanding Securities, delivered to the Trustee and to the Company.

 

(d)           If the Trustee shall resign, be removed or
become incapable of acting, or if a vacancy shall occur in the office of
Trustee for any reason, at a time when no Event of Default shall have occurred
and be continuing, the Company, by a Board Resolution, shall promptly appoint a
successor Trustee, and such successor Trustee and the retiring Trustee shall
comply with the applicable requirements of Section 6.8. If the Trustee
shall resign, be removed or become incapable of acting, or if a vacancy shall
occur in the office of Trustee for any reason, at a time when an Event of
Default shall have occurred and be continuing, the Holders, by Act of the
Holders of a majority in aggregate principal amount of the Outstanding
Securities, shall promptly appoint a successor Trustee, and such successor
Trustee and the retiring Trustee shall comply with the applicable requirements
of Section 6.8. If no successor Trustee shall have been so appointed by
the Company or the Holders and accepted appointment within sixty (60) days
after the giving of a notice of resignation by the Trustee or the removal of
the Trustee in the manner required by Section 6.8, any Holder who has
been a bona fide Holder of a Security for at least six months may, on behalf of
such Holder and all others similarly situated, and any resigning Trustee may,
at the expense of the Company, petition any court of competent jurisdiction for
the appointment of a successor Trustee.

 

(e)           The Company shall give notice to all Holders
in the manner provided in Section 1.6 of each resignation and each
removal of the Trustee and each appointment of a successor Trustee.  Each notice shall include the name of the
successor Trustee and the address of its Corporate Trust Office.

 

SECTION
6.8. 
Acceptance of Appointment by Successor.

 

(a)           In case of the appointment hereunder of a
successor Trustee, each successor Trustee so appointed shall execute,
acknowledge and deliver to the Company and to the retiring Trustee an
instrument accepting such appointment, and thereupon the resignation or removal
of the retiring Trustee shall become effective and such successor Trustee,
without any further act, deed or conveyance, shall become vested with all the
rights, powers, trusts and duties of the retiring Trustee; but, on the request
of the Company or the successor Trustee, such retiring Trustee shall, upon
payment of its charges, execute and deliver an instrument transferring to such
successor Trustee all the rights, powers and trusts of the retiring Trustee and
shall duly assign, transfer and deliver to such successor Trustee all property
and money held by such retiring Trustee hereunder.

 

(b)           Upon request of any such successor Trustee,
the Company shall execute any and all instruments for more fully and certainly
vesting in and confirming to such successor Trustee all rights, powers and
trusts referred to in paragraph (a) of this Section 6.8.

 

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

 

SECTION
6.9. 
Merger, Conversion, Consolidation or Succession to Business.

 

Any Person into which the
Trustee may be merged or converted or with which it may be consolidated, or any
Person resulting from any merger, conversion or consolidation to which the 

 

45

 

Trustee shall be a party, or any Person
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
Person shall be otherwise qualified and eligible under this Article VI.
In case any Securities shall have been authenticated, but not delivered, by the
Trustee then in office, any successor by merger, conversion or consolidation or
as otherwise provided above in this Section 6.9 to such authenticating
Trustee may adopt such authentication and deliver the Securities so
authenticated, and in case any Securities shall not have been authenticated,
any successor to the Trustee may authenticate such Securities either in the
name of any predecessor Trustee or in the name of such successor Trustee, and
in all cases the certificate of authentication shall have the full force which
it is provided anywhere in the Securities or in this Indenture that the
certificate of the Trustee shall have.

 

SECTION
6.10. 
Not Responsible for Recitals or Issuance of Securities.

 

The recitals contained
herein and in the Securities, except the Trustee’s certificates of
authentication, shall be taken as the statements of the Company, and neither
the Trustee nor any Authenticating Agent assumes any responsibility for their
correctness. The Trustee makes no representations as to the validity or
sufficiency of this Indenture or of the Securities. Neither the Trustee nor any
Authenticating Agent shall be accountable for the use or application by the
Company of the Securities or the proceeds thereof.

 

SECTION
6.11. 
Appointment of Authenticating Agent.

 

(a)           The Trustee may appoint an Authenticating
Agent or Agents with respect to the Securities, which shall be authorized to
act on behalf of the Trustee to authenticate Securities issued upon original
issue and upon exchange, registration of transfer or partial redemption thereof
or pursuant to Section 3.6, and Securities so authenticated shall be
entitled to the benefits of this Indenture and shall be valid and obligatory
for all purposes as if authenticated by the Trustee hereunder. Wherever
reference is made in this Indenture to the authentication and delivery of
Securities by the Trustee or the Trustee’s certificate of authentication, such
reference shall be deemed to include authentication and delivery on behalf of
the Trustee by an Authenticating Agent. Each Authenticating Agent shall be
acceptable to the Company and shall at all times be a corporation organized and
doing business under the laws of the United States of America, or of any State
or Territory thereof or the District of Columbia, authorized under such laws to
act as Authenticating Agent, having a combined capital and surplus of not less
than $50,000,000 and subject to supervision or examination by Federal or state
authority. If such Authenticating Agent publishes reports of condition at least
annually pursuant to law or to the requirements of said supervising or
examining authority, then for the purposes of this Section 6.11 the
combined capital and surplus of such Authenticating Agent shall be deemed to be
its combined capital and surplus as set forth in its most recent report of
condition so published. If at any time an Authenticating Agent shall cease to
be eligible in accordance with the provisions of this Section 6.11, such
Authenticating Agent shall resign immediately in the manner and with the effect
specified in this Section 6.11.

 

(b)           Any Person into which an Authenticating Agent
may be merged or converted or with which it may be consolidated, or any Person
resulting from any merger, conversion or consolidation to which such
Authenticating Agent shall be a party, or any Person succeeding to 

 

46

 

all or substantially all of the corporate
trust business of an Authenticating Agent shall be the successor Authenticating
Agent hereunder, provided such Person shall be otherwise eligible under this Section
6.11, without the execution or filing of any paper or any further act on
the part of the Trustee or the Authenticating Agent.

 

(c)           An Authenticating Agent may resign at any
time by giving written notice thereof to the Trustee and to the Company. The
Trustee may at any time terminate the agency of an Authenticating Agent by
giving written notice thereof to such Authenticating Agent and to the Company.
Upon receiving such a notice of resignation or upon such a termination, or in
case at any time such Authenticating Agent shall cease to be eligible in
accordance with the provisions of this Section 6.11, the Trustee may
appoint a successor Authenticating Agent eligible under the provisions of this Section
6.11, which shall be acceptable to the Company, and shall give notice of
such appointment to all Holders. Any successor Authenticating Agent upon
acceptance of its appointment hereunder shall become vested with all the
rights, powers and duties of its predecessor hereunder, with like effect as if
originally named as an Authenticating Agent.

 

(d)           The Company agrees to pay to each
Authenticating Agent from time to time reasonable compensation for its services
under this Section 6.11 in such amounts as the Company and the
Authenticating Agent shall agree from time to time.

