Document:

exv4w23

Exhibit (4) -23

AMENDED AND RESTATED DECLARATION OF TRUST

AND TRUST AGREEMENT

Among

SUPERIOR BANCORP,

As Depositor

THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A.

As Property Trustee

BNY MELLON TRUST OF DELAWARE,

As Delaware Trustee

And

THE SEVERAL HOLDERS OF THE TRUST SECURITIES

Dated as of December 11, 2009

SUPERIOR CAPITAL TRUST II

 

 

Superior Capital Trust II

     Certain Sections of this Trust Agreement relating to Sections 3.10 through 3.18 of the Trust
Indenture Act of 1939:

	 	 	 
	Trust Indenture	 	Trust Agreement
	(Section) 310 (a)(1)
	 	8.7
	(a)(2)
	 	8.7
	(a)(3)
	 	8.7
	(a)(4)
	 	2.7(a)(ii)
	(b)
	 	8.8
	(Section) 311 (a)
	 	8.13
	(b)
	 	8.13
	(Section) 312 (a)
	 	5.7
	(b)
	 	5.7
	(Section) 313 (a)
	 	5.7
	(b)
	 	8.15(a)
	(a)(4)
	 	8.15(b)
	(b)
	 	8.15(b)
	(c)
	 	10.8
	(d)
	 	8.15(c)
	(Section) 314 (a)
	 	8.16
	(b)
	 	Not Applicable
	(c)(1)
	 	8.17
	(c)(2)
	 	8.17
	(c)(3)
	 	Not Applicable
	(d)
	 	Not Applicable
	(e)
	 	1.1, 8.17
	(Section) 315 (a)
	 	8.1(a), 8.3(a)
	(b)
	 	8.2, 10.8
	(c)
	 	8.1(a)
	(d)
	 	8.1, 8.3
	(e)
	 	Not Applicable
	(Section) 316 (a)
	 	Not Applicable
	(a)(1)(A)
	 	Not Applicable
	(a)(1)(B)
	 	Not Applicable
	(a)(2)
	 	Not Applicable
	(b)
	 	5.14
	(c)
	 	6.7
	(Section) 317 (a)(2)
	 	Not Applicable
	(a)(2)
	 	Not Applicable
	(b)
	 	5.9
	(Section) 318 (a)
	 	10.10

     Note: This reconciliation and tie sheet shall not, for any purpose, be deemed to be a
part of the Trust Agreement.

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TABLE OF CONTENTS

	 	 	 	 	 
	 	 	Page
	ARTICLE I

	 
	 	 	 	 
	DEFINED TERMS

	 
	 	 	 	 
	Section 1.1 Definitions

	 	 	1	 
	 
	 	 	 	 
	ARTICLE II

	 
	 	 	 	 
	CONTINUATION OF THE ISSUER TRUST

	 
	 	 	 	 
	Section 2.1 Name

	 	 	8	 
	Section 2.2 Office of the Delaware Trustee; Principal Place of Business

	 	 	8	 
	Section 2.3 Initial Contribution of Trust Property; Organizational Expenses

	 	 	8	 
	Section 2.4 Issuance of the Capital Securities

	 	 	8	 
	Section 2.5 Issuance of the Common Securities; Subscription and Purchase of Debentures

	 	 	9	 
	Section 2.6 Declaration of Trust

	 	 	9	 
	Section 2.7 Authorization to Enter into Certain Transactions

	 	 	9	 
	Section 2.8 Assets of Trust

	 	 	12	 
	Section 2.9 Title to Trust Property

	 	 	12	 
	 
	 	 	 	 
	ARTICLE III

	 
	 	 	 	 
	PAYMENT ACCOUNT

	 
	 	 	 	 
	Section 3.1 Payment Account

	 	 	12	 
	 
	 	 	 	 
	ARTICLE IV

	 
	 	 	 	 
	DISTRIBUTIONS; REDEMPTION

	 
	 	 	 	 
	Section 4.1 Distributions

	 	 	12	 
	Section 4.2 Redemption

	 	 	13	 
	Section 4.3 Ranking of Trust Securities

	 	 	15	 
	Section 4.4 Payment Procedures

	 	 	15	 
	Section 4.5 Tax Returns and Reports

	 	 	15	 
	Section 4.6 Payment of Expenses of the Issuer Trust

	 	 	16	 
	Section 4.7 Payment of Taxes, Duties, Etc. of the Trust

	 	 	16	 
	Section 4.8 Payments under Indenture or Pursuant to Direct Actions

	 	 	16	 
	Section 4.9 Exchanges

	 	 	16	 
	 
	 	 	 	 
	ARTICLE V

	 
	 	 	 	 
	TRUST SECURITIES CERTIFICATES

	 
	 	 	 	 
	Section 5.1 Initial Ownership

	 	 	17	 
	Section 5.2 The Trust Securities Certificates

	 	 	17	 

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	 	 	Page
	Section 5.3 Execution and Delivery of Trust Securities Certificates

	 	 	17	 
	Section 5.4 Registration of Transfer and Exchange of Capital Securities Certificates

	 	 	17	 
	Section 5.5 Mutilated, Destroyed, Lost or Stolen Trust Securities Certificates

	 	 	19	 
	Section 5.6 Persons Deemed Holders

	 	 	19	 
	Section 5.7 Access to List of Holders’ Names and Addresses

	 	 	19	 
	Section 5.8 Maintenance of Office or Agency

	 	 	19	 
	Section 5.9 Appointment of Paying Agent

	 	 	19	 
	Section 5.10 Ownership of Common Securities by Depositor

	 	 	20	 
	Section 5.11 Book-Entry Capital Securities Certificates; Common Securities Certificate

	 	 	20	 
	Section 5.12 Notices to Clearing Agency

	 	 	21	 
	Section 5.13 Definitive Capital Securities Certificates

	 	 	21	 
	Section 5.14 Rights of Holders; Waivers of Past Defaults

	 	 	21	 
	Section 5.15 CUSIP Numbers

	 	 	23	 
	 
	 	 	 	 
	ARTICLE VI

	 
	 	 	 	 
	ACTS OF HOLDERS; MEETINGS; VOTING

	 
	 	 	 	 
	Section 6.1 Limitations on Voting Rights

	 	 	23	 
	Section 6.2 Notice of Meetings

	 	 	24	 
	Section 6.3 Meetings of Holders of the Capital Securities

	 	 	24	 
	Section 6.4 Voting Rights

	 	 	24	 
	Section 6.5 Proxies, etc

	 	 	24	 
	Section 6.6 Holder Action by Written Consent

	 	 	24	 
	Section 6.7 Record Date for Voting and Other Purposes

	 	 	25	 
	Section 6.8 Acts of Holders

	 	 	25	 
	Section 6.9 Inspection of Records

	 	 	25	 
	 
	 	 	 	 
	ARTICLE VII

	 
	 	 	 	 
	REPRESENTATIONS AND WARRANTIES

	 
	 	 	 	 
	Section 7.1 Representations and Warranties of the Property Trustee and the Delaware Trustee

	 	 	26	 
	Section 7.2 Representations and Warranties of Depositor

	 	 	27	 
	 
	 	 	 	 
	ARTICLE VIII

	 
	 	 	 	 
	THE ISSUER TRUSTEES

	 
	 	 	 	 
	Section 8.1 Certain Duties and Responsibilities

	 	 	27	 
	Section 8.2 Certain Notices

	 	 	29	 
	Section 8.3 Certain Rights of Property Trustee

	 	 	29	 
	Section 8.4 Issuer Trustees Not Responsible for Recitals or Issuance of Securities

	 	 	31	 
	Section 8.5 Issuer Trustees May Hold Securities

	 	 	31	 
	Section 8.6 Compensation; Indemnity; Fees

	 	 	31	 
	Section 8.7 Corporate Property Trustee Required; Eligibility of Issuer Trustees

	 	 	32	 
	Section 8.8 Conflicting Interests

	 	 	32	 
	Section 8.9 Co-Trustees and Separate Trustee

	 	 	32	 
	Section 8.10 Resignation and Removal; Appointment of Successor

	 	 	33	 
	Section 8.11 Acceptance of Appointment by Successor

	 	 	34	 
	Section 8.12 Merger, Conversion, Consolidation or Succession to Business

	 	 	35	 
	Section 8.13 Preferential Collection of Claims Against Depositor or Issuer Trust

	 	 	35	 

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	 	 	Page
	Section 8.14 Trustee May File Proofs of Claim

	 	 	35	 
	Section 8.15 Reports by Property Trustee

	 	 	36	 
	Section 8.16 Reports to the Property Trustee

	 	 	36	 
	Section 8.17 Evidence of Compliance with Conditions Precedent

	 	 	36	 
	Section 8.18 Number of Issuer Trustees

	 	 	36	 
	Section 8.19 Delegation of Power

	 	 	36	 
	 
	 	 	 	 
	ARTICLE IX

	 
	 	 	 	 
	DISSOLUTION, LIQUIDATION AND MERGER

	 
	 	 	 	 
	Section 9.1 Dissolution Events

	 	 	37	 
	Section 9.2 Dissolution

	 	 	37	 
	Section 9.3 Liquidation

	 	 	37	 
	Section 9.4 Mergers, Consolidations, Amalgamations or Replacements of Issuer Trust

	 	 	38	 
	 
	 	 	 	 
	ARTICLE X

	 
	 	 	 	 
	MISCELLANEOUS PROVISIONS

	 
	 	 	 	 
	Section 10.1 Limitation of Rights of Holders

	 	 	39	 
	Section 10.2 Amendment

	 	 	39	 
	Section 10.3 Separability

	 	 	40	 
	Section 10.4 Governing Law

	 	 	40	 
	Section 10.5 Payments Due on Non-Business Day

	 	 	40	 
	Section 10.6 Successors

	 	 	41	 
	Section 10.7 Headings

	 	 	41	 
	Section 10.8 Reports, Notices and Demands

	 	 	41	 
	Section 10.9 Agreement Not to Petition

	 	 	42	 
	Section 10.10 Trust Indenture Act; Conflict with Trust Indenture Act

	 	 	42	 
	Section 10.11 Acceptance of Terms of Trust Agreement, Guarantee Agreement and Indenture

	 	 	42	 
	Section 10.12 Counterparts

	 	 	42	 
	Section 10.13 Waiver of Jury Trial

	 	 	42	 
	Section 10.14 Force Majeure

	 	 	43	 

Exhibit A — Certificate of Trust

Exhibit B — Form of Common Securities Certificate

Exhibit C — Form of Capital Securities Certificate

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     AMENDED AND RESTATED DECLARATION OF TRUST AND TRUST AGREEMENT, dated as of December 11, 2009
among (i) SUPERIOR BANCORP, a Delaware corporation (including any successors or assigns, the
“Depositor”), (ii) THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., a national banking association
organized and existing under the laws of the United States of America, as property trustee (in such
capacity, the “Property Trustee”), (iii) BNY MELLON TRUST OF DELAWARE, a Delaware banking
corporation, as Delaware trustee (in such capacity, the “Delaware Trustee”), (iv) JAMES A. WHITE,
an individual, and WILLIAM H. CAUGHRAN, an individual, each of whose address is c/o Superior
Bancorp, 17 North Twentieth Street, Birmingham, Alabama 35243 (each, an “Administrative Trustee,”
and collectively, the “Administrative Trustees”) (the Property Trustee, the Delaware Trustee, and
the Administrative Trustees being referred to collectively as the “Issuer Trustees”), and (v) the
several Holders, as hereinafter defined.

WITNESSETH

     WHEREAS, the Depositor and certain of the Issuer Trustees have heretofore duly declared and
established a statutory trust (the “Issuer Trust”) pursuant to the Delaware Statutory Trust Act
(as hereinafter defined) by entering into that certain Declaration of Trust, dated as of December
9, 2009 (the “Original Trust Agreement”), and by the execution and filing with the Secretary of
State of the State of Delaware of the Certificate of Trust, filed on December 9, 2009, attached as
Exhibit A (the “Certificate of Trust”); and

     WHEREAS, the parties hereto desire to amend and restate the Original Trust Agreement in its
entirety as set forth herein to provide for, among other things, (i) the issuance of the Common
Securities by the Issuer Trust to the Depositor, (ii) the issuance of the Capital Securities by
the Issuer Trust pursuant to the Exchange Agreement, and (iii) the acquisition by the Issuer Trust
from the Depositor of all of the right, title and interest in the Debentures;

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

ARTICLE I

DEFINED TERMS

     Section 1.1 Definitions.

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

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

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

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

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

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

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     (f) the words “hereby,” “herein,” “hereof and “hereunder” and other words of similar import
refer to

this Trust Agreement as a whole and not to any particular Article, Section or other subdivision.

     “Act” has the meaning specified in Section 6.8.

     “Additional Amount” means, with respect to Trust Securities of a given Liquidation Amount
and/or a given period, the amount of Additional Interest (as defined in the Indenture) paid by the
Depositor on a Like Amount of Debentures for such period.

     “Additional Sums” has the meaning specified in Section 10.07 of the Indenture.

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

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

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

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

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

     “Bankruptcy Laws” has the meaning specified in Section 10.9.

     “Board of Directors” means the board of directors of the Depositor or a committee designated
by the board of directors of the Depositor (or any such committee), comprised of one or more
members of the board of directors of the Depositor or officers of the Depositor, or both.

     “Book-Entry Capital Securities Certificate” means a Capital Securities Certificate evidencing
ownership of Book-Entry Capital Securities.

     “Book-Entry Capital Security” means a Capital Security, the ownership and transfers of which
shall be made through book entries by a Clearing Agency as described in Section 5.11.

     “Business Day” means a day other than a Saturday, a Sunday, or any other day on which banking
institutions in New York, New York, Birmingham, Alabama, or Wilmington, Delaware are authorized or
required by law, regulation or executive order to remain closed or are customarily closed.

2

 

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

     “Capital Security” means an undivided beneficial interest in the assets of the Issuer Trust,
having a Liquidation Amount of $1,000 and having the rights provided therefor in this Trust
Agreement, including the right to receive Distributions and a Liquidation Distribution as provided
herein.

     “Certificate Depository Agreement” means the agreement among the Issuer Trust, the Paying
Agent and DTC, as the initial Clearing Agency, dated as of the Closing Date.

     “Certificate of Trust” has the meaning specified in the recitals hereof, as amended from
time to time.

     “Clearing Agency” means an organization registered as a “clearing agency” pursuant to Section
17A of the Exchange Act. DTC will be the initial Clearing Agency.

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

     “Closing Date” has the meaning specified in the Exchange Agreement.

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

     “Commission” means the Securities and Exchange Commission, as from time to time constituted,
created under the Exchange Act or, if at any time after the execution of this instrument such
Commission is not existing and performing the duties now assigned to it under the Trust Indenture
Act, then the body performing such duties at such time.

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

     “Common Security” means an undivided beneficial interest in the assets of the Issuer Trust,
having a Liquidation Amount of $1,000 and having the rights provided therefor in this Trust
Agreement, including the right to receive Distributions and a Liquidation Distribution as provided
herein.

     “Corporate Trust Office” means (i) when used with respect to the Property Trustee, the
designated office of the Property Trustee at which at any time its corporate trust business shall
be administered, which office at the date hereof is located at 505
North 20th  Street, Suite 950,
Birmingham, Alabama 35203, Attention: Corporate Trust Administration, or such other address as the
Property Trustee may designate from time to time by notice to the Holders and the Depositor, or the
principal corporate trust office of any successor Property Trustee (or such other address as such
successor Property Trustee may designate from time to time by notice to the Holders and the
Depositor), and (ii) when used with respect to the Debenture Trustee, the designated office of the
Debenture Trustee at which at any time its corporate trust business shall be administered, which
office at the date hereof is located at 505 North 20th Street, Suite 950, Birmingham,
Alabama 35203, Attention: Corporate Trust Administration, or such other address as the Debenture
Trustee may designate from time to time by notice to the holders of the Debentures and the
Depositor, or the principal corporate trust office of any successor Debenture Trustee (or such
other address as such successor Debenture Trustee may designate from time to time by notice to the
holders of the Debentures and the Depositor).

     “Debenture Event of Default” means any “Event of Default” specified in Section 5.01 of the
Indenture.

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

3

 

     “Debenture Trustee” means The Bank of New York Mellon Trust Company, N.A., a national banking
association, solely in its capacity as trustee pursuant to the Indenture and not in its individual
capacity, or its successor in interest in such capacity, or any successor trustee appointed as
provided in the Indenture.

     “Debentures” means the Depositor’s Fixed Rate Perpetual Junior Subordinated Debentures,
Series A, issued pursuant to the Indenture.

     “Definitive Capital Securities Certificates” means either or both (as the context requires)
of (i) Capital Securities Certificates issued as Book-Entry Capital Securities Certificates as
provided in Section 5.11, and (ii) Capital Securities Certificates issued in certificated, fully
registered form as provided in Section 5.13.

     “Delaware Statutory Trust Act” means Chapter 38 of Title 12 of the Delaware Code, 12 Del. C.
Section 3801 et seq., as it may be amended from time to time.

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

     “Depositor” has the meaning specified in the preamble to this Trust Agreement.

     “Depositor Affiliated Owner” has the meaning specified in Section 4.9.

     “Depositor Bankruptcy Event” means (i) the entry of a decree or order for relief in respect
of the Depositor by a court having jurisdiction in the premises in an involuntary case under the
Federal bankruptcy laws, as now or hereafter constituted, and the continuance of any such decree
or order unstayed and in effect for a period of 60 consecutive days or (ii) the commencement by
the Depositor of a voluntary case under the Federal bankruptcy laws, as now or hereafter
constituted, or the consent by the Depositor to the entry of a decree or order for relief in an
involuntary case under any such law.

     “Dissolution Event” has the meaning specified in Section 9.1.

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

     “Distribution
Period” means the period of time beginning on any Distribution Date and ending
on the day immediately preceding the next succeeding Distribution Date.

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

     “DTC” means The Depository Trust Company.

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

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

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

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

     (d) default in the performance, or breach, in any material respect, of any covenant or
warranty of the Issuer Trustees in this Trust Agreement (other than those specified in clause (b)
or (c) above) and continuation of

4

 

such default or breach for a period of 90 days after there has been given, by registered or
certified mail, to the Issuer Trustees and to the Depositor 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

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

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

     “Exchange Agreement” means the Exchange Agreement, dated as of December 11, 2009, among the
Trust, the Depositor and the United States Department of the Treasury.

     “Federal Reserve” means the Federal Reserve or its district reserve banks, as from time to
time constituted, or if at any time after the execution of this Trust Agreement the Federal
Reserve is not existing and performing the duties now assigned to it, then the body performing
such duties at such time.

     “Guarantee” means the Guarantee Agreement executed and delivered by the Depositor and The Bank
of New York Mellon Trust Company, N.A., as trustee, contemporaneously with the execution and
delivery of this Trust Agreement, for the benefit of the holders of the Capital Securities, as
amended from time to time.

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

     “Indenture” means the Junior Subordinated Indenture, dated as of December 11, 2009, between
the Depositor and the Debenture Trustee, as trustee, as supplemented by the First Supplemental
Indenture, dated as of December 11, 2009, between the Depositor and the Debenture Trustee, as
amended or supplemented from time to time.

