Document:

Exhibit
4.5

 

WHEN RECORDED MAIL TO:

Craig W. Stensland

Central Illinois Light Company 

One Ameren Plaza (MC 1310)

1901 Chouteau Avenue

St. Louis, MO 63103

 

INDENTURE

 

BETWEEN

 

CENTRAL ILLINOIS LIGHT COMPANY

 

AND

 

DEUTSCHE BANK TRUST COMPANY AMERICAS,

 

as successor Trustee under Indenture of
Mortgage and Deed of Trust, dated as of April 1, 1933, between Illinois
Power Company and Bankers Trust Company (predecessor of Deutsche Bank Trust
Company Americas), as Trustee, as amended and supplemented by Indenture between
the same parties, dated as of June 30, 1933, and as amended, supplemented
and assumed by Indenture dated as of July 1, 1933, between Central
Illinois Light Company and Bankers Trust Company (predecessor of Deutsche Bank
Trust Company Americas), as Trustee, and as amended and supplemented by various
Indentures between the same parties bearing subsequent dates.

 

Dated as of December 1, 2008

 

This instrument was prepared by Steven R.
Sullivan, Senior Vice President, General Counsel and Secretary of Central
Illinois Light Company c/o Ameren Corporation, One Ameren Plaza, 1901
Chouteau Avenue, St. Louis, Missouri 63103.

 

 

INDENTURE dated as of the 1st day of December, 2008 (hereinafter
sometimes referred to as this “Supplemental Indenture”), between CENTRAL
ILLINOIS LIGHT COMPANY, a
corporation of the State of Illinois hereinafter sometimes called the “Company”),
party of the first part, and Deutsche Bank Trust Company Americas, a
corporation of the State of New York, as successor Trustee (hereinafter sometimes
called the “Trustee”), party of the second part, under the Indenture of
Mortgage and Deed of Trust between Illinois Power Company and Bankers Trust
Company (predecessor of Deutsche Bank Trust Company Americas), as Trustee,
dated as of April 1, 1933, as amended and supplemented by Indenture
between said Illinois Power Company and said Bankers Trust Company (predecessor
of Deutsche Bank Trust Company Americas), dated as of June 30, 1933, and
as amended, supplemented and assumed by Indenture between the Company and said
Bankers Trust Company (predecessor of Deutsche Bank Trust Company Americas),
dated as of July 1, 1933, and as amended and supplemented by various
Indentures between the Company and said Bankers Trust Company (predecessor of
Deutsche Bank Trust Company Americas) bearing subsequent dates (said Indenture
of Mortgage and Deed of Trust as amended, supplemented and assumed being
hereinafter sometimes referred to as the “Indenture”).

 

WHEREAS, the Indenture provides for the issuance of bonds thereunder in one or
more series, the form of which series of bonds to be substantially in the form
set forth therein with such insertions, omissions and variations as the Board
of Directors of the Company may determine; and

 

WHEREAS, the
Company, by appropriate corporate action in conformity with the terms of the
Indenture, has duly determined to create a series of bonds under the Indenture
to be designated, respectively, as “First Mortgage Bonds, Senior Notes Series CC”
(the “bonds of the Thirty-Third Series”), the bonds of such series are
to be issued as registered bonds without coupons and are to bear interest as
specified in the form of bond of the bonds of the Thirty-Third Series set
forth below and are to mature, subject to prior acceleration and redemption, on
December 15, 2013; and

 

WHEREAS,
the Company has entered into an Indenture dated as of June 1, 2006 (the “Senior
Note Indenture”) with The Bank of New York Mellon Trust Company, N.A., as
trustee (the “Senior Note Trustee”), providing for the issuance from
time to time of senior notes thereunder; and

 

WHEREAS,
the Company desires by this Supplemental Indenture to issue to the Senior Note
Trustee the bonds of the Thirty-Third Series as security for $150,000,000
aggregate principal amount of the Company’s 8.875% Senior Secured Notes due
2013 (the “Senior Notes”) to be issued under the Senior Note Indenture; and

 

WHEREAS, the definitive registered bonds without coupons of the bonds of the
Thirty-Third Series (certain of the provisions of which may be printed on
the reverse side thereof) and the Trustee’s certificate of authentication to be
borne by such bonds are to be substantially in the following forms,
respectively:

 

 

[GENERAL FORM OF
REGISTERED BOND OF THE THIRTY-THIRD SERIES]

 

	
  No.

  	
  $

  	
   

  

 

NOTWITHSTANDING ANY PROVISIONS HEREOF OR IN
THE INDENTURE THIS BOND IS NOT

ASSIGNABLE OR TRANSFERABLE EXCEPT AS PERMITTED OR REQUIRED BY SECTION 4.04
OF THE

INDENTURE DATED AS OF JUNE 1, 2006, BETWEEN CENTRAL ILLINOIS LIGHT COMPANY AND
THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., AS TRUSTEE

 

CENTRAL ILLINOIS LIGHT
COMPANY

 

FIRST MORTGAGE BONDS, SENIOR NOTES

SERIES CC

 

Illinois Commerce Commission

Identification Nos.:  Ill.  C.C. 
6479, 6504 and 6506

 

CENTRAL ILLINOIS LIGHT COMPANY, a corporation of the State of Illinois
(hereinafter called the “Company”), for value received, hereby promises
to pay to The Bank of New York Mellon Trust Company, N.A., as trustee under the
Senior Note Indenture hereinafter referred to, or registered assigns, on December 15,
2013, subject to prior redemption, One Hundred and Fifty Million Dollars in
lawful money of the United States of America, and to pay to the registered
owner hereof interest thereon in lawful money of the United States of America
at the rate of 8.875% per annum from the same dates set forth in the Senior
Notes (as defined herein).  Interest on
overdue principal, premium, if any, and, to the extent permitted by law, on
overdue interest, shall be payable at the interest rate payable on the Senior
Notes.  Interest on this bond is payable
on the same dates as interest on the Senior Notes, or, if this bond shall be
duly called for redemption, until the redemption date, or if the Company shall
default in the payment of the principal hereof, until the Company’s obligation
to pay principal shall be discharged as provided in the Mortgage (hereinafter
mentioned) is paid, until the principal sum is paid in full.  The principal of, premium, if any, and
interest on, this bond are payable, in immediately available funds, at the
office of the Senior Note Trustee hereinafter referred to.

 

Under an Indenture dated as of June 1, 2006 (the “Senior Note Indenture”)
between the Company and The Bank of New York Mellon Trust Company, N.A., as
trustee (the “Senior Note Trustee”), the Company will issue,
concurrently with the issuance of this bond, an issue of notes under the Senior
Note Indenture entitled “8.875% Senior Secured Notes due 2013” in the aggregate
principal amount of $150,000,000 (the “Senior Notes”).  Pursuant to Article IV of the Senior
Note Indenture, this bond is issued to the Senior Note Trustee to secure any
and all obligations of the Company under the Senior Notes and any other series
of senior notes from time to time outstanding under the Senior Note Indenture.  Payment of principal of, or premium, if any,
or interest on, the Senior Notes shall constitute payments on this bond as
further provided herein and in the Indenture dated as of December 1,
2008 pursuant to which this bond
has been issued (the “Supplemental Indenture”).

 

Upon any payment of the principal of, premium, if any, and interest on,
all or any portion of the Senior Notes, whether at maturity or prior to
maturity by redemption or otherwise or upon 

 

2

 

provision for the payment thereof having been made in accordance with Section 5.01(a) of
the Senior Note Indenture, a principal amount of this bond equal to the
principal amount of such Senior Notes shall, to the extent of such payment of
principal, premium, if any, and interest, be deemed paid and the obligation of
the Company thereunder to make such payment shall be discharged to such extent
and, in the case of the payment of principal (and premium, if any), such bonds
shall be surrendered to the Company for cancellation as provided in Section 4.08
of the Senior Note Indenture.  The
Trustee (defined below) may at any time and all times conclusively assume that
the obligation of the Company to make payments with respect to the principal
of, premium, if any, and interest on, the Senior Notes, so far as such payments
at the time have become due, has been fully satisfied and discharged pursuant
to the foregoing sentence unless and until the Trustee shall have received a
written notice from the Senior Note Trustee signed by one of its officers
stating (i) that timely payment of principal of, premium, if any, or
interest on, the Senior Notes has not been made, (ii) that the Company is
in arrears as to the payments required to be made by it to the Senior Note
Trustee pursuant to the Senior Note Indenture, and (iii) the amount of the
arrearage.

 

For purposes of Section 4.09 of the Senior Note Indenture, this
bond shall be deemed to be the “Related Series of Senior Note First
Mortgage Bonds” in respect of the Senior Notes.

 

This bond is one of an issue of bonds of the Company, issuable in
series, and is one of a series known as its First Mortgage Bonds of the series
designated in its title, all issued and to be issued under and equally secured
(except as to any sinking fund established in accordance with the provisions of
the Mortgage (defined below) for the bonds of any particular series) by an
Indenture of Mortgage and Deed of Trust dated as of April 1, 1933,
executed by Illinois Power Company to Bankers Trust Company (predecessor of
Deutsche Bank Trust Company Americas) or its successor (hereinafter sometimes
referred to as the “Trustee”) as Trustee, as amended by Indenture dated
as of June 30, 1933, as assumed by the Company and as amended and
supplemented by Indentures between the Company and the Trustee bearing
subsequent dates, including the Supplemental Indenture (all of which indentures
are herein collectively called the “Mortgage”), to which reference is
made for a description of the property mortgaged and pledged, the nature and
extent of the security, the rights of the holders of the bonds in respect
thereof and the terms and conditions upon which the bonds are secured.

 

The principal hereof may be declared or may become due on the
conditions, with the effect, in the manner and at the time set forth in the
Mortgage, upon the occurrence of a completed default as in the Mortgage
provided.