 

(e)           If an appointment of an Authenticating Agent
is made pursuant to this Section 6.11, the Securities may have endorsed
thereon, in addition to the Trustee’s certificate of authentication, an
alternative certificate of authentication in the following form:

 

This is one of the
Securities referred to in the within mentioned Indenture.

 

Dated:

 

	
   

  	
  JPMORGAN CHASE BANK,
  NATIONAL 

  ASSOCIATION, not in its individual capacity, but 

  solely as Trustee

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By: 

  	
   

  	
   

  
	
   

  	
   

  	
  Authenticating
  Agent

  
	
   

  	
   

  	
   

  
	
   

  	
  By: 

  	
   

  	
   

  
	
   

  	
   

  	
  Authorized
  Signatory

  

 

ARTICLE VII

 

HOLDER’S
LISTS AND REPORTS BY COMPANY

 

SECTION
7.1. 
Company to Furnish Trustee Names and Addresses of Holders.

 

The Company will furnish or
cause to be furnished to the Trustee:

 

47

 

(a)           semiannually, on or before June 30 and
December 31 of each year, a list, in such form as the Trustee may reasonably
require, of the names and addresses of the Holders as of a date not more than
fifteen (15) days prior to the delivery thereof, and

 

(b)           at such other times as the Trustee may
request in writing, within thirty (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
fifteen (15) days prior to the time such list is furnished,

 

in each case to the extent
such information is in the possession or control of the Company and has not
otherwise been received by the Trustee in its capacity as Securities Registrar.

 

SECTION
7.2. 
Preservation of Information, Communications to Holders.

 

(a)           The Trustee shall preserve, in as current a
form as is reasonably practicable, the names and addresses of Holders contained
in the most recent list furnished to the Trustee as provided in Section 7.1
and the names and addresses of Holders received by the Trustee in its capacity
as Securities Registrar. The Trustee may destroy any list furnished to it as
provided in Section 7.1 upon receipt of a new list so furnished.

 

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

 

(c)           Every Holder of Securities, by receiving and
holding the same, agrees with the Company and the Trustee that neither the
Company nor the Trustee nor any agent of either of them shall be held
accountable by reason of the disclosure of information as to the names and
addresses of the Holders made pursuant to the Trust Indenture Act.

 

SECTION
7.3. 
Reports by Company.

 

(a)           The Company shall furnish to the Holders and
to prospective purchasers of Securities, upon their request, the information
required to be furnished pursuant to Rule 144A(d)(4) under the Securities Act.
The delivery requirement set forth in the preceding sentence may be satisfied
by compliance with Section 7.3(b) hereof.

 

(b)           The Company shall furnish to each of (i) the
Trustee, (ii) the Holders and to subsequent holders of Securities, (iii) Cohen
Bros. & Company, 450 Park, 23rd Floor, New York,
NY 10022, Attn:  Mitchell Kahn or such
other address as designated by Cohen Bros. & Company) and (iv) any
beneficial owner of the Securities reasonably identified to the Company (which
identification may be made either by such beneficial owner or by Cohen Bros.
& Company), a duly completed and executed certificate substantially and
substantively in the form attached hereto as Exhibit A, including the
financial statements referenced in such Exhibit, which certificate and financial
statements shall be so furnished by the Company not later than forty-five (45)
days after the end of each of the first three fiscal quarters of each fiscal
year of the Company and not later than ninety (90) days after the end of each
fiscal year of the Company.  The delivery
requirements under this Section 7.3(b) may be satisfied by compliance
with Section 8.16(b) of the Trust Agreement.

 

48

 

(c)           If the Company intends to file its annual and
quarterly information with the Securities and Exchange Commission (the “Commission”) in electronic form pursuant
to Regulation S-T of the Commission using the Commission’s Electronic Data
Gathering, Analysis and Retrieval (“EDGAR”)
system, the Company shall notify the Trustee in the manner prescribed herein of
each such annual and quarterly filing. 
The Trustee is hereby authorized and directed to access the EDGAR system
for purposes of retrieving the financial information so filed.  Compliance with the foregoing shall
constitute delivery by the Company of its financial statements to the Trustee
in compliance with the provisions of Section 314(a) of the Trust Indenture Act,
if applicable.  The Trustee shall have no
duty to search for or obtain any electronic or other filings that the Company
makes with the Commission, regardless of whether such filings are periodic,
supplemental or otherwise.  Delivery of
reports, information and documents to the Trustee pursuant to this Section
7.3(c) shall be solely for purposes of compliance with this Section
7.3(c) and, if applicable, with Section 314(a) of the Trust Indenture
Act.  The Trustee’s receipt of such
reports, information and documents shall not constitute notice to it of the
content thereof or any matter determinable from the content thereof, including
the Company’s compliance with any of its covenants hereunder, as to which the
Trustee is entitled to rely upon Officers’ Certificates.

 

ARTICLE VIII

 

CONSOLIDATION,
MERGER, CONVEYANCE, TRANSFER OR LEASE

 

SECTION 8.1.  Company May
Consolidate, Etc., Only on Certain Terms.

 

The Company shall not
consolidate with or merge into any other Person or convey, transfer or lease
its properties and assets substantially as an entirety to any Person, and no
Person shall consolidate with or merge into the Company or convey, transfer or
lease its properties and assets substantially as an entirety to the Company,
unless:

 

(a)           if the Company shall consolidate with or
merge into another Person or convey, transfer or lease its properties and
assets substantially as an entirety to any Person, the entity formed by such
consolidation or into which the Company is merged or the Person that acquires
by conveyance or transfer, or that leases, the properties and assets of the
Company substantially as an entirety shall be an entity organized and existing
under the laws of the United States of America or any State or Territory
thereof or the District of Columbia and shall expressly assume, by an indenture
supplemental hereto, executed and delivered to the Trustee, in form reasonably
satisfactory to the Trustee, the due and punctual payment of the principal of
and any premium and interest (including any Additional Interest) on all the
Securities and the performance of every covenant of this Indenture on the part
of the Company to be performed or observed;

 

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

 

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

 

49

 

relating to such transaction have been complied with;
and the Trustee may rely upon such Officers’ Certificate and Opinion of Counsel
as conclusive evidence that such transaction complies with this Section 8.1.

 

SECTION 8.2.  Successor
Company Substituted.

 

(a)           Upon any consolidation or merger by the
Company with or into any other Person, or any conveyance, transfer or lease by
the Company of its properties and assets substantially as an entirety to any
Person in accordance with Section 8.1 and the execution and delivery to
the Trustee of the supplemental indenture described in Section 8.1(a),
the successor entity formed by such consolidation or into which the Company is
merged or to which such conveyance, transfer or lease is made shall succeed to,
and be substituted for, and may exercise every right and power of, the Company
under this Indenture with the same effect as if such successor Person had been
named as the Company herein; and in the event of any such conveyance or
transfer, following the execution and delivery of such supplemental indenture,
the Company shall be discharged from all obligations and covenants under the
Indenture and the Securities.

