Document:

Exhibit
10.7

 

EXECUTION
COPY

 

 

GMAC COMMERCIAL HOLDING CORP.,

as Issuer

 

to

 

LAW
DEBENTURE TRUST COMPANY OF NEW YORK,

as Trustee

 

 

FLOATING RATE
JUNIOR SUBORDINATED INDENTURE

 

Dated as of
March 23, 2006

 

 

 

 

TABLE OF CONTENTS

 

	
   

  	
   

  	
   

  	
   

  	
  Page

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE I.

  
	
   

  
	
  DEFINITIONS AND OTHER PROVISIONS OF GENERAL
  APPLICATION

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Section 1.1.

  	
   

  	
  Definitions

  	
   

  	
  1

  
	
  Section 1.2.

  	
   

  	
  Compliance Certificate and Opinions

  	
   

  	
  13

  
	
  Section 1.3.

  	
   

  	
  Forms of Documents Delivered to Trustee

  	
   

  	
  14

  
	
  Section 1.4.

  	
   

  	
  Acts of Holders

  	
   

  	
  14

  
	
  Section 1.5.

  	
   

  	
  Notices, Etc. to Trustee, Corporation

  	
   

  	
  16

  
	
  Section 1.6.

  	
   

  	
  Notice to Holders; Waiver

  	
   

  	
  17

  
	
  Section 1.7.

  	
   

  	
  Conflict with Trust Indenture Act

  	
   

  	
  17

  
	
  Section 1.8.

  	
   

  	
  Effect of Headings and Table of Contents

  	
   

  	
  17

  
	
  Section 1.9.

  	
   

  	
  Successors and Assigns

  	
   

  	
  18

  
	
  Section 1.10.

  	
   

  	
  Separability Clause

  	
   

  	
  18

  
	
  Section 1.11.

  	
   

  	
  Benefits of Indenture

  	
   

  	
  18

  
	
  Section 1.12.

  	
   

  	
  Governing Law

  	
   

  	
  18

  
	
  Section 1.13.

  	
   

  	
  Non-Business Days

  	
   

  	
  18

  
	
  Section 1.14.

  	
   

  	
  Force Majeure

  	
   

  	
  18

  
	
  Section 1.15.

  	
   

  	
  Application of Trust Indenture Act

  	
   

  	
  19

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE II.

  
	
   

  
	
  SECURITY FORMS

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Section 2.1.

  	
   

  	
  Forms Generally.

  	
   

  	
  19

  
	
  Section 2.2.

  	
   

  	
  Form of Face of Security

  	
   

  	
  19

  
	
  Section 2.3.

  	
   

  	
  Form of Reverse of Security

  	
   

  	
  23

  
	
  Section 2.4.

  	
   

  	
  Form of Trustee’s Certificate of Authentication

  	
   

  	
  26

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE III.

  
	
   

  
	
  THE SECURITIES

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Section 3.1.

  	
   

  	
  The Securities

  	
   

  	
  26

  
	
  Section 3.2.

  	
   

  	
  Denominations

  	
   

  	
  26

  
	
  Section 3.3.

  	
   

  	
  Execution, Authentication, Delivery and Dating

  	
   

  	
  27

  
	
  Section 3.4.

  	
   

  	
  Registration, Transfer and Exchange Generally

  	
   

  	
  27

  
	
  Section 3.5.

  	
   

  	
  Mutilated, Destroyed, Lost and Stolen Securities

  	
   

  	
  29

  
	
  Section 3.6.

  	
   

  	
  Payment of Interest and Additional Interest;
  Interest Rights Preserved

  	
   

  	
  29

  
	
  Section 3.7.

  	
   

  	
  Persons Deemed Owners

  	
   

  	
  31

  
	
  Section 3.8.

  	
   

  	
  Cancellation

  	
   

  	
  31

  
	
  Section 3.9.

  	
   

  	
  Computation of Interest

  	
   

  	
  31

  
	
  Section 3.10.

  	
   

  	
  Optional Deferral of Interest

  	
   

  	
  31

  

 

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  Section 3.11.

  	
   

  	
  Mandatory Deferral of Interest

  	
   

  	
  32

  
	
  Section 3.12.

  	
   

  	
  Right of Set-Off

  	
   

  	
  34

  
	
  Section 3.13.

  	
   

  	
  Agreed Tax Treatment

  	
   

  	
  34

  
						

 

	
  ARTICLE IV.

  
	
   

  
	
  SATISFACTION AND DISCHARGE; DEFEASANCE

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Section 4.1.

  	
   

  	
  Satisfaction and Discharge of Indenture

  	
   

  	
  35

  
	
  Section 4.2.

  	
   

  	
  Defeasance and Discharge

  	
   

  	
  36

  
	
  Section 4.3.

  	
   

  	
  Covenant Defeasance

  	
   

  	
  36

  
	
  Section 4.4.

  	
   

  	
  Conditions to Defeasance or Covenant Defeasance

  	
   

  	
  36

  
	
  Section 4.5.

  	
   

  	
  Application of Trust Money

  	
   

  	
  37

  
	
  Section 4.6.

  	
   

  	
  Indemnity for U.S. Government Obligations

  	
   

  	
  37

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE V.

  
	
   

  
	
  REMEDIES

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Section 5.1.

  	
   

  	
  Events of Default

  	
   

  	
  38

  
	
  Section 5.2.

  	
   

  	
  Acceleration of Maturity; Rescission and Annulment

  	
   

  	
  39

  
	
  Section 5.3.

  	
   

  	
  Collection of Indebtedness and Suits for Enforcement
  by Trustee

  	
   

  	
  40

  
	
  Section 5.4.

  	
   

  	
  Trustee May File Proofs of Claim

  	
   

  	
  40

  
	
  Section 5.5.

  	
   

  	
  Trustee May Enforce Claim Without Possession of
  Securities

  	
   

  	
  41

  
	
  Section 5.6.

  	
   

  	
  Application of Money Collected

  	
   

  	
  41

  
	
  Section 5.7.

  	
   

  	
  Limitation on Suits

  	
   

  	
  42

  
	
  Section 5.8.

  	
   

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

  	
   

  	
  43

  
	
  Section 5.9.

  	
   

  	
  Restoration of Rights and Remedies

  	
   

  	
  43

  
	
  Section 5.10.

  	
   

  	
  Rights and Remedies Cumulative

  	
   

  	
  43

  
	
  Section 5.11.

  	
   

  	
  Delay or Omission Not Waiver

  	
   

  	
  43

  
	
  Section 5.12.

  	
   

  	
  Control by Holders

  	
   

  	
  44

  
	
  Section 5.13.

  	
   

  	
  Waiver of Past Defaults

  	
   

  	
  44

  
	
  Section 5.14.

  	
   

  	
  Undertaking for Costs

  	
   

  	
  45

  
	
  Section 5.15.

  	
   

  	
  Waiver of Usury, Stay or Extension Laws

  	
   

  	
  45

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE VI.

  
	
   

  
	
  THE TRUSTEE

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Section 6.1.

  	
   

  	
  Certain Duties and Responsibilities

  	
   

  	
  45

  
	
  Section 6.2.

  	
   

  	
  Notice of Defaults

  	
   

  	
  46

  
	
  Section 6.3.

  	
   

  	
  Certain Rights of Trustee

  	
   

  	
  46

  
	
  Section 6.4.

  	
   

  	
  Not Responsible for Recitals or Issuance of
  Securities

  	
   

  	
  48

  
	
  Section 6.5.

  	
   

  	
  May Hold Securities

  	
   

  	
  48

  
	
  Section 6.6.

  	
   

  	
  Money Held in Trust

  	
   

  	
  48

  
	
  Section 6.7.

  	
   

  	
  Compensation and Reimbursement

  	
   

  	
  48

  

 

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  Section 6.8.

  	
   

  	
  Disqualification; Conflicting Interests

  	
   

  	
  49

  
	
  Section 6.9.

  	
   

  	
  Corporate Trustee Required; Eligibility

  	
   

  	
  49

  
	
  Section 6.10.

  	
   

  	
  Resignation and Removal; Appointment of Successor

  	
   

  	
  50

  
	
  Section 6.11.

  	
   

  	
  Acceptance of Appointment by Successor

  	
   

  	
  51

  
	
  Section 6.12.

  	
   

  	
  Merger, Conversion, Consolidation or Succession to
  Business

  	
   

  	
  52

  
	
  Section 6.13.

  	
   

  	
  Preferential Collection of Claims Against
  Corporation

  	
   

  	
  52

  
	
  Section 6.14.

  	
   

  	
  Appointment of Authenticating Agent

  	
   

  	
  52

  
							

 

	
  ARTICLE VII.

  
	
   

  
	
  HOLDER’S LISTS AND REPORTS BY TRUSTEE AND
  CORPORATION

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Section 7.1.

  	
   

  	
  Corporation to Furnish Trustee Names and Addresses
  of Holders

  	
   

  	
  53

  
	
  Section 7.2.

  	
   

  	
  Preservation of Information; Communications to
  Holders

  	
   

  	
  54

  
	
  Section 7.3.

  	
   

  	
  Reports by Trustee

  	
   

  	
  54

  
	
  Section 7.4.

  	
   

  	
  Reports by the Corporation

  	
   

  	
  54

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE VIII.

  
	
   

  
	
  CONSOLIDATION, MERGER, CONVEYANCE, TRANSFER OR LEASE

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Section 8.1.

  	
   

  	
  Corporation May Consolidate, Etc., Only on Certain
  Terms

  	
   

  	
  55

  
	
  Section 8.2.

  	
   

  	
  Successor Corporation Substituted

  	
   

  	
  55

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE IX.

  
	
   

  
	
  SUPPLEMENTAL INDENTURES

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Section 9.1.

  	
   

  	
  Supplemental Indentures without Consent of Holders

  	
   

  	
  56

  
	
  Section 9.2.

  	
   

  	
  Supplemental Indentures with Consent of Holders

  	
   

  	
  57

  
	
  Section 9.3.

  	
   

  	
  Execution of Supplemental Indentures

  	
   

  	
  58

  
	
  Section 9.4.

  	
   

  	
  Effect of Supplemental Indentures

  	
   

  	
  58

  
	
  Section 9.5.

  	
   

  	
  Conformity with Trust Indenture Act

  	
   

  	
  58

  
	
  Section 9.6.

  	
   

  	
  Reference in Securities to Supplemental Indentures

  	
   

  	
  58

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE X.

  
	
   

  
	
  COVENANTS

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Section 10.1.

  	
   

  	
  Payment of Principal, Premium and Interest

  	
   

  	
  58

  
	
  Section 10.2.

  	
   

  	
  Maintenance of Office or Agency

  	
   

  	
  59

  
	
  Section 10.3.

  	
   

  	
  Money for Security Payments to be Held in Trust

  	
   

  	
  59

  
	
  Section 10.4.

  	
   

  	
  Statement as to Compliance

  	
   

  	
  60

  
	
  Section 10.5.

  	
   

  	
  Waiver of Certain Covenants

  	
   

  	
  61

  

 

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  ARTICLE XI.

  
	
   

  
	
  REDEMPTION OF SECURITIES

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Section 11.1.

  	
   

  	
  Applicability of This Article

  	
   

  	
  61

  
	
  Section 11.2.

  	
   

  	
  Election to Redeem; Notice to Trustee

  	
   

  	
  61

  
	
  Section 11.3.

  	
   

  	
  Selection of Securities to be Redeemed

  	
   

  	
  62

  
	
  Section 11.4.

  	
   

  	
  Notice of Redemption

  	
   

  	
  62

  
	
  Section 11.5.

  	
   

  	
  Deposit of Redemption Price

  	
   

  	
  63

  
	
  Section 11.6.

  	
   

  	
  Payment of Securities Called for Redemption

  	
   

  	
  63

  
	
  Section 11.7.

  	
   

  	
  Right of Redemption of Securities

  	
   

  	
  63

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE XII.

  
	
   

  
	
  SUBORDINATION OF SECURITIES

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Section 12.1.

  	
   

  	
  Securities Subordinate to Senior Debt

  	
   

  	
  64

  
	
  Section 12.2.

  	
   

  	
  Payment Over of Proceeds Upon Dissolution, Etc

  	
   

  	
  65

  
	
  Section 12.3.

  	
   

  	
  Payment Permitted If No Default.

  	
   

  	
  66

  
	
  Section 12.4.

  	
   

  	
  Subrogation to Rights of Holders of Senior Debt of
  the Corporation

  	
   

  	
  66

  
	
  Section 12.5.

  	
   

  	
  Provisions Solely to Define Relative Rights

  	
   

  	
  67

  
	
  Section 12.6.

  	
   

  	
  Trustee to Effectuate Subordination

  	
   

  	
  67

  
	
  Section 12.7.

  	
   

  	
  No Waiver of Subordination Provisions

  	
   

  	
  67

  
	
  Section 12.8.

  	
   

  	
  Notice to Trustee

  	
   

  	
  68

  
	
  Section 12.9.

  	
   

  	
  Reliance on Judicial Order or Certificate of
  Liquidating Agent

  	
   

  	
  68

  
	
  Section 12.10.

  	
   

  	
  Trustee Not Fiduciary for Holders of Senior Debt

  	
   

  	
  69

  
	
  Section 12.11.

  	
   

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

  	
   

  	
  69

  
	
  Section 12.12.

  	
   

  	
  Article Applicable to Paying Agents

  	
   

  	
  69

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE XIII.

  
	
   

  
	
  EFFECT OF DEFERRALS

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Section 13.1.

  	
   

  	
  Limitation on Corporation Payments

  	
   

  	
  69

  
	
  Section 13.2.

  	
   

  	
  Sale of Stock in the Event of Optional Deferral of
  Interest or Mandatory Deferral Event

  	
   

  	
  70

  
								

 

	
  ARTICLE XIV.

  
	
   

  
	
  HOLDERS’ MEETINGS

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Section 14.1.

  	
   

  	
  Purposes of Meetings

  	
   

  	
  71

  
	
  Section 14.2.

  	
   

  	
  Call of Meetings by Trustee

  	
   

  	
  72

  
	
  Section 14.3.

  	
   

  	
  Call of Meetings by the Corporation or Holders

  	
   

  	
  72

  
	
  Section 14.4.

  	
   

  	
  Qualifications for Voting

  	
   

  	
  72

  

 

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  Section 14.5.

  	
   

  	
  Regulations

  	
   

  	
  72

  
	
  Section 14.6.

  	
   

  	
  Voting

  	
   

  	
  73

  

 

v

 

FLOATING RATE
JUNIOR SUBORDINATED INDENTURE, dated as of March 23, 2006, among GMAC COMMERCIAL
HOLDING CORP., a Nevada corporation (the “Corporation”),
having its principal office at 200 Witmer Road, Horsham, PA 19044, Law Debenture
Trust Company of New York, a New York banking corporation, as Trustee (the “Trustee”), and Deutsche Bank Trust Company Americas, a New
York banking corporation, as Agent (the “Agent”).

 

RECITALS OF
THE CORPORATION

 

WHEREAS, the
Corporation has duly authorized the execution and delivery of this Indenture to
provide for the issuance of $250,001,000 aggregate principal amount unsecured
Floating Rate Junior Subordinated Debentures due 2046 (hereinafter called the “Securities”);

 

WHEREAS, the
Corporation will issue to Capmark Trust, a Delaware statutory trust (the “Trust”), the Securities;

 

WHEREAS, the
Trust will issue to General Motors Acceptance Corporation (the “Purchaser”) $250,000,000 aggregate liquidation amount of
Floating Rate Trust Preferred Securities;

 

WHEREAS, the
Trust will issue to the Corporation $1,000 aggregate liquidation amount of
Floating Rate Trust Common Securities;

 

WHEREAS, all
things necessary to make this Indenture a valid agreement of the Corporation,
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:

 

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

 

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

 

 

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

 

(4)   All
accounting terms not otherwise defined herein have the meanings assigned to
them in accordance with generally accepted accounting principles;

 

(5)   Whenever
the context may require, any gender shall be deemed to include the other;

 

(6)   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; and

 

(7)   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.

 

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

 

“Additional Interest” means the interest, if any, that shall
accrue on any interest on 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.

 

 “Adjusted Earnings Before
Interest and Taxes” has the meaning specified in Section 3.11.

 

“Adjusted Earnings Before Taxes” has the meaning specified in
Section 3.11.

 

“Affiliate” means, with respect to any specified Person, any
other Person that directly or indirectly controls or is controlled by, or is
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 term “controlling” and “controlled” have
meanings correlative to the foregoing.

 

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

 

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

 

“Average Four Quarters Fixed Charge Ratio” has the meaning
set forth in Section 3.11.

 

“Bankruptcy Code” means Title 11 of the United States Code or
any successor statute thereto, in each case as amended from time to time.

 

2

 

 “Board of Directors”
means, with respect to the Corporation, the respective board of directors of
the Corporation or a committee designated by the board of directors of the
Corporation comprised of two or more members of the board of directors or
officers, or both, of the Corporation, in each case as the context requires.

 

“Board Resolution” means a copy of a resolution certified by
the Secretary or an Assistant Secretary of the Corporation, to have been duly
adopted by the Board of Directors, or officers of the Corporation to which
authority to act on behalf of the Board of Directors has been delegated, and to
be in full force and effect on the date of such certification, and delivered to
the Trustee.

 

“Bridge Loan Agreement” means the Bridge Loan Agreement,
dated as of March 23, 2006, among the Corporation, the lending institutions
from time to time parties thereto, J.P. Morgan Securities Inc., as Syndication
Agent, Credit Suisse, Deutsche Bank Securities Inc., Goldman Sachs Credit
Partners, L.P. and The Royal Bank of Scotland plc, as Documentation Agents, and
Citibank, N.A., as Administrative Agent.

 

“Business Day” means any day that is not a Saturday or Sunday
and that is not a day on which banking institutions generally in The City of
New York are authorized or obligated by law or executive order to be closed.

 

“Calculation Agent” means Deutsche Bank Trust Company
Americas, its successor and assigns, or such other institution appointed to
such capacity by the Corporation.

 

“Calculation Date” has the meaning assigned in Section 3.11.

 

“Change in Investment Company Act Law” has the meaning set
forth in the definition of Investment Company Event.

 

“Change of Control” means the occurrence of any of the
following:

 

(1) prior to the
consummation of a Qualifying IPO, the Equity Investors shall cease to own,
collectively, at least 35% of the Voting Stock of the Corporation;

 

 (2) prior to the consummation of a Qualifying
IPO, General Motors Corporation or any of its Affiliates shall hold Voting
Stock of the Corporation (or other securities convertible into such Voting
Stock) representing more than the combined voting power of all Voting Stock of
the Corporation held by the Equity Investors;

 

(3) any Person or two or
more Persons acting in concert other than the Investors shall have acquired
beneficial ownership (within the meaning of Rule 13d-3 of the of the
Exchange Act), directly or indirectly, of Voting Stock of the Corporation (or
other securities convertible into such Voting Stock) representing more than 50%
of the combined voting power of all Voting Stock of the Corporation;

 

(4) the sale,
lease, transfer, conveyance or other disposition (other than by way of merger
or consolidation), in one or a series of related transactions, of all or
substantially all of the assets 

 

3

 

of the
Corporation and its Subsidiaries taken as a whole to any “person” (as such term
is used in Section 13(d)(3) of the Exchange Act);

 

(5) the
adoption of a plan relating to the liquidation or dissolution of the
Corporation; or

 

(6) the first
day on which a majority of the members of the Board of Directors of the
Corporation are not Continuing Directors.

 

“Closing Date” means the date on which the Securities and the
Trust Preferred Securities are initially issued and sold to the Trust and the
Purchaser, respectively.

 

“Commercially Reasonable Efforts” by the Corporation to sell
its common stock or Perpetual Deferrable Preferred Stock, as the case may be,
means commercially reasonable efforts to complete the offer and sale of the
common stock or Perpetual Deferrable Preferred Stock of the Corporation, as the
case may be, to third parties that are not Affiliates of the Corporation in
public offerings or private placements; provided that
during a Market Disruption Event, the Corporation shall be deemed to have used
Commercially Reasonable Efforts regardless of whether the Corporation makes any
offers or sales.

 

“Commission” means the Securities and Exchange Commission.

 

“Continuing Directors” means, as of any date of
determination, any member of the Board of Directors of the Corporation who (i)
was a member of such Board of Directors on the date of this Indenture or (ii)
was nominated for election or elected to such Board of Directors with the
approval of a majority of the Continuing Directors who were members of the
Board of Directors at the time of such nomination or election.

 

“Corporate Trust Office” means the principal corporate trust
office of the Trustee at which, at any particular time, its corporate trust
business shall be administered, which at the date hereof is located at 767
Third Avenue, 31st Floor, New York, NY 10017, Attention: Corporate
Trust Administration, Telecopy: (212) 750-1361.

 

“corporation” includes a corporation, association, company,
limited liability company, joint-stock company or business trust.

 

“Corporation” means the Person named as the “Corporation” 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 “Corporation” shall mean such successor corporation.

 

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

 

“Declaration of Trust” means the Amended and Restated
Declaration of Trust by and among the Corporation, as Sponsor, and Law
Debenture Trust Company of New York, as Property Trustee, Deutsche Bank Trust
Company Delaware, as Delaware Trustee, Deutsche 

 

4

 

Bank Trust
Company Americas, as Agent, and John F. Weaver, Marc A. Fox and Peter O’Hara,
as Regular Trustees, dated as of March 23, 2006, with respect to the Trust, as
amended or supplemented from time to time.

 

“Defaulted Interest” has the meaning specified in Section
3.6.

 

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

 

 “Determination Date”
means the third Business Day preceding the Redemption Date.

 

 “Distributions”
means, with respect to the Trust Securities, amounts payable in respect of such
Trust Securities as provided in the Declaration of Trust 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.

 

“Eligible Equity Proceeds” means the aggregate net cash
proceeds of received by the Corporation from sales of its common stock or
Perpetual Deferrable Preferred Stock during the 180 calendar days prior to the
commencement of a Mandatory Deferral Event or pursuant to Section 13.2; provided that the total amount of Eligible
Equity Proceeds raised from the sale of Perpetual Deferrable Preferred Stock
shall not exceed 25% of the initial aggregate principal amount of the
Securities.

 

“Equity Investors” mean Affiliates of Kohlberg Kravis Roberts
& Co. L.P., Goldman Sachs Capital Partners and Five Mile Capital Partners
LLC.

 

 “Event of Default”
has the meaning specified in Article V.

 

“Exchange Act” means the Securities Exchange Act of 1934 or
any successor statute 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 3.10.

 

“FAS 140”
has the meaning specified in Section 3.11.

 

“FIN 46(R)”
has the meaning specified in Section 3.11.

 

“Fixed Charges” has the meaning specified in Section 3.11.

 

“GAAP” has the meaning specified in Section 3.11.

 

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

 

5

 

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

 

“Institutional Accredited Investor” means an institutional “accredited
investor” within the meaning of Rule 501(a)(1), (2), (3) or (7) under the
Securities Act or an entity in which all of the equity owners are accredited
investors within the meaning of Rule 501 under the Securities Act .

 

“Interest Payment Date” means January 15, April 15, July 15
and October 15 of each year, commencing on July 15, 2006.

 

“Interest Period” means each period from and including an
Interest Payment Date (or the Closing Date in the case of the first Interest
Period) to, but not including, the next succeeding Interest Payment Date.

 

“Initial Public Offering” means an initial public offering of
the Corporation’s common stock pursuant to a registration statement filed with
the Commission on Form S-1 or such successor form or at any time when the
Corporation’s common stock is listed on either the New York Stock Exchange or
the NASDAQ National Market.

 

“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 that the Corporation shall
have requested and received an opinion of independent counsel experienced in
practice under the Investment Company Act to the effect that, as a result of
the occurrence of a change in law or regulation or a change in interpretation
or application of law or regulation by any legislative body, court,
governmental agency or regulatory authority (a “Change in
Investment Company Act Law”), there is more than insubstantial risk
that the Trust is or will be considered an “investment company” which is
required to be registered under the Investment Company Act, which Change in
Investment Company Act Law becomes effective on or after the Closing Date.

 

“Investors”
mean the Equity Investors and the management, officers and employees of the
Corporation or any Subsidiary as of the Closing Date who are or become
investors in the Corporation.

 

“LIBOR Determination Date” means, for any Interest Period,
the second day that is both a London Business Day and a New York Business
Day immediately preceding the first day of such Interest Period.