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

     “Issuer Trust” means the Delaware statutory trust known as “Superior Capital Trust II” which
was created on December _, 2009 under the Delaware Statutory Trust Act pursuant to the Original
Trust Agreement and the filing of the Certificate of Trust, and continued pursuant to this Trust
Agreement.

     “Issuer Trustees” means, collectively, the Property Trustee, the Delaware Trustee, and the
Administrative Trustees.

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

     “Like Amount” means (a) with respect to a redemption of any Trust Securities, Trust
Securities having a Liquidation Amount equal to the principal amount of Debentures to be
contemporaneously redeemed in accordance with the Indenture, the proceeds of which will be used to
pay the Redemption Price of such Trust Securities, (b) with respect to a distribution of
Debentures to Holders of Trust Securities in connection with a dissolution or liquidation of the
Issuer Trust or an exchange of Debentures for Capital Securities pursuant to Section 4.9,
Debentures having a principal amount equal to the Liquidation Amount of the Trust Securities of
the Holder to whom such Debentures are distributed, and (c) with respect to any distribution of
Additional Amounts to Holders of Trust Securities, Debentures having a principal amount equal to
the Liquidation Amount of the Trust Securities in respect of which such distribution is made.

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

5

 

     “Liquidation Date” means the date of the liquidation of the Issuer Trust following the
dissolution of the Issuer Trust pursuant to Section 9.3.

     “Liquidation Distribution” has the meaning specified in Section 9.3(d).

     “Majority in Liquidation Amount of the Capital Securities” or “Majority in Liquidation Amount
of the Common Securities” means, except as provided by the Trust Indenture Act, Capital Securities
or Common Securities, as the case may be, representing more than 50% of the aggregate Liquidation
Amount of all then Outstanding Capital Securities or Common Securities, as the case may be.

     “Officers’ Certificate” means, with respect to any Person, a certificate signed by the
Chairman of the Board of Directors of such Person, a Vice Chairman of the Board of Directors of
such Person, the President or a Vice President, and by the Treasurer, an Assistant Treasurer, the
Secretary or an Assistant Secretary, of such Person. Any Officers’ Certificate delivered with
respect to compliance with a condition or covenant provided for in this Trust Agreement shall
include:

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

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

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

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

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

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

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

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

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

     (c) Trust Securities that have been paid or in exchange for or in lieu of which other Capital
Securities have been executed and delivered pursuant to Sections 5.4, 5.5, 5.11 and 5.13;

     provided, however, that in determining whether the Holders of the requisite Liquidation
Amount of the Outstanding Capital Securities have given any request, demand, authorization,
direction, notice, consent or waiver hereunder, Capital Securities owned by the Depositor, any
Issuer Trustee, or any Affiliate of the Depositor or any Issuer Trustee shall be disregarded and
deemed not to be Outstanding, except that (a) in determining whether any Issuer Trustee shall be
protected in relying upon any such request, demand, authorization, direction, notice, consent or
waiver, only Capital Securities that such Issuer Trustee actually knows (or, in the case of the
Property Trustee or the Delaware Trustee, that a Responsible Officer of such Issuer Trustee
actually knows) to be so owned shall be so disregarded, and (b) the foregoing shall not apply at
any time when all of the outstanding Capital Securities are

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owned by the Depositor, one or more of the Issuer Trustees, and/or any such Affiliate. Capital
Securities so owned that have been pledged in good faith may be regarded as Outstanding if the
pledgee establishes to the satisfaction of the Administrative Trustees the pledgee’s right so to
act with respect to such Capital Securities and that the pledgee is not the Depositor or any
Affiliate of the Depositor.

     “Owner” means each Person who is the beneficial owner of Book-Entry Capital Securities as
reflected in the records of the Clearing Agency or, if a Clearing Agency Participant is not the
Owner, then as reflected in the records of a Person maintaining an account with such Clearing
Agency (directly or indirectly, in accordance with the rules of such Clearing Agency).

     “Paying Agent” means any paying agent or co-paying agent appointed pursuant to Section 5.9
and shall initially be the Property Trustee.

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

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

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

     “Redemption Date” means, with respect to any Trust Security to be redeemed, the date fixed
for such redemption by or pursuant to this Trust Agreement; provided that each Debenture
Redemption Date shall be a Redemption Date for a Like Amount of Trust Securities.

     “Redemption Price” means, with respect to any Trust Security, the Liquidation Amount of such
Trust Security, plus accumulated and unpaid Distributions to the Redemption Date, plus the related
amount of the premium, if any, calculated and paid by the Depositor upon the concurrent redemption
of a Like Amount of Debentures.

     “Relevant Trustee” shall have the meaning specified in Section 8.10.

     “Responsible Officer” means, with respect to the Property Trustee and the Delaware Trustee,
any officer within the corporate trust department of such Issuer Trustee, including any vice
president, assistant vice president, assistant secretary, assistant treasurer, trust officer or
any other officer of such Issuer Trustee who customarily performs functions similar to those
performed by the Persons who at the time shall be such officers, respectively, or to whom any
corporate trust matter is referred because of such person’s knowledge of and familiarity with the
particular subject and who shall have direct responsibility for the administration of this Trust
Agreement.

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

     “Securities Register” and “Securities Registrar” have the respective meanings specified in
Section 5.4.

     “Series A Preferred Stock” means the Fixed Rate Cumulative Perpetual Preferred Stock, Series
A, $1,000 liquidation preference per share, of the Depositor.

     “Transfer” has the meaning specified in Section 5.4.

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     “Trust Agreement” means this Amended and Restated Declaration of Trust and Trust Agreement, as
the same may be modified, amended or supplemented in accordance with the applicable provisions
hereof, including (i) all exhibits, and (ii) for all purposes of this Trust Agreement and any such
modification, amendment or supplement, the provisions of the Trust Indenture Act that are deemed to
be a part of and govern this Trust Agreement and any such modification, amendment or supplement,
respectively.

     “Trust Indenture Act” means the Trust Indenture Act of 1939 as in force at the date as of
which this instrument was executed; provided, however, that in the event the Trust Indenture Act
of 1939 is amended after such date, “Trust Indenture Act” means, to the extent required by any
such amendment, the Trust Indenture Act of 1939 as so amended.

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

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

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

     “Vice President,” when used with respect to the Depositor, means any duly appointed vice
president, whether or not designated by a number or a word or words added before or after the
title “vice president.”

ARTICLE II

CONTINUATION OF THE ISSUER TRUST

     Section 2.1 Name.

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

     Section 2.2 Office of the Delaware Trustee; Principal Place of Business.

     The address of the Delaware Trustee in the State of Delaware is White Clay Center, Route 273,
Newark, Delaware 19711, Attention: Corporate Trust Administration, or such other address in the
State of Delaware as the Delaware Trustee may designate by written notice to the Depositor, the
Property Trustee and the Administrative Trustees. The principal executive office of the Issuer
Trust is c/o Superior Bancorp, 17 North Twentieth Street, Birmingham, Alabama 35203, Attention:
Superior Capital Trust II.

     Section 2.3 Initial Contribution of Trust Property; Organizational Expenses.

     The Issuer Trustees acknowledge receipt from the Depositor in connection with the Original
Trust Agreement of the sum of $10, which constituted the initial Trust Property. The Depositor
shall pay organizational expenses of the Issuer Trust as they arise or shall, upon request of any
Issuer Trustee, promptly reimburse such Issuer Trustee for any such expenses paid by such Issuer
Trustee. The Depositor shall make no claim upon the Trust Property for the payment of such
expenses.

     Section 2.4 Issuance of the Capital Securities.

     On December 11, 2009, the Depositor, both on its own behalf and on behalf of the Issuer Trust
pursuant to the Original Trust Agreement, executed and delivered the Exchange Agreement (such
action being hereby approved

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and ratified in all respects). Contemporaneously with the execution and delivery of this Trust
Agreement, an Administrative Trustee, on behalf of the Trust, shall execute in accordance with
Section 5.3 and deliver to the Investor named in the Exchange Agreement a Capital Securities
Certificate, registered in the name of the Investor or its nominee, in an aggregate amount of
69,000 Capital Securities having an aggregate Liquidation Amount of $69,000,000, against delivery
of 69,000 shares of Series A Preferred Stock, having an aggregate liquidation preference of
$69,000,000, which such Administrative Trustee shall promptly deliver to the Property Trustee.

     Section 2.5 Issuance of the Common Securities; Subscription and Purchase of Debentures.

     Contemporaneously with the execution and delivery of this Trust Agreement, an Administrative
Trustee, on behalf of the Issuer Trust, shall execute in accordance with Section 5.3 and deliver
to the Depositor Common Securities Certificates, registered in the name of the Depositor, in an
aggregate amount Common Securities having an aggregate Liquidation Amount of $100,000 against
payment by the Depositor of the purchase price therefor in immediately available funds, which
amount such Administrative Trustee shall promptly deliver to the Property Trustee.
Contemporaneously therewith, an Administrative Trustee, on behalf the Issuer Trust, shall
subscribe to and purchase from the Depositor Debentures registered in the name of the Issuer Trust
and having an aggregate principal amount equal to $69,100,000 and shall deliver or cause to be
delivered to the Depositor the purchase price therefor (being (i) the Series A Preferred Stock
delivered to the Property Trustee pursuant to the second sentence of Section 2.4 and (ii) the
amount delivered to the Property Trustee pursuant to the first sentence of this Section 2.5).

     Section 2.6 Declaration of Trust.

     The exclusive purposes and functions of the Issuer Trust are (a) to issue and sell the Common
Securities and to issue the Capital Securities in exchange for the Series A Preferred Stock, (b)
to use the proceeds from such sale and exchange to acquire the Debentures, and (c) to engage in
those activities necessary, convenient or incidental thereto. The Depositor hereby appoints the
Issuer Trustees as trustees of the Issuer Trust, to have all the rights, powers and duties to the
extent set forth herein, and the Issuer Trustees hereby accept such appointment. The Property
Trustee hereby declares that it will hold the Trust Property upon and subject to the conditions
set forth herein for the benefit of the Issuer Trust and the Holders. The Administrative Trustees
shall have all rights, powers and duties set forth herein and in accordance with applicable law
with respect to accomplishing the purposes of the Issuer Trust. The Delaware Trustee shall not be
entitled to exercise any powers, nor shall the Delaware Trustee have any of the duties and
responsibilities of the Property Trustee or the Administrative Trustees, or any of the duties and
responsibilities of the Issuer Trustees generally, set forth herein. The Delaware Trustee shall be
one of the trustees of the Issuer Trust for the sole and limited purpose of fulfilling the
requirements of Section 3807(a) of the Delaware Statutory Trust Act and for taking such actions as
are required to be taken by a Delaware trustee under the Delaware Statutory Trust Act.

     Section 2.7 Authorization to Enter into Certain Transactions.

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

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

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

          (B) to cause the Issuer Trust to perform on behalf of the Issuer Trust the
Exchange Agreement and to cause the Issuer Trust to enter into, and to execute, deliver
and perform on behalf of the Issuer Trust the Certificate Depository Agreement, if
applicable, and such other agreements as may be necessary or desirable in connection
with the purposes and function of the Issuer Trust;

9

 

          (C) to the extent required under the Exchange Agreement, assisting in the registration of
the Capital Securities under the Securities Act and under state securities or blue sky laws,
and the qualification of this Trust Agreement under the Trust Indenture Act;

          (D) to the extent required under the Exchange Agreement, assisting in the listing of the
Capital Securities upon such securities exchange or exchanges as shall be determined by the
Depositor, with the registration of the Capital Securities under the Exchange Act, if
required, and with the preparation and filing of all periodic and other reports and other
documents pursuant to the foregoing;

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

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

          (G) to the extent provided in this Trust Agreement, the winding up of the affairs of and
liquidation of the Issuer Trust and the execution and filing of the certificate of
cancellation with the
Secretary of State of the State of Delaware;

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

          (I) execution and delivery of closing certificates, if any, pursuant to the Exchange
Agreement and application for a taxpayer identification number for the Issuer Trust;

          (J) unless otherwise determined by the Depositor, the Property Trustee, or the
Administrative Trustees or as otherwise required by the Delaware Statutory Trust Act or the
Trust Indenture Act, to execute on behalf of the Issuer Trust (either acting alone or together
with any or all of the Administrative Trustees) any documents that the Administrative Trustees
have the power to execute pursuant to this Trust Agreement; and

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

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

          (A) the establishment of the Payment Account;

          (B) the receipt of the Debentures;

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

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

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

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

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

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

          (I) after an Event of Default (other than under paragraph (b), (c), (d) or (e) of
the definition of such term if such Event of Default is by or with respect to the
Property Trustee) the taking of any action incidental to the foregoing as the Property
Trustee may from time to time determine is necessary or advisable to give effect to the
terms of this Trust Agreement and protect and conserve the Trust Property for the
benefit of the Holders (without consideration of the effect of any such action on any
particular Holder); and

          (J) except as otherwise provided in this Section 2.7(a)(ii), the Property Trustee
shall have none of the duties, liabilities, powers or the authority of the
Administrative Trustees set forth in Section 2.7(a)(i).

     (b) So long as this Trust Agreement remains in effect, the Issuer Trust (or the Issuer
Trustees acting on behalf of the Issuer Trust) shall not undertake any business, activities or
transactions except as expressly provided herein or contemplated hereby. In particular, the Issuer
Trustees (acting on behalf of the Issuer Trust) shall not cause the Trust to (i) acquire any
investments or engage in any activities not authorized by this Trust Agreement, (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 to cause the Issuer Trust to become taxable as a corporation or
classified as other than a grantor trust for United States Federal or State income tax purposes,
(iv) incur any indebtedness for borrowed money or issue any other debt, (v) take or consent to any
action that would result in the placement of a Lien on any of the Trust Property, (vi) invest any
proceeds received by the Issuer Trust from holding the Debentures, but shall distribute all such
proceeds to Holders of Trust Securities pursuant to the terms of this Trust Agreement and of the
Trust Securities, (vii) acquire any assets other than the Trust Property, (viii) possess any power
or otherwise act in such a way as to vary the Trust Property, (ix) possess any power or otherwise
act in such a way as to vary the terms of the Trust Securities in any way whatsoever (except to the
extent expressly authorized in this Trust Agreement or by the terms of the Trust Securities) or (x)
issue any securities or other evidences of beneficial ownership of, or beneficial interest in, the
Issuer Trust other than the Trust Securities. The Property Trustee shall 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 Issuer Trust or the Holders in their capacity as Holders.

     (c) In connection with the issuance of the Capital Securities in exchange for the Series A
Preferred Stock, the Depositor shall have the right and responsibility to assist the Issuer Trust
with respect to, or effect on behalf of the Issuer Trust, the following (and any actions taken by
the Depositor in furtherance of the following prior to the date of this Trust Agreement are hereby
ratified and confirmed in all respects):

          (i) if appropriate, the preparation and filing by the Issuer Trust with the
Commission of and
the execution on behalf of the Issuer Trust of a registration statement on the appropriate
form in relation to the Capital Securities, including any amendments thereto;

          (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 that must be taken by or on behalf of the Issuer Trust,
and the advice to the Issuer Trust of actions they must take on behalf of the Issuer Trust,
and the preparation for execution and filing of any documents to be executed and filed by
the Issuer Trust or on behalf of the Issuer Trust, as the Depositor deems necessary or
advisable in order to comply with the applicable laws of any such states;

          (iii) if appropriate, the preparation for filing by the Issuer Trust and execution on
behalf of the Issuer Trust of an application to the New York Stock Exchange or any other
national stock exchange or the Nasdaq National Market or any other automated quotation
system for listing upon notice of issuance of any Capital Securities and filing with such
exchange or self-regulatory organization such notification and documents as may be
necessary from time to time to maintain such listing;

11

 

          (iv) the negotiation of the terms of, and the execution and delivery of, the
Exchange Agreement providing for the issuance of the Capital Securities; and

          (v) 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 Administrative Trustees are
authorized and

directed to conduct the affairs of the Issuer Trust and to operate the Issuer Trust so that the
Issuer Trust will not be deemed to be an “investment company” required to be registered under the
Investment Company Act, and will not be taxable as a corporation or classified as other than a
grantor trust for United States Federal or State income tax purposes and so that the Debentures
will be treated as indebtedness of the Depositor for tax purposes. In this connection, the
Depositor and the Administrative Trustees are authorized to take any action, not inconsistent with
applicable law, the Certificate of Trust or this Trust Agreement, that they determine in their
discretion to be necessary or desirable for such purposes, as long as such action does not
adversely affect in any material respect the interests of the Holders of the Outstanding Capital
Securities. In no event shall the Depositor or the Issuer Trustees be liable to the Issuer Trust or
the Holders for any failure to comply with this section that results from a change in law or
regulation or in the interpretation thereof.

     Section 2.8 Assets of Trust.

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

     Section 2.9 Title to Trust Property.

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

ARTICLE III

PAYMENT ACCOUNT

     Section 3.1 Payment Account.

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

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

ARTICLE IV

DISTRIBUTIONS; REDEMPTION

     Section 4.1 Distributions.

     (a) The Trust Securities represent undivided beneficial interests in the Trust
Property, and
Distributions (including of Additional Amounts) will be made on the Trust Securities at the rate
and on the dates that

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payments of interest (including Additional Interest, as defined in the Indenture) are made on the
Debentures. Accordingly:

          (i) Distributions on the Trust Securities shall be cumulative, and will accumulate
whether or
not there are funds of the Trust available for the payment of Distributions. Distributions
shall accrue from February 15, 2010 and, except in the event (and to the extent) that the
Depositor exercises its right to defer the payment of interest on the Debentures pursuant
to the Indenture, shall be payable quarterly in arrears on each February 15, May 15,
August 15 and November 15 of each year, commencing on February 15, 2010. If any date on
which a Distribution is otherwise payable on the Trust Securities is not a Business Day,
then the payment of such Distribution shall be made on the next succeeding day that is a
Business Day (and without any interest or other payment in respect of any such delay),
with the same force and effect as if made on the date on which such payment was originally
payable (each date on which distributions are payable in accordance with this Section
4.1(a), a “Distribution Date”).

          (ii) In the event (and to the extent) that the Depositor exercises its right under the
Indenture
to defer the payment of interest on the Debentures, Distributions on the Trust Securities shall be
deferred
but shall continue to accumulate. Distributions on the Trust Securities shall be payable at a rate
of
(A) 5.00% per annum of the Liquidation Amount of the Trust Securities for the period from and
including
December 11, 2009 to but excluding February 15, 2014 and (B) 9.00% per annum of
the Liquidation Amount of the Trust Securities thereafter. The amount of Distributions payable
for any full quarterly period shall be computed on the basis of a 360-day year of twelve
30-day months. The amount of Distributions for any partial period shall be computed on the
basis of a 360-day year of twelve 30-day months and the actual number of days elapsed in a
partial month in that period. The amount of Distributions payable for any period shall
include the Additional Amounts, if any.

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

     (b) Distributions on the Trust Securities with respect to a Distribution Date shall be
payable to the
Holders thereof as they appear on the Securities Register for the Trust Securities at the close
of business on the relevant record date for such Distribution Date, which shall be the last day,
whether or not a Business Day, of the month immediately preceding the Distribution Date.
Distributions payable on any Trust Securities that are not punctually paid on any Distribution
Date will cease to be payable to the Person in whose name such Trust Securities are registered on
the relevant record date, and such defaulted Distribution will instead be payable to the Person
in whose name such Trust Securities are registered on the special record date or other specified
date for determining Holders entitled to such defaulted interest established in accordance with
the Indenture.