 

(b)           Such successor Person may cause to be
executed, and may issue either in its own name or in the name of the Company,
any or all of the Securities issuable hereunder that theretofore shall not have
been signed by the Company and delivered to the Trustee; and, upon the order of
such successor Person instead of the Company and subject to all the terms,
conditions and limitations in this Indenture prescribed, the Trustee shall
authenticate and shall deliver any Securities that previously shall have been
signed and delivered by the officers of the Company to the Trustee for
authentication, and any Securities that such successor Person thereafter shall
cause to be executed and delivered to the Trustee on its behalf. All the
Securities so issued shall in all respects have the same legal rank and benefit
under this Indenture as the Securities theretofore or thereafter issued in
accordance with the terms of this Indenture.

 

(c)           In case of any such consolidation, merger,
sale, conveyance or lease, such changes in phraseology and form may be made in
the Securities thereafter to be issued as may be appropriate to reflect such occurrence.

 

ARTICLE IX

 

SUPPLEMENTAL
INDENTURES

 

SECTION 9.1.  Supplemental Indentures without Consent of Holders.

 

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

 

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

 

(b)           to evidence and provide for the acceptance of
appointment hereunder by a successor trustee; or

 

50

 

(c)           to cure any ambiguity, to correct or supplement
any provision herein that may be defective or inconsistent with any other
provision herein, or to make or amend any other provisions with respect to
matters or questions arising under this Indenture, which shall not be
inconsistent with the other provisions of this Indenture, provided, that such action pursuant to
this clause (c) shall not adversely affect in any material respect the
interests of any Holders or the holders of the Preferred Securities; or

 

(d)           to comply with the rules and regulations of
any securities exchange or automated quotation system on which any of the
Securities may be listed, traded or quoted; or

 

(e)           to add to the covenants, restrictions or
obligations of the Company or to add to the Events of Default, provided, that such action pursuant to
this clause (e) shall not adversely affect in any material respect the
interests of any Holders or the holders of the Preferred Securities; or

 

(f)            to modify, eliminate or add to any provisions
of the Indenture or the Securities to such extent as shall be necessary to
ensure that the Securities are treated as indebtedness of the Company for
United States Federal income tax purposes, provided,
that such action pursuant to this clause (f) shall not adversely affect in any
material respect the interests of any Holders or the holders of the Preferred
Securities.

 

SECTION 9.2.  Supplemental Indentures with Consent of Holders.

 

(a)           Subject to Section 9.1, with the
consent of the Holders of not less than a majority in aggregate principal
amount of the Outstanding Securities, by Act of said Holders delivered to the
Company and the Trustee, the Company, when authorized by a Board Resolution,
and the Trustee may enter into an indenture or indentures supplemental hereto
for the purpose of adding any provisions to or changing in any manner or
eliminating any of the provisions of this Indenture or of modifying in any
manner the rights of the Holders of Securities under this Indenture; provided, that no such supplemental
indenture shall, without the consent of the Holder of each Outstanding
Security,

 

(i)  change the Stated Maturity of the principal
or any premium of any Security or change the date of payment of any installment
of interest (including any Additional Interest) on any Security, or reduce the
principal amount thereof or the rate of interest thereon or any premium payable
upon the redemption thereof or change the place of payment where, or the coin
or currency in which, any Security or interest thereon is payable, or restrict
or impair the right to institute suit for the enforcement of any such payment
on or after such date, or

 

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

 

(iii)  modify any of the
provisions of this Section 9.2, Section 5.13 or Section 10.7,
except to increase any percentage in aggregate principal amount of the
Outstanding Securities, the consent of whose Holders is required for any
reason, or to provide that 

 

51

 

certain other provisions of this Indenture cannot be
modified or waived without the consent of the Holder of each Security;

 

provided, further,
that, so long as any Preferred Securities remain outstanding, no amendment
under this Section 9.2 shall be effective until the holders of a
majority in Liquidation Amount of the Preferred Securities shall have consented
to such amendment; provided, further, that if the consent of the Holder
of each Outstanding Security is required for any amendment under this
Indenture, such amendment shall not be effective until the holder of each
Outstanding Preferred Security shall have consented to such amendment.

 

(b)           It shall not be necessary for any Act of
Holders under this Section 9.2 to approve the particular form of any
proposed supplemental indenture, but it shall be sufficient if such Act shall
approve the substance thereof.

 

SECTION 9.3.  Execution of Supplemental Indentures.

 

In executing or accepting
the additional trusts created by any supplemental indenture permitted by this Article
IX or the modifications thereby of the trusts created by this Indenture,
the Trustee shall be entitled to receive, and shall be fully protected in
conclusively relying upon, an Officers’ Certificate and an Opinion of Counsel
stating that the execution of such supplemental indenture is authorized or
permitted by this Indenture, and that all conditions precedent herein provided
for relating to such action have been complied with. The Trustee may, but shall
not be obligated to, enter into any such supplemental indenture that affects
the Trustee’s own rights, duties, indemnities or immunities under this
Indenture or otherwise.  Copies of the
final form of each supplemental indenture shall be delivered by the Trustee at
the expense of the Company to each Holder, and, if the Trustee is the Property
Trustee, to each holder of Preferred Securities, promptly after the execution
thereof.

 

SECTION 9.4.  Effect of Supplemental Indentures.

 

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

 

SECTION 9.5.  Reference in Securities to Supplemental Indentures.

 

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

 

52

 

ARTICLE X

 

COVENANTS

 

SECTION 10.1.  Payment of Principal, Premium, if
any, and Interest.

 

The Company covenants and
agrees for the benefit of the Holders of the Securities that it will duly and
punctually pay the principal of and any premium and interest (including any
Additional Interest) on the Securities in accordance with the terms of the
Securities and this Indenture.  As of the
date of this Indenture, the Company represents that it has no present intention
to exercise its right under Section 3.9 to defer payments of interest on
the Securities.

 

SECTION 10.2.  Money for
Security Payments to be Held in Trust.

 

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

 

(b)           Whenever the Company shall have one or more
Paying Agents, it will, prior to 10:00 a.m., New York City time, on each due date
of the principal of or any premium or interest (including any Additional
Interest) on any Securities, deposit with a Paying Agent a sum sufficient to
pay such amount, such sum to be held as provided in the Trust Indenture Act and
(unless such Paying Agent is the Trustee) the Company will promptly notify the
Trustee of its failure so to act.

 

(c)           The Company will cause each Paying Agent for
the Securities other than the Trustee to execute and deliver to the Trustee an
instrument in which such Paying Agent shall agree with the Trustee, subject to
the provisions of this Section 10.2, that such Paying Agent will (i)
comply with the provisions of this Indenture and the Trust Indenture Act
applicable to it as a Paying Agent and (ii) during the continuance of any
default by the Company (or any other obligor upon the Securities) in the making
of any payment in respect of the Securities, upon the written request of the
Trustee, forthwith pay to the Trustee all sums held in trust by such Paying
Agent for payment in respect of the Securities.