 

“London Business Day” means a day other than a Saturday or
Sunday on which dealings in deposits in U.S. dollars are transacted, or with
respect to any future date are expected to be transacted, in the London
interbank market.

 

“Mandatory Deferral Event” has the meaning set forth in
Section 3.11.

 

“Mandatory Deferral Period” has the meaning set forth in
Section 3.11.

 

6

 

 “Market Disruption Event”
means the occurrence or existence of any of the following events or sets of
circumstances:

 

(1)   the
Corporation would be required to obtain the consent or approval of its
shareholders or a regulatory body (including, without limitation, any
securities exchange) or governmental authority to issue such common stock or
Perpetual Deferrable Preferred Stock and such consent or approval has not yet
been obtained notwithstanding the Corporation’s commercially reasonable efforts
to obtain such consent or approval; provided, however, that in the event of shareholder approval, such
commercially reasonable efforts shall include the requirement to reduce the
amount of common stock or Perpetual Deferrable Preferred Stock proposed to be
issued so as to no longer require shareholder approval;

 

(2)   trading
in securities generally on the New York Stock Exchange, the American Stock
Exchange, the NASDAQ Stock Market or any other national securities, futures or
options exchange or in the over-the-counter market, or trading in any securities
of the Corporation (or any options or futures contracts related to such
securities) on any exchange or in the over-the-counter market shall have been
suspended or the settlement of such trading generally shall have been
materially disrupted or minimum prices shall have been established on any such
exchange or such market by the Commission, by such exchange or by any other
regulatory body or governmental authority having jurisdiction;

 

(3)   a
banking moratorium shall have been declared by federal or state authorities of
the United States such that market trading has been disrupted or ceased;

 

(4)   a
material disruption shall have occurred in commercial banking or securities
settlement or clearance services in the United States such that market trading has
been disrupted or ceased;

 

(5)   the
United States shall have become engaged in hostilities, there shall have been
an escalation in hostilities involving the United States, there shall have been
a declaration of a national emergency or war by the United States or there
shall have occurred any other substantial, national or international calamity
or crisis such that market trading has been disrupted or ceased;

 

(6)   there
shall have occurred such a material adverse change in general domestic or
international economic, political or financial conditions, including without
limitation as a result of terrorist activities, or the effect of international
conditions on the financial markets in the United States shall be such, as to
make it, in the Corporation’s reasonable judgment, impracticable or inadvisable
to proceed with the offer and sale of common stock or Perpetual Deferrable
Preferred Stock; or

 

(7)   an
event occurs and is continuing as a result of which the offering document for
such offer and sale of securities would, in the judgment of the Corporation,
contain an untrue statement of a material fact or omit to state a material fact
required to be stated therein or necessary to make the statements therein not
misleading and either (a) the disclosure of that event at such time, in the
judgment of the Corporation, would have a 

 

7

 

material adverse effect on the business of the Corporation or (b) the
disclosure relates to a previously undisclosed proposed or pending material
business transaction, the disclosure of which would impede the ability of the
Corporation to consummate such transaction, provided that no single suspension
period contemplated by this subsection (7) shall exceed 90 consecutive days and
multiple suspension periods contemplated by this subsection (7) shall not
exceed an aggregate of 180 days in any 360-day period.

 

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

 

“New York Business Day” means a day other than a Saturday or
Sunday or a day on which banking institutions in the City of New York are
authorized or required by law, regulation or executive order to close.

 

“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 the Executive Vice President,
and by the Treasurer, an Assistant Treasurer, the Secretary or an Assistant
Secretary, of the Corporation and delivered to the Trustee.

 

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

 

“Original Issue Date” means the date of issuance specified as
such in 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:

 

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

 

(2) Securities for whose payment money in the
necessary amount has been theretofore deposited with the Trustee or any Paying
Agent in trust for the Holders of such Securities; and

 

(3) Securities in substitution for or in lieu
of which other Securities have been authenticated and delivered or that have
been paid pursuant to Section 3.5, 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 Corporation;

 

provided,
however, 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 Corporation or any other obligor upon the
Securities or any Affiliate of the Corporation or such other obligor shall be
disregarded and deemed not to be Outstanding, except that, in determining
whether the Trustee shall be protected in relying upon any such request,
demand, authorization, direction, notice, consent or waiver, only Securities
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 

 

8

 

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
Corporation or any other obligor upon the Securities or any Affiliate of the
Corporation or such other obligor. Upon the written request of the Trustee, the
Corporation shall furnish to the Trustee promptly an Officers’ Certificate
listing and identifying all Securities, if any, known by the Corporation to be
owned or held by or for the account of the Corporation, or any other obligor on
the Securities or any Affiliate of the Corporation or such obligor, and subject
to the provisions of Section 6.1, the Trustee shall be entitled to accept such
Officers’ Certificate as conclusive evidence of the facts therein set forth and
of the fact that all Securities not listed therein are Outstanding for the
purpose of any such determination. Notwithstanding anything herein to the
contrary, Securities that are owned by the Trust shall be deemed to be
Outstanding notwithstanding the ownership by the Corporation or an Affiliate of
any beneficial interest in such Trust.

 

“Parity Debt Securities” has the meaning specified in Section
13.1.

 

“Parity Guarantees” has the meaning specified in Section
13.1.

 

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

 

“Perpetual Deferrable Preferred Stock” means preferred stock
of the Corporation that (i) rank pari passu with or junior to the
Securities, (ii) are perpetual with no prepayment obligation on the part
of the issuer thereof, whether at the election of the holders or otherwise,
(iii) are Non-Cumulative (as defined in the Replacement Capital Covenant) and
(iv) either (a) whether by its terms or when taken together with any
related transaction agreement, includes an Explicit Replacement Covenant (as
defined in the Replacement Capital Covenant) or (b) includes a Mandatory
Trigger Provision (as defined in the Replacement Capital Covenant).

 

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

 

“Place of Payment” means The City of New York.

 

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

 

9

 

“Qualifying
IPO” means the issuance by the Corporation or a direct or indirect
corporate parent thereof of its common equity interests in an underwritten
primary and/or secondary public offering (other than a public offering pursuant
to a registration statement on Form S-8) pursuant to an effective registration
statement filed with the Commission in accordance with the Securities Act.

 

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

 

“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 or the terms of such Security.

 

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

 

“Regular Record Date” means, for the interest payable on any
Interest Payment Date, the close of business on the Business Day next preceding
such Interest Payment Date.

 

“Regular Trustees” means, in respect of the Trust, each
Person identified as a “Regular Trustee” in the Declaration of Trust, solely in
such Person’s capacity as Regular Trustee of the Trust under the Declaration of
Trust and not in such Person’s individual capacity, or any successor Regular
Trustee appointed as therein provided.

 

“Replacement Capital Covenant” means the Replacement Capital
Covenant of the Corporation, dated as of March 23, 2006, as in effect on such
date.

 

“Responsible Officer” means, when used with respect to the
Trustee, the president, any vice president, any assistant vice president, the
secretary, any assistant secretary, any assistant treasurer, any trust officer
or assistant trust officer, the controller or any assistant controller or any
other officer of the Trustee customarily performing functions similar to those
performed by any of the above designated officers and also means, with respect
to a particular corporate trust matter, any other officer to whom such matter
is referred because of his knowledge of and familiarity with the particular
subject.

 

“Securities” or “Security” has
the meaning stated in the first recital of this Indenture and more particularly
means any Securities 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 3.4.

 

“Senior Debt” means (i) indebtedness of the Corporation for money borrowed;
(ii) indebtedness of the Corporation evidenced by securities, bonds, notes or
debentures, including junior subordinated debt securities, issued under
indentures or other similar instruments other than the Indenture; (iii) all
capital lease obligations of the Corporation; (iv) all obligations of the
Corporation issued or assumed as the deferred purchase price of property, all
of the Corporation’s 

 

10

 

conditional
sale obligations and the Corporation’s obligations under any title retention
agreement; (v) all of the obligations of the Corporation for reimbursement with
respect to any letter of credit, banker’s acceptance, security purchase
facility or similar credit transaction; (vi)  all obligations of the Corporation
for reimbursement, indemnification, credit support or other payment with
respect to any loss sharing, guaranteed yield, put, redemption right or other
contingent payment obligation; (vii) all obligations of the type
referred to in clauses (i) through (vi) of other persons the payment of which
the Corporation is responsible or liable as obligor, guarantor or otherwise;
and (viii) all obligations of the type referred to in clauses (i) through (vii)
of another person secured by any lien on any property or assets of the
Corporation (whether or not that obligation has been assumed by the
Corporation); provided, however,
that Senior Debt shall not include: (i) any debt as to which, in the instrument
creating or evidencing the same or the assumption or guarantee thereof, it is
expressly provided that such debt shall not be senior in right of payment to
the Securities or expressly provided that such debt is pari passu or junior to
the Securities; (ii) any such indebtedness in the form of trade accounts payable;
and (iii) any such indebtedness of the Corporation to any of its Subsidiaries.

 

“Special Event” means either a Tax Event or an Investment
Company Event.

 

“Special Record Date” for the payment of any Defaulted
Interest means a date fixed by the Trustee pursuant to Section 3.6.

 

“Stated Maturity” means, when used with respect to any
Security, the date specified pursuant to the terms of such Security as the
fixed date on which the principal of such Security (or premium, if any) or
interest (including any Additional Interest) is due and payable, as such date
may, in the case of the stated maturity of the principal on any security, be
shortened or extended as provided pursuant to the terms of such Security and
this Indenture and, in the case of any interest, subject to the deferral of any
such date in the case of any Extension Period.

 

 “Subsidiary”
means a corporation more than 50% of the outstanding voting stock of which is
owned, directly or indirectly, by the Corporation or by one or more other
Subsidiaries, or by the Corporation 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.

 

 “Successor Security”
of any particular Security means every Security issued after, and evidencing
all or a portion of the same debt as that evidenced by, such particular
Security; and, for the purposes of this definition, any Security authenticated
and delivered under Section 3.5 in exchange for or in lieu of a mutilated,
destroyed, lost or stolen Security shall be deemed to evidence the same debt as
the mutilated, destroyed, lost or stolen Security.

 

“Tangible Equity Amount” has the meaning specified in Section
3.11.

 

“Tax Action” means (a) an amendment to, change in or
announced proposed change in the laws (or any regulations thereunder) of the
United States or any political subdivision or taxing authority thereof or
therein, (b) a judicial decision interpreting, applying or clarifying such
laws or regulations, (c) an administrative pronouncement or action that
represents an official position (including a clarification of an official
position) of the governmental authority or 

 

11

 

regulatory
body making such administrative pronouncement or taking such action, or
(d) a threatened challenge asserted in writing in connection with an audit
of the Corporation or any of its subsidiaries or the Trust, or a threatened
challenge asserted in writing against any other taxpayer that has raised
capital through the issuance of securities that are substantially similar to
the Securities or the Trust Preferred Securities, which amendment or change is
adopted or which decision, pronouncement or proposed change is announced or
which action, clarification or challenge occurs on or after the Closing Date.

 

“Tax Event” means that the Corporation shall have requested
and received an opinion of independent tax counsel experienced in such matters
to the effect that there has been a Tax Action that relates to any of the
events described in (i) through (iii) below and that there is more than an
insubstantial risk that (i) the Trust is, or will be, subject to United States
federal income tax with respect to income accrued or received on the
Securities, (ii) the Trust is, or will be, subject to more than a de minimis amount of other taxes, duties or other
governmental charges, or (iii) interest payable by the Corporation to the Trust
on the Securities is not, or shall not be, deductible by the Corporation for
United States federal income tax purposes

 

“3-Month LIBOR” means, for each Interest Period, the rate
(expressed as a percentage per annum) for deposits in U.S. dollars for a
three-month period that appears on Telerate Page 3750 as of 11:00 a.m. (London
time) on the LIBOR Determination Date for that Interest Period. The term “Telerate
Page 3750” means the display on Moneyline Telerate, Inc. on page 3750 or any
successor service or page for the purpose of displaying the London interbank
offered rates of major banks.

 

If 3-month
LIBOR cannot be determined as described above, the Calculation Agent shall
select four major banks in the London interbank market. The Calculation Agent
shall request that the principal London offices of those four selected banks
provide their offered quotations to prime banks in the London interbank market
at approximately 11:00 a.m., London time, on the LIBOR Determination Date for
that Interest Period. These quotations shall be for deposits in U.S. dollars
for a three-month period. Offered quotations shall be based on a principal
amount equal to an amount that is representative of a single transaction in
U.S. dollars in the market at the time.

 

If two or more
quotations are provided, 3-month LIBOR for the applicable Interest Period shall
be the arithmetic mean of the quotations. If fewer than two quotations are
provided, the Calculation Agent shall select three major banks in New York City
to provide their quoted rates at approximately 11 a.m. New York City time, on
the LIBOR Determination Date for that Interest Period. The rates quoted shall
be for loans in U.S. dollars, for a three-month period. Rates quoted shall be
based on a principal amount equal to an amount that is representative of a
single transaction in U.S. dollars in the market at the time. If three banks
provide quotations, 3-month LIBOR for the applicable Interest Period shall be
the arithmetic mean of the three quoted rates. If fewer than three New York
City banks selected by the Calculation Agent are quoting such rates, 3-month
LIBOR for the applicable Interest Period shall be the same as for the
immediately preceding Interest Period.

 

3-Month LIBOR
shall be rounded upward or downward, as appropriate, to the next higher or
lower hundredth of a percentage point.

 

12

 

“Total Managed Assets” has the meaning specified in Section
3.11.

 

“Trigger Tests” has the meaning set forth in Section 3.11.

 

“Trust” means the Person named as the “Trust” in the second
recital of this Indenture until a successor trust shall have become such
pursuant to the applicable provisions of this Indenture, and thereafter “Trust”
shall mean such successor trust.

 

“Trust Common Securities” has the meaning set forth in the
Declaration of Trust.

 

“Trust Guarantee” means the Trust Guarantee Agreement, dated
as of March 23, 2006, between the Corporation, as Guarantor, and Law Debenture
Trust Company of New York, as Trust Guarantee Trustee, for the benefit of
holders of the Trust Securities.

 

“Trust Indenture Act” means the Trust Indenture Act of 1939
(15 U.S.C. §§ 77aaa-77bbb), as amended and as in effect on the date of this
Indenture, except as provided in Section 9.5.

 

“Trust Preferred Securities” has the meaning set forth in the
Declaration of Trust.

 

“Trust Securities” means the Trust Preferred Securities and
the Trust Common Securities, collectively.

 

“Trustee” means the Person named as the “Trustee” in the
first paragraph of this Indenture, 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.

 

“Voting Stock”
means capital stock issued by a corporation, or equivalent interests in any
other Person, the holders of which are ordinarily, in the absence of
contingencies, entitled to vote for the election of directors (or persons
performing similar functions) of such Person, even if the right so to vote has
been suspended by the happening of such a contingency.

 

Section
1.2.            Compliance
Certificate and Opinions.

 

Upon any
application or request by the Corporation to the Trustee to take any action
under any provision of this Indenture, the Corporation shall 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,
except that in the case of any such application or request as to which the
furnishing of such documents is specifically required by any provision of this
Indenture relating to such particular application or request, no additional
certificate or opinion need be furnished.

 

13

 

Every
certificate or opinion with respect to compliance with a condition or covenant
provided for in this Indenture (other than the certificates provided pursuant
to Section 10.4) shall include:

 

(1)           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;

 

(2)           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;

 

(3)           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

 

(4)           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.

 

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

 

Any
certificate or opinion of an officer of the Corporation 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 in the exercise of
reasonable care 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 Corporation stating that the
information with respect to such factual matters is in the possession of the
Corporation, unless such counsel knows, or in the exercise of reasonable care
should know, that the certificate or opinion or representations with respect to
such matters are erroneous.

 

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

 

Section
1.4.            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 duly appointed in writing; and, except as herein
otherwise expressly 

 

14

 

provided, such action shall
become effective when such instrument or instruments is or are delivered to the
Trustee, and, where it is hereby expressly required, to the Corporation. Such
instrument or instruments (and the action embodied therein and evidenced
thereby) are herein sometimes referred to as the “Act” of the Holders signing
such instrument or instruments. Proof of execution of any such instrument or of
a writing appointing any such agent shall be sufficient for any purpose of this
Indenture and (subject to Section 6.1) conclusive in favor of the Trustee and
the Corporation, if made in the manner provided in this Section.

 

(b)           The fact and date of the execution by
any Person of any such instrument or writing may be proved by the affidavit of
a witness of such execution or by 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.

 

(c)           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
deems sufficient and in accordance with such reasonable rules as the Trustee
may determine.

 

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

 

(e)           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 transfer thereof or in exchange therefor or in
lieu thereof in respect of anything done or suffered to be done by the Trustee,
the Corporation in reliance thereon, whether or not notation of such action is
made upon such Security.

 

(f)            The Corporation 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, provided that the
Corporation may not set a record date for, and the provisions of this paragraph
shall not apply with respect to, the giving or making of any notice,
declaration, request or direction referred to in the next succeeding paragraph.
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 below) by Holders of the requisite
principal amount of Outstanding Securities on such record date. Nothing in this
paragraph shall be construed to prevent the Corporation 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),
and nothing in this paragraph shall be construed to render ineffective any
action taken by Holders of the requisite principal amount of Outstanding
Securities on the date such action is taken. Promptly after any record date is
set pursuant to this paragraph, the Corporation, at its own expense, shall
cause notice of such record 

 

15

 

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.

 

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 referred to in Section
5.2, (iii) any request to institute proceedings referred to in Section 5.7(2),
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), and nothing in this
paragraph shall be construed to render ineffective any action taken by Holders
of the requisite principal amount of Outstanding Securities on the date such
action is taken. Promptly after any record date is set pursuant to this
paragraph, the Trustee, at the Corporation’s expense, shall cause notice of such
record date, the proposed action by Holders and the applicable Expiration Date
to be given to the Corporation in writing and to each Holder of Securities in
the manner set forth in Section 1.6.

 

With respect
to any record date set pursuant to this Section, the party 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, the
party hereto that set such record date shall be deemed to have initially
designated the 180th 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 180th day after the applicable record date.

 

(g)           Without limiting the foregoing, a
Holder entitled hereunder 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.

 

Section
1.5.            Notices,
Etc. to Trustee, Corporation.

 

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

 

16

 

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

 

(2)           the
Corporation by the Trustee, any Holder or any holder of Trust Preferred
Securities shall be sufficient for every purpose (except as otherwise provided
in Section 5.1) hereunder if in writing and mailed, first class, postage
prepaid, to the Corporation addressed to it at the address of its principal
office specified in the first paragraph of this instrument or at any other
address previously furnished in writing to the Trustee by the Corporation, or

 

(3)           the Agent, Deutsche
Bank National Trust Company, for Deutsche Bank Trust Company Americas at 25
DeForest Avenue, Second Floor, MS SUM01-0105, Summit, NJ 07901, Attention:
Trust & Securities Services.

 

Notices
delivered to the Trustee and the Agent shall be deemed effective when actually
received.

 

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,
at the address of such Holder as it appears in the Securities Register, not
later than the latest date, and not earlier than the earliest date, 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 or
of the relevant Securities, 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.            Conflict
with Trust Indenture Act.

 

If any
provision hereof limits, qualifies or conflicts with another provision hereof
that is required to be included in this Indenture by any of the provisions of
the Trust Indenture Act or that is automatically deemed included in this
Indenture by any of the provisions of the Trust Indenture Act, such required or
automatically included provision shall control.

 

Section
1.8.            Effect
of Headings and Table of Contents.

 

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

 

17

 

Section
1.9.            Successors
and Assigns.

 

All covenants
and agreements in this Indenture by the Corporation shall bind their respective
successors and assigns, whether so expressed or not.

 

Section
1.10.          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.

 

Section
1.11.          Benefits
of Indenture.

 

Nothing in
this Indenture or in the Securities, express or implied, shall give to any
Person, other than the parties hereto and their successors and assigns, the
holders of Senior Debt, the Holders of the Securities and, to the extent
expressly provided in Sections 5.1, 5.2, 5.8, 5.9, 5.11, 5.13, 9.1 and 9.2, the
holders of Trust Preferred Securities, any benefit or any legal or equitable
right, remedy or claim under this Indenture.

 

Section
1.12.          Governing
Law.

 

THIS
INDENTURE AND THE SECURITIES SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE
WITH THE LAWS OF THE STATE OF NEW YORK, AND ALL RIGHTS AND REMEDIES SHALL BE
GOVERNED BY SUCH LAWS.

 

Section
1.13.          Non-Business
Days.

 

If any
Interest Payment Date, Redemption Date or Stated Maturity Date of any Security
is not a Business Day, then payment of interest or principal (and premium, if
any) or other amount in respect of such Security will be payable on the next
succeeding Business Day, unless such day falls in the next calendar month, in
which case the Interest Payment Date, Redemption Date or Stated Maturity Date
shall be the immediately preceding Business Day, and shall accumulate to the
actual Interest Payment Date, Redemption Date or Stated Maturity Date.

 

Section
1.14.          Force
Majeure.

 

In no event
shall the Trustee be responsible or liable for any failure or delay in the
performance of its obligations hereunder arising out of or caused by, directly
or indirectly, forces beyond its control, including, without limitation,
strikes, work stoppages, accidents, acts of war or terrorism, civil or military
disturbances, nuclear or natural catastrophes or acts of God, and
interruptions, loss or malfunctions of utilities; loss or malfunctions of
internal communications or computer (software and hardware) services beyond the
Trustee’s control; it being understood that the Trustee shall use reasonable
efforts which are consistent with accepted practice in the banking industry to
resume performance as soon as practicable under the circumstances.

 

18

 

Section
1.15.          Application
of Trust Indenture Act.

 

The
Corporation and the Trustee shall not be required to comply with any provisions
of this Indenture that refer to the Trust Indenture Act unless this Indenture
shall have been qualified under the Trust Indenture Act.

 

ARTICLE II.

 SECURITY FORMS

 

Section 2.1.            Forms
Generally.

 

The Securities
and the Trustee’s certificate of authentication shall be in substantially the
forms set forth in this Article, or in such other form or forms as shall be
established by or pursuant to a Board Resolution of the Corporation or in one
or more indentures supplemental hereto, with such appropriate insertions,
omissions, substitutions and other variations as are required or permitted by
this Indenture and may have such letters, numbers or other marks of
identification and such legends or endorsements placed thereon as may be
required to comply with applicable tax laws or the rules of any securities
exchange or as may, consistently herewith, be determined by the officers
executing such securities, as evidenced by their execution of the Securities. If
the form of Securities is established by action taken pursuant to a Board
Resolution, a copy of an appropriate record of such action shall be certified
by the Secretary or an Assistant Secretary of the Corporation and delivered to
the Trustee at or prior to the delivery of the Corporation Order contemplated
by Section 3.3 with respect to the authentication and delivery of such
Securities.

 

The definitive
Securities may be produced in any manner determined by the officers executing
such Securities, as evidenced by their execution of such Securities.

 

Section
2.2.            Form
of Face of Security.

 

Unless and
until a Security is sold pursuant to an effective registration statement,
the Security shall bear the following legend on the face thereof:

 

THIS SECURITY HAS NOT BEEN REGISTERED UNDER
THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR THE
SECURITIES LAWS OF ANY STATE OR OTHER JURISDICTION. NEITHER THIS SECURITY NOR
ANY INTEREST OR PARTICIPATION HEREIN MAY BE REOFFERED, SOLD, ASSIGNED,
TRANSFERRED, PLEDGED, ENCUMBERED OR OTHERWISE DISPOSED OF (1) IN THE ABSENCE OF
SUCH REGISTRATION OR (2) UNLESS SUCH TRANSACTION IS EXEMPT FROM SUCH
REGISTRATION.

 

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

 

19

 

THIS SECURITY IS SUBJECT TO TRANSFER
RESTRICTIONS SET FORTH IN SECTION 3.4 OF THE INDENTURE.

 

GMAC COMMERCIAL HOLDING CORP.