     Section 4.2 Redemption.

     (a) On each Debenture Redemption Date, the Issuer Trust will be required to redeem a Like
Amount of Trust Securities at the Redemption Price.

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

          (i) the Redemption Date;

          (ii) the Redemption Price or if the Redemption Price cannot be calculated prior to
the time the notice is required to be sent, the estimate of the Redemption Price together
with a statement that it is an estimate and that the actual Redemption Price will be
calculated on the third Business Day prior to the

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Redemption Date (and if an estimate is provided, a further notice shall be sent of the
actual Redemption Price on the date that such Redemption Price is calculated);

          (iii) the CUSIP number or CUSIP numbers of the Capital Securities affected;

          (iv) if less than all the Outstanding Trust Securities are to be redeemed, the
identification and the aggregate Liquidation Amount of the particular Trust Securities to be
redeemed;

          (v) that on the Redemption Date the Redemption Price will become due and payable
upon
each such Trust Security to be redeemed and that Distributions thereon will cease to accrue
on and after said date, except as provided in Section 4.2(d) below; and

          (vi) if the Capital Securities are not in book-entry-only form, the place or
places where the Capital Securities Certificates are to be surrendered for the payment of
the Redemption Price.

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

     (d) If the Property Trustee gives a notice of redemption in respect of any Capital
Securities, then, by 12:00 noon, New York City time, on the Redemption Date, subject to Section
4.2(c), the Property Trustee will, with respect to Book-Entry Capital Securities, irrevocably
deposit with the Clearing Agency for such Book-Entry Capital Securities, to the extent available
therefor in the Payment Account, funds sufficient to pay the applicable Redemption Price and will
give such Clearing Agency irrevocable instructions and authority to pay the Redemption Price to
the Holders of the Capital Securities. With respect to Capital Securities that are not Book-Entry
Capital Securities, the Property Trustee, subject to Section 4.2(c), will irrevocably deposit with
the Paying Agent, to the extent available therefor in the Payment Account, funds sufficient to pay
the applicable Redemption Price and will give the Paying Agent irrevocable instructions and
authority to pay the Redemption Price to the Holders of the Capital Securities upon surrender of
their Capital Securities Certificates. Notwithstanding the foregoing, Distributions payable on or
prior to the Redemption Date for any Trust Securities called for redemption shall be payable to
the Holders of such Trust Securities as they appear on the Securities Register for the Trust
Securities on the relevant record dates for the related Distribution Dates. If notice of
redemption shall have been given and funds deposited as required, then upon the date of such
deposit, all rights of Holders holding Trust Securities so called for redemption will cease,
except the right of such Holders to receive the Redemption Price and any Distribution payable in
respect of the Trust Securities on or prior to the Redemption Date, but without interest, and such
Trust Securities will cease to be outstanding. In the event that any date on which any Redemption
Price is payable is not a Business Day, then payment of the Redemption Price payable on such date
will be made on the next succeeding day that is a Business Day (without any interest or other
payment in respect of any such delay), with the same force and effect as if made on such date. In
the event that payment of the Redemption Price in respect of any Trust Securities called for
redemption is improperly withheld or refused and not paid either by the Issuer Trust or by the
Depositor pursuant to the Guarantee, Distributions on such Trust Securities will continue to
accumulate, as set forth in Section 4.1, from the Redemption Date originally established by the
Issuer Trust for such Trust Securities to the date such Redemption Price is actually paid, in
which case the actual payment date will be the date fixed for redemption for purposes of
calculating the Redemption Price.

     (e) Subject to Section 4.3(a), if less than all the Outstanding Trust Securities are to be
redeemed on a Redemption Date, the Property Trustee shall select the particular Capital Securities
to be redeemed not more than 60 days prior to the Redemption Date from the Outstanding Capital
Securities not previously called for redemption by any method the Property Trustee deems
appropriate, provided that so long as the Capital Securities are in book-entry-only form, such
selection shall be made in accordance with the customary procedures for the Clearing Agency for
the Capital Securities. The Property Trustee shall promptly notify the Securities Registrar in
writing of the Capital Securities selected for redemption and, in the case of any Capital
Securities selected for partial redemption, the Liquidation Amount thereof to be redeemed. For all
purposes of this Trust Agreement, unless the context otherwise requires, all provisions relating
to the redemption of Capital Securities shall relate, in the case of any

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Capital Securities redeemed or to be redeemed only in part, to the portion of the aggregate
Liquidation Amount of Capital Securities that has been or is to be redeemed.

     Section 4.3 Ranking of Trust Securities.

     (a) Payment of Distributions (including any Additional Amounts) on, the Redemption Price of,
and the Liquidation Distribution in respect of, the Trust Securities, as applicable, shall be
made, subject to Section 4.2(e), pro rata among the Common Securities and the Capital Securities
based on the Liquidation Amount; provided, however, that if on any Distribution Date, Redemption
Date or Liquidation Date any Event of Default resulting from a Debenture Event of Default
specified in Section 5.01(1) or 5.01(2) of the Indenture shall have occurred and be continuing, no
payment of any Distribution (including any Additional Amounts) on, Redemption Price of, or
Liquidation Distribution in respect of, any Common Security, and no other payment on account of
the redemption, liquidation or other acquisition of Common Securities, shall be made unless
payment in full in cash of all accumulated and unpaid Distributions (including any Additional
Amounts) 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, or in the case
of payment of the Liquidation Distribution the full amount of such Liquidation Distribution on all
Outstanding Capital Securities, shall have been made or provided for, and all funds immediately
available to the Property Trustee shall first be applied to the payment in full in cash of all
Distributions (including any Additional Amounts) on, or the Redemption Price of, the Capital
Securities then due and payable.

     (b) In the case of the occurrence of any Event of Default resulting from any Debenture Event
of Default, the Holders of the Common Securities shall have no right to act with respect to any
such Event of Default under this Trust Agreement until the effect of all such Events of Default
with respect to the Capital Securities have been cured, waived or otherwise eliminated. Until all
such Events of Default under this Trust Agreement with respect to the Capital Securities have been
so cured, waived or otherwise eliminated, the Property Trustee shall act solely on behalf of the
Holders of the Capital Securities and not on behalf of the Holders of the Common Securities, and
only the Holders of the Capital Securities will have the right to direct the Property Trustee to
act on their behalf.

     Section 4.4 Payment Procedures.

     Payments of Distributions (including any Additional Amounts) in respect of the Capital
Securities shall, subject to the next succeeding sentence, be made by check mailed to the address
of the Person entitled thereto as such address shall appear on the Securities Register or, if the
Capital Securities are held by a Clearing Agency, such Distributions shall be made to the Clearing
Agency in immediately available funds. A Holder of $1,000,000 or more in aggregate Liquidation
Amount of Capital Securities may receive payments of Distributions (including any Additional
Amounts) by wire transfer of immediately available funds upon written request to the Property
Trustee not later than the last day, whether or not a Business Day, of the month immediately
preceding the relevant Distribution Date. Payments in respect of the Common Securities shall be
made in such manner as shall be mutually agreed between the Property Trustee and the Holders of
the Common Securities.

     Section 4.5 Tax Returns and Reports.

     The Administrative Trustees shall prepare (or cause to be prepared), at the Depositor’s
expense, and file all United States Federal and any other state and local tax and information
returns and reports required to be filed by or in respect of the Issuer Trust. In this regard, the
Administrative Trustees shall (a) prepare and file (or cause to be prepared and filed) all
Internal Revenue Service and state tax forms required to be filed in respect of the Issuer Trust
in each taxable year of the Issuer Trust, and (b) prepare and furnish (or cause to be prepared and
furnished) to each Holder all Internal Revenue Service or state tax forms required to be provided
by the Issuer Trust. The Administrative Trustees shall provide the Depositor and the Property
Trustee with a copy of all such returns and reports promptly after such filing or furnishing. The
Issuer Trustees shall comply with United States Federal and State withholding and backup
withholding tax laws and information reporting requirements with respect to any payments to
Holders under the Trust Securities.

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     Section 4.6 Payment of Expenses of the Issuer Trust.

     The Depositor shall pay to the Issuer Trust, and reimburse the Issuer Trust for, the full
amount of any costs, expenses or liabilities of the Issuer Trust (other than obligations of the
Issuer Trust to pay the Holders of any Capital Securities or other similar interests in the Issuer
Trust the amounts due such Holders pursuant to the terms of the Capital Securities or such other
similar interests, as the case may be), including, without limitation, any taxes, duties or other
governmental charges of whatever nature (other than withholding taxes) imposed on the Issuer Trust
by the United States or any other taxing authority. Such payment obligation includes any such
costs, expenses or liabilities of the Issuer Trust that are required by applicable law to be
satisfied in connection with a dissolution of the Issuer Trust.

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

     Upon receipt under the Debentures of Additional Sums, the Property Trustee shall promptly pay
any taxes, duties or governmental charges of whatsoever nature (other than withholding taxes)
imposed on the Trust; provided, however, that under no circumstances shall the Property Trustee
have any liability for such sums, including non-receipt of any Additional Sums under the
Debentures.

     Section 4.8 Payments under Indenture or Pursuant to Direct Actions.

     Any amount payable hereunder to any Holder of Capital Securities (or any Owner with respect
thereto) shall be reduced by the amount of any corresponding payment such Holder (or Owner) has
directly received pursuant to Section 5.08 of the Indenture or Section 5.14 of this Trust
Agreement.

     Section 4.9 Exchanges.

     (a) If at any time the Depositor or any of its Affiliates (in either case, a “Depositor
Affiliated Owner”) is the Owner or owner of any Capital Securities, such Depositor Affiliated
Owner shall have the right to deliver to the Property Trustee all or such portion of its Capital
Securities as it elects and receive, in exchange therefor, a Like Amount of Debentures. Such
election (i) shall be exercisable by such Depositor Affiliated Owner delivering to the Property
Trustee a written notice of such election specifying the Liquidation Amount of the Capital
Securities with respect to which such election is being made and the date on which such exchange
shall occur, which shall not be a date following the record date for any Distribution and prior to
the Distribution Date for such Distribution and (ii) shall be conditioned upon such Depositor
Affiliated Owner having delivered or caused to be delivered to the Property Trustee or its
designee the Capital Securities which are the subject of such election by 10:00 A.M. New York
time, on the date on which such exchange is to occur. After the exchange, such Capital Securities
will be cancelled and will no longer be deemed to be Outstanding and all rights of the Depositor
or its Affiliate(s) with respect to such Capital Securities, including accumulated but unpaid
Distributions thereon, will cease. In the event such Capital Securities are Book-Entry Capital
Securities, upon such exchange the Property Trustee, in its capacity as Securities Registrar,
shall cause an annotation to be made on the Book-Entry Capital Securities Certificate or
Certificates evidencing such Book-Entry Capital Securities to evidence the reduction in the
liquidation amount thereof resulting from such cancellation.

     (b) Notwithstanding anything else in this Trust Agreement to the contrary, in order to
effectuate the exchanges contemplated by this Section 4.9, the Issuer Trust is hereby authorized
to execute, deliver and perform, and the Depositor or any Administrative Trustee on behalf of the
Issuer Trust, acting singly or collectively, is hereby authorized to execute and deliver on behalf
of the Issuer Trust, an exchange agreement, cancellation letter, and any and all other documents,
agreements, or certificates contemplated by or related to the exchanges made pursuant to this
Section 4.9, in each case without further vote or approval of any other Person.

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ARTICLE V

TRUST SECURITIES CERTIFICATES

     Section 5.1 Initial Ownership.

     Upon the formation of the Issuer Trust and the contribution by the Depositor pursuant to
Section 2.3 and until the issuance of the Trust Securities, and at any time during which no Trust
Securities are outstanding, the Depositor shall be the sole beneficial owner of the Issuer Trust.

     Section 5.2 The Trust Securities Certificates.

     The Capital Securities Certificates shall be issued in minimum denominations of $1,000
Liquidation Amount and integral multiples of $1,000 in excess thereof, and the Common Securities
Certificates shall be issued in denominations of $1,000 Liquidation Amount and integral multiples
thereof. The Trust Securities Certificates shall be (i) executed on behalf of the Issuer Trust by
manual or facsimile signature of at least one Administrative Trustee and, if executed on behalf of
the Issuer Trust by facsimile, countersigned by the Securities Registrar or its agent and (ii)
authenticated by the Property Trustee by manual or facsimile signature of an authorized signatory
thereof and, if executed by such authorized signatory of the Property Trustee by facsimile,
countersigned by the Securities Registrar or its agent. Trust Securities Certificates bearing the
manual signatures of individuals who were, at the time when such signatures shall have been
affixed, authorized to sign on behalf of the Issuer Trust or the Property Trustee or, if executed
on behalf of the Issuer Trust or the Property Trustee by facsimile, countersigned by the Securities
Registrar or its agent, shall be validly issued and entitled to the benefits of this Trust
Agreement, notwithstanding that such individuals or any of them shall have ceased to be so
authorized prior to the delivery of such Trust Securities Certificates or did not hold such offices
at the date of delivery of such Trust Securities Certificates. A transferee of a Trust Securities
Certificate shall become a Holder, and shall be entitled to the rights and subject to the
obligations of a Holder hereunder, upon due registration of such Trust Securities Certificate in
such transferee’s name pursuant to Sections 5.4, 5.11 and 5.13.

     Section 5.3 Execution and Delivery of Trust Securities Certificates.

     At the Closing Date, the Administrative Trustees shall cause Trust Securities Certificates,
in an aggregate Liquidation Amount as provided in Sections 2.4 and 2.5, to be executed on behalf
of the Issuer Trust and delivered to or upon the written order of the Depositor, such written
order executed by one authorized officer thereof, without further corporate action by the
Depositor, in authorized denominations.

     Section 5.4 Registration of Transfer and Exchange of Capital Securities Certificates.

     The Depositor shall keep or cause to be kept, at the office or agency maintained pursuant to
Section 5.8, a register or registers for the purpose of registering Trust Securities Certificates
and transfers and exchanges of Capital Securities Certificates (the “Securities Register”) in which
the transfer agent and registrar designated by the Depositor (the “Securities Registrar”), subject
to such reasonable regulations as it may prescribe, shall provide for the registration of Capital
Securities Certificates and Common Securities Certificates (subject to Section 5.10 in the case of
the Common Securities Certificates) and registration of transfers and exchanges of Capital
Securities Certificates as herein provided. The Property Trustee shall be the initial Securities
Registrar. The provisions of Sections 8.1, 8.3 and 8.6 herein shall apply to the Property Trustee
in its role as Securities Registrar, for so long as the Property Trustee shall act as Securities
Registrar.

     Upon surrender for registration of transfer of any Capital Securities Certificate at the
office or agency maintained pursuant to Section 5.8, the Administrative Trustees or any one of
them shall execute on behalf of the Issuer Trust (and if executed on behalf of the Issuer Trust by
a facsimile signature, such certificate shall be countersigned by the Securities Registrar or its
agent) and deliver, in the name of the designated transferee or transferees, one or more new
Capital Securities Certificates in authorized denominations of a like aggregate Liquidation Amount
dated the date of execution by such Administrative Trustee or Trustees. The Securities

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Registrar shall not be required to register the transfer of any Capital Securities that have been
called for redemption during a period beginning at the opening of business 15 days before the day
of selection for such redemption.

     At the option of a Holder, Capital Securities Certificates may be exchanged for other Capital
Securities Certificates in authorized denominations of the same class and of a like aggregate
Liquidation Amount upon surrender of the Capital Securities Certificates to be exchanged at the
office or agency maintained pursuant to Section 5.8.

     Every Capital Securities Certificate presented or surrendered for registration of transfer or
exchange shall be accompanied by a written instrument of transfer in form satisfactory to an
Administrative Trustee and the Securities Registrar duly executed by the Holder or his attorney
duly authorized in writing. Each Capital Securities Certificate surrendered for registration of
transfer or exchange shall be canceled and subsequently disposed of by an Administrative Trustee
or the Securities Registrar in accordance with such Person’s customary practice.

     No service charge shall be made for any registration of transfer or exchange of Capital
Securities Certificates, but the Securities Registrar may require payment of a sum sufficient to
cover any tax or governmental charge that may be imposed in connection with any transfer or
exchange of Capital Securities Certificates.

     The Capital Securities will initially bear a legend to the following effect:

     “THE SECURITIES REPRESENTED BY THIS INSTRUMENT ARE NOT SAVINGS ACCOUNTS, DEPOSITS OR OTHER
OBLIGATIONS OF A BANK AND ARE NOT INSURED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION OR ANY
OTHER GOVERNMENTAL AGENCY.

     THE SECURITIES REPRESENTED BY THIS INSTRUMENT HAVE NOT BEEN REGISTERED UNDER THE SECURITIES
ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR THE SECURITIES LAWS OF ANY STATE AND MAY NOT BE
TRANSFERRED, SOLD OR OTHERWISE DISPOSED OF EXCEPT WHILE A REGISTRATION STATEMENT RELATING THERETO
IS IN EFFECT UNDER SUCH ACT AND APPLICABLE STATE SECURITIES LAWS OR PURSUANT TO AN EXEMPTION FROM
REGISTRATION UNDER SUCH ACT OR SUCH LAWS. EACH PURCHASER OF THE SECURITIES REPRESENTED BY THIS
INSTRUMENT IS NOTIFIED THAT THE SELLER MAY BE RELYING ON THE EXEMPTION FROM SECTION 5 OF THE
SECURITIES ACT PROVIDED BY RULE 144A THEREUNDER. ANY TRANSFEREE OF THE SECURITIES REPRESENTED BY
THIS INSTRUMENT BY ITS ACCEPTANCE HEREOF (1) REPRESENTS THAT IT IS A “QUALIFIED INSTITUTIONAL
BUYER” (AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT), (2) AGREES THAT IT WILL NOT OFFER, SELL
OR OTHERWISE TRANSFER THE SECURITIES REPRESENTED BY THIS INSTRUMENT EXCEPT (A) PURSUANT TO A
REGISTRATION STATEMENT WHICH IS THEN EFFECTIVE UNDER THE SECURITIES ACT, (B) FOR SO LONG AS THE
SECURITIES REPRESENTED BY THIS INSTRUMENT ARE ELIGIBLE FOR RESALE PURSUANT TO RULE 144A, TO A
PERSON IT REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” AS DEFINED IN RULE 144A UNDER
THE SECURITIES ACT THAT PURCHASES FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QUALIFIED
INSTITUTIONAL BUYER TO WHOM NOTICE IS GIVEN THAT THE TRANSFER IS BEING MADE IN RELIANCE ON RULE
144A, (C) TO THE ISSUER OR (D) PURSUANT TO ANY OTHER AVAILABLE EXEMPTION FROM THE REGISTRATION
REQUIREMENTS OF THE SECURITIES ACT AND (3) AGREES THAT IT WILL GIVE TO EACH PERSON TO WHOM THE
SECURITIES REPRESENTED BY THIS INSTRUMENT ARE TRANSFERRED A NOTICE SUBSTANTIALLY TO THE EFFECT OF
THIS LEGEND.”