 

This bond is not redeemable except on the date, in the principal amount
and for the redemption price that correspond to the redemption date for, the
principal amount to be redeemed of, and the redemption price for, the Senior
Notes, and except upon written demand of the Senior Note Trustee following the
occurrence of an event of default under the Senior Note Indenture and the
acceleration of the Senior Notes, as provided in Section 8.01 of the
Senior Note Indenture.

 

In the manner and upon payment of the charges prescribed in the
Mortgage, registered bonds without coupons of this series may be exchanged for
a like aggregate principal amount of fully registered bonds of other authorized
denominations of the same series, upon presentation 

 

3

 

and surrender thereof, for cancellation, to the Trustee at its
principal office in the Borough of Manhattan, The City of New York, New York.

 

This bond shall not be assignable or transferable except as permitted
or required by Section 4.04 of the Senior Note Indenture.  Subject to the restriction on transfer of
this bond hereinbefore set forth, this bond is transferable as prescribed in
the Mortgage by the registered owner hereof in person, or by his duly
authorized attorney, at the office or agency of the Company in the Borough of
Manhattan, The City of New York, New York, upon surrender and cancellation of this
bond, and, thereupon, a new fully registered bond of the same series for a like
principal amount will be issued to the transferee in exchange therefor as
provided in the Mortgage, and upon payment, if the Company shall require it, of
the charges therein prescribed.

 

No recourse shall be had for the payment of the principal of, premium,
if any, or interest on this bond against any incorporator or any past, present
or future subscriber to the capital stock, stockholder, officer or director of
the Company or of any predecessor or successor corporation, either directly or
through the Company or any predecessor or successor corporation, under any rule of
law, statute or constitution or by the enforcement of any assessment or
otherwise, all such liability of incorporators, subscribers, stockholders,
officers and directors being released by the holder or owner hereof by the
acceptance of this bond and being likewise waived and released by the terms of
the Mortgage.

 

This bond shall not become obligatory until Deutsche Bank Trust Company
Americas, the Trustee under the Mortgage, or its successor thereunder, shall
have signed the form of certificate endorsed hereon.

 

4

 

IN WITNESS WHEREOF, CENTRAL ILLINOIS LIGHT COMPANY has caused this bond
to be signed in its name by its President or a Vice President by a facsimile of
his signature and a facsimile of its corporate seal to be printed hereon,
attested by its Secretary or an Assistant Secretary by a facsimile of his signature.

 

 

Dated:

 

 

	
   

  	
  CENTRAL ILLINOIS LIGHT COMPANY

  
	
   

  	
   

  
	
  [SEAL]

  	
  By

  	
   

  
	
   

  	
   

  	
  President

  
	
   

  	
   

  
	
  Attest:

  	
   

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Assistant Secretary

  	
   

  
				

 

[FORM OF
TRUSTEE’S CERTIFICATE]

 

This bond is one of the bonds of the series designated therein,
described in the within mentioned Mortgage.

 

	
   

  	
  DEUTSCHE BANK TRUST
  COMPANY AMERICAS, 

  as Trustee

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By Deutsche Bank National
  Trust Company

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By

  	
   

  
	
   

  	
   

  	
  Authorized Officer

  

 

WHEREAS, all things necessary to make the bonds
of the Thirty-Third Series, when authenticated by the Trustee and issued as in
the Indenture provided, the valid, binding and legal obligations of the
Company, entitled in all respects to the security of the Indenture, have been
done and performed, and the creation, execution and delivery of this
Supplemental Indenture have in all respects been duly authorized; and

 

WHEREAS, the Company and the Trustee deem it
advisable to enter into this Supplemental Indenture for the purpose of
describing the bonds of the Thirty-Third Series, and of providing the terms and
conditions of redemption thereof;

 

NOW, THEREFORE, THIS SUPPLEMENTAL
INDENTURE WITNESSETH:  That Central Illinois Light
Company, in consideration of the premises and of one dollar to it duly paid by
the Trustee at or before the unsealing and delivery of these presents, the
receipt whereof is hereby 

 

5

 

acknowledged, and of the purchase and acceptance of the bonds issued or
to be issued hereunder by the holders or registered owners thereof, and in
order to secure the payment both of the principal and interest of all bonds at
any time issued and outstanding under the Indenture, according to their tenor
and effect, and the performance of all of the provisions of the Indenture and
of said bonds, hath granted, bargained, sold, released, conveyed, assigned,
transferred, pledged, set over and confirmed and by these presents doth grant,
bargain, sell, release, convey, assign, transfer, pledge, set over and confirm
unto Deutsche Bank Trust Company Americas, as Trustee, and to its successor or
successors in said trust, and to it and their assigns forever, all the
properties of the Company located in the State of Illinois described in
Schedule A (which is identified by the signature of an officer of each party
hereto at the end thereof) hereto annexed and made a part hereof.

 

And all other property, real, personal and mixed, tangible and
intangible of the character described in the granting clauses of the aforesaid
Indenture of Mortgage and Deed of Trust dated as of April 1,1933 or in any
indenture supplemental thereto acquired by the Company on or after the date of
the execution and delivery of said Indenture of Mortgage and Deed of Trust
(except any in said Indenture of Mortgage and Deed of Trust or in any indenture
supplemental thereto expressly excepted) now owned or hereafter acquired by the
Company and wheresoever situated.

 

TOGETHER WITH all and singular the tenements,
hereditaments and appurtenances belonging or in any wise appertaining to the
aforesaid property or any part thereof, with the reversion and reversions,
remainder and remainders and (subject to the provisions of Article XI of
the Indenture) the tolls, rents, revenues, issues, earnings, income, product
and profits thereof, and all the estate, right, title and interest and claim
whatsoever, at law as well as in equity, which the Company now has or may
hereafter acquire in and to the aforesaid property and franchises and every
part and parcel thereof.

 

TO HAVE AND TO HOLD all such properties, real, personal and
mixed, mortgaged, pledged or conveyed by the Company as aforesaid, or intended
so to be, unto the Trustee and its successors and assigns forever.

 

IN TRUST, NEVERTHELESS, upon the terms and trusts of the
Indenture, for those who shall hold the bonds and coupons issued and to be
issued thereunder, or any of them, without preference, priority or distinction
as to lien of any of said bonds and coupons over any others thereof by reason
of priority in the time of the issue or negotiation thereof, or otherwise
howsoever, subject, however, to the provisions in reference to extended,
transferred or pledged coupons and claims for interest set forth in the
Indenture (and subject to any, sinking funds that may be created for the
benefit of any particular series).

 

PROVIDED, HOWEVER and these presents are upon the
condition that, if the Company, its successors or assigns, shall pay or cause
to be paid, the principal of and interest on said bonds, at the times and in
the manner stipulated therein and herein, and shall keep, perform and observe
all and singular the covenants and promises in said bonds and in the Indenture
expressed to be kept, performed and observed by or on the part of the Company,
then this Supplemental Indenture and the estate and rights hereby granted shall
cease, determine and be void, otherwise to be and remain in full force and
effect.

 

6

 

IT IS HEREBY COVENANTED, DECLARED AND AGREED by the Company that all such bonds and
coupons, if any, are to be issued, authenticated and delivered, and that all
property subject or to become subject hereto is to be held, subject to the
further covenants, conditions, uses and trusts in the Indenture set forth, and
the Company, for itself and its successors and assigns, does hereby covenant
and agree to and with the Trustee and its successor or successors in such
trust, for the benefit of those who shall hold said bonds and interest coupons,
or any of them, as follows:

 

Section 1.               The bonds of the Thirty-Third Series shall
mature, subject to prior acceleration and redemption, on the date appearing in
the form of each such bond hereinbefore set forth, shall (subject to the
provisions of Section 2 hereof) bear interest at the same rate of interest
as the Senior Notes which interest shall be payable on the same dates as
interest on the Senior Notes until the principal sum is paid in full, shall
accrue interest from the same dates as set forth in the Senior Notes and shall
be designated as the Company’s First Mortgage Bonds of the series hereinbefore
set forth.  Both principal of, premium,
if any, and interest on the bonds shall be payable in lawful money of the
United States of America at the office of the Senior Note Trustee.

 

Definitive bonds of the Thirty-Third Series will be issued, originally
or otherwise, only as registered bonds without coupons in the name of the
Senior Note Trustee under the Senior Note Indenture to secure any and all
obligations of the Company under the Senior Notes, and any other series of
senior notes from time to time outstanding under the Senior Note Indenture; and
they and the Trustee’s certificates of authentication shall be substantially in
the form hereinbefore recited.  In the
manner and upon payment of the charges prescribed in the Indenture, registered
bonds without coupons of the bonds of the Thirty-Third Series may be
exchanged for a like aggregate principal amount of fully registered bonds of
other authorized denominations of the same series, upon presentation and
surrender thereof for cancellation, to the Trustee at its principal office in
the Borough of Manhattan, The City of New York, New York. However,
notwithstanding the provisions of Section 14 of the Indenture, no charge
shall be made upon any transfer or exchange of bonds of said series other than
for any tax or taxes or other governmental charge required to be paid by the
Company.

 

Upon any payment of the principal of, premium, if any, and interest on,
all or any portion of the Senior Notes, whether at maturity or prior to
maturity by redemption or otherwise or upon provision for the payment thereof
having been made in accordance with Section 5.01(a) of the Senior
Note Indenture, a principal amount of the bonds of the Thirty-Third Series equal
to the principal amount of such Senior Notes shall, to the extent of such
payment of principal, premium, if any, and interest, be deemed paid and the
obligation of the Company thereunder to make such payment shall be discharged
to such extent and, in the case of the payment of principal (and premium, if any),
such bonds shall be surrendered to the Company for cancellation as provided in Section 4.08
of the Senior Note Indenture.  The
Trustee (defined below) may at any time and all times conclusively assume that
the obligation of the Company to make payments with respect to the principal
of, premium, if any, and interest on, the Senior Notes, so far as such payments
at the time have become due, has been fully satisfied and discharged pursuant
to the foregoing sentence unless and until the Trustee shall have received a
written notice from the Senior Note Trustee signed by one of its officers
stating (i) that timely payment of principal of, premium, if any, or
interest on, the Senior Notes has not been made, (ii) that the 

 

7

 

Company is in arrears as to the payments required to be made by it to
the Senior Note Trustee pursuant to the Senior Note Indenture, and (iii) the
amount of the arrearage.