Floating Rate Junior Subordinated Debenture

Due March 23, 2046

 

	
  No. 1

  	
   

  	
  $250,001,000

  
	
   

  	
   

  	
  March 23,
  2006

  

 

GMAC
Commercial Holding Corp., a corporation organized and existing under the laws
of Nevada (hereinafter called the “Corporation”,
which term includes any successor Person under the Indenture hereinafter
referred to), for value received, hereby promises to pay to Capmark Trust, or registered
assigns, the principal sum of TWO HUNDRED FIFTY MILLION AND ONE THOUSAND
Dollars on March 23, 2046, 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. Except as set forth below, the
Corporation further promises to pay interest on the said principal sum from
March 23, 2006 or from the most recent Interest Payment Date to which interest
has been paid or duly provided for at an annual rate equal to 3-Month LIBOR
plus a margin equal to 2.30% to, but not including, March 23, 2011, and
thereafter at an annual rate equal to the 3-Month LIBOR plus a margin equal to
3.30%, paid quarterly (subject to optional deferral as set forth herein) in
arrears on January 15, April 15, July 15, and October 15 of each year,
commencing July 15, 2006, until the principal hereof is paid or duly provided
for or made available for payment;  provided
that in the event that a Qualifying IPO has not occurred and during the
two-year period following the commencement of a Mandatory Deferral Period the
Corporation is unable to raise sufficient Eligible Equity Proceeds to pay all
accrued and unpaid interest on the Securities, interest shall accrue on the
Securities at an annual rate equal to 1.0% beginning on the second anniversary
of the Interest Payment Date following the Calculation Date upon which the
Mandatory Deferral Period commenced until the earlier of (A) the tenth
anniversary of such Interest Payment Date and (B) the first Calculation Date
that the Corporation fails none of the Trigger Tests; provided
further that any overdue principal or
premium and any overdue interest shall bear Additional Interest at the rate per
annum equal to the then applicable rate on the Security (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.

 

The amount of
interest payable on any Interest Payment Date shall be computed by multiplying
the annual rate in effect for the Interest Period or portion thereof in respect
of which the interest payment is made by a fraction, the numerator of which
shall be the actual number of day in such Interest Period (or a portion
thereof) (determined by including the first day thereof and excluding the last
day thereof) and the denominator of which will be 360, and multiplying the
product obtained thereby by the principal amount of the Securities. The
interest so payable, and punctually paid or duly provided for, on any Interest
Payment Date will, as provided in the Indenture, be paid to the Person in whose
name this Security (or one or more Predecessor Securities) is registered at the
close of business on the Regular Record Date for such interest installment,
which shall be the close of business on the Business Day next preceding such
Interest Payment Date (without any additional interest or other payment in
respect of any such 

 

20

 

delay). If
such Interest Payment Date falls in the next calendar month, such payment will
be made on the immediately preceding Business Day, with the same force and
effect as if made on the date such payment was originally payable. 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 10 calendar 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 said Indenture.

 

So long as no
Event of Default has occurred and is continuing, the Corporation shall have the
right at any time during the term of this Security, from time to time to defer
the payment of interest on this Security for up to ten years (an “Extension Period”) during which Extension Period the
Corporation shall have the right to make partial payments of interest on any
Interest Payment Date, and at the end of which the Corporation shall pay all
interest then accrued and unpaid including any Additional Interest, as provided
below; provided, however,
that no Extension Period shall extend beyond the Stated Maturity of the
principal of this Security or any date on which any Securities are fixed for
redemption or end on a date other than an Interest Payment Date. Prior to the
termination of any such Extension Period, the Corporation may further defer the
payment of interest, provided that
no Extension Period shall exceed ten years, extend beyond the Stated Maturity
of the principal of this Security or any date on which any Securities are fixed
for redemption or end on a date other than an Interest Payment Date. Upon the
termination of any such Extension Period, the Corporation shall pay all accrued
and unpaid interest and any Additional Interest then due. Upon the termination
of any such Extension Period and upon the payment of all accrued and unpaid
interest and any Additional Interest then due on any Interest Payment Date, the
Corporation may elect to begin a new Extension Period, for up to another ten
years, subject to the above conditions. No interest shall be due and payable
during an Extension Period, except at the end thereof, but any interest that
would otherwise have been due and payable during such Extension Period shall
bear Additional Interest (to the extent that the payment of such interest shall
be legally enforceable) at the rate per annum equal to the then applicable rate
on the Security, compounded quarterly and calculated as set forth in the first
paragraph of this Security, from the dates on which amounts would otherwise
have been due and payable until paid or made available for payment. The
Corporation shall give the Holder of this Security and the Trustee notice of
its election to begin any Extension Period (or an extension thereof) at least
one Business Day prior to the next succeeding Interest Payment Date on which
interest on this Security would be payable but for such deferral or so long as
this Security is held by the Trust, at least one Business Day prior to the next
succeeding date on which Distributions on the Trust Preferred Securities would
be payable but for such deferral. There is no limitation on the number of times
that the Corporation may elect to begin an Extension Period.

 

During a
Mandatory Deferral Period, interest and Additional Interest, if applicable,
shall accrue at the applicable rate set forth in the first paragraph of this
Security, but the Corporation shall not pay any interest on the Securities from
any source other than Eligible Equity Proceeds during such Mandatory Deferral
Period; provided that the Corporation shall be
prohibited at any time from paying any interest and Additional Interest, if
applicable, on the Securities that 

 

21

 

accrued during such Mandatory
Deferral Period from any source other than Eligible Equity Proceeds.

 

Payment of the
principal of (and premium, if any) and interest on this Security will be made
at the office or agency of the Corporation maintained for that purpose in the
Borough of Manhattan, the City of New York 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; provided, however, that at the option of the Corporation payment of
interest may be made (i) by check mailed to the address of the Person entitled
thereto as such address shall appear in the Securities Register, or (ii) by
wire transfer in immediately available funds at such place and to such account
as may be designated in writing at least one Business Day prior to the relevant
record date by the Person entitled thereto as specified in the Securities
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 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 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.

 

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

 

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

 

IN WITNESS
WHEREOF, the Corporation has caused this instrument to be duly executed.

 

	
   

  	
  GMAC COMMERCIAL HOLDING CORP.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
  Name: Robert
  D. Feller

  
	
   

  	
  Title:   Chief Executive Officer

  

 

Attest:

 

	
   

  	
   

  
	
  Name:

  
	
  Title:

  

 

22

 

Section
2.3.            Form
of Reverse of Security.

 

This Security
is one of a duly authorized issue of securities of the Corporation (herein
called the “Securities”), issued under the Floating Rate Junior Subordinated
Indenture, dated as of March 23, 2006 (herein called the “Indenture”), between
the Corporation and Deutsche Bank Trust Company Americas, as Trustee (herein
called the “Trustee”, which term includes any successor trustee under the
Indenture), to which Indenture and all indentures supplemental thereto reference
is hereby made for a statement of the respective rights, limitations of rights,
duties and immunities thereunder of the Corporation, the Trustee, the holders
of Senior Debt and the Holders of the Securities, and of the terms upon which
the Securities are, and are to be, authenticated and delivered. This Security
is one of the series designated on the face hereof, limited in aggregate
principal amount to $250,001,000.

 

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

 

Subject to Article XI of the Indenture, at any time on or after March
23, 2011 and prior to maturity, the Corporation shall have the right to redeem
this Security at the option of the Corporation, in whole or in part, at 100% of
the principal amount of this Security, plus any accrued but unpaid interest and
Additional Interest, if any, to the Redemption Date (subject to the right of
the Holders on the relevant Regular Record Date to receive interest due on the
relevant Interest Payment Date).

 

Subject to Article XI of the Indenture, if a Special Event shall occur
and be continuing prior to March 23, 2011, the Corporation shall have the
right, within 90 days following the occurrence of such Special Event, to redeem
this Security at the option of the Corporation, in whole but not in part, at
100% of the principal amount of this Security, plus any accrued but unpaid
interest and Additional Interest, if any, to the Redemption Date (subject to
the right of the Holders on the relevant Regular Record Date to receive
interest due on the relevant Interest Payment Date).

 

Subject to Article XI of the Indenture, if a Change of Control occurs
before March 23, 2011, the Corporation shall have the right, within 90 days
following the occurrence of such Change of Control, to redeem this Security at
the option of the Corporation, in whole or in part, at 100% of the principal
amount of this Security, plus any accrued but unpaid interest and Additional
Interest, if any, to the Redemption Date (subject to the right of the Holders
on the relevant Regular Record Date to receive interest due on the relevant
Interest Payment Date).

 

Subject to Article XI of the Indenture, if an Initial Public Offering
occurs, the Corporation shall have the right, within 90 days following the
occurrence of such Initial Public Offering, to redeem this Security at the
option of the Corporation, in whole or in part, at the Redemption Prices
(expressed as percentages of principal amount of this Security) set forth below,
plus accrued and unpaid interest and Additional Interest, if any, thereon to
the applicable 

 

23

 

Redemption Date (subject to the right of the Holders on the relevant
Regular Record Date to receive interest due on the relevant Interest Payment
Date), if redeemed during the twelve-month period beginning on March 23 of the
years indicated below:

 

	
  Year

  	
   

  	
  Percentage

  	
   

  
	
  2006

  	
   

  	
  101.00

  	
  %

  
	
  2007

  	
   

  	
  100.75

  	
  %

  
	
  2008

  	
   

  	
  100.50

  	
  %

  
	
  2009

  	
   

  	
  100.25

  	
  %

  
	
  2010 and thereafter

  	
   

  	
  100.00

  	
  %

  

 

If less than
all the Securities are to be redeemed by the Corporation, the Securities to be
redeemed shall be selected by lot or by such other method as the Trustee shall
deem fair and appropriate. 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.

 

The Securities
are not subject to a sinking fund.

 

The Indenture
contains provisions for satisfaction and discharge of the entire indebtedness
of this Security upon compliance by the Corporation with certain conditions set
forth in the Indenture.

 

The Indenture
permits, with certain exceptions as therein provided, the Corporation 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
Corporation 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 Outstanding Securities, on
behalf of the Holders of all Securities, to waive compliance by the Corporation
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.

 

As provided in
and subject to the provisions of the Indenture, if an Event of Default with
respect to the Securities at the time Outstanding occurs and is continuing,
then and in every such case the Trustee or the Holders of not less than 25% in
aggregate principal amount of the Outstanding Securities may declare the principal
amount of all the Securities to be due and payable immediately, by a notice in
writing to the Corporation (and to the Trustee if given by Holders); provided that, if, upon such Event of Default, the Trustee
or the Holders of not less than 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 not less than 25% in aggregate
liquidation amount of the Trust Preferred Securities then Outstanding shall
have the right to make such declaration by a notice in writing to the
Corporation and the Trustee; and 

 

24

 

upon any such
declaration, the principal amount of and the accrued but unpaid interest
(including any Additional Interest) on all the Securities shall become
immediately due and payable; provided that
the payment of principal and interest (including any Additional Interest) on
such Securities shall remain subordinated to the extent provided in Article XII
of the Indenture.

 

Notwithstanding
any other provision in this Indenture, the Holder of any Outstanding Security
shall have the right which is absolute and unconditional to receive payment of
the principal of (and premium, if any) and (subject to Sections 3.6 and 3.10)
interest (including Additional Interest) on such Security on the respective
Stated Maturities expressed in such Security (or, in the case of redemption, on
the Redemption Date) and to institute suit for the enforcement of any such payment,
and such right shall not be impaired without the consent of such Holder. In the
case of Securities held by the Trust, any holder of Trust Preferred Securities
shall have the right, upon the occurrence of an Event of Default described in
Section 5.1(1) or 5.1(2), to institute a suit directly against the Corporation
for enforcement of payment to such holder of principal of (premium, if any) and
(subject to Sections 3.6 and 3.10) interest (including Additional Interest) on
the Securities having a principal amount equal to the aggregate liquidation
amount of Trust Preferred Securities held by such holder, subject to the
provisions of the Declaration of Trust.

 

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

 

As provided in
the Indenture and subject to certain limitations therein set forth, the
transfer of this Security is registrable in the Securities Register, upon
surrender of this Security for registration of transfer at the office or agency
of the Corporation maintained under Section 10.2 of the Indenture for such
purpose, duly endorsed by, or accompanied by a written instrument of transfer
in form satisfactory to the Corporation and the Securities Registrar duly
executed by, the Holder hereof or such Holder’s attorney duly authorized in
writing, and 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. This Security is subject to transfer
restrictions set forth in Section 3.4 of the Indenture.

 

The Securities
are issuable only in registered form without coupons in denominations of
$5,000,000 and any integral multiple thereof (except as otherwise provided in Section
3.2 of the Indenture). As provided in the Indenture and subject to certain
limitations therein set forth, Securities are exchangeable for a like aggregate
principal amount of Securities 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
Corporation may require payment of a sum sufficient to cover any tax or other
governmental charge payable in connection therewith.

 

Prior to due
presentment of this Security for registration of transfer, the Corporation, the
Trustee and any agent of the Corporation or the Trustee shall treat the Person
in whose name this Security is registered as the owner hereof for all purposes,
whether or not this Security be 

 

25

 

overdue, and
neither the Corporation, the Trustee nor any such agent shall be affected by
notice to the contrary.

 

The
Corporation and, by its acceptance of this Security or a beneficial interest
therein, 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 GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE
STATE OF NEW YORK, AND ALL RIGHTS AND REMEDIES SHALL BE GOVERNED BY SUCH LAWS.

 

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

 

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

 

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

 

Dated:

 

Law Debenture Trust Company of New York,

as Trustee

 

 

	
  By:

  	
   

  	
   

  
	
  Authorized
  Signatory

  	
   

  

 

ARTICLE III.

 THE SECURITIES

 

Section
3.1.            The
Securities.

 

The Trustee
shall, upon a Corporation Order, authenticate for original issue up to
$250,001,000 in aggregate principal amount of Securities. The Securities shall
be registered upon authentication and delivery in the names specified in the
Corporation Order.

 

Section
3.2.            Denominations.

 

The Securities
shall be in registered form without coupons and shall be issuable in
denominations of $5,000,000 or integral multiples thereof; provided
that the Securities shall be issued in an aggregate principal amount of
$250,001,000, and in the event Securities are distributed to the holders of the
Trust Preferred Securities as a result of liquidation of the Trust, the
Corporation shall receive a Security having a principal amount of $1,000.

 

26

 

Section
3.3.            Execution,
Authentication, Delivery and Dating.

 

The Securities
shall be executed on behalf of the Corporation by its Chairman of the Board,
its Vice Chairman of the Board, its Chief Executive Officer, its President or
its Executive Vice Presidents, and attested by its Secretary or one of its
Assistant Secretaries. The signature of any of these officers on the Securities
may be manual or facsimile.

 

Securities
bearing the manual or facsimile signatures of individuals who were at any time
the proper officers of the Corporation shall bind the Corporation,
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.

 

Each Security
shall be dated the date of its authentication.

 

No Security
shall be entitled to any benefit under this Indenture or be valid or obligatory
for any purpose, unless there appears on such Security a certificate of
authentication substantially in the form provided for herein executed by the
Trustee by 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 Corporation,
and the Corporation shall deliver such Security to the Trustee for cancellation
as provided in Section 3.9, for all purposes of this Indenture such Security
shall be deemed never to have been authenticated and delivered hereunder and
shall never be entitled to the benefits of this Indenture.

 

Section
3.4.            Registration,
Transfer and Exchange Generally.

 

The
Corporation shall cause to be kept at the office of the Agent at 60 Wall
Street, 27th Floor, New York, New York 10005 a register in which,
subject to such reasonable regulations as it may prescribe (and subject to
Section 3.12), the Corporation shall provide for the registration of Securities
and of transfers of Securities. Such register is herein sometimes referred to
as the “Securities Register.”  The
Trustee is hereby appointed initial “Securities Registrar” for the purpose of
registering Securities and transfers of Securities as herein provided.

 

Upon surrender
for registration of transfer of any Security at the offices or agencies of the
Corporation designated for that purpose the Corporation 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.

 

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 Corporation shall execute,
and the Trustee shall authenticate and make available for delivery, the
Securities that the Holder making the exchange is entitled to receive.

 

In the event
the Trust is dissolved and Securities are distributed to the holders of the
Trust Preferred Securities:

 

27

 

(1)           such
holders shall not resell or otherwise transfer any Securities or any interest
therein prior to the date that is the earlier of (1) two years after the
Closing Date or (2) three months after the Corporation has repaid the Bridge
Loan Agreement. In addition, unless and until the Securities are sold pursuant
to an effective registration statement, they may not be offered or sold unless
such transaction is exempt from the registration requirements under the
Securities Act;

 

(2)           such
Securities will be issued in fully registered form and in denominations of
$5,000,000 or integral multiples thereof (except as otherwise provided in
Section 3.2). Any transfer, sale or other disposition of Securities in an
amount having an aggregate principal amount of less than $50,000,000 or any
amount resulting in a Holder’s holding Securities in an amount having an
aggregate principal amount of less than $50,000,000 shall be deemed to be void
and of no legal effect whatsoever, any such transferee shall be deemed not to
be the holder of such Securities for any purpose, including but not limited to
the receipt of interest on such Securities; provided that
in the event a partial redemption pursuant to Section 11.7  has
occurred, each Holder may transfer the full
aggregate principal amount that such Holder owns; and

 

(3)           unless transfers are made pursuant to an
effective registration statement, such holder may only transfer any
Securities or any interest therein to
QIBs and Institutional Accredited Investors. If a transfer is being made to an
Institutional Accredited Investor, such Institutional Accredited Investor shall
provide the Corporation with the certificate substantially in the form of
Exhibit A hereto and all other certificates, representation letters and
opinions that the Corporation may request.

 

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

 

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

 

No service
charge shall be made to a Holder for any transfer or exchange of Securities,
but the Corporation 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.

 

Neither the
Corporation nor the Trustee shall be required, pursuant to the provisions of
this Section, (i) to issue, register the transfer of or exchange any Security
during a period beginning at the opening of business 15 calendar days before
the day of selection for mailing a notice of Securities pursuant to Article XI
and ending at the close of business on the day of mailing of such notice, 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.

 

28

 

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

 

If any
mutilated Security is surrendered to the Trustee together with security or
indemnity satisfactory to the Corporation and the Trustee to save each of them
harmless from any loss that it may suffer if a Security is replaced, the
Corporation shall execute and the Trustee shall authenticate and make available
for delivery in exchange therefor a new Security, of like tenor and aggregate
principal amount, and bearing a number not contemporaneously outstanding.

 

If there shall
be delivered to the Corporation and to the Trustee (i) evidence to their
satisfaction of the destruction, loss or theft of any Security, and (ii)
security or indemnity satisfactory to them to save any agent of any of them
harmless, then, in the absence of notice to the Corporation or the Trustee that
such Security has been acquired by a bona fide purchaser, the Corporation shall
execute and upon its request the Trustee shall authenticate and make available
for delivery, 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.

 

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

 

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

 

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

 

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

 

Section
3.6.            Payment
of Interest and Additional Interest; Interest Rights Preserved.

 

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 name that Security (or one or more Predecessor Securities) is registered
at the close of business on the Regular Record Date for such interest in
respect of Securities, except that, unless otherwise provided in the
Securities, interest and any Additional Interest payable on the Stated Maturity
of the principal of a Security shall be paid to the Person to whom principal is
paid.

 

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 the Securities (herein called “Defaulted
Interest”), shall forthwith cease to be payable to the registered Holder on the
relevant Regular 

 

29

 

Record Date by
virtue of having been such Holder, and such Defaulted Interest may be paid by
the Corporation, at its election in each case, as provided in Clause (1) or (2)
below:

 

(1)           The
Corporation may elect to make payment of any Defaulted Interest to the Persons
in whose names the Securities in respect of which interest is in default (or
their respective Predecessor Securities) are registered at the close of
business on a Special Record Date for the payment of such Defaulted Interest,
which shall be fixed in the following manner. The Corporation 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
Corporation shall deposit with the Trustee an amount of money equal to the aggregate
amount proposed to be paid in respect of such Defaulted Interest or shall make
arrangements satisfactory to the Trustee for such deposit prior to the date of
the proposed payment, such money when deposited to be held in trust for the
benefit of the Persons entitled to such Defaulted Interest as in this Clause
provided. Thereupon the Trustee shall fix a Special Record Date for the payment
of such Defaulted Interest, which shall be not more than 15 days and not less
than 10 days prior to the date of the proposed payment and not less than 10
days after the receipt by the Trustee of the notice of the proposed payment. The
Trustee shall promptly notify the Corporation of such Special Record Date and,
in the name and at the expense of the Corporation, 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 10 days prior to such Special Record Date. The Trustee may, in
its discretion, in the name and at the expense of the Corporation, cause a
similar notice to be published at least once in a newspaper, customarily
published in the English language on each Business Day and of general
circulation in the Borough of Manhattan, The City of New York, but such
publication shall not be a condition precedent to the establishment of such
Special Record Date. Notice of the proposed payment of such Defaulted Interest
and the Special Record Date therefor having been mailed as aforesaid, such
Defaulted Interest shall be paid to the Persons in whose names the Securities
(or their respective Predecessor Securities) are registered on such Special
Record Date and shall no longer be payable pursuant to the following Clause
(2).

 

(2)           The
Corporation may make payment of any Defaulted Interest 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 (or by the Trustee if the Securities are not listed), if, after
notice given by the Corporation to the Trustee of the proposed payment pursuant
to this Clause, such payment shall be deemed practicable by the Trustee.

 

Any interest
on any Security which is deferred or extended pursuant to Section 3.10 shall
not be Defaulted Interest for purposes of this Section 3.6.

 

Subject to the
foregoing provisions of this Section, 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.

 

30

 

Section
3.7.            Persons
Deemed Owners.

 

The
Corporation, the Trustee and any agent of the Corporation 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 (subject to
Section 3.6) any interest (including Additional Interest) on such Security and
for all other purposes whatsoever, whether or not such Security be overdue, and
neither the Corporation, the Trustee nor any agent of the Corporation 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 Corporation may at any time
deliver to the Trustee for cancellation any Securities previously authenticated
and delivered hereunder that the Corporation 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, except as expressly permitted
by this Indenture. All canceled Securities shall be delivered to the
Corporation.

 

Section
3.9.            Computation
of Interest.

 

The amount of
interest payable on any Interest Payment Date shall be computed by multiplying
the annual rate in effect for the Interest Period or portion thereof in respect
of which the interest payment is made by a fraction, the numerator of which
shall be the actual number of days in such Interest Period (or a portion
thereof) (determined by including the first day thereof and excluding the last
day thereof) and the denominator of which will be 360, and multiplying the
product obtained thereby by the aggregate principal amount of the Securities.

 

Section
3.10.          Optional
Deferral of Interest.

 

So long as no
Event of Default has occurred and is continuing, the Corporation shall have the
right at any time during the term of the Securities, from time to time to defer
the payment of interest on the Securities for up to ten years (an “Extension Period”) during which Extension Period the
Corporation shall have the right to make partial payments of interest on any
Interest Payment Date, and at the end of which the Corporation shall pay all
interest then accrued and unpaid including any Additional Interest, as provided
below; provided, however,
that no Extension Period shall extend beyond the Stated Maturity of the
principal of the Securities or any date on which any Securities are fixed for
redemption, or end on a date other than an Interest Payment Date. Prior to the
termination of any such Extension Period, the Corporation may further defer the
payment of interest, provided that
no Extension Period shall exceed ten years, extend beyond the Stated Maturity
of the principal of this Security or any date on which any Securities are fixed
for redemption or end on a date other than an Interest Payment Date.

 

Upon the
termination of any such Extension Period, the Corporation shall pay all accrued
and unpaid interest and any Additional Interest then due. Upon the termination
of any such Extension Period and upon the payment of all accrued and unpaid
interest and any Additional 

 

31

 

Interest then due on any
Interest Payment Date, the Corporation may elect to begin a new Extension
Period, for up to another ten years, subject to the above conditions.

 

No interest
shall be due and payable during an Extension Period, except at the end thereof,
but interest that would otherwise have been due and payable during such
Extension Period shall bear Additional Interest (to the extent that the payment
of such interest shall be legally enforceable) at the rate per annum equal to
the then applicable rate on the Security, compounded quarterly and calculated
as set forth in the first paragraph of this Security, from the dates on which
amounts would otherwise have been due and payable until paid or made available
for payment.

 

The
Corporation shall give the Holder of the Securities and the Trustee notice of
its election to begin any Extension Period (or an extension thereof) at least
one Business Day prior to the next succeeding Interest Payment Date on which
interest on these Securities would be payable but for such deferral or so long
as such Securities are held by the Trust, at least one Business Day prior to the
next succeeding date on which Distributions on the Trust Preferred Securities
of the Trust would be payable but for such deferral. There is no limitation on
the number of times that the Corporation may elect to begin an Extension
Period.

