Document:

exv4w4

Exhibit 4.4

 

ALLIANCE CAPITAL PARTNERS, L.P.,

as Issuer

INDENTURE

Dated as of July 31, 2001

STATE STREET BANK AND TRUST COMPANY OF CONNECTICUT, NATIONAL

ASSOCIATION,

as Trustee

FLOATING RATE JUNIOR SUBORDINATED DEFERRABLE INTEREST

DEBENTURES

DUE 2031

 

 

 

TABLE OF CONTENTS

	 	 	 	 	 
	 	 	Page	 
	ARTICLE I
	 	 	 	 
	 
	 	 	 	 
	DEFINITIONS
	 	 	 	 
	 
	 	 	 	 
	Section 1.1 Definitions
	 	 	1	 
	 
	 	 	 	 
	ARTICLE II
	 	 	 	 
	 
	 	 	 	 
	DEBENTURES
	 	 	 	 
	 
	 	 	 	 
	Section 2.1 Authentication and Dating
	 	 	8	 
	Section 2.2 Form of Trustee’s Certificate of Authentication
	 	 	9	 
	Section 2.3 Form and Denomination of Debentures
	 	 	9	 
	Section 2.4 Execution of Debentures
	 	 	10	 
	Section 2.5 Exchange and Registration of Transfer of Debentures
	 	 	10	 
	Section 2.6 Mutilated, Destroyed, Lost or Stolen Debentures
	 	 	12	 
	Section 2.7 Temporary Debentures
	 	 	13	 
	Section 2.8 Payment of interest and Additional Interest
	 	 	14	 
	Section 2.9 Cancellation of Debentures Paid, etc.
	 	 	15	 
	Section 2.10 Computation of Interest Rate
	 	 	15	 
	Section 2.11 Extension of Interest Payment Period
	 	 	17	 
	Section 2.12 CUSIP Numbers
	 	 	19	 
	 
	 	 	 	 
	ARTICLE III
	 	 	 	 
	 
	 	 	 	 
	PARTICULAR COVENANTS OF THE COMPANY
	 	 	 	 
	 
	 	 	 	 
	Section 3.1 Payment of Principal, Premium and Interest; Agreed Treatment of the Debentures
	 	 	19	 
	Section 3.2 Offices for Notices and Payments, etc.
	 	 	20	 
	Section 3.3 Appointments to Fill Vacancies in Trustee’s Office
	 	 	20	 
	Section 3.4 Provision as to Paying Agent
	 	 	20	 
	Section 3.5 Certificate to Trustee
	 	 	21	 
	Section 3.6 Additional Sums
	 	 	21	 
	Section 3.7 Compliance with Consolidation Provisions
	 	 	22	 
	Section 3.8 Limitation on Dividends
	 	 	22	 
	Section 3.9 Covenants as to the Trust
	 	 	23	 
	Section 3.10 Additional Junior Indebtedness
	 	 	23	 

i

 

	 	 	 	 	 
	 	 	Page	 
	ARTICLE IV
	 	 	 	 
	 
	 	 	 	 
	SECURITYHOLDERS’ LISTS AND REPORTS
	 	 	 	 
	BY THE COMPANY AND THE TRUSTEE
	 	 	 	 
	 
	 	 	 	 
	Section 4.1 Securityholders’ Lists
	 	 	23	 
	Section 4.2 Preservation and Disclosure of Lists
	 	 	23	 
	 
	 	 	 	 
	ARTICLE V
	 	 	 	 
	 
	 	 	 	 
	REMEDIES OF THE TRUSTEE AND SECURITYHOLDERS
	 	 	 	 
	UPON AN EVENT OF DEFAULT
	 	 	 	 
	 
	 	 	 	 
	Section 5.1 Events of Default
	 	 	25	 
	Section 5.2 Payment of Debentures on Default; Suit Therefor
	 	 	26	 
	Section 5.3 Application of Moneys Collected by Trustee
	 	 	28	 
	Section 5.4 Proceedings by Securityholders
	 	 	28	 
	Section 5.5 Proceedings by Trustee
	 	 	29	 
	Section 5.6 Remedies Cumulative and Continuing; Delay or Omission Not a Waiver
	 	 	29	 
	Section 5.7 Direction of Proceedings and Waiver of Defaults by Majority of Securityholders
	 	 	30	 
	Section 5.8 Notice of Defaults
	 	 	30	 
	Section 5.9 Undertaking to Pay Costs
	 	 	31	 
	 
	 	 	 	 
	ARTICLE VI
	 	 	 	 
	 
	 	 	 	 
	CONCERNING THE TRUSTEE
	 	 	 	 
	 
	 	 	 	 
	Section 6.1 Duties and Responsibilities of Trustee
	 	 	31	 
	Section 6.2 Reliance on Documents, Opinions, etc.
	 	 	32	 
	Section 6.3 No Responsibility for Recitals, etc.
	 	 	33	 
	Section 6.4 Trustee, Authenticating Agent, Paying Agents, Transfer Agents or Registrar May Own Debentures
	 	 	33	 
	Section 6.5 Moneys to be Held in Trust
	 	 	34	 
	Section 6.6 Compensation and Expenses of Trustee
	 	 	34	 
	Section 6.7 Officers’ Certificate as Evidence
	 	 	35	 
	Section 6.8 Eligibility of Trustee
	 	 	35	 
	Section 6.9 Resignation or Removal of Trustee
	 	 	35	 
	Section 6.10 Acceptance by Successor Trustee
	 	 	36	 
	Section 6.11 Succession by Merger, etc.
	 	 	37	 
	Section 6.12 Authenticating Agents
	 	 	38	 
	 
	 	 	 	 
	ARTICLE VII
	 	 	 	 
	 
	 	 	 	 
	CONCERNING THE SECURITYHOLDERS
	 	 	 	 
	 
	 	 	 	 
	Section 7.1 Action by Securityholders
	 	 	39	 

ii

 

	 	 	 	 	 
	 	 	Page	 
	Section 7.2 Proof of Execution by Securityholders
	 	 	39	 
	Section 7.3 Who Are Deemed Absolute Owners
	 	 	40	 
	Section 7.4 Debentures Owned by Company Deemed Not Outstanding
	 	 	40	 
	Section 7.5 Revocation of Consents; Future Holders Bound
	 	 	40	 
	 
	 	 	 	 
	ARTICLE VIII
	 	 	 	 
	 
	 	 	 	 
	SECURITYHOLDERS’ MEETINGS
	 	 	 	 
	 
	 	 	 	 
	Section 8.1 Purposes of Meetings
	 	 	41	 
	Section 8.2 Call of Meetings by Trustee
	 	 	41	 
	Section 8.3 Call of Meetings by Company or Securityholders
	 	 	41	 
	Section 8.4 Qualifications for Voting
	 	 	41	 
	Section 8.5 Regulations
	 	 	42	 
	Section 8.6 Voting
	 	 	42	 
	Section 8.7 Quorum; Actions
	 	 	43	 
	 
	 	 	 	 
	ARTICLE IX
	 	 	 	 
	 
	 	 	 	 
	SUPPLEMENTAL INDENTURES
	 	 	 	 
	 
	 	 	 	 
	Section 9.1 Supplemental Indentures without Consent of Securityholders
	 	 	43	 
	Section 9.2 Supplemental Indentures with Consent of Securityholders
	 	 	45	 
	Section 9.3 Effect of Supplemental Indentures
	 	 	46	 
	Section 9.4 Notation on Debentures
	 	 	46	 
	Section 9.5 Evidence of Compliance of Supplemental Indenture to be Furnished to Trustee
	 	 	46	 
	 
	 	 	 	 
	ARTICLE X
	 	 	 	 
	 
	 	 	 	 
	REDEMPTION OF SECURITIES
	 	 	 	 
	 
	 	 	 	 
	Section 10.1 Optional Redemption
	 	 	46	 
	Section 10.2 Special Event Redemption
	 	 	46	 
	Section 10.3 Notice of Redemption; Selection of Debentures
	 	 	47	 
	Section 10.4 Payment of Debentures Called for Redemption
	 	 	47	 
	 
	 	 	 	 
	ARTICLE XI
	 	 	 	 
	 
	 	 	 	 
	CONSOLIDATION, MERGER, SALE, CONVEYANCE AND LEASE
	 	 	 	 
	 
	 	 	 	 
	Section 11.1 Company May Consolidate, etc., on Certain Terms
	 	 	48	 
	Section 11.2 Transfer of Capital Stock of First Alliance
	 	 	48	 
	Section 11.3 Successor Entity to be Substituted
	 	 	49	 
	Section 11.4 Opinion of Counsel to be Given to Trustee
	 	 	49	 

iii

 

	 	 	 	 	 
	 	 	Page	 
	ARTICLE XII
	 	 	 	 
	 
	 	 	 	 
	SATISFACTION AND DISCHARGE OF INDENTURE
	 	 	 	 
	 
	 	 	 	 
	Section 12.1 Discharge of Indenture
	 	 	49	 
	Section 12.2 Deposited Moneys to be Held in Trust by Trustee
	 	 	50	 
	Section 12.3 Paying Agent to Repay Moneys Held
	 	 	50	 
	Section 12.4 Return of Unclaimed Moneys
	 	 	50	 
	 
	 	 	 	 
	ARTICLE XIII
	 	 	 	 
	 
	 	 	 	 
	IMMUNITY OF INCORPORATORS, STOCKHOLDERS,
	 	 	 	 
	OFFICERS AND DIRECTORS
	 	 	 	 
	 
	 	 	 	 
	Section 13.1 Indenture and Debentures Solely Corporate Obligations
	 	 	51	 
	 
	 	 	 	 
	ARTICLE XIV
	 	 	 	 
	 
	 	 	 	 
	MISCELLANEOUS PROVISIONS
	 	 	 	 
	 
	 	 	 	 
	Section 14.1 Successors
	 	 	51	 
	Section 14.2 Official Acts by Successor Entity
	 	 	51	 
	Section 14.3 Surrender of Company Powers
	 	 	51	 
	Section 14.4 Addresses for Notices, etc.
	 	 	51	 
	Section 14.5 Governing Law
	 	 	52	 
	Section 14.6 Evidence of Compliance with Conditions Precedent
	 	 	52	 
	Section 14.7 Non-Business Days
	 	 	52	 
	Section 14.8 Table of Contents, Headings, etc.
	 	 	52	 
	Section 14.9 Execution in Counterparts
	 	 	53	 
	Section 14.10 Separability
	 	 	53	 
	Section 14.11 Assignment
	 	 	53	 
	Section 14.12 Acknowledgment of Rights
	 	 	53	 
	 
	 	 	 	 
	ARTICLE XV
	 	 	 	 
	 
	 	 	 	 
	SUBORDINATION OF DEBENTURES
	 	 	 	 
	 
	 	 	 	 
	Section 15.1 Agreement to Subordinate
	 	 	53	 
	Section 15.2 Default on Senior Indebtedness
	 	 	54	 
	Section 15.3 Liquidation, Dissolution, Bankruptcy
	 	 	54	 
	Section 15.4 Subrogation
	 	 	55	 
	Section 15.5 Trustee to Effectuate Subordination
	 	 	56	 
	Section 15.6 Notice by the Company
	 	 	56	 
	Section 15.7 Rights of the Trustee; holders of Senior Indebtedness
	 	 	57	 
	Section 15.8 Subordination May Not Be Impaired
	 	 	57	 
	 
	 	 	 	 
	Exhibit A            Form of Junior Subordinated Deferrable Interest Debenture
	 	 	 	 

iv

 

     THIS INDENTURE, dated as of July 31, 2001, between Alliance Capital Partners, L.P., a Delaware
limited partnership (the “Company”), and State Street Bank and Trust Company of
Connecticut, National Association, a national banking association organized under the laws of the
United States of America, as debenture trustee (the “Trustee”),

WITNESSETH:

     WHEREAS, for its lawful corporate purposes, the Company has duly authorized the issuance of
its Floating Rate Junior Subordinated Deferrable Interest Debentures due 2031 (the
“Debentures”) under this Indenture to provide, among other things, for the execution and
authentication, delivery and administration thereof, the Company has duly authorized the execution
of this Indenture; and

     WHEREAS, all acts and things necessary to make this Indenture a valid agreement according to
its terms, have been done and performed;

     NOW, THEREFORE, This Indenture Witnesseth:

     In consideration of the premises, and the purchase of the Debentures by the holders thereof,
the Company covenants and agrees with the Trustee for the equal and proportionate benefit of the
respective holders from time to time of the Debentures as follows:

ARTICLE I

DEFINITIONS

     Section 1.1 Definitions. The terms defined in this Section 1.1 (except as herein otherwise expressly
provided or unless the context otherwise requires) for all purposes of this Indenture and of any
indenture supplemental hereto shall have the respective meanings specified in this Section 1.1. All
accounting terms used herein and not expressly defined shall have the meanings assigned to such
terms in accordance with generally accepted accounting principles and the term “generally accepted
accounting principles” means such accounting principles as are generally accepted in the United
States at the time of any computation. The words “herein,” “hereof” and “hereunder” and other words
of similar import refer to this Indenture as a whole and not to any particular Article, Section or
other subdivision.

     “Additional Interest” means interest, if any, that shall accrue on any interest on the
Debentures the payment of which has not been made on the applicable Interest Payment Date and which
shall accrue at the Interest Rate, compounded quarterly (to the extent permitted by law).

     “Additional Junior Indebtedness” means, without duplication and other than the
Debentures, any indebtedness, liabilities or obligations of the Company, or any Affiliate of the
Company, under debt securities (or guarantees in respect of debt securities) initially issued to
any trust, or a trustee of a trust, partnership or other entity affiliated with the Company that
is, directly or indirectly, a finance subsidiary (as such term is defined in Rule 3a-5 under the

1

 

Investment Company Act of 1940) or other financing vehicle of the Company or any Affiliate of
the Company in connection with the issuance by that entity of preferred securities or other
securities that are eligible to qualify for Tier 1 capital treatment (or its then equivalent) for
purposes of the capital adequacy guidelines of the Federal Reserve, as then in effect and
applicable to the Company (or, if the Company is not a bank holding company, such guidelines
applied to the Company as if the Company were subject to such guidelines); provided,
however, that the inability of the Company to treat all or any portion of the Additional
junior Indebtedness as Tier 1 capital shall not disqualify it as Additional Junior Indebtedness if
such inability results from the Company having cumulative preferred stock, minority interests in
consolidated subsidiaries, or any other class of security or interest which the Federal Reserve now
or may hereafter accord Tier 1 capital treatment (including the Debentures) in excess of the amount
which may qualify for treatment as Tier 1 capital under applicable capital adequacy guidelines.

     “Additional Sums” has the meaning set forth in Section 3.6.

     “Affiliate” has the same meaning as given to that term in Rule 405 of the Securities
Act or any successor rule thereunder.

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

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

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

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

     “Business Day” means any day other than a Saturday, Sunday or any other day on which
banking institutions in New York City or Hartford, Connecticut are permitted or required by any
applicable law to close.

     “Capital Securities” means undivided beneficial interests in the assets of Alliance
Capital Partners Statutory Trust I which rank pari passu with Common Securities issued by the
Trust; provided, however, that upon the occurrence of an Event of Default (as
defined in the Declaration), the rights of holders of such Common Securities to payment in respect
of distributions and payments upon liquidation, redemption and otherwise are subordinated to the
rights of holders of such Capital Securities.

     “Capital Securities Guarantee” means the guarantee agreement that the Company enters
into with State Street Bank and Trust Company of Connecticut, National Association, as guarantee
trustee, or other Persons that operates directly or indirectly for the benefit of holders of
Capital Securities of the Trust.

2

 

     “Capital Treatment Event” means the receipt by the Company of an opinion of counsel
experienced in such matters that, as a result of the occurrence of any amendment to, or change
(including any announced prospective change) in, the laws of the United States or any political
subdivision thereof or therein, or as the result of any official or administrative pronouncement or
action or decision interpreting or applying such laws, rules or regulations, which amendment or
change is effective or which pronouncement, action or decision is announced on or after the date of
issuance of the Debentures, there is more than an insubstantial risk that the Company will not be
entitled to treat an amount equal to the aggregate Liquidation Amount of the Debentures as “Tier 1
Capital” (or its then equivalent) for purposes of the capital adequacy guidelines of the Federal
Reserve, as then in effect and applicable to the Company (or if the Company is not a bank holding
company, such guidelines applied to the Company as if the Company were subject to such guidelines);
provided, however, that the inability of the Company to treat all or any portion of
the Liquidation Amount of the Debentures as Tier 1 Capital shall not constitute the basis for a
Capital Treatment Event if such inability results from the Company having cumulative preferred
stock, minority interests in consolidated subsidiaries, or any other class of security or interest
which the Federal Reserve or OTS, as applicable, now or may hereafter accord Tier 1 Capital
treatment in excess of the amount which may qualify for treatment as Tier 1 Capital under
applicable capital adequacy guidelines; provided further, however, that the
distribution of Debentures in connection with the dissolution of the Trust shall not in and of
itself constitute a Capital Treatment Event unless such dissolution shall have occurred in
connection with a Tax Event or an Investment Company Event.

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

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

     “Company” means Alliance Capital Partners, L.P., a Delaware limited partnership, and,
subject to the provisions of Article XI, shall include its successors and assigns.

     “Coupon Rate” has the meaning set forth in Section 2.8.

     “Debenture” or “Debentures” has the meaning stated in the first recital of
this Indenture.

     “Debenture Register” has the meaning specified in Section 2.5.

     “Declaration” means the Amended and Restated Declaration of Trust of the Trust, as
amended or supplemented from time to time.

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

     “Defaulted Interest” has the meaning set forth in Section 2.8. “Distribution Period”
has the meaning set forth in Section 2.8.

3

 

     “Determination Date” has the meaning set forth in Section 2.10.

     “Event of Default” means any event specified in Section 5.1, continued for the period
of time, if any, and after the giving of the notice, if any, therein designated.

     “Extension Period” has the meaning set forth in Section 2.11.

     “Federal Reserve” means the Board of Governors of the Federal Reserve System and any
successor federal agency that is primarily responsible for regulating the activities of bank
holding companies.

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

     “Institutional Trustee” has the meaning set forth in the Declaration.

     “Interest Payment Date” means each October 31, January 31, April 30 and July 31 during
the term of this Indenture.

     “Interest Rate” means for the period beginning on (and including) the date of original
issuance and ending on (but excluding) October 31, 2001 the rate per annum of 7.29% and for each
Distribution Period thereafter, the Coupon Rate.

     “Investment Company Event” means the receipt by the Company and the Trust of an
opinion of counsel experienced in such matters to the effect that, as a result of the occurrence of
a change in law or regulation or written change (including any announced prospective change) in
interpretation or application of law or regulation by any legislative body, court, governmental
agency or regulatory authority, there is more than an insubstantial risk that the Trust is or will
be considered an “investment company” that is required to be registered under the Investment
Company Act of 1940, as amended which change or prospective change becomes effective or would
become effective, as the case may be, on or after the date of the issuance of the Debentures.

     “Liquidation Amount” means the stated amount of $1,000.00 per Trust Security.

     “Maturity Date” means July 31, 2031.

     “Officers’ Certificate” means a certificate signed by the Chairman of the Board, the
Vice Chairman, the President, any Managing Director or any Vice President, and by the Treasurer, an
Assistant Treasurer, the Comptroller, an Assistant Comptroller, the Secretary or an Assistant
Secretary of the Company, and delivered to the Trustee. Each such certificate shall include the
statements provided for in Section 14.6 if and to the extent required by the provisions of such
Section.

     “Opinion of Counsel” means an opinion in writing signed by legal counsel, who may be
an employee of or counsel to the Company, or may be other counsel reasonably satisfactory to the
Trustee. Each such opinion shall include the statements provided for in Section 14.6 if and to the
extent required by the provisions of such Section.

4

 

     “OTS” means the Office of Thrift Supervision and any successor federal agency that is
primarily responsible for regulating the activities of savings and loan holding companies.

     The term “outstanding,” when used with reference to Debentures, means, subject to the
provisions of Section 7.4, as of any particular time, all Debentures authenticated and delivered by
the Trustee or the Authenticating Agent under this Indenture, except:

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

     (b) Debentures, or portions thereof, for the payment or redemption of which moneys in the
necessary amount shall have been deposited in trust with the Trustee or with any paying agent
(other than the Company) or shall have been set aside and segregated in trust by the Company (if
the Company shall act as its own paying agent); provided, however, that, if such
Debentures, or portions thereof, are to be redeemed prior to maturity thereof, notice of such
redemption shall have been given as provided in Section 10.3 or provision satisfactory to the
Trustee shall have been made for giving such notice;

     (c) Debentures paid pursuant to Section 2.6 or in lieu of or in substitution for which other
Debentures shall have been authenticated and delivered pursuant to the terms of Section 2.6 unless
proof satisfactory to the Company and the Trustee is presented that any such Debentures are held by
bona fide holders in due course; and

     (d) Debentures held in accordance with Section 7.4 hereof.

     “Ownership Interests” means, so long as the Company is a limited partnership, the
partnership interests of the Company’s general and limited partners or, if the Company (or its
successor) is a corporation, the Company’s capital stock.

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

     “Predecessor Security” of any particular Debenture means every previous Debenture
evidencing all or a portion of the same debt as that evidenced by such particular Debenture; and,
for the purposes of this definition, any Debenture authenticated and delivered under Section 2.6 in
lieu of a lost, destroyed or stolen Debenture shall be deemed to evidence the same debt as the
lost, destroyed or stolen Debenture.

     “Principal Office of the Trustee,” or other similar term, means the office of the
Trustee, at which at any particular time its corporate trust business shall be principally
administered, which at the time of the execution of this Indenture shall be 225 Asylum Street,
Goodwin Square, Hartford, Connecticut 06103.

     “Redemption Date” has the meaning set forth in Section 10.1.

5

 

     “Redemption Price” means the price set forth in the following table for any Redemption
Date that occurs within the twelve-month period beginning in the relevant year indicated below,
expressed as the percentage of the principal amount of the Debentures being redeemed:

	 	 	 	 	 
	Year Beginning	 	Percentage
	July 31, 2006
	 	 	107.5	%
	 
	 	 	 	 
	July 31, 2007
	 	 	106.0	%
	 
	 	 	 	 
	July 31, 2008
	 	 	104.5	%
	 
	 	 	 	 
	July 31, 2009
	 	 	103.0	%
	 
	 	 	 	 
	July 31, 2010
	 	 	101.5	%
	 
	 	 	 	 
	July 31, 2011 and after
	 	 	100	%

     plus accrued and unpaid interest on such Debentures to the Redemption Date.

     “Responsible Officer” means, with respect to the Trustee, any officer within the
Principal Office of the Trustee, including any vice-president, any assistant vice-president, any
secretary, any assistant secretary, the treasurer, any assistant treasurer, any trust officer or
other officer of the Principal Trust Office of the Trustee customarily performing functions similar
to those performed by any of the above designated officers and also means, with respect to a
particular corporate trust matter, any other officer to whom such matter is referred because of
that officer’s knowledge of and familiarity with the particular subject.

     “Securities Act” means the Securities Act of 1933, as amended from time to time or any
successor legislation.

     “Securityholder,” “holder of Debentures,” or other similar terms, means any Person in
whose name at the time a particular Debenture is registered on the register kept by the Company or
the Trustee for that purpose in accordance with the terms hereof.

     “Senior Indebtedness” means, with respect to the Company, (i) the principal, premium,
if any, and interest in respect of (A) indebtedness of the Company for money borrowed and (B)
indebtedness evidenced by securities, debentures, notes, bonds or other similar instruments issued
by the Company; (ii) all capital lease obligations of the Company; (iii) all obligations of the
Company issued or assumed as the deferred purchase price of property, all conditional sale
obligations of the Company and all obligations of the Company under any title retention

6

 

agreement; (iv) all obligations of the Company for the reimbursement of any letter of credit,
any banker’s acceptance, any security purchase facility, any repurchase agreement or similar
arrangement, any interest rate swap, any other hedging arrangement, any obligation under options or
any similar credit or other transaction; (v) all obligations of the type referred to in clauses (i)
through (iv) above of other Persons for the payment of which the Company is responsible or liable
as obligor, guarantor or otherwise; and (vi) all obligations of the type referred to in clauses (i)
through (v) above of other Persons secured by any lien on any property or asset of the Company
(whether or not such obligation is assumed by the Company), whether incurred on or prior to the
date of this Indenture or thereafter incurred. Notwithstanding the foregoing, “Senior Indebtedness”
shall not include (1) any Additional Junior Indebtedness, (2) Debentures issued pursuant to this
Indenture and guarantees in respect of such Debentures, (3) trade accounts payable of the Company
arising in the ordinary course of business (such trade accounts payable being pari passu in right
of payment to the Debentures), or (4) obligations with respect to which (a) in the instrument
creating or evidencing the same or pursuant to which the same is outstanding, it is provided that
such obligations are pari passu, junior or otherwise not superior in right of payment to the
Debentures and (b) the Company, prior to the issuance thereof, has notified (and, if then required
under the applicable guidelines of the regulating entity, has received approval from) the Federal
Reserve (if the Company is a bank holding company) or the OTS (if the Company is a savings and
loan holding company). Senior Indebtedness shall continue to be Senior Indebtedness and be entitled
to the subordination provisions irrespective of any amendment, modification or waiver of any term
of such Senior Indebtedness.

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

     “Special Redemption Date” has the meaning set forth in Section 10.2.

     “Special Redemption Price” means (i) if the Special Redemption Date is before July 31,
2006, an amount in cash equal to 107.5% of the principal amount of the Debentures to be prepaid,
plus accrued and unpaid interest on such Debentures to such Special Redemption Date, or (ii) if the
Special Redemption Date is on or after July 31, 2006, the price for the Debentures set forth in the
table under the definition of “Redemption Price” for such Special Redemption Date, plus accrued and
unpaid interest on such Debentures to such Special Redemption Date.

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

7

 

     “Tax Event” means the receipt by the Company and the Trust of an opinion of counsel
experienced in such matters to the effect that, as a result of any amendment to or change
(including any announced prospective change) in the laws or any regulations thereunder of the
United States or any political subdivision or taxing authority thereof or therein, or as a result
of any official administrative pronouncement (including any private letter ruling, technical advice
memorandum, field service advice, regulatory procedure, notice or announcement, including any
notice or announcement of intent to adopt such procedures or regulations (an “Administrative
Action”)) or judicial decision interpreting or applying such laws or regulations, regardless of
whether such Administrative Action or judicial decision is issued to or in connection with a
proceeding involving the Company or the Trust and whether or not subject to review or appeal, which
amendment, clarification, change, Administrative Action or decision is enacted, promulgated or
announced, in each case on or after the date of issuance of the Debentures, there is more than an
insubstantial risk that: (i) the Trust is, or will be within 90 days of the date of such opinion,
subject to United States federal income tax with respect to income received or accrued on the
Debentures; (ii) interest payable by the Company on the Debentures is not, or within 90 days of the
date of such opinion, will not be, deductible by the Company, in whole or in part, for United
States federal income tax purposes; or (iii) the Trust is, or will be within 90 days of the date of
such opinion, subject to more than a de minimis amount of other taxes, duties or other governmental
charges.

     “3-Month LIBOR” has the meaning set forth in Section 2.10.

     “Telerate Page 3750” has the meaning set forth in Section 2.10.

     “Trust” shall mean Alliance Capital Partners Statutory Trust I, a Connecticut
statutory trust, or any other similar trust created for the purpose of issuing Capital Securities
in connection with the issuance of Debentures under this Indenture, of which the Company is the
sponsor.

     “Trust Securities” means Common Securities and Capital Securities of the Trust.

     “Trustee” means State Street Bank and Trust Company of Connecticut, National
Association, and, subject to the provisions of Article VI hereof, shall also include its successors
and assigns as Trustee hereunder.

ARTICLE II

DEBENTURES

     Section 2.1 Authentication and Dating. Upon the execution and delivery of this Indenture, or from time
to time thereafter, Debentures in an aggregate principal amount not in excess of $15,464,000 may be
executed and delivered by the Company to the Trustee for authentication, and the Trustee shall
thereupon authenticate and make available for delivery said Debentures to or upon the written order
of the Company, signed by its Chairman of the Board of Directors, Vice Chairman, the President, one
of its Managing Directors or one of its Vice Presidents without any further action by the Company
hereunder. In authenticating such Debentures, and accepting the additional responsibilities under
this Indenture in relation to such Debentures, the Trustee shall be entitled to receive, and (subject to Section 6.1) shall be fully
protected in relying upon:

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     (a) a copy of any Board Resolution or Board Resolutions relating thereto and, if applicable,
an appropriate record of any action taken pursuant to such resolution, in each case certified by
the Secretary or an Assistant Secretary of the Company, as the case may be; and

     (b) an Opinion of Counsel prepared in accordance with Section 14.6 which shall also state:

     (1) that such Debentures, when authenticated and delivered by the Trustee and
issued by the Company in each case in the manner and subject to any conditions
specified in such Opinion of Counsel, will constitute valid and legally binding
obligations of the Company, subject to or limited by applicable bankruptcy,
insolvency, reorganization, conservatorship, receivership, moratorium and other
statutory or decisional laws relating to or affecting creditors’ rights or the
reorganization of financial institutions (including, without limitation, preference
and fraudulent conveyance or transfer laws), heretofore or hereafter enacted or in
effect, affecting the rights of creditors generally; and

     (2) that all laws and requirements in respect of the execution and delivery by
the Company of the Debentures have been complied with and that authentication and
delivery of the Debentures by the Trustee will not violate the terms of this
Indenture.

     The Trustee shall have the right to decline to authenticate and deliver any Debentures under
this Section if the Trustee, being advised in writing by counsel, determines that such action may
not lawfully be taken or if a Responsible Officer of the Trustee in good faith shall determine that
such action would expose the Trustee to personal liability to existing holders.

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

     Section 2.2 Form of Trustee’s Certificate of Authentication. The Trustee’s certificate of
authentication on all Debentures shall be in substantially the following form:

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

     State Street Bank and Trust Company of Connecticut, National Association, as Trustee

     By____________________________

          Authorized Signer

     Section 2.3 Form and Denomination of Debentures. The Debentures shall be in registered, certificated
form without coupons and in minimum denominations of $500,000.00 and any multiple of $1,000.00 in
excess thereof. Any attempted transfer of the Debentures in a block having an aggregate principal
amount of less than $500,000.00 shall be deemed to be
voided and of no legal effect whatsoever. Any such purported transferee shall be deemed not to be a
holder of such Debentures for any purpose, including, but not limited to the receipt of payments on
such Debentures, and such purported transferee shall be deemed to have no interest

9

 

whatsoever in
such Debentures. The Debentures shall be numbered, lettered, or otherwise distinguished in such
manner or in accordance with such plans as the officers executing the same may determine with the
approval of the Trustee as evidenced by the execution and authentication thereof.

     Section 2.4 Execution of Debentures. The Debentures shall be signed in the name and on behalf of the
Company by the manual or facsimile signature of its Chairman of the Board of Directors, Vice
Chairman, President, one of its Managing Directors or one of its Executive Vice Presidents, Senior
Vice Presidents or Vice Presidents. Only such Debentures as shall bear thereon a certificate of
authentication substantially in the form herein before recited, executed by the Trustee or the
Authenticating Agent by the manual signature of an authorized signer, shall be entitled to the
benefits of this Indenture or be valid or obligatory for any purpose. Such certificate by the
Trustee or the Authenticating Agent upon any Debenture executed by the Company shall be conclusive
evidence that the Debenture so authenticated has been duly authenticated and delivered hereunder
and that the holder is entitled to the benefits of this Indenture.

     In case any officer of the Company who shall have signed any of the Debentures shall cease to
be such officer before the Debentures so signed shall have been authenticated and delivered by the
Trustee or the Authenticating Agent, or disposed of by the Company, such Debentures nevertheless
may be authenticated and delivered or disposed of as though the Person who signed such Debentures
had not ceased to be such officer of the Company; and any Debenture may be signed on behalf of the
Company by such Persons as, at the actual date of the execution of such Debenture, shall be the
proper officers of the Company, although at the date of the execution of this Indenture any such
person was not such an officer.

     Every Debenture shall be dated the date of its authentication.

     Section 2.5 Exchange and Registration of Transfer of Debentures. The Company shall cause to be kept, at
the office or agency maintained for the purpose of registration of transfer and for exchange as
provided in Section 3.2, a register (the “Debenture Register”) for the Debentures issued
hereunder in which, subject to such reasonable regulations as it may prescribe, the Company shall
provide for the registration and transfer of all Debentures as in this Article II provided. The
Debenture Register shall be in written form or in any other form capable of being converted into
written form within a reasonable time.

     Debentures to be exchanged may be surrendered at the principal corporate trust office of the
Trustee or at any office or agency to be maintained by the Company for such purpose as provided in
Section 3.2, and the Company shall execute, the Company or the Trustee shall register and the
Trustee or the Authenticating Agent shall authenticate and make available for delivery in exchange
therefor the Debenture or Debentures which the Securityholder making the exchange shall be entitled
to receive. Upon due presentment for registration of transfer of any
Debenture at the principal corporate trust office of the Trustee or at any office or agency of the Company maintained for such
purpose as provided in Section 3.2, the Company shall execute, the Company or the Trustee shall register and the Trustee or the Authenticating Agent shall
authenticate and make available for delivery in the name of the transferee or transferees a new
Debenture for a like aggregate principal amount. Registration or registration of transfer of any

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Debenture by the Trustee or by any agent of the Company appointed pursuant to Section 3.2, and
delivery of such Debenture, shall be deemed to complete the registration or registration of
transfer of such Debenture.

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

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

     The Company or the Trustee shall not be required to exchange or register a transfer of any
Debenture for a period of 15 days next preceding the date of selection of Debentures for
redemption.

     Notwithstanding anything herein to the contrary, Debentures may not be transferred except in
compliance with the restricted securities legend set forth below, unless otherwise determined by
the Company, upon the advice of counsel expert in securities law, in accordance with applicable
law:

     THIS SECURITY HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE
“SECURITIES ACT”), ANY STATE SECURITIES LAWS OR ANY OTHER APPLICABLE SECURITIES LAW. NEITHER THIS
SECURITY NOR ANY INTEREST OR PARTICIPATION HEREIN MAY BE REOFFERED, SOLD, ASSIGNED, TRANSFERRED,
PLEDGED, ENCUMBERED OR OTHERWISE DISPOSED OF IN THE ABSENCE OF SUCH REGISTRATION OR UNLESS SUCH
TRANSACTION IS EXEMPT FROM, OR NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT
AND ANY APPLICABLE STATE SECURITIES LAWS. THE HOLDER OF THIS SECURITY BY ITS ACCEPTANCE HEREOF
AGREES TO OFFER, SELL OR OTHERWISE TRANSFER THIS SECURITY ONLY (A) TO THE COMPANY, (B) PURSUANT TO
A REGISTRATION STATEMENT THAT HAS BEEN DECLARED EFFECTIVE UNDER THE SECURITIES ACT, (C) TO A PERSON
WHOM THE SELLER REASONABLY BELIEVES IS A QUALIFIED INSTITUTIONAL BUYER IN A TRANSACTION MEETING THE
REQUIREMENTS OF RULE 144A SO LONG AS THIS SECURITY IS ELIGIBLE FOR RESALE PURSUANT TO RULE 144A IN
ACCORDANCE WITH RULE 144A, (D) TO A NON-U.S. PERSON IN AN OFFSHORE TRANSACTION IN ACCORDANCE WITH
RULE 903 OR RULE 904 (AS APPLICABLE) OF REGULATION S UNDER THE SECURITIES ACT, (E) TO AN
INSTITUTIONAL “ACCREDITED INVESTOR” WITHIN THE MEANING OF SUBPARAGRAPH (A) OF RULE 501 UNDER THE
SECURITIES ACT THAT IS ACQUIRING THIS SECURITY FOR ITS OWN ACCOUNT, OR FOR THE ACCOUNT OF SUCH AN
INSTITUTIONAL ACCREDITED
INVESTOR, FOR INVESTMENT PURPOSES AND NOT WITH A VIEW TO, OR FOR OFFER OR SALE IN CONNECTION
WITH, ANY DISTRIBUTION IN VIOLATION OF THE SECURITIES ACT, OR (F) PURSUANT TO ANY OTHER AVAILABLE
EXEMPTION

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FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT, SUBJECT TO THE COMPANY’S RIGHT
PRIOR TO ANY SUCH OFFER, SALE OR TRANSFER TO REQUIRE THE DELIVERY OF AN OPINION OF COUNSEL,
CERTIFICATION AND/OR OTHER INFORMATION SATISFACTORY TO EACH OF THEM IN ACCORDANCE WITH THE
INDENTURE, A COPY OF WHICH MAY BE OBTAINED FROM THE COMPANY.

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

     THIS SECURITY WILL BE ISSUED AND MAY BE TRANSFERRED ONLY IN BLOCKS HAVING AN AGGREGATE
PRINCIPAL AMOUNT OF NOT LESS THAN $500,000.00 AND MULTIPLES OF $1,000.00 IN EXCESS THEREOF. ANY
ATTEMPTED TRANSFER OF THIS SECURITY IN A BLOCK HAVING AN AGGREGATE PRINCIPAL AMOUNT OF LESS THAN
$500,000.00 SHALL BE DEEMED TO BE VOID AND OF NO LEGAL EFFECT WHATSOEVER.

     THE HOLDER OF THIS SECURITY AGREES THAT IT WILL COMPLY WITH THE FOREGOING RESTRICTIONS.

     Section 2.6 Mutilated, Destroyed, Lost or Stolen Debentures. In case any Debenture shall become
mutilated or be destroyed, lost or stolen, the Company shall execute, and upon its written request
the Trustee shall authenticate and deliver, a new Debenture bearing a number not contemporaneously
outstanding, in exchange and substitution for the mutilated

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Debenture, or in lieu of and in
substitution for the Debenture so destroyed, lost or stolen. In every case the applicant for a
substituted Debenture shall furnish to the Company and the Trustee such security or indemnity as
may be required by them to save each of them harmless, and, in every case of destruction, loss or
theft, the applicant shall also furnish to the Company and the Trustee evidence to their
satisfaction of the destruction, loss or theft of such Debenture and of the ownership thereof.

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

     Every substituted Debenture issued pursuant to the provisions of this Section 2.6 by virtue of
the fact that any such Debenture is destroyed, lost or stolen shall constitute an additional
contractual obligation of the Company, whether or not the destroyed, lost or stolen Debenture shall
be found at any time, and shall be entitled to all the benefits of this Indenture equally and
proportionately with any and all other Debentures duly issued hereunder. All Debentures shall be
held and owned upon the express condition that, to the extent permitted by applicable law, the
foregoing provisions are exclusive with respect to the replacement or payment of mutilated,
destroyed, lost or stolen Debentures and shall preclude any and all other rights or remedies
notwithstanding any law or statute existing or hereafter enacted to the contrary with respect to
the replacement or payment of negotiable instruments or other securities without their surrender.

     Section 2.7 Temporary Debentures. Pending the preparation of definitive Debentures, the Company may
execute and the Trustee shall authenticate and make available for delivery temporary Debentures
that are typed, printed or lithographed. Temporary Debentures shall be issuable in any authorized
denomination, and substantially in the form of the definitive Debentures in lieu of which they are
issued but with such omissions, insertions and variations as may be appropriate for temporary
Debentures, all as may be determined by the Company. Every such temporary Debenture shall be
executed by the Company and be authenticated by the Trustee upon the same conditions and in
substantially the same manner, and with the same effect, as the definitive Debentures. Without
unreasonable delay the Company will execute and deliver to the Trustee or the Authenticating Agent
definitive Debentures and thereupon any or all temporary Debentures may be surrendered in exchange
therefor, at the principal corporate trust
office of the Trustee or at any office or agency maintained by the Company for such purpose as
provided in Section 3.2, and the Trustee or the Authenticating Agent shall authenticate and make
available for delivery in exchange for such temporary Debentures a like aggregate principal amount
of such definitive Debentures. Such exchange shall be made by the Company at its own

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expense and
without any charge therefor except that in case of any such exchange involving a registration of
transfer the Company may require payment of a sum sufficient to cover any tax, fee or other
governmental charge that may be imposed in relation thereto. Until so exchanged, the temporary
Debentures shall in all respects be entitled to the same benefits under this Indenture as
definitive Debentures authenticated and delivered hereunder.

     Section 2.8 Payment of interest and Additional Interest. Interest at the Interest Rate and any
Additional Interest on any Debenture that is payable, and is punctually paid or duly provided for,
on any Interest Payment Date for Debentures shall be paid to the Person in whose name said
Debenture (or one or more Predecessor Securities) is registered at the close of business on the
regular record date for such interest installment except that interest and any Additional Interest
payable on the Maturity Date shall be paid to the Person to whom principal is paid. In the event
that any Debenture or portion thereof is called for redemption and the redemption date is
subsequent to a regular record date with respect to any Interest Payment Date and prior to such
Interest Payment Date, interest on such Debenture will be paid upon presentation and surrender of
such Debenture.

     Each Debenture shall bear interest for the period beginning on (and including) the date of
original issuance and ending on (but excluding) October 31, 2001 at a rate per annum of 7.29%, and
shall bear interest for each successive period beginning on (and including) October 31, 2001, and
each succeeding Interest Payment Date, and ending on (but excluding) the next succeeding Interest
Payment Date (each, a “Distribution Period”) at a rate per annum equal to the 3-Month
LIBOR, determined as described in Section 2.10, plus 3.58%; provided, however, that
prior to July 31, 2011, such annual rate shall not exceed 12.50% (the “Coupon Rate”)
applied to the principal amount thereof, until the principal thereof becomes due and payable, and
on any overdue principal and to the extent that payment of such interest is enforceable under
applicable law (without duplication) on any overdue installment of interest at the Interest Rate
compounded quarterly. Interest shall be payable (subject to any relevant Extension Period)
quarterly in arrears on each Interest Payment Date with the first installment of interest to be
paid on October 31, 2001.