 

(d)           The Company may at any time, for the purpose
of obtaining the satisfaction and discharge of this Indenture or for any other
purpose, pay, or by Company Order direct any Paying Agent to pay, to the
Trustee all sums held in trust by the Company or such Paying Agent, such sums
to be held by the Trustee upon the same trusts as those upon which such sums
were held by the Company or such Paying Agent; and, upon such payment by any
Paying Agent to the Trustee, such Paying Agent shall be released from all
further liability with respect to such money.

 

(e)           Any money deposited with the Trustee or any
Paying Agent, or then held by the Company in trust for the payment of the
principal of and any premium or interest (including any Additional Interest) on
any Security and remaining unclaimed for two years after such principal 

 

53

 

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

 

SECTION 10.3.  Statement as to Compliance.

 

The Company shall deliver to
the Trustee, within one hundred and twenty (120) days after the end of each
fiscal year of the Company ending after the date hereof, an Officers’
Certificate covering the preceding calendar year, stating whether or not to the
knowledge of the signers thereof the Company is in default in the performance
or observance of any of the terms, provisions and conditions of this Indenture
(without regard to any period of grace or requirement of notice provided
hereunder), and if the Company shall be in default, specifying all such defaults
and the nature and status thereof of which they may have knowledge.  The delivery requirements of this Section
10.3 may be satisfied by compliance with Section 8.16(a) of the Trust
Agreement.

 

SECTION
10.4.  Calculation
Agent.

 

(a)           The Company hereby agrees that for so long as
any of the Securities remain Outstanding, there will at all times be an agent
appointed to calculate LIBOR in respect of each Interest Payment Date in
accordance with the terms of Schedule A (the “Calculation Agent”). 
The Company has initially appointed the Property Trustee as Calculation
Agent for purposes of determining LIBOR for each Interest Payment Date.  The Calculation Agent may be removed by the
Company at any time.  So long as the
Property Trustee holds any of the Securities, the Calculation Agent shall be
the Property Trustee, except as described in the immediately preceding
sentence.  If the Calculation Agent is
unable or unwilling to act as such or is removed by the Company, the Company
will promptly appoint as a replacement Calculation Agent the London office of a
leading bank which is engaged in transactions in Eurodollar deposits in the
international Eurodollar market and which does not control or is not controlled
by or under common control with the Company or its Affiliates.  The Calculation Agent may not resign its
duties without a successor having been duly appointed.

 

(b)           The Calculation Agent shall be required to
agree that, as soon as possible after 11:00 a.m. (London time) on each LIBOR
Determination Date (as defined in Schedule A), but in no event later
than 11:00 a.m. (London time) on the Business Day immediately following each
LIBOR Determination Date, the Calculation Agent will calculate the interest
rate (the Interest 

 

54

 

Payment shall be rounded to the nearest cent,
with half a cent being rounded upwards) for the related Interest Payment Date,
and will communicate such rate and amount to the Company, the Trustee, each
Paying Agent and the Depositary. The Calculation Agent will also specify to the
Company the quotations upon which the foregoing rates and amounts are based
and, in any event, the Calculation Agent shall notify the Company before 5:00
p.m. (London time) on each LIBOR Determination Date that either:  (i) it has determined or is in the
process of determining the foregoing rates and amounts or (ii) it has not
determined and is not in the process of determining the foregoing rates and
amounts, together with its reasons therefor. 
The Calculation Agent’s determination of the foregoing rates and amounts
for any Interest Payment Date will (in the absence of manifest error) be final
and binding upon all parties.  For the
sole purpose of calculating the interest rate for the Securities, “Business Day”
shall be defined as any day on which dealings in deposits in Dollars are
transacted in the London interbank market.

 

SECTION 10.5.  Additional Tax Sums.

 

So long as no Event of
Default has occurred and is continuing, if (a) the Trust is the Holder of all of
the Outstanding Securities and (b) a Tax Event described in clause (i) or (iii)
in the definition of Tax Event in Section 1.1 hereof has occurred and is
continuing, the Company shall pay to the Trust (and its permitted successors or
assigns under the related Trust Agreement) for so long as the Trust (or its
permitted successor or assignee) is the registered holder of the Outstanding
Securities, such amounts as may be necessary in order that the amount of
Distributions (including any Additional Interest Amount (as defined in the
Trust Agreement)) then due and payable by the Trust on the Preferred Securities
and Common Securities that at any time remain outstanding in accordance with
the terms thereof shall not be reduced as a result of any Additional Taxes arising
from such Tax Event (additional such amounts payable by the Company to the
Trust, the “Additional Tax Sums”). 
Whenever in this Indenture or the Securities there is a reference in any
context to the payment of principal of or interest on the Securities, such
mention shall be deemed to include mention of the payments of the Additional
Tax Sums provided for in this Section 10.5 to the extent that, in such
context, Additional Tax Sums are, were or would be payable in respect thereof
pursuant to the provisions of this Section 10.5 and express mention of
the payment of Additional Tax Sums (if applicable) in any provisions hereof
shall not be construed as excluding Additional Tax Sums in those provisions
hereof where such express mention is not made; provided,
that the deferral of the payment of interest pursuant to Section 3.9 on
the Securities shall not defer the payment of any Additional Tax Sums that may
be due and payable.

 

SECTION 10.6.  Additional Covenants.

 

The Company covenants and
agrees with each Holder of Securities that if an Event of Default shall have
occurred and be continuing or the Company shall have given notice of its
election to begin an Extension Period with respect to the Securities or such
Extension Period, or any extension thereof, shall be continuing, it shall not
(i) declare or pay any dividends or distributions on, or redeem, purchase,
acquire or make a liquidation payment with respect to, any of the Company’s
units of limited partnership interests or (ii) make any payment of principal of
or any interest or premium, if any, on or repay, repurchase or redeem any debt
securities of the Company that rank pari
passu in all respects with or junior in interest to this Security
(other than (a) repurchases, redemptions or other acquisitions of units of
limited partnership interests of the Company in connection with (1) any
employment contract, benefit plan or other similar 

 

55

 

arrangement with or for the
benefit of any one or more employees, officers, directors or consultants, (2) a
dividend reinvestment or limited partnership interests purchase plan and (3)
the issuance of limited partnership interests of the Company (or securities
convertible into or exercisable for such units of limited partnership
interests) as consideration in an acquisition transaction entered into prior to
the applicable Extension Period, (b) as a result of an exchange or conversion
of any series of the Company’s limited partnership interests (or any limited
partnership interests of a Subsidiary) for any series of the Company’s limited
partnership interests or of any series of the Company’s indebtedness for any
series of the Company’s limited partnership interests, (c)  any declaration of a dividend in connection
with any Rights Plan, the issuance of rights, limited partnership interests or
other property under any Rights Plan, or the redemption or repurchase of rights
pursuant thereto or (d) any dividend in the form of limited partnership
interests, warrants, options or other rights where the dividend limited
partnership interests or the limited partnership interests issuable upon
exercise of such warrants, options or other rights is the same limited
partnership interests as that on which the dividend is being paid or ranks pari passu with or junior to such limited
partnership interests.