 

Section
3.11.          Mandatory
Deferral of Interest.

 

Commencing on
the Calculation Date on which a Mandatory Deferral Event has occurred and
ending on the first Calculation Date that the Corporation fails none of the
Trigger Tests (a “Mandatory Deferral Period”),
interest and Additional Interest, if applicable, shall accrue at the applicable
rate set forth in Section 2.2, but the Corporation shall not pay any interest
on the Securities from any source other than Eligible Equity Proceeds during
such Mandatory Deferral Period; provided that
the Corporation shall be prohibited at any time from paying any interest and
Additional Interest, if applicable, on the Securities that accrued during such
Mandatory Deferral Period from any source other than Eligible Equity Proceeds.

 

A “Mandatory Deferral Event” shall occur if
on any day which is the 20th day prior to an Interest Payment Date (each a “Calculation Date”) it is determined that:

 

(a)                                  the
Tangible Equity Amount was less than 5.0% of Total Managed Assets as of the end
of the most recently completed fiscal quarter;

 

(b)                                 the
Average Four Quarters Fixed Charge Ratio as of the end of the most recently
completed fiscal quarter was less than 1.20; or

 

(c)                                  the
Adjusted Earnings Before Taxes for each of the two most recently completed
consecutive fiscal quarters is not a positive amount.

 

The three
tests described above in (a), (b) and (c) are referred to as “Trigger
Tests,” and
the occurrence of any as “failing” the relevant test.

 

For purposes
of the Trigger Tests:

 

32

 

“Adjusted Earnings Before Interest and Taxes”
means, for any period, net income excluding (i) income taxes, (ii) interest
expense, (iii) extraordinary items, (iv) goodwill impairment and (v) amounts
related to discontinued operations.

 

“Adjusted Earnings Before Taxes” means, for any period, net
income excluding (i) income taxes, (ii) extraordinary items, (iii) goodwill
impairment and (iv) amounts related to discontinued operations.

 

“Average Four Quarters Fixed Charge Ratio”
means, as of any fiscal quarter end: (a) the sum of the quotients of (x)
Adjusted Earnings Before Interest and Taxes and (y) Fixed Charges for each of
the immediately preceding prior four fiscal quarters (including the fiscal
quarter ending on such fiscal quarter end), divided
by (b) 4.

 

“FAS 140” means Statement
of Financial Accounting Standards No. 140.

 

“FIN 46(R)”
means FASB Interpretation No. 46 (revised December 2003).

 

“Fixed Charges” means, as
of any fiscal quarter end, the sum of (x) interest expense and (y) preferred
dividends.

 

“GAAP” means generally accepted accounting
principles in the United States of America in effect on the date hereof and in
accordance with the audited financial statements of the Corporation for the
year end December 31, 2004, and without giving effect to any changes thereto or
in the interpretation or application thereof (including without limitation any
changes in, or in the interpretation or application of, FAS 140 or
FIN 46(R)) after the date hereof.

 

“Tangible Equity Amount” means, as of any
fiscal quarter end, the Corporation’s total stockholders’ equity, as reflected
on its consolidated balance sheet as of such fiscal quarter end, excluding (i)
goodwill and (ii) other intangible assets.

 

“Total Managed Assets” means, as of any fiscal quarter end,
total assets as reflected on the Corporation’s consolidated balance sheet as of
such fiscal quarter end, excluding (i) goodwill and (ii) other intangible
assets, plus, without duplication, the then outstanding balance as of such fiscal
quarter end of receivables contributed by the Corporation into securitizations
in which the Corporation (x) contributed receivables accounting for 50% or more
of the total receivables conveyed to a trust which then issued asset-backed
securities and (y) retained as of such fiscal quarter end any of the
asset-backed securities issued by such trust and/or any beneficial interest in
the trust.

 

The
Corporation’s fiscal quarter end dates are the last day of each March, June,
September and December.

 

All financial
terms used in this Section 3.11 shall be determined in accordance with GAAP as
applied to and reflected in the Corporation’s consolidated financial statements
as of the date hereof, except that the Corporation’s Tangible Equity Amount,
Adjusted Earnings Before Interest and Taxes and Average Four Quarters Fixed
Charge Ratio at any date and for any period shall be adjusted to exclude
extraordinary items, unusual items and infrequently occurring items as defined
in Accounting Principles Bulletin 30, goodwill impairment as defined in
Financial 

 

33

 

Accounting
Standards Board Statements of Financial Accounting Standards No. 142 and
amounts relating to discontinued operations as defined in Financial Accounting
Standards Board Statements of Financial Accounting Standards No. 144.

 

If as
of any relevant date or for any relevant period the Corporation is not a
reporting company under the Exchange Act, then for any such relevant date and
period the Corporation shall prepare and deliver to the Trustee the
consolidated financial statements that the Corporation would have been required
to file with the Commission had the Corporation been a reporting company under
the Exchange Act, in each case within 15 calendar days after the date that the
Corporation would have been required to file such financial statements had the
Corporation not been an “accelerated filer” within the meaning of Rule 12b-2
under the Exchange Act.

 

If as
of any relevant date the Corporation is a reporting company under the
Exchange Act, then as of
any such relevant date the Corporation shall include the Total Managed Assets in the notes to its consolidated
financial statements.

 

By not later
than the 15th calendar day prior to each payment date for which interest
payments on the Securities are being deferred as a result of the Mandatory
Deferral Event, the Corporation shall give notice of such deferral by first
class mail, postage prepaid, addressed to the Trustee and to the Trust (which
the Trust shall in turn be required to give to the holders of record of the
Trust Preferred Securities at their respective last addresses appearing on the
Trust’s books). Such notice, in addition to stating that interest payments
shall be deferred, shall set forth whether such interest payments are being
deferred because (i) the Tangible Equity Amount was less than 5.0% of Total
Managed Assets as of the end of the most recently completed fiscal quarter,
(ii) the Average Four Quarters Fixed Charge Ratio as of the end of the most
recently completed fiscal quarter was less than 1.20 or (iii) the Adjusted
Earnings Before Taxes for each of the two most recently completed consecutive
fiscal quarters is not a positive amount.

 

Section
3.12.          Right
of Set-Off.

 

With respect
to the Securities held by the Trust, notwithstanding anything to the contrary
herein, the Corporation shall have the right to set off any payment it is
otherwise required to make in respect of any such Security or to the extent the
Corporation has theretofore made, or is concurrently on the date of such
payment making, a payment to a holder of Trust Preferred Securities pursuant to
an action undertaken under Section 5.8.

 

Section
3.13.          Agreed
Tax Treatment.

 

Each Security
issued hereunder shall provide that the Corporation and, by its acceptance of a
Security or a beneficial interest therein, the Holder of, and any Person that
acquires a beneficial interest in, such Security agree that for United States
Federal, state and local tax purposes such Security constitutes indebtedness.

 

34

 

ARTICLE IV.

SATISFACTION AND DISCHARGE; DEFEASANCE

 

Section
4.1.            Satisfaction
and Discharge of Indenture.

 

This Indenture
shall, upon a Corporation 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, upon written demand of and at the expense of the Corporation,
shall execute proper instruments acknowledging satisfaction and discharge of
this Indenture, when

 

(1)           either

 

(A)          all Securities theretofore authenticated and delivered
(other than (i) Securities that have been destroyed, lost or stolen and that
have been replaced or paid as provided in Section 3.5 and (ii) Securities for
whose payment money has theretofore been deposited in trust or segregated and
held in trust by the Corporation and thereafter repaid to the Corporation or
discharged from such trust, as provided in Section 10.3) have been delivered to
the Trustee for cancellation; or

 

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

 

(i)                                     have
become due and payable, or

 

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

 

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

 

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

 

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

 

(3)           the
Corporation 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.

 

35

 

Notwithstanding
the satisfaction and discharge of this Indenture, the obligations of the
Corporation to the Trustee under Section 6.7, the obligations of the
Corporation to any Authenticating Agent under Section 6.14 and, if money shall
have been irrevocably deposited with the Trustee pursuant to subclause (B) of
Clause (1) of this Section, the obligations of the Trustee under Section 4.2
and the last paragraph of Section 10.3 shall survive.

 

Section
4.2.            Defeasance
and Discharge.

 

In addition to
discharge of this Indenture pursuant to Section 4.1, the Corporation shall be
deemed to have paid and discharged the entire indebtedness on all Securities on
and after the date the conditions set forth in Section 4.4 are satisfied with
respect to this Section (hereinafter called “Defeasance”), and the provisions
of this Indenture shall no longer be in effect except for the provisions
contained in Sections 3.8, 3.11, 4.2, 4.5, 4.6, 7.1, 10.1, 10.2 and 10.3 and
Article VI, and the Trustee, at the cost and expense of the Corporation, shall
execute proper instruments acknowledging the Defeasance and discharge.

 

Section
4.3.            Covenant
Defeasance.

 

The
Corporation shall be released from and incur no liability for its noncompliance
with the obligations of the Corporation under the covenants, representations
and warranties of this Indenture, other than those contained in Sections 3.8,
3.11, 4.2, 4.5, 4.6, 7.1, 10.1, 10.2, 10.3, 10.4, 10.5 and 10.6 and Article VI,
on and after the date the conditions set forth in Section 4.4 are satisfied
with respect to this Section (hereinafter called “Covenant Defeasance”). The
Trustee, at the cost and expense of the Corporation, shall execute proper
instruments acknowledging the Covenant Defeasance.

 

Section
4.4.            Conditions
to Defeasance or Covenant Defeasance.

 

The following
shall be the conditions to application of either Section 4.2 or 4.3 to the
Outstanding Securities:

 

(a)           with respect to Section 4.2 or 4.3,
the Corporation shall have irrevocably deposited or caused to be irrevocably
deposited with the Trustee as funds in trust, specifically pledged as security
for, and dedicated solely to, the benefit of the Holders of Securities (i) cash
in an amount, or (ii) direct obligations of the United States of America,
backed by its full faith and credit (“U.S. Government Obligations”), maturing
as to principal and/or interest, at such times and in such amounts as will
insure the availability of cash, or (iii) a combination thereof, in each case
sufficient (without reinvestment), 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 principal or
Redemption Price of and interest, excluding Additional Interest, on all
Securities on each date that such principal or Redemption Price and interest is
due and payable (such deposit, the “Defeasance Deposit”);

 

(b)           with respect to Section 4.2 or 4.3,
such Defeasance or Covenant Defeasance will not result in a breach or violation
of, or constitute a default under, this Indenture or any agreement or
instrument to which the Corporation is a party or by which it is bound;

 

36

 

(c)           with respect to Section 4.2 or 4.3,
the Corporation shall have delivered to the Trustee an Officers’ Certificate
and an Opinion of Counsel, each stating that all conditions precedent
contemplated by this provision for Defeasance or Covenant Defeasance, as
appropriate, have been complied with;

 

(d)           with respect to Section 4.2 only, the
Corporation shall have delivered to the Trustee an Opinion of Counsel based on
the fact that (x) the Corporation has received from, or there has been
published by, the Internal Revenue Service a ruling or (y), since the date hereof,
there has been a change in the applicable United States federal income tax law,
in either case to the effect that, and such opinion shall confirm that, the
Holders of the Securities will not recognize income, gain or loss for federal
income tax purposes as a result of the Defeasance and will be subject to
federal income tax on the same amount and in the same manner and at the same
times, as would have been the case if such Defeasance had not occurred;

 

(e)           with respect to Section 4.2 only, no
Event of Default or event which with notice or lapse of time or both would
become an Event of Default shall have occurred and be continuing (A) on the
date of the Defeasance Deposit or (B) insofar as Section 5.1(5) of this
Indenture is concerned, at any time during the period beginning on such date
and ending on the 91st day after the date of such deposit or, if longer, ending
on the date following the expiration of the longest preference period
applicable to the Corporation in respect of the Defeasance Deposit; and

 

(f)            with respect to Section 4.3 only,
the Corporation has delivered to the Trustee an Opinion of Counsel to the
effect that, and such opinion shall confirm that, the Holders of the Securities
will not recognize income, gain or loss for federal income tax purposes as a
result of the Covenant Defeasance and will be subject to federal income tax on
the same amount and in the same manner and at the same times, as would have
been the case if such Covenant Defeasance had not occurred.

 

Section
4.5.            Application
of Trust Money.

 

Subject to the
provisions of the last paragraph of Section 10.3, 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, either directly or through any Paying Agent
(including the Corporation acting as its own Paying Agent) as the Trustee may
determine, to the Persons entitled thereto, of the principal (and premium, if
any) and interest (including any Additional Interest) for the payment of which
such money or obligations have been deposited with or received by the Trustee.

 

Section
4.6.            Indemnity
for U.S. Government Obligations.

 

The
Corporation shall pay and indemnify the Trustee against any tax, fee or other
charge imposed on or assessed against the U.S. Government Obligations deposited
pursuant to Section 4.4 or the principal or interest received in respect of
such obligations other than any such tax, fee or other charge that by law is
for the account of the Holders of the Outstanding Securities.

 

This
obligation set forth in this Section 4.6 shall survive the resignation or
removal of the Trustee or the discharge of this Indenture.

 

37

 

ARTICLE V.

REMEDIES

 

Section
5.1.            Events
of Default.

 

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

 

(1)           default
in the payment of any interest upon any Security, including any Additional Interest
in respect thereof, when it becomes due and payable, and continuance of such
default for a period of 30 calendar days; provided, however, that a
deferral of any interest payment pursuant to Section 3.10 or Section 3.11, or
any combination thereof, shall not constitute an Event of Default under this
clause (1); or

 

(2)           default
in the payment of the principal of (or premium, if any, on) any Security at its
Maturity, upon redemption, by declaration of acceleration or otherwise; or

 

(3)           in the event of any
deferral of interest pursuant to Section 3.10 or Section 3.11, or any
combination thereof, failure to pay accrued and unpaid interest (including any
Additional Interest) in full on or prior to the first Interest Payment Date
that is more than ten years after the commencement of such deferral; or

 

(4)           the
entry of a decree or order by a court having jurisdiction in the premises
adjudging the Corporation bankrupt or insolvent, or approving as properly filed
a petition seeking reorganization of the Corporation under the Bankruptcy Code
or any other similar applicable Federal or State law, which decree or order
shall have continued undischarged and unstayed for a period of 60 calendar
days; or the entry of a decree or order of a court having jurisdiction in the
premises for the appointment of a receiver or liquidator or trustee or assignee
in bankruptcy or insolvency of the Corporation of its property, or for the
winding up or liquidation of its affairs, which decree or order shall have
continued undischarged and unstayed for a period of 60 calendar days; or

 

(5)           the
commencement by the Corporation of voluntary proceedings to be adjudicated
bankrupt, or consent by the Corporation to the filing of a bankruptcy
proceeding against it, or the filing by the Corporation of a petition or answer
or consent seeking reorganization under the Bankruptcy Code or any other
similar Federal or State law, or consent by the Corporation to the filing of
any such petition, or the consent by the Corporation to the appointment of a receiver
or liquidator or trustee or assignee in bankruptcy or insolvency of it or of
its property, or the making by the Corporation of an assignment for the benefit
of creditors, or the admission by the Corporation in writing of its inability
to pay its debts generally as they become due.

 

38

 

Section
5.2.            Acceleration
of Maturity; Rescission and Annulment.

 

If an Event of
Default (other than an Event of Default specified in Section 5.1(4)) or 5.1(5)
occurs and is continuing, then and in every such case the Trustee or the
Holders of not less than 25% in aggregate principal amount of the Outstanding
Securities may declare the principal amount of all the Securities to be due and
payable immediately, by a notice in writing to the Corporation (and to the
Trustee if given by Holders); provided that,
in the case of Securities held by the Trust, if, upon such Event of Default,
the Trustee or the Holders of not less than 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 not less than 25%
in aggregate liquidation amount of the Trust Preferred Securities then
outstanding shall have the right to make such declaration by a notice in
writing to the Corporation and the Trustee. Upon any such declaration, such
principal amount (or specified portion thereof) of and the accrued interest
(including any Additional Interest) on all the Securities shall become immediately
due and payable. If an Event of Default specified in Section 5.1(4) or 5.1(5)
with respect to the Outstanding Securities occurs, the principal amount of all
the Securities shall automatically, and without any declaration or other action
on the part of the Trustee or any Holder, become immediately due and payable.
Payment of principal and interest (including any Additional Interest) on such
Securities shall remain subordinated to the extent provided in Article XII
notwithstanding that such amount shall become immediately due and payable as
herein provided.

 

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

 

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

 

(A)          all overdue interest on all Outstanding Securities,

 

(B)           any accrued Additional Interest on all Outstanding
Securities,

 

(C)           the principal of (and premium, if any, on) any Securities
that have become due otherwise than by such declaration of acceleration and
interest and 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,
its agents and counsel; and

 

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

 

In the case of
Securities held by the Trust, if the Holders of a majority in aggregate
principal amount of the Outstanding Securities fail to annul such declaration
and waive such 

 

39

 

default, the
holders of a majority in aggregate liquidation amount of the Trust Preferred
Securities then outstanding shall have the right to rescind and annul such
declaration and its consequences by a notice in writing to the Corporation and
the Trustee, subject to the satisfaction of the conditions set forth in Clauses
(1) and (2) above 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.

 

The
Corporation covenants that if:

 

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

 

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

 

the
Corporation 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, including any sinking fund payment or
analogous obligations (and premium, if any) and interest (including any
Additional Interest), and, in addition thereto, all amounts owing the Trustee
under Section 6.7.

 

If the
Corporation 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 Corporation 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 Corporation or any other obligor upon the Securities,
wherever situated.

 

If an Event of
Default with respect to the 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 the 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
Proceeding relative to the Corporation or the property of the Corporation as
provided in Section 12.2,

 

(a)           the
Trustee (irrespective of whether the principal of the Securities shall then be
due and payable as therein expressed or by declaration or otherwise and
irrespective of whether the Trustee shall have made any demand on the
Corporation for 

 

40

 

the payment of overdue principal (and premium, if any) or interest
(including any Additional Interest)) shall be entitled and empowered, by
intervention in such Proceeding or otherwise,

 

(i)                                     to file and prove
a claim for the whole amount of principal (and premium, if any) and interest
(including any Additional Interest) owing and unpaid in respect to the
Securities and to file such other papers or documents as may be necessary or
advisable and to take any and all actions as are authorized under the Trust
Indenture Act in order to have the claims of the Holders and any predecessor to
the Trustee under Section 6.7 allowed in any such Proceedings; and

 

(ii)                                  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 in
accordance with Section 5.6; and

 

(b)           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 Trustee for distribution in accordance with Section
5.6, and in the event that the Trustee shall consent to the making of such
payments directly to the Holders, to pay to the Trustee any amount due to it
and any predecessor Trustee under Section 6.7.

 

Nothing herein
contained shall be deemed to authorize the Trustee to authorize or consent to
or accept or adopt on behalf of any Holder any plan of reorganization,
arrangement, adjustment or composition affecting the Securities or the rights
of any Holder thereof, or to authorize the Trustee to vote in respect of the
claim of any Holder in any such proceeding; provided, however, that the Trustee may, on behalf of the Holders,
vote for the election of a trustee in bankruptcy or similar official and be a
member of a creditors’ or other similar committee.

 

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 and any
predecessor Trustee under Section 6.7, its agents and counsel, 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 pursuant to this Article
shall be applied in the following order, at the date or dates fixed by the
Trustee and, in case of the distribution of such money or property on account
of principal (or premium, if any) 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:

 

41

 

FIRST:  To the payment of all amounts due the Trustee
and the Agent and any predecessor Trustee or the Agent under Section 6.7;

 

SECOND:  Subject to Article XII, to the payment of the
amounts then due and unpaid upon the Securities for principal (and premium, if
any) 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
such Securities for principal (and premium, if any) and interest (including any
Additional Interest), respectively;

 

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

 

FOURTH:  To the Corporation.

 

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 receiver, assignee, trustee, liquidator, sequestrator (or
other similar official) or for any other remedy hereunder, unless:

 

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

 

(2)           the
Holders of not less than 25% 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;

 

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

 

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

 

(5)           no
direction inconsistent with such written request has been given to the Trustee
during such 60-calendar-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 (it being further understood that the Trustee does
not have an affirmative duty to ascertain whether or not such actions or
forbearances are unduly prejudicial to such Holders).

 

42

 

Section
5.8.                                   Unconditional
Right of Holders to Receive Principal, Premium and Interest; Direct Action by
Holders of Trust 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 premium, if any) and (subject to Sections 3.6 and 3.10)
interest (including any Additional Interest) on such Security on the respective
Stated Maturities expressed in such Security (or, in the case of redemption, on
the Redemption Date) and to institute suit for the enforcement of any such
payment, and such right shall not be impaired without the consent of such
Holder. In the case of Securities held by the Trust, any holder of Trust
Preferred Securities shall have the right, upon the occurrence of an Event of
Default described in Section 5.1(1) or 5.1(2), to institute a suit directly
against the Corporation for enforcement of payment to such holder of principal
of (premium, if any) and (subject to Sections 3.6 and 3.10) interest (including
Additional Interest) on the Securities having a principal amount equal to the
aggregate liquidation amount of Trust Preferred Securities held by such holder,
subject to the provisions of the Declaration of Trust.

 

Section
5.9.            Restoration
of Rights and Remedies.

 

If the
Trustee, any Holder or any holder of Trust 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 Trust
Preferred Securities, then and in every such case the Corporation, the Trustee,
such Holders and such holder of Trust 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 Trust Preferred Securities shall
continue as though no such proceeding had been instituted.

 

Section
5.10.          Rights
and Remedies Cumulative.

 

Except as
otherwise provided in the last paragraph of Section 3.6, 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 Security or any holder of any Trust
Preferred Security to exercise any right or remedy accruing upon any Event of
Default with respect to the Securities 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 or by law to the Trustee or to the Holders and
the right and remedy given to the holders of Trust 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 Trust Preferred
Securities, as the case may be.

 

43

 

Section
5.12.          Control
by Holders.

 

The Holders of
not less than a majority in aggregate principal amount of the Outstanding
Securities shall have the right to direct the time, method and place of
conducting any proceeding for any remedy available to the Trustee or exercising
any trust or power conferred on the Trustee, provided
that:

 

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

 

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

 

(3)           subject
to the provisions of Section 6.1, 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, 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.

 

The Holders of
a majority in aggregate principal amount of the Outstanding Securities may
waive any past default hereunder and its consequences except a default:

 

(1)           in
the payment of the principal of (or premium, if any) or interest (including any
Additional Interest) on any Security (unless such default has been cured and a
sum sufficient to pay all interest (including Additional Interest) and
principal (and premium, if any) then due otherwise than by acceleration has
been deposited with the Trustee), or

 

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

 

provided,
however, that if the Securities are held
by the Trust, no such waiver shall be effective until the holders of a majority
in aggregate liquidation amount of the Trust Preferred Securities then
outstanding shall have consented to such waiver.

 

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

 

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

 

44

 

Section
5.14.          Undertaking
for Costs.

 

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

 

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

 

The
Corporation 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 Corporation 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.            Certain
Duties and Responsibilities.

 

(a)           Except
during the continuance of an Event of Default,

 

(1)           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

 

(2)           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; but in the case of any such certificates
or opinions that by any provisions hereof are specifically required to be
furnished to the Trustee, the Trustee shall be under a duty to examine the same
to determine whether or not they conform to the requirements of this Indenture
(but need not confirm or investigate the accuracy of mathematical calculations
or other facts stated therein).

 

45

 

(b)           In case an Event of Default has
occurred and is continuing, the Trustee shall exercise such of the rights and
powers vested in it by this Indenture, and use the same degree of care and
skill in their exercise, as a prudent person would exercise or use under the
circumstances in the conduct of his or her own affairs.

 

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

 

(1)           this
Subsection shall not be construed to limit the effect of Subsection (a) of this
Section;

 

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

 

(3)           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 Holders pursuant
to Section 5.12 relating to the time, method and place of conducting any
proceeding for any remedy available to the Trustee, or exercising any trust or
power conferred upon the Trustee.

 

(d)           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 there shall be reasonable
grounds for believing that repayment of such funds or adequate indemnity
against such risk or liability is not reasonably assured to it.

 

(e)           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.

 

Section
6.2.            Notice
of Defaults.