     Any interest on any Debenture, other than Additional Interest, that is payable, but is not
punctually paid or duly provided for, on any Interest Payment Date (herein called “Defaulted
Interest”) shall forthwith cease to be payable to the registered holder on the relevant regular
record date by virtue of having been such holder; and such Defaulted Interest shall be paid by the
Company to the Persons in whose names such Debentures (or their respective Predecessor Securities)
are registered at the close of business on a special record date for the payment of such Defaulted
Interest, which shall be fixed in the following manner: the Company shall notify the Trustee in
writing at least 25 days prior to the date of the proposed payment of the amount of Defaulted
Interest proposed to be paid on each such Debenture and the date of the proposed payment, and at
the same time the Company shall deposit with the Trustee an amount of money equal to the aggregate
amount proposed to be paid in respect of such Defaulted Interest or shall make arrangements
satisfactory to the Trustee for such deposit prior to the date of the proposed
payment, such money when deposited to be held in trust for the benefit of the Persons entitled
to such Defaulted Interest as in this clause provided. Thereupon the Trustee shall fix a special
record date for the payment of such Defaulted Interest which shall not be more than 15 nor less
than 10 days prior to the date of the proposed payment and not less than 10 days after the receipt

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by the Trustee of the notice of the proposed payment. The Trustee shall promptly notify the Company
of such special record date and, in the name and at the expense of the Company, shall cause notice
of the proposed payment of such Defaulted Interest and the special record date therefor to be
mailed, first class postage prepaid, to each Securityholder at its address as it appears in the
Debenture Register, not less than 10 days prior to such special record date. Notice of the proposed
payment of such Defaulted Interest and the special record date therefor having been mailed as
aforesaid, such Defaulted Interest shall be paid to the Persons in whose names such Debentures (or
their respective Predecessor Securities) are registered on such special record date and shall be no
longer payable.

     The Company may make payment of any Defaulted Interest on any Debentures in any other lawful
manner after notice given by the Company to the Trustee of the proposed payment method;
provided, however, the Trustee in its sole discretion deems such payment method to
be practical.

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

     The term “regular record date” as used in this Section shall mean the close of business on the
15th day next preceding the applicable Interest Payment Date.

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

     Section 2.9 Cancellation of Debentures Paid, etc. All Debentures surrendered for the purpose of
payment, redemption, exchange or registration of transfer, shall, if surrendered to the Company or
any paying agent, be surrendered to the Trustee and promptly canceled by it, or, if surrendered to
the Trustee or any Authenticating Agent, shall be promptly canceled by it, and no Debentures shall
be issued in lieu thereof except as expressly permitted by any of the provisions of this Indenture.
All Debentures canceled by any Authenticating Agent shall be delivered to the Trustee. The Trustee
shall destroy all canceled Debentures unless the Company otherwise directs the Trustee in writing.
If the Company shall acquire any of the Debentures, however, such acquisition shall not operate as
a redemption or satisfaction of the indebtedness represented by such Debentures unless and until
the same are surrendered to the Trustee for cancellation.

     Section 2.10 Computation of Interest Rate. The amount of interest payable for any period shall be
computed on the basis of actual number of days in the Distribution Period concerned divided by 360.
In the event that any date on which interest is payable on the Debentures is not a Business Day,
then payment of interest payable on such date shall be made on the next succeeding day which is a
Business Day (and without any interest or other payment
in respect of any such delay), except that, if such Business Day is in the next succeeding calendar
year, such payment shall be made on the immediately preceding Business Day, in each case with the
same force and effect as if made on the date such payment was originally payable. The amount of
interest payable for the Distribution Period commencing on October 31, 2001 and

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each succeeding
Distribution Period will be calculated by applying the Interest Rate to the principal amount
outstanding at the commencement of the Distribution Period and multiplying each such amount by the
actual number of days in the Distribution Period concerned divided by 360. All percentages
resulting from any calculations on the Debentures will be rounded, if necessary, to the nearest one
hundred-thousandth of a percentage point, with five one-millionths of a percentage point rounded
upward (e.g., 9.876545% or .09876545) being rounded to 9.87655% (or .0987655), and all dollar
amounts used in or resulting from such calculation will be rounded to the nearest cent (with
one-half cent being rounded upward).

     (a) “3-Month LIBOR” means the London interbank offered rate for three-month,
Eurodollar deposits determined by the Trustee in the following order of priority:

     (1) the rate (expressed as a percentage per annum) for Eurodollar deposits
having a three-month maturity that appears on Telerate Page 3750 as of 11:00 a.m.
(London time) on the particular Determination Date (as defined below). “Telerate
Page 3750” means the display designated as “Page 3750” on the Dow Jones Telerate
Service or such other page as may replace Page 3750 on that service or such other
service or services as may be nominated by the British Bankers’ Association as the
information vendor for the purpose of displaying London interbank offered rates for
U.S. dollars deposits;

     (2) if such rate does not appear on Telerate Page 3750 as of 11:00 a.m. (London
time) on the Determination Date, 3-Month LIBOR will be the arithmetic mean of the
rates (expressed as percentages per annum) for Eurodollar deposits having a
three-month maturity that appear on Reuters Monitor Money Rates Page LIBO
(“Reuters Page LIBO”) as of 11:00 a.m. (London time) on such Determination
Date;

     (3) if such rate does not appear on Reuters Page LIBO as of 11:00 a.m. (London
time) on the related Determination Date, the Trustee will request the principal
London offices of four leading banks in the London interbank market to provide such
banks’ offered quotations (expressed as percentages per annum) to prime banks in the
London interbank market for Eurodollar deposits having a three-month maturity as of
11:00 a.m. (London time) on such Determination Date. If at least two quotations are
provided, 3-Month LIBOR will be the arithmetic mean of such quotations;

     (4) if fewer than two such quotations are provided as requested in clause (3)
above, the Trustee will request four major New York City banks to provide such
banks’ offered quotations (expressed as percentages per annum) to leading European
banks for loans in Eurodollars as of 11:00 a.m. (London time) on such Determination
Date. If at least two such quotations are provided, 3-Month LIBOR will be the
arithmetic mean of such quotations; and

     (5) if fewer than two such quotations are provided as requested in clause (4)
above, 3-Month LIBOR will be a 3-Month LIBOR determined with respect to the
Distribution Period immediately preceding such current Distribution

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Period. If the
rate for Eurodollar deposits having a three-month maturity that initially appears on
telerate Page 3750 or Reuters Page LIBO, as the case may be, as of 11:00 a.m.
(London time) on the related Determination Date is superseded on the Telerate page
3750 or Reuters Page LIBO, as the case may be, by a corrected rate by 12:00 noon
(London time) on such Determination Date, then the corrected rate as so substituted
on the applicable page will be the applicable 3-Month LIBOR for such Determination
Date.

     (6) The Coupon Rate for any Distribution Period will at no time be higher than
the maximum rate then permitted by New York law as the same may be modified by
United States law.

     (7) “Determination Date” means the date that is two London Banking Days
(i.e., a day in which dealings in deposits in U.S. dollars are transacted in the
London interbank market) preceding the particular Distribution Period for which a
Coupon Rate is being determined.

     (b) The Trustee shall notify the Company, the Institutional Trustee and any securities
exchange or interdealer quotation system on which the Capital Securities are listed, of the Coupon
Rate and the Determination Date for each Distribution Period, in each case as soon as practicable
after the determination thereof but in no event later than the seventh (7th) Business Day of the
relevant Distribution Period. Failure to notify the Company, the Institutional Trustee or any
securities exchange or interdealer quotation system, or any defect in said notice, shall not affect
the obligation of the Company to make payment on the Debentures at the applicable Coupon Rate. Any
error in the calculation of the Coupon Rate by the Institutional Trustee may be corrected at any
time by notice delivered as above provided. Upon the request of a holder of a Debenture, the
Trustee shall provide the Coupon Rate then in effect and, if determined, the Coupon Rate for the
next Distribution Period.

     (c) Subject to the corrective rights set forth above, all certificates, communications,
opinions, determinations, calculations, quotations and decisions given, expressed, made or obtained
for the purposes of the provisions relating to the payment and calculation of interest on the
Debentures and distributions on the Capital Securities by the Trustee or the Institutional Trustee
will (in the absence of willful default, bad faith and manifest error) be final, conclusive and
binding on the Trust, the Company and all of the holders of the Debentures and the Capital
Securities, and no liability shall (in the absence of willful default, bad faith or manifest error)
attach to the Trustee or the Institutional Trustee in connection with the exercise or non-exercise
by either of them or their respective powers, duties and discretion.

     Section 2.11 Extension of Interest Payment Period. So long as no Event of Default has occurred and is
continuing, the Company shall have the right, from time to time, and without causing an Event of
Default, to defer payments of interest on the Debentures by extending the interest payment period
on the Debentures at any time and from time to time during the term of the Debentures, for up to 20
consecutive quarterly periods (each such extended interest payment
period, an “Extension Period”), during which Extension Period no interest shall be due and
payable. No Extension Period may end on a date other than an Interest Payment Date. At the end of
any such Extension Period the Company shall pay all interest then accrued and unpaid on the

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Debentures (together with Additional Interest thereon); provided, however, that no
Extension Period may extend beyond the Maturity Date; provided further,
however, that during any such Extension Period, the Company shall not and shall not permit
any Affiliate to (i) declare or pay any dividends or distributions on, or redeem, purchase,
acquire, or make a liquidation payment with respect to, any of the Company’s Ownership Interests or
such Affiliate’s capital stock (other than payments of dividends or distributions to the Company)
or make any guarantee payments with respect to the foregoing or (ii) make any payment of principal
of or interest or premium, if any, on or repay, repurchase or redeem any debt securities of the
Company or any Affiliate that rank pari passu in all respects with or junior in interest to the
Debentures (other than, with respect to clauses (i) or (ii) above, (a) repurchases, redemptions or
other acquisitions of shares of Ownership Interests of the Company in connection with any
employment contract, benefit plan or other similar arrangement with or for the benefit of one or
more employees, officers, directors or consultants, in connection with a dividend or distribution
reinvestment or Ownership Interest purchase plan or in connection with the issuance of Ownership
Interests of the Company (or securities convertible into or exercisable for such Ownership
Interests) as consideration in an acquisition transaction entered into prior to the applicable
Extension Period, (b) as a result of any exchange or conversion of any class or series of the
Company’s Ownership Interests (or any capital stock of a subsidiary of the Company) for any class
or series of the Company’s Ownership Interests or of any class or series of the Company’s
indebtedness for any class or series of the Company’s Ownership Interests, (c) the purchase of
fractional interests in shares or units of the Company’s Ownership Interests pursuant to the
conversion or exchange provisions of such Ownership Interest or the security being converted or
exchanged, (d) any declaration of a dividend or distribution in connection with any Ownership
Interest holder’s rights plan, or the issuance of rights, Ownership Interests or other property
under any Ownership Interest holder’s rights plan, or the redemption or repurchase of rights
pursuant thereto, (e) any dividend or distribution in the form of Ownership Interests, warrants,
options or other rights where the dividend Ownership Interest or the Ownership Interests issuable
upon exercise of such warrants, options or other rights is the same Ownership Interest as that on
which the dividend or distribution is being paid or ranks pari passu with or junior to such
Ownership interest and any cash payments in lieu of fractional shares or units issued in connection
therewith, or (f) payments under the Capital Securities Guarantee). Prior to the termination of any
Extension Period, the Company may further extend such period, provided that such period together
with all such previous and further consecutive extensions thereof shall not exceed 20 consecutive
quarterly periods, or extend beyond the Maturity Date. Upon the termination of any Extension Period
and upon the payment of all accrued and unpaid interest and Additional Interest, the Company may
commence a new Extension Period, subject to the foregoing requirements. No interest or Additional
Interest shall be due and payable during an Extension Period, except at the end thereof, but each
installment of interest that would otherwise have been due and payable during such Extension Period
shall bear Additional Interest to the extent permitted by applicable law. The Company must give the
Trustee notice of its election to begin such Extension Period at least 5 Business Days prior to the
earlier of (i) the date interest on the Debentures would have been payable except for the election
to begin such Extension Period or (ii) the date such interest is payable, but in any event not less
than 5 Business Days prior to such record date. The Trustee
shall give notice of the Company’s election to begin a new Extension Period to the Securityholders.

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     Section 2.12 CUSIP Numbers. The Company in issuing the Debentures may use “CUSIP” numbers (if then
generally in use), and, if so, the Trustee shall use CUSIP numbers in notices of redemption as a
convenience to Securityholders; provided, however, that any such notice may state
that no representation is made as to the correctness of such numbers either as printed on the
Debentures or as contained in any notice of a redemption and that reliance may be placed only on
the other identification numbers printed on the Debentures, and any such redemption shall not be
affected by any defect in or omission of such numbers. The Company will promptly notify the Trustee
in writing of any change in the CUSIP numbers.

ARTICLE III

PARTICULAR COVENANTS OF THE COMPANY

     Section 3.1 Payment of Principal, Premium and Interest; Agreed Treatment of the Debentures.

     (a) The Company covenants and agrees that it will duly and punctually pay or cause to be paid
the principal of and premium, if any, and interest and any Additional Interest on the Debentures at
the place, at the respective times and in the manner provided in this Indenture and the Debentures.
Each installment of interest on the Debentures may be paid (i) by mailing checks for such interest
payable to the order of the holder of Debentures entitled thereto as they appear on the registry
books of the Company if a request for a wire transfer has not been received by the Company or (ii)
by wire transfer to any account with a banking institution located in the United States designated
in writing by such Person to the paying agent no later than the related record date.
Notwithstanding the foregoing, so long as the holder of this Debenture is the Institutional
Trustee, the payment of the principal of and interest on this Debenture will be made in immediately
available funds at such place and to such account as may be designated by the Institutional
Trustee.

     (b) The Company will treat the Debentures as indebtedness, and the amounts payable in respect
of the principal amount of such Debentures as interest, for all United States federal income tax
purposes. All payments in respect of such Debentures will be made free and clear of United States
withholding tax to any beneficial owner thereof that has provided an Internal Revenue Service Form
W8 BEN (or any substitute or successor form) establishing its non-United States status for United
States federal income tax purposes.

     (c) The Company has no present intention to exercise its right under Section 2.11 to defer
payments of interest on the Debentures by commencing an Extension Period.

     (d) The Company believes that the likelihood that it would exercise its right under Section
2.11 to defer payments of interest on the Debentures by commencing an Extension Period at any time
during which the Debentures are outstanding is remote because of the restrictions that would be
imposed on the Company’s ability to declare or pay dividends or distributions on, or to redeem,
purchase or make a liquidation payment with respect to, any of its
outstanding equity and on the Company’s ability to make any payments of principal of or
interest on, or repurchase or redeem, any of its debt securities that rank pari passu in all
respects with (or junior in interest to) the Debentures.

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     Section 3.2 Offices for Notices and Payments, etc. So long as any of the Debentures remain
outstanding, the Company will maintain in Hartford, Connecticut, an office or agency where the
Debentures may be presented for payment, an office or agency where the Debentures may be presented
for registration of transfer and for exchange as in this Indenture provided and an office or agency
where notices and demands to or upon the Company in respect of the Debentures or of this Indenture
may be served. The Company will give to the Trustee written notice of the location of any such
office or agency and of any change of location thereof. Until otherwise designated from time to
time by the Company in a notice to the Trustee, or specified as contemplated by Section 2.5, such
office or agency for all of the above purposes shall be the office or agency of the Trustee. In
case the Company shall fail to maintain any such office or agency in Hartford, Connecticut, or
shall fail to give such notice of the location or of any change in the location thereof,
presentations and demands may be made and notices may be served at the principal corporate trust
office of the Trustee.

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

     Section 3.3 Appointments to Fill Vacancies in Trustee’s Office. The Company, whenever necessary to
avoid or fill a vacancy in the office of Trustee, will appoint, in the manner provided in Section
6.9, a Trustee, so that there shall at all times be a Trustee hereunder.

     Section 3.4 Provision as to Paying Agent.

     (a) If the Company shall appoint a paying agent other than the Trustee, it will cause such
paying agent to execute and deliver to the Trustee an instrument in which such agent shall agree
with the Trustee, subject to the provision of this Section 3.4,

     (1) that it will hold all sums held by it as such agent for the payment of the
principal of and premium, if any, or interest, if any, on the Debentures (whether
such sums have been paid to it by the Company or by any other obligor on the
Debentures) in trust for the benefit of the holders of the Debentures;

     (2) that it will give the Trustee prompt written notice of any failure by the
Company (or by any other obligor on the Debentures) to make any payment of the
principal of and premium, if any, or interest, if any, on the Debentures when the
same shall be due and payable; and

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

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

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

     (c) Anything in this Section 3.4 to the contrary notwithstanding, the Company may, at any
time, for the purpose of obtaining a satisfaction and discharge with respect to the Debentures, or
for any other reason, pay, or direct any paying agent to pay to the Trustee all sums held in trust
by the Company or any such paying agent, such sums to be held by the Trustee upon the trusts herein
contained.

     (d) Anything in this Section 3.4 to the contrary notwithstanding, the agreement to hold sums
in trust as provided in this Section 3.4 is subject to Sections 12.3 and 12.4.

     Section 3.5 Certificate to Trustee. The Company will deliver to the Trustee on or before 120 days after
the end of each fiscal year, so long as Debentures are outstanding hereunder, a Certificate stating
that in the course of the performance by the signers of their duties as officers of the Company
they would normally have knowledge of any default during such fiscal year by the Company in the
performance of any covenants contained herein, stating whether or not they have knowledge of any
such default and, if so, specifying each such default of which the signers have knowledge and the
nature and states thereof.

     Section 3.6 Additional Sums. If and for so long as the Trust is the holder of all Debentures and the
Trust is required to pay any additional taxes, duties, assessments or other governmental charges as
a result of a Tax Event, the Company will pay such additional amounts (“Additional Sums”)
on the Debentures as shall be required so that the net amounts received and retained by the Trust
after paying taxes, duties, assessments or other governmental charges will be equal to the amounts
the Trust would have received if no such taxes, duties, assessments or other governmental charges
had been imposed. Whenever in this Indenture or the Debentures there is a reference in any context
to the payment of principal of or interest on the Debentures, such mention shall be deemed to
include mention of payments of the Additional Sums provided for in this paragraph to the extent
that, in such context, Additional Sums are, were or would be payable in respect thereof pursuant to
the provisions of this paragraph and express mention of the
payment of Additional Sums (if applicable) in any provisions hereof shall not be construed as
excluding Additional Sums in those provisions hereof where such express mention is not made;
provided, however, that the deferral of the payment of interest during an Extension
Period

21

 

pursuant to Section 2.11 shall not defer the payment of any Additional Sums that may be due
and payable.

     Section 3.7 Compliance with Consolidation Provisions. The Company will not, while any of the Debentures
remain outstanding, consolidate with, or merge into, or merge into itself, or sell or convey all or
substantially all of its property to any other Person unless the provisions of Article XI hereof
are complied with.

     Section 3.8 Limitation on Dividends. If Debentures are initially issued to the Trust or a trustee
of such trust in connection with the issuance of Trust Securities by the Trust (regardless of
whether Debentures continue to be held by such Trust) and (i) there shall have occurred and be
continuing any event that would constitute an Event of Default, (ii) the Company shall be in
default with respect to its payment of any obligations under the Capital Securities Guarantee, or
(iii) the Company shall have given notice of its election to defer payments of interest on the
Debentures by extending the interest payment period as provided herein and such period, or any
extension thereof, shall be continuing, then the Company shall not, and shall not allow any
Affiliate of the Company to, (x) declare or pay any dividends or distributions on, or redeem,
purchase, acquire, or make a liquidation payment with respect to, any of the Company’s Ownership
Interests or such Affiliate’s capital stock (other than payments of dividends or distributions to
the Company) or make any guarantee payments with respect to the foregoing or (y) make any payment
of principal of or interest or premium, if any, on or repay, repurchase or redeem any debt
securities of the Company or any Affiliate that rank pari passu in all respects with or junior in
interest to the Debentures (other than, with respect to clauses (x) or (y) above, (1) repurchases,
redemptions or other acquisitions of shares of Ownership Interests of the Company in connection
with any employment contract, benefit plan or other similar arrangement with or for the benefit of
one or more employees, officers, directors or consultants, in connection with a dividend or
distribution reinvestment or Ownership Interest purchase plan or in connection with the issuance of
Ownership Interests of the Company (or securities convertible into or exercisable for such
Ownership Interests) as consideration in an acquisition transaction entered into prior to the
applicable Extension Period, (2) as a result of any exchange or conversion of any class or series
of the Company’s Ownership Interests (or any capital stock of a subsidiary of the Company) for any
class or series of the Company’s Ownership Interests or of any class or series of the Company’s
indebtedness for any class or series of the Company’s Ownership Interests, (3) the purchase of
fractional interests in shares or units of the Company’s Ownership Interests pursuant to the
conversion or exchange provisions of such Ownership Interest or the security being converted or
exchanged, (4) any declaration of a dividend or distribution in connection with any Ownership
Interest holder’s rights plan, or the issuance of rights, Ownership Interests or other property
under any Ownership Interest holder’s rights plan, or the redemption or repurchase of rights
pursuant thereto, (5) any dividend or distribution in the form of Ownership Interests, warrants,
options or other rights where the dividend Ownership Interest or the Ownership Interests issuable
upon exercise of such warrants, options or other rights is the same Ownership Interest as that on
which the dividend or distribution is being paid or ranks pari passu with or junior to such
Ownership Interest and any cash payments in lieu of
fractional shares or units issued in connection therewith, or (6) payments under the Capital
Securities Guarantee).

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     Section 3.9 Covenants as to the Trust. For so long as the Trust Securities remain outstanding, the
Company shall maintain 100% ownership of the Common Securities; provided, however,
that any permitted successor of the Company under this Indenture may succeed to the Company’s
ownership of such Common Securities. The Company, as owner of the Common Securities, shall cause
the Trust (a) to remain a statutory trust, except in connection with a distribution of Debentures
to the holders of Trust Securities in liquidation of the Trust, the redemption of all of the Trust
Securities or certain mergers, consolidations or amalgamations, each as permitted by the
Declaration, (b) to otherwise continue to be classified as a grantor trust for United States
federal income tax purposes and (c) to cause each holder of Trust Securities to be treated as
owning an undivided beneficial interest in the Debentures.

     Section 3.10 Additional Junior Indebtedness. The Company shall not, and it shall not cause or permit any
Affiliate of the Company to incur, issue or be obligated on any Additional Junior Indebtedness,
either directly or indirectly, by way of guarantee, suretyship or otherwise, other than: (i)
Additional Junior Indebtedness that, by its terms, is expressly stated to be either junior and
subordinate or pari passu in all respects to the Debentures, and (ii) Additional Junior
Indebtedness of which the Company has notified (and, if then required under the applicable
guidelines of the regulating entity, has received approval from) the Federal Reserve, if the
Company is a bank holding company, or the OTS, if the Company is a savings and loan holding
company.

ARTICLE IV

SECURITYHOLDERS’ LISTS AND REPORTS

BY THE COMPANY AND THE TRUSTEE

     Section 4.1 Securityholders’ Lists. The Company covenants and agrees that it will furnish or caused to
be furnished to the Trustee:

     (a) on each regular record date for the Debentures, a list, in such form as the Trustee may
reasonably require, of the names and addresses of the Securityholders of the Debentures as of such
record date; and

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

except that no such lists need be furnished under this Section 4.1 so long as the Trustee is in
possession thereof by reason of its acting as Debenture registrar.

     Section 4.2 Preservation and Disclosure of Lists.

     (a) The Trustee shall preserve, in as current a form as is reasonably practicable, all
information as to the names and addresses of the holders of Debentures (1) contained in the most
recent list furnished to it as provided in Section 4.1 or (2) received by it in the capacity of
Debentures registrar (if so acting) hereunder. The Trustee may destroy any list furnished to
it as provided in Section 4.1 upon receipt of a new list so furnished.

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     (b) In case three or more holders of Debentures (hereinafter referred to as “applicants”)
apply in writing to the Trustee and furnish to the Trustee reasonable proof that each such
applicant has owned a Debenture for a period of at least 6 months preceding the date of such
application, and such application states that the applicants desire to communicate with other
holders of Debentures with respect to their rights under this Indenture or under such Debentures
and is accompanied by a copy of the form of proxy or other communication which such applicants
propose to transmit, then the Trustee shall within 5 Business Days after the receipt of such
application, at its election, either:

     (1) afford such applicants access to the information preserved at the time by
the Trustee in accordance with the provisions of subsection (a) of this Section 4.2,
or

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

     If the Trustee shall elect not to afford such applicants access to such information, the
Trustee shall, upon the written request of such applicants, mail to each Securityholder whose name
and address appear in the information preserved at the time by the Trustee in accordance with the
provisions of subsection (a) of this Section 4.2 a copy of the form of proxy or other communication
which is specified in such request with reasonable promptness after a tender to the Trustee of the
material to be mailed and of payment, or provision for the payment, of the reasonable expenses of
mailing, unless within five days after such tender, the Trustee shall mail to such applicants and
file with the Securities and Exchange Commission, if permitted or required by applicable law,
together with a copy of the material to be mailed, a written statement to the effect that, in the
opinion of the Trustee, such mailing would be contrary to the best interests of the holders of all
Debentures, as the case may be, or would be in violation of applicable law. Such written statement
shall specify the basis of such opinion. If said Commission, as permitted or required by applicable
law, after opportunity for a hearing upon the objections specified in the written statement so
filed, shall enter an order refusing to sustain any of such objections or if, after the entry of an
order sustaining one or more of such objections, said Commission shall find, after notice and
opportunity for hearing, that all the objections so sustained have been met and shall enter an
order so declaring, the Trustee shall mail copies of such material to all such Securityholders with
reasonable promptness after the entry of such order and the renewal of such tender; otherwise the
Trustee shall be relieved of any obligation or duty to such applicants respecting their
application.

     (c) Each and every holder of Debentures, by receiving and holding the same, agrees with
Company and the Trustee that neither the Company nor the Trustee nor any paying agent shall be held
accountable by reason of the disclosure of any such information as to the names and addresses of
the holders of Debentures in accordance with the provisions of subsection (b) of this
Section 4.2, regardless of the source from which such information was derived, and that the
Trustee shall not be held accountable by reason of mailing any material pursuant to a request made
under said subsection (b).

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ARTICLE V

REMEDIES OF THE TRUSTEE AND SECURITYHOLDERS

UPON AN EVENT OF DEFAULT

     Section 5.1 Events of Default. “Event of Default,” wherever used herein, 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):

     (a) the Company defaults in the payment of any interest upon any Debenture when it becomes due
and payable, and fails to cure such default for a period of 30 days; provided,
however, that a valid extension of an interest payment period by the Company in accordance
with the terms of this Indenture shall not constitute a default in the payment of interest for this
purpose; or

     (b) the Company defaults in the payment of all or any part of the principal of (or premium, if
any, on) any Debentures as and when the same shall become due and payable either at maturity, upon
redemption, by declaration of acceleration or otherwise; or

     (c) the Company defaults in the performance of, or breaches, any of its covenants or
agreements in this Indenture or in the terms of the Debentures established as contemplated in this
Indenture (other than a covenant or agreement a default in whose performance or whose breach is
elsewhere in this Section specifically dealt with), and continuance of such default or breach for a
period of 60 days after there has been given, by registered or certified mail, to the Company by
the Trustee or to the Company and the Trustee by the holders of at least 25% in aggregate principal
amount of the outstanding Debentures, a written notice specifying such default or breach and
requiring it to be remedied and stating that such notice is a “Notice of Default”
hereunder; or

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

     (e) the Company shall commence a voluntary case under any applicable bankruptcy, insolvency,
reorganization or other similar law now or hereafter in effect, shall consent to the entry of an
order for relief in an involuntary case under any such law, or shall consent to the appointment of
or taking possession by a receiver, liquidator, assignee, trustee, custodian, sequestrator (or
other similar official) of the Company or of any substantial part of its property,
or shall make any general assignment for the benefit of creditors, or shall fail generally to
pay its debts as they become due; or

     (f) the Trust shall have voluntarily or involuntarily liquidated, dissolved, wound-up its
business or otherwise terminated its existence except in connection with (i) the distribution of

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the Debentures to holders of such Trust Securities in liquidation of their interests in the Trust,
(ii) the redemption of all of the outstanding Trust Securities or (iii) certain mergers,
consolidations or amalgamations, each as permitted by the Declaration.

     If an Event of Default occurs and is continuing with respect to the Debentures, then, and in
each and every such case, unless the principal of the Debentures shall have already become due and
payable, either the Trustee or the holders of not less than 25% in aggregate principal amount of
the Debentures then outstanding hereunder, by notice in writing to the Company (and to the Trustee
if given by Securityholders), may declare the entire principal of the Debentures and the interest
accrued thereon, if any, to be due and payable immediately, and upon any such declaration the same
shall become immediately due and payable.

     The foregoing provisions, however, are subject to the condition that if, at any time after the
principal of the Debentures shall have been so declared due and payable, and before any judgment or
decree for the payment of the moneys due shall have been obtained or entered as hereinafter
provided, the Company shall pay or shall deposit with the Trustee a sum sufficient to pay all
matured installments of interest upon all the Debentures and the principal of and premium, if any,
on the Debentures which shall have become due otherwise than by acceleration (with interest upon
such principal and premium, if any, and Additional Interest) and such amount as shall be sufficient
to cover reasonable compensation to the Trustee and each predecessor Trustee, their respective
agents, attorneys and counsel, and all other amounts due to the Trustee pursuant to Section 6.6,
and if any and all Events of Default under this Indenture, other than the non-payment of the
principal of or premium, if any, on Debentures which shall have become due by acceleration, shall
have been cured, waived or otherwise remedied as provided herein — then and in every such case the
holders of a majority in aggregate principal amount of the Debentures then outstanding, by written
notice to the Company and to the Trustee, may waive all defaults and rescind and annul such
declaration and its consequences, but no such waiver or rescission and annulment shall extend to or
shall affect any subsequent default or shall impair any right consequent thereon.

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

     Section 5.2 Payment of Debentures on Default; Suit Therefor. The Company covenants that (a) in case
default shall be made in the payment of any installment of interest upon any of the Debentures as
and when the same shall become due and payable, and such default shall have continued for a period
of 30 days, or (b) in case default shall be made in the
payment of the principal of or premium, if any, on any of the Debentures as and when the same shall
have become due and payable, whether at maturity of the Debentures or upon redemption or by
declaration of acceleration or otherwise — then, upon demand of the Trustee, the Company will pay
to the Trustee, for the benefit of the holders of the Debentures the whole amount that then shall
have become due and payable on all Debentures for principal and premium, if any, or

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interest, or
both, as the case may be, with Additional Interest accrued on the Debentures (to the extent that
payment of such interest is enforceable under applicable law and, if the Debentures are held by the
Trust or a trustee of such Trust, without duplication of any other amounts paid by the Trust or a
trustee in respect thereof); and, in addition thereto, such further amount as shall be sufficient
to cover the costs and expenses of collection, including a reasonable compensation to the Trustee,
its agents, attorneys and counsel, and any other amounts due to the Trustee under Section 6.6. In
case the Company shall fail forthwith to pay such amounts upon such demand, the Trustee, in its own
name and as trustee of an express trust, shall be entitled and empowered to institute any actions
or proceedings at law or in equity for the collection of the sums so due and unpaid, and may
prosecute any such action or proceeding to judgment or final decree, and may enforce any such
judgment or final decree against the Company or any other obligor on such Debentures and collect in
the manner provided by law out of the property of the Company or any other obligor on such
Debentures wherever situated the moneys adjudged or decreed to be payable.

     In case there shall be pending proceedings for the bankruptcy or for the reorganization of the
Company or any other obligor on the Debentures under Bankruptcy Law, or in case a receiver or
trustee shall have been appointed for the property of the Company or such other obligor, or in the
case of any other similar judicial proceedings relative to the Company or other obligor upon the
Debentures, or to the creditors or property of the Company or such other obligor, the Trustee,
irrespective of whether the principal of the Debentures shall then be due and payable as therein
expressed or by declaration of acceleration or otherwise and irrespective of whether the Trustee
shall have made any demand pursuant to the provisions of this Section 5.2, shall be entitled and
empowered, by intervention in such proceedings or otherwise,

	 	(i)	 	to file and prove a claim or claims for the whole amount of principal and
interest owing and unpaid in respect of the Debentures and, in case of any judicial
proceedings,
	 
	 	(ii)	 	to file such proofs of claim and other papers or documents as may be necessary
or advisable in order to have the claims of the Trustee (including any claim for
reasonable compensation to the Trustee and each predecessor Trustee, and their
respective agents, attorneys and counsel, and for reimbursement of all other amounts
due to the Trustee under Section 6.6), and of the Securityholders allowed in such
judicial proceedings relative to the Company or any other obligor on the Debentures, or
to the creditors or property of the Company or such other obligor, unless prohibited by
applicable law and regulations, to vote on behalf of the holders of the Debentures in
any election of a trustee or a standby trustee in arrangement, reorganization,
liquidation or other bankruptcy or insolvency proceedings or Person performing similar
functions in comparable proceedings,
	 
	 	(iii)	 	to collect and receive any moneys or other property payable or deliverable on
any such claims, and
	 
	 	(iv)	 	to distribute the same after the deduction of its charges and expenses.

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Any receiver, assignee or trustee in bankruptcy or reorganization is hereby authorized by each of
the Securityholders to make such payments to the Trustee, and, in the event that the Trustee shall
consent to the making of such payments directly to the Securityholders, to pay to the Trustee such
amounts as shall be sufficient to cover reasonable compensation to the Trustee, each predecessor
Trustee and their respective agents, attorneys and counsel, and all other amounts due to the
Trustee under Section 6.6.

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

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

     In any proceedings brought by the Trustee (and also any proceedings involving the
interpretation of any provision of this Indenture to which the Trustee shall be a party), the
Trustee shall be held to represent all the holders of the Debentures, and it shall not be necessary
to make any holders of the Debentures parties to any such proceedings.

     Section 5.3 Application of Moneys Collected by Trustee. Any moneys collected by the Trustee pursuant to
this Article V shall be applied in the following order, at the date or dates fixed by the Trustee
for the distribution of such moneys, upon presentation of the several Debentures in respect of
which moneys have been collected, and stamping thereon the payment, if only partially paid, and
upon surrender thereof if fully paid:

     First: To the payment of costs and expenses incurred by, and reasonable fees of, the Trustee,
its agents, attorneys and counsel, and of all other amounts due to the Trustee under Section 6.6;

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

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

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

     Section 5.4 Proceedings by Securityholders. No holder of any Debenture shall have any right to
institute any suit, action or proceeding for any remedy hereunder, unless such holder

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

     Notwithstanding any other provisions in this Indenture, however, the right of any holder of
any Debenture to receive payment of the principal of, premium, if any, and interest, on such
Debenture when due, or to institute suit for the enforcement of any such payment, shall not be
impaired or affected without the consent of such holder and by accepting a Debenture hereunder it
is expressly understood, intended and covenanted by the taker and holder of every Debenture with
every other such taker and holder and the Trustee, that no one or more holders of Debentures shall
have any right in any manner whatsoever by virtue or by availing itself of any provision of this
Indenture to affect, disturb or prejudice the rights of the holders of any other Debentures, or to
obtain or seek to obtain priority over or preference to any other such holder, or to enforce any
right under this Indenture, except in the manner herein provided and for the equal, ratable and
common benefit of all holders of Debentures. For the protection and enforcement of the provisions
of this Section, each and every Securityholder and the Trustee shall be entitled to such relief as
can be given either at law or in equity.

     Section 5.5 Proceedings by Trustee. In case of an Event of Default hereunder the Trustee may in its
discretion proceed to protect and enforce the rights vested in it by this Indenture by such
appropriate judicial proceedings as the Trustee shall deem most effectual to protect and enforce
any of such rights, either by suit in equity or by action at law or by proceeding in bankruptcy or
otherwise, whether for the specific enforcement of any covenant or agreement contained in this
Indenture or in aid of the exercise of any power granted in this Indenture, or to enforce any other
legal or equitable right vested in the Trustee by this Indenture or by law.

     Section 5.6 Remedies Cumulative and Continuing; Delay or Omission Not a Waiver. Except as otherwise
provided in Section 2.6, all powers and remedies given by this Article V to the Trustee or to the
Securityholders shall, to the extent permitted by law, be deemed cumulative and not exclusive of
any other powers and remedies available to the Trustee or the holders of the Debentures, by
judicial proceedings or otherwise, to enforce the performance or observance of the covenants and
agreements contained in this Indenture or otherwise established with respect to the Debentures, and
no delay or omission of the Trustee or of any holder of any of the Debentures to exercise any right
or power accruing upon any Event of
Default occurring and continuing as aforesaid shall impair any such right or power, or shall be
construed to be a waiver of any such default or an acquiescence therein; and, subject to the
provisions of Section 5.4, every power and remedy given by this Article V or by law to the

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

     No delay or omission of the Trustee or any Securityholder to exercise any right or remedy
accruing upon any Event of Default shall impair any such right or remedy or constitute a waiver of
any such. Event of Default or an acquiescence therein. Every right and remedy given by this Article
or by law to the Trustee or to any Securityholder may be exercised from time to time, and as often
as may be deemed expedient, by the Trustee (in accordance with its duties under Section 6.1 hereof)
or by such holder, as the case may be.

     Section 5.7 Direction of Proceedings and Waiver of Defaults by Majority of Securityholders. The holders
of a majority in aggregate principal amount of the Debentures affected (voting as one class) at the
time outstanding shall have the right to direct the time, method, and place of conducting any
proceeding for any remedy available to the Trustee, or exercising any trust or power conferred on
the Trustee with respect to such Debentures; provided, however, that (subject to
the provisions of Section 6.1) the Trustee shall have the right to decline to follow any such
direction if the Trustee shall determine that the action so directed would be unjustly prejudicial
to the holders not taking part in such direction or if the Trustee being advised by counsel
determines that the action or proceeding so directed may not lawfully be taken or if a Responsible
Officer of the Trustee shall determine that the action or proceedings so directed would involve the
Trustee in personal liability.

     The holders of a majority in aggregate principal amount of the Debentures at the time
outstanding may on behalf of the holders of all of the Debentures waive (or modify any previously
granted waiver of) any past default or Event of Default, and its consequences, except a default (a)
in the payment of principal of, premium, if any, or interest on any of the Debentures, (b) in
respect of covenants or provisions hereof which cannot be modified or amended without the consent
of the holder of each Debenture affected, or (c) in respect of the covenants contained in Section
3.9; provided, however, that if the Debentures are held by the Trust or a trustee
of such trust, such waiver or modification to such waiver shall not be effective until the holders
of a majority in Liquidation Amount of Trust Securities of the Trust shall have consented to such
waiver or modification to such waiver, provided, further, that if the consent of
the holder of each outstanding Debenture is required, such waiver shall not be effective until each
holder of the Trust Securities of the Trust shall have consented to such waiver. Upon any such
waiver, the default covered thereby shall be deemed to be cured for all purposes of this Indenture
and the Company, the Trustee and the holders of the Debentures shall be restored to their former
positions and rights hereunder, respectively; but no such waiver shall extend to any subsequent or
other default or Event of Default or impair any right consequent thereon. Whenever any default or
Event of Default hereunder shall have been waived as permitted by this Section, said default or
Event of Default shall for all purposes of the Debentures and this Indenture be deemed to have been
cured and to be not continuing.

     Section 5.8 Notice of Defaults. The Trustee shall, within 90 days after the actual knowledge by a
Responsible Officer of the Trustee of the occurrence of a default with respect to
the Debentures, mail to all Securityholders, as the names and addresses of such holders appear upon
the Debenture Register, notice of all defaults with respect to the Debentures known to the Trustee,
unless such defaults shall have been cured before the giving of such notice (the term

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“defaults” for the purpose of this Section 5.8 being hereby defined to be the events specified in clauses (a),
(b), (c), (d), (e) and (f) of Section 5.1, not including periods of grace, if any, provided for
therein); provided, however, that, except in the case of default in the payment of
the principal of, premium, if any, or interest on any of the Debentures, the Trustee shall be
protected in withholding such notice if and so long as a Responsible Officer of the Trustee in good
faith determines that the withholding of such notice is in the interests of the Securityholders.

     Section 5.9 Undertaking to Pay Costs. All parties to this Indenture agree, and each holder of any
Debenture 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; provided, however, that the
provisions of this Section 5.9 shall not apply to any suit instituted by the Trustee, to any suit
instituted by any Securityholder, or group of Securityholders, holding in the aggregate more than
10% in principal amount of the Debentures outstanding, or to any suit instituted by any
Securityholder for the enforcement of the payment of the principal of (or premium, if any) or
interest on any Debenture against the Company on or after the same shall have become due and
payable.

ARTICLE VI

CONCERNING THE TRUSTEE

     Section 6.1 Duties and Responsibilities of Trustee. With respect to the holders of Debentures issued
hereunder, the Trustee, prior to the occurrence of an Event of Default with respect to the
Debentures and after the curing or waiving of all Events of Default which may have occurred, with
respect to the Debentures, undertakes to perform such duties and only such duties as are
specifically set forth in this Indenture, and no implied covenants shall be read into this
Indenture against the Trustee. In case an Event of Default with respect to the Debentures has
occurred (which has not been cured or waived), the Trustee shall exercise such of the rights and
powers vested in it by this Indenture, and use the same degree of care and skill in their exercise,
as a prudent man would exercise or use under the circumstances in the conduct of his own affairs.

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

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

     (1) the duties and obligations of the Trustee with respect to Debentures shall
be determined solely by the express provisions of this Indenture, and the
Trustee shall not be liable except for the performance of such duties and
obligations with respect to the Debentures as are specifically set forth in this

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

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

     (c) the Trustee shall not be liable with respect to any action taken or omitted to be taken by
it in good faith, in accordance with the direction of the Securityholders pursuant to Section 5.7,
relating to the time, method and place of conducting any proceeding for any remedy available to the
Trustee, or exercising any trust or power conferred upon the Trustee, under this Indenture.

     None of the provisions contained in this Indenture shall require the Trustee to expend or risk
its own funds or otherwise incur personal financial liability in the performance of any of its
duties or in the exercise of any of its rights or powers, if there is ground for believing that the
repayment of such funds or liability is not assured to it under the terms of this Indenture or
indemnity satisfactory to the Trustee against such risk is not reasonably assured to it.