 

The bonds of the
Thirty-Third Series are not redeemable except on the date, in the
principal amount and for the redemption price that correspond to the redemption
date for, the principal amount to be redeemed of, and the redemption price for,
the Senior Notes,
and except as set forth below in this Section 1.

 

In the event that
the Company redeems any of the Senior Notes prior to maturity in accordance with the provisions
of the Senior Note Indenture, the Senior Note Trustee shall on the same date
deliver to the Company the bonds of the Thirty-Third Series, as applicable, in
principal amount corresponding to the Senior Notes so redeemed, as provided in Section 4.08 of
the Senior Note Indenture. The Company agrees to give the Trustee notice of any
such redemption of the Senior Notes on or before the date fixed for any such
redemption.

 

Upon the occurrence of an
Event of Default under the Senior Note Indenture (as defined therein) and the
acceleration of the Senior Notes, the bonds of the Thirty-Third Series shall
be redeemable in whole upon receipt by the Trustee of a written demand
(hereinafter called a “Redemption Demand”) from the Senior Note Trustee
stating that there has occurred under the Senior Note Indenture both an Event
of Default and a declaration of acceleration of payment of principal, accrued
interest and premium, if any, on the Senior Notes specifying the last date to
which interest on such Senior Notes has been paid (such date being hereinafter
referred to as the “Initial Interest Accrual Date”) and demanding
redemption of the bonds of the Thirty-Third Series.  The Company waives any right it may have to
prior notice of such redemption under the Indenture.  Upon surrender of the bonds of the
Thirty-Third Series by the Senior Note Trustee to the Trustee, the bonds
of the Thirty-Third series shall be redeemed at a redemption price equal to the
principal amount thereof plus accrued interest thereon from the Initial
Interest Accrual Date to the redemption date; provided, however, that in the
event of a rescission or annulment of acceleration of the Senior Notes pursuant
to the last paragraph of Section 8.01(a) of the Senior Note
Indenture, then any Redemption Demand shall thereby be deemed to be rescinded
by the Senior Note Trustee although no such rescission or annulment shall
extend to or affect any subsequent default or impair any right consequent
thereon.

 

Section 2.               The principal amount of bonds of the
Thirty-Third Series outstanding from time to time shall always be equal to
the principal amount of the Senior Notes, which are outstanding from time to
time under the Senior Note Indenture and to the extent the Senior Note Trustee
holds the bonds of the Thirty-Third Series in excess of such principal
amount, such bonds of the Thirty-Third Series, respectively, shall be deemed
cancelled and retired and no longer outstanding under the Indenture.

 

For purposes of Section 4.09
of the Senior Note Indenture, the bonds of the Thirty-Third Series shall
be deemed to be the “Related Series of Senior Note First Mortgage Bonds”
in respect of the Senior Notes.

 

At any time that a bond of the Thirty-Third Series is surrendered
to the Trustee other than in connection with the redemption thereof, in
connection with the Trustee’s enforcement of rights after a completed default
under the Mortgage or in connection with the exchange of that bond as 

 

8

 

provided in Section 1 hereof, such bond shall be cancelled by the
Trustee and shall be treated for all intents and purposes as if it has never
been issued.  In the event that only a
portion of a bond of the Thirty-Third Series is so surrendered, the
Trustee shall deliver without charge to the Senior Note Trustee a new bond of
the Thirty-Third Series, as applicable, in an aggregate principal amount equal
to the difference between the principal amount of the portion of the bond of
the Thirty-Third Series so surrendered and the principal amount of such
bond prior to such surrender.

 

Section 3.               As supplemented and amended by this
Supplemental Indenture, the Indenture is in all respects ratified and confirmed,
and this Supplemental Indenture and all the terms and conditions herein
contained shall be deemed a part thereof.

 

Section 4.               Except as herein otherwise expressly
provided, no duties, responsibilities or liabilities are assumed, or shall be
construed to be assumed, by the Trustee by reason of this Supplemental
Indenture, other than as set forth in the Indenture as heretofore amended and
supplemented.  The Trustee shall not be
responsible for the recitals herein or in the bonds (other than in the authentication
certificate of the Trustee), all of which are made by the Company solely.

 

Section 5.               This Supplemental Indenture may be
executed in several counterparts, and all such counterparts executed and
delivered, each as an original, shall constitute but one and the same
instrument.

 

Section 6.               The
Company shall provide the Trustee with copies of the Senior Note Indenture and
any amendments thereto as soon as practicable after such Indenture or amendment
is entered into and the Trustee in performing its duties hereunder shall be
entitled to rely on the latest copy of the Senior Note Indenture and any
amendments thereto received from the Company.

 

9

 

IN WITNESS WHEREOF, CENTRAL ILLINOIS LIGHT
COMPANY, party of the first part hereto, and DEUTSCHE
BANK TRUST COMPANY AMERICAS, party of the second part hereto, have
caused these presents to be executed in their respective names by their
respective Presidents or one of their Vice Presidents or one of their Assistant
Vice Presidents and their respective seals to be hereunto affixed and attested
by their respective Secretaries or one of their Assistant Secretaries, all as
of the day and year first above written.

 

 

	
   

  	
  CENTRAL ILLINOIS LIGHT COMPANY

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By

  	
  /s/ Jerre E. Birdsong

  
	
   

  	
   

  	
  Name: Jerre E. Birdsong

  
	
   

  	
   

  	
  Title: Vice President and Treasurer

  

 

[SEAL]

 

 

Attest:

 

	
  /s/ G.L. Waters

  	
   

  
	
  Name: G.L. Waters

  	
   

  
	
  Title: Assistant Secretary

  	
   

  

 

 

	
   

  	
  DEUTSCHE BANK TRUST COMPANY AMERICAS, 

  as Trustee

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By Deutsche Bank National Trust Company

  
	
   

  	
   

  
	
   

  	
  By

  	
  /s/ Irina Golovashchuk

  
	
   

  	
    Name: Irina Golovashchuk

  
	
   

  	
    Title: Assistant Vice President

  
	
   

  	
   

  
	
   

  	
  By

  	
  /s/ Kenneth R. Ring

  
	
   

  	
    Name: Kenneth R. Ring

  
	
   

  	
    Title: Vice President

  

 

 

[SEAL]

 

 

Attest:

 

	
    /s/ Cynthia J Powell

  	
   

  
	
  Name: Cynthia J Powell

  
	
  Title: Vice President

  

 

2

 

	
  STATE OF MISSOURI

  	
  )

  
	
   

  	
  ) SS

  
	
  CITY OF ST. LOUIS

  	
  )

  

 

I, Debra K. Patterson, a Notary Public, do hereby certify that Jerre E.
Birdsong, Vice President and Treasurer of CENTRAL
ILLINOIS LIGHT COMPANY, a corporation organized and existing under
the laws of the State of Illinois, and G.L. Waters, Assistant Secretary of said
corporation, who are both personally known to me to be the same persons whose
names are subscribed to the foregoing instrument as such officers,
respectively, of said corporation, and who are both personally known to me to
be such officers, appeared before me this day in person and severally
acknowledged that they signed, sealed and delivered said instrument as their
free and voluntary act as such officers, and as the free and voluntary act of
said corporation, for the uses and purposes therein set forth.

 

Given under my hand and official seal this 24th day of November, 2008,
in the City and State aforesaid.

 

 

	
   

  	
    /s/ Debra K. Patterson

  
	
   

  	
  Notary Public

  

 

(NOTARIAL SEAL)

 

 

Debra K. Patterson – Notary Public

Notary Seal, State of

Missouri – St. Louis County

Commission #08482293

My Commission Expires 10/31/2012

 

 

	
  State of New Jersey

  	
  )

  
	
   

  	
  ) SS

  
	
  County of Union

  	
  )

  

 

I, Jeffrey Schoenfeld, a Notary Public in and for Union County in the
State of New Jersey, do hereby certify that:

 

Irina Golovashchuk, an Assistant Vice President of DEUTSCHE BANK NATIONAL TRUST COMPANY, signing on behalf of DEUTSCHE
BANK TRUST COMPANY AMERICAS, who are personally known to me to be the same
persons whose names are subscribed to the foregoing instrument as such
officers, respectively, of said corporation, and who are personally known to me
to be such officers, appeared before me this day in person and severally
acknowledged that they signed, sealed and delivered said instrument as their
free and voluntary act as such officers, and as the free and voluntary act of
said corporation, for the uses and purposes therein set forth.

 

Given under my hand and official seal this 24th day of November, 2008.