 

Within 90
calendar days after actual knowledge by a Responsible Officer of the Trustee of
the occurrence of any default hereunder with respect to the Securities, the
Trustee shall transmit by mail to all Holders of Securities, as their names and
addresses appear in the Securities Register, notice of such default, unless
such default shall have been cured or waived; provided,
however, that, except in the case of a
default in the payment of the principal of (or premium, if any) or interest
(including any Additional Interest) on any Security, the Trustee shall be
protected in withholding such notice if and so long as the board of directors,
the executive committee or a trust committee of directors and/or Responsible
Officers of the Trustee in good faith determines that the withholding of such
notice is in the interests of the Holders of Securities.

 

Section
6.3.            Certain
Rights of Trustee.

 

Subject to the
provisions of Section 6.1:

 

46

 

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

 

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

 

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

 

(d)           the Trustee may consult with counsel
of its selection experienced in such matters (which counsel may be counsel to
the Corporation and may include any of their respective 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 pursuant to this
Indenture, unless such Holders shall have offered to the Trustee security or
indemnity reasonably satisfactory to it against the costs, expenses and
liabilities that might be incurred by it in compliance with such request or
direction;

 

(f)            the Trustee shall not be bound to
make any investigation into the facts or matters stated in any resolution,
certificate, statement, instrument, opinion, report, notice, request,
direction, consent, order, bond, indenture, Security 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 Corporation, personally or by
agent or attorney;

 

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

 

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

 

(i)            the Trustee shall not be deemed to
have notice of any Event of Default unless a Responsible Officer of the Trustee
has actual knowledge thereof or unless written notice of any event which is in
fact such a default is received by the Trustee at the Corporate Trust Office of
the Trustee, and such notice references the Securities and this Indenture;

 

47

 

(j)            the Trustee may request that the
Corporation deliver a certificate setting forth the names of individuals and/or
titles of officers authorized at such time to take specified actions pursuant
to this Indenture.

 

(k)           the rights, privileges, protections,
immunities and benefits given to the Trustee, including, without limitation,
its right to be indemnified, are extended to, and shall be enforceable by, the
Trustee in each of its capacities hereunder.

 

Section
6.4.            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 Corporation 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
Corporation of the Securities or the proceeds thereof.

 

Section
6.5.            May
Hold Securities.

 

The Trustee,
any Authenticating Agent, any Paying Agent, any Securities Registrar or any
other agent of the Corporation, in its individual or any other capacity, may
become the owner or pledgee of Securities and, subject to Sections 6.8 and
6.13, may otherwise deal with the Corporation 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.            Money
Held in Trust.

 

Money held by
the Trustee in trust hereunder need not be segregated from other funds except
to the extent required by law. The Trustee shall be under no liability for
interest on any money received by it hereunder except as otherwise agreed in
writing with the Corporation. So long as no Event of Default shall have
occurred and be continuing, all interest allowed on any such moneys shall be paid
from time to time upon written order of the Corporation, signed by the
President, any Vice President, the Secretary, the Treasurer or any Assistant
Secretary or Treasurer of the Corporation.

 

Section
6.7.            Compensation
and Reimbursement.

 

The Corporation
agrees:

 

(1)           to
pay to the Trustee and the Agent from time to time such compensation for all
services rendered by it hereunder in such amounts as the Corporation and the
Trustee and the Agent shall agree in writing 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);

 

(2)           except
as otherwise expressly provided herein or in an agreement between the
Corporation and the Trustee and the Agent, to reimburse the Trustee and the
Agent upon its request for all reasonable expenses, disbursements and advances
incurred or 

 

48

 

made by the Trustee and the Agent in accordance with any provision of
this Indenture (including the reasonable compensation and the expenses and
disbursements of its agents and counsel), except any such expense, disbursement
or advance as may be attributable to the Trustee’s negligence or bad faith; and

 

(3)           to
indemnify the Trustee and the Agent (including any predecessor Trustee or
Agent, as the case may be) for, and to hold it harmless against, any loss,
liability, damage, claims or expense (including the reasonable compensation and
the expenses and disbursements of its agents and counsel) incurred without
negligence or bad faith, arising out of or in connection with the acceptance or
administration of this trust or the performance of its 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.

 

As security
for the performance of the obligations of the Corporation under this Section,
the Trustee and the Agent shall have a lien prior to the Securities upon all
property and funds held or collected by the Trustee as such, except funds held
in trust for the benefit of Holders of particular Securities. The obligations
of the Corporation under this Section shall survive the satisfaction and
discharge of this Indenture or the earlier resignation or removal of the
Trustee or the Agent, as the case may be.

 

When the
Trustee incurs expenses or renders services after an Event of Default specified
in Section 5.1(4) or 5.1(5) occurs, the expenses and the compensation for the
services are intended to constitute expenses of administration under the
Bankruptcy Reform Act of 1978 or any successor statute.

 

Section
6.8.            Disqualification;
Conflicting Interests.

 

(a)           The Trustee shall be subject to the
provisions of Section 310(b) of the Trust Indenture Act. Nothing herein shall
prevent the Trustee from filing with the Commission the application referred to
in the second to last paragraph of said Section 310(b).

 

(b)           The Declaration of Trust with respect
to each Trust shall be deemed to be specifically described in this Indenture
for the purposes of clause (i) of the first proviso contained in Section 310(b)
of the Trust Indenture Act.

 

Section
6.9.            Corporate
Trustee Required; Eligibility.

 

There shall at
all times be a Trustee hereunder which shall be:

 

(a)           a corporation organized and doing
business under the laws of the United States of America or of any State or
Territory or the District of Columbia, authorized under such laws to exercise
corporate trust powers and subject to supervision or examination by Federal,
State, Territorial or District of Columbia authority, or

 

(b)           a corporation or other Person
organized and doing business under the laws of a foreign government that is
permitted to act as Trustee pursuant to a rule, regulation or order of the
Commission, authorized under such laws to exercise corporate trust powers, and
subject to 

 

49

 

supervision or examination by
authority of such foreign government or a political subdivision thereof substantially
equivalent to supervision or examination applicable to United States
institutional trustees, in either case having a combined capital and surplus of
at least $50,000,000, subject to supervision or examination by Federal or State
authority. If such corporation publishes reports of condition at least
annually, pursuant to law or to the requirements of the aforesaid supervising
or examining authority, then, for the purposes of this Section 6.9, 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 6.9, it shall resign
immediately in the manner and with the effect hereinafter specified in this
Article VI. Neither the Corporation nor any Person directly or indirectly
controlling, controlled by or under common control with the Corporation shall
serve as Trustee.

 

Section
6.10.          Resignation
and Removal; Appointment of Successor.

 

(a)           No resignation or removal of the
Trustee and no appointment of a successor Trustee pursuant to this Article VI
shall become effective until the acceptance of appointment by the successor
Trustee under Section 6.11.

 

(b)           The Trustee may resign at any time by
giving written notice thereof to the Corporation. If an instrument of
acceptance by a successor Trustee shall not have been delivered to the Trustee
within 30 calendar days after the giving of such notice of resignation, the
resigning Trustee may petition any court of competent jurisdiction for the
appointment of a successor Trustee.

 

(c)           The Trustee may be removed at any
time with respect to the Securities by Act of the Holders of a majority in
aggregate principal amount of the Outstanding Securities, delivered to the
Trustee and to the Corporation. If an instrument of acceptance by a successor
Trustee shall not have been delivered to the Trustee within 30 calendar days
after the giving of such notice of removal, the Trustee being removed may
petition, at the expense of the Corporation, any court of competent
jurisdiction for the appointment of a successor Trustee.

 

(d)           If at any time:

 

(1)           the
Trustee shall fail to comply with Section 6.8 after written request therefor by
the Corporation or by any Holder who has been a bona fide Holder of a Security
for at least six months, or

 

(2)           the
Trustee shall cease to be eligible under Section 6.9 and shall fail to resign
after written request therefor by the Corporation or by any such Holder, or

 

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

 

then, in any
such case, (i) the Corporation, acting pursuant to the authority of a Board
Resolution, may remove the Trustee, or (ii) subject to Section 5.14, any Holder
who has been a 

 

50

 

bona fide
Holder of a Security for at least six months may, on behalf of such Holder and
all others similarly situated, petition any court of competent jurisdiction for
the removal of the Trustee and the appointment of a successor Trustee or
Trustees.

 

(e)           If the Trustee shall resign, be
removed or become incapable of acting, or if a vacancy shall occur in the
office of Trustee for any cause, the Corporation, by a Board Resolution, shall
promptly appoint a successor Trustee. If, within one year after such resignation,
removal or incapability, or the occurrence of such vacancy, a successor Trustee
shall be appointed by Act of the Holders of a majority in aggregate principal
amount of the Outstanding Securities delivered to the Corporation and the
retiring Trustee, the successor Trustee so appointed shall, forthwith upon its
acceptance of such appointment, become the successor Trustee and supersede the
successor Trustee appointed by the Corporation. If no successor Trustee shall
have been so appointed by the Corporation or the Holders and accepted
appointment in the manner hereinafter provided, any Holder who has been a bona
fide Holder of a Security for at least six months may, subject to Section 5.14,
on behalf of such Holder and all others similarly situated, petition any court
of competent jurisdiction for the appointment of a successor Trustee.

 

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

 

Section
6.11.          Acceptance
of Appointment by Successor.

 

(a)           In case of the appointment hereunder
of a successor Trustee, every such successor Trustee so appointed shall
execute, acknowledge and deliver to the Corporation 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 Corporation 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 Corporation 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) or (b) of this Section, as the
case may be.

 

(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.

 

51

 

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

 

Any
corporation into which the Trustee may be merged or converted or with which it
may be consolidated, or any corporation resulting from any merger, conversion
or consolidation to which the Trustee shall be a party, or any corporation
succeeding to all or substantially all of the corporate trust business of the
Trustee, shall be the successor of the Trustee hereunder, provided such
corporation shall be otherwise qualified and eligible under this Article,
without the execution or filing of any paper or any further act on the part of
any of the parties hereto. In case any Securities shall have been
authenticated, but not delivered, by the Trustee then in office, any successor
by merger, conversion or consolidation to such authenticating Trustee may adopt
such authentication and deliver the Securities so authenticated, 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
6.13.          Preferential
Collection of Claims Against Corporation.

 

If and when
the Trustee shall be or become a creditor of the Corporation (or any other
obligor upon the Securities), the Trustee shall be subject to the provisions of
the Trust Indenture Act regarding the collection of claims against the
Corporation (or any such other obligor).

 

Section
6.14.          Appointment
of Authenticating Agent.

 

At any time
when any of the Securities remain Outstanding, the Trustee may, with the
written consent of the Corporation, appoint an Authenticating Agent or Agents
which shall be authorized to act on behalf of the Trustee to authenticate
Securities 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
Corporation 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, State,
Territorial or District of Columbia authority. If such Authenticating Agent
publishes reports of condition at least annually, pursuant to law or to the
requirements of said supervising or examining authority, then for the purposes
of this Section the combined capital and surplus of such Authenticating Agent shall
be deemed to be its combined capital and surplus as set forth in its most
recent report of condition so published. If at any time an Authenticating Agent
shall cease to be eligible in accordance with the provisions of this Section,
such Authenticating Agent shall resign immediately in the manner and with the
effect specified in this Section.

 

Any
corporation into which an Authenticating Agent may be merged or converted or
with which it may be consolidated, or any corporation resulting from any
merger, conversion or 

 

52

 

consolidation
to which such Authenticating Agent shall be a party, or any corporation
succeeding to all or substantially all of the corporate trust business of an
Authenticating Agent shall be the successor Authenticating Agent hereunder,
provided such corporation shall be otherwise eligible under this Section,
without the execution or filing of any paper or any further act on the part of
the Trustee or the Authenticating Agent.

 

An Authenticating
Agent may resign at any time by giving written notice thereof to the Trustee
and to the Corporation. 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 Corporation. Upon receiving such a notice of resignation or
upon such a termination, or in case at any time such Authenticating Agent shall
cease to be eligible in accordance with the provisions of this Section, the
Trustee may appoint a successor Authenticating Agent, which shall be acceptable
to the Corporation and shall give notice of such appointment in the manner
provided in Section 1.6 to all Holders of the Securities with respect to which
such Authenticating Agent will serve. Any successor Authenticating Agent upon
acceptance of its appointment hereunder shall become vested with all the
rights, powers and duties of its predecessor hereunder, with like effect as if
originally named as an Authenticating Agent. No successor Authenticating Agent
shall be appointed unless eligible under the provision of this Section.

 

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

 

If an
appointment is made pursuant to this Section, 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 designated therein referred to in the within mentioned
Indenture.

 

	
  Dated:

  	
   

  
	
   

  	
   

  
	
   

  	
  [                                 ],

  
	
   

  	
  as Authenticating Agent

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
  Authorized
  Signatory

  
	
   

  	
   

  

 

ARTICLE VII.

HOLDER’S LISTS AND REPORTS BY TRUSTEE AND CORPORATION

 

Section
7.1.            Corporation
to Furnish Trustee Names and Addresses of Holders.

 

The
Corporation will furnish or cause to be furnished to the Trustee:

 

53

 

(a)           semi-annually,
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 15 calendar days prior to the delivery thereof, and

 

(b)           at
such other times as the Trustee may reasonably request in writing, within 30
days after the receipt by the Corporation of any such request, a list of
similar form and content as of a date not more than 15 calendar 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
Corporation 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 Corporation and the Trustee
that none of the Corporation nor the Trustee nor any agent of any 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 Trustee.

 

The Trustee
shall transmit to Holders such reports concerning the Trustee and its actions
under this Indenture as may be required pursuant to the Trust Indenture Act, at
the times and in the manner provided pursuant thereto. If required by Section
313(a) of the Trust Indenture Act, the Trustee shall, within sixty days after
May 15 of each year (commencing with the year of the first anniversary of the
issuance of the debenture) deliver to Holders a brief report, dated as of such
May 15, which complies with the provisions of such Section 313(a). The Trustee
shall also comply with the requirements of Section 313(d) of the Trust
Indenture Act.

 

Section
7.4.            Reports
by the Corporation.

 

The
Corporation shall file with the Trustee and with the Commission, and transmit
to the Holders, such information, documents and other reports, and such summaries
thereof, if any, as may be required pursuant to the Trust Indenture Act at the
times and in the manner provided in the Trust Indenture Act; provided that any such information, documents or reports
required to be filed with the Commission pursuant to Section 13 or Section
15(d) of the Exchange Act shall be filed with the Trustee within 15 calendar
days after the same is required to be filed with the Commission. The
Corporation also shall comply with the other provisions of Trust Indenture Act 

 

54

 

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

 

ARTICLE VIII.

CONSOLIDATION, MERGER, CONVEYANCE, TRANSFER OR LEASE

 

Section
8.1.            Corporation
May Consolidate, Etc., Only on Certain Terms.

 

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

 

(1)           if
the Corporation 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 Person formed by such consolidation or into which the Corporation
is merged or the Person that acquires by conveyance or transfer, or that
leases, the properties and assets of the Corporation substantially as an
entirety shall, by an indenture supplemental hereto, executed and delivered to
the Trustee, in form satisfactory to the Trustee expressly assume the due and
punctual payment of the principal of (and premium, if any) and interest
(including any Additional Interest) on all the Securities and the performance
of every covenant of this Indenture to be performed or observed by the
Corporation;

 

(2)           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

 

(3)           the
Corporation shall have delivered to the Trustee an Officers’ Certificate and an
Opinion of Counsel, each stating that such consolidation, merger, conveyance,
transfer or lease and any such supplemental indenture comply with this Article
and that all conditions precedent herein provided for relating to such
transaction have been complied with; and the Trustee, subject to Section 6.1,
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
Corporation Substituted.

 

Upon any
consolidation or merger by the Corporation, as the case may be, with or into
any other Person, or any conveyance, transfer or lease by the Corporation of
its properties and assets substantially as an entirety to any Person in
accordance with Section 8.1, the successor corporation formed by such
consolidation or into which the Corporation 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 Corporation under this Indenture with the
same effect as if 

 

55

 

such successor
Person had been named as the Corporation herein; and in the event of any such
conveyance, transfer or lease the Corporation shall be discharged from all
obligations and covenants under this Indenture and the Securities, as the case
may be.

 

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.

 

ARTICLE IX.

SUPPLEMENTAL INDENTURES

 

Section
9.1.            Supplemental
Indentures without Consent of Holders.

 

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

 

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

 

(2)           to
convey, transfer, assign, mortgage or pledge any property to or with the
Trustee or to surrender any right or power herein conferred upon the
Corporation; or

 

(3)           to
add to the covenants of the Corporation for the benefit of the Holders of
Securities or to surrender any right or power herein conferred upon the
Corporation; or

 

(4)           to
add any additional Events of Default for the benefit of the Holders of
Securities; or

 

(5)           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 any other
provisions with respect to matters or questions arising under this Indenture, provided that such action pursuant to this clause (5) shall
not adversely affect the interest of the Holders of Securities in any material respect;
or

 

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

 

(7)           to
comply with any mandatory requirements of applicable law.

 

56

 

Section
9.2.            Supplemental
Indentures with Consent of Holders.

 

With the
consent of the Holders of not less than a majority in aggregate principal
amount of the Outstanding Securities, by Act of said Holders delivered to the
Corporation and the Trustee, the Corporation, 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, however,
that no such supplemental indenture shall, without the consent of the Holder of
each Outstanding Security affected thereby,

 

(1)           change
the Stated Maturity of the principal of, or any interest (including any
Additional Interest) on, any Security, or reduce the principal amount thereof
or the rate of interest therein or change the method of calculating the rate of
interest thereon or any premium payable upon the redemption thereof, or reduce
the amount of principal of any Security that would be due and payable upon a
declaration of acceleration of the Maturity thereof pursuant to Section 5.2, or
change the place of payment where, or currency in which, any Security or interest
thereon is payable, or impair the right to institute suit for the enforcement
of any such payment on or after the Stated Maturity thereof (or, in the case of
redemption, on or after the Redemption Date), or

 

(2)           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
certain provisions of this Indenture or certain defaults hereunder and their
consequences) provided for in this Indenture, or

 

(3)           modify
any of the provisions of this Section, Section 5.13 or Section 10.5, except to
increase any such percentage or to provide that certain other provisions of
this Indenture cannot be modified or waived without the consent of the Holder
of each Security affected thereby,

 

provided,
further, that, so long as any of the
Trust Preferred Securities remain outstanding, no such modification shall be
made that adversely affects the holders of the Trust Preferred Securities in
any material respect.

 

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

 

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

 

57

 

Section
9.3.            Execution
of Supplemental Indentures.

 

In executing
or accepting the additional trusts created by any supplemental indenture
permitted by this Article or the modifications thereby of the trusts created by
this Indenture, the Trustee shall be entitled to receive, and (subject to
Section 6.1) 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 or
immunities under this Indenture or otherwise.

 

Section
9.4.            Effect
of Supplemental Indentures.

 

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

 

Section
9.5.            Conformity
with Trust Indenture Act.

 

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

 

Section
9.6.            Reference
in Securities to Supplemental Indentures.

 

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

 

ARTICLE X.

COVENANTS

 

Section
10.1.          Payment
of Principal, Premium and Interest.

 

The
Corporation covenants and agrees for the benefit of the Securities that it will
duly and punctually pay the principal of (and premium, if any) and interest
(including any Additional Interest) on the Securities in accordance with the
terms of such Securities and this Indenture.

 

58

 

Section
10.2.          Maintenance
of Office or Agency.

 

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

 

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

 

Section
10.3.          Money
for Security Payments to be Held in Trust.

 

If the
Corporation shall at any time act as its own Paying Agent, it will, on or
before each due date of the principal of (and premium, if any, on) or 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 premium, if any) or
interest so becoming due until such sums shall be paid to such Persons or
otherwise disposed of as herein provided, and will promptly notify the Trustee
of its failure so to act.

 

Whenever the
Corporation 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 premium, if any)
or interest (including any Additional Interest) on any Securities, deposit with
a Paying Agent a sum sufficient to pay the principal (and premium, if any) or
interest (including any Additional Interest) so becoming due, such sum to be
held in trust for the benefit of the Persons entitled to such principal (and
premium, if any) or interest (including any Additional Interest), and (unless
such Paying Agent is the Trustee) the Corporation will promptly notify the
Trustee of its failure so to act.

 

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

 

(1)           hold
all sums held by it for the payment of the principal of (and premium, if any)
or interest (including any Additional Interest) on the Securities in trust for
the 

 

59

 

benefit of the Persons entitled thereto until such sums shall be paid
to such Persons or otherwise disposed of as herein provided;

 

(2)           give
the Trustee notice of any default by the Corporation (or any other obligor upon
such Securities) in the making of any payment of principal (and premium, if
any) or interest (including any Additional Interest);

 

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

 

(4)           comply
with the provisions of the Trust Indenture Act applicable to it as a Paying
Agent.

 

The
Corporation may at any time, for the purpose of obtaining the satisfaction and
discharge of this Indenture or for any other purpose, pay, or by Corporation
Order direct any Paying Agent to pay, to the Trustee all sums held in trust by
the Corporation 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 Corporation or
such Paying Agent; and, upon such payment by any Paying Agent to the Trustee, such
Paying Agent shall be released from all further liability with respect to such
money.

 

Any money
deposited with the Trustee or any Paying Agent, or then held by the Corporation
in trust for the payment of the principal of (and premium, if any) or interest
(including any Additional Interest) on any Security and remaining unclaimed for
two years after such principal (and premium, if any) or 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
Corporation Request to the Corporation, or (if then held by the Corporation)
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 Corporation for payment thereof, and all liability of the
Trustee or such Paying Agent with respect to such trust money, and all liability
of the Corporation as trustee thereof, shall thereupon cease; provided, however, that
the Trustee or such Paying Agent, before being required to make any such
repayment, may at the expense of the Corporation 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 30 calendar days from the date
of such publication, any unclaimed balance of such money then remaining will be
repaid to the Corporation.

 

Section
10.4.          Statement
as to Compliance.

 

The
Corporation shall deliver to the Trustee, within 120 calendar days after the
end of each fiscal year of the Corporation, ending after the date hereof, an
Officers’ Certificate signed by at least one of the principal executive
officer, principal financial officer or principal accounting officer of the
Corporation covering the preceding calendar year, stating whether or 

 

60

 

not to the
best knowledge of the signers thereof the Corporation is in default in the
performance, observance or fulfillment of or compliance with any of the terms,
provisions, covenants and conditions of this Indenture, and if the Corporation
shall be in default, specifying all such defaults and the nature and status
thereof of which they may have knowledge. For the purpose of this Section 10.4,
compliance shall be determined without regard to any grace period or
requirement of notice provided pursuant to the terms of this Indenture.

 

Section
10.5.          Waiver
of Certain Covenants.

 

Subject to the
rights of holders of Trust Preferred Securities specified in Section 9.2, if
any, the Corporation may omit in any particular instance to comply with any
covenant or condition provided pursuant to Section 3.1 or 9.1(3) with respect
to the Securities, 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, 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 Corporation in respect of any such covenant or condition
shall remain in full force and effect.

 

ARTICLE XI.

REDEMPTION OF SECURITIES

 

Section
11.1.          Applicability
of This Article.

 

Redemption of
Securities as permitted or required by any Security issued pursuant to this
Indenture shall be made in accordance with such Security and this Article. Each
Security shall be subject to partial redemption only in the amount of
$5,000,000 or any integral multiple thereof.

 

Section
11.2.          Election
to Redeem; Notice to Trustee.

 

The election
of the Corporation to redeem any Securities shall be evidenced by or pursuant
to a Board Resolution. In case of any redemption at the election of the
Corporation, the Corporation shall, at least 45 calendar days prior to the
Redemption Date (unless a shorter notice shall be satisfactory to the Trustee),
notify the Trustee and in the case of Securities held by the Trust, the
Property Trustee under the Declaration of Trust, of such date and of the
principal amount of Securities to be redeemed and provide the additional
information required to be included in the notice or notices contemplated by
Section 11.4; provided that, for so long as the
Securities are held by the Trust, such notice shall be given not less than 45
nor more than 75 calendar days prior to such Redemption Date (unless a shorter
notice shall be satisfactory to the Property Trustee under the related
Declaration of Trust). In the case of any redemption of Securities prior to the
expiration of any restriction on such redemption provided in the terms of such
Securities, the Corporation shall furnish the Trustee with an Officers’ Certificate
and an Opinion of Counsel evidencing compliance with such restriction.