     Section 6.2 Reliance on Documents, Opinions, etc. Except as otherwise provided in
Section 6.1:

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

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

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

     (d) the Trustee shall be under no obligation to exercise any of the rights or powers vested in
it by this Indenture at the request, order or direction of any of the Securityholders,

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pursuant to
the provisions of this Indenture, unless such Securityholders shall have offered to the Trustee
reasonable security or indemnity against the costs, expenses and liabilities which may be incurred
therein or thereby;

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

     (f) the Trustee shall not be bound to make any investigation into the facts or matters stated
in any resolution, certificate, statement, instrument, opinion, report, notice, request, consent,
order, approval, bond, debenture, coupon or other paper or document, unless requested in writing to
do so by the holders of not less than a majority in aggregate principal amount of the outstanding
Debentures affected thereby; provided, however, that if the payment within a
reasonable time to the Trustee of the costs, expenses or liabilities likely to be incurred by it in
the making of such investigation is, in the opinion of the Trustee, not reasonably assured to the
Trustee by the security afforded to it by the terms of this Indenture, the Trustee may require
reasonable indemnity against such expense or liability as a condition to so proceeding;

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

     (h) with the exceptions of defaults under Sections 5.1(a) or 5.1(b), the Trustee shall not be
charged with knowledge of any Default or Event of Default with respect to the Debentures unless a
written notice of such Default or Event of Default shall have been given to the Trustee by the
Company or any other obligor on the Debentures or by any holder of the Debentures.

     Section 6.3 No Responsibility for Recitals, etc. The recitals contained herein and in the Debentures
(except in the certificate of authentication of the Trustee or the Authenticating Agent) shall be
taken as the statements of the Company, and the Trustee and the Authenticating Agent assume no
responsibility for the correctness of the same. The Trustee and the Authenticating Agent make no
representations as to the validity or sufficiency of this Indenture or of the Debentures. The
Trustee and the Authenticating Agent shall not be accountable for the use or application by the
Company of any Debentures or the proceeds of any Debentures authenticated and delivered by the
Trustee or the Authenticating Agent in conformity with the provisions of this Indenture.

     Section 6.4 Trustee, Authenticating Agent, Paying Agents, Transfer Agents or Registrar May Own
Debentures. The Trustee or any Authenticating Agent or any paying agent or any transfer agent
or any Debenture registrar, in its individual or any other capacity, may
become the owner or pledgee of Debentures with the same rights it would have if it were not
Trustee, Authenticating Agent, paying agent, transfer agent or Debenture registrar.

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     Section 6.5 Moneys to be Held in Trust. Subject to the provisions of Section 12.4, all moneys received
by the Trustee or any paying agent shall, until used or applied as herein provided, be held in
trust for the purpose for which they were received, but need not be segregated from other funds
except to the extent required by law. The Trustee and any paying agent shall be under no liability
for interest on any money received by it hereunder except as otherwise agreed in writing with the
Company. So long as no Event of Default shall have occurred and be continuing, all interest allowed
on any such moneys shall be paid from time to time upon the written order of the Company, signed by
the Chairman of the Board of Directors, the President, a Managing Director, a Vice President the
Treasurer or an Assistant Treasurer of the Company.

     Section 6.6 Compensation and Expenses of Trustee. The Company covenants and agrees to pay to the
Trustee from time to time, and the Trustee shall be entitled to, such compensation as shall be
agreed to in writing between the Company and the Trustee (which shall not be limited by any
provision of law in regard to the compensation of a trustee of an express trust), and the Company
will pay or reimburse the Trustee upon its request for all reasonable expenses, disbursements and
advances incurred or made by the Trustee in accordance with any of the provisions of this Indenture
(including the reasonable compensation and the expenses and disbursements of its counsel and of all
Persons not regularly in its employ) except any such expense, disbursement or advance as may arise
from its negligence or willful misconduct. The Company also covenants to indemnify each of the
Trustee or any predecessor Trustee (and its officers, agents, directors and employees) for, and to
hold it hat unless against, any and all loss, damage, claim, liability or expense including taxes
(other than taxes based on the income of the Trustee) incurred without negligence or willful
misconduct on the part of the Trustee and arising out of or in connection with the acceptance or
administration of this trust, including the costs and expenses of defending itself against any
claim of liability. The obligations of the Company under this Section 6.6 to compensate and
indemnify the Trustee and to pay or reimburse the Trustee for expenses, disbursements and advances
shall constitute additional indebtedness hereunder. Such additional indebtedness shall be secured
by a lien prior to that of the Debentures upon all property and funds held or collected by the
Trustee as such, except funds held in trust for the benefit of the holders of particular
Debentures.

     Without prejudice to any other rights available to the Trustee under applicable law, when the
Trustee incurs expenses or renders services in connection with an Event of Default specified in
Section 5.1(d), Section 5.1(e) or Section 5.1(f), the expenses (including the reasonable charges
and expenses of its counsel) and the compensation for the services are intended to constitute
expenses of administration under any applicable federal or state bankruptcy, insolvency or other
similar law.

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

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

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     Section 6.7 Officers’ Certificate as Evidence. Except as otherwise provided in Sections 6.1 and 6.2,
whenever in the administration of the provisions of this Indenture the Trustee shall deem it
necessary or desirable that a matter be proved or established prior to taking or omitting any
action hereunder, such matter (unless other evidence in respect thereof be herein specifically
prescribed) may, in the absence of negligence or willful misconduct on the part of the Trustee, be
deemed to be conclusively proved and established by an Officers’ Certificate delivered to the
Trustee, and such certificate, in the absence of negligence or willful misconduct on the part of
the Trustee, shall be full warrant to the Trustee for any action taken or omitted by it under the
provisions of this Indenture upon the faith thereof.

     Section 6.8 Eligibility of Trustee. The Trustee hereunder shall at all times 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 other Person authorized under such laws to
exercise corporate trust powers, having (or whose obligations under this Indenture are guaranteed
by an affiliate having) a combined capital and surplus of at least 50 million U.S. dollars
($50,000,000.00) 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 aforesaid supervising or examining
authority, then for the purposes of this Section 6.8 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
records of condition so published.

     The Company may not, nor may any Person directly or indirectly controlling, controlled by, or
under common control with the Company, serve as Trustee.

     In case at any time the Trustee shall cease to be eligible in accordance with the provisions
of this Section 6.8, the Trustee shall resign immediately in the manner and with the effect
specified in Section 6.9.

     Section 6.9 Resignation or Removal of Trustee

     (a) The Trustee, or any trustee or trustees hereafter appointed, may at any time resign by
giving written notice of such resignation to the Company and by mailing notice thereof, at the
Company’s expense, to the holders of the Debentures at their addresses as they shall appear on the
Debenture Register. Upon receiving such notice of resignation, the Company shall promptly appoint a
successor trustee or trustees by written instrument, in duplicate, executed by order of its Board
of Directors, one copy of which instrument shall be delivered to the resigning Trustee and one copy
to the successor Trustee. If no successor Trustee shall have been so appointed and have accepted
appointment within 30 days after the mailing of such notice of resignation to the affected
Securityholders, the resigning Trustee may petition any court of competent jurisdiction for the
appointment of a successor Trustee, or any Securityholder who has been a bona fide holder of a
Debenture or Debentures for at least six months may, subject to the provisions of Section 5.9, on
behalf of himself and all others similarly situated, petition any such court for the
appointment of a successor Trustee. Such court may thereupon, after such notice, if any, as it
may deem proper and prescribe, appoint a successor Trustee.

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

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     (1) the Trustee shall fail to comply with the provisions of Section 6.8 after
written request therefor by the Company or by any Securityholder who has been a bona
fide holder of a Debenture or Debentures for at least 6 months, or

     (2) the Trustee shall cease to be eligible in accordance with the provisions of
Section 6.8 and shall fail to resign after written request therefor by the Company
or by any such Securityholder, 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, the Company may remove the Trustee and appoint
a successor Trustee by written instrument, in duplicate, executed by
order of the Board of Directors, one copy of which instrument shall be
delivered to the Trustee so removed and one copy to the successor
Trustee, or, subject to the provisions of Section 5.9, any
Securityholder who has been a bona fide holder of a Debenture or
Debentures for at least 6 months may, on behalf of himself and all
others similarly situated, petition any court of competent jurisdiction
for the removal of the Trustee and the appointment of a successor
Trustee. Such court may thereupon, after such notice, if any, as it may
deem proper and prescribe, remove the Trustee and appoint successor
Trustee.

     (c) Upon prior written notice to the Company and the Trustee, the holders of a majority in
aggregate principal amount of the Debentures at the time outstanding may at any time remove the
Trustee and nominate a successor Trustee, which shall be deemed appointed as successor Trustee
unless within 10 Business Days after such nomination the Company objects thereto, in which case, or
in the case of a failure by such holders to nominate a successor Trustee, the Trustee so removed or
any Securityholder, upon the terms and conditions and otherwise as in subsection (a) of this
Section 6.9 provided, may petition any court of competent jurisdiction for an appointment of a
successor.

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

     Section 6.10 Acceptance by Successor Trustee. Any successor Trustee appointed as provided in Section 6.9
shall execute, acknowledge and deliver to the Company and to its predecessor Trustee an instrument
accepting such appointment hereunder, and thereupon the resignation or removal of the retiring
Trustee shall become effective and such successor Trustee,
without any further act, deed or conveyance, shall become vested with all the rights, powers,
duties and obligations with respect to the Debentures of its predecessor hereunder, with like
effect as if originally named as Trustee herein: but, nevertheless, on the written request of the
Company or of the successor Trustee, the Trustee ceasing to act shall, upon payment of any

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amounts
then due it pursuant to the provisions of Section 6.6, execute and deliver an instrument
transferring to such successor Trustee all the rights and powers of the Trustee so ceasing to act
and shall duly assign, transfer and deliver to such successor Trustee all property and money held
by such retiring Trustee thereunder. Upon request of any such successor Trustee, the Company shall
execute any and all instruments in writing for more fully and certainly vesting in and confirming
to such successor Trustee all such rights and powers. Any Trustee ceasing to act shall,
nevertheless, retain a lien upon all property or funds held or collected by such Trustee to secure
any amounts then due it pursuant to the provisions of Section 6.6.

     If a successor Trustee is appointed, the Company, the retiring Trustee and the successor
Trustee shall execute and deliver an indenture supplemental hereto which shall contain such
provisions as shall be deemed necessary or desirable to confirm that all the rights, powers, trusts
and duties of the retiring Trustee with respect to the Debentures as to which the predecessor
Trustee is not retiring shall continue to be vested in the predecessor Trustee, and shall add to or
change any of the provisions of this Indenture as shall be necessary to provide for or facilitate
the administration of the Trust hereunder by more than one Trustee, it being understood that
nothing herein or in such supplemental indenture shall constitute such Trustees co-trustees of the
same trust and that each such Trustee shall be Trustee of a trust or trusts hereunder separate and
apart from any trust or trusts hereunder administered by any other such Trustee.

     No successor Trustee shall accept appointment as provided in this Section unless at the time
of such acceptance such successor Trustee shall be eligible under the provisions of Section 6.8.

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

     Upon acceptance of appointment by a successor Trustee as provided in this Section 6.10, the
Company shall mail notice of the succession of such Trustee hereunder to the holders of Debentures
at their addresses as they shall appear on the Debenture Register. If the Company fails to mail
such notice within 10 Business Days after the acceptance of appointment by the successor Trustee,
the successor Trustee shall cause such notice to be mailed at the expense of the Company.

     Section 6.11 Succession by Merger, etc. Any corporation or other entity into which the Trustee may be
merged or converted or with which it may be consolidated, or any corporation or other entity
resulting from any merger, conversion or consolidation to which the Trustee shall be a party, or
any corporation or other entity succeeding to all or substantially all of the corporate trust
business of the Trustee, shall be the successor of the Trustee hereunder without the execution or
filing of any paper or any further act on the part of any of the parties hereto; provided
such entity shall be otherwise eligible and qualified under this Article.

     In case at the time such successor to the Trustee shall succeed to the trusts created by this
Indenture any of the Debentures shall have been authenticated but not delivered, any such successor
to the Trustee may adopt the certificate of authentication of any predecessor Trustee, and deliver
such Debentures so authenticated; and in case at that time any of the Debentures shall not have
been authenticated, any successor to the Trustee may authenticate such Debentures

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either in the
name of any predecessor hereunder or in the name of the successor Trustee; and in all such cases
such certificates shall have the full force which it is anywhere in the Debentures or in this
Indenture provided that the certificate of the Trustee shall have; provided,
however, that the right to adopt the certificate of authentication of any predecessor
Trustee or authenticate Debentures in the name of any predecessor Trustee shall apply only to its
successor or successors by merger, conversion or consolidation.

     Section 6.12 Authenticating Agents. There may be one or more Authenticating Agents appointed by the
Trustee upon the request of the Company with power to act on its behalf and subject to its
direction in the authentication and delivery of Debentures issued upon exchange or registration of
transfer thereof as fully to all intents and purposes as though any such Authenticating Agent had
been expressly authorized to authenticate and deliver Debentures; provided,
however, that the Trustee shall have no liability to the Company for any acts or omissions
of the Authenticating Agent with respect to the authentication and delivery of Debentures. Any such
Authenticating Agent shall at all times be a corporation organized and doing business under the
laws of the United States or of any state or territory thereof or of the District of Columbia
authorized under such laws to act as Authenticating Agent, having a combined capital and surplus of
at least $50,000,000.00 and being 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 the requirements of such authority, then for the purposes of
this Section 6.12 the combined capital and surplus of such corporation shall be deemed to be its
combined capital and surplus as set forth in its most recent report of condition so published. If
at any time an Authenticating Agent shall cease to be eligible in accordance with the provisions of
this Section, it shall resign immediately in the manner and with the effect herein specified in
this Section.

     Any corporation into which any Authenticating Agent may be merged or converted or with which
it may be consolidated, or any corporation resulting from any merger, consolidation or conversion
to which any Authenticating Agent shall be a party, or any corporation succeeding to all or
substantially all of the corporate trust business of any Authenticating Agent, shall be the
successor of such Authenticating Agent hereunder, if such successor corporation is otherwise
eligible under this Section 6.12 without the execution or filing of any paper or any further act on
the part of the parties hereto or such Authenticating Agent.

     Any Authenticating Agent may at any time resign by giving written notice of resignation to the
Trustee and to the Company. The Trustee may at any time terminate the agency of any Authenticating
Agent with respect to the Debentures by giving written notice of termination to such Authenticating
Agent and to the Company. Upon receiving such a notice of resignation or upon such a termination,
or in case at any time any Authenticating Agent shall cease to be eligible under this Section 6.12,
the Trustee may, and upon the request of the Company shall, promptly appoint a successor
Authenticating Agent eligible under this Section 6.12, shall give written notice of such
appointment to the Company and shall mail notice of such appointment to
all holders of Debentures as the names and addresses of such holders appear on the Debenture
Register. Any successor Authenticating Agent upon acceptance of its appointment hereunder shall
become vested with all rights, powers, duties and responsibilities with respect to the Debentures
of its predecessor hereunder, with like effect as if originally named as Authenticating Agent
herein.

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

ARTICLE VII

CONCERNING THE SECURITYHOLDERS

     Section 7.1 Action by Securityholders. Whenever in this Indenture it is provided that the holders of a
specified percentage in aggregate principal amount of the Debentures may take any action (including
the making of any demand or request, the giving of any notice, consent or waiver or the taking of
any other action) the fact that at the time of taking any such action the holders of such specified
percentage have joined therein may be evidenced (a) by any instrument or any number of instruments
of similar tenor executed by such Securityholders in person or by agent or proxy appointed in
writing, or (b) by the record of such holders of Debentures voting in favor thereof at any meeting
of such Securityholders duly called and held in accordance with the provisions of Article VIII, or
(c) by a combination of such instrument or instruments and any such record of such a meeting of
such Securityholders or (d) by any other method the Trustee deems satisfactory.

     If the Company shall solicit from the Securityholders any request, demand, authorization,
direction, notice, consent, waiver or other action or revocation of the same, the Company may, at
its option, as evidenced by an Officers’ Certificate, fix in advance a record date for such
Debentures for the determination of Securityholders entitled to give such request, demand,
authorization, direction, notice, consent, waiver or other action or revocation of the same, but
the Company shall have no obligation to do so. If such a record date is fixed, such request,
demand, authorization, direction, notice, consent, waiver or other action or revocation of the same
may be given before or after the record date, but only the Securityholders of record at the close
of business on the record date shall be deemed to be Securityholders for the purposes of
determining whether Securityholders of the requisite proportion of outstanding Debentures have
authorized or agreed or consented to such request, demand, authorization, direction, notice,
consent, waiver or other action or revocation of the same, and for that purpose the outstanding
Debentures shall be computed as of the record date; provided, however, that no such
authorization, agreement or consent by such Securityholders on the record date shall be deemed
effective unless it shall become effective pursuant to the provisions of this Indenture not later
than 6 months after the record date.

     Section 7.2 Proof of Execution by Securityholders. Subject to the provisions of Section 6.1, 6.2 and
8.5, proof of the execution of any instrument by a Securityholder or his agent or proxy shall be
sufficient if made in accordance with such reasonable rules and regulations as may be prescribed by
the Trustee or in such manner as shall be satisfactory to the
Trustee. The ownership of Debentures shall be proved by the Debenture Register or by a certificate
of the Debenture registrar. The Trustee may require such additional proof of any matter referred to
in this Section as it shall deem necessary.

     The record of any Securityholders’ meeting shall be proved in the manlier provided in Section
8.6.

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     Section 7.3 Who Are Deemed Absolute Owners. Prior to due presentment for registration of transfer of
any Debenture, the Company, the Trustee, any Authenticating Agent, any paying agent, any transfer
agent and any Debenture registrar may deem the Person in whose name such Debenture shall be
registered upon the Debenture Register to be, and may treat him as, the absolute owner of such
Debenture (whether or not such Debenture shall be overdue) for the purpose of receiving payment of
or on account of the principal of, premium, if any, and interest on such Debenture and for all
other purposes; and neither the Company nor the Trustee nor any Authenticating Agent nor any paying
agent nor any transfer agent nor any Debenture registrar shall be affected by any notice to the
contrary. All such payments so made to any holder for the time being or upon his order shall be
valid, and, to the extent of the sum or sums so paid, effectual to satisfy and discharge the
liability for moneys payable upon any such Debenture.

     Section 7.4 Debentures Owned by Company Deemed Not Outstanding. In determining whether the holders of
the requisite aggregate principal amount of Debentures have concurred in any direction, consent or
waiver under this Indenture, Debentures which are owned by the Company or any other obligor on the
Debentures or by any Person directly or indirectly controlling or controlled by or under direct or
indirect common control with the Company or any other obligor on the Debentures shall be
disregarded and deemed not to be outstanding for the purpose of any such determination;
provided, however, that for the purposes of determining whether the Trustee shall
be protected in relying on any such direction, consent or waiver, only Debentures which a
Responsible Officer of the Trustee actually knows are so owned shall be so disregarded. Debentures
so owned which have been pledged in good faith may be regarded as outstanding for the purposes of
this Section 7.4 if the pledgee shall establish to the satisfaction of the Trustee the pledge’s
right to vote such Debentures and that the pledgee is not the Company or any such other obligor or
Person directly or indirectly controlling or controlled by or under direct or indirect common
control with the Company or any such other obligor. In the case of a dispute as to such right, any
decision by the Trustee taken upon the advice of counsel shall be full protection to the Trustee.

     Section 7.5 Revocation of Consents; Future Holders Bound. At any time prior to (but not after) the
evidencing to the Trustee, as provided in Section 7.1, of the taking of any action by the holders
of the percentage in aggregate principal amount of the Debentures specified in this Indenture in
connection with such action, any holder (in cases where no record date has been set pursuant to
Section 7.1) or any holder as of an applicable record date (in cases where a record date has been
set pursuant to Section 7.1) of a Debenture (or any Debenture issued in whole or in part in
exchange or substitution therefor) the serial number of which is shown by the evidence to be
included in the Debentures the holders of which have consented to such action may, by filing
written notice with the Trustee at the Principal Office of the Trustee and upon proof of holding as
provided in Section 7.2, revoke such action so far as concerns such Debenture (or so far as
concerns the principal amount represented by any exchanged or
substituted Debenture). Except as aforesaid any such action taken by the holder of any Debenture
shall be conclusive and binding upon such holder and upon all future holders and owners of such
Debenture, and of any Debenture issued in exchange or substitution therefor or on registration of
transfer thereof, irrespective of whether or not any notation in regard thereto is made upon such
Debenture or any Debenture issued in exchange or substitution therefor.

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ARTICLE VIII

SECURITYHOLDERS’ MEETINGS

     Section 8.1 Purposes of Meetings. A meeting of Securityholders may be called at any time and from time
to time pursuant to the provisions of this Article VIII for any of the following purposes:

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

     (b) to remove the Trustee and nominate a successor trustee pursuant to the revisions 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 Debentures under any other provision of this Indenture
or under applicable law.

     Section 8.2 Call of Meetings by Trustee. The Trustee may at any time call a meeting of Securityholders
to take any action specified in Section 8.1, to be held at such time and at such place as the
Trustee shall determine. Notice of every meeting of the Securityholders, setting forth the time and
the place of such meeting and in general terms the action proposed to be taken at such meeting,
shall be mailed to holders of Debentures affected at their addresses as they shall appear on the
Debentures Register and, if the Company is not a holder of Debentures, to the Company. Such notice
shall be mailed not less than 20 nor more than 180 days prior to the date fixed for the meeting.

     Section 8.3 Call of Meetings by Company or Securityholders. In case at any time the Company pursuant to
a Board Resolution, or the holders of at least 10% in aggregate principal amount of the Debentures,
as the case may be, then outstanding, shall have requested the Trustee to call a meeting of
Securityholders, by written request setting forth in reasonable detail the action proposed to be
taken at the meeting, and the Trustee shall not have mailed the notice of such meeting within 20
days after receipt of such request, then the Company or such Securityholders may determine the time
and the place for such meeting and may call such meeting to take any action authorized in Section
8.1, by mailing notice thereof as provided in Section 8.2.

     Section 8.4 Qualifications for Voting. To be entitled to vote at any meeting of Securityholders a
Person shall (a) be a holder of one or more Debentures with respect to which the meeting is being
held or (b) a Person appointed by an instrument in writing as proxy by a holder of one or more such
Debentures. The only Persons who shall be entitled to be present or to speak at any meeting of
Securityholders shall be the Persons entitled to vote at such meeting

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and their counsel and any
representatives of the Trustee and its counsel and any representatives of the Company and its
counsel.

     Section 8.5 Regulations. Notwithstanding any other provisions of this Indenture, the Trustee may make
such reasonable regulations as it may deem advisable for any meeting of Securityholders, in regard
to proof of the holding of Debentures 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.

     The Trustee shall, by an instrument in writing, appoint a temporary chairman of the meeting,
unless the meeting shall have been called by the Company or by Securityholders as provided in
Section 8.3, in which case the Company or the Securityholders 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 7.4, at any meeting each holder of Debentures with
respect to which such meeting is being held or proxy therefor shall be entitled to one vote for
each $1,000.00 principal amount of Debentures held or represented by him; provided,
however, that no vote shall be cast or counted at any meeting in respect of any Debenture
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 Debentures held by him
or instruments in writing as aforesaid duly designating him as the Person to vote on behalf of
other Securityholders. Any meeting of Securityholders duly called pursuant to the provisions of
Section 8.2 or 8.3 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 8.6 Voting. The vote upon any resolution submitted to any meeting of holders of Debentures with
respect to which such meeting is being held shall be by written ballots on which shall be
subscribed the signatures of such holders or of their representatives by proxy and the serial
number or numbers of the Debentures 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 Securityholders shall be prepared by the secretary of the meeting
and there shall be attached to said record the original reports of the inspectors of votes on any
vote by ballot taken thereat and affidavits by one or more Persons having knowledge of the facts
setting forth a copy of the notice of the meeting and showing that said notice was mailed as
provided in Section 8.2. The record shall show the serial numbers of the Debentures voting in favor
of or against any resolution. The record shall be signed and verified by the affidavits of the
permanent chairman and secretary of the meeting and one of the
duplicates shall be delivered to the Company and the other to the Trustee to be preserved by the
Trustee, the latter to have attached thereto the ballots voted at the meeting.

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

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     Section 8.7 Quorum; Actions. The Persons entitled to vote a majority in principal amount of the
Debentures shall constitute a quorum for a meeting of Securityholders; provided,
however, that if any action is to be taken at such meeting with respect to a consent,
waiver, request, demand, notice, authorization, direction or other action which may be given by the
holders of not less than a specified percentage in principal amount of the Debentures, the Persons
holding or representing such specified percentage in principal amount of the Debentures will
constitute a quorum. In the absence of a quorum within 30 minutes of the time appointed for any
such meeting, the meeting shall, if convened at the request of Securityholders, be dissolved. In
any other case the meeting may be adjourned for a period of not less than 10 days as determined by
the permanent chairman of the meeting prior to the adjournment of such meeting. In the absence of a
quorum at any such adjourned meeting, such adjourned meeting may be further adjourned for a period
of not less than 10 days as determined by the permanent chairman of the meeting prior to the
adjournment of such adjourned meeting. Notice of the reconvening of any adjourned meeting shall be
given as provided in Section 8.2, except that such notice need be given only once not less than 5
days prior to the date on which the meeting is scheduled to be reconvened. Notice of the
reconvening of an adjourned meeting shall state expressly the percentage, as provided above, of the
principal amount of the Debentures which shall constitute a quorum.

     Except as limited by the proviso in the first paragraph of Section 9.2, any resolution
presented to a meeting or adjourned meeting duly reconvened at which a quorum is present as
aforesaid may be adopted by the affirmative vote of the holders of a majority in principal amount
of the Debentures; provided, however, that, except as limited by the proviso in the
first paragraph of Section 9.2, any resolution with respect to any consent, waiver, request,
demand, notice, authorization, direction or other action which this Indenture expressly provides
may be given by the holders of not less than a specified percentage in principal amount of the
Debentures may be adopted at a meeting or an adjourned meeting duly reconvened and at which a
quorum is present as aforesaid only by the affirmative vote of the holders of a not less than such
specified percentage in principal amount of the Debentures.

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

ARTICLE IX

SUPPLEMENTAL INDENTURES

     Section 9.1 Supplemental Indentures without Consent of Securityholders. The Company, when authorized by
a Board Resolution, and the Trustee may from time to time and at
any time enter into an indenture or indentures supplemental hereto, without the consent of the
Securityholders, for one or more of the following purposes:

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

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

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

     (d) to add to, delete from, or revise the terms of Debentures, including, without limitation,
any terms relating to the issuance, exchange, registration or transfer of Debentures, including to
provide for transfer procedures and restrictions substantially similar to those applicable to the
Capital Securities as required by Section 2.5 (for purposes of assuring that no registration of
Debentures is required under the Securities Act of 1933, as amended); provided,
however, that any such action shall not adversely affect the interests of the holders of
the Debentures then outstanding (it being understood, for purposes of this proviso, that transfer
restrictions on Debentures substantially similar to those that were applicable to Capital
Securities shall not be deemed to materially adversely affect the holders of the Debentures);

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

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

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

     The Trustee is hereby authorized to join with the Company in the execution of any such
supplemental indenture, to make any further appropriate agreements and stipulations which may
be therein contained and to accept the conveyance, transfer and assignment of any property
thereunder, but the Trustee shall not be obligated to, but may in its discretion, enter into any
such supplemental indenture which affects the Trustee’s own rights, duties or immunities under this
Indenture or otherwise.

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     Any supplemental indenture authorized by the provisions of this Section 9.1 may be executed by
the Company and the Trustee without the consent of the holders of any of the Debentures at the time
outstanding, notwithstanding any of the provisions of Section 9.2.

     Section 9.2 Supplemental Indentures with Consent of Securityholders. With the consent (evidenced as
provided in Section 7.1) of the holders of not less than a majority in aggregate principal amount
of the Debentures at the time outstanding affected by such supplemental indenture (voting as a
class), the Company, when authorized by a Board Resolution, and the Trustee may from time to time
and at any time enter into an indenture or indentures supplemental hereto for the purpose of adding
any provisions to or changing in any manner or eliminating any of the provisions of this Indenture
or of any supplemental indenture or of modifying in any manner the rights of the holders of the
Debentures; provided, however, that no such supplemental indenture shall without
the consent of the holders of each Debenture then outstanding and affected thereby (i) change the
fixed maturity of any Debenture, or reduce the principal amount thereof or any premium thereon, or
reduce the rate or extend the time of payment of interest thereon, or reduce any amount payable on
redemption thereof or make the principal thereof or any interest or premium thereon payable in any
coin or currency other than that provided in the Debentures, or impair or affect the right of any
Securityholder to institute suit for payment thereof or impair the right of repayment, if any, at
the option of the holder, or (ii) reduce the aforesaid percentage of Debentures the holders of
which are required to consent to any such supplemental indenture; provided further,
however, that if the Debentures are held by a trust or a trustee of such trust, such
supplemental indenture shall not be effective until the holders of a majority in Liquidation Amount
of Trust Securities shall have consented to such supplemental indenture; provided
further, however, that if the consent of the Securityholder of each outstanding
Debenture is required, such supplemental indenture shall not be effective until each holder of the
Trust Securities shall have consented to such supplemental indenture.

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

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

     It shall not be necessary for the consent of the Securityholders under this Section 9.2 to
approve the particular form of any proposed supplemental indenture, but it shall be sufficient if
such consent shall approve the substance thereof.

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     Section 9.3 Effect of Supplemental Indentures. Upon the execution of any supplemental indenture
pursuant to the provisions of this Article IX, this Indenture shall be and be deemed to be modified
and amended in accordance therewith and the respective rights, limitations of rights, obligations,
duties and immunities under this Indenture of the Trustee, the Company and the holders of
Debentures shall thereafter be determined, exercised and enforced hereunder subject in all respects
to such modifications and amendments and all the terms and conditions of any such supplemental
indenture shall be and be deemed to be part of the terms and conditions of this Indenture for any
and all purposes.

     Section 9.4 Notation on Debentures. Debentures authenticated and delivered after the execution of any
supplemental indenture pursuant to the provisions of this Article IX may bear a notation as to any
matter provided for in such supplemental indenture. If the Company or the Trustee shall so
determine, new Debentures so modified as to conform, in the opinion of the Board of Directors of
the Company, to any modification of this Indenture contained in any such supplemental indenture may
be prepared and executed by the Company, authenticated by the Trustee or the Authenticating Agent
and delivered in exchange for the Debentures then outstanding.

     Section 9.5 Evidence of Compliance of Supplemental Indenture to be Furnished to Trustee. The Trustee,
subject to the provisions of Sections 6.1 and 6.2, shall, in addition to the documents required by
Section 14.6, receive an Officers’ Certificate and an Opinion of Counsel as conclusive evidence
that any supplemental indenture executed pursuant hereto complies with the requirements of this
Article IX. The Trustee shall receive an Opinion of Counsel as conclusive evidence that any
supplemental indenture executed pursuant to this Article IX is authorized or permitted by, and
conforms to, the terms of this Article IX and that it is proper for the Trustee under the
provisions of this Article IX to join in the execution thereof.

ARTICLE X

REDEMPTION OF SECURITIES

     Section 10.1 Optional Redemption. The Company shall have the right (subject to the receipt by the
Company of prior approval (i) if the Company is a bank holding company, from the Federal Reserve,
if then required under applicable capital guidelines or policies or (ii) if the Company is a
savings and loan holding company, from the OTS if then required under applicable capital guidelines
or policies of the OTS), to redeem the Debentures, in whole or in part, but in all cases in a
principal amount with integral multiples of $1,000.00, on any July 31, October 31, January 31, or
April 30 on or after July 31, 2006 (the “Redemption Date”), at the Redemption Price.

     Section 10.2 Special Event Redemption. If a Special Event shall occur and be continuing, the Company
shall have the right (subject to the receipt by the Company of prior approval (i) if the Company is
a bank holding company, from the Federal Reserve if then
required under applicable capital guidelines or policies of the Federal Reserve or (ii) if the
Company is a savings and loan holding company, from the OTS if then required under applicable
capital guidelines or policies of the OTS) to redeem the Debentures in whole, but not in part, at

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any Interest Payment Date, within 120 days following the occurrence of such Special Event (the
“Special Redemption Date”) at the Special Redemption Price.

     Section 10.3 Notice of Redemption; Selection of Debentures. In case the Company shall desire to exercise
the right to redeem all, or, as the case may be, any part of the Debentures, it shall cause to be
mailed a notice of such redemption at least 30 and not more than 60 days prior to the Redemption
Date or the Special Redemption Date to the holders of Debentures so to be redeemed as a whole or in
part at their last addresses as the same appear on the Debenture Register. Such mailing shall be by
first class mail. The notice if mailed in the mariner herein provided shall be conclusively
presumed to have been duly given, whether or not the holder receives such notice. In any case,
failure to give such notice by mail or any defect in the notice to the holder of any Debenture
designated for redemption as a whole or in part shall not affect the validity of the proceedings
for the redemption of any other Debenture.

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

     Prior to 10:00 a.m. New York City time on the Redemption Date or Special Redemption Date, as
applicable, the Company will deposit with the Trustee or with one or more paying agents an amount
of money sufficient to redeem on the Redemption Date or the Special Redemption Date, as applicable,
all the Debentures so called for redemption at the appropriate Redemption Price or Special
Redemption Price, together with accrued interest to the Redemption Date or Special Redemption Date,
as applicable.

     If all, or less than all, the Debentures are to be redeemed, the Company will give the Trustee
notice not less than 45 nor more than 60 days, respectively, prior to the Redemption Date or
Special Redemption Date, as applicable, as to the aggregate principal amount of Debentures to be
redeemed and the Trustee shall select, in such manner as in its sole discretion it shall deem
appropriate and fair, the Debentures or portions thereof (in integral multiples of $1,000.00) to be
redeemed.

     Section 10.4 Payment of Debentures Called for Redemption. If notice of redemption has been given as
provided in Section 10.3, the Debentures or portions of Debentures with respect to which such
notice has been given shall become due and payable on the Redemption
Date or Special Redemption Date, as applicable, and at the place or places stated in such notice at
the applicable Redemption Price or Special Redemption Price, together with interest accrued to the
Redemption Date or Special Redemption Date, as applicable, and on and after said date

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(unless the
Company shall default in the payment of such Debentures at the Redemption Price or Special
Redemption Price, as applicable, together with interest accrued to said date) interest on the
Debentures or portions of Debentures so called for redemption shall cease to accrue. On
presentation and surrender of such Debentures at a place of payment specified in said notice, such
Debentures or the specified portions thereof shall be paid and redeemed by the Company at the
applicable Redemption Price or Special Redemption Price, together with interest accrued thereon to
the Redemption Date or Special Redemption Date, as applicable.

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

ARTICLE XI

CONSOLIDATION, MERGER, SALE, CONVEYANCE AND LEASE 

     Section 11.1 Company May Consolidate, etc., on Certain Terms. Subject to this Article XI, nothing
contained in this Indenture or in the Debentures shall prevent any consolidation or merger of the
Company with or into any other Person (whether or not affiliated with the Company) or successive
consolidations or mergers in which the Company or its successor or successors shall be a party or
parties, or shall prevent any sale, conveyance, transfer or other disposition of the property of
the Company or its successor or successors as an entirety, or substantially as an entirety to any
other Person (whether or not affiliated with the Company, or its successor or successors)
authorized to acquire and operate the same; provided, however, that the Company
hereby covenants and agrees that, upon any such consolidation, merger (where the Company is not the
surviving corporation), sale, conveyance, transfer or other disposition, the due and punctual
payment of the principal of (and premium, if any) and interest on all of the Debentures in
accordance with their terms, according to their tenor, and the due and punctual performance and
observance of all the covenants and conditions of this Indenture to be kept or performed by the
Company, shall be expressly assumed by supplemental indenture satisfactory in form to the Trustee
executed and delivered to the Trustee by the entity formed by such consolidation, or into which the
Company shall have been merged, or by the entity which shall have acquired such property.

     Section 11.2 Transfer of Capital Stock of First Alliance. Nothing contained in this Indenture or in the
Debentures shall prohibit the transfer by the Company of all of the capital stock of First Alliance
Bank, a federal savings bank, to a wholly-owned intermediate subsidiary of the Company (the
“Intermediate Subsidiary”). Upon such transfer, the Intermediate Subsidiary may, at the
Company’s option, assume the rights, duties and obligations of the Company hereunder. If the
Company so elects to assign its rights, duties and obligations under this Indenture, (i) the
Company and the Intermediate Subsidiary shall enter into any and all transfer and assignment
documents required of a successor under this Indenture, and the Declaration, including, without
limitation, a supplemental indenture in accordance with Section 11.1, (ii) the
Company shall transfer all of the Common Securities to the Intermediate Subsidiary, and (iii) the
Intermediate Subsidiary shall become an additional guarantor under the guarantee agreement, dated
as of the date hereof, by the Company, as guarantor, and State Street Bank and Trust

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Company of
Connecticut, National Association, as trustee (the “Guarantee Agreement”) by means of a
joinder agreement and, pursuant to such agreement, the Company and the Intermediate Subsidiary
shall agree to be jointly and severally liable as guarantors under the Guarantee Agreement.

     Section 11.3 Successor Entity to be Substituted. In case of any such consolidation, merger, sale,
conveyance, transfer or other disposition contemplated by Sections 11.1 or 11.2 and upon the
assumption by the successor entity, by supplemental indenture, executed and delivered to the
Trustee and satisfactory in form to the Trustee, of the due and punctual payment of the principal
of and premium, if any, and interest on all of the Debentures and the due and punctual performance
and observance of all of the covenants and conditions of this Indenture to be performed or observed
by the Company, such successor entity shall succeed to and be substituted for the Company, with the
same effect as if it had been named herein as the Company, and thereupon the predecessor entity
shall be relieved of any further liability or obligation hereunder or upon the Debentures, except
as set forth in Section 11.2(iii). Such successor entity thereupon may cause to be signed, and may
issue in its own name, any or all of the Debentures issuable hereunder which theretofore shall not
have been signed by the Company and delivered to the Trustee or the Authenticating Agent; and, upon
the order of such successor entity instead of the Company and subject to all the terns, conditions
and limitations in this Indenture prescribed, the Trustee or the Authenticating Agent shall
authenticate and deliver any Debentures which previously shall have been signed and delivered by
the officers of the Company, to the Trustee or the Authenticating Agent for authentication, and any
Debentures which such successor entity thereafter shall cause to be signed and delivered to the
Trustee or the Authenticating Agent for that purpose. All the Debentures so issued shall in all
respects have the same legal rank and benefit under this Indenture as the Debentures theretofore or
thereafter issued in accordance with the terms of this Indenture as though all of such Debentures
had been issued at the date of the execution hereof.

     Section 11.4 Opinion of Counsel to be Given to Trustee. The Trustee, subject to the provisions of
Sections 6.1 and 61, shall receive, in addition to the Opinion of Counsel required by Section 9.5,
an Opinion of Counsel as conclusive evidence that any consolidation, merger, sale, conveyance,
transfer or other disposition, and any assumption, permitted or required by the terms of this
Article XI complies with the provisions of this Article XI.

ARTICLE XII

SATISFACTION AND DISCHARGE OF INDENTURE

     Section 12.1 Discharge of Indenture. When

	 	(a)	 	the Company shall deliver to the Trustee for cancellation all Debentures
theretofore authenticated (other than any Debentures which shall have been destroyed,
lost or stolen and which shall have been replaced or paid as provided in Section 2.6)
and not theretofore canceled, or
	 
	 	(b)	 	all the Debentures not theretofore canceled or delivered to the Trustee for
cancellation shall have become due and payable, or are by their terms to become

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	 	 	 	due and
payable within 1 year or are to be called for redemption within 1 year under
arrangements satisfactory to the Trustee for the giving of notice of redemption, and
the Company shall deposit with the Trustee, in trust, funds, which shall be immediately
due and payable, sufficient to pay at maturity or upon redemption all of the Debentures
(other than any Debentures which shall have been destroyed, lost or stolen and which
shall have been replaced or paid as provided in Section 2.6) not theretofore canceled
or delivered to the Trustee for cancellation, including principal and premium, if any,
and interest due or to become due to such date of maturity or redemption date, as the
case may be, but excluding, however, the amount of any moneys for the payment of
principal of, and premium, if any, or interest on the Debentures (1) theretofore repaid
to the Company in accordance with the provisions of Section 12.4, or (2) paid to any
state or to the District of Columbia pursuant to its unclaimed property or similar
laws,

and if in the case of either clause (a) or clause (b) the Company shall also pay or cause to be
paid all other sums payable hereunder by the Company, then this Indenture shall cease to be of
further effect except for the provisions of Sections 2.5, 2.6, 2.8, 3.1, 3.2, 3.4, 6.6, 6.8, 6.9
and 12.4 hereof shall survive until such Debentures shall mature and be paid. Thereafter, Sections
6.6 and 12.4 shall survive, and the Trustee, on demand of the Company accompanied by an Officers’
Certificate and an Opinion of Counsel, each stating that all conditions precedent herein provided
for relating to the satisfaction and discharge of this Indenture have been complied with, and at
the cost and expense of the Company, shall execute proper instruments acknowledging satisfaction of
and discharging this Indenture. The Company agrees to reimburse the Trustee for any costs or
expenses thereafter reasonably and properly incurred by the Trustee in connection with this
Indenture or the Debentures.

     Section 12.2 Deposited Moneys to be Held in Trust by Trustee. Subject to the provisions of Section 12.4,
all moneys deposited with the Trustee pursuant to Section 12.1 shall be held in trust in a
non-interest bearing account and applied by it to the payment, either directly or through any
paying agent (including the Company if acting as its own paying agent), to the holders of the
particular Debentures for the payment of which such moneys have been deposited with the Trustee, of
all sums due and to become due thereon for principal, and premium, if any, and interest.

     Section 12.3 Paying Agent to Repay Moneys Held. Upon the satisfaction and discharge of this Indenture
all moneys then held by any paying agent of the Debentures (other than the Trustee) shall, upon
demand of the Company, be repaid to it or paid to the Trustee, and thereupon such paying agent
shall be released from all further liability with respect to such moneys.