 

(a)           The Company also covenants with each Holder
of Securities (i) to hold, directly or indirectly, one hundred percent (100%)
of the Common Securities of the Trust, provided, that any permitted successor of the
Company hereunder may succeed to the Company’s ownership of such Common
Securities, (ii) as holder of such Common Securities, not to voluntarily
dissolve, wind-up or liquidate the Trust other than (A) in connection with a
distribution of the Securities to the holders of the Preferred Securities in
liquidation of the Trust or (B) in connection with certain mergers,
consolidations or amalgamations permitted by the Trust Agreement and (iii) to
use its reasonable commercial efforts, consistent with the terms and provisions
of the Trust Agreement, to cause the Trust to continue to be taxable as a
grantor trust and not as a corporation for United States Federal income tax
purposes.

 

(b)           The Company also agrees to use its reasonable
efforts to meet the requirements to enable the Parent REIT (as defined in the
Purchase Agreements) to qualify, for the fiscal year ending December 31, 2004,
and all future years, as a real estate investment trust under the Internal
Revenue Code of 1986, as amended.

 

SECTION 10.7.  Waiver of Covenants.

 

The Company may omit in any
particular instance to comply with any covenant or condition contained in Section
10.6 if, before or after the time for such compliance, the Holders of at
least a majority in aggregate principal amount of the Outstanding Securities
shall, by Act of such Holders, and at least a majority of the aggregate
Liquidation Amount of the Preferred Securities then outstanding, by consent of
such holders, either waive such compliance in such instance or generally waive
compliance with such covenant or condition, but no such waiver shall extend to
or affect such covenant or condition except to the extent so expressly waived,
and, until such waiver shall become effective, the obligations of the Company in
respect of any such covenant or condition shall remain in full force and
effect.

 

SECTION 10.8.  Treatment of Securities.

 

The Company will treat the
Securities as indebtedness, and the amounts, other than payments of principal,
payable in respect of the principal amount of such Securities as interest, 

 

56

 

for all U.S. federal income tax purposes.  All payments in respect of the Securities
will be made free and clear of U.S. withholding tax to any beneficial owner
thereof that has provided an Internal Revenue Service Form W-9 or W-8BEN (or
any substitute or successor form) establishing its U.S. or non-U.S. status for
U.S. federal income tax purposes, or any other applicable form establishing a
complete exemption from U.S. withholding tax.

 

ARTICLE XI

 

REDEMPTION
OF SECURITIES

 

SECTION 11.1.  Optional Redemption.

 

The Company may, at its
option, on any Interest Payment Date, on or after July 30, 2010, redeem the
Securities in whole at any time or in part from time to time, at a Redemption
Price equal to one hundred percent (100%) of the principal amount thereof (or
of the redeemed portion thereof, as applicable), together, in the case of any
such redemption, with accrued and unpaid interest, including any Additional
Interest, through but excluding the date fixed as the Redemption Date (the “Optional Redemption Price”).

 

SECTION 11.2.  Special Event Redemption.

 

Prior to July 30, 2010, upon
the occurrence and during the continuation of a Special Event, the Company may,
at its option, redeem the Securities, in whole but not in part, at a Redemption
Price equal to one hundred seven and one half percent (107.5%) of the principal
amount thereof, together, in the case of any such redemption, with accrued
interest, including any Additional Interest, through but excluding the date
fixed as the Redemption Date (the “Special
Redemption Price”).

 

SECTION 11.3.  Election to Redeem; Notice to Trustee.

 

The election of the Company
to redeem any Securities, in whole or in part, shall be evidenced by or
pursuant to a Board Resolution.  In case
of any redemption at the election of the Company, the Company shall, not less
than forty-five (45) days and not more than seventy-five (75) days prior to the
Redemption Date (unless a shorter notice shall be satisfactory to the Trustee),
notify the Trustee and the Property Trustee under the Trust Agreement in
writing of such date and of the principal amount of the Securities to be
redeemed and provide the additional information required to be included in the
notice or notices contemplated by Section 11.5. In the case of any
redemption of Securities, in whole or in part, (a) prior to the expiration of
any restriction on such redemption provided in this Indenture or the Securities
or (b) pursuant to an election of the Company which is subject to a condition
specified in this Indenture or the Securities, the Company shall furnish the
Trustee with an Officers’ Certificate and an Opinion of Counsel evidencing
compliance with such restriction or condition.

 

SECTION 11.4.  Selection of
Securities to be Redeemed.

 

(a)           If less than all the Securities are to be
redeemed, the particular Securities to be redeemed shall be selected and
redeemed on a pro rata basis not more than sixty (60) days prior to the Redemption
Date by the Trustee from the Outstanding Securities not previously called for
redemption, provided, that the
unredeemed portion of the principal amount of any Security shall 

 

57

 

be in an authorized denomination (which shall
not be less than the minimum authorized denomination) for such Security.

 

(b)           The Trustee shall promptly notify the Company
in writing of the Securities selected for redemption and, in the case of any
Securities selected for partial redemption, the principal amount thereof to be
redeemed. For all purposes of this Indenture, unless the context otherwise
requires, all provisions relating to the redemption of Securities shall relate,
in the case of any Security redeemed or to be redeemed only in part, to the
portion of the principal amount of such Security that has been or is to be
redeemed.

 

(c)           The provisions of paragraphs (a) and (b) of
this Section 11.4 shall not apply with respect to any redemption
affecting only a single Security, whether such Security is to be redeemed in
whole or in part. In the case of any such redemption in part, the unredeemed
portion of the principal amount of the Security shall be in an authorized
denomination (which shall not be less than the minimum authorized denomination)
for such Security.

 

SECTION 11.5.  Notice of Redemption.

 

(a)           Notice of redemption shall be given not later
than the thirtieth (30th) day, and not earlier than the sixtieth (60th)
day, prior to the Redemption Date to each Holder of Securities to be redeemed,
in whole or in part (unless a shorter notice shall be satisfactory to the
Property Trustee under the related Trust Agreement).

 

(b)           With respect to Securities to be redeemed, in
whole or in part, each notice of redemption shall state:

 

(i)  the Redemption Date;

 

(ii)  the Redemption Price or, if the Redemption
Price cannot be calculated prior to the time the notice is required to be sent,
the estimate of the Redemption Price, as calculated by the Company, together
with a statement that it is an estimate and that the actual Redemption Price
will be calculated on the fifth Business Day prior to the Redemption Date (and
if an estimate is provided, a further notice shall be sent of the actual
Redemption Price on the date that such Redemption Price is calculated);

 

(iii)  if less than all
Outstanding Securities are to be redeemed, the identification (and, in the case
of partial redemption, the respective principal amounts) of the amount of and
particular Securities to be redeemed;

 

(iv)  that on the Redemption Date, the Redemption
Price will become due and payable upon each such Security or portion thereof,
and that any interest (including any Additional Interest) on such Security or
such portion, as the case may be, shall cease to accrue on and after said date;
and

 

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

 

(c)           Notice of redemption of Securities to be
redeemed, in whole or in part, at the election of the Company shall be given by
the Company or, at the Company’s request, by the 

 

58

 

Trustee in the name and at the expense of the
Company and shall be irrevocable. The notice if mailed in the manner provided
above shall be conclusively presumed to have been duly given, whether or not
the Holder receives such notice. In any case, a failure to give such notice by
mail or any defect in the notice to the Holder of any Security designated for
redemption as a whole or in part shall not affect the validity of the
proceedings for the redemption of any other Security.