 

61

 

Section
11.3.          Selection
of Securities to be Redeemed.

 

If less than
all the Securities are to be redeemed, the particular Securities to be redeemed
shall be selected not more than 60 calendar 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; provided that
the unredeemed portion of the principal amount of any Security shall be in an
authorized denomination (which shall not be less than the minimum authorized
denomination) for such Security and at least $50,000,000 aggregate principal
amount.

 

The Trustee
shall promptly notify the Corporation in writing of the Securities selected for
partial redemption and 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.

 

Section
11.4.          Notice
of Redemption.

 

Notice of
redemption shall be given by the Corporation by first-class mail, postage
prepaid, mailed not later than the 30th calendar day, and not earlier than the
60th calendar day, prior to the Redemption Date, to each Holder of Securities
to be redeemed, at the address of such Holder as it appears in the Securities
Register, provided that, for so long as the
Securities are held by the Trust, such notice shall be given not less than 30
nor more than 60 calendar days prior to such Redemption Date (unless a shorter
notice shall be satisfactory to the Property Trustee under the related
Declaration of Trust).

 

With respect
to Securities to be redeemed, each notice of redemption shall state:

 

(a)           the
Redemption Date;

 

(b)           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,  together with a statement that it
is an estimate and that the actual Redemption Price will be calculated on the
third 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);

 

(c)           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 particular Securities to be redeemed;

 

(d)           that
on the Redemption Date, the Redemption Price will become due and payable upon
each such Security or portion thereof, and that interest (including any
Additional Interest) thereon, if any, shall cease to accrue on and after said
date; and

 

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

 

62

 

Notice of
redemption of Securities to be redeemed at the election of the Corporation
shall be given by the Corporation or, at the Corporation’s request, by the
Trustee in the name and at the expense of the Corporation 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 11.5.          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 11.4, the Corporation will deposit with
the Trustee or with one or more Paying Agents (or if the Corporation is acting
as its own Paying Agent, the Corporation will segregate and hold in trust as
provided in Section 10.3) 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
11.6.          Payment
of Securities Called for Redemption.

 

If any notice
of redemption has been given as provided in Section 11.4, 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 in said notice specified,
the said Securities or the specified portions thereof shall be paid and
redeemed by the Corporation at the applicable Redemption Price, together with
accrued interest (including any Additional Interest) to the Redemption Date; provided, however, that,
unless otherwise specified as contemplated by Section 3.1, installments of
interest (including any Additional Interest) whose Stated Maturity is on or prior
to the Redemption Date will be payable to the Holders of such Securities, or
one or more Predecessor Securities, registered as such at the close of business
on the relevant Regular Record Dates according to their terms and the
provisions of Section 3.5.

 

Upon
presentation of any Security redeemed in part only, the Corporation shall
execute and the Trustee shall authenticate and make available for delivery to
the Holder thereof, at the expense of the Corporation, 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.

 

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

 

Section
11.7.          Right
of Redemption of Securities.

 

The
Corporation, at its option, may redeem the Securities:

 

(a)           subject to
compliance with Section 2 of the Replacement Capital Covenant, on or after
March 23, 2011, in whole or in part, from time to time at a 

 

63

 

Redemption Price of 100% of the unpaid
principal amount of the Securities being redeemed, plus any accrued but unpaid
interest and Additional Interest, if any, to the Redemption Date (subject to
the right of the Holders on the relevant Regular Record Date to receive interest
due on the relevant Interest Payment Date), or

 

(b)           subject to
compliance with Section 2 of the Replacement Capital Covenant, upon the
occurrence and during the continuation of a Special Event before March 23,
2011, within 90 days following the occurrence of such Special Event, in whole
(but not in part), at 100% of the principal amount of the Securities, plus any
accrued but unpaid interest and Additional Interest, if any, to the Redemption
Date (subject to the right of the Holders on the relevant Regular Record Date
to receive interest due on the relevant Interest Payment Date), or

 

(c)           subject to
compliance with Section 2 of the Replacement Capital Covenant, upon the
occurrence of a Change of Control before March 23, 2011, in whole or in part,
within 90 days following the occurrence of such Change of Control, at 100% of
the principal amount of this Security, plus any accrued but unpaid interest and
Additional Interest, if any, to the Redemption Date (subject to the right of
the Holders on the relevant Regular Record Date to receive interest due on the
relevant Interest Payment Date), or

 

(d)           subject to
compliance with Section 2 of the Replacement Capital Covenant, upon the
occurrence of an Initial Public Offering, within 90 days following the
occurrence of such Initial Public Offering, in whole or in part, at the
Redemption Prices (expressed as percentages of principal amount) set forth
below plus accrued but unpaid interest and Additional Interest, if any, thereon
to the applicable Redemption Date (subject to the right of the Holders on the
relevant Regular Record Date to receive interest due on the relevant Interest
Payment Date), if redeemed during the twelve-month period beginning on March 23
of the years indicated below:

 

	
  Year

  	
   

  	
  Percentage

  	
   

  
	
  2006

  	
   

  	
  101.00

  	
  %

  
	
  2007

  	
   

  	
  100.75

  	
  %

  
	
  2008

  	
   

  	
  100.50

  	
  %

  
	
  2009

  	
   

  	
  100.25

  	
  %

  
	
  2010 and thereafter

  	
   

  	
  100.00

  	
  %

  

 

ARTICLE XII.

SUBORDINATION OF SECURITIES

 

Section
12.1.                             Securities
Subordinate to Senior Debt

 

The
Corporation 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 

 

64

 

in this
Article, the payment of the principal of (and premium, if any) 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 of the Corporation whether outstanding at
the date of this Indenture or thereafter incurred, irrespective of any
amendment, modification or waiver of any term of such Senior Debt.

 

Section
12.2.          Payment
Over of Proceeds Upon Dissolution, Etc.

 

In the event
of (a) any insolvency, bankruptcy, receivership, liquidation, reorganization,
readjustment, composition or other similar proceedings relating to the
Corporation, its creditors or its property, (b) any proceeding for the
liquidation, dissolution or other winding up of the Corporation, voluntary or
involuntary, whether or not involving insolvency or bankruptcy proceedings, (c)
any assignment by the Corporation for the benefit of creditors or (d) any other
marshaling of the assets of the Corporation (each such event, if any, herein
sometimes referred to as a “Proceeding”),
but not in any event including any transaction permitted by Article VIII, all
Senior Debt of the Corporation (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 Corporation or any other Person 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 of
the Corporation 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 thereon, shall be paid or delivered directly to the
holders of Senior Debt of the Corporation in accordance with the priorities
then existing among such holders until all such Senior Debt (including any
interest thereon accruing after the commencement of any Proceeding) shall have
been paid in full.

 

In the event
of any Proceeding, after payment in full of all sums owing with respect to the
Senior Debt of the Corporation, the Holders of the Securities, together with
the holders of any obligations of the Corporation ranking on a parity with the
Securities shall be entitled to be paid from the remaining assets of the
Corporation the amounts at the time due and owing on account of unpaid
principal of (and premium, if any) and 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 common stock or any
obligations of the Corporation 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 Corporation or any other corporation 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 of the Corporation 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 of the Corporation 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 

 

65

 

transferred
to, the holders of the Senior Debt of the Corporation at the time outstanding
in accordance with the priorities then existing among such holders for
application to the payment of all Senior Debt of the Corporation remaining
unpaid, to the extent necessary to pay all such Senior Debt of the Corporation
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
of the Corporation is hereby irrevocably authorized to endorse or assign the
same.

 

The Trustee
and the Holders shall take such action (including, without limitation, the
delivery of this Indenture to an agent for the holders of Senior Debt of the
Corporation 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 of the Corporation at the time
outstanding, be necessary or appropriate to assure the effectiveness of the
subordination effected by these provisions.

 

The provisions
of this Section 12.2 shall not impair any rights, interests, remedies or powers
of any secured creditor of the Corporation in respect of any security interest
the creation of which is not prohibited by the provisions of this Indenture.

 

The securing
of any obligations of the Corporation 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 or elsewhere in this Indenture or in any of the
Securities shall prevent (a) the Corporation at any time, except during the
pendency of any Proceeding referred to in Section 12.2, from making payments at
any time of principal of (and premium, if any) 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 premium, if any) 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
that such payment would have been prohibited by the provisions of this Article.

 

Section
12.4.          Subrogation
to Rights of Holders of Senior Debt of the Corporation.

 

In the event
of a Proceeding described in Section 12.2, and subject to the payment in full
of all amounts due or to become due on all Senior Debt of the Corporation or
the provision for such payment in cash or cash equivalents or otherwise in a
manner satisfactory to the holders of Senior Debt of the Corporation, 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 (equally and ratably with the holders of all
indebtedness of the Corporation that by its express terms is subordinated to
Senior Debt of the Corporation to substantially the same extent as the
Securities are subordinated to the Senior Debt of the Corporation 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 

 

66

 

distributions
of cash, property and securities applicable to the Senior Debt of the
Corporation, until the principal of (and premium, if any) and interest
(including any Additional Interest) on the Securities shall be paid in full. For
purposes of such subrogation, no payments or distributions to the holders of
the Senior Debt of the Corporation 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, and no payments over pursuant to the provisions of
this Article to the holders of Senior Debt of the Corporation, by Holders of
the Securities, or the Trustee, shall, as among the Corporation, its creditors
other than holders of its Senior Debt, and the Holders of the Securities, be
deemed to be a payment or distribution by the Corporation to or on account of
its Senior Debt.

 

Section
12.5.          Provisions
Solely to Define Relative Rights.

 

The provisions
of this Article 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 of the Corporation on the other hand. Nothing contained
in this Article or elsewhere in this Indenture or in the Securities is intended
to or shall (a) impair, as between the Corporation and the Holders of the
Securities, the obligations of the Corporation which are absolute and
unconditional, to pay to the Holders of the Securities the principal of (and
premium, if any) and interest (including any Additional Interest) on the
Securities as and when the same shall become due and payable in accordance with
their terms; or (b) affect the relative rights against the Corporation of the
Holders of the Securities and creditors of the Corporation other than their
rights in relation to the holders of Senior Debt of the Corporation; or (c)
prevent the Trustee or the Holder of any Security (or to the extent expressly
provided herein, the holder of any Trust 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 of the holders of Senior Debt of the
Corporation 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 and
appoints the Trustee his or her attorney-in-fact for any and all such purposes.

 

Section
12.7.          No
Waiver of Subordination Provisions.

 

No right of
any present or future holder of any Senior Debt of the Corporation 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 Corporation or by any
act or failure to act, in good faith, by any such holder, or by any
noncompliance by the Corporation 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.

 

Without in any
way limiting the generality of the immediately preceding paragraph, the holders
of Senior Debt of the Corporation 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 

 

67

 

such Holders
of the Securities and without impairing or releasing the subordination provided
in this Article or the obligations hereunder of such Holders of the Securities
to the holders of Senior Debt of the Corporation do any one or more of the
following: (i) change the manner, place or terms of payment or extend the time
of payment of, or renew or alter, Senior Debt of the Corporation or otherwise
amend or supplement in any manner such Senior Debt or any instrument evidencing
the same or any agreement under which such Senior Debt is outstanding; (ii)
sell, exchange, release or otherwise deal with any property pledged, mortgaged
or otherwise securing Senior Debt of the Corporation; (iii) release any Person
liable in any manner for the collection of Senior Debt of the Corporation; and
(iv) exercise or refrain from exercising any rights against the Corporation and
any other Person.

 

Section
12.8.          Notice
to Trustee.

 

Notwithstanding
the provisions of this Article 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 the Trustee shall have received written notice
thereof from the Corporation or a holder of Senior Debt of the Corporation or
from any trustee, agent or representative therefor; provided,
however, that if the Trustee shall not have received the notice
provided for in this Section at least two Business Days prior to the date upon
which by the terms hereof any monies may become payable for any purpose
(including, the payment of the principal of (and premium, if any, 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.

 

Subject to the
provisions of Section 6.1, 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 of the Corporation (or a trustee or
attorney-in-fact therefor), to establish that such notice has been given by a
holder of Senior Debt of the Corporation (or a trustee 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 of the Corporation to participate in any payment or distribution
pursuant to this Article, the Trustee may request such Person to furnish
evidence to the reasonable satisfaction of the Trustee as to the amount of
Senior Debt of the Corporation 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, 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 Corporation referred to in this
Article, the Trustee, subject to the provisions of Section 6.1, and the Holders
of the Securities shall be entitled to 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 

 

68

 

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 of the
Corporation the amount thereof or payable thereon, the amount or amounts paid
or distributed thereon and all other facts pertinent thereto or to this
Article.

 

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 of the Corporation 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 Corporation or to any other Person
cash, property or securities to which any holders of Senior Debt of the
Corporation shall be entitled by virtue of this Article or otherwise. With
respect to the holders of Senior Debt, the Trustee undertakes to perform or to
observe only such of its covenants or obligations as are specifically set forth
in this Article and no implied covenants or obligations with respect to holders
of Senior Debt shall be read into this Indenture against the Trustee.

 

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 with respect to any Senior Debt of the Corporation that may at any time
be held by it, to the same extent as any other holder of Senior Debt of the
Corporation and nothing in this Indenture shall deprive the Trustee of any of
its rights as such holder. Nothing in this Article shall apply to claims of, or
payments to, the Trustee under or pursuant to Section 6.7.

 

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
Corporation and be then acting hereunder, the term “Trustee” as used in this
Article 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 in
addition to or in place of the Trustee.

 

ARTICLE XIII.

 

EFFECT OF
DEFERRALS

 

Section
13.1.          Limitation
on Corporation Payments.

 

So long as any Securities are outstanding, if (a)
accrued and unpaid interest and any Additional Interest then due on the
Securities has not been paid in full as of the most recent Interest Payment
Date, (b) distributions
then due on the Trust Preferred Securities have not been paid in full pursuant
to their terms on a compounded basis as of the most recent distribution payment
date, (c) an Event of Default has occurred and is continuing, (d) an
optional deferral or a Mandatory Deferral Event has occurred and is continuing
or (e) the Corporation is in default on any of its obligations under the Trust
Guarantee, then, during such period the Corporation shall not, nor shall the
Corporation permit any of its subsidiaries to:

 

69

 

(1)           declare or pay any dividends or
distributions on, or redeem, purchase, acquire or make a liquidation payment
with respect to, any capital stock of the Corporation;

 

(2)           make any payment of principal,
interest or premium, if any, on or repay, repurchase or redeem any of the
Corporation’s debt securities that rank on a parity with (“Parity Debt
Securities”) or junior in interest to the Securities; or

 

(3)           make any guarantee payments with
respect to any guarantee of the Corporation of the debt securities of any
subsidiary of the Corporation if such guarantee ranks on a parity with (“Parity Guarantees”) or junior in interest to the Securities;

 

provided, however, that the following shall be permitted:

 

(a)           dividends or distributions in
the form of common stock of the Corporation;

 

(b)           payments under the Trust
Guarantee;

 

(c)           any declaration of a dividend
in connection with the implementation of a shareholders’ rights plan, or the
issuance of stock under any such plan in the future, or the redemption or
repurchase of any such rights pursuant thereto;

 

(d)           the repurchase by the Corporation of
its common stock or options to purchase its common stock upon any termination
of employment or service (including, without limitation, due to death or
disability) or pursuant to any other obligation to repurchase common stock, of
an employee or director of, or other service provider having a relationship
with, the Corporation or any of its Affiliates, granted under any of the
Corporation’s equity incentive plans or related management stockholder’s
agreements; and

 

(e)           payments of interest on any of
the Parity Debt Securities or payments under any Parity Guarantees in respect
of interest payments on debt securities of any subsidiary of the Corporation,
in each case ratably and in proportion to the respective amount of (x) accrued
and unpaid interest on such Parity Debt Securities or guaranteed by such Parity
Guarantees, on the one hand, and (y) accrued and unpaid interest and Additional
Interest on the Securities, on the other hand.

 

Section
13.2.          Sale
of Stock in the Event of Optional Deferral of Interest or Mandatory Deferral
Event. So long as
any Securities remain outstanding, if

 

(i) the Corporation has exercised its option to defer
interest, and on any Interest Payment Date, after giving effect to the interest
and Additional Interest, if any, paid on such Interest Payment Date, accrued and unpaid interest and Additional Interest has not been paid
in full for a period of five years, the Corporation shall
use its Commercially Reasonable Efforts to sell (A) if a Qualifying IPO has
occurred, its common stock or Perpetual Deferrable Preferred Stock to Persons
that are not Affiliates of the Corporation or (B) if a Qualifying IPO has not
occurred, its Perpetual Deferrable Preferred Stock, or in the event that the
Corporation is unable to sell its Perpetual Deferrable Preferred Stock, its
common stock to Persons that are not Affiliates of the 

 

70

 

Corporation or to Equity
Investors; provided that nothing contained herein
shall obligate the Equity Investors to purchase common stock or Perpetual
Deferrable Preferred Stock from the Corporation, or

 

(ii) a Mandatory Deferral Event has occurred and has
been continuing for one year, the Corporation shall use its Commercially
Reasonable Efforts to sell (A) if a Qualifying IPO has occurred, its common
stock or Perpetual Deferrable Preferred Stock to Persons that are not
Affiliates of the Corporation or (B) if a Qualifying IPO has not occurred, its
Perpetual Deferrable Preferred Stock, or in the event that the Corporation is
unable to sell its Perpetual Deferrable Preferred Stock, its common stock to
Persons that are not Affiliates of the Corporation or to Equity Investors; provided that nothing contained herein shall obligate the
Equity Investors to purchase common stock or Perpetual Deferrable Preferred
Stock from the Corporation,

 

in
each case, in an amount so that the Eligible Equity Proceeds from such sales
shall at least be equal to the amount of all accrued and unpaid interest and
Additional Interest on the Securities as of the next succeeding Interest
Payment Date; provided, however,
that “Eligible Equity Proceeds” shall include any proceeds received by the
Corporation from selling common stock or Perpetual Deferrable Preferred Stock
to an Equity Investor.

 

To the extent the Corporation raises Eligible Equity
Proceeds, the Corporation shall pay any accrued and unpaid interest and
Additional Interest on the Securities within two Business Days of receipt of
such Eligible Equity Proceeds. Notwithstanding the foregoing sentence, if the
Corporation is required to conduct a sale of its common stock and/or its Perpetual
Deferrable Preferred Stock in order to pay amounts due and payable under any
instrument that is pari passu with
the Securities or the Trust Preferred Securities, the Corporation shall pay
interest and Additional Interest on the Securities in an amount equal to a
portion of such net proceeds, the amount of which payment shall be ratable and
in proportion to the respective amount of (x) accrued or accumulated and unpaid
interest or distributions on such pari passu
instrument, on the one hand, and (y) accrued and unpaid interest and Additional
Interest on the Securities, on the other hand.

 

ARTICLE XIV.

HOLDERS’ MEETINGS

 

Section
14.1.          Purposes
of Meetings.

 

A meeting of
Holders of Securities may be called at any time and from time to time pursuant
to the provisions of this Article XIV for any of the following purposes:

 

(a)           to
give any notice to the Corporation or to the Trustee, or to give any directions
to the Trustee, or to consent to the waiving of any default hereunder and its
consequences, or to take any other action authorized to be taken by
Securityholders pursuant to any of the provisions of Article V;

 

71

 

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

 

(c)           to
consent to the execution of an indenture or indentures supplemental hereto
pursuant to the provisions of Section 9.2; or

 

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

 

Section
14.2.          Call
of Meetings by Trustee.

 

The Trustee
may at any time call a meeting of Holders to take any action specified in
Section 14.1, to be held at such time and at such place in the Borough of
Manhattan, The City of New York, as the Trustee shall determine. Notice of
every meeting of the Holders, setting forth the time and the place of such
meeting and in general terms the action proposed to be taken at such meeting,
shall be mailed to Holders at their addresses as they shall appear on the
Securities Register. Such notice shall be mailed not less than 20 nor more than
180 calendar days prior to the date fixed for the meeting.

 

Section
14.3.          Call
of Meetings by the Corporation or Holders.

 

In case at any
time the Corporation pursuant to a Board Resolution, or the Holders of at least
10% in aggregate principal amount of the Securities then outstanding, shall
have requested the Trustee to call a meeting of Holders, by written request
setting forth in reasonable detail the action proposed to be taken at the
meeting, and the Trustee shall not have mailed the notice of such meeting
within 20 calendar days after receipt of such request, then the Corporation or such
Holders may determine the time and the place in said Borough of Manhattan for
such meeting and may call such meeting to take any action authorized in Section
14.1, by mailing notice thereof as provided in Section 14.2.

 

Section
14.4.          Qualifications
for Voting.

 

To be entitled
to vote at any meeting of Holders a person shall (a) be a Holder of one or more
Securities or (b) a person appointed by an instrument in writing as proxy by a
Holder of one or more Securities. The only persons who shall be entitled to be
present or to speak at any meeting of Holders shall be the persons entitled to
vote at such meeting and their counsel and any representatives of the Trustee
and its counsel and any representatives of the Corporation and its counsel.

 

Section
14.5.          Regulations.

 

Notwithstanding
any other provisions of this Indenture, the Trustee may make such reasonable
regulations as it may deem advisable for any meeting of Holders, in regard to
proof of the holding of Securities and of the appointment of proxies, and in
regard to the appointment and duties of inspectors of votes, the submission and
examination of proxies, certificates and other evidence of the right to vote,
and such other matters concerning the conduct of the meeting as it shall think
fit.

 

72

 

The Trustee
shall, by an instrument in writing, appoint a temporary chairman of the
meeting, unless the meeting shall have been called by the Corporation or by
Holders as provided in Section 14.3, in which case the Corporation or the
Holders calling the meeting, as the case may be, shall in like manner appoint a
temporary chairman. A permanent chairman and a permanent secretary of the
meeting shall be elected by majority vote of the meeting.

 

Subject to the
provisions of Section 14.4, at any meeting each Holder of Securities or proxy
therefor shall be entitled to one vote for each $1,000 principal amount of
Securities held or represented by him; provided, however, that no vote shall be cast or counted at any meeting
in respect of any Security challenged as not Outstanding and ruled by the
chairman of the meeting to be not Outstanding. The chairman of the meeting
shall have no right to vote other than by virtue of Securities held by him or
instruments in writing as aforesaid duly designating him as the person to vote
on behalf of other Holders. Any meeting of Holders duly called pursuant to the
provisions of Section 14.2 or 14.3 may be adjourned from time to time by a
majority of those present, whether or not constituting a quorum, and the
meeting may be held as so adjourned without further notice.

 

Section
14.6.          Voting.

 

The vote upon
any resolution submitted to any meeting of Holders of Securities shall be by
written ballots on which shall be subscribed the signatures of such holders or
of their representatives by proxy and the serial number or numbers of the
Securities held or represented by them. The permanent chairman of the meeting
shall appoint two inspectors of votes who shall count all votes cast at the
meeting for or against any resolution and who shall make and file with the
secretary of the meeting their verified written reports in triplicate of all
votes cast at the meeting. A record in duplicate of the proceedings of each
meeting of Holders shall be prepared by the secretary of the meeting and there
shall be attached to said record the original reports of the inspectors of
votes on any vote by ballot taken thereat and affidavits by one or more persons
having knowledge of the facts setting forth a copy of the notice of the meeting
and showing that said notice was mailed as provided in Section 14.2. The record
shall show the serial numbers of the Securities voting in favor of or against
any resolution. The record shall be signed and verified by the affidavits of
the permanent chairman and secretary of the meeting and one of the duplicates
shall be delivered to the Corporation and the other to the Trustee to be
preserved by the Trustee, the latter to have attached thereto the ballots voted
at the meeting.

 

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

 

* * * *

 

73

 

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.

 

IN WITNESS
WHEREOF, the parties hereto have caused this Indenture to be duly executed all
as of the day and year first above written.

 

	
   

  	
  GMAC COMMERCIAL HOLDING CORP.