     Section 12.4 Return of Unclaimed Moneys. Any moneys deposited with or paid to the Trustee or any paying
agent for payment of the principal of, and premium, if any, or interest on Debentures and not
applied but remaining unclaimed by the holders of Debentures for 2 years after the date upon which
the principal of, and premium, if any, or interest on such Debentures,
as the case may be, shall have become due and payable, shall, subject to applicable escheatment
laws, be repaid to the Company by the Trustee or such paying agent on written demand; and the

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holder of any of the Debentures shall thereafter look only to the Company for any payment which
such holder may be entitled to collect, and all liability of the Trustee or such paying agent with
respect to such moneys shall thereupon cease.

ARTICLE XIII

IMMUNITY OF INCORPORATORS, STOCKHOLDERS,

OFFICERS AND DIRECTORS 

     Section 13.1 Indenture and Debentures Solely Corporate Obligations. No recourse for the payment of the
principal of or premium, if any, or interest on any Debenture, or for any claim based thereon or
otherwise in respect thereof, and no recourse under or upon any obligation, covenant or agreement
of the Company in this Indenture or in any supplemental indenture, or in any such Debenture, or
because of the creation of any indebtedness represented thereby, shall be had against any
incorporator, stockholder, employee, officer or director, as such, past, present or future, of the
Company or of any successor Person of the Company, either directly or through the Company or any
successor Person of the Company, whether by virtue of any constitution, statute or rule of law, or
by the enforcement of any assessment or penalty or otherwise, it being expressly understood that
all such liability is hereby expressly waived and released as a condition of, and as a
consideration for, the execution of this Indenture and the issue of the Debentures.

ARTICLE XIV

MISCELLANEOUS PROVISIONS

     Section 14.1 Successors. All the covenants, stipulations, promises and agreements in this Indenture
contained by the Company shall bind its successors and assigns whether so expressed or not.

     Section 14.2 Official Acts by Successor Entity. Any act or proceeding by any provision of this Indenture
authorized or required to be done or performed by any board, committee or officer of the Company
shall and may be done and performed with like force and effect by the like board. committee,
officer or other authorized Person of any entity that shall at the time be the lawful successor of
the Company.

     Section 14.3 Surrender of Company Powers. The Company by instrument in writing executed by authority of
at least 2/3 (two-thirds) of its Board of Directors and delivered to the Trustee may surrender any
of the powers reserved to the Company and thereupon such power so surrendered shall terminate both
as to the Company, and as to any permitted successor.

     Section 14.4 Addresses for Notices, etc. Any notice, consent, direction, request, authorization, waiver
or demand which by any provision of this Indenture is required or permitted to be given, made,
furnished or served by the Trustee or by the Securityholders on or to the Company may be given or
served in writing by being deposited postage prepaid by
registered or certified mail in a post office letter box addressed (until another address is filed
by the Company, with the Trustee for the purpose) to the Company, 8100 Nations Way, Jacksonville,
Florida 32256, Attention: Terence G. Vane, Jr. Any notice, consent, direction,

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request,
authorization, waiver or demand by any Securityholder or the Company to or upon the Trustee shall
be deemed to have been sufficiently given or made, for all purposes, if given or made in writing at
the office of the Trustee, addressed to the Trustee, 225 Asylum Street, Goodwin Square, Hartford,
Connecticut, 06103 Attention: Vice President, Corporate Trust Department, with a copy to State
Street Bank and Trust Company, P.O. Box 778, Boston, Massachusetts 02102-0778, Attention: Paul D.
Allen, Corporate Trust Department. Any notice, consent, direction, request, authorization, waiver
or demand on or to any Securityholder shall be deemed to have been sufficiently given or made, for
all purposes, if given or made in writing at the address set forth in the Debenture Register.

     Section 14.5 Governing Law. This Indenture and each Debenture shall be deemed to be a contract made
under the law of the State of New York, and for all purposes shall be governed by and construed in
accordance with the law of said State, without regard to conflict of laws principles thereof.

     Section 14.6 Evidence of Compliance with Conditions Precedent. Upon any application or demand by the
Company to the Trustee to take any action under any of the provisions of this Indenture, the
Company shall furnish to the Trustee an Officers’ Certificate stating that in the opinion of the
signers all conditions precedent, if any, provided for in this Indenture relating to the proposed
action have been complied with and an Opinion of Counsel stating that, in the opinion of such
counsel, all such conditions precedent have been complied with.

     Each certificate or opinion provided for in this Indenture and delivered to the Trustee with
respect to compliance with a condition or covenant provided for in this Indenture shall include (1)
a statement that the person mating such certificate or opinion has read such covenant or condition;
(2) a brief statement as to the nature and scope of the examination or investigation upon which the
statements or opinions contained in such certificate or opinion are based; (3) a statement that, in
the opinion of such person, he has made such examination or investigation as is necessary to enable
him 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 or not in the opinion of such person, such
condition or covenant has been complied with.

     Section 14.7 Non-Business Days. In any case where the date of payment of interest on or principal of the
Debentures will be a day that is not a Business Day, the payment of such interest on or principal
of the Debentures need not be made on such date but may be made on the next succeeding Business
Day, except that, if such Business Day is in the next succeeding calendar year, such payment shall
be made on the immediately preceding Business Day, in each case with the same force and effect as
if made on the original date of payment, and no interest shall accrue for the period from and after
such date.

     Section 14.8 Table of Contents, Headings, etc. The table of contents and the titles and headings of the
articles and sections of this Indenture have been inserted for convenience of
reference only, are not to be considered a part hereof, and shall in no way modify or restrict any
of the terms or provisions hereof.

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     Section 14.9 Execution in Counterparts. This Indenture may be executed in any number of counterparts,
each of which shall be an original, but such counterparts shall together constitute but one and the
same instrument.

     Section 14.10 Separability. In case any one or more of the provisions contained in this Indenture or in
the Debentures shall for any reason be held to be invalid, illegal or unenforceable in any respect,
such invalidity, illegality or unenforceability shall not affect any other provisions of this
Indenture or of such Debentures, but this Indenture and such Debentures shall be construed as if
such invalid or illegal or unenforceable provision had never been contained herein or therein.

     Section 14.11 Assignment. The Company will have the right at all times to assign any of its rights or
obligations under this Indenture to a direct or indirect wholly owned Subsidiary of the Company,
provided that, in the event of any such assignment, the Company will remain liable for all such
obligations. Subject to the foregoing, this Indenture is binding upon and inures to the benefit of
the parties hereto and their respective successors and assigns. This Indenture may not otherwise be
assigned by the parties hereto.

     Section 14.12 Acknowledgment of Rights. The Company agrees that, with respect to any Debentures held by
the Trust or the Institutional Trustee of the Trust, if the Institutional Trustee of the Trust
fails to enforce its rights under this Indenture as the holder of Debentures held as the assets of
such Trust after the holders of a majority in Liquidation Amount of the Capital Securities of such
Trust have so directed such Institutional Trustee, a holder of record of such Capital Securities
may, to the fullest extent permitted by law, institute legal proceedings directly against the
Company to enforce such Institutional Trustee’s rights under this Indenture without first
instituting any legal proceedings against such trustee or any other Person. Notwithstanding the
foregoing, if an Event of Default has occurred and is continuing and such event is attributable to
the failure of the Company to pay interest (or premium, if any) or principal on the Debentures on
the date such interest (or premium, if any) or principal is otherwise payable (or in the case of
redemption, on the redemption date), the Company agrees that a holder of record of Capital
Securities of the Trust may directly institute a proceeding against the Company for enforcement of
payment to such holder directly of the principal of (or premium, if any) or interest on the
Debentures having an aggregate principal amount equal to the aggregate Liquidation Amount of the
Capital Securities of such holder on or after the respective due date specified in the Debentures.

ARTICLE XV

SUBORDINATION OF DEBENTURES

     Section 15.1 Agreement to Subordinate. The Company covenants and agrees, and each holder of Debentures
by such Securityholder’s acceptance thereof likewise covenants and agrees, that all Debentures
shall be issued subject to the provisions of this Article XV; and each
holder of a Debenture, whether upon original issue or upon transfer or assignment thereof, accepts
and agrees to be bound by such provisions.

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     The payment by the Company of the principal of, and premium, if any, and interest on all
Debentures shall, to the extent and in the manner hereinafter set forth, be subordinated and junior
in right of payment to the prior payment in full of all Senior Indebtedness of the Company, whether
outstanding at the date of this Indenture or thereafter incurred; provided,
however, that the Debt Securities shall rank pari passu in right of payment with the
Company’s 10.25% Junior Subordinated Deferrable Interest Debt Securities due July 15, 2031 issued
pursuant to an Indenture dated as of July 16, 2001 by and between the Company and the Bank of New
York.

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

     Section 15.2 Default on Senior Indebtedness. In the event and during the continuation of any default by
the Company in the payment of principal, premium, interest or any other payment due on any Senior
Indebtedness of the Company following any grace period, or in the event that the maturity of any
Senior Indebtedness of the Company has been accelerated because of a default, then, in either case,
no payment shall be made by the Company with respect to the principal (including redemption) of, or
premium, if any, or interest on the Debentures.

     In the event that, notwithstanding the foregoing, any payment shall be received by the Trustee
when such payment is prohibited by the preceding paragraph of this Section 15.2, such payment
shall, subject to Section 15.7, be held in trust for the benefit of, and shall be paid over or
delivered to, the holders of Senior Indebtedness or their respective representatives, or to the
trustee or trustees under any indenture pursuant to which any of such Senior Indebtedness may have
been issued, as their respective interests may appear, but only to the extent that the holders of
the Senior Indebtedness (or their representative or representatives or a trustee) notify the
Trustee in writing within 90 days of such payment of the amounts then due and owing on the Senior
Indebtedness and only the amounts specified in such notice to the Trustee shall be paid to the
holders of Senior Indebtedness.

     Section 15.3 Liquidation, Dissolution, Bankruptcy. Upon any payment by the Company or distribution of
assets of the Company of any kind or character, whether in cash, property or securities, to
creditors upon any dissolution or winding-up or liquidation or reorganization of the Company,
whether voluntary or involuntary or in bankruptcy, insolvency, receivership or other proceedings,
all amounts due upon all Senior Indebtedness of the Company shall first be paid in full, or payment
thereof provided for in money in accordance with its terms, before any payment is made by the
Company, on account of the principal (and premium, if any) or interest on the Debentures. Upon any
such dissolution or winding-up or liquidation or reorganization, any payment by the Company, or
distribution of assets of the Company of any kind or character, whether in cash, property or
securities, which the Securityholders or the Trustee would be entitled to receive from the Company,
except for the provisions of this Article XV, shall be paid by the Company, or by any receiver,
trustee in bankruptcy, liquidating trustee, agent or other Person making such payment or
distribution, or by the Securityholders or by the Trustee under this Indenture if received by them
or it, directly to the holders of Senior Indebtedness (pro rata to such holders on the basis of the
respective amounts of Senior
Indebtedness held by such holders, as calculated by the Company) or their representative or
representatives, or to the trustee or trustees under any indenture pursuant to which any
instruments evidencing such Senior Indebtedness may have been issued, as their respective

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interests may appear, to the extent necessary to pay such Senior Indebtedness in full, in money or money’s
worth, after giving effect to any concurrent payment or distribution to or for the holders of such
Senior Indebtedness, before any payment or distribution is made to the Securityholders or to the
Trustee.

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

     For purposes of this Article XV, the words “cash, property or securities” shall not be deemed
to include shares of stock of the Company as reorganized or readjusted, or securities of the
Company or any other entity provided for by a plan of reorganization or readjustment, the payment
of which is subordinated at least to the extent provided in this Article XV with respect to the
Debentures to the payment of all Senior Indebtedness, that may at the time be outstanding, provided
that (i) such Senior Indebtedness is assumed by the new entity, if any, resulting from any such
reorganization or readjustment, and (ii) the rights of the holders of such Senior Indebtedness are
not, without the consent of such holders, altered by such reorganization or readjustment. The
consolidation of the Company with, or the merger of the Company into, another entity or the
liquidation or dissolution of the Company following the conveyance or transfer of its property as
an entirety, or substantially as an entirety, to another entity upon the terms and conditions
provided for in Article XI of this Indenture shall not be deemed a dissolution, winding-up,
liquidation or reorganization for the purposes of this Section if such other entity shall, as a
part of such consolidation, merger, conveyance or transfer, comply with the conditions stated in
Article XI of this Indenture. Nothing in Section 15.2 or in this Section shall apply to claims of,
or payments to, the Trustee under or pursuant to Section 6.6 of this Indenture.

     Section 15.4 Subrogation. Subject to the payment in full of all Senior Indebtedness, the Securityholders
shall be subrogated to the rights of the holders of such Senior Indebtedness to receive payments or
distributions of cash, property or securities of the Company, applicable to such Senior
Indebtedness until the principal of (and premium, if any) and interest on the Debentures shall be
paid in full. For the purposes of such subrogation, no payments or distributions to the holders of
such Senior Indebtedness of any cash, property or securities to which the Securityholders or the
Trustee would be entitled except for the provisions of this Article XV, and no payment over
pursuant to the provisions of this Article XV to or for the
benefit of the holders of such Senior Indebtedness by Securityholders or the Trustee, shall, as
between the Company, its creditors other than holders of Senior Indebtedness of the Company, and
the holders of the Debentures be deemed to be a payment or distribution by the Company to

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or on
account of such Senior Indebtedness. It is understood that the provisions of this Article XV are
and are intended solely for the purposes of defining the relative rights of the holders of the
Securities, on the one hand, and the holders of such Senior Indebtedness, on the other hand.

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

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

     Section 15.5 Trustee to Effectuate Subordination. Each Securityholder by such Securityholder’s
acceptance thereof authorizes and directs the Trustee on such Securityholder’s behalf to take such
action as may be necessary or appropriate to effectuate the subordination provided in this Article
XV and appoints the Trustee such Securityholder’s attorney-in-fact for any and all such purposes.

     Section 15.6 Notice by the Company. The Company shall give prompt written notice to a Responsible
Officer of the Trustee at the Principal Office of the Trustee of any fact known to the Company that
would prohibit the making of any payment of monies to or by the Trustee in respect of the
Debentures pursuant to the provisions of this Article XV. Notwithstanding the provisions of this
Article XV 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 of monies to
or by the Trustee in respect of the Debentures pursuant to the provisions of this Article XV,
unless and until a Responsible Officer of the Trustee at the Principal Office of the Trustee shall
have received written notice thereof from the Company or a holder or holders of Senior Indebtedness
or from any trustee therefor; and before the receipt of any such written
notice, the Trustee, subject to the provisions of Article VI of this Indenture, shall be entitled
in all respects to assume that no such facts exist; provided, however, that if the
Trustee shall not have received the notice provided for in this Section at least 2 Business Days
prior to the date

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upon which by the terms hereof any money may become payable for any purpose
(including, without limitation, the payment of the principal of (or premium, if any) or interest on
any Debenture), then, anything herein contained to the contrary notwithstanding, the Trustee shall
have full power and authority to receive such money and to apply the same to the purposes for which
they were received, and shall not be affected by any notice to the contrary that may be received by
it within 2 Business Days prior to such date.

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

     Section 15.7 Rights of the Trustee; holders of Senior Indebtedness. The Trustee in its individual
capacity shall be entitled to all the rights set forth in this Article XV in respect of any Senior
Indebtedness at any time held by it, to the same extent as any other holder of Senior Indebtedness,
and nothing in this Indenture shall deprive the Trustee of any of its rights as such holder.

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

     Nothing in this Article XV shall apply to claims of, or payments to, the Trustee under or
pursuant to Section 6.6.

     Section 15.8 Subordination May Not Be Impaired. No right of any present or future holder of any Senior
Indebtedness to enforce subordination as herein provided shall at any time in any way be prejudiced
or impaired by any act or failure to act on the part of the Company, or by any act or failure to
act, in good faith, by any such holder, or by any noncompliance by the
Company, with the terms, provisions and covenants of this Indenture, regardless of any knowledge
thereof that any such holder may have or otherwise be charged with.

57

 

     Without in any way limiting the generality of the foregoing paragraph, the holders of Senior
Indebtedness may, at any time and from time to time, without the consent of or notice to the
Trustee or the Securityholders, without incurring responsibility to the Securityholders arid
without impairing or releasing the subordination provided in this Article XV or the obligations
hereunder of the holders of the Debentures to the holders of such Senior Indebtedness, 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, such Senior Indebtedness, or otherwise amend or supplement in any
manner such Senior Indebtedness or any instrument evidencing the same or any agreement under which
such Senior Indebtedness is outstanding; (ii) sell, exchange, release or otherwise deal with any
property pledged, mortgaged or otherwise securing such Senior Indebtedness; (iii) release any
Person liable in any manner for the collection of such Senior Indebtedness; and (iv) exercise or
refrain from exercising any rights against the Company, and any other Person.

signatures appear on the following page

58

 

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

	 	 	 	 	 
	 	ALLIANCE CAPITAL PARTNERS, L.P.

 	 
	 	By:  	Alliance Capital Partners, Inc.,
 	 
	 	 	as general partner 	 
	 	 	 
	 	By:  	     /s/ [signature indecipherable]
 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	STATE STREET BANK AND TRUST COMPANY OF

CONNECTICUT, NATIONAL ASSOCIATION, as Trustee

 	 
	 	By:  	/s/ Paul D. Allen
 	 
	 	 	Name:  	Paul D. Allen 	 
	 	 	Title:  	Vice President 	 
	 

59

 

FORM OF JUNIOR SUBORDINATED DEBENTURE

[FORM OF FACE OF SECURITY]

     THIS SECURITY HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE
“SECURITIES ACT”), ANY STATE SECURITIES LAWS OR ANY OTHER APPLICABLE SECURITIES LAW. NEITHER THIS
SECURITY NOR ANY INTEREST OR PARTICIPATION HEREIN MAY BE REOFFERED, SOLD, ASSIGNED, TRANSFERRED,
PLEDGED, ENCUMBERED OR OTHERWISE DISPOSED OF IN THE ABSENCE OF SUCH REGISTRATION OR UNLESS SUCH
TRANSACTION IS EXEMPT FROM, OR NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT
AND ANY APPLICABLE STATE SECURITIES LAWS. THE HOLDER OF THIS SECURITY BY ITS ACCEPTANCE HEREOF
AGREES TO OFFER, SELL OR OTHERWISE TRANSFER THIS SECURITY ONLY (A) TO THE COMPANY, (B) PURSUANT TO
A REGISTRATION STATEMENT THAT HAS BEEN DECLARED EFFECTIVE UNDER THE SECURITIES ACT, (C) TO A PERSON
WHOM THE SELLER REASONABLY BELIEVES IS A QUALIFIED INSTITUTIONAL BUYER IN A TRANSACTION MEETING THE
REQUIREMENTS OF RULE 144A SO LONG AS THIS SECURITY IS ELIGIBLE FOR RESALE PURSUANT TO RULE 144A IN
ACCORDANCE WITH RULE 144A, (D) TO A NON-U.S. PERSON IN AN OFFSHORE TRANSACTION IN ACCORDANCE WITH
RULE 903 OR RULE 904 (AS APPLICABLE) OF REGULATION S UNDER THE SECURITIES ACT, (E) TO AN
INSTITUTIONAL “ACCREDITED INVESTOR” WITHIN THE MEANING OF SUBPARAGRAPH (A) OF RULE 501 UNDER THE
SECURITIES ACT THAT IS ACQUIRING THIS SECURITY FOR ITS OWN ACCOUNT, OR FOR THE ACCOUNT OF SUCH AN
INSTITUTIONAL ACCREDITED INVESTOR, FOR INVESTMENT PURPOSES AND NOT WITH A VIEW TO, OR FOR OFFER OR
SALE IN CONNECTION WITH, ANY DISTRIBUTION IN VIOLATION OF THE SECURITIES ACT, OR (F) PURSUANT TO
ANY OTHER AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT, SUBJECT TO
THE COMPANY’S RIGHT PRIOR TO ANY SUCH OFFER, SALE OR TRANSFER TO REQUIRE THE DELIVERY OF AN OPINION
OF COUNSEL, CERTIFICATION AND/OR OTHER INFORMATION SATISFACTORY TO EACH OF THEM IN ACCORDANCE WITH
THE INDENTURE, A COPY OF WHICH MAY BE OBTAINED FROM THE COMPANY.

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

A-1-1

 

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

     THIS SECURITY WILL BE ISSUED AND MAY BE TRANSFERRED ONLY IN BLOCKS HAVING AN AGGREGATE
PRINCIPAL AMOUNT OF NOT LESS THAN $500,000.00 AND MULTIPLES OF $1,000.00 IN EXCESS THEREOF. ANY
ATTEMPTED TRANSFER OF THIS SECURITY IN A BLOCK HAVING AN AGGREGATE PRINCIPAL AMOUNT OF LESS THAN
$500,000.00 SHALL BE DEEMED TO BE VOID AND OF NO LEGAL EFFECT WHATSOEVER.

     THE HOLDER OF THIS SECURITY AGREES THAT IT WILL COMPLY WITH THE FOREGOING RESTRICTIONS.

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

Floating Rate Junior Subordinated Deferrable Interest Debenture

of

ALLIANCE CAPITAL PARTNERS, L.P.

July 31, 2001

     Alliance Capital Partners, L.P., a Delaware limited partnership (the “Company” which term
includes any successor Person under the Indenture hereinafter referred to), for value received
promises to pay to State Street Bank and Trust Company of Connecticut, National Association, not in
its individual capacity but solely as Institutional Trustee for Alliance Capital Partners Statutory
Trust I (the “Holder”) or registered assigns, the principal sum of Fifteen Million Four Hundred
Sixty Four Thousand and 00/100 ($15,464,000) on July 31, 2031, and to pay interest on said
principal sum from July 31, 2001, or from the most recent interest payment date (each such date, an
“Interest Payment Date”) to which interest has been paid or duly provided for, quarterly (subject
to deferral as set forth herein) in arrears on October 31, January 31, April 30 and July 31 of each
year commencing October 31, 2001, at an annual rate equal to

A-1-2

 

7.29% beginning on (and including) the date of original issuance and ending on (but excluding)
October 31, 2001 and at an annual rate for each successive period beginning on (and including)
October 31, 2001, and each succeeding Interest. Payment Date, and ending on (but excluding) the
next succeeding Interest Payment Date (each a “Distribution Period”), equal to 3-Month LIBOR,
determined as described below, plus 3.58%; provided, however, that prior to July
31, 2011, such annual rate shall not exceed 12.50% (the “Coupon Rate”) applied to the principal
amount hereof, until the principal hereof is paid or duly provided for or made available for
payment, and on any overdue principal and (without duplication) on any overdue installment of
interest at the same rate per annum, compounded quarterly, from the dates such amounts are due
until they are paid or made available for payment. As used herein, “Determination Date” means the
date that is two London Banking Days (i.e., a day in which dealings in deposits in U.S. dollars are
transacted in the London interbank market) preceding the commencement of the relevant Distribution
Period. The amount of interest payable for any period will be computed on the basis of the actual
number of days in the Distribution Period concerned divided by 360. In the event that any date on
which interest is payable on this Debenture is not a Business Day, then a payment of the interest
payable on such date will be made on the next succeeding day which is a Business Day (and without
any interest or other payment in respect of any such delay), except that, if such Business Day is
in the next succeeding calendar year, such payment shall be made on the immediately preceding
Business Day, in each case with the same force and effect as if made on the date the payment was
originally payable. The interest installment so payable, and punctually paid or duly provided for,
on any Interest Payment Date will, as provided in the Indenture, be paid to the Person in whose
name this Debenture (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 fifteen days prior to the
day on which the relevant Interest Payment Date occurs. Any such interest installment not so
punctually paid or duly provided for shall forthwith cease to be payable to the Holder on such
regular record date and may be paid to the Person in whose name this Debenture (or one or more
Predecessor Securities) is registered at the close of business on a special record date.

     “3-Month LIBOR” as used herein, means the London interbank offered rate for three-month
Eurodollar deposits determined by the Trustee in the following order of priority: (i) the rate
(expressed as a percentage per annum) for Eurodollar deposits having a three-month maturity that
appears on Telerate Page 3750 as of 11:00 a.m. (London time) on the particular Determination Date
(“Telerate Page 3750” means the display designated as “Page 3750” on the Dow Jones Telerate Service
or such other page as may replace Page 3750 on that service or such other service or services as
may be nominated by the British Bankers’ Association as the information vendor for the purpose of
displaying London interbank offered rates for U.S. dollars deposits); (ii) if such rate does not
appear on Telerate Page 3750 as of 11:00 a.m. (London time) on the Determination Date, 3-Month
LIBOR will be the arithmetic mean of the rates (expressed as percentages per annum) for Eurodollar
deposits having a three-month maturity that appear on Reuters Monitor Money Rates Page LIBO
(“Reuters Page LIBO”) as of 11:00 a.m. (London time) on such Determination Date; (iii) if such rate
does not appear on Reuters Page LIBO as of 11:00 a.m. (London time) on the related Determination
Date, the Trustee will request the principal London offices of four leading banks in the London
interbank market to provide such banks’ offered quotations (expressed as percentages per annum) to
prime banks in the London interbank market for Eurodollar deposits having a three-month maturity as
of 11:00 a.m. (London time) on such Determination Date. If at least two quotations are provided,
3-Month LIBOR will be the

A-1-3

 

arithmetic mean of such quotations; (iv) if fewer than two such quotations are provided as
requested in clause (iii) above, the Trustee will request four major New York City banks to provide
such banks’ offered quotations (expressed as percentages per annum) to leading European banks for
loans in Eurodollars as of 11:00 a.m. (London time) on such Determination Date. If at least two
such quotations are provided, 3-Month LIBOR will be the arithmetic mean of such quotations; and (v)
if fewer than two such quotations are provided as requested in clause (iv) above, 3-Month LIBOR
will be a 3-Month LIBOR determined with respect to the Distribution Period immediately preceding
such current Distribution Period. If the rate for Eurodollar deposits having a three-month maturity
that initially appears on Telerate Page 3750 or Reuters Page LIBO, as the case may be, as of 11:00
a.m. (London time) on the related Determination Date is superseded on the Telerate Page 3750 or
Reuters Page LIBO, as the case may be, by a corrected rate by 12:00 noon (London time) on such
Determination Date, then the corrected rate as so substituted on the applicable page will be the
applicable 3-Month LIBOR for such Determination Date.

     The Coupon Rate for any Distribution Period will at no time be higher than the maximum rate
then permitted by New York law as the same may be modified by United States law.

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

     The principal of and interest on this Debenture shall be payable at the office or agency of
the Trustee (or other paying agent appointed by the Company) maintained for that purpose in any
coin or currency of the United States of America that at the time of payment is legal tender for
payment of public and private debts; provided, however, that payment of interest
may be made by check mailed to the registered holder at such address as shall appear in the
Debenture Register if a request for a wire transfer by such holder has not been received by the
Company or by wire transfer to an account appropriately designated by the holder hereof.
Notwithstanding the foregoing, so long as the holder of this Debenture is the Institutional
Trustee, the payment of the principal of and interest on this Debenture will be made in immediately
available funds at such place and to such account as may be designated by the Trustee.

     So long as no Event of Default has occurred and is continuing, the Company shall have the
right, from time to time, and without causing an Event of Default, to defer payments of interest on
the Debentures by extending the interest payment period on the Debentures at any time and from time
to time during the term of the Debentures, for up to 20 consecutive quarterly periods (each such
extended interest payment period, an “Extension Period”), during which Extension Period no interest
shall be due and payable. No Extension Period may end on a date other than an Interest Payment
Date. At the end of any such Extension Period the Company shall pay all interest then accrued and
unpaid on the Debentures (together with Additional Interest thereon); provided,
however, that no Extension Period may extend beyond the Maturity Date; provided
further, however, that during any such Extension Period, the Company shall not and
shall not permit any Affiliate to (i) declare or pay any dividends or distributions on, or redeem,
purchase, acquire, or make a liquidation payment with respect to, any of the Company’s

A-1-4

 

Ownership Interests or such Affiliate’s capital stock (other than payments of dividends or
distributions to the Company) or make any guarantee payments with respect to the foregoing or (ii)
make any payment of principal of or interest or premium, if any, on or repay, repurchase or redeem
any debt securities of the Company or any Affiliate that rank pan passu in all respects with or
junior in interest to the Debentures (other than, with respect to clauses (i) or (ii) above, (a)
repurchases, redemptions or other acquisitions of shares of Ownership Interests of the Company in
connection with any employment contract, benefit plan or other similar arrangement with or for the
benefit of one or more employees, officers, directors or consultants, in connection with a dividend
or distribution reinvestment or Ownership Interest purchase plan or in connection with the issuance
of Ownership Interests of the Company (or securities convertible into or exercisable for such
Ownership Interests) as consideration in an acquisition transaction entered into prior to the
applicable Extension Period, (b) as a result of any exchange or conversion of any class or series
of the Company’s Ownership Interests (or any capital stock of a subsidiary of the Company) for any
class or series of the Company’s Ownership Interests or of any class or series of the Company’s
indebtedness for any class or series of the Company’s Ownership Interests, (c) the purchase of
fractional interests in shares or units of the Company’s Ownership Interests pursuant to the
conversion or exchange provisions of such Ownership Interest or the security being converted or
exchanged, (d) any declaration of a dividend or distribution in connection with any Ownership
Interest holder’s rights plan, or the issuance of rights, Ownership Interests or other property
under any Ownership Interest holder’s rights plan, or the redemption or repurchase of rights
pursuant thereto, (e) any dividend or distribution in the form of Ownership Interests, warrants,
options or other rights where the dividend Ownership Interest or the Ownership Interests issuable
upon exercise of such warrants, options or other rights is the same Ownership Interest as that on
which the dividend or distribution is being paid or ranks pari passu with or junior to such
Ownership Interest and any cash payments in lieu of fractional shares or units issued in connection
therewith, or (f) payments under the Capital Securities Guarantee). Prior to the termination of any
Extension Period, the Company may further extend such period, provided that such period together
with all such previous and further consecutive extensions thereof shall not exceed 20 consecutive
quarterly periods, or extend beyond the Maturity Date. Upon the termination of any Extension Period
and upon the payment of all accrued and unpaid interest and Additional Interest, the Company may
commence a new Extension Period, subject to the foregoing requirements. No interest or Additional
Interest shall be due and payable during an Extension Period, except at the end thereof, but each
installment of interest that would otherwise have been due and payable during such Extension Period
shall bear Additional Interest. The Company must give the Trustee notice of its election to begin
such Extension Period at least 5 Business Days prior to the earlier of (i) the date interest on the
Debentures would have been payable except for the election to begin such Extension Period or (ii)
the date such interest is payable, but in any event not less than 5 Business Days prior to such
record date.

     The indebtedness evidenced by this Debenture is, to the extent provided in the Indenture,
subordinate and junior in right of payment to the prior payment in full of all Senior Indebtedness,
and this Debenture is issued subject to the provisions of the Indenture with respect thereto. Each
holder of this Debenture, 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 action as may
be necessary or appropriate to acknowledge or 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, hereby waives all notice of the acceptance of the subordination

A-1-5

 

provisions contained herein and in the Indenture by each holder of Senior Indebtedness,
whether now outstanding or hereafter incurred, and waives reliance by each such holder upon said
provisions.

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

     Capitalized terms used and not defined in this Debenture shall have the meanings assigned in
the Indenture dated as of the date of this Debenture between the Trustee and the Company.

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

	 	 	 	 	 
	 	ALLIANCE CAPITAL PARTNERS, L.P.

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

CERTIFICATE OF AUTHENTICATION

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

	 	 	 	 	 
	 	State Street Bank and Trust Company of

Connecticut, National Association, as Trustee

 	 
	 	By:  	 	 
	 	 	Authorized Officer 	 
	 	 	 	 
	 

A-1-6exv4w5

Exhibit 4.5

 

 

AMENDED AND RESTATED DECLARATION

OF TRUST

by and among

STATE STREET BANK AND TRUST COMPANY

OF CONNECTICUT, NATIONAL ASSOCIATION,

as Institutional Trustee,

ALLIANCE CAPITAL PARTNERS, L.P.,

as Sponsor,

and

ROBERT M. CLEMENTS, GARY A. MEEKS, and

TERENCE G. VANE, JR.

as Administrators,

Dated as of July 31, 2001

 

 

 

 

TABLE OF CONTENTS

	 	 	 	 	 
	 	 	Page
	ARTICLE I
	 	 	 	 
	 
	 	 	 	 
	INTERPRETATION AND DEFINITIONS
	 	 	 	 
	 
	 	 	 	 
	Section 1.1 Definitions

	 	 	4	 
	 
	 	 	 	 
	ARTICLE II
	 	 	 	 
	 
	 	 	 	 
	ORGANIZATION
	 	 	 	 
	 
	 	 	 	 
	Section 2.1 Name

	 	 	11	 
	Section 2.2 Office

	 	 	11	 
	Section 2.3 Purpose

	 	 	11	 
	Section 2.4 Authority

	 	 	11	 
	Section 2.5 Title to Property of the Trust

	 	 	11	 
	Section 2.6 Powers and Duties of the Institutional Trustee and the Administrators

	 	 	11	 
	Section 2.7 Prohibition of Actions by the Trust and the Institutional Trustee

	 	 	15	 
	Section 2.8 Powers and Duties of the Institutional Trustee

	 	 	16	 
	Section 2.9 Certain Duties and Responsibilities of the Institutional Trustee and Administrators

	 	 	17	 
	Section 2.10 Certain Rights of Institutional Trustee

	 	 	19	 
	Section 2.11 Execution of Documents

	 	 	21	 
	Section 2.12 Not Responsible for Recitals or Issuance of Securities

	 	 	21	 
	Section 2.13 Duration of Trust

	 	 	21	 
	Section 2.14 Mergers

	 	 	21	 
	 
	 	 	 	 
	ARTICLE III
	 	 	 	 
	 
	 	 	 	 
	SPONSOR
	 	 	 	 
	 
	 	 	 	 
	Section 3.1 Sponsor’s Purchase of Common Securities

	 	 	23	 
	Section 3.2 Responsibilities of the Sponsor

	 	 	23	 
	Section 3.3 Expenses

	 	 	24	 
	Section 3.4 Right to Proceed

	 	 	24	 
	 
	 	 	 	 
	ARTICLE IV
	 	 	 	 
	 
	 	 	 	 
	INSTITUTIONAL TRUSTEE AND ADMINISTRATORS
	 	 	 	 
	 
	 	 	 	 
	Section 4.1 Institutional Trustee; Eligibility

	 	 	24	 
	Section 4.2 Administrators

	 	 	25	 
	Section 4.3 Appointment, Removal and Resignation of Institutional Trustee and Administrators

	 	 	25	 

 

 

	 	 	 	 	 
	 	 	Page
	Section 4.4 Institutional Trustee Vacancies

	 	 	27	 
	Section 4.5 Effect of Vacancies

	 	 	27	 
	Section 4.6 Meetings of the Institutional Trustee and the Administrators

	 	 	27	 
	Section 4.7 Delegation of Power

	 	 	27	 
	Section 4.8 Conversion, Consolidation or Succession to Business

	 	 	27	 
	 
	 	 	 	 
	ARTICLE V
	 	 	 	 
	 
	 	 	 	 
	DISTRIBUTIONS
	 	 	 	 
	 
	 	 	 	 
	Section 5.1 Distributions

	 	 	28	 
	 
	 	 	 	 
	ARTICLE VI
	 	 	 	 
	 
	 	 	 	 
	ISSUANCE OF SECURITIES
	 	 	 	 
	 
	 	 	 	 
	Section 6.1 General Provisions Regarding Securities

	 	 	28	 
	Section 6.2 Paving Agent, Transfer Agent and Registrar

	 	 	29	 
	Section 6.3 Form and Dating

	 	 	29	 
	Section 6.4 Mutilated, Destroyed, Lost or Stolen Certificates

	 	 	30	 
	Section 6.5 Temporary Securities

	 	 	30	 
	Section 6.6 Cancellation

	 	 	30	 
	Section 6.7 Rights of Holders; Waivers of Past Defaults

	 	 	30	 
	 
	 	 	 	 
	ARTICLE VII
	 	 	 	 
	 
	 	 	 	 
	DISSOLUTION AND TERMINATION OF TRUST
	 	 	 	 
	 
	 	 	 	 
	Section 7.1 Dissolution and Termination of Trust

	 	 	32	 
	 
	 	 	 	 
	ARTICLE VIII
	 	 	 	 
	 
	 	 	 	 
	TRANSFER OF INTERESTS
	 	 	 	 
	 
	 	 	 	 
	Section 8.1 General

	 	 	33	 
	Section 8.2 Transfer Procedures and Restrictions

	 	 	34	 
	Section 8.3 Deemed Security Holders

	 	 	36	 
	 
	 	 	 	 
	ARTICLE IX
	 	 	 	 
	 
	 	 	 	 
	LIMITATION OF LIABILITY OF

HOLDERS OF SECURITIES, INSTITUTIONAL TRUSTEE OR OTHERS
	 	 	 	 
	 
	 	 	 	 
	Section 9.1 Liability

	 	 	36	 
	Section 9.2 Exculpation

	 	 	37	 
	Section 9.3 Fiduciary Duty

	 	 	37	 
	Section 9.4 Indemnification

	 	 	38	 
	Section 9.5 Outside Businesses

	 	 	40	 

ii

 

	 	 	 	 	 
	 	 	Page
	Section 9.6 Compensation; Fee

	 	 	40	 
	 
	 	 	 	 
	ARTICLE X
	 	 	 	 
	 
	 	 	 	 
	ACCOUNTING
	 	 	 	 
	 
	 	 	 	 
	Section 10.1 Fiscal Year

	 	 	41	 
	Section 10.2 Certain Accounting Matters

	 	 	41	 
	Section 10.3 Banking

	 	 	41	 
	Section 10.4 Withholding

	 	 	41	 
	 
	 	 	 	 
	ARTICLE XI
	 	 	 	 
	 
	 	 	 	 
	AMENDMENTS AND MEETINGS
	 	 	 	 
	 
	 	 	 	 
	Section 11.1 Amendments

	 	 	42	 
	Section 11.2 Meetings of the Holders of Securities; Action by Written Consent.

	 	 	43	 
	 
	 	 	 	 
	ARTICLE XII
	 	 	 	 
	 
	 	 	 	 
	REPRESENTATIONS OF INSTITUTIONAL TRUSTEE
	 	 	 	 
	 
	 	 	 	 
	Section 12.1 Representations and Warranties of Institutional Trustee

	 	 	45	 
	 
	 	 	 	 
	ARTICLE XIII
	 	 	 	 
	 
	 	 	 	 
	MISCELLANEOUS
	 	 	 	 
	 
	 	 	 	 
	Section 13.1 Notices

	 	 	45	 
	Section 13.2 Governing Law

	 	 	46	 
	Section 13.3 Intention of the Parties

	 	 	47	 
	Section 13.4 Headings

	 	 	47	 
	Section 13.5 Successors and Assigns

	 	 	47	 
	Section 13.6 Partial Enforceability

	 	 	47	 
	Section 13.7 Counterparts

	 	 	47	 
	 
	 	 	 	 
	Annex I      Terms of Securities
	 	 	 	 
	Exhibit A-I Form of Capital Security Certificate
	 	 	 	 
	Exhibit A-2 Form of Common Security Certificate
	 	 	 	 
	Exhibit B     Specimen of Initial Debenture
	 	 	 	 
	Exhibit C     Placement Agreement
	 	 	 	 

iii

 

AMENDED AND RESTATED

DECLARATION OF TRUST

OF

ALLIANCE CAPITAL PARTNERS STATUTORY TRUST I

July 31, 2001

     AMENDED AND RESTATED DECLARATION OF TRUST (“Declaration”) dated and effective as of
July 31, 2001, by the Institutional Trustee (as defined herein), the Administrators (as defined
herein), the Sponsor (as defined herein) and by the holders, from time to time, of undivided
beneficial interests in the Trust (as defined herein) to be issued pursuant to this Declaration;

     WHEREAS, the Institutional Trustee, the Administrators and the Sponsor established Alliance
Capital Partners Statutory Trust I (the “Trust”), a statutory trust under the Connecticut
Statutory Trust Act pursuant to a Declaration of Trust dated as of July 13, 2001 (the “Original
Declaration”), and a Certificate of Trust filed with the Secretary of State of the State of
Connecticut on July 13, 2001, for the sole purpose of issuing and selling certain securities
representing undivided beneficial interests in the assets of the Trust and investing the proceeds
thereof in certain debentures of the Debenture Issuer (as defined herein);

     WHEREAS, as of the date hereof, no interests in the Trust have been issued; and

     WHEREAS, the Institutional Trustee, the Administrators and the Sponsor, by this Declaration,
amend and restate each and every term and provision of the Original Declaration;

     NOW, THEREFORE, it being the intention of the parties hereto to continue the Trust as a
statutory trust under the Statutory Trust Act (as defined herein) and that this Declaration
constitutes the governing instrument of such statutory trust, the Institutional Trustee declares
that all assets contributed to the Trust will be held in trust for the benefit of the holders, from
time to time, of the securities representing undivided beneficial interests in the assets of the
Trust issued hereunder, subject to the provisions of this Declaration. The parties hereto hereby
agree as follows:

ARTICLE I

INTERPRETATION AND DEFINITIONS 

     Section 1.1 Definitions. Unless the context otherwise requires:

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

     (b) a term defined anywhere in this Declaration has the same meaning throughout;

     (c) all references to “the Declaration” or “this Declaration” are to this Declaration as
modified, supplemented or amended from time to time;

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     (d) all references in this Declaration to Articles and Sections and Annexes and Exhibits are
to Articles and Sections of and Annexes and Exhibits to this Declaration unless otherwise
specified; and

     (e) a reference to the singular includes the plural and vice versa.

     “Additional Interest” has the meaning set forth in the Indenture.

     “Administrative Action” has the meaning set forth in paragraph 4(a) of Annex I.

     “Administrators” means each of Robert M. Clements, Gary A. Meeks and Terence G. Vane,
Jr., solely in such Person’s capacity as Administrator of the Trust created and continued hereunder
and not in such Person’s individual capacity, or such Administrator’s successor in interest in such
capacity, or any successor appointed as herein provided.

     “Affiliate” has the same meaning as given to that term in Rule 405 of the Securities
Act or any successor rule thereunder.

     “Authorized Officer” of a Person means any Person that is authorized to bind such
Person.