 

 

	
   

  	
   /s/ Jeffrey Schoenfeld

  
	
   

  	
  Notary Public

  

 

(NOTARIAL SEAL)

 

 

Jeffrey Schoenfeld

Notary Public

New Jersey

My Commission expires 08-17-2012

 

 

SCHEDULE
A

 

DETAILED
DESCRIPTION OF ADDITIONAL PROPERTIES

 

PARCEL 1

 

A PART OF THE
NORTHEAST QUARTER OF SECTION 25, TOWNSHIP 22 NORTH, RANGE 5 WEST OF THE
THIRD PRINCIPAL MERIDIAN, MALONE TOWNSHIP, TAZEWELL COUNTY, ILLINOIS, MORE
PARTICULARLY DESCRIBED AS FOLLOWS: 
COMMENCING AT THE SOUTHEAST CORNER OF SAID NORTHEAST QUARTER, THENCE
NORTH 1 DEGREE 19 MINUTES 22 SECONDS WEST 16.50 FEET ALONG THE EAST LINE OF
SAID NORTHEAST QUARTER TO THE NORTH LINE OF THE SOUTH ONE ROD OF SAID NORTHEAST
QUARTER AND THE POINT OF BEGINNING.  FROM
SAID POINT OF BEGINNING, THENCE SOUTH 88 DEGREES 26 MINUTES 05 SECONDS WEST
2610.62 FEET ALONG SAID NORTH LINE TO THE WEST LINE OF SAID NORTHEAST QUARTER;
THENCE  01 DEGREE 29 MINUTES 14 SECONDS
WEST 1015.64 FEET ALONG SAID WEST LINE; THENCE NORTH 88 DEGREES 30 MINUTES 46
SECONDS EAST 353.70 FEET; THENCE SOUTH 01 DEGREE 29 MINUTES 14 SECONDS EAST
633.78 FEET; THENCE SOUTH 88 DEGREES 30 MINUTES 46 SECONDS WEST 303.70 FEET TO
A POINT 50 FEET NORMALLY DISTANT EAST OF SAID WEST LINE; THENCE SOUTH 01 DEGREE
29 MINUTES 14 SECONDS EAST 296.73 FEET ALONG A LINE PARALLEL WITH SAID WEST
LINE TO A POINT OF CURVATURE; THENCE SOUTHEAST 70.75 FEET ALONG THE ARC OF A
CURVE CONCAVE TO THE NORTHEAST WITH A RADIUS OF 45.00 FEET AND THE 63.68 FOOT
CHORD OF SAID ARC BEARS SOUTH 46 DEGREES 31 MINUTES 35 SECONDS EAST TO A POINT
OF TANGENCY BEING 40 FEET NORMALLY DISTANT NORTH OF SAID NORTH LINE; THENCE
NORTH 88 DEGREES 26 MINUTES 05 SECONDS EAST 2515.67 FEET ALONG A LINE PARALLEL
WITH SAID NORTH LINE TO SAID EAST LINE; THENCE SOUTH 01 DEGREE 19 MINUTES 22
SECONDS EAST 40.00 ALONG SAID EAST LINE TO THE POINT OF BEGINNING AND
CONTAINING 7.95 ACRES, MORE OR LESS OF THE THIRD PRINCIPAL MERIDIAN, TAZEWELL
COUNTY, ILLINOIS.

 

PIN: 20-20-25-200-003

 

PARCEL 2

 

A PART OF
THE WEST HALF OF THE SOUTHWEST QUARTER OF SECTION TWENTY-FIVE (25),
TOWNSHIP TEN (10) NORTH, RANGE SEVEN (7) EAST OF THE FOURTH PRINCIPAL
MERIDIAN, BEING MORE PARTICULARLY DESCRIBED AS FOLLOWS: COMMENCING AT THE
SOUTHWEST CORNER OF THE SOUTHWEST QUARTER OF SAID SECTION 25, THENCE NORTH
89°-59’-36” EAST, (BEARING ASSUMED FOR PURPOSE OF DESCRIPTION ONLY), ALONG THE
SOUTH LINE OF THE SOUTHWEST QUARTER OF SAID SECTION 25, 335.25 FEET TO THE
SOUTHEAST CORNER OF A 2.983 ACRE TRACT RECORDED IN TRACT SURVEY 39, PAGE 68 IN
THE PEORIA 

 

A-1

 

COUNTY
RECORDERS OFFICE; THENCE NORTH 01°-27’-33” WEST, ALONG THE EAST LINE OF SAID
2.983 ACRE TRACT, 33.01 FEET TO THE NORTH RIGHT OF WAY LINE OF ALTA LANE AND
THE POINT OF BEGINNING OF THE TRACT TO BE DESCRIBED:  FROM THE POINT OF BEGINNING THENCE NORTH
01°-27’-33” WEST, ALONG THE EASTERLY LINE OF SAID 2.983 ACRE TRACT, 299.99
FEET; THENCE NORTH 89°-59’-36” EAST ALONG THE SOUTH LINE OF SAID 2.983 ACRE
TRACT, 224.98 FEET; THENCE SOUTH 01°-27’-33” EAST, 299.99 FEET TO THE NORTH
RIGHT OF WAY LINE OF SAID ALTA LANE; THENCE SOUTH 89°-59’-36” WEST ALONG SAID
NORTH RIGHT OF WAY LINE, 224.98 FEET TO THE POINT OF BEGINNING, SAID TRACT
CONTAINING 1.549 ACRES, MORE OR LESS, SITUATED AND BEING IN PEORIA COUNTY.

 

Part PIN
08-25-300-012

 

PARCEL 3

 

LOTS 20, 21 AND 22 OF
JOHN TAYLOR’S WEST ADDITION TO THE CITY OF SPRINGFIELD, SANGAMON COUNTY,
ILLINOIS; SITUATED IN THE COUNTY OF SANGAMON, IN THE STATE OF ILLINOIS;

 

PIN’s:  14-28-484-047; 14-28-484-048; 14-28-484-049;

 

PARCEL 4

 

LOTS ONE (1), TWO (2),
THREE (3), FOUR(4) AND FIVE (5) OF BULLOCK’S ADDITION TO THE CITY OF
SPRINGFIELD, TOGETHER WITH ALL OF THE APPURTENANCES THEREUNTO BELONGING OR
APPERTAINING; AND ALL RIGHT, TITLE AND INTEREST WHICH GRANTOR OF THE ABOVE
DESCRIBED PREMISES MAY HAVE IN OR TO ANY OR ALL ROADS, STREETS AND WAYS
BOUNDING SAID PREMISES.  SITUATED IN THE COUNTY OF SANGAMON, IN THE STATE
OF ILLINOIS.

 

PIN’s: 
14-33-227-017; 14-33-227-016; 14-33-227-015; 14-33-227-014; 14-33-227-013.

 

PARCEL 5

 

LOTS 8 AND 9 OF BULLOCK’S
ADDITION TO THE CITY OF SPRINGFIELD; SITUATED IN THE CITY OF SPRINGFIELD,
COUNTY OF SANGAMON, AND STATE OF ILLINOIS; BEING A PART OF SECTION 27
IN TOWNSHIP 16N, RANGE 5W;

 

PIN’s: 14-33.0-227-009
and 14-33.0-227-010;

 

A-2EXHIBIT 4.2

 

UST 93

 

WARRANT TO PURCHASE
COMMON STOCK

 

THE SECURITIES REPRESENTED BY THIS INSTRUMENT HAVE NOT BEEN REGISTERED
UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR THE SECURITIES LAWS OF ANY
STATE AND MAY NOT BE TRANSFERRED, SOLD OR OTHERWISE DISPOSED OF EXCEPT
WHILE A REGISTRATION STATEMENT RELATING THERETO IS IN EFFECT UNDER SUCH ACT AND
APPLICABLE STATE SECURITIES LAWS OR PURSUANT TO AN EXEMPTION FROM REGISTRATION
UNDER SUCH ACT OR SUCH LAWS. THIS INSTRUMENT IS ISSUED SUBJECT TO THE RESTRICTIONS
ON TRANSFER AND OTHER PROVISIONS OF A SECURITIES PURCHASE AGREEMENT BETWEEN THE
ISSUER OF THESE SECURITIES AND THE INVESTOR REFERRED TO THEREIN, A COPY OF
WHICH IS ON FILE WITH THE ISSUER. THE SECURITIES REPRESENTED BY THIS INSTRUMENT
MAY NOT BE SOLD OR OTHERWISE TRANSFERRED EXCEPT IN COMPLIANCE WITH SAID
AGREEMENT. ANY SALE OR OTHER TRANSFER NOT IN COMPLIANCE WITH SAID AGREEMENT
WILL BE VOID.

 

WARRANT

to purchase

 

3,035,109

 

Shares of
Common Stock

of East West Bancorp, Inc.

 

Issue Date: December 5, 2008

 

1.             Definitions.  Unless the context otherwise requires, when
used herein the following terms shall have the meanings indicated.

 

“Affiliate”
has the meaning ascribed to it in the Purchase Agreement.

 

“Appraisal
Procedure” means a procedure whereby two independent appraisers, one
chosen by the Company and one by the Original Warrantholder, shall mutually
agree upon the determinations then the subject of appraisal.  Each party shall deliver a notice to the
other appointing its appraiser within 15 days after the Appraisal Procedure is
invoked.  If within 30 days after
appointment of the two appraisers they are unable to agree upon the amount in
question, a third independent appraiser shall be chosen within 10 days thereafter
by the mutual consent of such first two appraisers.  The decision of the third appraiser so
appointed and chosen shall be given within 30 days after the selection of such
third appraiser.  If three appraisers shall

 

1

 

be appointed
and the determination of one appraiser is disparate from the middle
determination by more than twice the amount by which the other determination is
disparate from the middle determination, then the determination of such
appraiser shall be excluded, the remaining two determinations shall be averaged
and such average shall be binding and conclusive upon the Company and the
Original Warrantholder; otherwise, the average of all three determinations
shall be binding upon the Company and the Original Warrantholder.  The costs of conducting any Appraisal
Procedure shall be borne by the Company.

 

“Board of
Directors” means the board of directors of the Company, including
any duly authorized committee thereof.

 

“Business
Combination” means a merger, consolidation, statutory share exchange
or similar transaction that requires the approval of the Company’s
stockholders.

 

“business
day” means any day except Saturday, Sunday and any day on which
banking institutions in the State of New York generally are authorized or
required by law or other governmental actions to close.

 

“Capital
Stock” means (A) with respect to any Person that is a
corporation or company, any and all shares, interests, participations or other
equivalents (however designated) of capital or capital stock of such Person and
(B) with respect to any Person that is not a corporation or company, any
and all partnership or other equity interests of such Person.