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Catherine M. Jackson

  	
   

  
	
   

  	
   

  	
  Name: Catherine M. Jackson

  
	
   

  	
   

  	
  Title:   Senior Vice
  President

  
	
   

  	
   

  
	
   

  	
  LAW DEBENTURE TRUST COMPANY OF 

  NEW YORK,

  
	
   

  	
  as Trustee

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Patrick J. Healy

  	
   

  
	
   

  	
   

  	
  Name: Patrick J. Healy

  
	
   

  	
   

  	
  Title:   Vice President

  
	
   

  	
   

  
	
   

  	
  DEUTSCHE BANK TRUST COMPANY 

  AMERICAS,

  
	
   

  	
  as Agent

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Richard L. Buckwalter

  	
   

  
	
   

  	
   

  	
  Name: Richard L. Buckwalter

  
	
   

  	
   

  	
  Title:   Vice President

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Annie Jaghatspanyan

  	
   

  
	
   

  	
   

  	
  Name: Annie Jaghatspanyan

  
	
   

  	
   

  	
  Title:   Assistant Vice
  President

  

 

74

 

EXHIBIT A

 

FORM OF
INSTITUTIONAL ACCREDITED INVESTOR CERTIFICATE

 

 

 

FORM OF
INSTITUTIONAL ACCREDITED INVESTOR CERTIFICATE

 

             ,
[     ]

 

Law Debenture
Trust Company of New York, as Trustee 

767 Third Avenue

Thirty First
Floor

New York, NY
10017

Attention:
Corporate Trust Administration

 

Capmark Trust

c/o GMAC Commercial Holding Corp.

200 Witmer Road

Horsham, PA 19044

Attention: Peter O’Hara

 

Re:                               Purchase of $        principal amount of Floating Rate Junior
Subordinated Debentures due 2046 (the “Securities”) issued by GMACCH Commercial
Holding Corp. (the “Company”) pursuant to the Floating Rate Junior Subordinated
Indenture dated as of March 23, 2006 among the Company, Law Debenture Trust
Company of New York, as the indenture trustee, and Deutsche Bank Trust Company
Americas, as the agent (the “Indenture”).

 

Ladies and
Gentlemen:

 

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

 

(i)            We understand that
the 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 Securities that, if we
decide to offer, sell or otherwise transfer any such Securities, (i) such offer, sale or
transfer will be made only (a) to the Company, (b) to a person we reasonably
believe is a “qualified institutional buyer” (a “QIB”) (as defined in Rule 144A
under the Securities Act) in a transaction meeting the requirements of Rule
144A, (c) to an institutional “accredited investor” within the meaning of
subparagraph (a) (1), (2), (3) or (7) of Rule 501 under the Securities Act that
is acquiring Securities for its own account, or for the account of such an “accredited
investor,” for investment purposes and not with a view to, or for offer or sale
in connection with, any distribution thereof in violation of the Securities
Act, or (d) pursuant to an effective registration statement under the
Securities Act. The foregoing restrictions on resale will not apply subsequent
to the date on which, in the written opinion of counsel, the Securities are not
“restricted securities” within the meaning of Rule 144
under the Securities Act. If any resale or other transfer of the Securities is
proposed to be made pursuant to clause (c) above, the transferor shall deliver
a letter from the transferee substantially in the form of this letter to the
Securities Registrar. We understand that the certificates for any Security that
we receive will bear a legend substantially to the effect of the foregoing.

 

(ii)           We are an “accredited
investor” within the meaning of subparagraph (a) 

 

 

(1), (2), (3)
or (7) of Rule 501 under the Securities Act purchasing for our own account or
for the account of such an “accredited investor,” and we are acquiring the
Securities for investment purposes and not with view to, or for offer or sale
in connection with, any distribution in violation of the Securities Act, 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 Securities,
and we and any account for which we are acting are each able to bear the economic
risks of our or its investment.

 

(iii)          We are acquiring
the 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 Securities, subject, nevertheless, to the
understanding that the disposition of our property will at all times be and
remain within our control.

 

(iv)          We are acquiring
such Securities having an aggregate stated principal amount of not less than
$50,000,000 for our own account and for each separate account for which we are
acting. The Securities shall not be transferable in amounts of less than
$50,000,000 aggregate principal amount; provided that
in the event that a partial redemption of Securities pursuant to Section 11.7
of the Indenture has occurred, we may
transfer the full aggregate principal amount of Securities that such we own;

 

(v)           We acknowledge that
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 Securities are no longer
accurate, we shall promptly notify the Company. If we are acquiring any
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 Securities (having a
principal amount of $             )
would be registered in the name of the new owner as follows.

 

	
  Name:

  	
   

  	
   

  
	
   

  
	
  Address:

  	
   

  	
   

  
	
   

  
	
  Taxpayer ID
  Number:

  	
   

  	
   

  
	
   

  
						

 

2Exhibit 10.8

 

EXECUTION COPY

 

 

 

TRUST
GUARANTEE AGREEMENT

 

CAPMARK TRUST

 

Dated as of
March 23, 2006

 

 

 

 

CROSS REFERENCE TABLE*

 

	
  Section of Trust

  	
   

  	
  Section
  of

  
	
  Indenture Act of

  	
   

  	
  Guarantee

  
	
  1939, as amended

  	
   

  	
  Agreement

  
	
  310(a)

  	
   

  	
  4.1(a)

  
	
  310(b)

  	
   

  	
  2.8; 4.1(c)

  
	
  310(c)

  	
   

  	
  Inapplicable

  
	
  311(a)

  	
   

  	
  2.2(b)

  
	
  311(b)

  	
   

  	
  2.2(b)

  
	
  311(c)

  	
   

  	
  Inapplicable

  
	
  312(a)

  	
   

  	
  2.2(a); 2.9

  
	
  312(b)

  	
   

  	
  2.2(b); 2.9

  
	
  312(c)

  	
   

  	
  2.9

  
	
  313(a)

  	
   

  	
  2.3

  
	
  313(b)

  	
   

  	
  2.3

  
	
  313(c)

  	
   

  	
  2.3

  
	
  313(d)

  	
   

  	
  2.3

  
	
  314(a)

  	
   

  	
  2.4

  
	
  314(b)

  	
   

  	
  Inapplicable

  
	
  314(c)

  	
   

  	
  2.5

  
	
  314(d)

  	
   

  	
  Inapplicable

  
	
  314(e)

  	
   

  	
  2.5

  
	
  314(f)

  	
   

  	
  Inapplicable

  
	
  315(a)

  	
   

  	
  3.1(d); 3.2(a)

  
	
  315(b)

  	
   

  	
  2.7(a)

  
	
  315(c)

  	
   

  	
  3.1(c)

  
	
  315(d)

  	
   

  	
  3.1(d)

  
	
  316(a)

  	
   

  	
  2.6; 5.4(a)

  
	
  316(b)

  	
   

  	
  5.3

  
	
  316(c)

  	
   

  	
  Inapplicable

  
	
  317(a)

  	
   

  	
  2.10

  
	
  317(b)

  	
   

  	
  Inapplicable

  
	
  318(a)

  	
   

  	
  2.1(b)

  

 

*                                         This
Cross-Reference Table does not constitute part of the Agreement and shall not
have any bearing upon the interpretation of any of its terms or provisions.

 

i

Table of Contents

 

	
   

  	
   

  	
  Page

  
	
  ARTICLE I

  	
   

  
	
  INTERPRETATION AND DEFINITIONS

  	
   

  
	
   

  	
   

  	
   

  
	
  SECTION 1.1.

  	
  Interpretation and Definitions

  	
  1

  
	
   

  	
   

  	
   

  
	
  ARTICLE II

  	
   

  
	
  TRUST INDENTURE ACT

  	
   

  
	
   

  	
   

  	
   

  
	
  SECTION 2.1.

  	
  Trust Indenture Act; Application

  	
  4

  
	
  SECTION 2.2.

  	
  Lists of Holders

  	
  4

  
	
  SECTION 2.3.

  	
  Reports by the Trust Guarantee Trustee

  	
  5

  
	
  SECTION 2.4.

  	
  Periodic Reports to Trust Guarantee Trustee

  	
  5

  
	
  SECTION 2.5.

  	
  Evidence of Compliance with Conditions Precedent

  	
  5

  
	
  SECTION 2.6.

  	
  Events of Default; Waiver

  	
  5

  
	
  SECTION 2.7.

  	
  Event of Default; Notice

  	
  6

  
	
  SECTION 2.8.

  	
  Conflicting Interests

  	
  6

  
	
  SECTION 2.9.

  	
  Disclosure of Information

  	
  6

  
	
  SECTION 2.10.

  	
  Trust Guarantee Trustee May File Proofs of Claim

  	
  6

  
	
   

  	
   

  	
   

  
	
  ARTICLE III

  	
   

  
	
  POWERS, DUTIES AND RIGHTS OF

  	
   

  
	
  TRUST GUARANTEE TRUSTEE

  	
   

  
	
   

  	
   

  	
   

  
	
  SECTION 3.1.

  	
  Powers and Duties of the Trust Guarantee Trustee

  	
  6

  
	
  SECTION 3.2.

  	
  Certain Rights of Trust Guarantee Trustee

  	
  8

  
	
  SECTION 3.3.

  	
  Not Responsible for Recitals or Issuance of Trust
  Guarantee

  	
  10

  
	
   

  	
   

  	
   

  
	
  ARTICLE IV

  	
   

  
	
  TRUST GUARANTEE TRUSTEE

  	
   

  
	
   

  	
   

  	
   

  
	
  SECTION 4.1.

  	
  Trust Guarantee Trustee; Eligibility

  	
  10

  
	
  SECTION 4.2.

  	
  Appointment, Removal and Resignation of Trust
  Guarantee Trustee

  	
  10

  
	
   

  	
   

  	
   

  
	
  ARTICLE V

  	
   

  
	
  GUARANTEE

  	
   

  
	
   

  	
   

  	
   

  
	
  SECTION 5.1.

  	
  Guarantee

  	
  11

  
	
  SECTION 5.2.

  	
  Waiver of Notice and Demand

  	
  11

  
	
  SECTION 5.3.

  	
  Obligations Not Affected

  	
  12

  
	
  SECTION 5.4.

  	
  Rights of Holders

  	
  13

  
	
  SECTION 5.5.

  	
  Guarantee of Payment

  	
  13

  
	
  SECTION 5.6.

  	
  Subrogation

  	
  13

  
	
  SECTION 5.7.

  	
  Independent Obligations

  	
  14

  

 

i

 

	
  ARTICLE VI

  	
   

  
	
  SUBORDINATION

  	
   

  
	
   

  	
   

  	
   

  
	
  SECTION 6.1.

  	
  Ranking

  	
  14

  
	
  SECTION 6.2.

  	
  Subordination of Common Securities

  	
  14

  
	
   

  	
   

  	
   

  
	
  ARTICLE VII

  	
   

  
	
  TERMINATION

  	
   

  
	
   

  	
   

  	
   

  
	
  SECTION 7.1.

  	
  Termination

  	
  14

  
	
   

  	
   

  	
   

  
	
  ARTICLE VIII

  	
   

  
	
  INDEMNIFICATION

  	
   

  
	
   

  	
   

  	
   

  
	
  SECTION 8.1.

  	
  Exculpation

  	
  14

  
	
  SECTION 8.2.

  	
  Indemnification

  	
  15

  
	
   

  	
   

  	
   

  
	
  ARTICLE IX

  	
   

  
	
  MISCELLANEOUS

  	
   

  
	
   

  	
   

  	
   

  
	
  SECTION 9.1.

  	
  Successors and Assigns

  	
  15

  
	
  SECTION 9.2.

  	
  Amendments

  	
  15

  
	
  SECTION 9.3.

  	
  Notices

  	
  16

  
	
  SECTION 9.4.

  	
  Benefit

  	
  16

  
	
  SECTION 9.5.

  	
  Governing Law

  	
  16

  

 

ii

 

TRUST
GUARANTEE AGREEMENT

 

This TRUST GUARANTEE AGREEMENT (the “Trust
Guarantee”), dated as of March 23, 2006, is executed and delivered by GMAC
Commercial Holding Corp., a Nevada corporation (the “Guarantor”), and
Law Debenture Trust Company of New York, as trustee (the “Trust Guarantee
Trustee”), for the benefit of the Holders (as defined herein) from time to
time of the Trust Securities (as defined herein) of Capmark Trust, a Delaware
statutory trust (the “Trust”).

 

WHEREAS, pursuant to the Declaration of Trust
(as defined herein), the Trust is issuing preferred securities, having a
liquidation amount of $5,000,000 per security, designated the Floating Rate Trust
Preferred Securities (the “Trust Preferred Securities”) to the Purchaser
pursuant to the Purchase Agreement, and common securities, having a liquidation
amount of $1,000 per security and designated the Trust Common Securities (the “Trust
Common Securities” and together with the Trust Preferred Securities, the “Trust
Securities”);

 

WHEREAS, as incentive for the Holders to
purchase the Trust Securities, the Guarantor desires irrevocably and
unconditionally to agree, to the extent set forth in this Trust Guarantee, to
pay to the Holders of the Trust Securities the Guarantee Payments (as defined
herein) and to make certain other payments on the terms and conditions set
forth herein.

 

NOW, THEREFORE, in consideration of the
purchase by each Holder of Trust Securities, which purchase the Guarantor
hereby agrees shall benefit the Guarantor, the Guarantor executes and delivers
this Trust Guarantee for the benefit of the Holders.

 

ARTICLE I

INTERPRETATION
AND DEFINITIONS

 

SECTION 1.1.                                          Interpretation
and Definitions

 

In this Trust
Guarantee, unless the context otherwise requires:

 

(a)           capitalized
terms used in this Trust Guarantee but not defined in the preamble above have
the respective meanings assigned to them in this Section 1.1;

 

(b)           capitalized
terms used in this Trust Guarantee but not otherwise defined herein shall have
the meanings assigned to them in the Declaration of Trust or the Indenture;

 

(c)           a
term defined anywhere in this Trust Guarantee has the same meaning throughout;

 

(d)           all
references to “the Trust Guarantee” or “this Trust Guarantee” are to this Trust
Guarantee as modified, supplemented or amended from time to time;

 

(e)           all
references in this Trust Guarantee to Articles and Sections are to Articles and
Sections of this Trust Guarantee, unless otherwise specified;

 

 

(f)            unless
otherwise defined in this Trust Guarantee, a term defined in the Trust
Indenture Act has the same meaning when used in this Trust Guarantee;

 

(g)           a
reference to the singular includes the plural and vice versa and a reference to
any masculine form of a term shall include the feminine form of such term, as
applicable; and

 

(h)           the
following terms have the following meanings:

 

“Affiliate” means, with respect to any
specified Person, any other Person that directly or indirectly controls or is
controlled by, or is under 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.

 

“Business Day” means any day other
than a Saturday or Sunday or a day on which banking institutions in the City of
New York are authorized or required by law, regulation or executive order to
close.

 

“Covered Person” means any Holder or
beneficial owner of Trust Securities.

 

“Declaration of Trust” means the
Amended and Restated Declaration of Trust by and among GMAC Commercial Holding
Corp., as Sponsor, Law Debenture Trust Company of New York, as Property
Trustee, Deutsche Bank Trust Company Delaware, as the Delaware Trustee,
Deutsche Bank Trust Company Americas, as Agent and the Regular Trustees named therein, dated as of March 23, 2006, as it may be
amended, modified or supplemented from time to time.

 

“Event of Default” means a default by
the Guarantor on any of its payment or other obligations under this Trust
Guarantee.

 

“Guarantee Payments” means the
following payments or distributions, without duplication, with respect to the
Trust Securities, to the extent not paid by or on behalf of the Trust: (i) any
accumulated and unpaid distributions on such Trust Securities to the extent the
Trust has sufficient funds available therefor at the time, (ii) the Redemption
Price with respect to any Trust Securities called for redemption by the Trust
to the extent the Trust has sufficient funds available therefor at the time and
(iii) upon a voluntary or involuntary dissolution, winding up or termination of
the Trust (other than in connection with the redemption of all of the Trust
Preferred Securities), the lesser of (a) the aggregate of the liquidation
amount and all accumulated and unpaid Distributions (as defined in the
Declaration of Trust) on the Trust Securities to the date of payment, to the
extent the Trust has sufficient funds available therefor at the time and (b)
the amount of assets of the Trust, after satisfaction of all liabilities,
remaining available for distribution to Holders upon dissolution of the Trust
(the “Liquidation Distribution”).

 

“Holder” means any holder of Trust
Securities, as registered on the books and records of the Trust; provided,
however, that, in determining whether the Holders of the requisite 

 

2

 

percentage of
Trust Preferred Securities have given any request, notice, consent or waiver
hereunder, “Holder” shall not include the Guarantor or any Affiliate of the
Guarantor or any other obligor on the Trust Securities.

 

“Indemnified Person” means the Trust
Guarantee Trustee, any Affiliate of the Trust Guarantee Trustee, or any
officers, directors, shareholders, members, partners, employees, representatives,
nominees, custodians or agents of the Trust Guarantee Trustee.

 

“Indenture” means the Floating Rate
Junior Subordinated Indenture, dated as of March 23, 2006, among the Guarantor,
Law Debenture Trust Company of New York, as Trustee, and Deutsche Bank Trust
Company Americas, as Agent.

 

“Majority in Liquidation Amount of the
Trust Preferred Securities” means, except as provided in the terms of the
Trust Preferred Securities or by the Trust Indenture Act, Holder(s) of
outstanding Trust Preferred Securities, voting together as a single class, of
more than 50% of the aggregate liquidation amount of all outstanding Trust
Preferred Securities. In determining whether the Holders of the requisite
amount of Trust Preferred Securities have voted, Trust Preferred Securities
that are owned by the Guarantor or any Affiliate of the Guarantor or any other
obligor on the Trust Securities shall be disregarded for the purpose of any
such determination; provided that in determining whether the Trust
Guarantee Trustee is entitled to rely on any instructions received from a
Majority in Liquidation Amount, only Trust Securities that it knows to be so
owned shall be disregarded.

 

“Officers’ Certificate” means, with
respect to any Person, a certificate signed on behalf of such Person by two
Authorized Officers of such Person. Any Officers’ Certificate delivered with
respect to compliance with a condition or covenant provided for in this Trust
Guarantee shall include:

 

(a)           a
statement that each officer signing the Officers’ Certificate 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 each officer on behalf of such Person in rendering the Officers’
Certificate;

 

(c)           a
statement that each such officer has made such examination or investigation as,
in such officer’s opinion, is necessary to enable such officer on behalf of
such Person 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 each such officer on behalf of such
Person, such condition or covenant has been complied with.

 

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

 

3

 

“Property Trustee” means the Trustee
meeting the eligibility requirements set forth in Section 6.3 of the
Declaration of Trust until a Successor Property Trustee has been appointed and
has accepted such appointment pursuant to the terms of the Declaration of Trust
and thereafter means each such Successor Property Trustee. The Property Trustee
shall initially be Law Debenture Trust Company of New York.

 

“Purchase Agreement” means the
Purchase Agreement dated as of March 23, 2006 by and among the Guarantor, the
Trust and the Purchaser.

 

“Purchaser” means General Motors
Acceptance Corporation

 

“Registration Rights Agreement” means
the Registration Rights Agreement dated as of March 23, 2006 by and among the
Guarantor, the Trust and the Purchaser.

 

“Responsible Officer” means, with
respect to the Trust Guarantee Trustee, any officer with direct responsibility
for the administration of this Trust Guarantee and also means, with respect to
a particular corporate trust matter, any other officer to whom such matter is
referred because of that officer’s knowledge of and familiarity with the
particular subject.

 

“Successor Trust Guarantee Trustee”
means a successor Trust Guarantee Trustee possessing the qualifications to act
as Trust Guarantee Trustee under Section 4.1.

 

“Trust Indenture Act” means the Trust
Indenture Act of 1939, as amended from time to time, or any successor
legislation.

 

ARTICLE II

TRUST INDENTURE ACT

 

SECTION 2.1.                                          Trust
Indenture Act; Application

 

(a)           This Trust Guarantee is subject to the
provisions of the Trust Indenture Act that are required to be part of this
Trust Guarantee and shall, to the extent applicable, be governed by such
provisions.

 

(b)           If and to the extent that any
provision of this Trust Guarantee limits, qualifies or conflicts with the
duties imposed by Sections 310 to 317, inclusive, of the Trust Indenture Act,
such imposed duties shall control.

 

(c)           The Guarantor and the Trust Guarantee
Trustee shall not be required to comply with any provisions of this Trust
Guarantee that referred to the Trust Indenture Act unless this Trust Guarantee
shall have been qualified under the Trust Indenture Act.

 

SECTION 2.2.                                          Lists
of Holders 

 

(a)           The Guarantor shall provide the Trust
Guarantee Trustee (i) except while the Trust Preferred Securities are
represented by one or more Global Securities at least one Business Day prior to
the date for payment of distributions, a list, in such form as the Trust
Guarantee Trustee may reasonably require, of the names and addresses of the
Holders of the 

 

4

 

Trust Preferred Securities (“List
of Holders”) as of the record date relating to the payment of such
distributions and (ii) at any other time, within 30 days of receipt by the
Guarantor of a written request from the Trust Guarantee Trustee for a List of
Holders as of a date no more than 15 days before such List of Holders is given
to the Trust Guarantee Trustee; provided that the Guarantor shall not be
obligated to provide such List of Holders at any time the List of Holders does
not differ from the most recent List of Holders given to the Trust Guarantee
Trustee by the Guarantor. The Trust Guarantee Trustee shall preserve, in as
current a form as is reasonably practicable, all information contained in Lists
of Holders given to it, provided that the Trust Guarantee Trustee may destroy
any List of Holders previously given to it on receipt of a new List of Holders.

 

(b)           The Trust Guarantee Trustee shall
comply with its obligations under Sections 311(a), 311(b) and 312(b) of the
Trust Indenture Act.

 

SECTION 2.3.                                          Reports
by the Trust Guarantee Trustee

 

Within 60 days after May 15 of each year, the
Trust Guarantee Trustee shall provide to the Holders such reports as are
required by Section 313 of the Trust Indenture Act, if any, in the form and in
the manner provided by Section 313 of the Trust Indenture Act. The Trust
Guarantee Trustee shall also comply with the requirements of Section 313(d) of
the Trust Indenture Act.

 

SECTION 2.4.                                          Periodic
Reports to Trust Guarantee Trustee

 

The Guarantor shall provide to the Trust
Guarantee Trustee such documents, reports and information as required by
Section 314(a) of the Trust Indenture Act (if any) and the compliance
certificate required by Section 314(a) of the Trust Indenture Act in the form,
in the manner and at the times required by Section 314(a) of the Trust
Indenture Act.

 

SECTION 2.5.                                          Evidence
of Compliance with Conditions Precedent

 

The Guarantor shall provide to the Trust
Guarantee Trustee such evidence of compliance with any conditions precedent, if
any, provided for in this Trust Guarantee that relate to any of the matters set
forth in Section 314(c) of the Trust Indenture Act. Any certificate or opinion
required to be given by an officer pursuant to Section 314(c)(1) may be given
in the form of an Officers’ Certificate.

 

SECTION 2.6.                                          Events
of Default; Waiver

 

The Holders of a Majority in Liquidation
Amount of Trust Preferred Securities may, by vote or written consent, on behalf
of the Holders of all of the Trust 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 Guarantee, but no such waiver shall
extend to any subsequent or other default or Event of Default or impair any
right consequent thereon.

 

5

 

SECTION 2.7.                                          Event
of Default; Notice

 

(a)           The Trust Guarantee Trustee shall,
within 90 days after the occurrence of an Event of Default, transmit by mail,
first class postage prepaid, to the Holders of the Trust Preferred Securities,
notices of all Events of Default actually known to a Responsible Officer of the
Trust Guarantee Trustee, unless such defaults have been cured before the giving
of such notice; provided that the Trust Guarantee Trustee shall be
protected in withholding such notice if and so long as a Responsible Officer of
the Trust Guarantee Trustee in good faith determines that the withholding of
such notice is in the interests of the Holders of the Trust Preferred
Securities.

 

(b)           The Trust Guarantee Trustee shall not
be deemed to have knowledge of any Event of Default unless the Trust Guarantee
Trustee shall have received written notice, or of which a Responsible Officer
of the Trust Guarantee Trustee charged with the administration of the
Declaration of Trust shall have obtained actual knowledge.

 

SECTION 2.8.                                          Conflicting
Interests

 

The Declaration of Trust shall be deemed to
be specifically described in this Trust Guarantee for the purposes of clause
(i) of the first proviso contained in Section 310(b)(1) of the Trust Indenture
Act.

 

SECTION 2.9.              Disclosure
of Information

 

The disclosure of information as to the names and addresses of the
Holders in accordance with Section 312 of the Trust Indenture Act, regardless
of the source from which such information was derived, shall not be deemed to
be a violation of any existing law, or any law hereafter enacted which does not
specifically refer to Section 312 of the Trust Indenture Act, nor shall the
Trust Guarantee Trustee be held accountable by reason of mailing any material
pursuant to a request made under Section 312(b) of
the Trust Indenture Act.