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

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

     (b) such Person shall commence a voluntary case under any applicable bankruptcy, insolvency or
other similar law now or hereafter in effect, shall consent to the entry of an order for relief in
an involuntary case under any such law, or shall consent to the appointment of or taking possession
by a receiver, liquidator, assignee, trustee, custodian, sequestrator (or other similar official)
of such Person of any substantial part of its property, or shall make any general assignment for
the benefit of creditors, or shall fail generally to pay its debts as they become due.

     “Business Day” means any day other than Saturday, Sunday or any other day on which
banking institutions in New York City or Hartford, Connecticut are permitted or required by any
applicable law to close.

     “Capital Securities” has the meaning set forth in paragraph 1(a) of Annex I.

     “Capital Security Certificate” means a definitive Certificate in fully registered form
representing a Capital Security substantially in the form of Exhibit A-1.

     “Capital Treatment Event” has the meaning set forth in paragraph 4(a) of Annex I.

     “Certificate” means any certificate evidencing Securities.

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     “Closing Date” has the meaning set forth in the Placement Agreement.

     “Code” means the Internal Revenue Code of 1986, as amended from time to time, or any successor
legislation.

     “Commission” means the Securities and Exchange Commission.

     “Common Securities” has the meaning set forth in paragraph 1(b) of Annex I.

     “Common Security Certificate” means a definitive Certificate in fully registered form
representing a Common Security substantially in the form of Exhibit A-2.

     “Company Indemnified Person” means (a) any Administrator; (b) any Affiliate of any
Administrator; (c) any officers, directors, shareholders, members, partners, employees,
representatives or agents of any Administrator; or (d) any officer, employee or agent of the Trust
or its Affiliates.

     “Corporate Trust Office” means the office of the Institutional Trustee at which the
corporate trust business of the Institutional Trustee shall, at any particular time, be principally
administered, which office at the date of execution of this Declaration is located at 225 Asylum
Street, Goodwin Square, Hartford, Connecticut.

     “Coupon Rate” has the meaning set forth in paragraph 2(a) of Annex I.

     “Covered Person” means: (a) any Administrator, officer, director, shareholder,
partner, member, representative, employee or agent of (i) the Trust or (ii) any of the Trust’s
Affiliates; and (b) any Holder of Securities.

     “Creditor” has the meaning set forth in Section 3.3.

     “Debenture Issuer” means Alliance Capital Partners, L.P., a Delaware limited
partnership, in its capacity as issuer of the Debentures under the Indenture.

     “Debenture Trustee” means State Street Bank and Trust Company of Connecticut, National
Association, as trustee under the Indenture until a successor is appointed thereunder, and
thereafter means such successor trustee.

     “Debentures” means the Floating Rate Junior Subordinated Deferrable Interest
Debentures due 2031 to be issued by the Debenture Issuer under the Indenture.

     “Defaulted Interest” has the meaning set forth in the Indenture.

     “Determination Date” has the meaning set forth in paragraph 4(a) of Annex I.

     “Direct Action” has the meaning set forth in Section 2.8(d).

     “Distribution” means a distribution payable to Holders of Securities in accordance
with Section 5.1.

     “Distribution Payment Date” has the meaning set forth in paragraph 2(b) of Annex I.

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     “Distribution Period” has the meaning set forth in paragraph 2(a) of Annex I.

     “Distribution Rate” means, for the period beginning on (and including) the date of
original issuance and ending on (but excluding) October 31, 2001, 7.29% and for the period
beginning on (and including) October 31, 2001 and thereafter, the Coupon Rate.

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

     (a) the occurrence of an Indenture Event of Default; or

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

     (c) default in the performance, or breach, in any material respect, of any covenant or
warranty of the Institutional Trustee in this Declaration (other than those specified in clause (a)
or (b) above) and continuation of such default or breach for a period of 60 days after there has
been given, by registered or certified mail to the Institutional Trustee and to the Sponsor by the
Holders of at least 25% in aggregate liquidation amount of the outstanding Capital Securities a
written notice specifying such default or breach and requiring it to be remedied and stating that
such notice is a “Notice of Default” hereunder; or

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

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

     “Extension Period” has the meaning set forth in paragraph 2(b) of Annex I.

     “Federal Reserve” has the meaning set forth in paragraph 3 of Annex I.

     “Fiduciary Indemnified Person” shall mean the Institutional Trustee, any Affiliate of
the Institutional Trustee and any officers, directors, shareholders, members, partners, employees,
representatives, custodians, nominees or agents of the Institutional Trustee.

     “Fiscal Year” has the meaning set forth in Section 10.1.

     “Guarantee” means the guarantee agreement to be dated as of the Closing Date, of the
Sponsor in respect of the Capital Securities.

     “Holder” means a Person in whose name a Certificate representing a Security is
registered, such Person being a beneficial owner within the meaning of the Statutory Trust Act.

     “Indemnified Person” means a Company Indemnified Person or a Fiduciary Indemnified
Person.

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     “Indenture” means the Indenture dated as of the Closing Date, between the Debenture
Issuer and the Debenture Trustee, and any indenture supplemental thereto pursuant to which the
Debentures are to be issued, as such Indenture and any supplemental indenture may be amended,
supplemented or otherwise modified from time to time.

     “Indenture Event of Default” means an “Event of Default” as defined in the Indenture.

     “Institutional Trustee” means the Trustee meeting the eligibility requirements set
forth in Section 4.1.

     “Interest” means any interest due on the Debentures including any Additional Interest
and Defaulted Interest.

     “Investment Company” means an investment company as defined in the Investment Company
Act.

     “Investment Company Act” means the Investment Company Act of 1940, as amended from
time to time, or any successor legislation.

     “Investment Company Event” has the meaning set forth in paragraph 4(a) of Annex I.

     “Legal Action” has the meaning set forth in Section 2.8(d).

     “Liquidation” has the meaning set forth in paragraph 3 of Annex I.

     “Liquidation Distribution” has the meaning set forth in paragraph 3 of Annex I.

     “Majority in liquidation amount of the Securities” means Holder(s) of outstanding
Securities voting together as a single class or, as the context may require, Holders of outstanding
Capital Securities or Holders of outstanding Common Securities voting separately as a class, who
are the record owners of more than 50% of the aggregate liquidation amount (including the stated
amount that would be paid on redemption, liquidation or otherwise, plus accrued and unpaid
Distributions to the date upon which the voting percentages are determined) of all outstanding
Securities of the relevant class.

     “Maturity Date” has the meaning set forth in paragraph 4(a) of Annex I.

     “Officers’ Certificates” means, with respect to any Person, a certificate signed by
two Authorized Officers of such Person. Any Officers’ Certificate delivered with respect to
compliance with a condition or covenant providing for it in this Declaration shall include:

     (a) a statement that each officer signing the 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 in rendering the Certificate;

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     (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 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, such condition or covenant
has been complied with.

     “OTS” has the meaning set forth in paragraph 3 of Annex I.

     “Ownership Interests” means, so long as the Debenture Issuer is a limited partnership,
the partnership interests of the Debenture Issuer’s general and limited partners or, if the
Debenture Issuer (or its successor) is a corporation, the Debenture Issuer’s capital stock.

     “Paying Agent” has the meaning specified in Section 6.2.

     “Payment Amount” has the meaning set forth in Section 5.1.

     “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.

     “Placement Agreement” means the Placement Agreement relating to the offering and sale
of Capital Securities in the form of Exhibit C.

     “Property Account” has the meaning set forth in Section 2.8(c).

     “Pro Rata” has the meaning set forth in paragraph 8 of Annex I.

     “Quorum” means a majority of the Administrators or, if there are only two
Administrators, both of them.

     “Redemption Date” has the meaning set forth in paragraph 4(a) of Annex I.

     “Redemption/Distribution Notice” has the meaning set forth in paragraph 4(e) of Annex
I.

     “Redemption Price” has the meaning set forth in paragraph 4(a) of Annex I.

     “Registrar” has the meaning set forth in Section 6.2.

     “Responsible Officer” means, with respect to the Institutional Trustee, any officer
within the Corporate Trust Office of the Institutional Trustee, including any vice-president, any
assistant vice-president, any assistant secretary, the treasurer, any assistant treasurer, any
trust officer or other officer of the Corporate Trust Office of the Institutional Trustee
customarily performing functions similar to those performed by any of the above designated officers
and also means, with respect to a particular corporate trust matter, any other officer to whom such
matter is referred because of that officer’s knowledge of and familiarity with the particular
subject.

     “Restricted Securities Legend” has the meaning set forth in Section 8.2(b).

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     “Rule 3a-5” means Rule 3a-5 under the Investment Company Act.

     “Rule 3a-7” means Rule 3a-7 under the Investment Company Act.

     “Securities” means the Common Securities and the Capital Securities.

     “Securities Act” means the Securities Act of 1933, as amended from time to time, or
any successor legislation.

     “Special Event” has the meaning set forth in paragraph 4(a) of Annex I.

     “Special Redemption Date” has the meaning set forth in paragraph 4(a) of Annex I.

     “Special Redemption Price” has the meaning set forth in paragraph 4(a) of Annex I.

     “Sponsor” means Alliance Capital Partners, L.P. a Delaware Limited partnership, or any
successor entity in a merger, consolidation or amalgamation, in its capacity as sponsor of the
Trust.

     “Statutory Trust Act” means Chapter 615 of Title 34 of the Connecticut General
Statutes, Sections 500, et seq. as may be amended from time to time.

     “Successor Entity” has the meaning set forth in Section 2.14(b).

     “Successor Institutional Trustee” has the meaning set forth in Section 4.3(a).

     “Successor Securities” has the meaning set forth in Section 2.14(b).

     “Super Majority” has the meaning set forth in paragraph 5(b) of Annex I.

     “Tax Event” has the meaning set forth in paragraph 4(a) of Annex I.

     “10% in liquidation amount of the Securities” means Holder(s) of outstanding
Securities voting together as a single class or, as the context may require, Holders of outstanding
Capital Securities or Holders of outstanding Common Securities voting separately as a class, who
are the record owners of 10% or more of the aggregate liquidation amount (including the stated
amount that would be paid on redemption, liquidation or otherwise, plus accrued and unpaid
Distributions to the date upon which the voting percentages are determined) of all outstanding
Securities of the relevant class.

     “3-Month LIBOR” has the meaning set forth in paragraph 4(a) of Annex I.

     “Transfer Agent” has the meaning set forth in Section 6.2.

     “Treasury Regulations” means the income tax regulations, including temporary and
proposed regulations, promulgated under the Code by the United States Treasury, as such regulations
may be amended from time to time (including corresponding provisions of succeeding regulations).

     “Trust Property” means (a) the Debentures, (b) any cash on deposit in, or owing to,
the Property Account and (c) all proceeds and rights in respect of the foregoing and any other
property

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and assets for the time being held or deemed to be held by the Institutional Trustee pursuant
to the trusts of this Declaration.

     “U.S. Person” means a United States Person as defined in Section 7701(a)(30) of the
Code.

ARTICLE II

ORGANIZATION

     Section 2.1 Name. The Trust is named “[TRUST NAME] Statutory Trust [I],” as such name may be modified from time to
time by the Administrators following written notice to the Holders of the Securities. The Trust’s
activities may be conducted under the name of the Trust or any other name deemed advisable by the
Administrators.

     Section 2.2 Office. The address of the principal office of the Trust is c/o State Street Bank and Trust Company of
Connecticut, National Association, 225 Asylum Street, Goodwin Square, Hartford, Connecticut 06103.
On at least 10 Business Days written notice to the Holders of the Securities, the Administrators
may designate another principal office, which shall be in a state of the United States or in the
District of Columbia.

     Section 2.3 Purpose. The exclusive purposes and functions of the Trust are (a) to issue and sell the Securities
representing undivided beneficial interests in the assets of the Trust, (b) to invest the gross
proceeds from such sale to acquire the Debentures, (c) to facilitate direct investment in the
assets of the Trust through issuance of the Common Securities and the Capital Securities and (d)
except as otherwise limited herein, to engage in only those other activities necessary or
incidental thereto. The Trust shall not borrow money, issue debt or reinvest proceeds derived from
investments, pledge any of its assets, or otherwise undertake (or permit to be undertaken) any
activity that would cause the Trust not to be classified for United States federal income tax
purposes as a grantor trust.

     Section 2.4 Authority. Except as specifically provided in this Declaration, the Institutional Trustee shall have
exclusive and complete authority to carry out the purposes of the Trust. An action taken by the
Institutional Trustee in accordance with its powers shall constitute the act of and serve to bind
the Trust. In dealing with the Institutional Trustee acting on behalf of the Trust, no Person shall
be required to inquire into the authority of the Institutional Trustee to bind the Trust. Persons
dealing with the Trust are entitled to rely conclusively on the power and authority of the
Institutional Trustee as set forth in this Declaration. The Administrators shall have only those
ministerial duties set forth herein with respect to accomplishing the purposes of the Trust and are
not intended to be trustees or fiduciaries with respect to the Trust or the Holders. The
Institutional Trustee shall have the right, but shall not be obligated except as provided in
Section 2.6, to perform those duties assigned to the Administrators.

     Section 2.5 Title to Property of the Trust. Except as provided in Section 2.8 with respect to the Debentures and the Property Account or as
otherwise provided in this Declaration, legal title to all assets of the Trust shall be vested in
the Trust. The Holders shall not have legal title to any part of the assets of the Trust, but shall
have an undivided beneficial interest in the assets of the Trust.

     Section 2.6 Powers and Duties of the Institutional Trustee and the Administrators.

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     (a) The Institutional Trustee and the Administrators shall conduct the affairs of the Trust in
accordance with the terms of this Declaration. Subject to the limitations set forth in paragraph
(b) of this Section, and in accordance with the following provisions (i) and (ii), the
Institutional Trustee and the Administrators shall have the authority to enter into all
transactions and agreements determined by the Institutional Trustee to be appropriate in exercising
the authority, express or implied, otherwise granted to the Institutional Trustee or the
Administrators, as the case may be, under this Declaration, and to perform all acts in furtherance
thereof, including without limitation, the following:

     (i) Each Administrator shall have the power and authority to act on behalf of
the Trust with respect to the following matters:

     (A) the issuance and sale of the Securities;

     (B) to cause the Trust to enter into, and to execute and deliver on
behalf of the Trust, such agreements as may be necessary or desirable in
connection with the purposes and function of the Trust, including agreements
with the Paying Agent;

     (C) ensuring compliance with the Securities Act, applicable state
securities or blue sky laws;

     (D) the sending of notices (other than notices of default), and other
information regarding the Securities and the Debentures to the Holders in
accordance with this Declaration;

     (E) the consent to the appointment of a Paying Agent, Transfer Agent
and Registrar in accordance with this Declaration, which consent shall not
be unreasonably withheld or delayed;

     (F) execution and delivery of the Securities in accordance with this
Declaration;

     (G) execution and delivery of closing certificates pursuant to the
Placement Agreement and the application for a taxpayer identification
number;

     (H) unless otherwise determined by the Holders of a Majority in
liquidation amount of the Securities or as otherwise required by the
Statutory Trust Act, to execute on behalf of the Trust (either acting alone
or together with any or all of the Administrators) any documents that the
Administrators have the power to execute pursuant to this Declaration;

     (I) the taking of any action incidental to the foregoing as the
Institutional Trustee may from time to time determine is necessary or
advisable to give effect to the terms of this Declaration for the benefit of
the Holders (without consideration of the effect of any such action on any
particular Holder);

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     (J) to establish a record date with respect to all actions to be taken
hereunder that require a record date be established, including
Distributions, voting rights, redemptions and exchanges, and to issue
relevant notices to the Holders of Capital Securities and Holders of Common
Securities as to such actions and applicable record dates; and

     (K) to duly prepare and file all applicable tax returns and tax
information reports that are required to be filed with respect to the Trust
on behalf of the Trust.

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

     (A) the establishment of the Property Account;

     (B) the receipt of the Debentures;

     (C) the collection of interest, principal and any other payments made
in respect of the Debentures in the Property Account;

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

     (E) the exercise of all of the rights, powers and privileges of a
holder of the Debentures;

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

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

     (H) to the extent provided in this Declaration, the winding up of the
affairs of and liquidation of the Trust and the preparation, execution and
filing of the certificate of cancellation with the Secretary of State
of the State of Connecticut;

     (I) after any Event of Default (provided that such Event of
Default is not by or with respect to the Institutional Trustee) the taking
of any action incidental to the foregoing as the Institutional Trustee may
from time to time determine is necessary or advisable to give effect to the
terms of this Declaration and protect and conserve the Trust Property for
the benefit of the Holders (without consideration of the effect of any such
action on any particular Holder); and

     (J) to take all action that may be necessary for the preservation and
the continuation of the Trust’s valid existence, rights, franchises and

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privileges as a statutory trust under the laws of the State of Connecticut
and of each other jurisdiction in which such existence is necessary to
protect the limited liability of the Holders of the Capital Securities or to
enable the Trust to effect the purposes for which the Trust was created.

     (iii) The Institutional Trustee shall have the power and authority to act on
behalf of the Trust with respect to any of the duties, liabilities, powers or the
authority of the Administrators set forth in Section 2.6(a)(i)(D), (E) and (F)
herein but shall not have a duty to do any such act unless specifically requested to
do so in writing by the Sponsor, and shall then be fully protected in acting
pursuant to such written request; and in the event of a conflict between the action
of the Administrators and the action of the Institutional Trustee, the action of the
Institutional Trustee shall prevail.

     (b) So long as this Declaration remains in effect, the Trust (or the Institutional Trustee or
Administrators acting on behalf of the Trust) shall not undertake any business, activities or
transaction except as expressly provided herein or contemplated hereby. In particular, neither the
Institutional Trustee nor the Administrators may cause the Trust to (i) acquire any investments or
engage in any activities not authorized by this Declaration, (ii) sell, assign, transfer, exchange,
mortgage, pledge, set-off or otherwise dispose of any of the Trust Property or interests therein,
including to Holders, except as expressly provided herein, (iii) take any action that would
reasonably be expected (x) to cause the Trust to fail or cease to qualify as a “grantor trust” for
United States federal income tax purposes or (y) to require the trust to register as an Investment
Company under the Investment Company Act, (iv) incur any indebtedness for borrowed money or issue
any other debt or (v) take or consent to any action that would result in the placement of a lien on
any of the Trust Property. The Institutional Trustee shall, at the sole cost and expense of the
Trust, defend all claims and demands of all Persons at any time claiming any lien on any of the
Trust Property adverse to the interest of the Trust or the Holders in their capacity as Holders.

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

     (i) the taking of any action necessary to obtain an exemption from the
Securities Act;

     (ii) the determination of the States in which to take appropriate action to
qualify or register for sale all or part of the Capital Securities and the
determination of any and all such acts, other than actions which must be taken by or
on behalf of the Trust, and the advice to the Administrators of actions they must
take on behalf of the Trust, and the preparation for execution and filing of any
documents to be executed and filed by the Trust or on behalf of the Trust, as the
Sponsor deems necessary or advisable in order to comply with the applicable laws of
any such States in connection with the sale of the Capital Securities;

     (iii) the negotiation of the terms of, and the execution and delivery of, the
Placement Agreement providing for the sale of the Capital Securities; and

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

     (d) Notwithstanding anything herein to the contrary, the Administrators and the Holders of a
Majority in liquidation amount of the Common Securities are authorized and directed to conduct the
affairs of the Trust and to operate the Trust so that the Trust will not (i) be deemed to be an
Investment Company required to be registered under the Investment Company Act, and (ii) fail to be
classified as a “grantor trust” for United States federal income tax purposes. The Administrators
and the Holders of a Majority in liquidation amount of the Common Securities shall not take any
action inconsistent with the treatment of the Debentures as indebtedness of the Debenture Issuer
for United States federal income tax purposes. In this connection, the Administrators and the
Holders of a Majority in liquidation amount of the Common Securities are authorized to take any
action, not inconsistent with applicable laws, the Certificate of Trust or this Declaration, as
amended from time to time, that each of the Administrators and the Holders of a Majority in
liquidation amount of the Common Securities determines in their discretion to be necessary or
desirable for such purposes.

     (e) All expenses incurred by the Administrators or the Institutional Trustee pursuant to this
Section 2.6 shall be reimbursed by the Sponsor, and the Institutional Trustee shall have no
obligations with respect to such expenses.

     (f) The assets of the Trust shall consist of the Trust Property.

     (g) Legal title to all Trust Property shall be vested at all times in the Institutional
Trustee (in its capacity as such) and shall be held and administered by the Institutional Trustee
for the benefit of the Trust in accordance with this Declaration.

     Section 2.7 Prohibition of Actions by the Trust and the Institutional Trustee.

     (a) The Trust shall not, and the Institutional Trustee shall cause the Trust not to, engage in
any activity other than as required or authorized by this Declaration. In particular, the Trust
shall not and the Institutional Trustee shall cause the Trust not to:

     (i) invest any proceeds received by the Trust from holding the Debentures, but
shall distribute all such proceeds to Holders of the Securities pursuant to the
terms of this Declaration and of the Securities;

     (ii) acquire any assets other than as expressly provided herein;

     (iii) possess Trust Property for other than a Trust purpose;

     (iv) make any loans or incur any indebtedness other than loans represented by
the Debentures;

     (v) possess any power or otherwise act in such a way as to vary the Trust
assets or the terms of the Securities in any way whatsoever other than as expressly
provided herein;

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     (vi) issue any securities or other evidences of beneficial ownership of or
beneficial interest in, the Trust other than the Securities;

     (vii) carry on any “trade or business” as that phrase is used in the Code; or

     (viii) other than as provided in this Declaration (including Annex I), (A)
direct the time, method and place of exercising any trust or power conferred upon
the Debenture Trustee with respect to the Debentures, (B) waive any past default
that is waivable under the Indenture, (C) exercise any right to rescind or annul any
declaration that the principal of all the Debentures shall be due and payable, or
(D) consent to any amendment, modification or termination of the Indenture or the
Debentures where such consent shall be required unless the Trust shall have received
an opinion of counsel to the effect that such modification will not cause the Trust
to cease to be classified as a “grantor trust” for United States federal income tax
purposes.

     Section 2.8 Powers and Duties of the Institutional Trustee.

     (a) The legal title to the Debentures shall be owned by and held of record in the name of the
Institutional Trustee in trust for the benefit of the Trust and the Holders of the Securities. The
right, title and interest of the Institutional Trustee to the Debentures shall vest automatically
in each Person who may hereafter be appointed as Institutional Trustee in accordance with Section
4.3. Such vesting and cessation of title shall be effective whether or not conveyancing documents
with regard to the Debentures have been executed and delivered.

     (b) The Institutional Trustee shall not transfer its right, title and interest in the
Debentures to the Administrators.

     (c) The Institutional Trustee shall:

     (i) establish and maintain a segregated non-interest bearing trust account (the
“Property Account”) in the name of and under the exclusive control of the
Institutional Trustee, and maintained in the Institutional Trustee’s trust
department, on behalf of the Holders of the Securities and, upon the receipt of
payments of funds made in respect of the Debentures held by the Institutional
Trustee, deposit such funds into the Property Account and make payments, or cause
the Paying Agent to make payments, to the Holders of the Capital Securities and
Holders of the Common Securities from the Property Account in accordance with
Section 5.1. Funds in the Property Account shall be held uninvested until disbursed
in accordance with this Declaration;

     (ii) engage in such ministerial activities as shall be necessary or appropriate
to effect the redemption of the Capital Securities and the Common Securities to the
extent the Debentures are redeemed or mature; and

     (iii) upon written notice of distribution issued by the Administrators in
accordance with the terms of the Securities, engage in such ministerial activities
as shall be necessary or appropriate to effect the distribution of the Debentures to

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Holders of Securities upon the occurrence of certain circumstances pursuant to the
terms of the Securities.

     (d) The Institutional Trustee may bring or defend, pay, collect, compromise, arbitrate, resort
to legal action with respect to, or otherwise adjust claims or demands of or against, the Trust
(“Legal Action”) which arises out of or in connection with an Event of Default of which a
Responsible Officer of the Institutional Trustee has actual knowledge or arises out of the
Institutional Trustee’s duties and obligations under this Declaration; provided,
however, that if an Event of Default has
occurred and is continuing and such event is
attributable to the failure of the Debenture Issuer to pay interest or principal on the Debentures
on the date such interest or principal is otherwise payable (or in the case of redemption, on the
redemption date), then a Holder of the Capital Securities may directly institute a proceeding for
enforcement of payment to such Holder of the principal of or interest on the Debentures having a
principal amount equal to the aggregate liquidation amount of the Capital Securities of such Holder
(a “Direct Action”) on or after the respective due date specified in the Debentures. In
connection with such Direct Action, the rights of the Holders of the Common Securities will be
subrogated to the rights of such Holder of the Capital Securities to the extent of any payment made
by the Debenture Issuer to such Holder of the Capital Securities in such Direct Action;
provided, however, that no Holder of the Common Securities may exercise such right
of subrogation so long as an Event of Default with respect to the Capital Securities has occurred
and is continuing.

     (e) The Institutional Trustee shall continue to serve as a Trustee until either:

     (i) the Trust has been completely liquidated and the proceeds of the
liquidation distributed to the Holders of the Securities pursuant to the terms of
the Securities and this Declaration; or

     (ii) a Successor Institutional Trustee has been appointed and has accepted that
appointment in accordance with Section 4.3.

     (f) The Institutional Trustee shall have the legal power to exercise all of the rights, powers
and privileges of a Holder of the Debentures under the Indenture and, if an Event of Default occurs
and is continuing, the Institutional Trustee may, for the benefit of Holders of the Securities,
enforce its rights as holder of the Debentures subject to the rights of the Holders pursuant to
this Declaration (including Annex I) and the terms of the Securities.

     The Institutional Trustee must exercise the powers set forth in this Section 2.8 in a manner
that is consistent with the purposes and functions of the Trust set out in Section 2.3, and the
Institutional Trustee shall not take any action that is inconsistent with the purposes and
functions of the Trust set out in Section 2.3.

     Section 2.9 Certain Duties and Responsibilities of the Institutional Trustee and
Administrators.

     (a) The Institutional Trustee, before the occurrence of any Event of Default and after the
curing or waiving of all such Events of Default that may have occurred, shall undertake to perform
only such duties as are specifically set forth in this Declaration and no implied covenants shall
be read into this Declaration against the Institutional Trustee. In case an Event of Default has

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occurred (that has not been cured or waived pursuant to Section 6.7), the Institutional Trustee
shall exercise such of the rights and powers vested in it by this Declaration, 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.

     (b) The duties and responsibilities of the Institutional Trustee and the Administrators shall
be as provided by this Declaration. Notwithstanding the foregoing, no provision of this Declaration
shall require the Institutional Trustee or Administrators to expend or risk their own funds or
otherwise incur any financial liability in the performance of any of their duties hereunder, or in
the exercise of any of their rights or powers if it shall have reasonable grounds to believe that
repayment of such funds or adequate protection against such risk of liability is not reasonably
assured to it. Whether or not therein expressly so provided, every provision of this Declaration
relating to the conduct or affecting the liability of or affording protection to the Institutional
Trustee or Administrators shall be subject to the provisions of this Article. Nothing in this
Declaration shall be construed to relieve an Administrator or the Institutional Trustee from
liability for its own negligent failure to act, or its own willful misconduct. To the extent that,
at law or in equity, the Institutional Trustee or an Administrator has duties and liabilities
relating to the Trust or to the Holders, the Institutional Trustee or such Administrator shall not
be liable to the Trust or to any Holder for the Institutional Trustee’s or such Administrator’s
good faith reliance on the provisions of this Declaration. The provisions of this Declaration, to
the extent that they restrict the duties and liabilities of the Administrators or the Institutional
Trustee otherwise existing at law or in equity, are agreed by the Sponsor and the Holders to
replace such other duties and liabilities of the Administrators or the Institutional Trustee.

     (c) All payments made by the Institutional Trustee or a Paying Agent in respect of the
Securities shall be made only from the revenue and proceeds from the Trust Property and only to the
extent that there shall be sufficient revenue or proceeds from the Trust Property to enable the
Institutional Trustee or a Paying Agent to make payments in accordance with the terms hereof.
Each Holder, by its acceptance of a Security, agrees that it will look solely to the revenue
and proceeds from the Trust Property to the extent legally available for distribution to it as
herein provided and that the Institutional Trustee and the Administrators are not personally liable
to it for any amount distributable in respect of any Security or for any other liability in respect
of any Security. This Section 2.9(c) does not limit the liability of the Institutional Trustee
expressly set forth elsewhere in this Declaration.

     (d) The Institutional Trustee shall not be liable for its own acts or omissions hereunder
except as a result of its own negligent action, its own negligent failure to act, or its own
willful misconduct, except that:

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

     (ii) the Institutional 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 not less than a Majority in liquidation amount of the Capital
Securities or the Common Securities, as applicable, relating to the time, method and

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place of conducting any proceeding for any remedy available to the Institutional
Trustee, or exercising any trust or power conferred upon the Institutional Trustee
under this Declaration;

     (iii) the Institutional Trustee’s sole duty with respect to the custody,
safekeeping and physical preservation of the Debentures and the Property Account
shall be to deal with such property in a similar manner as the Institutional Trustee
deals with similar property for its fiduciary accounts generally, subject to the
protections and limitations on liability afforded to the Institutional Trustee under
this Declaration;

     (iv) the Institutional Trustee shall not be liable for any interest on any
money received by it except as it may otherwise agree in writing with the Sponsor;
and money held by the Institutional Trustee need not be segregated from other funds
held by it except in relation to the Property Account maintained by the
Institutional Trustee pursuant to Section 2.8(c)(i) and except to the extent
otherwise required by law; and

     (v) the Institutional Trustee shall not be responsible for monitoring the
compliance by the Administrators or the Sponsor with their respective duties under
this Declaration, nor shall the Institutional Trustee be liable for any default or
misconduct of the Administrators or the Sponsor.

     Section 2.10 Certain Rights of Institutional Trustee. Subject to the provisions of Section 2.9:

     (a) the Institutional Trustee may conclusively rely and shall fully be protected in acting or
refraining from acting in good faith upon any resolution, opinion of counsel, certificate, written

representation of a Holder or transferee, certificate of auditors or any other certificate,
statement, instrument, opinion, report, notice, request, direction, consent, order, appraisal,
bond, debenture, note, other evidence of indebtedness or other paper or document believed by it to
be genuine and to have been signed, sent or presented by the proper party or parties;

     (b) if (i) in performing its duties under this Declaration, the Institutional Trustee is
required to decide between alternative courses of action, (ii) in construing any of the provisions
of this Declaration, the Institutional Trustee finds the same ambiguous or inconsistent with any
other provisions contained herein, or (iii) the Institutional Trustee is unsure of the application
of any provision of this Declaration, then, except as to any matter as to which the Holders of
Capital Securities are entitled to vote under the terms of this Declaration, the Institutional
Trustee may deliver a notice to the Sponsor requesting the Sponsor’s written instructions as to the
course of action to be taken and the Institutional Trustee shall take such action, or refrain from
taking such action, as the Institutional Trustee shall be instructed in writing, in which event the
Institutional Trustee shall have no liability except for its own negligence or willful misconduct;

     (c) any direction or act of the Sponsor or the Administrators contemplated by this Declaration
shall be sufficiently evidenced by an Officers’ Certificate;

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     (d) whenever in the administration of this Declaration, the Institutional Trustee shall deem
it desirable that a matter be proved or established before undertaking, suffering or omitting any
action hereunder, the Institutional Trustee (unless other evidence is herein specifically
prescribed) may request and conclusively rely upon an Officers’ Certificate as to factual matters
which, upon receipt of such request, shall be promptly delivered by the Sponsor or the
Administrators;

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

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

     (g) the Institutional Trustee shall be under no obligation to exercise any of the rights or
powers vested in it by this Declaration at the request or direction of any of the Holders pursuant
to this Declaration, unless such Holders shall have offered to the Institutional Trustee security
or indemnity reasonably satisfactory to it against the costs, expenses and liabilities which might
be incurred by it in compliance with such request or direction; provided, that nothing
contained in this Section 2.10(g) shall be taken to relieve the Institutional Trustee, subject to
Section 2.9(b), upon the occurrence of an Event of Default, to exercise such of the rights and
powers vested in it by this Declaration, 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;

     (h) the Institutional Trustee shall not be bound to make any investigation into the facts or
matters stated in any resolution, certificate, statement, instrument, opinion, report, notice,
request, consent, order, approval, bond, debenture, note or other evidence of indebtedness or other
paper or document, unless requested in writing to do so by one or more Holders, but the
Institutional Trustee may make such further inquiry or investigation into such facts or matters as
it may see fit;

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

     (j) whenever in the administration of this Declaration the Institutional Trustee shall deem it
desirable to receive instructions with respect to enforcing any remedy or right or taking any other
action hereunder the Institutional Trustee (i) may request instructions from the Holders of the
Capital Securities which instructions may only be given by the Holders of the same proportion in
liquidation amount of the Capital Securities as would be entitled to direct the Institutional
Trustee under the terms of the Capital Securities in respect of such remedy, right or action, (ii)
may refrain from enforcing such remedy or right or taking such other action until such

20

 

instructions
are received, and (iii) shall be fully protected in acting in accordance with such instructions;

     (k) except as otherwise expressly provided in this Declaration, the Institutional Trustee
shall not be under any obligation to take any action that is discretionary under the provisions of
this Declaration;

     (l) when the Institutional Trustee incurs expenses or renders services in connection with a
Bankruptcy Event, such expenses (including the fees and expenses of its counsel) and the
compensation for such services are intended to constitute expenses of administration under any
bankruptcy law or law relating to creditors rights generally;

     (m) the Institutional Trustee shall not be charged with knowledge of an Event of Default
unless a Responsible Officer of the Institutional Trustee obtains actual knowledge of such event or
the Institutional Trustee receives written notice of such event from any Holder, the Sponsor or the
Debenture Trustee;

     (n) any action taken by the Institutional Trustee or its agents hereunder shall bind the Trust
and the Holders of the Securities, and the signature of the Institutional Trustee or its agents
alone shall be sufficient and effective to perform any such action and no third party shall be
required to inquire as to the authority of the Institutional Trustee to so act or as to its
compliance with any of the terms and provisions of this Declaration, both of which shall be
conclusively evidenced by the Institutional Trustee’s or its agent’s taking such action; and

     (o) no provision of this Declaration shall be deemed to impose any duty or obligation on the
Institutional 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
Institutional Trustee shall be unqualified or incompetent in accordance with applicable law, to
perform any such act or acts, or to exercise any such right, power, duty or obligation. No
permissive power or authority available to the Institutional Trustee shall be construed to be a
duty.

     Section 2.11 Execution of Documents. Unless otherwise determined in writing by the Institutional Trustee, and except as otherwise
required by the Statutory Trust Act, the Institutional Trustee, or any one or more of the
Administrators, as the case may be, is authorized to execute on behalf of the Trust any documents
that the Institutional Trustee or the Administrators, as the case may be, have the power and
authority to execute pursuant to Section 2.6.

     Section 2.12 Not Responsible for Recitals or Issuance of Securities. The recitals contained in this Declaration and the Securities shall be taken as the statements of
the Sponsor, and the Institutional Trustee does not assume any responsibility for their
correctness. The Institutional Trustee makes no representations as to the value or condition of the
property of the Trust or any part thereof. The Institutional Trustee makes no representations as to
the validity or sufficiency of this Declaration, the Debentures or the Securities.

     Section 2.13 Duration of Trust. The Trust, unless earlier dissolved pursuant to the provisions of Article VII hereof, shall be in
existence for 35 years from the Closing Date.

     Section 2.14 Mergers.

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     (a) The Trust may not consolidate, amalgamate, merge with or into, or be replaced by, or
convey, transfer or lease its properties and assets substantially as an entirety to any corporation
or other body, except as described in this Section 2.14(b) and (c).

     (b) The Trust may, with the consent of the Institutional Trustee and without the consent of
the Holders of the Capital Securities, consolidate, amalgamate, merge with or into, or be replaced
by a trust organized as such under the laws of any state; provided that:

     (i) if the Trust is not the surviving entity, such successor entity (the
“Successor Entity”) either:

     (A) expressly assumes all of the obligations of the Trust under the
Securities; or

     (B) substitutes for the Securities other securities having
substantially the same terms as the Securities (the “Successor
Securities”) so that the Successor Securities rank the same as the
Securities rank with respect to Distributions and payments upon Liquidation,
redemption and otherwise;

     (ii) the Sponsor expressly appoints a trustee of the Successor Entity that
possesses the same powers and duties as the Institutional Trustee as the Holder of
the Debentures;

     (iii) such merger, consolidation, amalgamation or replacement does not
adversely affect the rights, preferences and privileges of the Holders of the
Securities (including any Successor Securities) in any material respect (other than
with respect to any dilution of such Holders’ interests in the Successor Entity as a
result of such merger, consolidation, amalgamation or replacement);

     (iv) the Institutional Trustee receives written confirmation from Moody’s
Investor Services, Inc. or any other nationally recognized statistical rating
organization that rates securities issued by the initial purchaser of the Capital
Securities that it will not reduce or withdraw the rating of any such securities
because of such merger, conversion, consolidation, amalgamation or replacement;

     (v) such Successor Entity has a purpose substantially identical to that of the
Trust;

     (vi) prior to such merger, consolidation, amalgamation or replacement, the
Trust has received an opinion of a nationally recognized independent counsel to the
Trust experienced in such matters to the effect that:

     (A) such merger, consolidation, amalgamation or replacement does not
adversely affect the rights, preferences and privileges of the Holders of
the Securities (including any Successor Securities) in any material respect
(other than with respect to any dilution of the Holders’ interest in the
Successor Entity);

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     (B) following such merger, consolidation, amalgamation or replacement,
neither the Trust nor the Successor Entity will be required to register as
an Investment Company; and

     (C) following such merger, consolidation, amalgamation or replacement,
the Trust (or the Successor Entity) will continue to be classified as a
“grantor trust” for United States federal income tax purposes;

     (vii) the Sponsor guarantees the obligations of such Successor Entity under the
Successor Securities at least to the extent provided by the Guarantee;

     (viii) the Sponsor owns 100% of the common securities of any Successor Entity;
and

     (ix) prior to such merger, consolidation, amalgamation or replacement, the
institutional Trustee shall have received an Officers’ Certificate of the
Administrators and an opinion of counsel, each to the effect that all conditions
precedent under this Section 2.14(b) to such transaction have been satisfied.

     (c) Notwithstanding Section 2.14(b), the Trust shall not, except with the consent of Holders
of 100% in aggregate liquidation amount of the Securities, consolidate, amalgamate, merge with or
into, or be replaced by any other entity or permit any other entity to consolidate, amalgamate,
merge with or into, or replace it if such consolidation, amalgamation, merger or replacement would
cause the Trust or Successor Entity to be classified as other than a grantor trust for United
States federal income tax purposes.

ARTICLE III

SPONSOR

     Section 3.1 Sponsor’s Purchase of Common Securities. On the Closing Date, the Sponsor will purchase all of the Common Securities issued by the Trust
in an amount at least equal to 3% of the capital of the Trust, at the same time as the Capital
Securities are sold.

     Section 3.2 Responsibilities of the Sponsor. In connection with the issue and sale of the Capital Securities, the Sponsor shall have the
exclusive right and responsibility to engage in, or direct the Administrators to engage in, the
following activities:

     (a) to determine the States in which to take appropriate action to qualify or register for
sale all or part of the Capital Securities and to do any and all such acts, other than actions
which must be taken by the Trust, and advise the Trust of actions it must take, and prepare for
execution and filing any documents to be executed and filed by the Trust, as the Sponsor deems
necessary or advisable in order to comply with the applicable laws of any such States; and

     (b) to negotiate the terms of and/or execute on behalf of the Trust, the Placement Agreement
and other related agreements providing for the sale of the Capital Securities.

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     Section 3.3 Expenses. In connection with the offering, sale and issuance of the Debentures to the Institutional Trustee
and in connection with the sale of the Securities by the Trust, the Sponsor, in its capacity as
Debenture Issuer, shall:

     (a) pay all reasonable costs and expenses relating to the offering, sale and issuance of the
Debentures, including compensation of the Debenture Trustee under the Indenture in accordance with
the provisions of the Indenture;

     (b) be responsible for and shall pay all debts and obligations (other than with respect to the
Securities) and all costs and expenses of the Trust (including, but not limited to, costs and
expenses relating to the organization, maintenance and dissolution of the Trust), the offering,
sale and issuance of the Securities (including fees to the placement agents in connection
therewith), the fees and expenses (including reasonable counsel fees and expenses) of the
Institutional Trustee and the Administrators, the costs and expenses relating to the operation of
the Trust, including, without limitation, costs and expenses of accountants, attorneys, statistical
or bookkeeping
services, expenses for printing and engraving and computing or accounting equipment, Paying
Agents, Registrars, Transfer Agents, duplicating, travel and telephone and other telecommunications
expenses and costs and expenses incurred in connection with the acquisition, financing, and
disposition of Trust assets and the enforcement by the Institutional Trustee of the rights of the
Holders; and

     (c) to pay any and all taxes (other than United States withholding taxes attributable to the
Trust or its assets) and all liabilities, costs and expenses with respect to such taxes of the
Trust.

     The Sponsor’s obligations under this Section 3.3 shall be for the benefit of, and shall be
enforceable by, any Person to whom such debts, obligations, costs, expenses and taxes are owed (a
“Creditor”) whether or not such Creditor has received notice hereof. Any such Creditor may
enforce the Sponsor’s obligations under this Section 3.3 directly against the Sponsor and the
Sponsor irrevocably waives any right or remedy to require that any such Creditor take any action
against the Trust or any other Person before proceeding against the Sponsor. The Sponsor agrees to
execute such additional agreements as may be necessary or desirable in order to give full effect to
the provisions of this Section 3.3.

     Section 3.4 Right to Proceed. The Sponsor acknowledges the rights of Holders to institute a Direct Action as set forth in
Section 2.8(d) hereto.

ARTICLE IV

INSTITUTIONAL TRUSTEE AND ADMINISTRATORS

     Section 4.1 Institutional Trustee; Eligibility.