 

SECTION 11.6.  Deposit of Redemption Price.

 

Prior to 10:00 a.m., New
York City time, on the Redemption Date specified in the notice of redemption
given as provided in Section 11.5, the Company will deposit with the
Trustee or with one or more Paying Agents (or if the Company is acting as its
own Paying Agent, the Company will segregate and hold in trust as provided in Section
10.2) an amount of money sufficient to pay the Redemption Price of, and any
accrued interest (including any Additional Interest) on, all the Securities (or
portions thereof) that are to be redeemed on that date.

 

SECTION 11.7.  Payment of
Securities Called for Redemption.

 

(a)           If any notice of redemption has been given as
provided in Section 11.5, the Securities or portion of Securities with
respect to which such notice has been given shall become due and payable on the
date and at the place or places stated in such notice at the applicable
Redemption Price, together with accrued interest (including any Additional
Interest) to the Redemption Date. On presentation and surrender of such
Securities at a Place of Payment specified in such notice, the Securities or
the specified portions thereof shall be paid and redeemed by the Company at the
applicable Redemption Price, together with accrued interest (including any
Additional Interest) to the Redemption Date.

 

(b)           Upon presentation of any Security redeemed in
part only, the Company shall execute and the Trustee shall authenticate and
deliver to the Holder thereof, at the expense of the Company, a new Security or
Securities, of authorized denominations, in aggregate principal amount equal to
the unredeemed portion of the Security so presented and having the same Original
Issue Date, Stated Maturity and terms.

 

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

 

ARTICLE XII

 

SUBORDINATION
OF SECURITIES

 

SECTION 12.1.  Securities
Subordinate to Senior Debt.

 

The Company covenants and
agrees, and each Holder of a Security, by its acceptance thereof, likewise
covenants and agrees, that, to the extent and in the manner hereinafter set
forth in this Article XII, the payment of the principal of and any
premium and interest (including any Additional Interest) on each and all of the
Securities are hereby expressly made subordinate and subject in right of
payment to the prior payment in full of all Senior Debt.

 

59

 

SECTION 12.2.  No Payment
When Senior Debt in Default; Payment Over of Proceeds Upon
Dissolution, Etc.

 

(a)           In the event and during the continuation of
any default by the Company in the payment of any principal of or any premium or
interest on any Senior Debt (following any grace period, if applicable) when
the same becomes due and payable, whether at maturity or at a date fixed for
prepayment or by declaration of acceleration or otherwise, then, upon written
notice of such default to the Company by the holders of such Senior Debt or any
trustee therefor, unless and until such default shall have been cured or waived
or shall have ceased to exist, no direct or indirect payment (in cash,
property, securities, by set-off or otherwise) shall be made or agreed to be
made on account of the principal of or any premium or interest (including any
Additional Interest) on any of the Securities, or in respect of any redemption,
repayment, retirement, purchase or other acquisition of any of the Securities.

 

(b)           In the event of a bankruptcy, insolvency or
other proceeding described in clause (d) or (e) of the definition of Event of
Default (each such event, if any, herein sometimes referred to as a “Proceeding”), all Senior Debt (including
any interest thereon accruing after the commencement of any such proceedings)
shall first be paid in full before any payment or distribution, whether in
cash, securities or other property, shall be made to any Holder of any of the
Securities on account thereof. Any payment or distribution, whether in cash,
securities or other property (other than securities of the Company or any other
entity provided for by a plan of reorganization or readjustment the payment of
which is subordinate, at least to the extent provided in these subordination
provisions with respect to the indebtedness evidenced by the Securities, to the
payment of all Senior Debt at the time outstanding and to any securities issued
in respect thereof under any such plan of reorganization or readjustment),
which would otherwise (but for these subordination provisions) be payable or
deliverable in respect of the Securities shall be paid or delivered directly to
the holders of Senior Debt in accordance with the priorities then existing
among such holders until all Senior Debt (including any interest thereon
accruing after the commencement of any Proceeding) shall have been paid in
full.

 

(c)           In the event of any Proceeding, after payment
in full of all sums owing with respect to Senior Debt, the Holders of the
Securities, together with the holders of any obligations of the Company ranking
on a parity with the Securities, shall be entitled to be paid from the
remaining assets of the Company the amounts at the time due and owing on
account of unpaid principal of and any premium and interest (including any
Additional Interest) on the Securities and such other obligations before any
payment or other distribution, whether in cash, property or otherwise, shall be
made on account of any units of limited partnership interests or any
obligations of the Company ranking junior to the Securities and such other
obligations. If, notwithstanding the foregoing, any payment or distribution of
any character or any security, whether in cash, securities or other property
(other than securities of the Company or any other entity provided for by a
plan of reorganization or readjustment the payment of which is subordinate, at
least to the extent provided in these subordination provisions with respect to
the indebtedness evidenced by the Securities, to the payment of all Senior Debt
at the time outstanding and to any securities issued in respect thereof under
any such plan of reorganization or readjustment) shall be received by the
Trustee or any Holder in contravention of any of the terms hereof and before
all Senior Debt shall have been paid in full, such payment or distribution or
security shall be received in trust for the benefit of, and shall be paid over
or delivered and transferred to, the holders of the Senior Debt at the time
outstanding in accordance with the 

 

60

 

priorities then existing among such holders for application
to the payment of all Senior Debt remaining unpaid, to the extent necessary to
pay all such Senior Debt (including any interest thereon accruing after the
commencement of any Proceeding) in full. In the event of the failure of the
Trustee or any Holder to endorse or assign any such payment, distribution or
security, each holder of Senior Debt is hereby irrevocably authorized to
endorse or assign the same.

 

(d)           The Trustee and the Holders, at the expense
of the Company, shall take such reasonable action (including the delivery of
this Indenture to an agent for any holders of Senior Debt or consent to the
filing of a financing statement with respect hereto) as may, in the opinion of
counsel designated by the holders of a majority in principal amount of the
Senior Debt at the time outstanding, be necessary or appropriate to assure the
effectiveness of the subordination effected by these provisions.

 

(e)           The provisions of this Section 12.2
shall not impair any rights, interests, remedies or powers of any secured
creditor of the Company in respect of any security interest the creation of
which is not prohibited by the provisions of this Indenture.

 

(f)            The securing of any obligations of the
Company, otherwise ranking on a parity with the Securities or ranking junior to
the Securities, shall not be deemed to prevent such obligations from
constituting, respectively, obligations ranking on a parity with the Securities
or ranking junior to the Securities.

 

SECTION 12.3.  Payment
Permitted If No Default.