     In the event that any Capital Securities (i) become registered under the Securities Act or
(ii) are eligible to be transferred without restriction in accordance with Rule 144 or another
exemption from registration under the Securities Act (other than Rule 144A), the Administrative
Trustees, or any one of them, on behalf of the Issuer Trust, shall execute and make available for
delivery, in exchange for the Capital Securities Certificate evidencing such Capital Securities
and bearing such legend, Capital Securities Certificate which shall not contain such legend, and
the Property Trustee shall authenticate such Capital Securities Certificate; provided that that
Holder surrenders to the Issuer Trustee the previously issued certificates. Subject to compliance
with applicable securities laws, the initial Holder shall be permitted to transfer, sell, assign
or otherwise dispose of (“Transfer”) all or a portion of the

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Capital Securities at any time, and the Depositor and the Administrative Trustees, on behalf of
the Issuer Trust, shall take all steps as may reasonably be requested by the initial Holder to
facilitate the Transfer of the Capital Securities.

     Section 5.5 Mutilated, Destroyed, Lost or Stolen Trust Securities Certificates.

     If (a) any mutilated Trust Securities Certificate shall be surrendered to the Securities
Registrar, or if the Securities Registrar shall receive evidence to its satisfaction of the
destruction, loss or theft of any Trust Securities Certificate, and (b) there shall be delivered to
the Securities Registrar and the Administrative Trustees such security or indemnity as may be
required by them to save each of them harmless, then in the absence of notice that such Trust
Securities Certificate shall have been acquired by a protected purchaser, the Administrative
Trustees, or any one of them, on behalf of the Issuer Trust shall execute and make available for
delivery, in exchange for or in lieu of any such mutilated, destroyed, lost or stolen Trust
Securities Certificate, a new Trust Securities Certificate of like class, tenor and denomination.
In connection with the issuance of any new Trust Securities Certificate under this Section 5.5, the
Administrative Trustees or the Securities Registrar may require the payment of a sum sufficient to
cover any tax or other governmental charge that may be imposed in connection therewith. Any
duplicate Trust Securities Certificate issued pursuant to this Section shall constitute conclusive
evidence of an undivided beneficial interest in the assets of the Issuer Trust corresponding to
that evidenced by the lost, stolen or destroyed Trust Securities Certificate, as if originally
issued, whether or not the lost, stolen or destroyed Trust Securities Certificate shall be found at
any time.

     Section 5.6 Persons Deemed Holders.

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

     Section 5.7 Access to List of Holders’ Names and Addresses.

     Each Holder and each Owner shall be deemed to have agreed not to hold the Depositor, the
Property Trustee, the Delaware Trustee or the Administrative Trustees accountable by reason of the
disclosure of its name and address, regardless of the source from which such information was
derived.

     Section 5.8 Maintenance of Office or Agency.

     The Administrative Trustees shall designate an office or offices or agency or agencies where
Capital Securities Certificates may be surrendered for registration of transfer or exchange and
where notices and demands to or upon the Issuer Trustees in respect of the Trust Securities
Certificates may be served. The Administrative Trustees initially designate The Bank of New York
Mellon Trust Company, N.A., 505 North 20th Street, Suite 950, Birmingham, Alabama
35203, Attention: Corporate Trust Administration, as its office and agency for such purposes. The
Administrative Trustee shall give prompt written notice to the Depositor, the Property Trustees
and to the Holders of any change in the location of the Securities Register or any such office or
agency.

     Section 5.9 Appointment of Paying Agent.

     The Paying Agent shall make Distributions to Holders from the Payment Account and shall
report the amounts of such Distributions to the Property Trustee and the Administrative Trustees.
Any Paying Agent shall have the revocable power to withdraw funds from the Payment Account solely
for the purpose of making the Distributions referred to above. The Property Trustee may revoke
such power and remove the Paying Agent in its sole discretion. The Paying Agent shall initially be
the Property Trustee. Any Person acting as Paying Agent shall be permitted to resign as Paying
Agent upon 30 days’ written notice to the Administrative Trustees and the Property Trustee. If the
Property Trustee shall no longer be the Paying Agent or a successor Paying Agent shall resign or
its authority to act be revoked, the Administrative Trustees shall appoint a successor (which
shall be a bank or trust company) that is reasonably acceptable to the Property Trustee and the
Depositor to act as Paying Agent. Such successor Paying Agent or any additional Paying Agent shall
execute and deliver to the Issuer Trustees an

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instrument in which such successor Paying Agent or additional Paying Agent shall agree with the
Issuer Trustees that as Paying Agent, such successor Paying Agent or additional Paying Agent will
hold all sums, if any, held by it for payment to the Holders in trust for the benefit of the
Holders entitled thereto until such sums shall be paid to such Holders. The Paying Agent shall
return all unclaimed funds to the Property Trustee and upon removal of a Paying Agent such Paying
Agent shall also return all funds in its possession to the Property Trustee. The provisions of
Sections 8.1, 8.3 and 8.6 herein shall apply to the Property Trustee in its role as Paying Agent,
for so long as the Property Trustee shall act as Paying Agent and, to the extent applicable, to
any other paying agent appointed hereunder. Any reference in this Agreement to the Paying Agent
shall include any co-paying agent unless the context requires otherwise.

     Section 5.10 Ownership of Common Securities by Depositor.

     At the Closing Date, the Depositor shall acquire, and thereafter shall retain, beneficial and
record ownership of the Common Securities. To the fullest extent permitted by law, other than a
transfer in connection with a consolidation or merger of the Depositor into another Person, or any
conveyance, transfer or lease by the Depositor of its properties and assets substantially as an
entirety to any Person, pursuant to Section 8.01 of the Indenture, any attempted transfer of the
Common Securities shall be void. The Administrative Trustees shall cause each Common Securities
Certificate issued to the Depositor to contain a legend consistent with this Section 5.10.

     Section 5.11 Book-Entry Capital Securities Certificates; Common Securities Certificate.

     (a) The Capital Securities Certificates, when exchanged for new Capital Securities
Certificates
pursuant to the last paragraph of Section 5.4 not bearing the legend required by such
Section, may be issued in the
form of a typewritten Capital Securities Certificate or Certificates representing Book-Entry
Capital Securities
Certificates, to be delivered to, or on behalf of, DTC, the initial Clearing Agency, by, or
on behalf of, the Issuer
Trust. Such Capital Securities Certificate or Certificates shall initially be registered on
the Securities Register in the
name of Cede & Co., the nominee of the initial Clearing Agency, and no Owner will receive a
Definitive Capital
Securities Certificate representing such Owner’s interest in such Capital Securities, except
as provided in
Section 5.13. Unless and until Definitive Capital Securities Certificates have been issued to
Owners pursuant to
Section 5.13:

          (i) the provisions of this Section 5.11(a) shall be in full force and effect;

          (ii) the Securities Registrar and the Trustees shall be entitled to deal with the
Clearing Agency for all purposes of this Trust Agreement relating to the Book-Entry Capital
Securities Certificates (including the payment of the Liquidation Amount of and
Distributions on the Capital Securities evidenced by Book-Entry Capital Securities
Certificates and. the giving of instructions or directions to Owners of Capital Securities
evidenced by Book-Entry Capital Securities Certificates) as the sole Holder of Capital
Securities evidenced by Book-Entry Capital Securities Certificates and shall have no
obligations to the Owners thereof;

          (iii) to the extent that the provisions of this Section 5.11 conflict with any other
provisions of this Trust Agreement, the provisions of this Section 5.11 shall control; and

          (iv) the rights of the Owners of the Book-Entry Capital Securities Certificate shall
be exercised only through the Clearing Agency and shall be limited to those established by
law and agreements between such Owners and the Clearing Agency and/or the Clearing Agency
Participants. Pursuant to the Certificate Depository Agreement, unless and until Definitive
Capital Securities Certificates are issued pursuant to Section 5.13, the initial Clearing
Agency will make book-entry transfers among the Clearing Agency Participants and receive
and transmit payments on the Capital Securities to such Clearing Agency Participants.

     (b) A single Common Securities Certificate representing the Common Securities shall be issued
to the
Depositor in the form of a definitive Common Securities Certificate.

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     Section 5.12 Notices to Clearing Agency.

     To the extent that a notice or other communication to the Holders is required under this
Trust Agreement, for so long as Capital Securities are represented by a Book-Entry Capital
Securities Certificates, the Administrative Trustees and the Issuer Trustee shall give all such
notices and communications specified herein to be given to the Clearing Agency, and shall have no
obligations to the Owners.

     Section 5.13 Definitive Capital Securities Certificates.

     The Capital Securities Certificates will initially be issued in the form of Definitive Capital
Securities Certificates. If, after the exchange of Definitive Capital Securities Certificates for
Book-Entry Capital Securities Certificates as contemplated by the first paragraph of Section
5.11(a), (a) the Depositor advises the Issuer Trustees in writing that the Clearing Agency is no
longer willing or able to properly discharge its responsibilities with respect to the Capital
Securities Certificates, and the Depositor is unable to locate a qualified successor, (b) the
Depositor at its option advises the Issuer Trustees in writing that it elects to terminate the
book-entry system through the Clearing Agency or (c) after the occurrence of a Debenture Event of
Default, Owners of Capital Securities Certificates representing beneficial interests aggregating at
least a majority of the Liquidation Amount advise the Administrative Trustees in writing that the
continuation of a book-entry system through the Clearing Agency is no longer in the best interest
of the Owners of Capital Securities Certificates, then the Administrative Trustees shall notify the
other Issuer Trustees and the Clearing Agency, and the Clearing Agency, in accordance with its
customary rules and procedures, shall notify all Clearing Agency Participants for whom it holds
Capital Securities of the occurrence of any such event and of the availability of the Definitive
Capital Securities Certificates to Owners of such class or classes, as applicable, requesting the
same. Upon surrender to the Administrative Trustees of the typewritten Capital Securities
Certificate or Certificates representing the Book-Entry Capital Securities Certificates by the
Clearing Agency, accompanied by registration instructions, the Administrative Trustees, or any one
of them, shall execute the Definitive Capital Securities Certificates in accordance with the
instructions of the Clearing Agency, if executed on behalf of the Issuer Trust by facsimile,
countersigned by the Securities Registrar or its agent. Neither the Securities Registrar nor the
Trustees shall be liable for any delay in delivery of such instructions and may conclusively rely
on, and shall be protected in relying on, such instructions. Upon the issuance of Definitive
Capital Securities Certificates, the Issuer Trustees shall recognize the Holders of the Definitive
Capital Securities Certificates as holders of Trust Securities. The Definitive Capital Securities
Certificates shall be typewritten, printed, lithographed or engraved or may be produced in any
other manner as is reasonably acceptable to the Administrative Trustees that meets the requirements
of any stock exchange or automated quotation system on which the Capital Securities are then listed
or approved for trading, as evidenced by the execution thereof by the Administrative Trustees or
any one of them.

     Section 5.14 Rights of Holders; Waivers of Past Defaults.

     (a) The legal title to the Trust Property is vested exclusively in the Property Trustee (in
its capacity as such) in accordance with Section 2.9, and the Holders shall not have any right or
title therein other than the undivided beneficial interest in the assets of the Issuer Trust
conferred by their Trust Securities and they shall have no right to call for any partition or
division of property, profits or rights of the Issuer Trust except as described below. The Trust
Securities shall be personal property giving only the rights specifically set forth therein and in
this Trust Agreement. The Trust Securities shall have no preemptive or similar rights and when
issued and delivered to Holders against payment of the purchase price therefor will be fully paid
and, to the fullest extent permitted by applicable law, nonassessable by the Issuer Trust. The
Holders of the Trust Securities, in their capacities as such, shall be entitled to the same
limitation of personal liability extended to stockholders of private corporations for profit
organized under the General Corporation Law of the State of Delaware.

     (b) For so long as any Capital Securities remain Outstanding, if, upon a Debenture 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 as set forth in the Indenture, the Property Trustee or the Holders of
at least 25% in Liquidation Amount of the Capital Securities then Outstanding shall have the right
to make such declaration by a notice in writing to the Depositor, the Debenture Trustee and the
Property Trustee, in the case of notice by the Holders of the Capital Securities, or to the
Depositor, the Debenture Trustee and the Holders of the Capital Securities, in the case of notice
by the Property Trustee; and

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upon any such declaration such principal amount and the accrued interest on all of the Debentures
shall become immediately due and payable, provided that the payment of principal, interest and
premium, if any, on such Debentures shall remain subordinated to the extent provided in the
Indenture.

     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 in the Indenture provided, the Holders of at least a Majority in Liquidation Amount of
the Capital Securities, by written notice to the Property Trustee, the Depositor and the Debenture
Trustee, may rescind and annul such declaration and its consequences if:

          (i) the Depositor 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 (as defined in the Indenture) on all of the
Debentures,

          (C) the principal of (an premium, if any, on) any Debentures that have become due
otherwise then by such declaration of acceleration and interest and Additional Interest
as defined in the Indenture) 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 Property 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 5.13 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 under the Indenture,
except a default in the payment of principal or interest (unless such 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 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 Property 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 Property Trustee
receives such notice. The Holders on such record date, or their duly designated proxies, and only
such Persons, shall be entitled to join in such notice, whether or not such Holders remain Holders
after such record date; provided that, unless such declaration of acceleration, or rescission and
annulment, as the case may be, shall have become effective by virtue of the requisite percentage
having joined in such notice prior to the day that is 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 5.14(b).

     (c) For so long as any Capital Securities remain Outstanding, to the fullest extent
permitted by law
and subject to the terms of this Trust Agreement and the Indenture, upon a Debenture Event of
Default specified in Section 5.01(1) or 5.01(2) of the Indenture, any Holder of Capital Securities
shall have the right to institute a proceeding directly against the Depositor, pursuant to Section
5.08 of the Indenture, for enforcement of payment to such Holder of any amounts payable in respect
of Debentures having an aggregate principal amount equal to the

22

 

aggregate Liquidation Amount of the Capital Securities of such Holder (a “Direct Action”). Except
as set forth in Section 5.14(b) and this Section 5.14(c), the Holders of Capital Securities shall
have no right to exercise directly any right or remedy available to the holders of, or in respect
of, the Debentures.

     (d) Except as otherwise provided in paragraphs (a), (b) and (c) of this Section 5.14, 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 Trust
Agreement, but no such waiver shall extend to any subsequent or other default or Event of Default
or impair any right consequent thereon.

     Section 5.15 CUSIP Numbers.

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

ARTICLE VI

ACTS OF HOLDERS; MEETINGS; VOTING

     Section 6.1 Limitations on Voting Rights.

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

     (b) So long as any Debentures are held by the Property Trustee on behalf of the Issuer Trust,
the Issuer Trustees shall not (i) direct the time, method and place of conducting any proceeding
for any remedy available to the Debenture Trustee, or execute any trust or power conferred on the
Debenture Trustee with respect to the Debentures, (ii) waive any past default that may be waived
under Section 5.13 of 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 to any
amendment, modification or termination of the Indenture or the Debentures, where such consent
shall be required, without, in each case, obtaining the prior approval of the Holders of at least
a Majority in Liquidation Amount of the Capital Securities; provided, however, that where a
consent under the Indenture would require the consent of each holder of Debentures affected
thereby, no such consent shall be given by the Property Trustee without the prior written consent
of each Holder of Capital Securities. The Property Trustee shall not revoke any action previously
authorized or approved by a vote of the Holders of the Capital Securities, except by a subsequent
vote of the Holders of the Capital Securities. The Property Trustee shall notify all Holders of
the Capital Securities of any notice of default received with respect to the Debentures. In
addition to obtaining the foregoing approvals of the Holders of the Capital Securities, prior to
taking any of the foregoing actions, the Issuer Trustees shall, at the expense of the Depositor,
obtain an Opinion of Counsel experienced in such matters to the effect that such action shall not
cause the Issuer Trust to be taxable as a corporation or classified as other than a grantor trust
for United States Federal or State income tax purposes.

     (c) If any proposed amendment to the Trust Agreement provides for, or the Issuer Trustees
otherwise propose to effect, (i) any action that would adversely affect in any material respect
the powers, preferences or special rights of the Capital Securities, whether by way of amendment
to the Trust Agreement or otherwise, or (ii) the dissolution and winding-up of the Issuer Trust,
other than pursuant to the terms of this Trust Agreement, then

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the Holders of Outstanding Capital Securities as a class will be entitled to vote on such
amendment or proposal and such amendment or proposal shall not be effective except with the
approval of the Holders of at least a Majority in Liquidation Amount of the Capital Securities.
Notwithstanding any other provision of this Trust Agreement, no amendment to this Trust Agreement
may be made if, as a result of such amendment, it would cause the Issuer Trust to be taxable as a
corporation or classified as other than a grantor trust for United States Federal or State income
tax purposes.

     Section 6.2 Notice of Meetings.

     Notice of all meetings of the Holders of the Capital Securities, stating the time, place and
purpose of the meeting, shall be given by the Property Trustee pursuant to Section 10.8 to each
Holder of Capital Securities, at such Holder’s registered address, at least 15 days and not more
than 90 days before the meeting. At any such meeting, any business properly before the meeting may
be so considered whether or not stated in the notice of the meeting. Any adjourned meeting may be
held as adjourned without further notice.

     Section 6.3 Meetings of Holders of the Capital Securities.

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

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

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

     Section 6.4 Voting Rights.

     Holders shall be entitled to one vote for each $1,000 of Liquidation Amount represented by
their Outstanding Trust Securities in respect of any matter as to which such Holders are entitled
to vote.

     Section 6.5 Proxies, etc.

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

     Section 6.6 Holder Action by Written Consent.

     Any action that may be taken by Holders at a meeting may be taken without a meeting if
Holders holding at least a Majority in Liquidation Amount of all Capital Securities entitled to
vote in respect of such action (or such

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larger proportion thereof as shall be required by any other provision of this Trust Agreement)
shall consent to the action in writing.

     Section 6.7 Record Date for Voting and Other Purposes.

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

     Section 6.8 Acts of Holders.

     Any request, demand, authorization, direction, notice, consent, waiver or other action
provided or permitted by this Trust Agreement to be given, made or taken by Holders may be embodied
in and evidenced by one or more instruments of substantially similar tenor signed by such Holders
in person or by an agent duly appointed in writing; and, except as otherwise expressly provided
herein, such action shall become effective when such instrument or instruments are delivered to the
Property Trustee. Such instrument or instruments (and the action embodied therein and evidenced
thereby) are herein sometimes referred to as the “Act” of the Holders signing such instrument or
instruments. Proof of execution of any such instrument or of a writing appointing any such agent
shall be sufficient for any purpose of this Trust Agreement and (subject to Section 8.1) conclusive
in favor of the Issuer Trustees, if made in the manner provided in this Section.

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

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

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

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

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

     Section 6.9 Inspection of Records.

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

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ARTICLE VII

REPRESENTATIONS AND WARRANTIES

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

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

     (a) the Property Trustee is a national banking association vadily existing under the laws of
the United States of America;

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

     (c) the Delaware Trustee is a Delaware banking corporation;

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

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

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

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

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

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     Section 7.2 Representations and Warranties of Depositor.

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

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

     (b) there are no taxes, fees or other governmental charges payable by the Issuer Trust (or the
Issuer Trustees on behalf of the Issuer Trust) under the laws of the State of Delaware or any
political subdivision thereof in connection with the execution, delivery and performance by any
Issuer Trustee of this Trust Agreement.