     (a) There shall at all times be one Institutional Trustee which shall:

     (i) not be an Affiliate of the Sponsor;

     (ii) not offer or provide credit or credit enhancement to the Trust; and

24

 

     (iii) be a banking corporation or trust company organized and doing business
under the laws of the United States of America or any state thereof or the District
of Columbia, authorized under such laws to exercise corporate trust powers, having a
combined capital and surplus of at least 50 million U.S. dollars ($50,000,000.00),
and subject to supervision or examination by Federal, state, or District of Columbia
authority. If such corporation publishes reports of condition at least annually,
pursuant to law or to the requirements of the supervising or examining authority
referred to above, then for the purposes of this Section 4.1(a)(iii), 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 Institutional Trustee shall cease to be eligible to so act under
Section 4.1(a), the Institutional Trustee shall immediately resign in the manner and with the
effect set forth in Section 4.3(a).

     (c) The initial Institutional Trustee shall be State Street Bank and Trust Company of
Connecticut, National Association.

     Section 4.2 Administrators. Each Administrator shall be a U.S. Person, 21 years of age or older and authorized to bind the
Sponsor. The initial Administrators shall be Robert M. Clements, Gary A. Meeks and Terence G. Vane,
Jr. There shall at all times be at least one Administrator. Except where a requirement for action
by a specific number of Administrators is expressly set forth in this Declaration and except with
respect to any action the taking of which is the subject of a meeting of the Administrators, any
action required or permitted to be taken by the Administrators may be taken by, and any power of
the Administrators may be exercised by, or with the consent of, any one such Administrator.

     Section 4.3 Appointment, Removal and Resignation of Institutional Trustee and
Administrators.

     (a) Notwithstanding anything to the contrary in this Declaration, no resignation or removal of
the Institutional Trustee and no appointment of a Successor Institutional Trustee pursuant to this
Article shall become effective until the acceptance of appointment by the Successor Institutional
Trustee in accordance with the applicable requirements of this Section 4.3.

     Subject to the immediately preceding paragraph, the Institutional Trustee may resign at any
time by giving written notice thereof to the Holders of the Securities and by appointing a
Successor Institutional Trustee. Upon the resignation of the Institutional Trustee, the
Institutional Trustee shall appoint a successor by requesting from at least three Persons meeting
the eligibility requirements, its expenses and charges to serve as the successor Institutional
Trustee on a form provided by the Administrators, and selecting the Person who agrees to the lowest
expense and charges (the “Successor Institutional Trustee”). If the instrument of
acceptance by the Successor Institutional Trustee required by this Section 4.3 shall not have been
delivered to the Institutional Trustee within 60 days after the giving of such notice of
resignation or delivery of the instrument of removal, the Institutional Trustee may petition, at
the expense of the Trust, any Federal, state or District of Columbia court of competent
jurisdiction for the appointment of a Successor Institutional Trustee. Such court may thereupon,
after prescribing such notice, if any, as it may

25

 

deem proper, appoint a Successor Institutional
Trustee. The Institutional Trustee shall have no liability for the selection of such successor
pursuant to this Section 4.3.

     The Institutional Trustee may be removed by the act of the Holders of a Majority in
liquidation amount of the Capital Securities, delivered to the Institutional Trustee (in its
individual capacity and on behalf of the Trust) if an Event of Default shall have occurred and be
continuing. If the Institutional Trustee shall be so removed, the Holders of Capital Securities, by
act of the Holders of a Majority in liquidation amount of the Capital Securities then outstanding
delivered to
the Institutional Trustee, shall promptly appoint a Successor Institutional Trustee, and such
Successor Institutional Trustee shall comply with the applicable requirements of this Section 4.3.
If no Successor Institutional Trustee shall have been so appointed by the Holders of a Majority in
liquidation amount of the Capital Securities and accepted appointment in the manner required by
this Section 4.3, within 30 days after delivery of an instrument of removal, any Holder who has
been a Holder of the Securities for at least 6 months may, on behalf of himself and all others
similarly situated, petition any Federal, state or District of Columbia court of competent
jurisdiction for the appointment of the Successor Institutional Trustee. Such court may thereupon,
after prescribing such notice, if any, as it may deem proper, appoint a Successor Institutional
Trustee.

     The Institutional Trustee shall give notice of its resignation and removal and each
appointment of a Successor Institutional Trustee to all Holders in the manner provided in Section
13.1(d) and shall give notice to the Sponsor. Each notice shall include the name of the Successor
Institutional Trustee and the address of its Corporate Trust Office.

     (b) In case of the appointment hereunder of a Successor Institutional Trustee, the retiring
Institutional Trustee and the Successor Institutional Trustee shall execute and deliver an
amendment hereto wherein the Successor Institutional Trustee shall accept such appointment and
which (i) shall contain such provisions as shall be necessary or desirable to transfer and confirm
to, and to vest in, the Successor Institutional Trustee all the rights, powers, trusts and duties
of the retiring Institutional Trustee with respect to the Securities and the Trust and (ii) shall
add to or change any of the provisions of this Declaration as shall be necessary to provide for or
facilitate the administration of the Trust by more than one Institutional Trustee, it being
understood that nothing herein or in such amendment shall constitute such Institutional Trustees
co-trustees and upon the execution and delivery of such amendment the resignation or removal of the
retiring Institutional Trustee shall become effective to the extent provided therein and each
Successor Institutional Trustee, without any further act, deed or conveyance, shall become vested
with all the rights, powers, trusts and duties of the retiring Institutional Trustee; but, on
request of the Trust of any Successor Institutional Trustee such retiring Institutional Trustee
shall duly assign, transfer and deliver to such Successor Institutional Trustee all Trust Property,
all proceeds thereof and money held by such retiring Institutional Trustee hereunder with respect
to the Securities and the Trust.

     (c) No Institutional Trustee shall be liable for the acts or omissions to act of any Successor
Institutional Trustee.

     (d) The Holders of the Capital Securities will have no right to vote to appoint, remove or
replace the Administrators, which voting rights are vested exclusively in the Holder of the Common
Securities.

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     Section 4.4 Institutional Trustee Vacancies. If the Institutional Trustee ceases to hold office for any reason a vacancy shall occur. A
resolution certifying the existence of such vacancy by the Institutional Trustee shall be
conclusive evidence of the existence of such vacancy. The vacancy shall be filled with a trustee
appointed in accordance with Section 4.3.

     Section 4.5 Effect of Vacancies. The death, resignation, retirement, removal, bankruptcy, dissolution, liquidation, incompetence
or incapacity to perform the duties of the Institutional Trustee shall not operate to dissolve,
terminate or annul the Trust or terminate this Declaration.

     Section 4.6 Meetings of the Institutional Trustee and the Administrators. Meetings of the Administrators shall be held from time to time upon the call of an Administrator.
Regular meetings of the Administrators may be held in person in the United States or by telephone,
at a place (if applicable) and time fixed by resolution of the Administrators. Notice of any
in-person meetings of the Institutional Trustee with the Administrators or meetings of the
Administrators shall be hand delivered or otherwise delivered in writing (including by facsimile,
with a hard copy by overnight courier) not less than 48 hours before such meeting. Notice of any
telephonic meetings of the Institutional Trustee with the Administrators or meetings of the
Administrators or any committee thereof shall be hand delivered or otherwise delivered in writing
(including by facsimile, with a hard copy by overnight courier) not less than 24 hours before a
meeting. Notices shall contain a brief statement of the time, place and anticipated purposes of the
meeting. The presence (whether in person or by telephone) of the Institutional Trustee or an
Administrator, as the case may be, at a meeting shall constitute a waiver of notice of such meeting
except where the Institutional Trustee or an Administrator, as the case may be, attends a meeting
for the express purpose of objecting to the transaction of any activity on the grounds that the
meeting has not been lawfully called or convened. Unless provided otherwise in this Declaration,
any action of the Institutional Trustee or the Administrators, as the case may be, may be taken at
a meeting by vote of the Institutional Trustee or a majority vote of the Administrators present
(whether in person or by telephone) and eligible to vote with respect to such matter,
provided that a Quorum is present, or without a meeting by the unanimous written consent of
the Institutional Trustee or the Administrators. Meetings of the Institutional Trustee and the
Administrators together shall be held from time to time upon the call of the Institutional Trustee
or an Administrator.

     Section 4.7 Delegation of Power.

     (a) Any Administrator may, by power of attorney consistent with applicable law, delegate to
any other natural person over the age of 21 that is a U.S. Person his or her power for the purpose
of executing any documents contemplated in Section 2.6; and

     (b) the Administrators shall have power to delegate from time to time to such of their number
the doing of such things and the execution of such instruments either in the name of the Trust or
the names of the Administrators or otherwise as the Administrators may deem expedient, to the
extent such delegation is not prohibited by applicable law or contrary to the provisions of the
Trust, as set forth herein.

     Section 4.8 Conversion, Consolidation or Succession to Business. Any Person into which the Institutional Trustee may be merged or converted or with which it may
be consolidated, or any Person resulting from any merger, conversion or consolidation to
which the Institutional

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Trustee shall be a party, or any Person succeeding to all or substantially
all the corporate trust business of the Institutional Trustee shall be the successor of the
Institutional Trustee hereunder, provided such Person 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.

ARTICLE V

DISTRIBUTIONS

     Section 5.1 Distributions. Holders shall receive Distributions in accordance with the applicable terms of the relevant
Holder’s Securities. Distributions shall be made on the Capital Securities and the Common
Securities in accordance with the preferences set forth in their respective terms. If and to the
extent that the Debenture Issuer makes a payment of Interest (or any principal on the Debentures
held by the Institutional Trustee) (the amount of any such payment being a “Payment
Amount”), the Institutional Trustee shall and is directed, to the extent funds are available
for that purpose, to make a distribution (a “Distribution”) of the Payment Amount to
Holders.

ARTICLE VI

ISSUANCE OF SECURITIES 

     Section 6.1 General Provisions Regarding Securities.

     (a) The Administrators shall, on behalf of the Trust, issue one series of capital securities
substantially in the form of Exhibit A-1 representing undivided beneficial interests in the assets
of the Trust having such terms as are set forth in Annex I and one series of common securities
representing undivided beneficial interests in the assets of the Trust having such terms as are set
forth in Annex I. The Trust shall issue no securities or other interests in the assets of the Trust
other than the Capital Securities and the Common Securities. The Capital Securities rank pari passu
to, and payment thereon shall be made Pro Rata with, the Common Securities except that, where an
Event of Default has occurred and is continuing, the rights of Holders of the Common Securities to
payment in respect of Distributions and payments upon liquidation, redemption and otherwise are
subordinated to the rights to payment of the Holders of the Capital Securities as set forth in
Annex I.

     (b) The Certificates shall be signed on behalf of the Trust by one or more Administrators.
Such signature shall be the facsimile or manual signature of any Administrator. In case any
Administrator of the Trust who shall have signed any of the Securities shall cease to be such
Administrator before the Certificates so signed shall be delivered by the Trust, such Certificates
nevertheless may be delivered as though the person who signed such Certificates had not ceased to
be such Administrator, and any Certificate may be signed on behalf of the Trust by such persons
who, at the actual date of execution of such Security, shall be an Administrator of the Trust,
although at the date of the execution and delivery of the Declaration any such person was
not such an Administrator. A Capital Security shall not be valid until authenticated by the
facsimile or manual signature of an Authorized Officer of the Institutional Trustee. Such signature
shall be conclusive evidence that the Capital Security has been authenticated under this
Declaration. Upon written order of the Trust signed by one Administrator, the Institutional Trustee

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shall authenticate the Capital Securities for original issue. The Institutional Trustee may appoint
an authenticating agent that is a U.S. Person acceptable to the Trust to authenticate the Capital
Securities. A Common Security need not be so authenticated.

     (c) The consideration received by the Trust for the issuance of the Securities shall
constitute a contribution to the capital of the Trust and shall not constitute a loan to the Trust.

     (d) Upon issuance of the Securities as provided in this Declaration, the Securities so issued
shall be deemed to be validly issued, fully paid and non-assessable.

     (e) Every Person, by virtue of having become a Holder in accordance with the terms of this
Declaration, shall be deemed to have expressly assented and agreed to the terms of, and shall be
bound by, this Declaration and the Guarantee.

     Section 6.2 Paving Agent, Transfer Agent and Registrar. The Trust shall maintain in Hartford, Connecticut, an office or agency where the Capital
Securities may be presented for payment (“Paying Agent”), and an office or agency where
Securities may be presented for registration of transfer (the “Transfer Agent”). The Trust
shall keep or cause to be kept at such office or agency a register for the purpose of registering
Securities, transfers and exchanges of Securities, such register to be held by a registrar (the
“Registrar”). The Administrators may appoint the Paying Agent, the Registrar, the Transfer
Agent and may appoint one or more additional Paying Agents or one or more co-Registrars, or one or
more co-Transfer Agents in such other locations as it shall determine. The term “Paying
Agent” includes any additional paying agent, the term “Registrar” includes any
additional registrar or co-Registrar and the term “Transfer Agent” includes any additional
transfer agent. The Administrators may change any Paying Agent without prior notice to any Holder.
The Administrators shall notify the Institutional Trustee of the name and address of any Paying
Agent, Transfer Agent and Registrar not a party to this Declaration. The Administrators hereby
appoint the Institutional Trustee to act as Paying Agent, Transfer Agent and Registrar for the
Capital Securities and the Common Securities. The Institutional Trustee or any of its Affiliates in
the United States may act as Paying Agent, Transfer Agent or Registrar.

     Section 6.3 Form and Dating. The Capital Securities and the Institutional Trustee’s certificate of authentication thereon
shall be substantially in the form of Exhibit A-1, and the Common Securities shall be substantially
in the form of Exhibit A-2, each of which is hereby incorporated in and expressly made a part of
this Declaration. Certificates may be typed, printed, lithographed or engraved or may be produced
in any other manner as is reasonably acceptable to the Administrators, as conclusively evidenced by
their execution thereof. The Securities may have letters, numbers, notations or other marks of
identification or designation and such legends or endorsements required by law, stock exchange
rule, agreements to which the Trust is subject if any, or usage (provided that any such
notation, legend or endorsement is in a form acceptable to the Sponsor). The Trust at the direction
of the
Sponsor shall furnish any such legend not contained in Exhibit A-1 to the Institutional Trustee in
writing. Each Capital Security shall be dated on or before the date of its authentication. The
terms and provisions of the Securities set forth in Annex I and the forms of Securities set forth
in Exhibits A-1 and A-2 are part of the terms of this Declaration and to the extent applicable, the
Institutional Trustee, the Administrators and the Sponsor, by their execution and delivery of this
Declaration, expressly agree to such terms and provisions and to be bound thereby. Capital
Securities will be issued only in blocks having a stated liquidation amount of not less than
$500,000.00 and any multiple of $1,000.00 in excess thereof.

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     The Capital Securities are being offered and sold by the Trust pursuant to the Placement
Agreement in definitive, registered form without coupons with the Restricted Securities Legend.

     Section 6.4 Mutilated, Destroyed, Lost or Stolen Certificates.

If:

     (a) any mutilated Certificates should be surrendered to the Registrar, or if the Registrar
shall receive evidence to its satisfaction of the destruction, loss or theft of any Certificate;
and

     (b) there shall be delivered to the Registrar, the Administrators and the Institutional
Trustee such security or indemnity as may be required by them to keep each of them harmless;

then, in the absence of notice that such Certificate shall have been acquired by a protected
purchaser, an Administrator on behalf of the Trust shall execute (and in the case of a Capital
Security Certificate, the Institutional Trustee shall authenticate) and deliver, in exchange for or
in lieu of any such mutilated, destroyed, lost or stolen Certificate, a new Certificate of like
denomination. In connection with the issuance of any new Certificate under this Section 6.4, the
Registrar or the Administrators may require the payment of a sum sufficient to cover any tax or
other governmental charge that may be imposed in connection therewith. Any duplicate Certificate
issued pursuant to this Section shall constitute conclusive evidence of an ownership interest in
the relevant Securities, as if originally issued, whether or not the lost, stolen or destroyed
Certificate shall be found at any time.

     Section 6.5 Temporary Securities. Until definitive Securities are ready for delivery, the Administrators may prepare and, in the
case of the Capital Securities, the Institutional Trustee shall authenticate, temporary Securities.
Temporary Securities shall be substantially in the form of definitive Securities but may have
variations that the Administrators consider appropriate for temporary Securities. Without
unreasonable delay, the Administrators shall prepare and, in the case of the Capital Securities,
the Institutional Trustee shall authenticate, definitive Securities in exchange for temporary
Securities.

     Section 6.6 Cancellation. The Administrators at any time may deliver Securities to the Institutional Trustee for
cancellation. The Registrar shall forward to the Institutional Trustee any Securities surrendered
to it for registration of transfer, redemption or payment. The Institutional Trustee shall promptly
cancel all
Securities surrendered for registration of transfer, payment replacement or cancellation and shall
dispose of such canceled Securities as the Administrators direct. The Administrators may not issue
new Securities to replace Securities that have been paid or that have been delivered to the
Institutional Trustee for cancellation.

     Section 6.7 Rights of Holders; Waivers of Past Defaults.

     (a) The legal title to the Trust Property is vested exclusively in the Institutional Trustee
(in its capacity as such) in accordance with Section 2.5, and the Holders shall not have any right
or title therein other than the undivided beneficial interest in the assets of the Trust conferred
by their Securities and they shall have no right to call for any partition or division of property,
profits or rights of the Trust except as described below. The Securities shall be personal property
giving only the rights specifically set forth therein and in this Declaration. The Securities shall
have no preemptive or similar rights.

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     (b) For so long as any Capital Securities remain outstanding, if upon an Indenture Event of
Default, the Debenture Trustee fails or the holders of not less than 25% in principal amount of the
outstanding Debentures fail to declare the principal of all of the Debentures to be immediately due
and payable, the Holders of a Majority in liquidation amount of the Capital Securities then
outstanding shall have the right to make such declaration by a notice in writing to the
Institutional Trustee, the Sponsor and the Debenture Trustee.

     At any time after a declaration of acceleration with respect to the Debentures has been made
and before a judgment or decree for payment of the money due has been obtained by the Debenture
Trustee as provided in the Indenture, if the Institutional Trustee fails to annul any such
declaration and waive such default, the Holders of a Majority in liquidation amount of the Capital
Securities, by written notice to the Institutional Trustee, the Sponsor and the Debenture Trustee,
may rescind and annul such declaration and its consequences if:

     (i) the Debenture Issuer has paid or deposited with the Debenture Trustee a sum
sufficient to pay

     (A) all overdue installments of interest on all of the Debentures,

     (B) any accrued Additional Interest on all of the Debentures,

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

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

     (ii) all Events of Default with respect to the Debentures, other than the
non-payment of the principal of the Debentures that has become due solely by such
acceleration, have been cured or waived as provided in Section 5.7 of the Indenture.

     The Holders of at least a majority in liquidation amount of the Capital Securities may, on
behalf of the Holders of all the Capital Securities, waive any past default or Event of Default
under the Indenture, except a default or Event of Default in the payment of principal or interest
(unless such default or Event of Default has been cured and a sum sufficient to pay all matured
installments of interest and principal due otherwise than by acceleration has been deposited with
the Debenture Trustee) or a default or Event of Default in respect of a covenant or provision that
under the Indenture cannot be modified or amended without the consent of the holder of each
outstanding Debenture. No such rescission shall affect any subsequent default or impair any right
consequent thereon.

     Upon receipt by the Institutional Trustee of written notice declaring such an acceleration, or
rescission and annulment thereof, by Holders of any part of the Capital Securities, a record date
shall be established for determining Holders of outstanding Capital Securities entitled to join in
such notice, which record date shall be at the close of business on the day the Institutional
Trustee

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receives such notice. The Holders on such record date, or their duly designated proxies, and
only such Persons, shall be entitled to join in such notice, whether or not such Holders remain
Holders after such record date; provided, that unless such declaration of acceleration, or
rescission and annulment, as the case may be, shall have become effective by virtue of the
requisite percentage having joined in such notice prior to the day that is 90 days after such
record date, such notice of declaration of acceleration, or rescission and annulment, as the case
may be, shall automatically and without further action by any Holder be canceled and of no further
effect. Nothing in this paragraph shall prevent a Holder, or a proxy of a Holder, from giving,
after expiration of such 90-day period, a new written notice of declaration of acceleration, or
rescission and annulment thereof, as the case may be, that is identical to a written notice that
has been canceled pursuant to the proviso to the preceding sentence, in which event a new record
date shall be established pursuant to the provisions of this Section 6.7.

     (c) Except as otherwise provided in paragraphs (a) and (b) of this Section 6.7, the Holders of
at least a majority in liquidation amount of the Capital Securities may, on behalf of the Holders
of all the Capital Securities, waive any past default or Event of Default and its consequences.
Upon such waiver, any such default or Event of Default shall cease to exist, and any default or
Event of Default arising therefrom shall be deemed to have been cured, for every purpose of this
Declaration, but no such waiver shall extend to any subsequent or other default or Event of Default
or impair any right consequent thereon.

ARTICLE VII

DISSOLUTION AND TERMINATION OF TRUST 

     Section 7.1 Dissolution and Termination of Trust.

     (a) The Trust shall dissolve on the first to occur of:

     (i) unless earlier dissolved, on July 31, 2036, the expiration of the term of
the Trust;

     (ii) upon a Bankruptcy Event with respect to the Sponsor, the Trust or the
Debenture Issuer;

     (iii) (other than in connection with a merger, consolidation or similar
transaction not prohibited by the Indenture, this Declaration or the Guarantee, as
the case may be) upon the filing of a certificate of dissolution or its equivalent
with respect to the Sponsor, upon the consent of Holders of a Majority in
liquidation amount of the Securities voting together as a single class to file a
certificate of cancellation with respect to the Trust or upon the revocation of the
charter of the Sponsor and the expiration of 90 days after the date of revocation
without a reinstatement thereof;

     (iv) upon the distribution of the Debentures to the Holders of the Securities;

     (v) upon exercise of the right of the Holder of all of the outstanding Common
Securities to dissolve the Trust as provided in Annex I hereto;

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     (vi) upon the entry of a decree of judicial dissolution of the Holder of the
Common Securities, the Sponsor, the Trust or the Debenture Issuer;

     (vii) when all of the Securities shall have been called for redemption and the
amounts necessary for redemption thereof shall have been paid to the Holders in
accordance with the terms of the Securities; or

     (viii) before the issuance of any Securities, with the consent of the
Institutional Trustee and the Sponsor.

     (b) As soon as is practicable after the occurrence of an event referred to in Section 7.1(a),
and after satisfaction of liabilities to creditors of the Trust as required by applicable law,
including of the Statutory Trust Act, and subject to the terms set forth in Annex I, the
Institutional Trustee shall terminate the Trust by filing a certificate of cancellation with the
Secretary of State of the State of Connecticut.

     (c) The provisions of Section 2.9 and Article IX shall survive the termination of the Trust.

ARTICLE VIII

TRANSFER OF INTERESTS

     Section 8.1 General.

     (a) Subject to Section 8.1(c), where Capital Securities are presented to the Registrar or a
co-registrar with a request to register a transfer or to exchange them for an equal number of
Capital Securities represented by different certificates, the Registrar shall register the transfer
or make the exchange if its requirements for such transactions are met. To permit registrations of
transfer and exchanges, the Trust shall issue and the Institutional Trustee shall authenticate
Capital Securities at the Registrar’s request.

     (b) Upon issuance of the Common Securities, the Sponsor shall acquire and retain beneficial
and record ownership of the Common Securities and for so long as the Securities remain outstanding,
the Sponsor shall maintain 100% ownership of the Common Securities; provided,
however, that any permitted successor of the Sponsor, in its capacity as Debenture Issuer,
under the Indenture that is a U.S. Person may succeed to the Sponsor’s ownership of the Common
Securities.

     (c) Capital Securities may only be transferred, in whole or in part, in accordance with the
terms and conditions set forth in this Declaration and in the terms of the Securities. To the
fullest extent permitted by applicable law, any transfer or purported transfer of any Security not
made in accordance with this Declaration shall be null and void and will be deemed to be of no
legal effect whatsoever and any such transferee shall be deemed not to be the holder of such
Capital Securities for any purpose, including but not limited to the receipt of Distributions on
such Capital Securities, and such transferee shall be deemed to have no interest whatsoever in such
Capital Securities.

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     (d) The Registrar shall provide for the registration of Securities and of transfers of
Securities, which will be effected without charge but only upon payment (with such indemnity as the
Registrar may require) in respect of any tax or other governmental charges that may be imposed in
relation to it. Upon surrender for registration of transfer of any Securities, the Registrar shall
cause one or more new Securities of the same tenor to be issued in the name of the designated
transferee or transferees. Every Security surrendered for registration of transfer shall be
accompanied by a written instrument of transfer in form satisfactory to the Registrar duly executed
by the Holder or such Holder’s attorney duly authorized in writing. Each Security surrendered for
registration of transfer shall be canceled by the Institutional Trustee pursuant to Section 6.6. A
transferee of a Security shall be entitled to the rights and subject to the obligations of a Holder
hereunder upon the receipt by such transferee of a Security. By acceptance of a Security, each
transferee shall be deemed to have agreed to be bound by this Declaration.

     (e) The Trust shall not be required (i) to issue, register the transfer of, or exchange any
Securities during a period beginning at the opening of business 15 days before the day of any
selection of Securities for redemption and ending at the close of business on the earliest date on
which the relevant notice of redemption is deemed to have been given to all Holders of the
Securities to be redeemed, or (ii) to register the transfer or exchange of any Security so selected
for redemption in whole or in part, except the unredeemed portion of any Security being redeemed in
part.

     Section 8.2 Transfer Procedures and Restrictions.

     (a) The Capital Securities shall bear the Restricted Securities Legend, which shall not be
removed unless there is delivered to the Trust such satisfactory evidence, which may include an
opinion of counsel licensed to practice law in the State of Connecticut, as may be reasonably
required by the Trust, that neither the legend nor the restrictions on transfer set forth therein
are required to ensure that transfers thereof comply with the provisions of the Securities Act.
Upon provision of such satisfactory evidence, the Institutional Trustee, at the written direction
of the Trust, shall authenticate and deliver Capital Securities that do not bear the legend.

     (b) Except as permitted by Section 8.2(a), each Capital Security shall bear a legend (the
“Restricted Securities Legend”) in substantially the following form and a Capital Security
shall not be transferred except in compliance with such legend, unless otherwise determined by the
Sponsor, upon the advice of counsel expert in securities law, in accordance with applicable law:

     THIS SECURITY HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS
AMENDED (THE “SECURITIES ACT”), ANY STATE SECURITIES LAWS OR ANY OTHER APPLICABLE
SECURITIES LAW. NEITHER THIS SECURITY NOR ANY INTEREST OR PARTICIPATION HEREIN MAY
BE REOFFERED, SOLD, ASSIGNED, TRANSFERRED, PLEDGED, ENCUMBERED OR OTHERWISE DISPOSED
OF IN THE ABSENCE OF SUCH REGISTRATION OR UNLESS SUCH TRANSACTION IS EXEMPT FROM, OR
NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT. THE HOLDER OF
THIS SECURITY BY ITS ACCEPTANCE HEREOF AGREES TO OFFER, SELL OR OTHERWISE TRANSFER
THIS SECURITY ONLY (A) TO THE SPONSOR OR THE TRUST, (B) PURSUANT TO A REGISTRATION

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STATEMENT THAT HAS BEEN DECLARED EFFECTIVE UNDER THE SECURITIES ACT, (C) TO A
PERSON WHOM THE SELLER REASONABLY BELIEVES IS A QUALIFIED INSTITUTIONAL BUYER IN A
TRANSACTION MEETING THE REQUIREMENTS OF RULE 144A SO LONG AS THIS SECURITY IS
ELIGIBLE FOR RESALE PURSUANT TO RULE 144A IN ACCORDANCE WITH RULE 144A, (D) TO A
NON-U.S. PERSON IN AN OFFSHORE TRANSACTION IN ACCORDANCE WITH RULE 903 OR RULE 904
(AS APPLICABLE) OF REGULATION S UNDER THE SECURITIES ACT, (E) TO AN INSTITUTIONAL
“ACCREDITED INVESTOR” WITHIN THE MEANING OF SUBPARAGRAPH (A) OF RULE 501 UNDER THE
SECURITIES ACT THAT IS ACQUIRING THIS CAPITAL SECURITY FOR ITS OWN ACCOUNT, OR FOR
THE ACCOUNT OF SUCH AN INSTITUTIONAL ACCREDITED INVESTOR, FOR INVESTMENT PURPOSES
AND NOT WITH A VIEW TO, OR FOR OFFER OR SALE IN CONNECTION WITH, ANY DISTRIBUTION IN
VIOLATION OF THE SECURITIES ACT, OR (F) PURSUANT TO ANY OTHER AVAILABLE EXEMPTION
FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT, SUBJECT TO THE SPONSOR’S
AND THE TRUST’S RIGHT PRIOR TO ANY SUCH OFFER, SALE OR TRANSFER TO REQUIRE THE
DELIVERY OF AN OPINION OF COUNSEL, CERTIFICATION AND/OR OTHER INFORMATION
SATISFACTORY TO EACH OF THEM IN ACCORDANCE WITH THE DECLARATION OF TRUST, A COPY OF
WHICH MAY BE OBTAINED FROM THE SPONSOR OR THE TRUST. HEDGING TRANSACTIONS INVOLVING
THIS SECURITY MAY NOT BE CONDUCTED UNLESS IN COMPLIANCE WITH THE SECURITIES ACT.

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

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TRUSTEE OR OTHER PERSON ACTING ON BEHALF OF AN EMPLOYEE BENEFIT PLAN OR PLAN,
OR ANY OTHER PERSON OR ENTITY USING THE ASSETS OF ANY EMPLOYEE BENEFIT PLAN OR PLAN
TO FINANCE SUCH PURCHASE, OR (ii) SUCH PURCHASE WILL NOT RESULT IN A PROHIBITED
TRANSACTION UNDER SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE FOR WHICH THERE
IS NO APPLICABLE STATUTORY OR ADMINISTRATIVE EXEMPTION.

     THIS SECURITY WILL BE ISSUED AND MAY BE TRANSFERRED ONLY IN BLOCKS HAVING A
LIQUIDATION AMOUNT OF NOT LESS THAN $500,000.00 (500 SECURITIES) AND MULTIPLES OF
$1,000.00 IN EXCESS THEREOF. ANY ATTEMPTED TRANSFER OF SECURITIES IN A BLOCK HAVING
A LIQUIDATION AMOUNT OF LESS THAN $500,000.00 SHALL BE DEEMED TO BE VOID AND OF NO
LEGAL EFFECT WHATSOEVER.

     THE HOLDER OF THIS SECURITY AGREES THAT IT WILL COMPLY WITH THE FOREGOING
RESTRICTIONS.

     (c) To permit registrations of transfers and exchanges, the Trust shall execute and the
Institutional Trustee shall authenticate Capital Securities at the Registrar’s request.

     (d) Registrations of transfers or exchanges will be effected without charge, but only upon
payment (with such indemnity as the Registrar or the Sponsor may require) in respect of any tax or
other governmental charge that may be imposed in relation to it.

     (e) All Capital Securities issued upon any registration of transfer or exchange pursuant to
the terms of this Declaration shall evidence the same security and shall be entitled to the same
benefits under this Declaration as the Capital Securities surrendered upon such registration of
transfer or exchange.

     Section 8.3 Deemed Security Holders. The Trust, the Administrators, the Institutional Trustee, the Paying Agent, the Transfer Agent or
the Registrar may treat the Person in whose name any Certificate shall be registered on the books
and records of the Trust as the sole holder of such Certificate and of the Securities represented
by such Certificate for purposes of receiving Distributions and for all other purposes whatsoever
and, accordingly, shall not be bound to recognize any equitable or other claim to or interest in
such Certificate or in the Securities represented by such Certificate on the part of any Person,
whether or not the Trust, the Administrators, the Institutional Trustee, the Paying Agent, the
Transfer Agent or the Registrar shall have actual or other notice thereof.

ARTICLE IX

LIMITATION OF LIABILITY OF

HOLDERS OF SECURITIES, INSTITUTIONAL TRUSTEE OR OTHERS

     Section 9.1 Liability.

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     (a) Except as expressly set forth in this Declaration, the Guarantee and the terms of the
Securities, the Sponsor shall not be:

     (i) personally liable for the return of any portion of the capital
contributions (or any return thereon) of the Holders of the Securities which shall
be made solely from assets of the Trust; or

     (ii) required to pay to the Trust or to any Holder of the Securities any
deficit upon dissolution of the Trust or otherwise.

     (b) The Holder of the Common Securities shall be liable for all of the debts and obligations
of the Trust (other than with respect to the Securities) to the extent not satisfied out of the
Trust’s assets.

     (c) Pursuant to the Statutory Trust Act, the Holders of the Capital Securities shall be
entitled to the same limitation of personal liability extended to stockholders of private
corporations for profit organized under the General Corporation Law of the State of Connecticut.

     Section 9.2 Exculpation.

     (a) No Indemnified Person shall be liable, responsible or accountable in damages or otherwise
to the Trust 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 good faith on behalf of the Trust and
in a manner such Indemnified Person reasonably believed to be within the scope of the authority
conferred on such Indemnified Person by this Declaration 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 Trust and upon such information, opinions, reports or statements presented to the Trust by
any Person as to matters the Indemnified Person reasonably believes are within such other Person’s
professional or expert competence and, if selected by such Indemnified Person, has been selected by
such Indemnified Person with reasonable care by or on behalf of the Trust, 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 Securities might properly be paid.

     Section 9.3 Fiduciary Duty.

     (a) To the extent that, at law or in equity, an Indemnified Person has duties (including
fiduciary duties) and liabilities relating thereto to the Trust or to any other Covered Person, an
Indemnified Person acting under this Declaration shall not be liable to the Trust or to any other
Covered Person for its good faith reliance on the provisions of this Declaration. The provisions of
this Declaration, to the extent that they restrict the duties and liabilities of an Indemnified
Person otherwise existing at law or in equity, are agreed by the parties hereto to replace such
other duties and liabilities of the Indemnified Person.

     (b) Whenever in this Declaration an Indemnified Person is permitted or required to make a
decision:

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     (i) in its “discretion” or under a grant of similar authority, the Indemnified
Person shall be entitled to consider such interests and factors as it desires,
including its own interests, and shall have no duty or obligation to give any
consideration to any interest of or factors affecting the Trust or any other Person;
or

     (ii) in its “good faith” or under another express standard, the Indemnified
Person shall act under such express standard and shall not be subject to any other
or different standard imposed by this Declaration or by applicable law.

     Section 9.4 Indemnification.

     (a) The Sponsor shall indemnify, to the full extent permitted by law, any Indemnified Person
who was or is a party or is threatened to be made a party to any threatened, pending or completed
action, suit or proceeding, whether civil, criminal, administrative or investigative (other than an
action by or in the right of the Trust) arising out of or in connection with the acceptance or
administration of this Declaration by reason of the fact that he is or was an Indemnified Person
against expenses (including reasonable attorneys’ fees and expenses), judgments, fines and amounts
paid in settlement actually and reasonably incurred by him in connection with such action, suit or
proceeding if he acted in good faith and in a manner he reasonably believed to be in or not opposed
to the best interests of the Trust, and, with respect to any criminal action or proceeding, had no
reasonable cause to believe his conduct was unlawful. The termination of any action, suit or
proceeding by judgment, order, settlement, conviction, or upon a plea of nolo contendere or its
equivalent, shall not, of itself, create a presumption that the Indemnified Person did not act in
good faith and in a manner which he reasonably believed to be in or not opposed to the best
interests of the Trust, and, with respect to any criminal action or proceeding, had reasonable
cause to believe that his conduct was unlawful.

     (b) The Sponsor shall indemnify, to the full extent permitted by law, any Indemnified Person
who was or is a party or is threatened to be made a party to any threatened, pending or completed
action or suit by or in the right of the Trust to procure a judgment in its favor arising out of or
in connection with the acceptance or administration of this Declaration by reason of the fact that
he is or was an Indemnified Person against expenses (including reasonable attorneys’ fees and
expenses) actually and reasonably incurred by him in connection with the defense or settlement of
such action or suit if he acted in good faith and in a manner he reasonably believed to be in or
not opposed to the best interests of the Trust; provided, however, that no such
indemnification shall be made in respect of any claim, issue or matter as to which such Indemnified
Person shall have been adjudged to be liable to the Trust unless and only to the extent that the
court in which such action or suit was brought shall determine upon application that, despite the
adjudication of liability but in view of all the circumstances of the case, such person is fairly
and reasonably entitled to indemnity for such expenses which such court shall deem proper.

     (c) To the extent that an Indemnified Person shall be successful on the merits or otherwise
(including dismissal of an action without prejudice or the settlement of an action without
admission of liability) in defense of any action, suit or proceeding referred to in paragraphs (a)
and (b) of this Section 9.4, or in defense of any claim, issue or matter therein, he shall be
indemnified, to the full extent permitted by law, against expenses (including attorneys’ fees and
expenses) actually and reasonably incurred by him in connection therewith.

38

 

     (d) Any indemnification of an Administrator under paragraphs (a) and (b) of this Section 9.4
(unless ordered by a court) shall be made by the Sponsor only as authorized in the specific case
upon a determination that indemnification of the Indemnified Person is proper in the circumstances
because he has met the applicable standard of conduct set forth in paragraphs (a) and (b). Such
determination shall be made (i) by the Administrators by a majority vote of a Quorum consisting of
such Administrators who were not parties to such action, suit or proceeding, (ii) if such a Quorum
is not obtainable, or, even if obtainable, if a Quorum of disinterested Administrators so directs,
by independent legal counsel in a written opinion, or (iii) by the Common Security Holder of the
Trust.

     (e) To the fullest extent permitted by law, expenses (including reasonable attorneys’ fees and
expenses) incurred by an Indemnified Person in defending a civil, criminal, administrative or
investigative action, suit or proceeding referred to in paragraphs (a) and (b) of this Section 9.4
shall be paid by the Sponsor in advance of the final disposition of such action, suit or proceeding
upon receipt of an undertaking by or on behalf of such Indemnified Person to repay such amount if
it shall ultimately be determined that he is not entitled to be indemnified by the Sponsor as
authorized in this Section 9.4. Notwithstanding the foregoing, no advance shall be made by the
Sponsor if a determination is reasonably and promptly made (i) by the Administrators by a majority
vote of a Quorum of disinterested Administrators, (ii) if such a Quorum is not obtainable, or, even
if obtainable, if a quorum of disinterested Administrators so directs, by independent legal counsel
in a written opinion or (iii) by the Common Security Holder of the Trust, that, based upon the
facts known to the Administrators, counsel or the Common Security Holder at the time such
determination is made, such Indemnified Person acted in bad faith or in a manner that such
Indemnified Person did not believe to be in the best interests of the Trust, or, with respect to
any criminal proceeding, that such Indemnified Person believed or had reasonable cause to believe
his conduct was unlawful. In no event shall any advance be made in instances where the
Administrators, independent legal counsel or the Common Security Holder reasonably determine that
such Indemnified Person deliberately breached his duty to the Trust or its Common or Capital
Security Holders.

     (f) The Institutional Trustee, at the sole cost and expense of the Sponsor, retains the right
to representation by counsel of its own choosing in any action, suit or any other proceeding for
which it is indemnified under paragraphs (a) and (b) of this Section 9.4, without affecting its
right to indemnification hereunder or waiving any rights afforded to it under this Declaration or
applicable law.

     (g) The indemnification and advancement of expenses provided by, or granted pursuant to, the
other paragraphs of this Section 9.4 shall not be deemed exclusive of any other rights to which
those seeking indemnification and advancement of expenses may be entitled under any agreement, vote
of stockholders or disinterested directors of the Sponsor or Capital Security Holders of the Trust
or otherwise, both as to action in his official capacity and as to action in another capacity while
holding such office. All rights to indemnification under this Section 9.4 shall be deemed to be
provided by a contract between the Sponsor and each Indemnified Person who serves in such capacity
at any time while this Section 9.4 is in effect. Any repeal or modification of this Section 9.4
shall not affect any rights or obligations then existing.

     (h) The Sponsor or the Trust may purchase and maintain insurance on behalf of any Person who
is or was an Indemnified Person against any liability asserted against him and incurred

39

 

by him in any such capacity, or arising out of his status as such, whether or not the Sponsor
would have the power to indemnify him against such liability under the provisions of this Section
9.4.

     (i) For purposes of this Section 9.4, references to “the Trust” shall include, in addition to
the resulting or surviving entity, any constituent entity (including any constituent of a
constituent) absorbed in a consolidation or merger, so that any Person who is or was a director,
trustee, officer or employee of such constituent entity, or is or was serving at the request of
such constituent entity as a director, trustee, officer, employee or agent of another entity, shall
stand in the same position under the provisions of this Section 9.4 with respect to the resulting
or surviving entity as he would have with respect to such constituent entity if its separate
existence had continued.

     (j) The indemnification and advancement of expenses provided by, or granted pursuant to, this
Section 9.4 shall, unless otherwise provided when authorized or ratified, (i) continue as to a
Person who has ceased to be an Indemnified Person and shall inure to the benefit of the heirs,
executors and administrators of such a Person; and (ii) survive the termination or expiration of
this Declaration or the earlier removal or resignation of an Indemnified Person.

     Section 9.5 Outside Businesses. Any Covered Person, the Sponsor and the Institutional Trustee may engage in or possess an
interest in other business ventures of any nature or description, independently or with others,
similar or dissimilar to the business of the Trust, and the Trust and the Holders of Securities
shall have no rights by virtue of this Declaration in and to such independent ventures or the
income or profits derived therefrom, and the pursuit of any such venture, even if competitive with
the business of the Trust, shall not be deemed wrongful or improper. None of any Covered Person,
the Sponsor or the Institutional Trustee shall be obligated to present any particular investment or
other opportunity to the Trust even if such opportunity is of a character that, if presented to the
Trust, could be taken by the Trust, and any Covered Person, the Sponsor and the Institutional
Trustee shall have the right to take for its own account (individually or as a partner or
fiduciary) or to recommend to others any such particular investment or other opportunity. Any
Covered Person and the Institutional Trustee may engage or be interested in any financial or other
transaction with the Sponsor or any Affiliate of the Sponsor, or may act as depositary for, trustee
or agent for, or act on any committee or body of holders of, securities or other obligations of the
Sponsor or its Affiliates.