 

Nothing contained in this Article
XII or elsewhere in this Indenture or in any of the Securities shall
prevent (a) the Company, at any time, except during the pendency of the
conditions described in paragraph (a) of Section 12.2 or of any
Proceeding referred to in Section 12.2, from making payments at any time
of principal of and any premium or interest (including any Additional Interest)
on the Securities or (b) the application by the Trustee of any moneys deposited
with it hereunder to the payment of or on account of the principal of and any
premium or interest (including any Additional Interest) on the Securities or
the retention of such payment by the Holders, if, at the time of such
application by the Trustee, it did not have knowledge (in accordance with Section
12.8) that such payment would have been prohibited by the provisions of
this Article XII, except as provided in Section 12.8.

 

SECTION 12.4.  Subrogation to Rights of Holders of Senior Debt.

 

Subject to the payment in
full of all amounts due or to become due on all Senior Debt, or the provision
for such payment in cash or cash equivalents or otherwise in a manner
satisfactory to the holders of Senior Debt, the Holders of the Securities shall
be subrogated to the extent of the payments or distributions made to the
holders of such Senior Debt pursuant to the provisions of this Article XII
(equally and ratably with the holders of all indebtedness of the Company that
by its express terms is subordinated to Senior Debt of the Company to
substantially the same extent as the Securities are subordinated to the Senior
Debt and is entitled to like rights of subrogation by reason of any payments or
distributions made to holders of such Senior Debt) to the rights of the holders
of such Senior Debt to receive payments and distributions of cash, property and
securities applicable to the Senior Debt until the principal of and any premium
and interest (including any Additional Interest) on the Securities shall be
paid in full. For purposes of 

 

61

 

such subrogation, no payments or
distributions to the holders of the Senior Debt of any cash, property or
securities to which the Holders of the Securities or the Trustee would be
entitled except for the provisions of this Article XII, and no payments
made pursuant to the provisions of this Article XII to the holders of
Senior Debt by Holders of the Securities or the Trustee, shall, as among the
Company, its creditors other than holders of Senior Debt, and the Holders of
the Securities, be deemed to be a payment or distribution by the Company to or
on account of the Senior Debt.

 

SECTION 12.5.  Provisions Solely to Define Relative Rights.

 

The provisions of this Article
XII are and are intended solely for the purpose of defining the relative
rights of the Holders of the Securities on the one hand and the holders of
Senior Debt on the other hand. Nothing contained in this Article XII or
elsewhere in this Indenture or in the Securities is intended to or shall (a)
impair, as between the Company and the Holders of the Securities, the
obligations of the Company, which are absolute and unconditional, to pay to the
Holders of the Securities the principal of and any premium and interest
(including any Additional Interest) on the Securities as and when the same
shall become due and payable in accordance with their terms, (b) affect the
relative rights against the Company of the Holders of the Securities and
creditors of the Company other than their rights in relation to the holders of
Senior Debt or (c) prevent the Trustee or the Holder of any Security (or to the
extent expressly provided herein, the holder of any Preferred Security) from
exercising all remedies otherwise permitted by applicable law upon default
under this Indenture, including filing and voting claims in any Proceeding,
subject to the rights, if any, under this Article XII of the holders of
Senior Debt to receive cash, property and securities otherwise payable or
deliverable to the Trustee or such Holder.

 

SECTION 12.6.  Trustee to Effectuate Subordination.

 

Each Holder of a Security by
his or her acceptance thereof authorizes and directs the Trustee on his or her
behalf to take such action as may be necessary or appropriate to acknowledge or
effectuate the subordination provided in this Article XII and appoints
the Trustee his or her attorney-in-fact for any and all such purposes.

 

SECTION 12.7.  No Waiver of
Subordination Provisions.

 

(a)           No right of any present or future holder of
any Senior Debt 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 be otherwise charged with.

 

(b)           Without in any way limiting the generality of
paragraph (a) of this Section 12.7, the holders of Senior Debt may, at
any time and from to time, without the consent of or notice to the Trustee or
the Holders of the Securities, without incurring responsibility to such Holders
of the Securities and without impairing or releasing the subordination provided
in this Article XII or the obligations hereunder of such Holders of the
Securities to the holders of Senior Debt, do any one or more of the following:
(i) change the manner, place or terms of payment or extend the 

 

62

 

time of payment of, or renew or alter, Senior
Debt, or otherwise amend or supplement in any manner Senior Debt or any
instrument evidencing the same or any agreement under which Senior Debt is
outstanding, (ii) sell, exchange, release or otherwise deal with any property
pledged, mortgaged or otherwise securing Senior Debt, (iii) release any Person
liable in any manner for the payment of Senior Debt and (iv) exercise or
refrain from exercising any rights against the Company and any other Person.

 

SECTION
12.8.  Notice to
Trustee.

 

(a)           The Company shall give prompt written notice
to a Responsible Officer of the Trustee of any fact known to the Company that
would prohibit the making of any payment to or by the Trustee in respect of the
Securities. Notwithstanding the provisions of this Article XII or any
other provision of this Indenture, the Trustee shall not be charged with
knowledge of the existence of any facts that would prohibit the making of any
payment to or by the Trustee in respect of the Securities, unless and until a
Responsible Officer of the Trustee shall have received written notice thereof
from the Company or a holder of Senior Debt or from any trustee, agent or
representative therefor; provided, that if the Trustee shall not have
received the notice provided for in this Section 12.8 at least two
Business Days prior to the date upon which by the terms hereof any monies may
become payable for any purpose (including, the payment of the principal of and
any premium on or interest (including any Additional Interest) on any
Security), then, anything herein contained to the contrary notwithstanding, the
Trustee shall have full power and authority to receive such monies and to apply
the same to the purpose 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.

 

(b)           The Trustee shall be entitled to rely on the
delivery to it of a written notice by a Person representing himself or herself
to be a holder of Senior Debt (or a trustee, agent, representative or
attorney-in-fact therefor) to establish that such notice has been given by a
holder of Senior Debt (or a trustee, agent, representative or attorney-in-fact
therefor). 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
Senior Debt to participate in any payment or distribution pursuant to this Article
XII, the Trustee may request such Person to furnish evidence to the
reasonable satisfaction of the Trustee as to the amount of Senior Debt 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 XII, 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 12.9.  Reliance on Judicial Order or Certificate of Liquidating Agent.

 

Upon any payment or
distribution of assets of the Company referred to in this Article XII,
the Trustee and the Holders of the Securities shall be entitled to conclusively
rely upon any order or decree entered by any court of competent jurisdiction in
which such Proceeding is pending, or a certificate of the trustee in
bankruptcy, receiver, liquidating trustee, custodian, assignee for the benefit
of creditors, agent or other Person making such payment or distribution,
delivered to the Trustee or to the Holders of Securities, for the purpose of
ascertaining the Persons entitled to participate in such payment or
distribution, the holders of the Senior Debt and other indebtedness 

 

63

 

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 XII.

 

SECTION 12.10.  Trustee Not
Fiduciary for Holders of Senior Debt.

 

The Trustee, in its capacity
as trustee under this Indenture, shall not be deemed to owe any fiduciary duty
to the holders of Senior Debt and shall not be liable to any such holders if it
shall in good faith mistakenly pay over or distribute to Holders of Securities
or to the Company or to any other Person cash, property or securities to which
any holders of Senior Debt shall be entitled by virtue of this Article XII
or otherwise.