ARTICLE VIII

THE ISSUER TRUSTEES

     Section 8.1 Certain Duties and Responsibilities.

     (a) The duties and responsibilities of the Issuer Trustees shall be as provided by this Trust
Agreement, subject to Section 10.10 hereof. Notwithstanding the foregoing, but subject to Section
8.1(c), no provision of this Trust Agreement shall require any of the Issuer Trustees to expend or
risk its or their own funds or otherwise incur any financial liability in the performance of any of
its or their duties hereunder, or in the exercise of any of its or their rights or powers, if it or
they shall have reasonable grounds for believing that repayment of such funds or adequate indemnity
against such risk or liability is not reasonably assured to it. Whether or not therein expressly so
provided, every provision of this Trust Agreement relating to the conduct or affecting the
liability of or affording protection to the Issuer Trustees shall be subject to the provisions of
this Section 8.1. To the extent that, at law or in equity, an Administrative Trustee has duties and
liabilities relating to the Issuer Trust or to the Holders, such Administrative Trustee shall not
be liable to the Issuer Trust or to any Holder for such Administrative Trustee’s good faith
reliance on the provisions of this Trust Agreement. The provisions of this Trust Agreement, to the
extent that they restrict the duties and liabilities of the Administrative Trustees otherwise
existing at law or in equity, are agreed by the Depositor and the Holders to replace such other
duties and liabilities of the Administrative Trustees.

     (b) All payments made by the Property Trustee or a Paying Agent in respect of the Trust
Securities shall be made only from the revenue and proceeds from the Trust Property and only to
the extent that there shall be sufficient revenue or proceeds from the Trust Property to enable
the Property Trustee or a Paying Agent to make payments in accordance with the terms hereof. Each
Holder, by its acceptance of a Trust Security, agrees that it will look solely to the revenue and
proceeds from the Trust Property to the extent legally available for distribution to it as herein
provided and that the Issuer Trustees are not personally liable to such Holder for any amount
distributable in respect of any Trust Security or for any other liability in respect of any Trust
Security. This Section 8.1(b) does not limit the liability of the Issuer Trustees expressly set
forth elsewhere in this Trust Agreement or, in the case of the Property Trustee, in the Trust
Indenture Act.

     (c) If an Event of Default has occurred and is continuing, the Property Trustee shall enforce
this Trust Agreement for the benefit of the Holders.

     (d) The Property Trustee, before the occurrence of any Event of Default and after the curing
of all Events of Default that may have occurred, shall undertake to perform only such duties as
are specifically set forth in this Trust Agreement (including pursuant to Section 10.10), and no
implied covenants shall be read into this Trust Agreement against the Property Trustee. If an
Event of Default has occurred (that has not been cured or waived pursuant to Section 5.14), the
Property Trustee shall exercise such of the rights and powers vested in it by this Trust
Agreement, and use the same degree of care and skill in its exercise thereof, as a prudent person
would exercise or use under the circumstances in the conduct of his or her own affairs.

27

 

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

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

          (A) the duties and obligations of the Property Trustee shall be determined solely
by the express provisions of this Trust Agreement (including pursuant to Section
10.10), and the Property Trustee shall not be liable except for the performance of such
duties and obligations as are specifically set forth in this Trust Agreement (including
pursuant to Section 10.10); and

          (B) in the absence of bad faith on the part of the Property Trustee, the Property
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
Property Trustee and conforming to the requirements of this Trust Agreement; but in the
case of any such certificates or opinions that by any provision hereof or of the Trust
Indenture Act are specifically required to be furnished to the Property Trustee, the
Property Trustee shall be under a duty to examine the same to determine whether or not
they conform to the requirements of this Trust Agreement (but need not confirm or
investigate the accuracy of any mathematical calculation or other facts stated
therein);

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

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

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

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

          (vi) subject to Section 8.1(c), no provision of this Trust Agreement shall require the
Property Trustee to expend or risk its own funds or otherwise incur personal financial
liability in the performance of any of its duties or in the exercise of any of its rights or
powers, if the Property Trustee shall have reasonable grounds for believing that the
repayment of such funds or liability is not reasonably assured to it under the terms of this
Trust Agreement or adequate indemnity against such risk or liability is not reasonably
assured to it.

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

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     Section 8.2 Certain Notices.

     Within ten days after the occurrence of any Event of Default actually known to the Property
Trustee, the Property Trustee shall transmit, in the manner and to the extent provided in Section
10.8, notice of such Event of Default to the Holders and the Administrative Trustees, unless such
Event of Default shall have been cured or waived.

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

     The Property Trustee shall not be deemed to have knowledge of any Event of Default unless the
Property Trustee shall have received written notice or a Responsible Officer of the Property
Trustee charged with the administration of this Trust Agreement shall have obtained actual
knowledge of such Event of Default.

     Section 8.3 Certain Rights of Property Trustee.

     Subject to the provisions of Section 8.1:

     (a) the Property Trustee may conclusively rely and shall be fully 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, consent, order, appraisal, bond,
debenture, note, other evidence of indebtedness or other paper or document believed by it to be
genuine and to have been signed or presented by the proper party or parties;

     (b) if (i) in performing its duties under this Trust Agreement the Property Trustee is
required to decide between alternative courses of action, (ii) in construing any of the provisions
of this Trust Agreement the Property Trustee finds the same ambiguous or inconsistent with any
other provisions contained herein, or (iii) the Property Trustee is unsure of the application of
any provision of this Trust Agreement, then, except as to any matter as to which the Holders of
the Capital Securities are entitled to vote under the terms of this Trust Agreement, the Property
Trustee shall deliver a notice to the Depositor requesting the Depositor’s opinion as to the
course of action to be taken and the Property Trustee shall take such action, or refrain from
taking such action, as the Property Trustee shall be instructed to take, or refrain from taking,
by the Depositor; provided, however, that if the Depositor fails to deliver such opinion within
ten Business Days after the Property Trustee has delivered such notice, or such reasonably shorter
period of time set forth in such notice (which to the extent practicable shall not be less than
two Business Days), the Property Trustee shall take such action, or refrain from taking such
action, not inconsistent with this Trust Agreement, as the Property Trustee may deem advisable and
in the best interests of the Holders, in which event the Property Trustee shall have no liability
except for its own negligence or willful misconduct;

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

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

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

     (f) the Property Trustee may consult with counsel of its selection (which counsel may be
counsel to the Depositor or any of its Affiliates, and may include any of its employees) and the
advice of such counsel shall be full and complete authorization and protection in respect of any
action taken, suffered or omitted by it hereunder in good faith and in reliance thereon and in
accordance with such advice; the Property Trustee shall have the right at

29

 

any time to seek instructions concerning the administration of this Trust Agreement from any court
of competent jurisdiction;

     (g) the Property Trustee shall be under no obligation to exercise any of the rights or
powers vested in
it by this Trust Agreement at the request or direction of any of the Holders pursuant to this
Trust Agreement, unless such Holders shall have offered to the Property Trustee security or
indemnity reasonably satisfactory to it against the costs, expenses and liabilities that might be
incurred by it in compliance with such request or direction; provided that nothing contained in
this Section 8.3(g) shall be taken to relieve the Property Trustee, upon the occurrence of an
Event of Default, of its obligation to exercise the rights and powers vested in it by this Trust
Agreement;

     (h) the Property Trustee shall not be bound to make any investigation into the facts or
matters stated
in any resolution, certificate, statement, instrument, opinion, report, notice, request, consent,
order, approval, bond, debenture, note or other evidence of indebtedness or other paper or
document, unless requested in writing to do so by one or more Holders, but the Property Trustee
may make such further inquiry or investigation into such facts or matters as it may see fit at the
expense of the Depositor and shall incur no liability of any kind by reason of such inquiry or
investigation;

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

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

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

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

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

     (n) The rights, privileges, protections, immunities and benefits given to the Property
Trustee,
including, without limitation, its right to be indemnified, are extended to, and shall be
enforceable by, the Property Trustee in each of its capacities hereunder, and each agent,
custodian and other Person employed to act hereunder.

     (o) In no event shall the Property Trustee be responsible or liable for special, indirect,
or
consequential loss or damage of any kind whatsoever (including, but not limited to, loss of profit)
irrespective of whether the Property Trustee has been advised of the likelihood of such loss or
damage and regardless of the form of action.

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

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     Section 8.4 Issuer Trustees Not Responsible for Recitals or Issuance of Securities.

     The recitals contained herein and in the Trust Securities Certificates shall be taken as the
statements of the Issuer Trust and the Depositor, and the Issuer Trustees do not assume any
responsibility for their correctness. The Issuer Trustees shall not be accountable for the use or
application by the Depositor of the proceeds of the Debentures.

     Section 8.5 Issuer Trustees May Hold Securities.

     Any Issuer Trustee or any other agent of any Issuer Trustee or the Issuer Trust, in its
individual or any other capacity, may become the owner or pledgee of Trust Securities and, subject
to Sections 8.8 and 8.13, and except as provided in the definition of the term “Outstanding” in
Article I, may otherwise deal with the Issuer Trust with the same rights it would have if it were
not Issuer Trustee or such other agent.

     Section 8.6 Compensation; Indemnity; Fees.

     The Depositor agrees:

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

     (b) except as otherwise expressly provided herein, to reimburse the Issuer Trustees upon
request for all reasonable expenses, disbursements and advances incurred or made by the Issuer
Trustees in accordance with any provision of this Trust Agreement (including the reasonable
compensation and the expenses and disbursements of their agents and counsel), except any such
expense, disbursement or advance as shall be determined to have been caused by their own negligence
or willful misconduct; and

     (c) to the fullest extent permitted by applicable law, to indemnify and hold harmless (i) each
Issuer Trustee, (ii) any Affiliate of any Issuer Trustee, (iii) any officer, director, shareholder,
employee, representative or agent of any Issuer Trustee, and (iv) any employee or agent of the
Issuer Trust (referred to herein as an “Indemnified Person”) from and against any loss, damage,
liability, tax, penalty, expense or claim of any kind or nature whatsoever incurred by such
Indemnified Person by reason of the creation, operation or dissolution of the Issuer Trust or any
act or omission performed or omitted by such Indemnified Person in good faith on behalf of the
Issuer Trust and in a manner such Indemnified Person reasonably believed to be within the scope of
authority conferred on such Indemnified Person by this Trust Agreement, except that no Indemnified
Person shall be entitled to be indemnified in respect of any loss, damage or claim incurred by such
Indemnified Person by reason of its own negligence or willful misconduct with respect to such acts
or omissions.

     The provisions of this Section 8.6 shall survive the termination of this Trust Agreement and
the removal or resignation of any Issuer Trustee.

     When the Property Trustee incurs expenses or renders services in connection with an Event of
Default under this Trust Agreement, 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.

     No Issuer Trustee may claim any Lien on any Trust Property as a result of any amount due
pursuant to this Section 8.6.

     The Depositor and any Issuer 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 Issuer Trust, and the Issuer Trust and the Holders of Trust Securities shall have
no rights by virtue of this Trust Agreement in and to such independent ventures or the income or
profits derived therefrom, and the pursuit of any such venture, even if

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competitive with the business of the Issuer Trust, shall not be deemed wrongful or improper.
Neither the Depositor nor any Issuer Trustee shall be obligated to present any particular
investment or other opportunity to the Issuer Trust even if such opportunity is of a character
that, if presented to the Issuer Trust, could be taken by the Issuer Trust, and the Depositor and
any Issuer 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
Issuer Trustee may engage or be interested in any financial or other transaction with the
Depositor or any Affiliate of the Depositor, or may act as depository for, trustee or agent for,
or act on any committee or body of holders of, securities or other obligations of the Depositor or
its Affiliates.

     Section 8.7 Corporate Property Trustee Required; Eligibility of Issuer Trustees.

     (a) There shall at all times be a Property Trustee hereunder with respect to the Trust
Securities. The Property Trustee shall be a Person that is a national or state chartered bank and
eligible pursuant to the Trust Indenture Act to act as such and that has a combined capital and
surplus of at least $50,000,000. If any such Person publishes reports of condition at least
annually, pursuant to law or to the requirements of its supervising or examining authority, then
for the purposes of this Section 8.7 and to the extent permitted by the Trust Indenture Act, the
combined capital and surplus of such Person shall be deemed to be its combined capital and surplus
as set forth in its most recent report of condition so published. If at any time the Property
Trustee with respect to the Trust Securities shall cease to be eligible in accordance with the
provisions of this Section 8.7, it shall resign immediately in the manner and with the effect
hereinafter specified in this Article VIII. At the time of appointment, the Property Trustee must
have securities rated in one of the three highest rating categories by a nationally recognized
statistical rating organization.

     (b) There shall at all times be one or more Administrative Trustees hereunder with respect to
the Trust Securities. Each Administrative Trustee shall be either a natural person who is at least
21 years of age or a legal entity that shall act through one or more persons authorized to bind
that entity.

     (c) There shall at all times be a Delaware Trustee with respect to the Trust Securities. The
Delaware Trustee shall either be (i) a natural person who is at least 21 years of age and a
resident of the State of Delaware, or (ii) a legal entity with its principal place of business in
the State of Delaware and that otherwise meets the requirements of applicable Delaware law and
that shall act through one or more persons authorized to bind such entity. In the event the
Delaware Trustee shall at any time be required to take any action or perform any duty hereunder
with respect to the Issuer Trust, the Delaware Trustee shall be entitled to all benefits,
protections and rights of the Property Trustee under Section 8.3.

     Section 8.8 Conflicting Interests.

     (a) If the Property Trustee has or shall acquire a conflicting interest within the meaning of
the Trust Indenture Act, the Property Trustee shall either eliminate such interest or resign, to
the extent and in the manner provided by, and subject to the provisions of, the Trust Indenture
Act and this Trust Agreement.

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

     Section 8.9 Co-Trustees and Separate Trustee.

     Unless and until a Debenture Event of Default shall have occurred and be continuing, at any
time or times, for the purpose of meeting the legal requirements of the Trust Indenture Act or of
any jurisdiction in which any part of the Trust Property may at the time be located, the Holder of
Common Securities and the Administrative Trustees shall have the power to appoint one or more
Persons either to act as co-trustee, jointly with the Property Trustee, of all or any part of such
Trust Property, or to the extent required by law to act as separate trustee of any such property,
in either case with such powers as may be provided in the instrument of appointment, and to vest in
such Person or Persons in the capacity aforesaid, any property, title, right or power deemed
necessary or desirable, subject to the other provisions of this Section. If a Debenture Event of
Default shall have occurred and be continuing, the Property Trustee shall have the sole power to so
appoint such a co-trustee or separate trustee, and upon the written request of

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the Property Trustee, the Depositor and the Administrative Trustees shall for such purpose join
with the Property Trustee in the execution, delivery, and performance of all instruments and
agreements necessary or proper to appoint, such co-trustee or separate trustee. Any co-trustee or
separate trustee appointed pursuant to this Section shall either be (i) a natural person who is at
least 21 years of age and a resident of the United States or (ii) a legal entity with its
principal place of business in the United States that shall act through one or more persons
authorized to bind such entity.

     Should any written instrument from the Depositor be required by any co-trustee or separate
trustee so appointed for more fully confirming to such co-trustee or separate trustee such
property, title, right, or power, any and all such instruments shall, on request, be executed,
acknowledged and delivered by the Depositor.

     Every co-trustee or separate trustee shall, to the extent permitted by law, but to such
extent only, be appointed subject to the following terms, namely:

     (a) The Trust Securities shall be executed by one or more Administrative Trustees, and the
Trust Securities shall be delivered by the Property Trustee, and all rights, powers, duties, and
obligations hereunder in respect of the custody of securities, cash and other personal property
held by, or required to be deposited or pledged with, the Property Trustee specified hereunder
shall be exercised solely by the Property Trustee and not by such co-trustee or separate trustee.

     (b) The rights, powers, duties, and obligations hereby conferred or imposed upon the Property
Trustee in respect of any property covered by such appointment shall be conferred or imposed upon
and exercised or performed by the Property Trustee or by the Property Trustee and such co-trustee
or separate trustee jointly, as shall be provided in the instrument appointing such co-trustee or
separate trustee, except to the extent that under any law of any jurisdiction in which any
particular act is to be performed, the Property Trustee shall be incompetent or unqualified to
perform such act, in which event such rights, powers, duties and obligations shall be exercised
and performed by such co-trustee or separate trustee.

     (c) The Property Trustee at any time, by an instrument in writing executed by it, with the
written concurrence of the Depositor, may accept the resignation of or remove any co-trustee or
separate trustee appointed under this Section 8.9, and, in case a Debenture Event of Default has
occurred and is continuing, the Property Trustee shall have power to accept the resignation of, or
remove, any such co-trustee or separate trustee without the concurrence of the Depositor. Upon the
written request of the Property Trustee, the Depositor shall join with the Property Trustee in the
execution, delivery and performance of all instruments and agreements necessary or proper to
effectuate such resignation or removal. A successor to any co-trustee or separate trustee so
resigning or removed may be appointed in the manner provided in this Section 8.9.

     (d) No co-trustee or separate trustee hereunder shall be personally liable by reason of any
act or omission of the Property Trustee or any other trustee hereunder.

     (e) The Property Trustee shall not be liable by reason of any act of a co-trustee or
separate trustee.

     (f) Any Act of Holders delivered to the Property Trustee shall be deemed to have been
delivered to each such co-trustee and separate trustee.

     Section 8.10 Resignation and Removal; Appointment of Successor.

     No resignation or removal of any Issuer Trustee (the “Relevant Trustee”) and no appointment
of a successor Issuer Trustee pursuant to this Article VIII shall become effective until the
acceptance of appointment by the successor Issuer Trustee in accordance with the applicable
requirements of Section 8.11.

     Subject to the immediately preceding paragraph, the Relevant Trustee may resign at any time by
giving written notice thereof to the Holders. If the instrument of acceptance by the successor
Issuer Trustee required by Section 8.11 shall not have been delivered to the Relevant Trustee
within 60 days after the giving of such notice of

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resignation, the Relevant Trustee may petition, at the expense of the Depositor, in the case of
the Property Trustee, any court of competent jurisdiction for the appointment of a successor
Relevant Trustee.

     The Administrative Trustees, or any of them, may be removed at any time by Act of the Holders
of Common Securities delivered to the Relevant Trustee.

     The Property Trustee or the Delaware Trustee, or both of them, may be removed by Act of the
Holders of at least a Majority in Liquidation Amount of the Capital Securities, delivered to the
Relevant Trustee (in its individual capacity and, in the case of the Property Trustee, on behalf of
the Issuer Trust) (i) for cause (including upon the occurrence of an Event of Default described in
subparagraph (d) of the definition thereof with respect to the Relevant Trustee), or (ii) at any
time if a Debenture Event of Default shall have occurred and be continuing. Unless and until a
Debenture Event of Default shall have occurred and be continuing, the Property Trustee or the
Delaware Trustee, or both of them, may be removed at any time by Act of the Holders of the Common
Securities.