     Section 9.6 Compensation; Fee. The Sponsor agrees:

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

     (b) except as otherwise expressly provided herein, to reimburse the Institutional Trustee upon
request for all reasonable expenses, disbursements and advances incurred or made by the
Institutional Trustee in accordance with any provision of this Declaration (including the
reasonable compensation and the expenses and disbursements of their respective agents and counsel),
except any such expense, disbursement or advance as may be attributable to its negligence, bad
faith or willful misconduct.

40

 

     The provisions of this Section 9.6 shall survive the dissolution of the Trust and the
termination of this Declaration and the removal or resignation of the Institutional Trustee.

     No Trustee may claim any lien or charge on any property of the Trust as a result of any amount
due pursuant to this Section 9.6.

ARTICLE X

ACCOUNTING

     Section 10.1 Fiscal Year. The fiscal year (“Fiscal Year”) of the Trust shall be the calendar year, or such other
year as is required by the Code.

     Section 10.2 Certain Accounting Matters.

     (a) At all times during the existence of the Trust, the Administrators shall keep, or cause to
be kept at the principal office of the Trust in the United States, as defined for purposes of
Treasury regulations section 301.7701-7, full books of account, records and supporting documents,
which shall reflect in reasonable detail each transaction of the Trust. The books of account shall
be maintained, at the Sponsor’s expense, in accordance with generally accepted accounting
principles, consistently applied. The books of account and the records of the Trust shall be
examined by and reported upon as of the end of each Fiscal Year of the Trust by a firm of
independent certified public accountants selected by the Administrators.

     (b) The Administrators shall cause to be duly prepared and delivered to each of the Holders of
Securities Form 1099 or such other annual United States federal income tax information statement
required by the Code, containing such information with regard to the Securities held by each Holder
as is required by the Code and the Treasury Regulations. Notwithstanding any right under the Code
to deliver any such statement at a later date, the Administrators shall endeavor to deliver all
such statements within 30 days after the end of each Fiscal Year of the Trust.

     (c) The Administrators, at the Sponsor’s expense, shall cause to be duly prepared at the
principal office of the Trust in the United States, as defined for purposes of Treasury regulations
section 301.7701-7, and filed an annual United States federal income tax return on a Form 1041 or
such other form required by United States federal income tax law, and any other annual income tax
returns required to be filed by the Administrators on behalf of the Trust with any state or local
taxing authority.

     Section 10.3 Banking. The Trust shall maintain in the United States, as defined for purposes of Treasury regulations
section 301.7701-7, one or more bank accounts in the name and for the sole benefit of the Trust;
provided, however, that all payments of funds in respect of the Debentures held by
the Institutional Trustee shall be made directly to the Property Account and no other funds of the
Trust shall be deposited in the Property Account. The sole signatories for such accounts (including
the Property Account) shall be designated by the Institutional Trustee.

     Section 10.4 Withholding. The Institutional Trustee or any Paying Agent and the Administrators shall comply with all
withholding requirements under United States federal, state and local law. The Institutional
Trustee or any Paying Agent shall request, and each Holder shall

41

 

provide to the Institutional Trustee or any Paying Agent, such forms or certificates as are
necessary to establish an exemption from withholding with respect to the Holder, and any
representations and forms as shall reasonably be requested by the Institutional Trustee or any
Paying Agent to assist it in determining the extent of, and in fulfilling, its withholding
obligations. The Administrators shall file required forms with applicable jurisdictions and, unless
an exemption from withholding is properly established by a Holder, shall remit amounts withheld
with respect to the Holder to applicable jurisdictions. To the extent that the Institutional
Trustee or any Paying Agent is required to withhold and pay over any amounts to any authority with
respect to distributions or allocations to any Holder, the amount withheld shall be deemed to be a
Distribution in the amount of the withholding to the Holder. In the event of any claimed
overwithholding, Holders shall be limited to an action against the applicable jurisdiction. If the
amount required to be withheld was not withheld from actual Distributions made, the Institutional
Trustee or any Paying Agent may reduce subsequent Distributions by the amount of such withholding.

ARTICLE XI

AMENDMENTS AND MEETINGS

     Section 11.1 Amendments.

     (a) Except as otherwise provided in this Declaration or by any applicable terms of the
Securities, this Declaration may only be amended by a written instrument approved and executed by
the Institutional Trustee.

     (b) Notwithstanding any other provision of this Article XI, no amendment shall be made, and
any such purported amendment shall be void and ineffective:

     (i) unless the Institutional Trustee shall have first received

     (A) an Officers’ Certificate from each of the Trust and the Sponsor
that such amendment is permitted by, and conforms to, the terms of this
Declaration (including the terms of the Securities); and

     (B) an opinion of counsel (who may be counsel to the Sponsor or the
Trust) that such amendment is permitted by, and conforms to, the terms of
this Declaration (including the terms of the Securities); and

     (ii) if the result of such amendment would be to

     (A) cause the Trust to cease to be classified for purposes of United
States federal income taxation as a grantor trust; or

     (B) cause the Trust to be deemed to be an Investment Company required
to be registered under the Investment Company Act.

     (c) Except as provided in Section 11.1(d), (e) or (h), no amendment shall be made, and any
such purported amendment shall be void and ineffective unless the Holders of a Majority in
liquidation amount of the Capital Securities shall have consented to such amendment.

42

 

     (d) In addition to and notwithstanding any other provision in this Declaration, without the
consent of each affected Holder, this Declaration may not be amended to (i) change the amount or
timing of any Distribution on the Securities or otherwise adversely affect the amount of any
Distribution required to be made in respect of the Securities as of a specified date or change any
conversion or exchange provisions or (ii) restrict the right of a Holder to institute suit for the
enforcement of any such payment on or after such date.

     (e) Section 8.1 (b) and 8.1(c) and this Section 11.1 shall not be amended without the consent
of all of the Holders of the Securities.

     (f) Article III shall not be amended without the consent of the Holders of a Majority in
liquidation amount of the Common Securities.

     (g) The rights of the Holders of the Capital Securities under Article IV to appoint and remove
the Institutional Trustee shall not be amended without the consent of the Holders of a Majority in
liquidation amount of the Capital Securities.

     (h) This Declaration may be amended by the Institutional Trustee and the Holders of a Majority
in liquidation amount of the Common Securities without the consent of the Holders of the Capital
Securities to:

     (i) cure any ambiguity;

     (ii) correct or supplement any provision in this Declaration that may be
defective or inconsistent with any other provision of this Declaration;

     (iii) add to the covenants, restrictions or obligations of the Sponsor; or

     (iv) modify, eliminate or add to any provision of this Declaration to such
extent as may be necessary to ensure that the Trust will be classified for United
States federal income tax purposes at all times as a grantor trust and will not be
required to register as an “investment company” under the Investment Company Act
(including without limitation to conform to any change in Rule 3a-5, Rule 3a-7 or
any other applicable rule under the Investment Company Act or written change in
interpretation or application thereof by any legislative body, court, government
agency or regulatory authority) which amendment does not have a material adverse
effect on the rights, preferences or privileges of the Holders of Securities;

     provided, however, that no such modification, elimination or addition referred
to in clauses (i), (ii) or (iii) shall adversely affect in any material respect the powers,
preferences or special rights of Holders of Capital Securities.

     Section 11.2 Meetings of the Holders of Securities; Action by Written Consent.

     (a) Meetings of the Holders of any class of Securities may be called at any time by the
Administrators (or as provided in the terms of the Securities) to consider and act on any matter on
which Holders of such class of Securities are entitled to act under the terms of this Declaration
or the terms of the Securities. The Administrators shall call a meeting of the Holders of such
class if directed to do so by the Holders of at least 10% in liquidation amount of such class of
Securities.

43

 

Such direction shall be given by delivering to the Administrators one or more calls in a
writing stating that the signing Holders of the Securities wish to call a meeting and indicating
the general or specific purpose for which the meeting is to be called. Any Holders of the
Securities calling a meeting shall specify in writing the Certificates held by the Holders of the
Securities exercising the right to call a meeting and only those Securities represented by such
Certificates shall be counted for purposes of determining whether the required percentage set forth
in the second sentence of this paragraph has been met.

     (b) Except to the extent otherwise provided in the terms of the Securities, the following
provisions shall apply to meetings of Holders of the Securities:

     (i) notice of any such meeting shall be given to all the Holders of the
Securities having a right to vote thereat at least 7 days and not more than 60 days
before the date of such meeting. Whenever a vote, consent or approval of the Holders
of the Securities is permitted or required under this Declaration, such vote,
consent or approval may be given at a meeting of the Holders of the Securities. Any
action that may be taken at a meeting of the Holders of the Securities may be taken
without a meeting if a consent in writing setting forth the action so taken is
signed by the Holders of the Securities owning not less than the minimum amount of
Securities in liquidation amount that would be necessary to authorize or take such
action at a meeting at which all Holders of the Securities having a right to vote
thereon were present and voting. Prompt notice of the taking of action without a
meeting shall be given to the Holders of the Securities entitled to vote who have
not consented in writing. The Administrators may specify that any written ballot
submitted to the Holders of the Securities for the purpose of taking any action
without a meeting shall be returned to the Trust within the time specified by the
Administrators;

     (ii) each Holder of a Security may authorize any Person to act for it by proxy
on all matters in which a Holder of Securities is entitled to participate, including
waiving notice of any meeting, or voting or participating at a meeting. No proxy
shall be valid after the expiration of 11 months from the date thereof unless
otherwise provided in the proxy. Every proxy shall be revocable at the pleasure of
the Holder of the Securities executing it. Except as otherwise provided herein, all
matters relating to the giving, voting or validity of proxies shall be governed by
the General Corporation Law of the State of Connecticut relating to proxies, and
judicial interpretations thereunder, as if the Trust were a Connecticut corporation
and the Holders of the Securities were stockholders of a Connecticut corporation;
each meeting of the Holders of the Securities shall be conducted by the
Administrators or by such other Person that the Administrators may designate; and

     (iii) unless the Statutory Trust Act, this Declaration, or the terms of the
Securities otherwise provides, the Administrators, in their sole discretion, shall
establish all other provisions relating to meetings of Holders of Securities,
including notice of the time, place or purpose of any meeting at which any matter is
to be voted on by any Holders of the Securities, waiver of any such notice, action
by consent without a meeting, the establishment of a record date, quorum
requirements, voting in person or by proxy or any other matter with respect to the

44

 

exercise of any such right to vote; provided, however, that
each meeting shall be conducted in the United States (as that term is defined in
Treasury regulations section 301.7701-7).

ARTICLE XII

REPRESENTATIONS OF INSTITUTIONAL TRUSTEE

     Section 12.1 Representations and Warranties of Institutional Trustee. The initial Institutional Trustee represents and warrants to the Trust and to the Sponsor at the
date of this Declaration, and each Successor Institutional Trustee represents and warrants to the
Trust and the Sponsor at the time of the Successor Institutional Trustee’s acceptance of its
appointment as Institutional Trustee, that:

     (a) the Institutional Trustee is a national banking association with trust powers, duly
organized and validly existing under the laws of the United States of America with trust power and
authority to execute and deliver, and to carry out and perform its obligations under the terms of,
this Declaration;

     (b) the execution, delivery and performance by the Institutional Trustee of this Declaration
has been duly authorized by all necessary corporate action on the part of the Institutional
Trustee. This Declaration has been duly executed and delivered by the Institutional Trustee, and it
constitutes a legal, valid and binding obligation of the Institutional Trustee, enforceable against
it in accordance with its terms, subject to applicable bankruptcy, reorganization, moratorium,
insolvency, and other similar laws affecting creditors’ rights generally and to general principles
of equity (regardless of whether considered in a proceeding in equity or at law);

     (c) the execution, delivery and performance of this Declaration by the Institutional Trustee
does not conflict with or constitute a breach of the charter or by-laws of the Institutional
Trustee; and

     (d) no consent, approval or authorization of, or registration with or notice to, any state or
federal banking authority is required for the execution, delivery or performance by the
Institutional Trustee of this Declaration.

ARTICLE XIII

MISCELLANEOUS

     Section 13.1 Notices. All notices provided for in this Declaration shall be in writing, duly signed by the party giving
such notice, and shall be delivered, telecopied (which telecopy shall be followed by notice
delivered or mailed by first class mail) or mailed by first class mail, as follows:

     (a) if given to the Trust in care of the Administrators at the Trust’s mailing address set
forth below (or such other address as the Trust may give notice of to the Holders of the
Securities):

45

 

Alliance Capital Partners Statutory Trust I

8100 Nations Way

Jacksonville, Florida 32256

Attention: Terence G. Vane, Jr.

Telecopy: (904) 281-6443

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

State Street Bank and Trust Company of Connecticut, National Association 225 Asylum Street, Goodwin Square

Hartford, Connecticut 06103

Attention: Vice President, Corporate Trust Department

Telecopy: 860-244-1889

With a copy to:

State Street Bank and Trust Company

P.O. Box 778

Boston, Massachusetts 02102-0778

Attention: Paul D. Allen, Corporate Trust Department

Telecopy: (617) 662-1462

     (c) if given to the Holder of the Common Securities, at the mailing address of the Sponsor set
forth below (or such other address as the Holder of the Common Securities may give notice of to the
Trust):

Alliance Capital Partners, L.P.

8100 Nations Way

Jacksonville, Florida 32256

Attention: Terence G. Vane, Jr.

Telecopy: (904) 281-6443

     (d) if given to any other Holder, 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 13.2 Governing Law. This Declaration and the rights of the parties hereunder shall be governed by and interpreted in
accordance with the law of the State of Connecticut and all rights and remedies shall be governed
by such laws without regard to the principles of conflict of laws of the State of Connecticut or
any other jurisdiction that would call for the application of the law of any jurisdiction other
than the State of Connecticut; provided, however, that there shall not be
applicable to the Trust, the Institutional Trustee or this Declaration any provision of the laws

46

 

(statutory or common) of the State of Connecticut pertaining to trusts that relate to or regulate,
in a manner inconsistent with the terms hereof (a) the filing with any court or governmental body
or agency of trustee accounts or schedules of trustee fees and charges, (b) affirmative
requirements to post bonds for trustees, officers, agents or employees of a trust, (c) the
necessity for obtaining court or other governmental approval concerning the acquisition, holding or
disposition of real or personal property, (d) fees or other sums payable to trustees, officers,
agents or employees of a trust, (e) the allocation of receipts and expenditures to income or
principal, or (f) restrictions or limitations on the permissible nature, amount or concentration of
trust investments or requirements relating to the titling, storage or other manner of holding or
investing trust assets.

     Section 13.3 Intention of the Parties. It is the intention of the parties hereto that the Trust be classified for United States federal
income tax purposes as a grantor trust. The provisions of this Declaration shall be interpreted to
further this intention of the parties.

     Section 13.4 Headings. Headings contained in this Declaration are inserted for convenience of reference only and do not
affect the interpretation of this Declaration or any provision hereof.

     Section 13.5 Successors and Assigns. Whenever in this Declaration any of the parties hereto is named or referred to, the successors
and assigns of such party shall be deemed to be included, and all covenants and agreements in this
Declaration by the Sponsor and the Institutional Trustee shall bind and inure to the benefit of
their respective successors and assigns, whether or not so expressed.

     Section 13.6 Partial Enforceability. If any provision of this Declaration, or the application of such provision to any Person or
circumstance, shall be held invalid, the remainder of this Declaration, or the application of such
provision to persons or circumstances other than those to which it is held invalid, shall not be
affected thereby.

     Section 13.7 Counterparts. This Declaration may contain more than one counterpart of the signature page and this Declaration
may be executed by the affixing of the signature of each of the Institutional Trustee and
Administrators to any of such counterpart signature pages. All of such counterpart signature pages
shall be read as though one, and they shall have the same force and effect as though all of the
signers had signed a single signature page.

Signatures appear on the following page

47

 

     IN WITNESS WHEREOF, the undersigned have caused these presents to be executed as of the day
and year first above written.

	 	 	 	 	 

	 	 	STATE STREET BANK AND TRUST COMPANY OF CONNECTICUT,

NATIONAL ASSOCIATION,

as Institutional Trustee
	 
	 	 	 	 
	 

	 	By:	 	 
	 

	 	 	 	 
	 

	 	 	 	Name: Paul D. Allen
	 

	 	 	 	Title: Vice President
	 
	 	 	 	 
	 	 	ALLIANCE CAPITAL PARTNERS, L.P., as Sponsor
	 

	 	By:
	 	Alliance Capital Partners, Inc., as general partner
	 
	 	 	 	 
	 

	 	By:	 	 
	 

	 	 	 	 
	 

	 	 	 	Name:
	 

	 	 	 	Title:
	 
	 	 	 	 
	 	 	ALLIANCE CAPITAL PARTNERS STATUTORY TRUST I
	 
	 	 	 	 
	 

	 	By:	 	 
	 

	 	 	 	 
	 

	 	 	 	Robert M. Clements, Administrator
	 
	 	 	 	 
	 

	 	By:	 	 
	 

	 	 	 	 
	 

	 	 	 	Gary A. Meeks, Administrator
	 
	 	 	 	 
	 

	 	By:	 	 
	 

	 	 	 	 
	 

	 	 	 	Terence G. Vane, Jr., Administrator

 

 

ANNEX I

TERMS OF SECURITIES

          Pursuant to Section 6.1 of the Amended and Restated Declaration of Trust, dated as of July 31,
2001 (as amended from time to time, the “Declaration”), the designation, rights, privileges,
restrictions, preferences and other terms and provisions of the Capital Securities and the Common
Securities are set out below (each capitalized term used but not defined herein has the meaning set
forth in the Declaration):

     1. Designation and Number.

          (a) 15,000 Floating Rate Capital Securities of Alliance Capital Partners Statutory Trust I
(the “Trust”), with an aggregate stated liquidation amount with respect to the assets of the Trust
of Fifteen Million Dollars ($15,000,000) and a stated liquidation amount with respect to the assets
of the Trust of $1,000.00 per Capital Security, are hereby designated for the purposes of
identification only as the “Capital Securities”. The Capital Security Certificates
evidencing the Capital Securities shall be substantially in the form of Exhibit A-1 to the
Declaration, with such changes and additions thereto or deletions therefrom as may be required by
ordinary usage, custom or practice.

          (b) 464 Floating Rate Common Securities of the Trust (the “Common Securities”) will be
evidenced by Common Security Certificates substantially in the form of Exhibit A-2 to the
Declaration, with such changes and additions thereto or deletions therefrom as may be required by
ordinary usage, custom or practice.

     2. Distributions.

          (a) Distributions will be payable on each Security for the period beginning on (and including)
the date of original issuance and ending on (but excluding) October 31, 2001 at a rate per annum of
7.29% and shall bear interest for each successive period beginning on (and including) October 31,
2001, and each succeeding Distribution Payment Date, and ending on (but excluding) the next
succeeding Distribution Payment Date (each, a “Distribution Period”) at a rate per annum
equal to the 3-Month LIBOR, determined as described below, plus 3.58%; provided,
however, that prior to July 31, 2011, such annual rate shall not exceed 12.50% (the
“Coupon Rate”) applied to the stated liquidation amount thereof, such rate being the rate
of interest payable on the Debentures to be held by the Institutional Trustee. Distributions in
arrears for more than one quarterly period will bear interest thereon compounded quarterly at the
applicable Distribution Rate (to the extent permitted by law). A Distribution is payable only to
the extent that payments are made in respect of the Debentures held by the Institutional Trustee
and to the extent the Institutional Trustee has funds available therefor. The amount of
Distributions payable for any period will be computed for any full quarterly period on the basis of
the actual number of days in the Distribution Period concerned divided by 360. In the event that
any date on which a Distribution is payable on the Securities is not a Business Day, then payment
of interest payable on such date shall be made on the next succeeding day which is a Business Day
(and without any interest or other payment in respect of any such delay), except that, if such
Business Day is in the next succeeding calendar year, such payment shall be made on the immediately
preceding Business Day, in each case with the same force and effect as if made on the date such

I-1 

 

payment was originally payable. The amount of interest payable for the Distribution Period commencing
on October 31, 2001 and each succeeding Distribution Period will be calculated by applying the
Coupon Rate to the principal amount outstanding at the commencement of the Distribution Period and
multiplying each such amount by the actual number of days in the Distribution Period concerned
divided by 360. All percentages resulting from any calculations on the Capital Securities will be
rounded, if necessary, to the nearest one hundred-thousandth of a percentage point, with five
one-millionths of a percentage point rounded upward (e.g., 9.876545% or .09876545) being rounded to
9.87655% (or .0987655), and all dollar amounts used in or resulting from such calculation will be
rounded to the nearest cent (with one-half cent being rounded upward).

          (b) Distributions on the Securities will be cumulative, will accrue from the date of original
issuance, and will be payable, subject to extension of distribution payment periods as described
herein, quarterly in arrears on October 31, January 31, April 30 and July 31 of each year,
commencing on October 31, 2001 (each a “Distribution Payment Date”) when, as and if
available for payment. The Debenture Issuer has the right under the Indenture to defer payments of
interest on the Debentures, so long as no Indenture Event of Default has occurred and is
continuing, by deferring the payment of interest on the Debentures for up to 20 consecutive
quarterly periods (each an “Extension Period”) at any time and from time to time, subject
to the conditions described below, although such interest would continue to accrue on the
Debentures at the Distribution Rate compounded quarterly (to the extent permitted by law) during
any Extension Period. No Extension Period may end on a date other than a Distribution Payment Date.
At the end of any such Extension Period the Debenture Issuer shall pay all interest then accrued
and unpaid on the Debentures (together with Additional Interest thereon); provided,
however, that no Extension Period may extend beyond the Maturity Date and provided
further, however, during any such Extension Period, the Debenture Issuer and its
Affiliates shall not (i) declare or pay any dividends or distributions on, or redeem, purchase,
acquire, or make a liquidation payment with respect to, any of the Debenture Issuer’s Ownership
Interests or such Affiliate’s capital stock (other than payments of dividends or distributions to
the Debenture Issuer) or make any guarantee payments with respect to the foregoing or (ii) make any
payment of principal of or interest or premium, if any, on or repay, repurchase or redeem any debt
securities of the Debenture Issuer or any Affiliate that rank pan passu in all respects with or
junior in interest to the Debentures (other than, with respect to clauses (i) or (ii) above, (a)
repurchases, redemptions or other acquisitions of shares of Ownership Interests of the Debenture
Issuer in connection with any employment contract, benefit plan or other similar arrangement with
or for the benefit of one or more employees, officers, directors or consultants, in connection with
a dividend or distribution reinvestment or Ownership Interest purchase plan or in connection with
the issuance of Ownership Interests of the Debenture Issuer (or securities convertible into or
exercisable for such Ownership Interests) as consideration in an acquisition transaction entered
into prior to the applicable Extension Period, (b) as a result of any exchange or conversion of any
class or series of the Debenture Issuer’s Ownership Interests (or any capital stock of a subsidiary
of the Debenture Issuer) for any class or series of the Debenture Issuer’s Ownership Interests or
of any class or series of the Debenture Issuer’s indebtedness for any class or series of the
Debenture Issuer’s Ownership Interests, (c) the purchase of fractional interests in shares or units
of the Debenture Issuer’s Ownership Interests pursuant to the conversion or exchange provisions of
such Ownership Interest or the security being converted or exchanged, (d) any declaration of a
dividend or distribution in connection with any Ownership Interest holder’s rights plan, or the
issuance of rights, Ownership Interests or other property under any Ownership Interest holder’s
rights plan, or the redemption or repurchase of rights pursuant thereto, (e) any

I-2 

 

dividend or distribution in the form of Ownership Interests, warrants, options or other rights
where the dividend Ownership Interest or the Ownership Interests issuable upon exercise of such
warrants, options or other rights is the same Ownership Interest as that on which the dividend or
distribution is being paid or ranks pari passu with or junior to such Ownership Interest and any
cash payments in lieu of fractional shares or units issued in connection therewith, or (f) payments
under the Capital Securities Guarantee). Prior to the termination of any Extension Period, the
Debenture Issuer may further extend such period, provided that such period together with
all such previous and further consecutive extensions thereof shall not exceed 20 consecutive
quarterly periods, or extend beyond the Maturity Date. Upon the termination of any Extension Period
and upon the payment of all accrued and unpaid interest and Additional Interest, the Debenture
Issuer may commence a new Extension Period, subject to the foregoing requirements. No interest or
Additional Interest shall be due and payable during an Extension Period, except at the end thereof,
but each installment of interest that would otherwise have been due and payable during such
Extension Period shall bear Additional Interest. If Distributions are deferred, the Distributions
due shall be paid on the date that the related Extension Period terminates, to Holders of the
Securities as they appear on the books and records of the Trust on the record date immediately
preceding such date. Distributions on the Securities must be paid on the dates payable (after
giving effect to any Extension Period) to the extent that the Trust has funds available for the
payment of such distributions in the Property Account of the Trust. The Trust’s funds available for
Distribution to the Holders of the Securities will be limited to payments received from the
Debenture Issuer. The payment of Distributions out of moneys held by the Trust is guaranteed by the
Guarantor pursuant to the Guarantee.

          (c) Distributions on the Securities will be payable to the Holders thereof as they appear on
the books and records of the Trust on the relevant record dates. The relevant record dates shall be
15 days before the relevant Distribution Payment Date. Distributions payable on any Securities that
are not punctually paid on any Distribution Payment Date, as a result of the Debenture Issuer
having failed to make a payment under the Debentures, as the case may be, when due (taking into
account any Extension Period), will cease to be payable to the Person in whose name such Securities
are registered on the relevant record date, and such defaulted Distribution will instead be payable
to the Person in whose name such Securities are registered on the special record date or other
specified date determined in accordance with the Indenture. If any date on which Distributions are
payable on the Securities is not a Business Day, then payment of the Distribution payable on such
date will be made on the next succeeding day that is a Business Day (and without any interest or
other payment in respect of any such delay) except that, if such Business Day is in the next
succeeding calendar year, such payment shall be made on the immediately preceding Business Day, in
each case with the same force and effect as if made on such payment date.

          (d) In the event that there is any money or other property held by or for the Trust that is
not accounted for hereunder, such property shall be distributed Pro Rata (as defined herein) among
the Holders of the Securities.

     3. Liquidation Distribution Upon Dissolution. In the event of the voluntary or
involuntary liquidation, dissolution, winding-up or termination of the Trust (each a
“Liquidation”) other than in connection with a redemption of the Debentures, the Holders of
the Securities will be entitled to receive out of the assets of the Trust available for
distribution to Holders of the Securities, after satisfaction of liabilities to creditors of the
Trust (to the extent not satisfied by the

I-3 

 

Debenture Issuer), distributions equal to the lesser of (i) the aggregate of the stated
liquidation amount of $1,000.00 per Security plus accrued and unpaid Distributions thereon to
the date of payment, to the extent the Trust shall have funds available therefor, and (ii) the
amount of assets of the Trust remaining available for distribution to Holders in liquidation of the
Trust (such amount being, in either case, the “Liquidation Distribution”), unless in
connection with such Liquidation, the Debentures in aggregate stated principal amount equal to the
aggregate stated liquidation amount of such Securities, with an interest rate equal to the
Distribution Rate of, and bearing accrued and unpaid interest in an amount equal to the accrued and
unpaid Distributions on, and having the same record date as, such Securities, after paying or
making reasonable provision to pay all claims and obligations of the Trust in accordance with the
Statutory Trust Act, shall be distributed on a Pro Rata basis to the Holders of the Securities in
exchange for such Securities.

     The Sponsor, as the Holder of all of the Common Securities, has the right at any time to
dissolve the Trust (including, without limitation, upon the occurrence of a Special Event), subject
to the receipt by the Debenture Issuer of prior approval from the Board of Governors of the Federal
Reserve System and any successor federal agency that is primarily responsible for regulating the
activities of Company (the “Federal Reserve”), if the Company is a bank holding company, or
from the Office of Thrift Supervision and any successor federal agency that is primarily
responsible for regulating the activities of Company, (the “OTS”) if the company is a savings and
loan holding company, in either case if then required under applicable capital guidelines or
policies of the Federal Reserve or OTS, as applicable, and, after satisfaction of liabilities to
creditors of the Trust, cause the Debentures to be distributed to the Holders of the Securities on
a Pro Rata basis in accordance with the aggregate stated liquidation amount thereof.

     If a Liquidation of the Trust occurs as described in clause (i), (ii), (iii) or (v) in Section
7.1(a) of the Declaration, the Trust shall be liquidated by the Institutional Trustee as
expeditiously as it determines to be possible by distributing, after satisfaction of liabilities to
creditors of the Trust, to the Holders of the Securities, the Debentures on a Pro Rata basis to the
extent not satisfied by the Debenture Issuer, unless such distribution is determined by the
Institutional Trustee not to be practical, in which event such Holders will be entitled to receive
out of the assets of the Trust available for distribution to the Holders, after satisfaction of
liabilities of creditors of the Trust to the extent not satisfied by the Debenture Issuer, an
amount equal to the Liquidation Distribution. An early Liquidation of the Trust pursuant to clause
(iv) of Section 7.1(a) of the Declaration shall occur if the Institutional Trustee determines that
such Liquidation is possible by distributing, after satisfaction of liabilities to creditors of
Trust, to the Holders of the Securities on a Pro Rata basis, the Debentures, and such distribution
occurs.

     If, upon any such Liquidation the Liquidation Distribution can be paid only in part because
the Trust has insufficient assets available to pay in full the aggregate Liquidation Distribution,
then the amounts payable directly by the Trust on such Capital Securities shall be paid to the
Holders of the Trust Securities on a Pro Rata basis, except that if an Event of Default has
occurred and is continuing, the Capital Securities shall have a preference over the Common
Securities with regard to such distributions.

     After the date for any distribution of the Debentures upon dissolution of the Trust (i) the
Securities of the Trust will be deemed to be no longer outstanding, (ii) the Holders of the Capital
Securities will receive certificates representing the Debentures to be delivered upon such
distribution, and (iii) any certificates representing the Capital Securities still outstanding will
be

I-4 

 

deemed to represent undivided beneficial interests in such of the Debentures as have an
aggregate principal amount equal to the aggregate stated liquidation amount with an interest rate
identical to the distribution rate of, and bearing accrued and unpaid interest equal to accrued and
unpaid distributions on, the Securities until such certificates are presented to the Debenture
Issuer or its agent for transfer or reissuance.

     4. Redemption and Distribution.

          (a) The Debentures will mature on July 31, 2031. The Debentures may be redeemed by the
Debenture Issuer, in whole or in part at any time and from time to time on or after July 31, 2006,
at the Redemption Price. In addition, the Debentures may be redeemed by the Debenture Issuer at the
Special Redemption Price, in whole but not in part, at any Distribution Payment Date, upon the
occurrence and continuation of a Special Event within 120 days following the occurrence of such
Special Event at the Special Redemption Price, upon not less than 30 nor more than 60 days’ notice
to holders of such Debentures so long as such Special Event is continuing. In each case, the right
of the Debenture Issuer to redeem the Debentures is subject to the Debenture Issuer having received
prior approval from the Federal Reserve (if the Debenture Issuer is a bank holding company) or
prior approval from the OTS (if the Debenture Issuer is a savings and loan holding company), in
each case if then required under applicable capital guidelines or policies of the applicable
federal agency.

     “Tax Event” means the receipt by the Debenture Issuer and the Trust of an opinion of
counsel experienced in such matters to the effect that, as a result of any amendment to or change
(including any announced prospective change) in the laws or any regulations thereunder of the
United States or any political subdivision or taxing authority thereof or therein, or as a result
of any official administrative pronouncement (including any private letter ruling, technical advice
memorandum, field service advice, regulatory procedure, notice or announcement including any notice
or announcement of intent to adopt such procedures or regulations (an “Administrative
Action”)) or judicial decision interpreting or applying such laws or regulations, regardless of
whether such Administrative Action or judicial decision is issued to or in connection with a
proceeding involving the Debenture Issuer or the Trust and whether or not subject to review or
appeal, which amendment, clarification, change, Administrative Action or decision is enacted,
promulgated or announced, in each case on or after the date of issuance of the Debentures, there is
more than an insubstantial risk that: (i) the Trust is, or will be within 90 days of the date of
such opinion, subject to United States federal income tax with respect to income received or
accrued on the Debentures; (ii) interest payable by the Debenture Issuer on the Debentures is not,
or within 90 days of the date of such opinion, will not be, deductible by the Debenture Issuer, in
whole or in part, for United States federal income tax purposes; or (iii) the Trust is, or will be
within 90 days of the date of such opinion, subject to more than a de minimis amount of other
taxes, duties or other governmental charges.

     “Investment Company Event” means the receipt by the Debenture Issuer and the Trust of
an opinion of counsel experienced in such matters to the effect that, as a result of the occurrence
of a change in law or regulation or written change (including any announced prospective change) in
interpretation or application of law or regulation by any legislative body, court, governmental
agency or regulatory authority, there is more than an insubstantial risk that the Trust is or will
be considered an Investment Company that is required to be registered under the Investment

I-5 

 

Company Act which change or prospective change becomes effective or would become effective, as
the case may be, on or after the date of the issuance of the Debentures.

     “Capital Treatment Event” means the receipt by the Debenture Issuer and the Trust of
an opinion of counsel that, as a result of the occurrence of any amendment to, or change (including
any announced prospective change) in, the laws of the United States or any political subdivision
thereof or therein, or as the result of any official or administrative pronouncement or action or
decision interpreting or applying such laws, rules or regulations, which amendment or change is
effective or which pronouncement, action or decision is announced on or after the date of issuance
of the Debentures, there is more than an insubstantial risk that the Sponsor will not be entitled
to treat an amount equal to the aggregate liquidation amount of the Debentures as “Tier 1 Capital”
(or its then equivalent) for purposes of the capital adequacy guidelines of the Federal Reserve, as
then in effect and applicable to the Sponsor (or if the Sponsor is not a bank holding company, such
guidelines applied to the Company as if the Company were subject to such guidelines);
provided, however, that the inability of the Sponsor to treat all or any portion of
the liquidation amount of the Debentures as Tier 1 Capital shall not constitute the basis for a
Capital Treatment Event, if such inability results from the Sponsor having cumulative preferred
stock, minority interests in consolidated subsidiaries, or any other class of security or interest
which the Federal Reserve or OTS, as applicable, may now or hereafter accord Tier 1 Capital
treatment in excess of the amount which may qualify for treatment as Tier I Capital under
applicable capital adequacy guidelines; provided further, however, that the
distribution of Debentures in connection with the Liquidation of the Trust shall not in and of
itself constitute a Capital Treatment Event unless such Liquidation shall have occurred in
connection with a Tax Event or an Investment Company Event.

     “Special Event” means a Tax Event, an Investment Company Event or a Capital Treatment
Event.

     “Redemption Price” means the price set forth in the following table for any Redemption
Date that occurs within the twelve-month period beginning in the relevant year indicated below,
expressed as the percentage of the principal amount of the Debentures being redeemed:

	 	 	 	 	 
	Year Beginning on	 	Percentage
	July 31, 2006
	 	 	107.5	%
	July 31, 2007
	 	 	106.0	%
	July 31, 2008
	 	 	104.5	%
	July 31, 2009
	 	 	103.0	%
	July 31, 2010
	 	 	101.5	%
	July 31, 2011 and after
	 	 	100	%

plus accrued and unpaid interest on such Debentures to the Redemption Date.

     “Special Redemption Date” means a Redemption Date on which a Special Event redemption
Occurs.

     “Special Redemption Price” means (i) if the Special Redemption Date is before July 31,
2006, an amount in cash equal to 107.5% of the principal amount of the Debentures to be prepaid,
plus accrued and unpaid interest on such Debentures to such Special Redemption Date, or (ii) if the
Special Redemption Date is on or after July 31, 2006, the price for the Debentures set forth in

I-6 

 

the above Redemption Price table for such Special Redemption Date, plus accrued and unpaid
interest on such Debentures to such Special Redemption Date.

     “Redemption Date” shall mean the date fixed for the redemption of Capital Securities,
which shall be October 31, January 31, April 30 or July 31 commencing October 31, 2006.

     “3-Month LIBOR” means the London interbank offered rate for three-month, Eurodollar
deposits determined by the Debenture Trustee in the following order of priority:

     (1) the rate (expressed as a percentage per annum) for Eurodollar deposits having a
three-month maturity that appears on Telerate Page 3750 as of 11:00 a.m. (London time) on
the particular Determination Date (as defined below). “Telerate Page 3750” means the display
designated as “Page 3750” on the Dow Jones Telerate Service or such other page as may
replace Page 3750 on that service or such other service or services as may be nominated by
the British Bankers’ Association as the information vendor for the purpose of displaying
London interbank offered rates for U.S. dollars deposits;

     (2) if such rate does not appear on Telerate Page 3750 as of 11:00 a.m. (London time)
on the Determination Date, 3-Month LIBOR will be the arithmetic mean of the rates (expressed
as percentages per annum) for Eurodollar deposits having a three-month maturity that appear
on Reuters Monitor Money Rates Page LIBO (“Reuters Page LIBO”) as of 11:00 a.m. (London
time) on such Determination Date;

     (3) if such rate does not appear on Reuters Page LIBO as of 11:00 a.m. (London time) on
the related Determination Date, the Debenture Trustee will request the principal London
offices of four leading banks in the London interbank market to provide such banks’ offered
quotations (expressed as percentages per annum) to prime banks in the London interbank
market for Eurodollar deposits having a three-month maturity as of 11:00 a.m. (London time)
on such Determination Date. If at least two quotations are provided, 3-Month LIBOR will be
the arithmetic mean of such quotations;

     (4) if fewer than two such quotations are provided as requested in clause (3) above,
the Debenture Trustee will request four major New York City banks to provide such banks’
offered quotations (expressed as percentages per annum) to leading European banks for loans
in Eurodollars as of 11:00 a.m. (London time) on such Determination Date. If at least two
such quotations are provided, 3-Month LIBOR will be the arithmetic mean of such quotations;
and

     (5) if fewer than two such quotations are provided as requested in clause (4) above,
3-Month LIBOR will be a 3-Month LIBOR determined with respect to the Distribution Period
immediately preceding such current Distribution Period. If the rate for Eurodollar deposits
having a three-month maturity that initially appears on Telerate Page 3750 or Reuters Page
LIBO, as the case may be, as of 11:00 a.m. (London time) on the related Determination Date
is superseded on the Telerate page 3750 or Reuters Page LIBO, as the case may be, by a
corrected rate by 12:00 noon (London time) on such Determination Date, then the corrected
rate as so substituted on the applicable page will be the applicable 3-Month LIBOR for such
Determination Date.

I-7 

 

     (6) The Coupon Rate for any Distribution Period will at no time be higher than the
maximum rate then permitted by New York law as the same may be modified by United States
law.

     “Determination Date” means the date that is two London Banking Days (i.e., a day in
which dealings in deposits in U.S. dollars are transacted in the London interbank market) preceding
the particular Distribution Period for which a Coupon Rate is being determined.

     “Maturity Date” means July 31, 2031.

          (b) Upon the repayment in full at maturity or redemption in whole or in part of the Debentures
(other than following the distribution of the Debentures to the Holders of the Securities), the
proceeds from such repayment or payment shall concurrently be applied to redeem Pro Rata at the
applicable Redemption Price or Special Redemption Price, as applicable, Securities having an
aggregate liquidation amount equal to the aggregate principal amount of the Debentures so repaid or
redeemed; provided, however, that holders of such Securities shall be given not
less than 30 nor more than 60 days’ notice of such redemption (other than at the scheduled maturity
of the Debentures).

          (c) If fewer than all the outstanding Securities are to be so redeemed, the Common Securities
and the Capital Securities will be redeemed Pro Rata and the Capital Securities to be redeemed will
be redeemed Pro Rata from each Holder of Capital Securities.

          (d) The Trust may not redeem fewer than all the outstanding Capital Securities unless all
accrued and unpaid Distributions have been paid on all Capital Securities for all quarterly
Distribution periods terminating on or before the date of redemption.

          (e) Redemption or Distribution Procedures.

          (i) Notice of any redemption of or notice of distribution of the Debentures in exchange
for, the Securities (a “Redemption/Distribution Notice”) will be given by the Trust
by mail to each Holder of Securities to be redeemed or exchanged not fewer than 30 nor more
than 60 days before the date fixed for redemption or exchange thereof which, in the case of
a redemption, will be the date fixed for redemption of the Debentures. For purposes of the
calculation of the date of redemption or exchange and the dates on which notices are given
pursuant to this paragraph 4(e)(i), a Redemption/Distribution Notice shall be deemed to be
given on the day such notice is first mailed by first-class mail, postage prepaid, to
Holders of such Securities. Each Redemption/Distribution Notice shall be addressed to the
Holders of such Securities at the address of each such Holder appearing on the books and
records of the Trust. No defect in the Redemption/Distribution Notice or in the mailing
thereof with respect to any Holder shall affect the validity of the redemption or exchange
proceedings with respect to any other Holder.

          (ii) If the Securities are to be redeemed and the Trust gives a Redemption/
Distribution Notice, which notice may only be issued if the Debentures are redeemed as set
out in this paragraph 4 (which notice will be irrevocable), then, provided that the
Institutional Trustee has a sufficient amount of cash in connection with the related
redemption or maturity of the Debentures, the Institutional Trustee will pay the relevant

I-8 

 

Redemption Price or Special Redemption Price, as applicable, to the Holders of such
Securities by check mailed to the address of each such Holder appearing on the books and
records of the Trust on the redemption date. If a Redemption/Distribution Notice shall have
been given and funds deposited as required then immediately prior to the close of business
on the date of such deposit Distributions will cease to accrue on the Securities so called
for redemption and all rights of Holders of such Securities so called for redemption will
cease, except the right of the Holders of such Securities to receive the applicable
Redemption Price or Special Redemption Price specified in paragraph 4(a), but without
interest on such Redemption Price or Special Redemption Price. If any date fixed for
redemption of Securities is not a Business Day, then payment of any such Redemption Price or
Special Redemption Price payable on such date will be made on the next succeeding day that
is a Business Day (and without any interest or other payment in respect of any such delay)
except that, if such Business Day falls in the next calendar year, such payment will be made
on the immediately preceding Business Day, in each case with the same force and effect as if
made on . such date fixed for redemption. If payment of the Redemption Price or Special
Redemption Price in respect of any Securities is improperly withheld or refused and not paid
either by the Trust or by the Debenture Issuer as guarantor pursuant to the Guarantee,
Distributions on such Securities will continue to accrue at the Distribution Rate from the
original redemption date to the actual date of payment, in which case the actual payment
date will be considered the date fixed for redemption for purposes of calculating the
Redemption Price or Special Redemption Price. In the event of any redemption of the Capital
Securities issued by the Trust in part, the Trust shall not be required to (i) issue,
register the transfer of or exchange any Security during a period beginning at the opening
of business 15 days before any selection for redemption of the Capital Securities and ending
at the close of business on the earliest date on which the relevant notice of redemption is
deemed to have been given to all Holders of the Capital Securities to be so redeemed or (ii)
register the transfer of or exchange any Capital Securities so selected for redemption, in
whole or in part except for the unredeemed portion of any Capital Securities being redeemed
in part.