 

SECTION 12.11.  Rights of
Trustee as Holder of Senior Debt; Preservation of Trustee’s Rights.

 

The Trustee in its
individual capacity shall be entitled to all the rights set forth in this Article
XII with respect to any Senior Debt that may at any time be held by it, to
the same extent as any other holder of Senior Debt, and nothing in this
Indenture shall deprive the Trustee of any of its rights as such holder.

 

SECTION 12.12.  Article Applicable to Paying Agents.

 

If at any time any Paying
Agent other than the Trustee shall have been appointed by the Company and be
then acting hereunder, the term “Trustee”
as used in this Article XII shall in such case (unless the context
otherwise requires) be construed as extending to and including such Paying
Agent within its meaning as fully for all intents and purposes as if such
Paying Agent were named in this Article XII in addition to or in place
of the Trustee; provided, that Sections  12.8 and 12.11
shall not apply to the Company or any Affiliate of the Company if the Company
or such Affiliate acts as Paying Agent.

 

* * * *

 

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

 

*
* * *

 

64

 

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

 

	
   

  	
  SL GREEN OPERATING
  PARTNERSHIP, L.P.

  
	
   

  	
   

  
	
   

  	
  By: SL GREEN REALTY CORP.,
  its general partner

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By: 

  	
   

  	
   

  
	
   

  	
  Name:

  
	
   

  	
  Title:

  
	
   

  	
   

  
	
   

  	
  JPMORGAN CHASE BANK,
  NATIONAL ASSOCIATION, as Trustee

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By: 

  	
   

  	
   

  
	
   

  	
  Name:

  
	
   

  	
  Title:

  

 

65

 

Schedule A

 

DETERMINATION OF LIBOR

 

With respect to the
Securities, the London interbank offered rate (“LIBOR”) shall be determined by the Calculation Agent in
accordance with the following provisions (in each case rounded to the nearest
..000001%):

 

(1)           On the second LIBOR Business Day (as defined
below) prior to an Interest Payment Date (each such day, a “LIBOR Determination Date”), LIBOR for any
given security shall for the following interest payment period equal the rate,
as obtained by the Calculation Agent from Bloomberg Financial Markets
Commodities News, for three-month Eurodollar deposits that appears on Dow Jones
Telerate Page 3750 (as defined in the International Swaps and Derivatives
Association, Inc. 2000 Interest Rate and Currency Exchange Definitions), or
such other page as may replace such Page 3750, as of 11:00 a.m. (London time)
on such LIBOR Determination Date.

 

(2)           If, on any LIBOR Determination Date, such
rate does not appear on Dow Jones Telerate Page 3750 or such other page as may
replace such Page 3750, the Calculation Agent shall determine the arithmetic
mean of the offered quotations of the Reference Banks (as defined below) to
leading banks in the London interbank market for three-month Eurodollar
deposits in an amount determined by the Calculation Agent by reference to
requests for quotations as of approximately 11:00 a.m. (London time) on the
LIBOR Determination Date made by the Calculation Agent to the Reference
Banks.  If, on any LIBOR Determination
Date, at least two of the Reference Banks provide such quotations, LIBOR shall
equal such arithmetic mean of such quotations. 
If, on any LIBOR Determination Date, only one or none of the Reference Banks
provide such quotations, LIBOR shall be deemed to be the arithmetic mean of the
offered quotations that leading banks in the City of New York selected by the
Calculation Agent are quoting on the relevant LIBOR Determination Date for
three-month Eurodollar deposits in an amount determined by the Calculation
Agent by reference to the principal London offices of leading banks in the
London interbank market; provided
that, if the Calculation Agent is required but is unable to determine a rate in
accordance with at least one of the procedures provided above, LIBOR shall be
LIBOR as determined on the previous LIBOR Determination Date.

 

(3)           As used herein: “Reference Banks” means four major banks in the London
interbank market selected by the Calculation Agent; and “LIBOR Business Day” means a day on which
commercial banks are open for business (including dealings in foreign exchange
and foreign currency deposits) in London.

 

A-1

 

Exhibit A

 

Form of Officer’s Financial Certificate

 

The undersigned, the [Chief
Financial Officer/Treasurer/Assistant Treasurer/ Secretary/ Assistant
Secretary, Chairman/Vice Chairman/Chief Executive Officer/President/Vice
President] hereby certifies, pursuant to Section 7.3(b) of the Junior
Subordinated Indenture, dated as of June 30, 2005 (the “Indenture”), among SL
GREEN OPERATING PARTNERSHIP, L.P. (the “Company”) and JPMorgan Chase Bank,
National Association, as trustee,  that,
as of [date], [20    ], the Company, if applicable,  and its Subsidiary had the following ratios
and balances:

 

As of [Quarterly/Annual
Financial Date], 20    

 

 

	
  Senior secured indebtedness for borrowed
  money (“Debt”)

  	
   

  	
  $

  	
            

  	
   

  
	
  Senior unsecured Debt

  	
   

  	
  $

  	
            

  	
   

  
	
  Subordinated Debt

  	
   

  	
  $

  	
            

  	
   

  
	
  Total Debt

  	
   

  	
  $

  	
            

  	
   

  
	
  Ratio of (x) senior secured and unsecured
  Debt to (y) total Debt

  	
   

  	
            

  	
  %

  

 

[FOR FISCAL YEAR END:  Attached hereto are the audited consolidated
financial statements (including the balance sheet, income statement and
statement of cash flows, and notes thereto, together with the report of the
independent accountants thereon) of the Company and its consolidated
subsidiaries for the three years ended [date], 20    .]

 

[FOR FISCAL QUARTER
END:  Attached hereto are the unaudited
consolidated and consolidating financial statements (including the balance
sheet and income statement) of the Company and its consolidated subsidiaries
for the fiscal quarter ended [date], 20    .]

 

The financial statements
fairly present in all material respects, in accordance with U.S. generally
accepted accounting principles (“GAAP”), the financial position of the Company
and its consolidated subsidiaries, and the results of operations and changes in
financial condition as of the date, and for the [quarter] [annual] period ended
[date], 20    , and such financial statements have been
prepared in accordance with GAAP consistently applied throughout the period
involved (expect as otherwise noted therein).

 

 

IN WITNESS WHEREOF, the
undersigned has executed this Officer’s Financial Certificate as of this           
day of                           ,
20    .

 

	
   

  	
  SL GREEN OPERATING
  PARTNERSHIP, L.P.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By: 

  	
  SL GREEN REALTY CORP., its
  general

  
	
   

  	
   

  	
  Partner

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  	
   

  
	
   

  	
   

  	
  Title:

  	
   

  
	
   

  	
   

  
	
   

  	
  SL GREEN OPERATING PARTNERSHIP,
  L.P.

  
	
   

  	
   

  
	
   

  	
  420 Lexington Avenue

  
	
   

  	
  New York, NY 10170

  
	
   

  	
  (212) 594-2700

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