     If any Issuer Trustee shall resign, be removed or become incapable of acting as an Issuer
Trustee, or if a vacancy shall occur in the office of any Issuer Trustee for any cause, at any time
when no Debenture Event of Default shall have occurred and be continuing, the Holders of the Common
Securities, by Act of such Holders delivered to the Relevant Trustee, shall promptly appoint such
successor Issuer Trustee or Trustees, and the Relevant Trustee shall comply with the applicable
requirements of Section 8.11. If the Property Trustee or Delaware Trustee shall resign, be removed
or become incapable of acting as Issuer Trustee, as the case may be and a Debenture Event of
Default shall have occurred and be continuing, the Holders of the Capital Securities, by Act of the
Holders of not less than 25% in aggregate Liquidation Amount of the Capital Securities then
Outstanding delivered to such Relevant Trustee, may appoint a successor Relevant Trustee or
Trustees, and such successor Issuer Trustee shall comply with the applicable requirements of
Section 8.11. If no successor Relevant Trustee shall have been so appointed by the Holders of the
Common Securities or Capital Securities, as the case may be, and accepted appointment in the manner
required by Section 8.11, any Holder, on behalf of such Holder and all others similarly situated,
or any other Issuer Trustee, may, at the expense of the Depositor, petition any court of competent
jurisdiction for the appointment of a successor Relevant Trustee.

     The Property Trustee shall give notice of each resignation and each removal of an Issuer
Trustee and each appointment of a successor Issuer Trustee to all Holders in the manner provided
in Section 10.8 and shall give notice to the Depositor and to the Administrative Trustees. Each
notice shall include the name of the successor Relevant Trustee and the address of its Corporate
Trust Office if it is the Property Trustee.

     Notwithstanding the foregoing or any other provision of this Trust Agreement, if any Delaware
Trustee who is a natural person dies or becomes, in the opinion of the Holders of the Common
Securities, incompetent or incapacitated, the vacancy created by such death, incompetence or
incapacity may be filled by the Property Trustee following the procedures regarding expenses and
charges set forth above (with the successor being a Person who satisfies the eligibility
requirement for the Delaware Trustee set forth in Section 8.7).

     Section 8.11 Acceptance of Appointment by Successor.

     In case of the appointment hereunder of a successor Relevant Trustee, the retiring Relevant
Trustee (if requested by the Depositor) and each successor Relevant Trustee with respect to the
Trust Securities shall execute and deliver an amendment hereto wherein each successor Relevant
Trustee shall accept such appointment and which (a) shall contain such provisions as shall be
necessary or desirable to transfer and confirm to, and to vest in, each successor Relevant Trustee
all the rights, powers, trusts and duties of the retiring Relevant Trustee with respect to the
Trust Securities and the Issuer Trust, and (b) shall add to or change any of the provisions of
this Trust Agreement as shall be necessary to provide for or facilitate the administration of the
Issuer Trust by more than one Relevant Trustee, it being understood that nothing herein or in such
amendment shall constitute such Relevant Trustees co-trustees and upon the execution and delivery
of such amendment the resignation or removal of the retiring Relevant Trustee shall become
effective to the extent provided therein and each such successor Relevant Trustee, without any
further act, deed or conveyance, other than the filing of an amendment to the Certificate of Trust
to the extent required under the Delaware Statutory Trust Act, shall become vested with all the
rights, powers, trusts and duties of the retiring Relevant Trustee; but, on request of the Issuer
Trust or any successor Relevant Trustee such retiring Relevant Trustee shall upon payment of its
charges hereunder duly assign, transfer and deliver

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to such successor Relevant Trustee all Trust Property, all proceeds thereof and money held by such
retiring Relevant Trustee hereunder with respect to the Trust Securities and the Issuer Trust.

     Upon request of any such successor Relevant Trustee, the Issuer Trust shall execute any and
all instruments for more fully and certainly vesting in and confirming to such successor Relevant
Trustee all such rights, powers and trusts referred to in the preceding paragraph.

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

     Section 8.12 Merger, Conversion, Consolidation or Succession to Business.

     Any Person into which the Property Trustee or the Delaware Trustee may be merged or converted
or with which it may be consolidated, or any Person resulting from any merger, conversion or
consolidation to which such Relevant Trustee shall be a party, or any Person, succeeding to all or
substantially all the corporate trust business of such Relevant Trustee, shall be the successor of
such Relevant Trustee hereunder, provided that such Person shall be otherwise qualified and
eligible under this Article VIII, without the execution or filing of any paper or any further act
on the part of any of the parties hereto, other than the filing of an amendment to the Certificate
of Trust to the extent required under the Delaware Statutory Trust Act.

     Section 8.13 Preferential Collection of Claims Against Depositor or Issuer Trust.

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

     Section 8.14 Trustee May File Proofs of Claim.

     In case of any receivership, insolvency, liquidation, bankruptcy, reorganization,
arrangement, adjustment, composition or other similar judicial proceeding relative to the Issuer
Trust or any other obligor upon the Trust Securities or the property of the Issuer Trust or of
such other obligor or their creditors, the Property Trustee (irrespective of whether any
Distributions on the Trust Securities shall then be due and payable and irrespective of whether
the Property Trustee shall have made any demand on the Issuer Trust for the payment of any past
due Distributions) shall be entitled and empowered, to the fullest extent permitted by law, by
intervention in such proceeding or otherwise:

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

     (b) to collect and receive any moneys or other property payable or deliverable on any such
claims and to distribute the same; and any custodian, receiver, assignee, trustee, liquidator,
sequestrator or other similar official in any such judicial proceeding is hereby authorized by
each Holder to make such payments to the Property Trustee and, in the event the Property Trustee
shall consent to the making of such payments directly to the Holders, to pay to the Property
Trustee any amount due it for the reasonable compensation, expenses, disbursements and advances of
the Property Trustee, its agents and counsel, and any other amounts due the Property Trustee.

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

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     Section 8.15 Reports by Property Trustee.

     (a) The Property Trustee shall transmit to Holders such reports concerning the Property
Trustee and its actions under this Trust Agreement as may be required pursuant to the Trust
Indenture Act at the times and in the manner provided pursuant thereto.

     (b) A copy of each such report shall, at the time of such transmission to Holders, be filed by
the Property Trustee with each national stock exchange, the Nasdaq National Market or such other
exchange, interdealer quotation system or self-regulatory organization upon which the Trust
Securities are listed or traded, with the Commission and with the Depositor. The Depositor will
notify the Property Trustee when the Trust Securities are listed or delisted on any stock exchange.

     Section 8.16 Reports to the Property Trustee.

     Each of the Depositor and the Administrative Trustees shall provide to the Property Trustee
such documents, reports and information as required by Section 314 of the Trust Indenture Act (if
any) and the compliance certificate required by Section 314(a) of the Trust Indenture Act in the
form, in the manner and at the times required by Section 314 of the Trust Indenture Act. The
Depositor and the Administrative Trustees shall annually file with the Property Trustee a
certificate specifying whether such Person is in compliance with all of the terms and covenants
applicable to such Person hereunder.

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

     Section 8.17 Evidence of Compliance with Conditions Precedent.

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

     Section 8.18 Number of Issuer Trustees.

     (a) The number of Issuer Trustees shall be five, unless the Property Trustee also acts as the
Delaware Trustee, in which case the number of Issuer Trustees may be three.

     (b) If an Issuer Trustee ceases to hold office for any reason, a vacancy shall occur. The
vacancy shall be filled with an Issuer Trustee appointed in accordance with Section 8.10.

     (c) The death, resignation, retirement, removal, bankruptcy, incompetence or incapacity to
perform the duties of an Issuer Trustee shall not operate to annul or dissolve the Issuer Trust.

     Section 8.19 Delegation of Power.

     (a) Any Administrative Trustee may, by power of attorney consistent with applicable law,
delegate to any other natural person over the age of 21 his or her power for the purpose of
executing any documents contemplated in Section 2.7(a) or making any governmental filing; and

     (b) The Administrative Trustees 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

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     Issuer Trust or the names of the Administrative Trustees or otherwise as the Administrative
Trustees may deem expedient, to the extent such delegation is not prohibited by applicable law or
contrary to the provisions of this Trust Agreement.

ARTICLE IX

DISSOLUTION, LIQUIDATION AND MERGER

     Section 9.1 Dissolution Events.

     The first to occur of any of the following events is a “Dissolution Event”:

     (a) the occurrence of a Depositor Bankruptcy Event in respect of, or the dissolution or
liquidation of, the Depositor, in its capacity as the Holder of the Common Securities, unless the
Depositor shall transfer the Common Securities as provided by Section 5.10, in which case this
provision shall refer instead to any such successor Holder of the Common Securities;

     (b) the written direction to the Property Trustee from all of the Holders of the Common
Securities at any time to dissolve the Issuer Trust and to distribute the Debentures to Holders in
exchange for the Capital Securities (which direction is optional and wholly within the discretion
of the Holders of the Common Securities);

     (c) the redemption of all of the Capital Securities in connection with the redemption or
repayment of all the Debentures; and

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

     Section 9.2 Dissolution.

     The respective obligations and responsibilities of the Issuer Trustees and the Issuer Trust
created and continued hereby shall terminate upon the latest to occur of the following: (a) the
distribution by the Property Trustee to Holders of all amounts required to be distributed
hereunder upon the liquidation of the Issuer Trust pursuant to Section 9.3, or upon the redemption
of all of the Trust Securities pursuant to Section 4.2; (b) the payment of any expenses owed by
the Issuer Trust; and (c) the discharge of all administrative duties of the Administrative
Trustees, including the performance of any tax reporting obligations with respect to the Issuer
Trust or the Holders.

     Section 9.3 Liquidation.

     (a) If a Dissolution Event specified in clause (a), (b) or (d) of Section 9.1 occurs, the
Issuer Trust shall

be liquidated by the Issuer Trustees as expeditiously as the Issuer Trustees determine to be
possible by distributing, after satisfaction of liabilities to creditors of the Issuer Trust as
provided by applicable law, to each Holder a Like Amount of Debentures, subject to Section 9.3(d).
Notice of liquidation shall be given by the Property Trustee by first-class mail, postage prepaid,
mailed not less than 30 nor more than 60 days prior to the Liquidation Date to each Holder of
Trust Securities at such Holder’s address appearing in the Securities Register. All such notices
of liquidation shall:

          (i) state the CUSIP Number of the Trust Securities;

          (ii) state the Liquidation Date;

          (iii) state that from and after the Liquidation Date, the Trust Securities will no
longer be deemed to be Outstanding and any Trust Securities Certificates not surrendered
for exchange will be deemed to represent a Like Amount of Debentures, or if Section 9.3(d)
applies, a right to receive a Liquidating Distribution; and

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          (iv) provide such information with respect to the mechanics by which Holders may
exchange Trust Securities Certificates for Debentures, or if Section 9.3(d) applies, receive
a Liquidation Distribution, as the Property Trustee (after consultation with the
Administrative Trustees) shall deem appropriate.

     (b) Except where Section 9.1(c) or 9.3(d) applies, in order to effect the liquidation of the
Issuer Trust and distribution of the Debentures to Holders, the Property Trustee, either itself
acting as exchange agent or through the appointment of a separate exchange agent, shall establish a
record date for such distribution (which shall be not more than 30 days prior to the Liquidation
Date) and, establish such procedures as it shall deem appropriate to effect the distribution of
Debentures in exchange for the Outstanding Trust Securities Certificates.

     (c) Except
where Section 9.1(c) or 9.3(d) applies, after the Liquidation Date, (i) the Trust
Securities will no longer be deemed to be Outstanding, (ii) certificates representing a Like
Amount of Debentures will be issued to Holders of Trust Securities Certificates, upon surrender of
such Certificates to the exchange agent for exchange, (iii) the Depositor shall use its best
efforts to have the Debentures listed on a national stock exchange, the Nasdaq National Market or
such other exchange, interdealer quotation system or self-regulatory organization as the Capital
Securities are then listed, (iv) any Trust Securities Certificates not so surrendered for exchange
will be deemed to represent a Like Amount of Debentures bearing accrued and unpaid interest in an
amount equal to the accumulated and unpaid Distributions on such Trust Securities Certificates
until such certificates are so surrendered (and until such certificates are so surrendered, no
payments of interest or principal will be made to Holders of Trust Securities Certificates with
respect to such Debentures) and (v) all rights of Holders holding Trust Securities will cease,
except the right of such Holders to receive Debentures upon surrender of Trust Securities
Certificates.

     (d) If, notwithstanding the other provisions of this Section 9.3, whether because of an order
for dissolution entered by a court of competent jurisdiction or otherwise, distribution of the
Debentures in the manner provided herein is determined by the Property Trustee not to be practical,
or if a Dissolution Event specified in Section 9.1(c) occurs, the Trust Property shall be
liquidated, and its affairs wound-up, by the Property Trustee in such manner as the Property
Trustee (after consultation with the Administrative Trustees) determines. In such event, Holders
will be entitled to receive out of the assets of the Issuer Trust available for distribution to
Holders, after satisfaction of liabilities to creditors of the Issuer Trust as provided by
applicable law, an amount equal to the Liquidation Amount per Trust Security plus accumulated and
unpaid Distributions thereon to the date of payment (such amount being the “Liquidation
Distribution”). If, upon any such winding up, the Liquidation Distribution can be paid only in part
because the Issuer Trust has insufficient assets available to pay in full the aggregate Liquidation
Distribution, then, subject to the next succeeding sentence, the amounts payable by the Issuer
Trust on the Trust Securities shall be paid on a pro rata basis (based upon Liquidation Amounts).
The Holders of the Common Securities will be entitled to receive Liquidation Distributions upon any
such winding-up pro rata (determined as aforesaid) with Holders of Capital Securities, except that,
if a Debenture Event of Default specified in Section 5.01(1) or 5.01(2) of the Indenture has
occurred and is continuing, the Capital Securities shall have a priority over the Common Securities
as provided in Section 4.3.

     Section 9.4 Mergers, Consolidations, Amalgamations or Replacements of Issuer Trust.

     The Issuer Trust may not merge with or into, consolidate, amalgamate, or be replaced by, or
convey, transfer or lease its properties and assets substantially as an entirety to any
corporation or other body, except pursuant to this Section 9.4 or Section 9.3. At the request of
the Holders of the Common Securities, with the consent of the Administrative Trustees, but without
the consent of the Holders of the Capital Securities, the Property Trustee or the Delaware
Trustee, the Issuer Trust may merge with or into, consolidate, amalgamate, or be replaced by or
convey, transfer or lease its properties and assets substantially as an entirety to a trust
organized as such under the laws of any state; provided, that (i) such successor entity either (a)
expressly assumes all of the obligations of the Issuer Trust with respect to the Capital
Securities, or (b) substitutes for the Capital Securities other securities having substantially
the same terms as the Capital Securities (the “Successor Securities”) so long as the Successor
Securities have the same priority as the Capital Securities with respect to distributions and
payments upon liquidation, redemption and otherwise, (ii) a trustee of such successor entity
possessing substantially the same powers and duties as the Property Trustee is appointed to hold
the Debentures, (iii) the Successor Securities are listed, or any Successor Securities will be
listed upon notice of issuance, on a national securities exchange, the Nasdaq National Market or
such other exchange, interdealer quotation system of self-regulatory organization as the Capital
Securities are then listed, if any, (iv) such merger, consolidation, amalgamation, replacement,
conveyance, transfer or lease does not

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cause the Capital Securities (including any Successor Securities) to be downgraded by any
nationally recognized statistical rating organization, (v) such merger, consolidation,
amalgamation, replacement, conveyance, transfer or lease does not adversely affect the rights,
preferences and privileges of the holders of the Capital Securities (including any Successor
Securities) in any material respect, (vi) such successor entity has a purpose substantially
identical to that of the Issuer Trust, (vii) prior to such merger, consolidation, amalgamation,
replacement, conveyance, transfer or lease, the Depositor has received an Opinion of Counsel to the
effect that (a) such merger, consolidation, amalgamation, replacement, conveyance, transfer or
lease does not adversely affect the rights, preferences and privileges of the Holders of the
Capital Securities (including any Successor Securities) in any material respect, and (b) following
such merger, consolidation, amalgamation, replacement, conveyance, transfer or lease, neither the
Issuer Trust nor such successor entity will be required to register as an “investment company”
under the Investment Company Act, and (viii) the Depositor or its permitted transferee owns all of
the Common Securities of such successor entity and guarantees the obligations of such successor
entity under the Successor Securities at least to the extent provided by the Guarantee Agreement.
Notwithstanding the foregoing, the Issuer Trust shall not, except with the consent of Holders of
all of the Capital Securities, consolidate, amalgamate, merge with or into, or be replaced by or
convey, transfer or lease its properties and assets substantially as an entirety to any other
entity or permit any other entity to consolidate, amalgamate, merge with or into, or replace it if
such consolidation, amalgamation, merger, replacement, conveyance, transfer or lease would cause
the Issuer Trust or the successor entity to be taxable as a corporation or classified as other than
a grantor trust for United States Federal or State income tax purposes.

ARTICLE X

MISCELLANEOUS PROVISIONS

     Section 10.1 Limitation of Rights of Holders.

     Except as set forth in Section 9.1, the death or incapacity of any Person having an interest,
beneficial or otherwise, in Trust Securities shall not operate to terminate this Trust Agreement,
nor dissolve or terminate the Trust, nor entitle the legal representatives or heirs of such Person
or any Holder for such person, to claim an accounting, take any action or bring any proceeding in
any court for a partition or winding up of the arrangements contemplated hereby, nor otherwise
affect the rights, obligations and liabilities of the parties hereto or any of them.

     Section 10.2 Amendment.

     (a) This Trust Agreement may be amended from time to time by the Administrative Trustees and
the Holders of all of the Common Securities, without the consent of any Holder of the Capital
Securities or any other Issuer Trustees, (i) to cure any ambiguity, correct or supplement any
provision herein that may be inconsistent with any other provision herein, or to make any other
provisions with respect to matters or questions arising under this Trust Agreement, which shall
not be inconsistent with the other provisions of this Trust Agreement, or (ii) to modify,
eliminate or add to any provisions of this Trust Agreement to such extent as shall be necessary to
ensure that the Issuer Trust will not be taxable as a corporation or classified as other than a
grantor trust for United States Federal or State income tax purposes at all times that any Trust
Securities are outstanding or to ensure that the Issuer Trust will not be required to register as
an “investment company” under the Investment Company Act; provided, however, that in the case of
either clause (i) or (ii), such action shall not adversely affect in any material respect the
interests of any Holder.

     (b) Except as provided in Section 10.2(c), any provision of this Trust Agreement may be
amended by the Administrative Trustees, the Property Trustee, and the Holders of all of the Common
Securities and with (i) the consent of Holders of at least a Majority in Liquidation Amount of the
Capital Securities, and (ii) receipt by the Issuer Trustees of an Opinion of Counsel to the effect
that such amendment or the exercise of any power granted to the Issuer Trustees in accordance with
such amendment will not affect the Trust’s status as a grantor trust or cause the Issuer Trust to
be taxable as a corporation or as other than a grantor trust for United States Federal or State
income tax purposes or affect the Issuer Trust’s exemption from status as an “investment company”
under the Investment Company Act.

39

 

     (c) In addition to and notwithstanding any other provision in this Trust Agreement, without
the consent of each affected Holder, this Trust Agreement may not be amended to (i) change the
amount or timing of any Distribution on the Trust Securities or otherwise adversely affect the
amount of any Distribution required to be made in respect of the Trust Securities as of a specified
date, or (ii) restrict the right of a Holder to institute suit for the enforcement of any such
payment on or after such date; and notwithstanding any other provision herein, without the
unanimous consent of the Holders, this Section 10.2(c) may not be amended.