          (iii) Redemption/Distribution Notices shall be sent by the Administrators on behalf of
the Trust to (A) in respect of the Capital Securities, the Holders thereof and (B) in
respect of the Common Securities, the Holder thereof.

     5. Voting Rights — Capital Securities.

          (a) Except as provided under paragraphs 5(b) and 7 and as otherwise required by law and the
Declaration, the Holders of the Capital Securities will have no voting rights. The Administrators
are required to call a meeting of the Holders of the Capital Securities if directed to do so by
Holders of at least 10% in liquidation amount of the Capital Securities.

          (b) Subject to the requirements of obtaining a tax opinion by the Institutional Trustee in
certain circumstances set forth in the last sentence of this paragraph, the Holders of a Majority
in liquidation amount of the Capital Securities, voting separately as a class, have the right to
direct the time, method, and place of conducting any proceeding for any remedy available to the
Institutional Trustee, or exercising any trust or power conferred upon the Institutional Trustee
under the Declaration, including the right to direct the Institutional Trustee, as holder of the
Debentures, to (i) exercise the remedies available under the Indenture as the holder of the

I-9 

 

Debentures, (ii) waive any past default that is waivable under the Indenture, (iii) exercise
any right to rescind or annul a declaration that the principal of all the Debentures shall be due
and payable or (iv) consent on behalf of all the Holders of the Capital Securities to any
amendment, modification or termination of the Indenture or the Debentures where such consent shall
be required; provided, however, that, where a consent or action under the Indenture
would require the consent or act of the holders of greater than a simple majority in aggregate
principal amount of Debentures (a “Super Majority”) affected thereby, the
Institutional Trustee may only give such consent or take such action at the written direction of
the Holders of at least the proportion in liquidation amount of the Capital Securities outstanding
which the relevant Super Majority represents of the aggregate principal amount of the Debentures
outstanding. If the Institutional Trustee fails to enforce its rights under the Debentures after
the Holders of a Majority in liquidation amount of such Capital Securities have so directed the
Institutional Trustee, to the fullest extent permitted by law, a Holder of the Capital Securities
may institute a legal proceeding directly against the Debenture Issuer to enforce the Institutional
Trustee’s rights under the Debentures without first instituting any legal proceeding against the
Institutional Trustee or any other person or entity. Notwithstanding the foregoing, if an Event of
Default has occurred and is continuing and such event is attributable to the failure of the
Debenture Issuer to pay interest or principal on the Debentures on the date the interest or
principal is payable (or in the case of redemption, the redemption date), then a Holder of record
of the Capital Securities may directly institute a proceeding for enforcement of payment on or
after the respective due dates specified in the Debentures, to such Holder directly of the
principal of or interest on the Debentures having an aggregate principal amount equal to the
aggregate liquidation amount of the Capital Securities of such Holder. The Institutional Trustee
shall notify all Holders of the Capital Securities of any default actually known to the
Institutional Trustee with respect to the Debentures unless (x) such default has been cured prior
to the giving of such notice or (y) the Institutional Trustee determines in good faith that the
withholding of such notice is in the interest of the Holders of such Capital Securities, except
where the default relates to the payment of principal of or interest on any of the Debentures. Such
notice shall state that such Indenture Event of Default also constitutes an Event of Default
hereunder. Except with respect to directing the time, method and place of conducting a proceeding
for a remedy, the Institutional Trustee shall not take any of the actions described in clauses (i),
(ii) or (iii) above unless the Institutional Trustee has obtained an opinion of tax counsel to the
effect that, as a result of such action, the Trust will not be classified as other than a grantor
trust for United States federal income tax purposes.

     In the event the consent of the Institutional Trustee, as the holder of the Debentures is
required under the Indenture with respect to any amendment, modification or termination of the
Indenture, the Institutional Trustee shall request the direction of the Holders of the Securities
with respect to such amendment modification or termination and shall vote with respect to such
amendment, modification or termination as directed by a Majority in liquidation amount of the
Securities voting together as a single class; provided, however, that where a
consent under the Indenture would require the consent of a Super-Majority, the Institutional
Trustee may only give such consent at the direction of the Holders of at least the proportion in
liquidation amount of the Securities outstanding which the relevant Super-Majority represents of
the aggregate principal amount of the Debentures outstanding. The Institutional Trustee shall not
take any such action in accordance with the directions of the Holders of the Securities unless the
Institutional Trustee has obtained an opinion of tax counsel to the effect that, as a result of
such action, the Trust will not be classified as other than a grantor trust for United States
federal income tax purposes.

I-10 

 

     A waiver of an Indenture Event of Default will constitute a waiver of the corresponding Event
of Default hereunder. Any required approval or direction of Holders of the Capital Securities may
be given at a separate meeting of Holders of the Capital Securities convened for such purpose, at a
meeting of all of the Holders of the Securities in the Trust or pursuant to written consent. The
Institutional Trustee will cause a notice of any meeting at which Holders of the Capital Securities
are entitled to vote, or of any matter upon which action by written consent of such Holders is to
be taken, to be mailed to each Holder of record of the Capital Securities. Each such notice will
include a statement setting forth the following information (i) the date of such meeting or the
date by which such action is to be taken, (ii) a description of any resolution proposed for
adoption at such meeting on which such Holders are entitled to vote or of such matter upon which
written consent is sought and (iii) instructions for the delivery of proxies or consents. No vote
or consent of the Holders of the Capital Securities will be required for the Trust to redeem and
cancel Capital Securities or to distribute the Debentures in accordance with the Declaration and
the terms of the Securities.

     Notwithstanding that Holders of the Capital Securities are entitled to vote or consent under
any of the circumstances described above, any of the Capital Securities that are owned by the
Sponsor or any Affiliate of the Sponsor shall not entitle the Holder thereof to vote or consent and
shall, for purposes of such vote or consent, be treated as if such Capital Securities were not
outstanding.

     In no event will Holders of the Capital Securities have the right to vote to appoint, remove
or replace the Administrators, which voting rights are vested exclusively in the Sponsor as the
Holder of all of the Common Securities of the Trust. Under certain circumstances as more fully
described in the Declaration, Holders of Capital Securities have the right to vote to appoint,
remove or replace the Institutional Trustee.

     6. Voting Rights — Common Securities.

          (a) Except as provided under paragraphs 6(b), 6(c) and 7 and as otherwise required by law and
the Declaration, the Common Securities will have no voting rights.

          (b) The Holders of the Common Securities are entitled, in accordance with Article IV of the
Declaration, to vote to appoint, remove or replace any Administrators.

          (c) Subject to Section 6.7 of the Declaration and only after each Event of Default (if any)
with respect to the Capital Securities has been cured, waived, or otherwise eliminated and subject
to the requirements of the second to last sentence of this paragraph, the Holders of a Majority in
liquidation amount of the Common Securities, voting separately as a class, may direct the time,
method, and place of conducting any proceeding for any remedy available to the Institutional
Trustee, or exercising any trust or power conferred upon the Institutional Trustee under the
Declaration, including (i) directing the time, method, place of conducting any proceeding for any
remedy available to the Debenture Trustee, or exercising any trust or power conferred on the
Debenture Trustee with respect to the Debentures, (ii) waive any past default and its consequences
that is waivable under the Indenture, or (iii) exercise any right to rescind or annul a declaration
that the principal of all the Debentures shall be due and payable; provided,
however, that, where a consent or action under the Indenture would require a Super
Majority, the Institutional Trustee may only give such consent or take such action at the written
direction of the

I-11 

 

Holders of at least the proportion in liquidation amount of the Common Securities which the
relevant Super Majority represents of the aggregate principal amount of the Debentures outstanding.
Notwithstanding this paragraph 6(c), the Institutional Trustee shall not revoke any action
previously authorized or approved by a vote or consent of the Holders of the Capital Securities.
Other than with respect to directing the time, method and place of conducting any proceeding for
any remedy available to the Institutional Trustee or the Debenture Trustee as set forth above, the
Institutional Trustee shall not take any action described in (i), (ii) or (iii) above, unless the
Institutional Trustee has obtained an opinion of tax counsel to the effect that for the purposes of
United States federal income tax the Trust will not be classified as other than a grantor trust on
account of such action. If the Institutional Trustee fails to enforce its rights under the
Declaration to the fullest extent permitted by law, any Holder of the Common Securities may
institute a legal proceeding directly against any Person to enforce the Institutional Trustee’s
rights under the Declaration, without first instituting a legal proceeding against the
Institutional Trustee or any other Person.

     Any approval or direction of Holders of the Common Securities may be given at a separate
meeting of Holders of the Common Securities convened for such purpose, at a meeting of all of the
Holders of the Securities in the Trust or pursuant to written consent. The Administrators will
cause a notice of any meeting at which Holders of the Common Securities are entitled to vote, or of
any matter upon which action by written consent of such Holders is to be taken, to be mailed to
each Holder of the Common Securities. Each such notice will include a statement setting forth (i)
the date of such meeting or the date by which such action is to be taken, (ii) a description of any
resolution proposed for adoption at such meeting on which such Holders are entitled to vote or of
such matter upon which written consent is sought and (iii) instructions for the delivery of proxies
or consents.

     No vote or consent of the Holders of the Common Securities will be required for the Trust to
redeem and cancel Common Securities or to distribute the Debentures in accordance with the
Declaration and the terms of the Securities.

     7. Amendments to Declaration and Indenture.

          (a) In addition to any requirements under Section 11.1 of the Declaration, if any proposed
amendment to the Declaration provides for, or the Institutional Trustee, Sponsor or Administrators
otherwise propose to effect, (i) any action that would adversely affect the powers, preferences or
special rights of the Securities, whether by way of amendment to the Declaration or otherwise, or
(ii) the Liquidation of the Trust, other than as described in Section 7.1 of the Declaration, then
the Holders of outstanding Securities, voting together as a single class, will be entitled to vote
on such amendment or proposal and such amendment or proposal shall not be effective except with the
approval of the Holders of at least a Majority in liquidation amount of the Securities, affected
thereby; provided, however, if any amendment or proposal referred to in clause (i)
above would adversely affect only the Capital Securities or only the Common Securities, then only
the affected class will be entitled to vote on such amendment or proposal and such amendment or
proposal shall not be effective except with the approval of a Majority in liquidation amount of
such class of Securities.

          (b) In the event the consent of the Institutional Trustee as the holder of the Debentures is
required under the Indenture with respect to any amendment, modification or

I-12 

 

termination of the Indenture or the Debentures, the Institutional Trustee shall request the
written direction of the Holders of the Securities with respect to such amendment, modification or
termination and shall vote with respect to such amendment, modification, or termination as directed
by a Majority in liquidation amount of the Securities voting together as a single class;
provided, however, that where a consent under the Indenture would require a Super
Majority, the Institutional Trustee may only give such consent at the direction of the Holders of
at least the proportion in liquidation amount of the Securities which the relevant Super Majority
represents of the aggregate principal amount of the Debentures outstanding.

          (c) Notwithstanding the foregoing, no amendment or modification may be made to the Declaration
if such amendment or modification would (i) cause the Trust to be classified for purposes of United
States federal income taxation as other than a grantor trust, (ii) reduce or otherwise adversely
affect the powers of the Institutional Trustee or (iii) cause the Trust to be deemed an Investment
Company which is required to be registered under the Investment Company Act.

          (d) Notwithstanding any provision of the Declaration, the right of any Holder of the Capital
Securities to receive payment of distributions and other payments upon redemption or otherwise, on
or after their respective due dates, or to institute a suit for the enforcement of any such payment
on or after such respective dates, shall not be impaired or affected without the consent of such
Holder. For the protection and enforcement of the foregoing provision, each and every Holder of the
Capital Securities shall be entitled to such relief as can be given either at law or equity.

     8. Pro Rata. A reference in these terms of the Securities to any payment, distribution
or treatment as being “Pro Rata” shall mean pro rata to each Holder of the Securities
according to the aggregate liquidation amount of the Securities held by the relevant Holder in
relation to the aggregate liquidation amount of all Securities then outstanding unless, in relation
to a payment, an Event of Default has occurred and is continuing, in which case any funds available
to make such payment shall be paid first to each Holder of the Capital Securities Pro Rata
according to the aggregate liquidation amount of the Capital Securities held by the relevant Holder
relative to the aggregate liquidation amount of all Capital Securities outstanding, and only after
satisfaction of all amounts owed to the Holders of the Capital Securities, to each Holder of the
Common Securities Pro Rata according to the aggregate liquidation amount of the Common Securities
held by the relevant Holder relative to the aggregate liquidation amount of all Common Securities
outstanding.

     9. Ranking. The Capital Securities rank pari passu with and payment thereon shall be
made Pro Rata with the Common Securities except that, where an Event of Default has occurred and is
continuing, the rights of Holders of the Common Securities to receive payment of Distributions and
payments upon liquidation, redemption and otherwise are subordinated to the rights of the Holders
of the Capital Securities with the result that no payment of any Distribution on, or Redemption
Price of, any Common Security, and no other payment on account of redemption, liquidation or other
acquisition of Common Securities, shall be made unless payment in full in cash of all accumulated
and unpaid Distributions on all outstanding Capital Securities for all distribution periods
terminating on or prior thereto, or in the case of payment of the Redemption Price the full amount
of such Redemption Price on all outstanding Capital Securities then called for redemption, shall
have been made or provided for, and all funds immediately

I-13 

 

available to the Institutional Trustee shall first be applied to the payment in full in cash
of all Distributions on, or the Redemption Price of, the Capital Securities then due and payable.

     10. Acceptance of Guarantee and Indenture. Each Holder of the Capital Securities and
the Common Securities, by the acceptance of such Securities, agrees to the provisions of the
Guarantee, including the subordination provisions therein and to the provisions of the Indenture.

     11. No Preemptive Rights. The Holders of the Securities shall have no preemptive or
similar rights to subscribe for any additional securities.

     12. Miscellaneous. These terms constitute a part of the Declaration. The Sponsor will
provide a copy of the Declaration, the Guarantee, and the Indenture to a Holder without charge on
written request to the Sponsor at its principal place of business.

I-14 

 

EXHIBIT A-1

FORM OF CAPITAL SECURITY CERTIFICATE

[FORM OF FACE OF SECURITY]

     THIS SECURITY HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE
“SECURITIES ACT”), ANY STATE SECURITIES LAWS OR ANY OTHER APPLICABLE SECURITIES LAW. NEITHER THIS
SECURITY NOR ANY INTEREST OR PARTICIPATION HEREIN MAY BE REOFFERED, SOLD, ASSIGNED, TRANSFERRED,
PLEDGED, ENCUMBERED OR OTHERWISE DISPOSED OF IN THE ABSENCE OF SUCH REGISTRATION OR UNLESS SUCH
TRANSACTION IS EXEMPT FROM, OR NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT
AND ANY APPLICABLE STATE SECURITIES LAW. THE HOLDER OF THIS SECURITY BY ITS ACCEPTANCE HEREOF
AGREES TO OFFER, SELL OR OTHERWISE TRANSFER THIS SECURITY ONLY (A) TO THE SPONSOR OR THE TRUST, (B)
PURSUANT TO A REGISTRATION STATEMENT THAT HAS BEEN DECLARED EFFECTIVE UNDER THE SECURITIES ACT, (C)
TO A PERSON WHOM THE SELLER REASONABLY BELIEVES IS A QUALIFIED INSTITUTIONAL BUYER IN A TRANSACTION
MEETING THE REQUIREMENTS OF RULE 144A SO LONG AS THIS SECURITY IS ELIGIBLE FOR RESALE PURSUANT TO
RULE 144A IN ACCORDANCE WITH RULE 144A, (D) TO A NON-U.S. PERSON IN AN OFFSHORE TRANSACTION IN
ACCORDANCE WITH RULE 903 OR RULE 904 (AS APPLICABLE) OF REGULATION S UNDER THE SECURITIES ACT, (E)
TO AN INSTITUTIONAL “ACCREDITED INVESTOR” WITHIN THE MEANING OF SUBPARAGRAPH (A) OF RULE 501 UNDER
THE SECURITIES ACT THAT IS ACQUIRING THIS CAPITAL SECURITY FOR ITS OWN ACCOUNT, OR FOR THE ACCOUNT
OF SUCH AN INSTITUTIONAL ACCREDITED INVESTOR, FOR INVESTMENT PURPOSES AND NOT WITH A VIEW TO, OR
FOR OFFER OR SALE IN CONNECTION WITH, ANY DISTRIBUTION IN VIOLATION OF THE SECURITIES ACT, OR (F)
PURSUANT TO ANY OTHER AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT,
SUBJECT TO THE SPONSOR’S AND THE TRUST’S RIGHT PRIOR TO ANY SUCH OFFER, SALE OR TRANSFER TO REQUIRE
THE DELIVERY OF AN OPINION OF COUNSEL, CERTIFICATION AND/OR OTHER INFORMATION SATISFACTORY TO EACH
OF THEM IN ACCORDANCE WITH THE DECLARATION OF TRUST, A COPY OF WHICH MAY BE OBTAINED FROM THE
SPONSOR OR THE TRUST. HEDGING TRANSACTIONS INVOLVING THIS SECURITY MAY NOT BE CONDUCTED UNLESS IN
COMPLIANCE WITH THE SECURITIES ACT.

     THE HOLDER OF THIS SECURITY BY ITS ACCEPTANCE HEREOF ALSO AGREES, REPRESENTS AND WARRANTS THAT
IT IS NOT AN EMPLOYEE BENEFIT, INDIVIDUAL RETIREMENT ACCOUNT OR OTHER PLAN OR ARRANGEMENT SUBJECT
TO TITLE I OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”), OR SECTION
4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”) (EACH A “PLAN”), OR AN ENTITY
WHOSE UNDERLYING ASSETS INCLUDE “PLAN ASSETS” BY REASON OF ANY PLAN’S INVESTMENT IN THE ENTITY, AND
NO PERSON INVESTING “PLAN ASSETS” OF ANY PLAN MAY ACQUIRE OR HOLD THE SECURITIES OR ANY INTEREST
THEREIN,

A-1-1 

 

UNLESS SUCH PURCHASER OR HOLDER IS ELIGIBLE FOR EXEMPTIVE RELIEF AVAILABLE UNDER U.S.
DEPARTMENT OF LABOR PROHIBITED TRANSACTION CLASS EXEMPTION 96-23, 95-60, 91-38, 90-1 OR 84-14 OR
ANOTHER APPLICABLE EXEMPTION OR ITS PURCHASE AND HOLDING OF THIS SECURITY IS NOT PROHIBITED BY
SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE WITH RESPECT TO SUCH PURCHASE OR HOLDING. ANY
PURCHASER OR HOLDER OF THE SECURITIES OR ANY INTEREST THEREIN WILL BE DEEMED TO HAVE REPRESENTED BY
ITS PURCHASE AND HOLDING THEREOF THAT EITHER (i) IT IS NOT AN EMPLOYEE BENEFIT PLAN WITHIN THE
MEANING OF SECTION 3(3) OF ERISA, OR A PLAN TO WHICH SECTION 4975 OF THE CODE IS APPLICABLE, A
TRUSTEE OR OTHER PERSON ACTING ON BEHALF OF AN EMPLOYEE BENEFIT PLAN- OR PLAN, OR ANY
OTHER PERSON OR ENTITY USING THE ASSETS OF ANY EMPLOYEE BENEFIT PLAN OR PLAN TO FINANCE SUCH
PURCHASE, OR (ii) SUCH PURCHASE WILL NOT RESULT IN A PROHIBITED TRANSACTION UNDER SECTION 406 OF
ERISA OR SECTION 4975 OF THE CODE FOR WHICH THERE IS NO APPLICABLE STATUTORY OR ADMINISTRATIVE
EXEMPTION.

     THIS SECURITY WILL BE ISSUED AND MAY BE TRANSFERRED ONLY IN BLOCKS HAVING A LIQUIDATION AMOUNT
OF NOT LESS THAN $500,000.00 (500 SECURITIES) AND MULTIPLES OF $1,000.00 IN EXCESS THEREOF. ANY
ATTEMPTED TRANSFER OF SECURITIES IN A BLOCK HAVING A LIQUIDATION AMOUNT OF LESS THAN $500,000.00
SHALL BE DEEMED TO BE VOID AND OF NO LEGAL EFFECT WHATSOEVER.

     THE HOLDER OF THIS SECURITY AGREES THAT IT WILL COMPLY WITH THE FOREGOING RESTRICTIONS.

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

P-1          15,000

July 31, 2001

Certificate Evidencing Floating Rate Capital Securities

of

Alliance Capital Partners Statutory Trust I

(liquidation amount $1,000.00 per Capital Security)

     Alliance Capital Partners Statutory Trust I, a statutory trust created under the laws of the
State of Connecticut (the “Trust”), hereby certifies that The Chase Manhattan Bank, as indenture
trustee under the Indenture dated as of July 31, 2001 among Preferred Term Securities III, Ltd.,
Preferred Term Securities III, Inc. and The Chase Manhattan Bank (the “Holder”) is the registered
owner of securities of the Trust representing undivided beneficial interests in the assets of the
Trust, (liquidation amount $1,000.00 per capital security) (the “Capital Securities”). Subject to
the

A-1-2 

 

Declaration (as defined below), the Capital Securities are transferable on the books and
records of the Trust in person or by a duly authorized attorney, upon surrender of this Certificate
duly endorsed and in proper form for transfer. The designation, rights, privileges, restrictions,
preferences and other terms and provisions of the Capital Securities represented hereby are issued
pursuant to, and shall in all respects be subject to, the provisions of the Amended and Restated
Declaration of Trust of the Trust dated as of July 31, 2001, among Robert M. Clements, Gary A.
Meeks and Terence G. Vane, Jr. as Administrators, State Street Bank and Trust Company of
Connecticut, National Association, as Institutional Trustee, Alliance Capital Partners, L.P., as
Sponsor, and the holders from time to time of undivided beneficial interests in the assets of the
Trust, including the designation of the terms of the Capital Securities as set forth in Annex I to
such amended and restated declaration as the same may be amended from time to time (the
“Declaration”). Capitalized terms used herein but not defined shall have the meaning given them in
the Declaration. The Holder is entitled to the benefits of the Guarantee to the extent provided
therein. The Sponsor will provide a copy of the Declaration, the Guarantee, and the Indenture to
the Holder without charge upon written request to the Trust at its principal place of business.

     Upon receipt of this Security, the Holder is bound by the Declaration and is entitled to the
benefits thereunder.

     By acceptance of this Security, the Holder agrees to treat, for United States federal income
tax purposes, the Debentures as indebtedness and the Capital Securities as evidence of beneficial
ownership in the Debentures.

     This Capital Security is governed by, and construed in accordance with, the laws of the State
of Connecticut, without regard to principles of conflict of laws.

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

	 	 	 	 	 
	 	ALLIANCE CAPITAL PARTNERS STATUTORY TRUST I

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	Administrator 	 
	 

CERTIFICATE OF AUTHENTICATION

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

	 	 	 	 	 
	 	STATE STREET BANK AND TRUST COMPANY OF CONNECTICUT,
NATIONAL ASSOCIATION,

as the Institutional Trustee	 
	 	 	 
	 	By:  	
 	 
	 	 	Authorized Officer 	 
	 	 	 	 
	 

A-1-3 

 

[FORM OF REVERSE OF SECURITY]

     Distributions payable on each Capital Security will be payable at an annual rate equal to
7.29% beginning on (and including) the date of original issuance and ending on (but excluding)
October 31, 2001 and at an annual rate for each successive period beginning on (and including)
October 31, 2001, and each succeeding Distribution Payment Date, and ending on (but excluding) the
next succeeding Distribution Payment Date (each a “Distribution Period”), equal to 3-Month LIBOR,
determined as described below, plus 3.58%; provided, however, that prior to July
31, 2011, such annual rate shall not exceed 12.50% (the “Coupon Rate”) applied to the stated
liquidation amount of $1,000.00 per Capital Security, such rate being the rate of interest payable
on the Debentures to be held by the Institutional Trustee. Distributions in arrears for more than a
quarterly period will bear interest thereon compounded quarterly at the Distribution Rate (to the
extent permitted by applicable law). The term “Distributions” as used herein includes interest
payments (including Additional Interest and principal on the Debentures held by the Institutional
Trustee) and any such compounded interest payable on the Debentures unless otherwise stated. A
Distribution is payable only to the extent that payments are made in respect of the Debentures held
by the Institutional Trustee and to the extent the Institutional Trustee has funds available
therefor. As used herein, “Determination Date” means the date that is two London Banking Days
(i.e., a day in which dealings in deposits in U.S. dollars are transacted in the London interbank
market) preceding the commencement of the relevant Distribution Period. The amount of Distributions
payable for any period will be computed for any full quarterly Distribution period on the basis of
the actual number of days in the Distribution Period concerned divided by 360. In the event that
any date on which a distribution is payable on this Capital Security is not a Business Day, then a
payment of the distribution payable on such date will be made on the next succeeding day which is a
Business Day (and without any distribution or other payment in respect of any such delay), except
that, if such Business Day is in the next succeeding calendar year, such payment shall be made on
the immediately preceding Business Day, in each case with the same force and effect as if made on
the date the payment was originally payable. The amount of interest payable for the Distribution
Period commencing October 31, 2001 and each succeeding Distribution Period will be calculated by
applying the Coupon Rate to the principal amount outstanding at the commencement of the
Distribution Period and multiplying each such amount by the actual number of days in the
Distribution Period concerned divided by 360.

     “3-Month LIBOR” as used herein, means the London interbank offered rate for three-month
Eurodollar deposits determined by the Debenture Trustee in the following order of priority: (i) the
rate (expressed as a percentage per annum) for Eurodollar deposits having a three-month maturity
that appears on Telerate Page 3750 as of 11:00 a.m. (London time) on the particular Determination
Date (“Telerate Page 3750” means the display designated as “Page 3750” on the Dow Jones Telerate
Service or such other page as may replace Page 3750 on that service or such other service or
services as may be nominated by the British Bankers’ Association as the information vendor for the
purpose of displaying London interbank offered rates for U.S. dollars deposits); (ii) if such rate
does not appear on Telerate Page 3750 as of 11:00 a.m. (London time) on the Determination Date,
3-Month LIBOR will be the arithmetic mean of the rates (expressed as percentages per annum) for
Eurodollar deposits having a three-month maturity that appear on Reuters Monitor Money Rates Page
LIBO (“Reuters Page LIBO”) as of 11:00 a.m. (London time) on such Determination Date; (iii) if such
rate does not appear on Reuters Page LIBO as of 11:00 a.m. (London time) on the related
Determination Date, the Debenture Trustee will request the principal London offices of four leading
banks in the London interbank market to provide such banks’ offered quotations (expressed as
percentages per annum) to prime banks in the London

A-1-4 

 

interbank market for Eurodollar deposits having a three-month maturity as of 11:00 a.m.
(London time) on such Determination Date. If at least two quotations are provided, 3-Month LIBOR
will be the arithmetic mean of such quotations; (iv) if fewer than two such quotations are provided
as requested in clause (iii) above, the Debenture Trustee will request four major New York City
banks to provide such banks’ offered quotations (expressed as percentages per annum) to leading
European banks for loans in Eurodollars as of 11:00 a.m. (London time) on such Determination Date.
If at least two such quotations are provided, 3-Month LIBOR will be the arithmetic mean of such
quotations; and (v) if fewer than two such quotations are provided as requested in clause (iv)
above, 3-Month LIBOR will be a 3-Month LIBOR determined with respect to the Distribution Period
immediately preceding such current Distribution Period. If the rate for Eurodollar deposits having
a three-month maturity that initially appears on Telerate Page 3750 or Reuters Page LIBO, as the
case may be, as of 11:00 a.m. (London time) on the related Determination Date is superseded on the
Telerate Page 3750 or Reuters Page LIBO, as the case may be, by a corrected rate by 12:00 noon
(London time) on such Determination Date, then the corrected rate as so substituted on the
applicable page will be the applicable 3-Month LIBOR for such Determination Date.

     The Coupon Rate for any Distribution Period will at no time be higher than the maximum rate
then permitted by New York law as the same may be modified by United States law.

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

     Except as otherwise described below, Distributions on the Capital Securities will be
cumulative, will accrue from the date of original issuance and will be payable quarterly in arrears
on October 31, January 31, April 30, and July 31 of each year, commencing on October 31, 2001. The
Debenture Issuer has the right under the Indenture to defer payments of interest on the Debentures
by extending the interest payment period for up to 20 consecutive quarterly periods (each an
“Extension Period”) on the Debentures, subject to the conditions described below, although such
interest would continue to accrue on the Debentures at an annual rate equal to the Distribution
Rate compounded quarterly to the extent permitted by law during any Extension Period. No Extension
Period may end on a date other than an interest Payment Date. At the end of any such Extension
Period the Sponsor shall pay all interest then accrued and unpaid on the Debentures (together with
Additional Interest thereon); provided, however, that no Extension Period may
extend beyond the Maturity Date. Prior to the termination of any Extension Period, the Sponsor may
further extend such period, provided that such period together with all such previous and
further consecutive extensions thereof shall not exceed 20 consecutive quarterly periods, or extend
beyond the Maturity Date. Upon the termination of any Extension Period and upon the payment of all
accrued and unpaid interest and Additional Interest, the Sponsor may commence a new Extension
Period, subject to the foregoing requirements. No interest or Additional Interest shall be due and
payable during an Extension Period, except at the end thereof, but each installment of interest
that would otherwise have been due and payable during such Extension Period shall bear Additional
Interest. If Distributions are deferred, the Distributions due shall be paid on the date that the
related Extension Period terminates, to Holders of the Securities as they appear on the books and
records of the Trust on the record date immediately preceding such date. Distributions on the
Securities must be paid on the dates payable (after giving effect to any

A-1-5 

 

Extension Period) to the extent that the Trust has funds available for the payment of such
distributions in the Property Account of the Trust. The Trust’s funds available for Distribution to
the Holders of the Securities will be limited to payments received from the Debenture Issuer. The
payment of Distributions out of moneys held by the Trust is guaranteed by the Guarantor pursuant to
the Guarantee.

     The Capital Securities shall be redeemable as provided in the Declaration.

A-1-6 

 

ASSIGNMENT

     FOR VALUE RECEIVED, the undersigned assigns and transfers this Capital Security Certificate
to:

 

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

 

 

     (Insert address and zip code of assignee) and irrevocably appoints

 

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

     Date:                                         

     Signature:                                         

     (Sign exactly as your name appears on the other side of this Capital Security Certificate)

Signature Guarantee:1

 

			
	1	 	Signature must be guaranteed by an “eligible
guarantor institution” that is a bank, stockbroker, savings and loan
association or credit union meeting the requirements of the Security registrar,
which requirements include membership or participation in the Securities
Transfer Agents Medallion Program (“STAMP”) or such other “signature guarantee
program” as may be determined by the Security registrar in addition to, or in
substitution for, STAMP, all in accordance with the Securities Exchange Act of
1934, as amended.

A-1-7 

 

EXHIBIT A-2

FORM OF COMMON SECURITY CERTIFICATE

     THIS COMMON SECURITY HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, AND
MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED EXCEPT PURSUANT TO AN EXEMPTION FROM
REGISTRATION.

     THIS CERTIFICATE IS NOT TRANSFERABLE EXCEPT IN COMPLIANCE WITH SECTION 8.1 OF THE DECLARATION.

C-1          464

July 31, 2001

Certificate Evidencing Floating Rate Common Securities

of

Alliance Capital Partners Statutory Trust I

     Alliance Capital Partners Statutory Trust I, a statutory trust created under the laws of the
State of Connecticut (the “Trust”), hereby certifies that Alliance Capital Partners, L.P. (the
“Holder”) is the registered owner of common securities of the Trust representing undivided
beneficial interests in the assets of the Trust (the “Common Securities”). The designation, rights,
privileges, restrictions, preferences and other terms and provisions of the Common Securities
represented hereby are issued pursuant to, and shall in all respects be subject to, the provisions
of the Amended and Restated Declaration of Trust of the Trust dated as of July 31, 2001, among
Robert M. Clements, Gary A. Meeks and Terence G. Vane, Jr., as Administrators, State Street Bank
and Trust Company of Connecticut, National Association, as Institutional Trustee, Alliance Capital
Partners, L.P. as Sponsor, and the holders from time to time of undivided beneficial interest in
the assets of the Trust including the designation of the terms of the Common Securities as set
forth in Annex I to such amended and restated declaration, as the same may be amended from time to
time (the “Declaration”). Capitalized terms used herein but not defined shall have the meaning
given them in the Declaration. The Holder is entitled to the benefits of the Guarantee to the
extent provided therein. The Sponsor will provide a copy of the Declaration, the Guarantee and the
Indenture to the Holder without charge upon written request to the Sponsor at its principal place
of business.

     As set forth in the Declaration, where an Event of Default has occurred and is continuing, the
rights of Holders of Common Securities to payment in respect of Distributions and payments upon
Liquidation, redemption or otherwise are subordinated to the rights of payment of Holders of the
Capital Securities.

     Upon receipt of this Certificate, the Holder is bound by the Declaration and is entitled to
the benefits thereunder.

A-2-1 

 

     By acceptance of this Certificate, the Holder agrees to treat, for United States federal
income tax purposes, the Debentures as indebtedness and the Common Securities as evidence of
undivided beneficial ownership in the Debentures.

     This Common Security is governed by, and construed in accordance with, the laws of the State
of Connecticut, without regard to principles of conflict of laws.

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

	 	 	 	 	 
	 	ALLIANCE CAPITAL PARTNERS STATUTORY TRUST I

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	Administrator 	 
	 

A-2-2 

 

[FORM OF REVERSE OF SECURITY]

     Distributions payable on each Common Security will be identical in amount to the Distributions
payable on each Capital Security, which is at an annual rate equal to 7.29% beginning on (and
including) the date of original issuance and ending on (but excluding) October 31, 2001 and at an
annual rate for each successive period beginning on (and including) October 31, 2001, and each
succeeding Distribution Payment Date, and ending on (but excluding) the next succeeding
Distribution Payment Date (each a “Distribution Period”), equal to 3-Month LIBOR, determined as
described below, plus 3.58%; provided, however, that prior to July 31, 2011, such
annual rate shall not exceed 12.50% (the “Coupon Rate”) applied to the stated liquidation amount of
$1,000.00 per Common Security, such rate being the rate of interest payable on the Debentures to be
held by the Institutional Trustee. Distributions in arrears for more than one period will bear
interest thereon compounded at the Distribution Rate (to the extent permitted by applicable law).
The term “Distributions” as used herein includes interest payments (including Additional Interest
and principal on the Debentures held by the Institutional Trustee) and any such compounded interest
payable on the Debentures unless otherwise stated. A Distribution is payable only to the extent
that payments are made in respect of the Debentures held by the Institutional Trustee and to the
extent the Institutional Trustee has funds available therefor. As used herein, “Determination Date”
means the date that is two London Banking Days (i.e., a day in which dealings in deposits in U.S.
dollars are transacted in the London interbank market) preceding the commencement of the relevant
Distribution Period. The amount of Distributions payable for any period will be computed for any
full quarterly Distribution period on the basis of the actual number of days in the Distribution
Period concerned divided by 360. In the event that any date on which a distribution is payable on
this Common Security is not a Business Day, then a payment of the distribution payable on such date
will be made on the next succeeding day which is a Business Day (and without any distribution or
other payment in respect of any such delay), except that, if such Business Day is in the next
succeeding calendar year, such payment shall be made on the immediately preceding Business Day, in
each case with the same force and effect as if made on the date the payment was originally payable.
The amount of interest payable for the Distribution Period commencing October 31, 2001 and each
succeeding Distribution Period will be calculated by applying the Coupon Rate to the principal
amount outstanding at the commencement of the Distribution Period and multiplying each such amount
by the actual number of days in the Distribution Period concerned divided by 360.

     “3-Month LIBOR” as used herein, means the London interbank offered rate for three-month
Eurodollar deposits determined by the Debenture Trustee in the following order of priority: (i) the
rate (expressed as a percentage per annum) for Eurodollar deposits having a three-month maturity
that appears on Telerate Page 3750 as of 11:00 a.m. (London time) on the particular Determination
Date (“Telerate Page 3750” means the display designated as “Page 3750” on the Dow Jones Telerate
Service or such other page as may replace Page 3750 on that service or such other service or
services as may be nominated by the British Bankers’ Association as the information vendor for the
purpose of displaying London interbank offered rates for U.S. dollars deposits); (ii) if such rate
does not appear on Telerate Page 3750 as of 11:00 a.m. (London time) on the Determination Date,
3-Month LIBOR will be the arithmetic mean of the rates (expressed as percentages per annum) for
Eurodollar deposits having a three-month maturity that appear on Reuters Monitor Money Rates Page
LIBO (“Reuters Page LIBO”) as of 11:00 a.m. (London time) on such Determination Date; (iii) if such
rate does not appear on

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Reuters Page LIBO as of 11:00 a.m. (London time) on the related Determination Date, the
Debenture Trustee will request the principal London offices of four leading banks in the London
interbank market to provide such banks’ offered quotations (expressed as percentages per annum) to
prime banks in the London interbank market for Eurodollar deposits having a three-month maturity as
of 11:00 a.m. (London time) on such Determination Date. If at least two quotations are provided,
3-Month LIBOR will be the arithmetic mean of such quotations; (iv) if fewer than two such
quotations are provided as requested in clause (iii) above, the Debenture Trustee will request four
major New York City banks to provide such banks’ offered quotations (expressed as percentages per
annum) to leading European banks for loans in Eurodollars as of 11:00 a.m. (London time) on such
Determination Date. If at least two such quotations are provided, 3-Month LIBOR will be the
arithmetic mean of such quotations; and (v) if fewer than two such quotations are provided as
requested in clause (iv) above, 3-Month LIBOR will be a 3-Month LIBOR determined with respect to
the Distribution Period immediately preceding such current Distribution Period. If the rate for
Eurodollar deposits having a three-month maturity that initially appears on Telerate Page 3750 or
Reuters Page LIBO, as the case may be, as of 11:00 a.m. (London time) on the related Determination
Date is superseded on the Telerate Page 3750 or Reuters Page LIBO, as the case may be, by a
corrected rate by 12:00 noon (London time) on such Determination Date, then the corrected rate as
so substituted on the applicable page will be the applicable 3-Month LIBOR for such Determination
Date.

     The Coupon Rate for any Distribution Period will at no time be higher than the maximum rate
then permitted by New York law as the same may be modified by United States law.

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

     Except as otherwise described below, Distributions on the Common Securities will be
cumulative, will accrue from the date of original issuance and will be payable quarterly in arrears
on October 31, January 31, April 30, and July 31 of each year, commencing on October 31, 2001. The
Debenture Issuer has the right under the Indenture to defer payments of interest on the Debentures
by extending the interest payment period for up to 20 consecutive quarterly periods (each an
“Extension Period”) on the Debentures, subject to the conditions described below, although such
interest would continue to accrue on the Debentures at an annual rate equal to the Distribution
Rate compounded quarterly to the extent permitted by law during any Extension Period. No Extension
Period may end on a date other than an Interest Payment Date. At the end of any such Extension
Period the Sponsor shall pay all interest then accrued and unpaid on the Debentures (together with
Additional Interest thereon); provided, however, that no Extension Period may
extend beyond the Maturity Date. Prior to the termination of any Extension Period, the Sponsor may
further extend such period, provided that such period together with all such previous and
further consecutive extensions thereof shall not exceed 20 consecutive quarterly periods, or extend
beyond the Maturity Date. Upon the termination of any Extension Period and upon the payment of all
accrued and unpaid interest and Additional Interest, the Sponsor may commence a new Extension
Period, subject to the foregoing requirements. No interest or Additional Interest shall be due and
payable during an Extension Period, except at the end

A-2-4 

 

thereof, but each installment of interest that would otherwise have been due and payable
during such Extension Period shall bear Additional Interest. If Distributions are deferred, the
Distributions due shall be paid on the date that the related Extension Period terminates, to
Holders of the Securities as they appear on the books and records of the Trust on the record date
immediately preceding such date. Distributions on the Securities must be paid on the dates payable
(after giving effect to any Extension Period) to the extent that the Trust has funds available for
the payment of such distributions in the Property Account of the Trust. The Trust’s funds available
for Distribution to the Holders of the Securities will be limited to payments received from the
Debenture Issuer. The payment of Distributions out of moneys held by the Trust is guaranteed by the
Guarantor pursuant to the Guarantee.

     The Common Securities shall be redeemable as provided in the Declaration.

A-2-5 

 

ASSIGNMENT

     FOR VALUE RECEIVED, the undersigned assigns and transfers this Common Security Certificate to:

 

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

 

     (Insert address and zip code of assignee) and irrevocably appoints

 

 

                                                                                                                                                                                         agent

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

Date:                                         

Signature:                                         

(Sign exactly as your name appears on the other side of this Common Security
Certificate)

Signature:                                         

(Sign exactly as your name appears on the other side of this common Security
Certificate)

     Signature Guarantee2

 

			
	2	 	Signature must be guaranteed by an “eligible
guarantor institution” that is a bank, stockbroker, savings and loan
association or credit union, meeting the requirements of the Security
registrar, which requirements include membership or participation in the
Securities Transfer Agents Medallion Program (“STAMP”) or such other “signature
guarantee program” as may be determined by the Security registrar in addition
to, or in substitution for, STAMP, all in accordance with the Securities
Exchange Act of 1934, as amended.

A-2-6

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