 

SECTION 2.10.                                    Trust
Guarantee Trustee May File Proofs of Claim

 

Upon the occurrence of an Event of Default,
the Trust Guarantee Trustee is hereby authorized to (a) recover judgment, in
its own name and as trustee of an express trust, against the Guarantor for the
whole amount of any Guarantee Payments remaining unpaid and (b) file such
proofs of claim and other papers or documents as may be necessary or advisable
in order to have its claims and those of the Holders of the Trust Securities
allowed in any judicial proceedings relative to the Guarantor, its creditors or
its property.

 

ARTICLE III

POWERS, DUTIES AND RIGHTS OF

TRUST GUARANTEE TRUSTEE

 

SECTION 3.1.                                          Powers
and Duties of the Trust Guarantee Trustee

 

(a)           This Trust Guarantee shall be held by
the Trust Guarantee Trustee for the benefit of the Holders, and the Trust
Guarantee Trustee shall not transfer this Trust Guarantee to any Person except
a Holder exercising his or her rights pursuant to Section 5.4(b) or to a
Successor Trust Guarantee Trustee on acceptance by such Successor Trust
Guarantee Trustee of its appointment to act as Successor Trust Guarantee
Trustee. The right, title and interest of the 

 

6

 

Trust Guarantee Trustee in and
to this Trust Guarantee shall automatically vest in any Successor Trust
Guarantee Trustee, and such vesting and succession of title shall be effective
whether or not conveyance documents have been executed and delivered pursuant
to the appointment of such Successor Trust Guarantee Trustee.

 

(b)           If an Event of Default actually known
to a Responsible Officer of the Trust Guarantee Trustee has occurred and is
continuing, the Trust Guarantee Trustee shall enforce this Trust Guarantee for
the benefit of the Holders.

 

(c)           The Trust Guarantee Trustee, before
the occurrence of any Event of Default and after the curing or waiver of all
Events of Default that may have occurred, shall undertake to perform only such
duties as are specifically set forth in this Trust Guarantee, and no implied
covenants shall be read into this Trust Guarantee against the Trust Guarantee
Trustee. In case an Event of Default has occurred (that has not been cured or
waived pursuant to Section 2.6) and is actually known to a Responsible Officer
of the Trust Guarantee Trustee, the Trust Guarantee Trustee shall exercise such
of the rights and powers vested in it by this Trust Guarantee, and use the same
degree of care and skill in its exercise thereof, as a prudent Person would
exercise or use under the circumstances in the conduct of his or her own
affairs.

 

(d)           No provision of this Trust Guarantee
shall be construed to relieve the Trust Guarantee Trustee from liability for
its own negligent action, its own negligent failure to act, or its own willful
misconduct, except that:

 

(i)            prior
to the occurrence of any Event of Default and after the curing or waiving of
all such Events of Default that may have occurred:

 

(A)          the
duties and obligations of the Trust Guarantee Trustee shall be determined
solely by the express provisions of this Trust Guarantee, and the Trust
Guarantee Trustee shall not be liable except for the performance of such duties
and obligations as are specifically set forth in this Trust Guarantee, and no
implied covenants or obligations shall be read into this Trust Guarantee
against the Trust Guarantee Trustee; and

 

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

 

(ii)           the
Trust Guarantee Trustee shall not be liable for any error of judgment made in
good faith by a Responsible Officer of the Trust Guarantee Trustee, unless it
shall be proved that the Trust Guarantee Trustee was negligent in ascertaining
the pertinent facts upon which such judgment was made;

 

7

 

(iii)          the
Trust Guarantee 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 a Majority in Liquidation Amount of Trust Preferred Securities
relating to the time, method and place of conducting any proceeding for any
remedy available to the Trust Guarantee Trustee, or exercising any trust or
power conferred upon the Trust Guarantee Trustee under this Trust Guarantee; and

 

(iv)          no
provision of this Trust Guarantee shall require the Trust Guarantee Trustee to
expend or risk its own funds or otherwise incur personal financial liability in
the performance of any of its duties or in the exercise of any of its rights or
powers, if the Trust Guarantee Trustee shall have reasonable grounds for
believing that (A) the repayment of such funds or liability is not reasonably
assured to it under the terms of this Trust Guarantee or (B) an indemnity,
reasonably satisfactory to the Trust Guarantee Trustee, against such risk or
liability is not reasonably assured to it.

 

SECTION 3.2.                                          Certain
Rights of Trust Guarantee Trustee

 

(a)           Subject to the provisions of Section
3.1 hereof:

 

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

 

(ii)           Any
direction or act of the Guarantor contemplated by this Trust Guarantee shall be
sufficiently evidenced by an Officers’ Certificate.

 

(iii)          Whenever,
in the administration of this Trust Guarantee, the Trust Guarantee Trustee
shall deem it desirable that a matter be proved or established before taking,
suffering or omitting any action hereunder, the Trust Guarantee Trustee (unless
other evidence is herein specifically prescribed) may, in the absence of bad
faith on its part, request and conclusively rely upon an Officers’ Certificate
which, upon receipt of such request, shall be promptly delivered by the
Guarantor.

 

(iv)          The
Trust Guarantee Trustee shall have no duty to see to any recording, filing or
registration of any instrument (or any rerecording, refiling or registration
thereof).

 

(v)           The
Trust Guarantee Trustee may consult with counsel of its selection, and the
advice or opinion of such counsel with respect to legal matters shall be full
and complete authorization and protection in respect of any action taken,
suffered or omitted by it hereunder in good faith and in accordance with such
advice or opinion. Such counsel may be counsel to the Guarantor or any of its
Affiliates and may include any of its employees. The Trust Guarantee Trustee
shall have the right at any time to seek instructions concerning the
administration of this Trust Guarantee from any court of competent
jurisdiction.

 

8

 

(vi)          The
Trust Guarantee Trustee shall be under no obligation to exercise any of the
rights or powers vested in it by this Trust Guarantee at the request or
direction of any Holder, unless such Holder shall have provided to the Trust
Guarantee Trustee such security and indemnity, reasonably satisfactory to the
Trust Guarantee Trustee, against the costs, expenses (including attorneys’ fees
and expenses and the expenses of the Trust Guarantee Trustee’s agents, nominees
or custodians) and liabilities that might be incurred by it in complying with
such request or direction, including such reasonable advances as may be
requested by the Trust Guarantee Trustee; provided that nothing
contained in this Section 3.2(a)(vi) shall be taken to relieve the Trust
Guarantee Trustee, upon the occurrence of an Event of Default, of its
obligation to exercise the rights and powers vested in it by this Trust
Guarantee.

 

(vii)         The
Trust Guarantee Trustee shall not be bound to make any investigation into the
facts or matters stated in any resolution, certificate, statement, instrument,
opinion, report, notice, request, direction, consent, order, bond, debenture,
note, other evidence of indebtedness or other paper or document, but the Trust
Guarantee Trustee, in its discretion, may make such further inquiry or
investigation into such facts or matters as it may see fit.

 

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

 

(ix)           Any
action taken by the Trust Guarantee Trustee or its agents hereunder shall bind
the Holders, and the signature of the Trust Guarantee Trustee or its agents
alone shall be sufficient and effective to perform any such action. No third
party shall be required to inquire as to the authority of the Trust Guarantee
Trustee to so act or as to its compliance with any of the terms and provisions
of this Trust Guarantee, both of which shall be conclusively evidenced by the
Trust Guarantee Trustee or its agent taking such action.

 

(x)            Whenever
in the administration of this Trust Guarantee the Trust Guarantee Trustee shall
deem it desirable to receive instructions with respect to enforcing any remedy
or right or taking any other action hereunder, the Trust Guarantee Trustee (i)
may request instructions from the Holders of a Majority in Liquidation Amount
of the Trust Preferred Securities, (ii) may refrain from enforcing such remedy
or right or taking such other until such instructions are received, and (iii)
shall be protected in conclusively relying on or acting in accordance with such
instructions.

 

(b)           No provision of this Trust Guarantee
shall be deemed to impose any duty or obligation on the Trust Guarantee 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 the Trust Guarantee Trustee shall be unqualified or incompetent in
accordance with applicable law, to perform any such act or acts or to exercise any
such right, 

 

9

 

power, duty or obligation. No
permissive power or authority available to the Trust Guarantee Trustee shall be
construed to be a duty.

 

SECTION 3.3.                                          Not
Responsible for Recitals or Issuance of Trust Guarantee

 

The recitals contained in this Trust
Guarantee shall be taken as the statements of the Guarantor, and the Trust
Guarantee Trustee does not assume any responsibility for their correctness. The
Trust Guarantee Trustee makes no representations as to the validity or
sufficiency of this Trust Guarantee.

 

ARTICLE IV

TRUST GUARANTEE TRUSTEE

 

SECTION 4.1.                                          Trust
Guarantee Trustee; Eligibility

 

(a)           There shall be at all times a Trust
Guarantee Trustee which shall:

 

(i)            not
be an Affiliate of the Guarantor; and

 

(ii)           be
a corporation organized and doing business under the laws of the United States
of America or any state or territory thereof or of the District of Columbia, or
a corporation or Person permitted by the Securities and Exchange Commission to
act as an institutional trustee under the Trust Indenture Act, authorized under
such laws to exercise corporate trust powers, having a combined capital and
surplus of at least $50,000,000, and subject to supervision or examination by
federal, state, territorial or District of Columbia authority. If such
corporation publishes reports of condition at least annually, pursuant to law
or to the requirements of the supervising or examining authority referred to
above, then, for the purposes of this Section 4.1(a)(ii), 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.

 

(b)           If at any time the Trust Guarantee
Trustee shall cease to be eligible to so act under Section 4.1(a), the Trust
Guarantee Trustee shall immediately resign in the manner and with the effect
set out in Section 4.2(c).

 

(c)           If the Trust Guarantee Trustee has or
shall acquire any “conflicting interest” within the meaning of Section 310(b)
of the Trust Indenture Act, the Trust Guarantee Trustee and Guarantor shall in
all respects comply with the provisions of Section 310(b) of the Trust
Indenture Act.

 

SECTION 4.2.                                          Appointment,
Removal and Resignation of Trust Guarantee Trustee

 

(a)           Subject to Section 4.2(b), unless an
Event of Default shall have occurred and be continuing, the Trust Guarantee
Trustee may be appointed or removed with or without cause at any time by the
Guarantor.

 

(b)           The Trust Guarantee Trustee shall not
be removed in accordance with Section 4.2(a) until a Successor Trust Guarantee
Trustee has been appointed and has accepted 

 

10

 

such appointment by written
instrument executed by such Successor Trust Guarantee Trustee and delivered to
the Guarantor.

 

(c)           The Trust Guarantee Trustee appointed
to office shall hold office until a Successor Trust Guarantee Trustee shall
have been appointed or until its removal or resignation. The Trust Guarantee
Trustee may resign from office (without need for prior or subsequent
accounting) by an instrument in writing executed by the Trust Guarantee Trustee
and delivered to the Guarantor, which resignation shall not take effect until a
Successor Trust Guarantee Trustee has been appointed and has accepted such
appointment by instrument in writing executed by such Successor Trust Guarantee
Trustee and delivered to the Guarantor and the resigning Trust Guarantee
Trustee.

 

(d)           If no Successor Trust Guarantee
Trustee shall have been appointed and accepted appointment as provided in this
Section 4.2 within 60 days after delivery to the Guarantor of an instrument of
removal or resignation, the removed or resigning Trust Guarantee Trustee may
petition any court of competent jurisdiction for appointment of a Successor
Trust Guarantee Trustee. Such court may thereupon, after prescribing such
notice, if any, as it may deem proper, appoint a Successor Trust Guarantee
Trustee.

 

(e)           No Trust Guarantee Trustee shall be
liable for the acts or omissions to act of any Successor Trust Guarantee
Trustee.

 

(f)            Upon termination of this Trust
Guarantee or removal or resignation of the Trust Guarantee Trustee pursuant to
this Section 4.2, the Guarantor shall pay to the Trust Guarantee Trustee all
amounts owing for fees and reimbursement of expenses that have accrued to the
date of such termination, removal or resignation.

 

ARTICLE V

GUARANTEE

 

SECTION 5.1.                                          Guarantee

 

The Guarantor irrevocably and unconditionally
agrees to pay in full to the Holders the Guarantee Payments (without
duplication of amounts theretofore paid by the Trust), if, as and when due,
regardless of any defense, right of set-off or counterclaim that the Trust may
have or assert. The Guarantor’s obligation to make a Guarantee Payment may be
satisfied by direct payment of the required amounts by the Guarantor to the
Holders or by causing the Trust to pay such amounts to the Holders.

 

SECTION 5.2.                                          Waiver
of Notice and Demand

 

The Guarantor hereby waives notice of
acceptance of this Trust Guarantee and of any liability to which it applies or
may apply, presentment, demand for payment, any right to require a proceeding
first against the Trust or any other Person before proceeding against the
Guarantor, protest, notice of nonpayment, notice of dishonor, notice of
redemption and all other notices and demands.

 

11

 

SECTION 5.3.                                          Obligations
Not Affected

 

The obligations, covenants, agreements and
duties of the Guarantor under this Guarantee shall be absolute and
unconditional and shall remain in full force and effect until the entire
liquidation amount of all outstanding Trust Securities shall have been paid and
such obligation shall in no way be affected or impaired by reason of the
happening from time to time of any event, including without limitation the
following, whether or not with notice to, or the consent of, the Guarantor:

 

(a)           the
release or waiver, by operation of law or otherwise, of the performance or
observance by the Trust of any express or implied agreement, covenant, term or
condition relating to the Trust Securities to be performed or observed by the
Trust;

 

(b)           the
extension of time for the payment by the Trust of all or any portion of the
distributions, Redemption Price, Liquidation Distributions or any other sums
payable under the terms of the Trust Securities or the extension of time for
the performance of any other obligation under, arising out of, or in connection
with, the Trust Securities (other than an extension of time for payment of distributions,
Redemption Price, Liquidation Distributions or other sum payable that results
from the deferral of any interest payment on the Securities permitted by the
Indenture);

 

(c)           any
failure, omission, delay or lack of diligence on the part of the Property
Trustee or the Holders to enforce, assert or exercise any right, privilege,
power or remedy conferred on the Property Trustee or the Holders pursuant to
the terms of the Trust Securities, or any action on the part of the Trust
granting indulgence or extension of any kind;

 

(d)           the
voluntary or involuntary liquidation, dissolution, sale of any collateral,
receivership, insolvency, bankruptcy, assignment for the benefit of creditors,
reorganization, arrangement, composition or readjustment of debt of, or other
similar proceedings affecting, the Trust or any of the assets of the Trust;

 

(e)           any
invalidity of, or defect or deficiency in, the Trust Securities;

 

(f)            the
settlement or compromise of any obligation guaranteed hereby or hereby
incurred; or

 

(g)           any
other circumstance whatsoever that might otherwise constitute a legal or
equitable discharge or defense of a guarantor, it being the intent of this
Section 5.3 that the obligations of the Guarantor hereunder shall be absolute
and unconditional under any and all circumstances.

 

There shall be no obligation of the Trust
Guarantee Trustee or the Holders to give notice to, or obtain consent of, the
Guarantor or any other Person with respect to the happening of any of the
foregoing.

 

No setoff, counterclaim, reduction or
diminution of any obligation, or any defense of any kind or nature that the
Guarantor has or may have against any Holder shall be available

 

12

 

hereunder to
the Guarantor against such Holder to reduce the payments to it under this
Guarantee.

 

SECTION 5.4.                                          Rights
of Holders

 

(a)           The Holders of a Majority in
Liquidation Amount of the Trust Preferred Securities have the right to direct
the time, method and place of conducting any proceeding for any remedy
available to the Trust Guarantee Trustee in respect of this Trust Guarantee or
to direct the exercise of any trust or power conferred upon the Trust Guarantee
Trustee under this Trust Guarantee.

 

(b)           If the Trust Guarantee Trustee fails
to enforce this Trust Guarantee, then any Holder of Trust Preferred Securities
may, subject to the subordination provisions of Section 6.2, institute a legal
proceeding directly against the Guarantor to enforce the Trust Guarantee
Trustee’s rights under this Trust Guarantee, without first instituting a legal
proceeding against the Trust, the Trust Guarantee Trustee or any other Person
or entity. In addition, if the Guarantor has failed to make a Guarantee
Payment, a Holder may, subject to the subordination provisions of Section 6.2,
directly institute a proceeding against the Guarantor for enforcement of the
Trust Guarantee for such payment to such Holder. The Guarantor hereby waives
any right or remedy to require that any action on this Trust Guarantee be
brought first against the Trust or any other Person or entity before proceeding
directly against the Guarantor.

 

SECTION 5.5.                                          Guarantee
of Payment

 

This Trust Guarantee creates a guarantee of
payment and not of collection.

 

SECTION 5.6.                                          Subrogation

 

The Guarantor shall be subrogated to all (if
any) rights of the Holders of Trust Securities against the Trust in respect of
any amounts paid to such Holders by the Guarantor under this Trust Guarantee; provided,
however, that the Guarantor shall not (except to the extent required by
mandatory provisions of law) be entitled to enforce or exercise any right that
it may acquire by way of subrogation or any indemnity, reimbursement or other
agreement, in all cases as a result of payment under this Trust Guarantee, if,
at the time of any such payment, any amounts are due and unpaid under this
Trust Guarantee. If any amount shall be paid to the Guarantor in violation of
the preceding sentence, the Guarantor agrees to hold such amount in trust for
the Holders and to pay over such amount to the Trust Guarantee Trustee for the
benefit of the Holders.

 

13

 

SECTION 5.7.                                          Independent
Obligations

 

The Guarantor acknowledges that its
obligations hereunder are independent of the obligations of the Trust with
respect to the Trust Securities and that the Guarantor shall be liable as
principal and as debtor hereunder to make Guarantee Payments pursuant to the
terms of this Trust Guarantee notwithstanding the occurrence of any event
referred to in subsections 5.3(a) through 5.3(g), inclusive, hereof.

 

ARTICLE VI

SUBORDINATION

 

SECTION 6.1.                                          Ranking

 

This Trust Guarantee will constitute an
unsecured obligation of the Guarantor and will rank (i) subordinate and junior
in right of payment to all other liabilities of the Guarantor, (ii) on a parity
with the most senior preferred securities or preference stock now or hereafter
issued by the Guarantor and with any guarantee now or hereafter entered into by
the Guarantor in respect of such senior preferred securities or preference
stock of any Affiliate of the Guarantor and (iii) senior to the Guarantor’s
common stock.

 

SECTION 6.2.                                          Subordination
of Common Securities

 

If a Trust Enforcement Event has occurred and is continuing under the
Declaration of Trust, the rights of the holders of the Trust Common Securities
to receive Guarantee Payments hereunder shall be subordinated to the rights of
the Holders of the Trust Preferred Securities to receive Guarantee Payments
under this Trust Guarantee.

 

ARTICLE VII

TERMINATION

 

SECTION 7.1.                                          Termination

 

This Trust Guarantee shall terminate upon (i)
full payment of the Redemption Price of all Trust Securities or (ii) full
payment of the amounts payable in accordance with the Declaration of Trust upon
liquidation of the Trust. Notwithstanding the foregoing, this Trust Guarantee
will continue to be effective or will be reinstated, as the case may be, if at
any time any Holder of Trust Securities must restore payment of any sums paid
under the Trust Securities or under this Trust Guarantee.

 

ARTICLE VIII

INDEMNIFICATION

 

SECTION 8.1.                                          Exculpation

 

(a)           No Indemnified Person shall be
liable, responsible or accountable in damages or otherwise to the Guarantor or
any Covered Person for any loss, damage or claim incurred by reason of any act
or omission performed or omitted by such Indemnified Person in 

 

14

 

good faith in accordance with
this Trust Guarantee and in a manner that such Indemnified Person reasonably
believed to be within the scope of the authority conferred on such Indemnified
Person by this Trust Guarantee or by law, except that an Indemnified Person
shall be liable for any such loss, damage or claim incurred by reason of such
Indemnified Person’s negligence or willful misconduct with respect to such acts
or omissions.

 

(b)           An Indemnified Person shall be fully
protected in relying in good faith upon the records of the Guarantor and upon
such information, opinions, reports or statements presented to the Guarantor by
any Person as to matters the Indemnified Person reasonably believes are within
such other Person’s professional or expert competence and who has been selected
with reasonable care by or on behalf of the Guarantor, including information,
opinions, reports or statements as to the value and amount of the assets,
liabilities, profits, losses, or any other facts pertinent to the existence and
amount of assets from which Distributions to Holders of Trust Securities might
properly be paid.

 

SECTION 8.2.                                          Indemnification

 

The Guarantor agrees to indemnify each
Indemnified Person for, and to hold each Indemnified Person harmless against
any loss, liability or expense incurred without negligence or bad faith on its
part, arising out of or in connection with the acceptance or administration of
the trust or trusts hereunder, including the costs and expenses (including
reasonable legal fees and expenses) of defending itself against, or
investigating, any claim or liability in connection with the exercise or
performance of any of its powers or duties hereunder. The obligation to
indemnify as set forth in this Section 8.2 shall survive the termination of
this Trust Guarantee.

 

ARTICLE IX

MISCELLANEOUS

 

SECTION 9.1.                                          Successors
and Assigns

 

All guarantees and agreements contained in
this Trust Guarantee shall bind the successors, assigns, receivers, trustees
and representatives of the Guarantor and shall inure to the benefit of the
Holders of the Trust Securities then outstanding.

 

SECTION 9.2.                                          Amendments

 

Except with respect to any changes that do
not materially adversely affect the rights of the Holders (in which case no
consent of the Holders will be required), this Trust Guarantee may not be
amended without the prior approval of the Holders of a Majority in Liquidation
Amount of the Trust Preferred Securities voting together as a single class
(excluding any Trust Securities held by the Sponsor or any of its Affiliates). The
provisions of Article XI of the Declaration of Trust with respect to meetings
of Holders of Trust Securities apply to the giving of such approval.

 

15

 

SECTION 9.3.                                          Notices

 

All notices provided for in this Trust
Guarantee shall be in writing, duly signed by the party giving such notice, and
shall be delivered, telecopied or mailed by first class mail, as follows:

 

(a)           If
given to the Trust Guarantee Trustee, at the Trust Guarantee Trustee’s mailing
address set forth below (or such other address as the Trust Guarantee Trustee
may give notice of to the Guarantor and the Holders of the Trust Securities):

 

Law Debenture Trust Company of New York

767 Third Avenue

Thirty-First Floor

New York, New York 10017

Attention: Corporate Trust Administration

Facsimile:
(212) 750-1361

 

(b)           If
given to the Guarantor, at the Guarantor’s mailing address set forth below (or
such other address as the Guarantor may give notice of to the Holders of the
Trust Securities):

 

GMAC Commercial Holding Corp.

200 Witmer Road

Horsham, PA 19044

Attention: Chief Financial Officer

Facsimile:
(215) 328-1316

 

(c)           If
given to any Holder of Trust Securities, at the address set forth on the books
and records of the Trust.

 

All such notices shall be deemed to have been
given when received in person, telecopied with receipt confirmed, or mailed by
first class mail, postage prepaid 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.

 

SECTION 9.4.                                          Benefit

 

This Trust Guarantee is solely for the
benefit of the Holders and, subject to Section 3.1(a), is not separately
transferable from the Trust Securities.

 

SECTION 9.5.                                          Governing
Law

 

THIS TRUST GUARANTEE SHALL BE GOVERNED BY,
AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW
YORK.

 

16

 

THIS TRUST GUARANTEE is executed as of the
day and year first above written.

 

	
   

  	
  GMAC COMMERCIAL HOLDING CORP.,

  
	
   

  	
  as Guarantor

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   /s/
  Catherine M. Jackson

  
	
   

  	
   

  	
  Name:
  Catherine M. Jackson

  
	
   

  	
   

  	
  Title:
  Senior Vice President

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  LAW DEBENTURE TRUST COMPANY OF 

  NEW YORK,

  
	
   

  	
  as Trust Guarantee Trustee

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   /s/
  Patrick J. Healy

  
	
   

  	
   

  	
  Name: Patrick
  J. Healy

  
	
   

  	
   

  	
  Title: Vice
  President

  

 

17

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