 

“Charter”
means, with respect to any Person, its certificate or articles of
incorporation, articles of association, or similar organizational document.

 

“Common
Stock” has the meaning ascribed to it in the Purchase Agreement.

 

“Company”
means the Person whose name, corporate or other organizational form and
jurisdiction of organization is set forth in Item 1 of Schedule A hereto.

 

“conversion”
has the meaning set forth in Section 13(B).

 

“convertible
securities” has the meaning set forth in Section 13(B).

 

“CPP”
has the meaning ascribed to it in the Purchase Agreement.

 

“Exchange
Act” means the Securities Exchange Act of 1934, as amended, or any
successor statute, and the rules and regulations promulgated thereunder.

 

“Exercise
Price” means the amount set forth in Item 2 of Schedule A
hereto.

 

“Expiration
Time” has the meaning set forth in Section 3.

 

“Fair Market
Value” means, with respect to any security or other property, the
fair market value of such security or other property as determined by the Board
of Directors, acting in good faith or, with respect to Section 14, as
determined by the Original Warrantholder acting in good faith.  For so long as the Original Warrantholder
holds this Warrant or any portion 

 

2

 

thereof, it
may object in writing to the Board of Director’s calculation of fair market
value within 10 days of receipt of written notice thereof.  If the Original Warrantholder and the Company
are unable to agree on fair market value during the 10-day period following the
delivery of the Original Warrantholder’s objection, the Appraisal Procedure may
be invoked by either party to determine Fair Market Value by delivering
written notification thereof not later than the 30th day after delivery of the Original Warrantholder’s objection.

 

“Governmental
Entities” has the meaning ascribed to it in the Purchase Agreement.

 

“Initial
Number” has the meaning set forth in Section 13(B).

 

“Issue Date” means the date
set forth in Item 3 of Schedule A hereto.

 

“Market
Price” means, with respect to a particular security, on any given
day, the last reported sale price regular way or, in case no such reported sale
takes place on such day, the average of the last closing bid and ask prices
regular way, in either case on the principal national securities exchange on
which the applicable securities are listed or admitted to trading, or if not
listed or admitted to trading on any national securities exchange, the average
of the closing bid and ask prices as furnished by two members of the Financial
Industry Regulatory Authority, Inc. 
selected from time to time by the Company for that purpose.  “Market Price” shall be determined without
reference to after hours or extended hours trading.  If such security is not listed and traded in
a manner that the quotations referred to above are available for the period
required hereunder, the Market Price per share of Common Stock shall be deemed
to be (i) in the event that any portion of the Warrant is held by the
Original Warrantholder, the fair market value per share of such security as
determined in good faith by the Original Warrantholder or (ii) in all
other circumstances, the fair market value per share of such security as
determined in good faith by the Board of Directors in reliance on an opinion of
a nationally recognized independent investment banking corporation retained by
the Company for this purpose and certified in a resolution to the
Warrantholder.  For the purposes of
determining the Market Price of the Common Stock on the “trading day”
preceding, on or following the occurrence of an event, (i) that trading
day shall be deemed to commence immediately after the regular scheduled closing
time of trading on the New York Stock Exchange or, if trading is closed at an
earlier time, such earlier time and (ii) that trading day shall end at the
next regular scheduled closing time, or if trading is closed at an earlier
time, such earlier time (for the avoidance of doubt, and as an example, if the
Market Price is to be determined as of the last trading day preceding a
specified event and the closing time of trading on a particular day is 4:00 p.m.
and the specified event occurs at 5:00 p.m. on that day, the Market Price
would be determined by reference to such 4:00 p.m. closing price).

 

“Ordinary Cash
Dividends” means a regular quarterly cash dividend on shares of Common
Stock out of surplus or net profits legally available therefor (determined in accordance
with generally accepted accounting principles in effect from time to time), provided that Ordinary Cash Dividends
shall not include any cash dividends paid subsequent to the Issue Date to the
extent the aggregate per share dividends paid on the outstanding Common Stock
in any quarter exceed the amount set forth in Item 4 of Schedule A hereto,
as adjusted for any stock split, stock dividend, reverse stock split,
reclassification or similar transaction.

 

3

 

“Original
Warrantholder” means the United States Department of the
Treasury.  Any actions specified to be
taken by the Original Warrantholder hereunder may only be taken by such Person
and not by any other Warrantholder.

 

“Permitted
Transactions” has the meaning set forth in Section 13(B).

 

“Person”
has the meaning given to it in Section 3(a)(9) of the Exchange Act
and as used in Sections 13(d)(3) and 14(d)(2) of the Exchange Act.

 

“Per Share
Fair Market Value” has the meaning set forth in Section 13(C).

 

“Preferred Shares”
means the perpetual preferred stock issued to the Original Warrantholder on the
Issue Date pursuant to the Purchase Agreement.

 

“Pro Rata
Repurchases” means any purchase of shares of Common Stock by the
Company or any Affiliate thereof pursuant to (A) any tender offer or
exchange offer subject to Section 13(e) or 14(e) of the Exchange
Act or Regulation 14E promulgated thereunder or (B) any other offer
available to substantially all holders of Common Stock, in the case of both (A) or
(B), whether for cash, shares of Capital Stock of the Company, other securities
of the Company, evidences of indebtedness of the Company or any other Person or
any other property (including, without limitation, shares of Capital Stock,
other securities or evidences of indebtedness of a subsidiary), or any
combination thereof, effected while this Warrant is outstanding.  The “Effective
Date” of a Pro Rata Repurchase shall mean the date of acceptance of
shares for purchase or exchange by the Company under any tender or exchange
offer which is a Pro Rata Repurchase or the date of purchase with respect to
any Pro Rata Repurchase that is not a tender or exchange offer.

 

“Purchase
Agreement” means the Securities Purchase Agreement – Standard Terms
incorporated into the Letter Agreement, dated as of the date set forth in
Item 5 of Schedule A hereto, as amended from time to time, between the
Company and the United States Department of the Treasury (the “Letter Agreement”), including all annexes
and schedules thereto.

 

“Qualified
Equity Offering” has the meaning ascribed to it in the Purchase
Agreement.

 

“Regulatory
Approvals” with respect to the Warrantholder, means, to the extent
applicable and required to permit the Warrantholder to exercise this Warrant
for shares of Common Stock and to own such Common Stock without the
Warrantholder being in violation of applicable law, rule or regulation,
the receipt of any necessary approvals and authorizations of, filings and
registrations with, notifications to, or expiration or termination of any
applicable waiting period under, the Hart-Scott-Rodino Antitrust Improvements
Act of 1976, as amended, and the rules and regulations thereunder.

 

“SEC”
means the U.S. Securities and Exchange Commission.

 

“Securities
Act” means the Securities Act of 1933, as amended, or any successor
statute, and the rules and regulations promulgated thereunder.

 

“Shares”
has the meaning set forth in Section 2.

 

4

 

“trading day”
means (A) if the shares of Common Stock are not traded on any national or
regional securities exchange or association or over-the-counter market, a
business day or (B) if the shares of Common Stock are traded on any
national or regional securities exchange or association or over-the-counter
market, a business day on which such relevant exchange or quotation system is
scheduled to be open for business and on which the shares of Common Stock (i) are
not suspended from trading on any national or regional securities exchange or
association or over-the-counter market for any period or periods aggregating
one half hour or longer; and (ii) have traded at least once on the
national or regional securities exchange or association or over-the-counter
market that is the primary market for the trading of the shares of Common
Stock.

 

“U.S. GAAP”
means United States generally accepted accounting principles.

 

“Warrantholder”
has the meaning set forth in Section 2.

 

“Warrant”
means this Warrant, issued pursuant to the Purchase Agreement.

 

2.             Number
of Shares; Exercise Price.  This
certifies that, for value received, the United States Department of the
Treasury or its permitted assigns (the “Warrantholder”)
is entitled, upon the terms and subject to the conditions hereinafter set
forth, to acquire from the Company, in whole or in part, after the receipt of
all applicable Regulatory Approvals, if any, up to an aggregate of the number
of fully paid and nonassessable shares of Common Stock set forth in Item 6
of Schedule A hereto, at a purchase price per share of Common Stock equal to
the Exercise Price.  The number of shares
of Common Stock (the “Shares”)
and the Exercise Price are subject to adjustment as provided herein, and all
references to “Common Stock,” “Shares” and “Exercise Price” herein shall be
deemed to include any such adjustment or series of adjustments.

 

3.             Exercise
of Warrant; Term.  Subject to Section 2,
to the extent permitted by applicable laws and regulations, the right to
purchase the Shares represented by this Warrant is exercisable, in whole or in
part by the Warrantholder, at any time or from time to time after the execution
and delivery of this Warrant by the Company on the date hereof, but in no event
later than 5:00 p.m., New York City time on the tenth anniversary of the
Issue Date (the “Expiration Time”),
by (A) the surrender of this Warrant and Notice of Exercise annexed
hereto, duly completed and executed on behalf of the Warrantholder, at the
principal executive office of the Company located at the address set forth in
Item 7 of Schedule A hereto (or such other office or agency of the Company
in the United States as it may designate by notice in writing to the
Warrantholder at the address of the Warrantholder appearing on the books of the
Company), and (B) payment of the Exercise Price for the Shares thereby
purchased:

 

(i)            by having the
Company withhold, from the shares of Common Stock that would otherwise be
delivered to the Warrantholder upon such exercise, shares of Common stock
issuable upon exercise of the Warrant equal in value to the aggregate Exercise
Price as to which this Warrant is so exercised based on the Market Price of the
Common Stock on the trading day on which this Warrant is exercised and the
Notice of Exercise is delivered to the Company pursuant to this Section 3,
or

 

5

 

(ii)           with the consent of
both the Company and the Warrantholder, by tendering in cash, by certified or
cashier’s check payable to the order of the Company, or by wire transfer of
immediately available funds to an account designated by the Company.