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

     (e) Notwithstanding anything in this Trust Agreement to the contrary, without the consent of
the Depositor and the Administrative Trustees, this Trust Agreement may not be amended in a manner
that imposes any additional obligation on the Depositor or the Administrative Trustees.

     (f) Notwithstanding anything in this Trust Agreement to the contrary, without the consent of
the Property Trustee, this Trust Agreement may not be amended in a manner that imposes any
additional obligation on the Property Trustee.

     (g) Notwithstanding anything in this Trust Agreement to the contrary, without the consent of
the Delaware Trustee, this Trust Agreement may not be amended in a manner that imposes any
additional obligation on the Delaware Trustee.

     (h) In the event that any amendment to this Trust Agreement is made, the Administrative
Trustees or
the Property Trustee shall promptly provide to the Depositor a copy of such amendment.

     (i) Neither the Property Trustee nor the Delaware Trustee shall be required to enter into
any
amendment to this Trust Agreement that affects its own rights, duties or immunities under this
Trust Agreement. The Property Trustee shall be entitled to receive an Opinion of Counsel and an
Officers’ Certificate stating that any amendment to this Trust Agreement is in compliance with
this Trust Agreement.

     Section 10.3 Separability.

     In case any provision in this Trust Agreement or in the Trust Securities Certificates shall
be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining
provisions shall not in any way be affected or impaired thereby.

     Section 10.4 Governing Law.

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

     Section 10.5 Payments Due on Non-Business Day.

     If the date fixed for any payment on any Trust Security shall be a day that is not a Business
Day, then such payment need not be made on such date but may be made on the next succeeding day
that is a Business Day, with the same force and effect as though made on the date fixed for such
payment, and no Distributions shall accumulate on such unpaid amount for the period after such
date.

40

 

     Section 10.6 Successors.

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

     Section 10.7 Headings.

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

     Section 10.8 Reports, Notices and Demands.

     Any report, notice, demand or other communication that by any provision of this Trust
Agreement is required or permitted to be given or served to or upon any Holder or the Depositor
may be given or served in writing by deposit thereof, first-class postage prepaid, in the United
States mail, hand delivery or facsimile transmission, in each case, addressed, (a) in the case of
a Holder of Capital Securities, to such Holder as such Holder’s name and address may appear on the
Securities Register; and (b) in the case of the Holder of the Common Securities or the Depositor,
Superior Bancorp, 17 North Twentieth Street, Birmingham, Alabama 35203, Attention: Chief Financial
Officer, or to such other address as may be specified in a written notice by the Holder of the
Common Securities or the Depositor, as the case may be, to the Property Trustee. Such notice,
demand or other communication to or upon a Holder shall be deemed to have been sufficiently given
or made, for all purposes, upon hand delivery, mailing or transmission. Such notice, demand or
other communication to or upon the Depositor shall be deemed to have been sufficiently given or
made only upon actual receipt of the writing by the Depositor.

     Any notice, demand or other communication that by any provision of this Trust Agreement is
required or permitted to be given or served to or upon the Issuer Trust, the Property Trustee, the
Delaware Trustee, the Administrative Trustees or the Issuer Trust shall be given in writing
addressed to such Person as follows: (a) with respect to the Property Trustee, to The Bank of New
York Mellon Trust Company, N.A., 505 North 20th Street, Suite 950, Birmnigham, Alabama
35203, Attention: Corporate Trust Administration; (b) with respect to the Delaware Trustee, to BNY
Mellon Trust of Delaware, White Clay Center, Route 273, Newark, Delaware 19711, Attention:
Corporate Trust Administration; (c) with respect to the Administrative Trustees, to them at c/o
Superior Bancorp, 17 North Twentieth Street, Birmingham, Alabama 35203, marked “Attention:
Administrative Trustees of Superior Capital Trust II”; and (d) with respect to the Issuer Trust,
to its principal office specified in Section 2.2, with a copy to the Property Trustee. Such
notice, demand or other communication to or upon the Issuer Trust, the Property Trustee or the
Administrative Trustees shall be deemed to have been sufficiently given or made only upon actual
receipt of the writing by the Issuer Trust, the Property Trustee or such Administrative Trustee.

     The Property Trustee agrees to accept and act upon instructions or directions pursuant to this
Trust Agreement sent by unsecured e-mail, facsimile transmission or other similar unsecured
electronic methods; provided, however, that (a) the party providing such written instructions,
subsequent to such transmission of written instructions, shall provide the originally executed
instructions or directions to the Property Trustee in a timely manner, and (b) such originally
executed instructions or directions shall be signed by an authorized representative of the party
providing such instructions or directions. If the party elects to give the Property Trustee e-mail
or facsimile instructions (or instructions by a similar electronic method) and the Property Trustee
in its discretion elects to act upon such instructions, the Property Trustee’s understanding of
such instructions shall be deemed controlling. The Property Trustee shall not be liable for any
losses, costs or expenses arising directly or indirectly from the Property Trustee’s reliance upon
and compliance with such instructions notwithstanding such instructions conflict or are
inconsistent with a subsequent written instruction. The party providing electronic instructions
agrees to assume all risks arising out of the use of such electronic methods to submit instructions
and directions to the Property Trustee, including without limitation the risk of the Property
Trustee acting on unauthorized instructions, and the risk or interception and misuse by third
parties.

41

 

     Section 10.9 Agreement Not to Petition.

     Each of the Issuer Trustees and the Depositor agree for the benefit of the Holders that,
until at least one year and one day after the Issuer Trust has been dissolved in accordance with
Article IX, they shall not file, or join in the filing of, a petition against the Issuer Trust
under any bankruptcy, insolvency, reorganization or other similar law (including the United States
Bankruptcy Code) (collectively, “Bankruptcy Laws”) or otherwise join in the commencement of any
proceeding against the Issuer Trust under any Bankruptcy Law. If the Depositor takes action in
violation of this Section 10.9, the Property Trustee agrees, for the benefit of Holders, that at
the expense of the Depositor, it shall file an answer with the bankruptcy court or otherwise
properly contest the filing of such petition by the Depositor against the Issuer Trust or the
commencement of such action and raise the defense that the Depositor has agreed in writing not to
take such action and should be stopped and precluded therefrom and such other defenses, if any, as
counsel for the Issuer Trustee or the Issuer Trust may assert.

     Section 10.10 Trust Indenture Act; Conflict with Trust Indenture Act.

     (a) This Trust Agreement is subject to the provisions of the Trust Indenture Act that are
required to be part of this Trust Agreement and shall, to the extent applicable, be governed by
such provisions. Except as otherwise expressly provided herein, if and to the extent that any
provision of this Trust Agreement limits, qualifies or conflicts with the duties imposed by
Sections 310 to 317, inclusive, of the Trust Indenture Act, such imposed duties shall control.

     (b) The Property Trustee shall be the only Issuer Trustee that is a trustee for the purposes
of the Trust Indenture Act.

     (c) The application of the Trust Indenture Act to this Trust Agreement shall not affect the
nature of the Trust Securities as equity securities representing undivided beneficial interests in
the assets of the Issuer Trust.

     Section 10.11 Acceptance of Terms of Trust Agreement, Guarantee Agreement and
Indenture.

     THE RECEIPT AND ACCEPTANCE OF A TRUST SECURITY OR ANY INTEREST THEREIN BY OR ON BEHALF OF A
HOLDER OR ANY BENEFICIAL OWNER, WITHOUT ANY SIGNATURE OR FURTHER MANIFESTATION OF ASSENT, SHALL
CONSTITUTE THE UNCONDITIONAL ACCEPTANCE BY THE HOLDER AND ALL OTHERS HAVING A BENEFICIAL INTEREST
IN SUCH TRUST SECURITY OF ALL THE TERMS AND PROVISIONS OF THIS TRUST AGREEMENT, THE GUARANTEE
AGREEMENT AND THE INDENTURE, AND AGREEMENT TO THE SUBORDINATION PROVISIONS AND OTHER TERMS OF THE
GUARANTEE AGREEMENT AND THE INDENTURE, AND SHALL CONSTITUTE THE AGREEMENT OF THE ISSUER TRUST,
SUCH HOLDER AND SUCH OTHERS THAT THE TERMS AND PROVISIONS OF THIS TRUST AGREEMENT SHALL BE
BINDING, OPERATIVE AND EFFECTIVE AS BETWEEN THE ISSUER TRUST AND SUCH HOLDER AND SUCH OTHERS.

     Section 10.12 Counterparts.

     This Trust Agreement may contain more than one counterpart of the signature page and this
Trust Agreement may be executed by the affixing of the signature of each of the Trustees to one 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.

     Section 10.13 Waiver of Jury Trial.

     EACH OF THE DEPOSITOR AND THE PROPERTY TRUSTEE HEREBY IRREVOCABLY WAIVES, TO THE FULLEST
EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING
ARISING OUT OF OR RELATING TO THIS AGREEMENT, THE SECURITIES OR THE TRANSACTION CONTEMPLATED
HEREBY.

42

 

     Section 10.14 Force Majeure.

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

43

 

     IN WITNESS WHEREOF, the parties hereto have executed this Amended and Restated Trust
Agreement.

	 	 	 	 	 	 	 
	 	 	SUPERIOR BANCORP,	 	 
	 	 	as Depositor	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ James A. White
 

	 	 
	 

	 	Name:
	 	James A. White	 	 
	 

	 	Title:
	 	Chief Financial Officer	 	 
	 
	 	 	 	 	 	 
	 	 	THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A.,	 	 
	 	 	as Property Trustee	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Charles S. Northen IV	 	 
	 

	 	 	 	 	 	 
	 

	 	Name:
	 	Charles S. Northen IV	 	 
	 

	 	Title:
	 	Authorized Signatory	 	 
	 
	 	 	 	 	 	 
	 	 	BNY MELLON TRUST OF DELAWARE,	 	 
	 	 	as Delaware Trustee	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	/s/ Kristine K. Gullo	 	 
	 

	 	 	 	 	 	 
	 

	 	Name:	 	Kristine K. Gullo	 	 
	 

	 	 	 	 	 	 
	 

	 	Title:	 	Vice President	 	 
	 

	 	 	 	 	 	 

	 	 	 	 	 
	 	      /s/ James A. White
 	 
	 	James A. White, 	 
	 	as Administrative Trustee 	 
	 	 	 
	 	            /s/ William H. Caughran
 	 
	 	William H. Caughran, 	 
	 	as Administrative Trustee 	 
	 

44

 

EXHIBIT A

 

 

CERTIFICATE OF TRUST

OF

SUPERIOR CAPITAL TRUST II

     THIS CERTIFICATE OF TRUST of Superior Capital Trust II (the “Trust”), is being duly executed
and filed by the undersigned, as trustees, to form a statutory trust under the Delaware Statutory
Trust Act (12 Del. C. Section 3801, et seq.) (the “Act”).

     1. Name. The name of the trust formed hereby is Superior Capital Trust II.

     2. Delaware Trustee. The name and the business address of the trustee of the Trust in
the State of Delaware are BNY Mellon Trust of Delaware, White Clay Center, Route 273, Newark,
Delaware 19711.

     3. Effective Date. This Certificate of Trust shall be effective upon filing.

     4. Counterparts. This Certificate of Trust may be executed in counterparts.

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

	 	 	 	 	 
	 	BNY MELLON TRUST OF DELAWARE,

As Delaware Trustee

not in its individual capacity but solely as trustee

of the trust

 	 
	 	By:  	 	 
	 	Name:  	 	 
	 	Title:  	 	 
	 
	 	THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A.,

As Property Trustee

not in its individual capacity but solely as trustee

of the trust

 	 
	 	By:  	 	 
	 	Name:  	 	 
	 	Title:  	 	 

	 	 	 	 	 
	 	
 	 
	 	JAMES A. WHITE, as Administrative Trustee 	 
	 	 	 
	 	
 	 
	 	WILLIAM H. CAUGHRAN, as Administrative Trustee 	 
	 

 

 

EXHIBIT B

FORM OF COMMON SECURITIES CERTIFICATE

THIS CERTIFICATE IS NOT TRANSFERABLE EXCEPT TO THE DEPOSITOR OR AN AFFILIATE OF THE DEPOSITOR IN
COMPLIANCE WITH APPLICABLE LAW AND SECTION 5.10 OF THE TRUST AGREEMENT

			
	 	 	 
	Certificate Number                                         
	 	Number of Common Securities                                         

Certificate Evidencing Common Securities

of Superior Capital Trust II

Fixed Rate Common Securities

(liquidation amount $1,000 per Common Security)

     Superior Capital Trust II, a statutory trust created under the laws of the State of Delaware
(the “Issuer Trust”), hereby certifies that Superior Bancorp (the “Holder”) is the registered owner of                                                             
(                                        ) Common Securities of the Issuer Trust representing
undivided common beneficial interests in the assets of the Issuer Trust and designated the Fixed
Rate Common Securities (liquidation amount $1,000 per Common Security) (the “Common Securities”).
Except in accordance with the Trust Agreement (as defined below), the Common Securities are not
transferable and, to the fullest extent permitted by law, any attempted transfer hereof other than
in accordance therewith shall be void. The designations, rights, privileges, restrictions,
preferences and other terms and provisions of the Common Securities are set forth in, and this
certificate and the Common Securities represented hereby are issued and shall in all respects be
subject to the terms and provisions of, the Amended and Restated Declaration of Trust and Trust
Agreement of the Issuer
Trust, dated as of December ___, 2009, as the same may be amended from time to time (the “Trust
Agreement”),
among Superior Bancorp, as Depositor, The Bank of New York Mellon Trust Company, N.A., as Property
Trustee, BNY Mellon Trust of Delaware, as Delaware Trustee, and the Holders of Trust Securities,
including the designation of the terms of the Common Securities as set forth therein. The Issuer
Trust will furnish a copy of the Trust Agreement to the Holder without charge upon written request
to the Issuer Trust at its principal place of business or registered office. Upon receipt of this
certificate, the Holder is bound by the Trust Agreement and is entitled to the benefits
thereunder.

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

     IN WITNESS WHEREOF, one of the Administrative Trustees of the Issuer Trust has executed this
certificate this ___day of                                         .

	 	 	 	 	 
	 	SUPERIOR CAPITAL TRUST II

 	 
	 	By:  	 	 
	 	Name:  	 	 
	 	Title:  	Administrative Trustee 	 

 

 

PROPERTY TRUSTEE’S CERTIFICATE OF AUTHENTICATION

This is one of the Common Securities referred to in the above mentioned Trust Agreement.

Dated:                                         

	 	 	 	 	 
	 	THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A.,

as Property Trustee

 	 
	 	By:  	 	 
	 	 	Authorized Signatory 	 
	 	 	 	 
	 

 

 

EXHIBIT C

FORM OF CAPITAL SECURITIES CERTIFICATE

     [Include if required by Section 5.4 — THE SECURITIES REPRESENTED BY THIS INSTRUMENT ARE NOT
SAVINGS ACCOUNTS, DEPOSITS OR OTHER OBLIGATIONS OF A BANK AND ARE NOT INSURED BY THE FEDERAL
DEPOSIT INSURANCE CORPORATION OR ANY OTHER GOVERNMENTAL AGENCY.

     THE SECURITIES REPRESENTED BY THIS INSTRUMENT HAVE NOT BEEN REGISTERED UNDER THE SECURITIES
ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR THE SECURITIES LAWS OF ANY STATE AND MAY NOT BE
TRANSFERRED, SOLD OR OTHERWISE DISPOSED OF EXCEPT WHILE A REGISTRATION STATEMENT RELATING THERETO
IS IN EFFECT UNDER SUCH ACT AND APPLICABLE STATE SECURITIES LAWS OR PURSUANT TO AN EXEMPTION FROM
REGISTRATION UNDER SUCH ACT OR SUCH LAWS. EACH PURCHASER OF THE SECURITIES REPRESENTED BY THIS
INSTRUMENT IS NOTIFIED THAT THE SELLER MAY BE RELYING ON THE EXEMPTION FROM SECTION 5 OF THE
SECURITIES ACT PROVIDED BY RULE 144A THEREUNDER. ANY TRANSFEREE OF THE SECURITIES REPRESENTED BY
THIS INSTRUMENT BY ITS ACCEPTANCE HEREOF (1) REPRESENTS THAT IT IS A “QUALIFIED INSTITUTIONAL
BUYER” (AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT), (2) AGREES THAT IT WILL NOT OFFER,
SELL OR OTHERWISE TRANSFER THE SECURITIES REPRESENTED BY THIS INSTRUMENT EXCEPT (A) PURSUANT TO A
REGISTRATION STATEMENT WHICH IS THEN EFFECTIVE UNDER THE SECURITIES ACT, (B) FOR SO LONG AS THE
SECURITIES REPRESENTED BY THIS INSTRUMENT ARE ELIGIBLE FOR RESALE PURSUANT TO RULE 144A, TO A
PERSON IT REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL
BUYER” AS DEFINED IN RULE 144A UNDER
THE SECURITIES ACT THAT PURCHASES FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QUALIFIED
INSTITUTIONAL BUYER TO WHOM NOTICE IS GIVEN THAT THE TRANSFER IS BEING MADE IN RELIANCE ON RULE
144A, (C) TO THE ISSUER OR (D) PURSUANT TO ANY OTHER AVAILABLE EXEMPTION FROM THE REGISTRATION
REQUIREMENTS OF THE SECURITIES ACT AND (3) AGREES THAT IT WILL GIVE TO EACH PERSON TO WHOM THE
SECURITIES REPRESENTED BY THIS INSTRUMENT ARE TRANSFERRED A NOTICE SUBSTANTIALLY TO THE EFFECT OF
THIS LEGEND.]

     [Include if this is a Book-Entry Capital Securities Certificate — This Capital Securities
Certificate is a Book-Entry Capital Securities Certificate within the meaning of the Trust
Agreement hereinafter referred to and is registered in the name of a Clearing Agency or a nominee
of a Clearing Agency. This Capital Securities Certificate is exchangeable for Capital Securities
Certificates registered in the name of a person other than the Clearing Agency or its nominee only
in the limited circumstances described in the Trust Agreement and may not be transferred except as
a whole by the Clearing Agency to a nominee of the Clearing Agency or by a nominee of the Clearing
Agency to the Clearing Agency or another nominee of the Clearing Agency, except in the limited
circumstances described in the Trust Agreement.

     Unless this Capital Security Certificate is presented by an authorized representative of The
Depository Trust Company, a New York Corporation (“DTC”), to Superior Capital Trust II or its agent
for registration of transfer, exchange or payment, and any Capital Security Certificate issued is
registered in the name of Cede & Co. or such other name as is requested by an authorized
representative of DTC (and any payment is made to Cede & Co. or to such other entity as is
requested by an authorized representative of DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR
VALUE OR OTHERWISE BY OR TO A PERSON IS WRONGFUL inasmuch as the registered owner hereof, Cede &
Co., has an interest herein.]