 

If the Warrantholder does not exercise this Warrant in its entirety,
the Warrantholder will be entitled to receive from the Company within a reasonable
time, and in any event not exceeding three business days, a new warrant in
substantially identical form for the purchase of that number of Shares equal to
the difference between the number of Shares subject to this Warrant and the
number of Shares as to which this Warrant is so exercised.  Notwithstanding anything in this Warrant to
the contrary, the Warrantholder hereby acknowledges and agrees that its
exercise of this Warrant for Shares is subject to the condition that the
Warrantholder will have first received any applicable Regulatory Approvals.

 

4.                                       Issuance
of Shares; Authorization; Listing. 
Certificates for Shares issued upon exercise of this Warrant will be
issued in such name or names as the Warrantholder may designate and will be
delivered to such named Person or Persons within a reasonable time, not to
exceed three business days after the date on which this Warrant has been duly
exercised in accordance with the terms of this Warrant.  The Company hereby represents and warrants
that any Shares issued upon the exercise of this Warrant in accordance with the
provisions of Section 3 will be duly and validly authorized and issued,
fully paid and nonassessable and free from all taxes, liens and charges (other
than liens or charges created by the Warrantholder, income and franchise taxes
incurred in connection with the exercise of the Warrant or taxes in respect of
any transfer occurring contemporaneously therewith).  The Company agrees that the Shares so issued
will be deemed to have been issued to the Warrantholder as of the close of
business on the date on which this Warrant and payment of the Exercise Price
are delivered to the Company in accordance with the terms of this Warrant,
notwithstanding that the stock transfer books of the Company may then be closed
or certificates representing such Shares may not be actually delivered on such
date.  The Company will at all times
reserve and keep available, out of its authorized but unissued Common Stock,
solely for the purpose of providing for the exercise of this Warrant, the
aggregate number of shares of Common Stock then issuable upon exercise of this
Warrant at any time.  The Company will (A) procure,
at its sole expense, the listing of the Shares issuable upon exercise of this
Warrant at any time, subject to issuance or notice of issuance, on all
principal stock exchanges on which the Common Stock is then listed or traded
and (B) maintain such listings of such Shares at all times after
issuance.  The Company will use
reasonable best efforts to ensure that the Shares may be issued without
violation of any applicable law or regulation or of any requirement of any
securities exchange on which the Shares are listed or traded.

 

5.                                       No
Fractional Shares or Scrip.  No
fractional Shares or scrip representing fractional Shares shall be issued upon
any exercise of this Warrant.  In lieu of
any fractional Share to which the Warrantholder would otherwise be entitled,
the Warrantholder shall be entitled to receive a cash payment equal to the
Market Price of the Common Stock on the last trading day preceding the date of
exercise less the pro-rated Exercise Price for such fractional share.

 

6

 

6.                                       No
Rights as Stockholders; Transfer Books. 
This Warrant does not entitle the Warrantholder to any voting rights or
other rights as a stockholder of the Company prior to the date of exercise
hereof.  The Company will at no time
close its transfer books against transfer of this Warrant in any manner which
interferes with the timely exercise of this Warrant.

 

7.                                       Charges,
Taxes and Expenses.  Issuance of
certificates for Shares to the Warrantholder upon the exercise of this Warrant
shall be made without charge to the Warrantholder for any issue or transfer tax
or other incidental expense in respect of the issuance of such certificates,
all of which taxes and expenses shall be paid by the Company.

 

8.                                       Transfer/Assignment.

 

(A)          Subject
to compliance with clause (B) of this Section 8, this Warrant and all
rights hereunder are transferable, in whole or in part, upon the books of the
Company by the registered holder hereof in person or by duly authorized
attorney, and a new warrant shall be made and delivered by the Company, of the
same tenor and date as this Warrant but registered in the name of one or more
transferees, upon surrender of this Warrant, duly endorsed, to the office or
agency of the Company described in Section 3.  All expenses (other than stock transfer
taxes) and other charges payable in connection with the preparation, execution
and delivery of the new warrants pursuant to this Section 8 shall be paid
by the Company.

 

(B)           The
transfer of the Warrant and the Shares issued upon exercise of the Warrant are
subject to the restrictions set forth in Section 4.4 of the Purchase Agreement.  If and for so long as required by the
Purchase Agreement, this Warrant shall contain the legends as set forth in
Sections 4.2(a) and 4.2(b) of the Purchase Agreement.

 

9.                                       Exchange
and Registry of Warrant.  This
Warrant is exchangeable, upon the surrender hereof by the Warrantholder to the
Company, for a new warrant or warrants of like tenor and representing the right
to purchase the same aggregate number of Shares.  The Company shall maintain a registry showing
the name and address of the Warrantholder as the registered holder of this
Warrant.  This Warrant may be surrendered
for exchange or exercise in accordance with its terms, at the office of the
Company, and the Company shall be entitled to rely in all respects, prior to
written notice to the contrary, upon such registry.

 

10.                                 Loss,
Theft, Destruction or Mutilation of Warrant.  Upon receipt by the Company of evidence
reasonably satisfactory to it of the loss, theft, destruction or mutilation of
this Warrant, and in the case of any such loss, theft or destruction, upon
receipt of a bond, indemnity or security reasonably satisfactory to the
Company, or, in the case of any such mutilation, upon surrender and
cancellation of this Warrant, the Company shall make and deliver, in lieu of
such lost, stolen, destroyed or mutilated Warrant, a new Warrant of like tenor
and representing the right to purchase the same aggregate number of Shares as
provided for in such lost, stolen, destroyed or mutilated Warrant.

 

11.                                 Saturdays,
Sundays, Holidays, etc.  If the last
or appointed day for the taking of any action or the expiration of any right
required or granted herein shall not be a business day, then such action may be
taken or such right may be exercised on the next succeeding day that is a
business day.

 

7

 

12.                                 Rule 144
Information.  The Company covenants
that it will use its reasonable best efforts to timely file all reports and
other documents required to be filed by it under the Securities Act and the
Exchange Act and the rules and regulations promulgated by the SEC
thereunder (or, if the Company is not required to file such reports, it will,
upon the request of any Warrantholder, make publicly available such information
as necessary to permit sales pursuant to Rule 144 under the Securities
Act), and it will use reasonable best efforts to take such further action as
any Warrantholder may reasonably request, in each case to the extent required
from time to time to enable such holder to, if permitted by the terms of this
Warrant and the Purchase Agreement, sell this Warrant without registration
under the Securities Act within the limitation of the exemptions provided by (A) Rule 144
under the Securities Act, as such rule may be amended from time to time,
or (B) any successor rule or regulation hereafter adopted by the
SEC.  Upon the written request of any
Warrantholder, the Company will deliver to such Warrantholder a written
statement that it has complied with such requirements.

 

13.                                 Adjustments
and Other Rights.  The Exercise Price
and the number of Shares issuable upon exercise of this Warrant shall be
subject to adjustment from time to time as follows; provided, that if more than one subsection of this Section 13
is applicable to a single event, the subsection shall be applied that produces
the largest adjustment and no single event shall cause an adjustment under more
than one subsection of this Section 13 so as to result in duplication:

 

(A)          Stock
Splits, Subdivisions, Reclassifications or Combinations.  If the Company shall (i) declare and pay
a dividend or make a distribution on its Common Stock in shares of Common
Stock, (ii) subdivide or reclassify the outstanding shares of Common Stock
into a greater number of shares, or (iii) combine or reclassify the outstanding
shares of Common Stock into a smaller number of shares, the number of Shares
issuable upon exercise of this Warrant at the time of the record date for such
dividend or distribution or the effective date of such subdivision, combination
or reclassification shall be proportionately adjusted so that the Warrantholder
after such date shall be entitled to purchase the number of shares of Common
Stock which such holder would have owned or been entitled to receive in respect
of the shares of Common Stock subject to this Warrant after such date had this
Warrant been exercised immediately prior to such date.  In such event, the Exercise Price in effect
at the time of the record date for such dividend or distribution or the
effective date of such subdivision, combination or reclassification shall be
adjusted to the number obtained by dividing (x) the product of (1) the
number of Shares issuable upon the exercise of this Warrant before such
adjustment and (2) the Exercise Price in effect immediately prior to the record
or effective date, as the case may be, for the dividend, distribution,
subdivision, combination or reclassification giving rise to this adjustment by (y) the
new number of Shares issuable upon exercise of the Warrant determined pursuant
to the immediately preceding sentence.

 

(B)           Certain
Issuances of Common Shares or Convertible Securities.  Until the earlier of (i) the date on
which the Original Warrantholder no longer holds this Warrant or any portion
thereof and (ii) the third anniversary of the Issue Date, if the Company
shall issue shares of Common Stock (or rights or warrants or other securities
exercisable or convertible into or exchangeable (collectively, a “conversion”) for shares of Common Stock)
(collectively, “convertible securities”)
(other than in Permitted Transactions (as defined below) or a transaction to
which subsection (A) of this Section 13 is applicable) without
consideration or at a 

 

8

 

consideration per share (or having a conversion price
per share) that is less than 90% of the Market Price on the last trading day
preceding the date of the agreement on pricing such shares (or such convertible
securities) then, in such event:

 

(A)          the number of Shares
issuable upon the exercise of this Warrant immediately prior to the date of the
agreement on pricing of such shares (or of such convertible securities) (the “Initial Number”) shall be increased to the
number obtained by multiplying the Initial Number by a fraction (A) the
numerator of which shall be the sum of (x) the number of shares of Common
Stock of the Company outstanding on such date and (y) the number of
additional shares of Common Stock issued (or into which convertible securities
may be exercised or convert) and (B) the denominator of which shall be the
sum of (I) the number of shares of Common Stock outstanding on such date
and (II) the number of shares of Common Stock which the aggregate
consideration receivable by the Company for the total number of shares of
Common Stock so issued (or into which convertible securities may be exercised
or convert) would purchase at the Market Price on the last trading day
preceding the date of the agreement on pricing such shares (or such convertible
securities); and

 

(B)           the Exercise Price
payable upon exercise of the Warrant shall be adjusted by multiplying such
Exercise Price in effect immediately prior to the date of the agreement on
pricing of such shares (or of such convertible securities) by a fraction, the
numerator of which shall be the number of shares of Common Stock issuable upon
exercise of this Warrant prior to such date and the denominator of which shall
be the number of shares of Common Stock issuable upon exercise of this Warrant
immediately after the adjustment described in clause (A) above.

 

For purposes
of the foregoing, the aggregate consideration receivable by the Company in
connection with the issuance of such shares of Common Stock or convertible
securities shall be deemed to be equal to the sum of the net offering price (including
the Fair Market Value of any non-cash consideration and after deduction of any
related expenses payable to third parties) of all such securities plus the
minimum aggregate amount, if any, payable upon exercise or conversion of any
such convertible securities into shares of Common Stock; and “Permitted Transactions” shall mean
issuances (i) as consideration for or to fund the acquisition of
businesses and/or related assets, (ii) in connection with employee benefit
plans and compensation related arrangements in the ordinary course and
consistent with past practice approved by the Board of Directors, (iii) in
connection with a public or broadly marketed offering and sale of Common Stock
or convertible securities for cash conducted by the Company or its affiliates
pursuant to registration under the Securities Act or Rule 144A thereunder
on a basis consistent with capital raising transactions by comparable financial
institutions and (iv) in connection with the exercise of preemptive rights
on terms existing as of the Issue Date. 
Any adjustment made pursuant to this Section 13(B) shall
become effective immediately upon the date of such issuance.

 

(C)           Other
Distributions.  In case the Company
shall fix a record date for the making of a distribution to all holders of
shares of its Common Stock of securities, evidences of indebtedness, assets,
cash, rights or warrants (excluding Ordinary Cash Dividends, dividends of its
Common Stock and other dividends or distributions referred to in Section 13(A)),
in each 

 

9

 

such case, the Exercise Price in effect prior to such
record date shall be reduced immediately thereafter to the price determined by
multiplying the Exercise Price in effect immediately prior to the reduction by
the quotient of (x) the Market Price of the Common Stock on the last
trading day preceding the first date on which the Common Stock trades regular
way on the principal national securities exchange on which the Common Stock is
listed or admitted to trading without the right to receive such distribution,
minus the amount of cash and/or the Fair Market Value of the securities,
evidences of indebtedness, assets, rights or warrants to be so distributed in
respect of one share of Common Stock (such amount and/or Fair Market Value, the
“Per Share Fair Market Value”)
divided by (y) such Market Price on such date specified in clause (x);
such adjustment shall be made successively whenever such a record date is
fixed.  In such event, the number of
Shares issuable upon the exercise of this Warrant shall be increased to the
number obtained by dividing (x) the product of (1) the number of
Shares issuable upon the exercise of this Warrant before such adjustment, and (2) the
Exercise Price in effect immediately prior to the distribution giving rise to
this adjustment by (y) the new Exercise Price determined in accordance
with the immediately preceding sentence. 
In the case of adjustment for a cash dividend that is, or is coincident
with, a regular quarterly cash dividend, the Per Share Fair Market Value would
be reduced by the per share amount of the portion of the cash dividend that
would constitute an Ordinary Cash Dividend. 
In the event that such distribution is not so made, the Exercise Price
and the number of Shares issuable upon exercise of this Warrant then in effect
shall be readjusted, effective as of the date when the Board of Directors
determines not to distribute such shares, evidences of indebtedness, assets,
rights, cash or warrants, as the case may be, to the Exercise Price that would
then be in effect and the number of Shares that would then be issuable upon
exercise of this Warrant if such record date had not been fixed.

 

(D)          Certain
Repurchases of Common Stock.  In case
the Company effects a Pro Rata Repurchase of Common Stock, then the Exercise
Price shall be reduced to the price determined by multiplying the Exercise
Price in effect immediately prior to the Effective Date of such Pro Rata
Repurchase by a fraction of which the numerator shall be (i) the product
of (x) the number of shares of Common Stock outstanding immediately before
such Pro Rata Repurchase and (y) the Market Price of a share of Common
Stock on the trading day immediately preceding the first public announcement by
the Company or any of its Affiliates of the intent to effect such Pro Rata
Repurchase, minus (ii) the aggregate purchase price of the Pro Rata
Repurchase, and of which the denominator shall be the product of (i) the
number of shares of Common Stock outstanding immediately prior to such Pro Rata
Repurchase minus the number of shares of Common Stock so repurchased and (ii) the
Market Price per share of Common Stock on the trading day immediately preceding
the first public announcement by the Company or any of its Affiliates of the
intent to effect such Pro Rata Repurchase. 
In such event, the number of shares of Common Stock issuable upon the
exercise of this Warrant shall be increased to the number obtained by dividing (x) the
product of (1) the number of Shares issuable upon the exercise of this
Warrant before such adjustment, and (2) the Exercise Price in effect
immediately prior to the Pro Rata Repurchase giving rise to this adjustment by (y) the
new Exercise Price determined in accordance with the immediately preceding
sentence.  For the avoidance of doubt, no
increase to the Exercise Price or decrease in the number of Shares issuable
upon exercise of this Warrant shall be made pursuant to this Section 13(D).

 

(E)           Business
Combinations.  In case of any
Business Combination or reclassification of Common Stock (other than a
reclassification of Common Stock referred to in

 

10

 

Section 13(A)), the Warrantholder’s right to
receive Shares upon exercise of this Warrant shall be converted into the right
to exercise this Warrant to acquire the number of shares of stock or other
securities or property (including cash) which the Common Stock issuable (at the
time of such Business Combination or reclassification) upon exercise of this
Warrant immediately prior to such Business Combination or reclassification
would have been entitled to receive upon consummation of such Business Combination
or reclassification; and in any such case, if necessary, the provisions set
forth herein with respect to the rights and interests thereafter of the
Warrantholder shall be appropriately adjusted so as to be applicable, as nearly
as may reasonably be, to the Warrantholder’s right to exercise this Warrant in
exchange for any shares of stock or other securities or property pursuant to
this paragraph.  In determining the kind
and amount of stock, securities or the property receivable upon exercise of
this Warrant following the consummation of such Business Combination, if the
holders of Common Stock have the right to elect the kind or amount of
consideration receivable upon consummation of such Business Combination, then
the consideration that the Warrantholder shall be entitled to receive upon
exercise shall be deemed to be the types and amounts of consideration received
by the majority of all holders of the shares of common stock that affirmatively
make an election (or of all such holders if none make an election).

 

(F)           Rounding
of Calculations; Minimum Adjustments. 
All calculations under this Section 13 shall be made to the nearest
one-tenth (1/10th) of a cent or to the nearest one-hundredth
(1/100th) of a share, as the case may be. 
Any provision of this Section 13 to the contrary notwithstanding,
no adjustment in the Exercise Price or the number of Shares into which this
Warrant is exercisable shall be made if the amount of such adjustment would be
less than $0.01 or one-tenth (1/10th) of a share of Common Stock, but any
such amount shall be carried forward and an adjustment with respect thereto
shall be made at the time of and together with any subsequent adjustment which,
together with such amount and any other amount or amounts so carried forward,
shall aggregate $0.01 or 1/10th of a share of Common Stock, or more.

 

(G)           Timing
of Issuance of Additional Common Stock Upon Certain Adjustments.  In any case in which the provisions of this Section 13
shall require that an adjustment shall become effective immediately after a
record date for an event, the Company may defer until the occurrence of such
event (i) issuing to the Warrantholder of this Warrant exercised after
such record date and before the occurrence of such event the additional shares
of Common Stock issuable upon such exercise by reason of the adjustment
required by such event over and above the shares of Common Stock issuable upon
such exercise before giving effect to such adjustment and (ii) paying to
such Warrantholder any amount of cash in lieu of a fractional share of Common
Stock; provided, however, that the Company upon request
shall deliver to such Warrantholder a due bill or other appropriate instrument
evidencing such Warrantholder’s right to receive such additional shares, and
such cash, upon the occurrence of the event requiring such adjustment.

 

(H)          Completion
of Qualified Equity Offering.  In the
event the Company (or any successor by Business Combination) completes one or
more Qualified Equity Offerings on or prior to December 31, 2009 that
result in the Company (or any such successor ) receiving aggregate gross
proceeds of not less than 100% of the aggregate liquidation preference of the
Preferred Shares (and any preferred stock issued by any such successor to
the Original 

 

11

 

Warrantholder under the CPP), the number of shares of
Common Stock underlying the portion of this Warrant then held by the Original
Warrantholder shall be thereafter reduced by a number of shares of Common Stock
equal to the product of (i) 0.5 and (ii) the number of shares
underlying the Warrant on the Issue Date (adjusted to take into account all
other theretofore made adjustments pursuant to this Section 13).

 

(I)            Other
Events.  For so long as the Original
Warrantholder holds this Warrant or any portion thereof, if any event occurs as
to which the provisions of this Section 13 are not strictly applicable or,
if strictly applicable, would not, in the good faith judgment of the Board of
Directors of the Company, fairly and adequately protect the purchase rights of
the Warrants in accordance with the essential intent and principles of such
provisions, then the Board of Directors shall make such adjustments in the
application of such provisions, in accordance with such essential intent and
principles, as shall be reasonably necessary, in the good faith opinion of the
Board of Directors, to protect such purchase rights as aforesaid.  The Exercise Price or the number of Shares
into which this Warrant is exercisable shall not be adjusted in the event of a
change in the par value of the Common Stock or a change in the jurisdiction of
incorporation of the Company.

 

(J)            Statement
Regarding Adjustments.  Whenever the
Exercise Price or the number of Shares into which this Warrant is exercisable
shall be adjusted as provided in Section 13, the Company shall forthwith
file at the principal office of the Company a statement showing in reasonable
detail the facts requiring such adjustment and the Exercise Price that shall be
in effect and the number of Shares into which this Warrant shall be exercisable
after such adjustment, and the Company shall also cause a copy of such
statement to be sent by mail, first class postage prepaid, to each
Warrantholder at the address appearing in the Company’s records.

 

(K)          Notice
of Adjustment Event.  In the event
that the Company shall propose to take any action of the type described in this
Section 13 (but only if the action of the type described in this Section 13
would result in an adjustment in the Exercise Price or the number of Shares
into which this Warrant is exercisable or a change in the type of securities or
property to be delivered upon exercise of this Warrant), the Company shall give
notice to the Warrantholder, in the manner set forth in Section 13(J),
which notice shall specify the record date, if any, with respect to any such
action and the approximate date on which such action is to take place.  Such notice shall also set forth the facts
with respect thereto as shall be reasonably necessary to indicate the effect on
the Exercise Price and the number, kind or class of shares or other securities
or property which shall be deliverable upon exercise of this Warrant.  In the case of any action which would require
the fixing of a record date, such notice shall be given at least 10 days prior
to the date so fixed, and in case of all other action, such notice shall be
given at least 15 days prior to the taking of such proposed action.  Failure to give such notice, or any defect
therein, shall not affect the legality or validity of any such action.

 

(L)           Proceedings Prior to Any Action Requiring
Adjustment.  As a condition
precedent to the taking of any action which would require an adjustment
pursuant to this Section 13, the Company shall take any action which may
be necessary, including obtaining regulatory, New York Stock Exchange, NASDAQ
Stock Market or other applicable national securities exchange or stockholder
approvals or exemptions, in order that the Company may thereafter validly and legally
issue as fully paid and nonassessable all shares of Common Stock 

 

12

 

that the Warrantholder is entitled to receive upon
exercise of this Warrant pursuant to this Section 13.

 

(M)         Adjustment
Rules.  Any adjustments pursuant to
this Section 13 shall be made successively whenever an event referred to
herein shall occur.  If an adjustment in
Exercise Price made hereunder would reduce the Exercise Price to an amount
below par value of the Common Stock, then such adjustment in Exercise Price
made hereunder shall reduce the Exercise Price to the par value of the Common
Stock.

 

14.                                 Exchange.  At any time following the date on which the
shares of Common Stock of the Company are no longer listed or admitted to trading
on a national securities exchange (other than in connection with any Business
Combination), the Original Warrantholder may cause the Company to exchange all
or a portion of this Warrant for an economic interest (to be determined by the
Original Warrantholder after consultation with the Company) of the Company
classified as permanent equity under U.S. GAAP having a value equal to the Fair
Market Value of the portion of the Warrant so exchanged.  The Original Warrantholder shall calculate
any Fair Market Value required to be calculated pursuant to this Section 14,
which shall not be subject to the Appraisal Procedure.

 

15.                                 No
Impairment.  The Company will not, by
amendment of its Charter or through any reorganization, transfer of assets,
consolidation, merger, dissolution, issue or sale of securities or any other
voluntary action, avoid or seek to avoid the observance or performance of any
of the terms to be observed or performed hereunder by the Company, but will at
all times in good faith assist in the carrying out of all the provisions of
this Warrant and in taking of all such action as may be necessary or
appropriate in order to protect the rights of the Warrantholder.

 

16.                                 Governing
Law.  This Warrant
will be governed by and construed in accordance with the federal law of the
United States if and to the extent such law is applicable, and otherwise in
accordance with the laws of the State of New York applicable to contracts made
and to be performed entirely within such State. 
Each of the Company and the Warrantholder agrees (a) to submit to
the exclusive jurisdiction and venue of the United States District Court for
the District of Columbia for any civil action, suit or proceeding arising out
of or relating to this Warrant or the transactions contemplated hereby, and (b) that
notice may be served upon the Company at the address in Section 20 below
and upon the Warrantholder at the address for the Warrantholder set forth in
the registry maintained by the Company pursuant to Section 9 hereof.  To the extent permitted by applicable law,
each of the Company and the Warrantholder hereby unconditionally waives trial
by jury in any civil legal action or proceeding relating to the Warrant or the
transactions contemplated hereby or thereby.

 

17.                                 Binding
Effect.  This Warrant shall be
binding upon any successors or assigns of the Company.

 

18.                                 Amendments.  This Warrant may be amended and the
observance of any term of this Warrant may be waived only with the written
consent of the Company and the Warrantholder.

 

13

 

19.                                 Prohibited
Actions.  The Company agrees that it
will not take any action which would entitle the Warrantholder to an adjustment
of the Exercise Price if the total number of shares of Common Stock issuable
after such action upon exercise of this Warrant, together with all shares of
Common Stock then outstanding and all shares of Common Stock then issuable upon
the exercise of all outstanding options, warrants, conversion and other rights,
would exceed the total number of shares of Common Stock then authorized by its
Charter.

 

20.                                 Notices.  Any notice, request, instruction or other
document to be given hereunder by any party to the other will be in writing and
will be deemed to have been duly given (a) on the date of delivery if
delivered personally, or by facsimile, upon confirmation of receipt, or (b) on
the second business day following the date of dispatch if delivered by a
recognized next day courier service.  All
notices hereunder shall be delivered as set forth in Item 8 of Schedule A
hereto, or pursuant to such other instructions as may be designated in writing
by the party to receive such notice.

 

21.                                 Entire
Agreement.  This Warrant, the forms
attached hereto and Schedule A hereto (the terms of which are incorporated by
reference herein), and the Letter Agreement (including all documents
incorporated therein), contain the entire agreement between the parties with
respect to the subject matter hereof and supersede all prior and
contemporaneous arrangements or undertakings with respect thereto.

 

[Remainder of page intentionally left blank]

 

14

 

[Form of Notice of
Exercise]

 

	
   

  	
  Date:

  

 

TO:         East West Bancorp, Inc.

 

RE:          Election to Purchase
Common Stock

 

The undersigned, pursuant to the provisions
set forth in the attached Warrant, hereby agrees to subscribe for and purchase
the number of shares of the Common Stock set forth below covered by such
Warrant. The undersigned, in accordance with Section 3 of the Warrant,
hereby agrees to pay the aggregate Exercise Price for such shares of Common
Stock in the manner set forth below. A new warrant evidencing the remaining
shares of Common Stock covered by such Warrant, but not yet subscribed for and
purchased, if any, should be issued in the name set forth below.

 

Number of Shares of Common Stock

 

Method of Payment of Exercise Price (note if cashless exercise pursuant
to Section 3(i) of the Warrant or cash exercise pursuant to Section 3(ii) of
the Warrant, with consent of the Company and the Warrantholder)

 

	
  Aggregate Exercise Price:

  
	
   

  
	
   

  	
  Holder:

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
  Name:

  	
   

  
	
   

  	
  Title:

  	
   

  
						

 

15

 

IN WITNESS WHEREOF, the Company has caused
this Warrant to be duly executed by a duly authorized officer.

 

 

Dated:
December 5, 2008

 

 

	
   

  	
  EAST WEST BANCORP, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Thomas J. Tolda

  
	
   

  	
   

  	
  Name:

  	
  Thomas J. Tolda

  
	
   

  	
   

  	
  Title:

  	
  Executive Vice President and Chief

  Financial Officer

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Attest:

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Douglas P. Krause

  
	
   

  	
   

  	
  Name:

  	
  Douglas P. Krause

  
	
   

  	
   

  	
  Title:

  	
  Executive Vice President, General

  Counsel, and Corporate Secretary

  

 

[Signature Page to
Warrant]

 

16

 

SCHEDULE A

 

Item 1

Name:  East West Bancorp, Inc.

Corporate or other organizational form: 
Corporation 

Jurisdiction of organization:  Delaware

 

Item 2

Exercise Price:(1)  $15.15

 

Item 3

Issue Date:  December 5,
2008

 

Item 4

Amount of last dividend declared prior to the Issue Date:  $.10

 

Item 5

Date of Letter Agreement between the Company and the United States
Department of the Treasury:  December 5,
2008

 

Item 6

Number of shares of Common Stock: 
3,035,109

 

Item 7

Company’s
address:  135 N. Los Robles
Avenue, 7th Floor

Pasadena, CA 91101

 

Item 8

Notice
information:

 

Primary
Contact

Thomas
J. Tolda

Executive Vice President and Chief Financial Officer

East
West Bancorp, Inc.

135
N. Los Robles Avenue, 7th Floor

Pasadena,
CA 91101

Phone:
(626) 768-6788

Fax:
(626) 243-1279

eMail:
tom.tolda@eastwestbank.com

 

Secondary
Contact

Douglas
P. Krause, Esq.

Executive Vice President, General Counsel and
Corporate Secretary

East
West Bancorp, Inc.

135
N. Los Robles Avenue, 7th Floor

Pasadena,
CA 91101

Phone:
(626) 768-6896

Fax:
(626) 817-8838

eMail:
dkrause@eastwestbank.com

 

Legal Contact

T.J. Mick Grasmick

Manatt, Phelps &
Phillips, LLP

11355 W. Olympic Blvd.

Los Angeles, California
90064

Phone: (310) 312-4369

Fax: (310) 312-4224

eMail: mgrasmick@manatt.com

 

(1) Initial
exercise price to be calculated based on the average of closing prices of the
Common Stock on the 20 trading days ending on the last trading day prior to the
date the Company’s application for participation in the Capital Purchase
Program was approved by the United States Department of the Treasury.

 

1

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