     NO EMPLOYEE BENEFIT OR OTHER PLAN 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”), NO ENTITY WHOSE UNDERLYING ASSETS INCLUDE “PLAN ASSETS”
BY REASON OF ANY PLAN’S INVESTMENT IN THE ENTITY (A “PLAN ASSET ENTITY”), AND NO PERSON INVESTING
“PLAN ASSETS” OF ANY PLAN, MAY ACQUIRE OR HOLD THIS CAPITAL SECURITIES CERTIFICATE OR ANY INTEREST

 

 

HEREIN, UNLESS SUCH PURCHASER OR HOLDER IS ELIGIBLE FOR THE EXEMPTIVE RELIEF AVAILABLE UNDER U.S.
DEPARTMENT OF LABOR PROHIBITED TRANSACTION CLASS EXEMPTION (“PTCE”) 96-23, 95-60, 91-38, 90-1 OR
84-14 OR ANOTHER APPLICABLE EXEMPTION WITH RESPECT TO SUCH PURCHASE OR HOLDING OR THE REQUIREMENTS
OF U.S. DEPARTMENT OF LABOR REGULATION SECTION 2550.401c-l ARE SATISFIED SUCH THAT THE CAPITAL
SECURITIES CERTIFICATE HELD BY THE PURCHASER OR HOLDER DOES NOT CONSTITUTE “PLAN ASSETS” AND, IN
THE CASE OF ANY PURCHASER OR HOLDER RELYING ON ANY EXEMPTION OTHER THAN PTCE 96-23, 95-60, 91-38,
90-1 OR 84-14 OR U.S. DEPARTMENT OF LABOR REGULATION SECTION 2550.40lc-1, HAS COMPLIED WITH ANY
REQUEST BY THE DEPOSITOR OR THE ISSUER TRUST FOR AN OPINION OF COUNSEL OR OTHER EVIDENCE WITH
RESPECT TO THE AVAILABILITY OF SUCH EXEMPTION. ANY PURCHASER OR HOLDER OF THIS CAPITAL SECURITIES
CERTIFICATE OR ANY INTEREST HEREIN WILL BE DEEMED TO HAVE REPRESENTED BY ITS PURCHASE AND HOLDING
HEREOF THAT IT EITHER (A) IS NOT A PLAN OR A PLAN ASSET ENTITY AND IS NOT PURCHASING SUCH
SECURITIES ON BEHALF OF OR WITH “PLAN ASSETS” OF ANY PLAN, OR (B) IS ELIGIBLE FOR THE EXEMPTIVE
RELIEF AVAILABLE UNDER PTCE 96-23, 95-60, 91-38, 90-1 OR 84-14 OR ANOTHER APPLICABLE EXEMPTION
WITH RESPECT TO SUCH PURCHASE OR HOLDING OR U.S. DEPARTMENT OF LABOR REGULATION SECTION
2550.40lc-1.

			
	 	 	 
	          Certificate Number                                         
	 	Number of Capital Securities                                         
	          CUSIP NO.	 	 

Certificate Evidencing Capital Securities

of

Superior Capital Trust II

Fixed Rate Capital Securities

(liquidation amount $1,000 per Capital Security)

     Superior Capital Trust II, a statutory trust created under the laws of the State of Delaware (the “Issuer
Trust”), hereby certifies that           (the “Holder”) is the registered owner of           
(     ) Capital Securities of the Trust representing an undivided preferred beneficial interest in
the assets of
the Trust and designated the Superior Capital Trust II Fixed Rate Capital Securities (liquidation
amount $1,000 per Capital Security) (the “Capital Securities”). Subject to the terms of the Trust
Agreement (as defined below), the Capital Securities are transferable on the books and records of
the Issuer Trust, in person or by a duly authorized attorney, upon surrender of this certificate
duly endorsed and in proper form for transfer as provided in the Trust Agreement (as defined
below). The designations, rights, privileges, restrictions, preferences and other terms and
provisions of the Capital Securities are set forth in, and this certificate and the Capital
Securities represented hereby are issued and shall in all respects be subject to the terms and
provisions of, the Amended and Restated Declaration
of Trust and Trust Agreement of the Issuer Trust, dated as of
December        , 2009, as the same may be
amended from
time to time (the “Trust Agreement”), among Superior Bancorp, as Depositor, The Bank of New York
Mellon Trust Company, N.A., as Property Trustee, BNY Mellon Trust of Delaware, as Delaware Trustee,
and the Holders of
Trust Securities. The Holder is entitled to the benefits of the Guarantee Agreement, dated as of
December        , 2009,
as the same may be amended from time to time (the “Guarantee Agreement”), by and between Superior
Bancorp, as Guarantor, and The Bank of New York Mellon Trust Company, N.A., as Guarantee Trustee,
to the extent provided therein. The Issuer Trust will furnish a copy of the Issuer Trust Agreement
and the Guarantee Agreement to the Holder without charge upon written request to the Issuer Trust
at its principal place of business or registered office.

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

 

 

     IN WITNESS WHEREOF, one of the Administrative Trustees of the Issuer Trust has executed this
certificate this ___day of                                         .

	 	 	 	 	 
	 	SUPERIOR CAPITAL TRUST II

 	 
	 	By:  	 	 
	 	Name:  	 	 
	 	Title:  	Administrative Trustee 	 
	 

 

 

PROPERTY TRUSTEE’S CERTIFICATE OF AUTHENTICATION

This is one of the Capital Securities referred to in the above mentioned Trust Agreement.

Dated:                                         

	 	 	 	 	 
	 	THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A.,

as Property Trustee

 	 
	 	By:  	 	 
	 	 	Authorized Signatory 	 
	 	 	 	 
	 

 

 

ASSIGNMENT

     FOR VALUE RECEIVED, the undersigned assigns and transfers this Capital Security 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 Issuer 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) The
signature(s) should be guaranteed by an eligible
guarantor institution (banks, stockbrokers, savings
and loan associations and credit unions with
membership in an approved signature guarantee
medallion program), pursuant to S.E.C. Rule 17Ad-15.exv4w24

Exhibit  (4) - 24

SUPERIOR BANCORP

TO

THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A.

TRUSTEE

INDENTURE

DATED
AS OF DECEMBER 11, 2009

JUNIOR SUBORDINATED DEBT SECURITIES

 

TABLE OF CONTENTS

	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	Page
	ARTICLE I
	 	 	 	 	 
	 	 	 	 
	DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION
	 	 	 	 	 
	 	 	 	 
	Section 1.1	 	Definitions
	 	 	1	 
	Section 1.2	 	Compliance Certificates and Opinions
	 	 	13	 
	Section 1.3	 	Form of Documents Delivered to Trustee
	 	 	14	 
	Section 1.4	 	Acts of Holders
	 	 	14	 
	Section 1.5	 	Notices, etc., to Trustee and Company
	 	 	16	 
	Section 1.6	 	Notice to Holders; Waiver
	 	 	17	 
	Section 1.7	 	Conflict with Trust Indenture Act
	 	 	18	 
	Section 1.8	 	Effect of Headings and Table of Contents
	 	 	18	 
	Section 1.9	 	Successors and Assigns
	 	 	18	 
	Section 1.10	 	Separability Clause
	 	 	18	 
	Section 1.11	 	Benefits of Indenture
	 	 	18	 
	Section 1.12	 	Governing Law
	 	 	18	 
	Section 1.13	 	Legal Holidays
	 	 	19	 
	Section 1.14	 	Counterparts
	 	 	19	 
	Section 1.15	 	Waiver of Jury Trial
	 	 	19	 
	Section 1.16	 	Force Majeure
	 	 	19	 
	 	 	 	 	 
	 	 	 	 
	ARTICLE II
	 	 	 	 	 
	 	 	 	 
	DEBT SECURITY FORMS
	 	 	 	 	 
	 	 	 	 
	Section 2.1	 	Forms Generally
	 	 	20	 
	Section 2.2	 	Form of Trustee’s Certificate of Authentication
	 	 	20	 
	Section 2.3	 	Debt Securities in Global Form
	 	 	20	 
	 	 	 	 	 
	 	 	 	 
	 	 	 	 	ARTICLE III
	 	 	 	 
	 	 	 	 	 
	 	 	 	 
	 	 	 	 	THE DEBT SECURITIES
	 	 	 	 
	 	 	 	 	 
	 	 	 	 
	Section 3.1	 	Amount Unlimited; Issuance in Series
	 	 	21	 
	Section 3.2	 	Denominations
	 	 	25	 
	Section 3.3	 	Execution, Authentication, Delivery and Dating
	 	 	25	 
	Section 3.4	 	Temporary Debt Securities
	 	 	28	 
	Section 3.5	 	Registration; Registration of Transfer and Exchange
	 	 	30	 
	Section 3.6	 	Mutilated, Destroyed, Lost and Stolen Debt Securities
	 	 	34	 
	Section 3.7	 	Payment of Interest and Additional Interest; Interest Rights
Preserved
	 	 	35	 
	Section 3.8	 	Persons Deemed Owners
	 	 	37	 

i

 

	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	Page
	Section 3.9	 	Cancellation 
	 	 	38	 
	Section 3.10	 	Computation of Interest 
	 	 	38	 
	Section 3.11	 	Certification by a Person Entitled to Delivery of a Bearer Security
	 	 	38	 
	Section 3.12	 	Judgments 
	 	 	38	 
	Section 3.13	 	Deferrals of Interest Payment Dates
	 	 	39	 
	Section 3.14	 	Right of Set-Off
	 	 	40	 
	Section 3.15	 	Agreed Tax Treatment
	 	 	40	 
	Section 3.16	 	CUSIP Numbers
	 	 	41	 
	 	 	 	 	 
	 	 	 	 
	ARTICLE IV
	 	 	 	 	 
	 	 	 	 
	SATISFACTION AND DISCHARGE
	 	 	 	 	 
	 	 	 	 
	Section 4.1	 	Satisfaction and Discharge of Indenture
	 	 	41	 
	Section 4.2	 	Application of Trust Money and Eligible Instruments
	 	 	42	 
	Section 4.3	 	Satisfaction, Discharge and Defeasance of Debt Securities of any
Series
	 	 	43	 
	 	 	 	 	 
	 	 	 	 
	ARTICLE V

	 	 	 	 	 
	 	 	 	 
	REMEDIES

	 	 	 	 	 
	 	 	 	 
	Section 5.1	 	Events of Default
	 	 	46	 
	Section 5.2	 	Acceleration of Maturity; Rescission and Annulment
	 	 	47	 
	Section 5.3	 	Collection of Indebtedness and Suits for Enforcement by Trustee
	 	 	48	 
	Section 5.4	 	Trustee May File Proofs of Claim
	 	 	49	 
	Section 5.5	 	Trustee May Enforce Claims without Possession of Debt Securities or
Coupons
	 	 	50	 
	Section 5.6	 	Application of Money Collected
	 	 	50	 
	Section 5.7	 	Limitation on Suits
	 	 	51	 
	Section 5.8	 	Unconditional Right of Holders to Receive Principal, Premium and
Interest and to Exchange Debt Securities for Capital Securities;
Direct Action by Holders of Capital Trust Securities
	 	 	51	 
	Section 5.9	 	Restoration of Rights and Remedies
	 	 	52	 
	Section 5.10	 	Rights and Remedies Cumulative
	 	 	52	 
	Section 5.11	 	Delay or Omission Not Waiver
	 	 	52	 
	Section 5.12	 	Control by Holders of Debt Securities
	 	 	52	 
	Section 5.13	 	Waiver of Past Defaults
	 	 	53	 
	Section 5.14	 	Undertaking for Costs
	 	 	53	 
	Section 5.15	 	Waiver of Stay or Extension Laws
	 	 	54	 

ii

 

	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	Page
	ARTICLE VI
	 	 	 	 	 
	 	 	 	 
	 	 	 	 	THE TRUSTEE	 	 	 	 
	 	 	 	 	 
	 	 	 	 
	Section 6.1	 	Certain Duties and Responsibilities
	 	 	54	 
	Section 6.2	 	Notice of Default
	 	 	55	 
	Section 6.3	 	Certain Rights of Trustee
	 	 	56	 
	Section 6.4	 	Not Responsible for Recitals or Issuance of Debt Securities
	 	 	57	 
	Section 6.5	 	May Hold Debt Securities or Coupons
	 	 	58	 
	Section 6.6	 	Money Held in Trust
	 	 	58	 
	Section 6.7	 	Compensation and Reimbursement
	 	 	58	 
	Section 6.8	 	Disqualification; Conflicting Interests
	 	 	59	 
	Section 6.9	 	Corporate Trustee Required; Eligibility
	 	 	59	 
	Section 6.10	 	Resignation and Removal; Appointment of Successor
	 	 	60	 
	Section 6.11	 	Acceptance of Appointment by Successor
	 	 	61	 
	Section 6.12	 	Merger, Conversion, Consolidation or Succession to Business
	 	 	62	 
	Section 6.13	 	Preferential Collection of Claims Against Company
	 	 	63	 
	Section 6.14	 	Authenticating Agent
	 	 	63	 
	 	 	 	 	 
	 	 	 	 
	ARTICLE VII
	 	 	 	 	 
	 	 	 	 
	HOLDERS’ LISTS AND REPORTS BY TRUSTEE AND COMPANY
	 	 	 	 	 
	 	 	 	 
	Section 7.1	 	Company to Furnish Trustee Names and Addresses of Holders
	 	 	64	 
	Section 7.2	 	Preservation of Information; Communications to Holders
	 	 	65	 
	Section 7.3	 	Reports by Trustee
	 	 	65	 
	Section 7.4	 	Reports by Company
	 	 	65	 
	 	 	 	 	 
	 	 	 	 
	ARTICLE VIII
	 	 	 	 	 
	 	 	 	 
	CONSOLIDATION, MERGER, CONVEYANCE, TRANSFER OR LEASE
	 	 	 	 	 
	 	 	 	 
	Section 8.1	 	Company May Consolidate, etc. only on Certain Terms
	 	 	66	 
	Section 8.2	 	Successor Corporation Substituted
	 	 	66	 
	 	 	 	 	 
	 	 	 	 
	ARTICLE IX
	 	 	 	 	 
	 	 	 	 
	SUPPLEMENTAL INDENTURES
	 	 	 	 	 
	 	 	 	 
	Section 9.1	 	Supplemental Indentures without Consent of Holders
	 	 	67	 
	Section 9.2	 	Supplemental Indentures with Consent of Holders
	 	 	68	 
	Section 9.3	 	Execution of Supplemental Indentures
	 	 	70	 
	Section 9.4	 	Effect of Supplemental Indentures
	 	 	70	 
	Section 9.5	 	Conformity with Trust Indenture Act
	 	 	70	 
	Section 9.6	 	Reference in Debt Securities to Supplemental Indentures 
	 	 	71	 

iii

 

	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	Page
	 	 	 	 	 
	 	 	 	 
	ARTICLE X
	 	 	 	 	 
	 	 	 	 
	COVENANTS
	 	 	 	 	 
	 	 	 	 
	Section 10.1	 	Payment of Principal, Premium and Interest
	 	 	71	 
	Section 10.2	 	Maintenance of Office or Agency
	 	 	71	 
	Section 10.3	 	Money for Debt Securities Payments to Be Held in Trust
	 	 	72	 
	Section  10.4	 	Officers’ Certificate as to Default
	 	 	74	 
	Section  10.5	 	Waiver of Certain Covenants
	 	 	74	 
	Section 10.6	 	Payment of Additional Amounts
	 	 	74	 
	Section 10.7	 	Additional Sums
	 	 	75	 
	Section 10.8	 	Additional Covenants
	 	 	76	 
	 	 	 	 	 
	 	 	 	 
	ARTICLE XI
	 	 	 	 	 
	 	 	 	 
	REDEMPTION OF DEBT SECURITIES
	 	 	 	 	 
	 	 	 	 
	Section  11.1	 	Applicability of Article
	 	 	77	 
	Section 11.2	 	Election to Redeem; Notice to Trustee
	 	 	77	 
	Section 11.3	 	Selection by Trustee of Debt Securities to be Redeemed
	 	 	77	 
	Section 11.4	 	Notice of Redemption
	 	 	78	 
	Section 11.5	 	Deposit of Redemption Price
	 	 	79	 
	Section 11.6	 	Debt Securities Payable on Redemption Date
	 	 	79	 
	Section 11.7	 	Debt Securities Redeemed in Part
	 	 	80	 
	Section  11.8	 	Right of Redemption of Debt Securities Initially Issued to an Issuer
Trust
	 	 	80	 
	 	 	 	 	 
	 	 	 	 
	ARTICLE XII
	 	 	 	 	 
	 	 	 	 
	SINKING FUNDS
	 	 	 	 	 
	 	 	 	 
	Section 12.1	 	Applicability of Article
	 	 	81	 
	Section 12.2	 	Satisfaction of Sinking Fund Payments with Debt Securities
	 	 	81	 
	Section 12.3	 	Redemption of Debt Securities for Sinking Fund
	 	 	82	 
	 	 	 	 	 
	 	 	 	 
	ARTICLE XIII
	 	 	 	 	 
	 	 	 	 
	REPAYMENT AT THE OPTION OF HOLDERS
	 	 	 	 	 
	 	 	 	 
	Section 13.1	 	Applicability of Article
	 	 	82	 
	Section 13.2	 	Repayment of Debt Securities
	 	 	82	 
	Section  13.3	 	Exercise of Option; Notice
	 	 	82	 
	Section 13.4	 	Election of Repayment by Remarketing Entities
	 	 	84	 
	Section 13.5	 	Securities Payable on the Repayment Date
	 	 	84	 

iv

 

	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	Page
	ARTICLE XIV
	 	 	 	 	 
	 	 	 	 
	EXCHANGE OF CAPITAL SECURITIES FOR DEBT SECURITIES

	 	 	 	 	 
	 	 	 	 
	Section 14.1	 	Applicability of Article
	 	 	84	 
	Section 14.2	 	Exchange of Capital Securities for Debt Securities at Stated Maturity
	 	 	84	 
	Section 14.3	 	Right of Early Exchange of Capital Securities for Debt Securities
	 	 	85	 
	Section 14.4	 	Notices of Exchange
	 	 	86	 
	Section 14.5	 	Rights and Duties of Holders of Debt Securities to be Exchanged for
Capital Securities
	 	 	88	 
	Section 14.6	 	Election to Exchange
	 	 	89	 
	Section 14.7	 	Deposit of Capital Exchange Price
	 	 	89	 
	Section 14.8	 	Debt Securities Due on Capital Exchange Date; Debt Securities
Exchanged in Part
	 	 	90	 
	Section 14.9	 	Form of Capital Security Election Form
	 	 	91	 
	Section 14.10	 	Fractional Capital Securities
	 	 	92	 
	Section 14.11	 	Company to Obtain Governmental and Regulatory Approvals
	 	 	92	 
	Section 14.12	 	Taxes on Exchange
	 	 	92	 
	Section 14.13	 	Covenants as to Capital Securities and Secondary Offering
	 	 	92	 
	Section 14.14	 	Provision in Case of Consolidation, Merger or Transfer of Assets
	 	 	93	 
	Section 14.15	 	Trustee Not Responsible
	 	 	93	 
	Section 14.16	 	Revocation of Obligation to Exchange Capital Securities for Debt
Securities
	 	 	94	 
	Section 14.17	 	Optional Securities Funds
	 	 	94	 
	 	 	 	 	 
	 	 	 	 
	ARTICLE XV
	 	 	 	 	 
	 	 	 	 
	SECURITIES FUNDS
	 	 	 	 	 
	 	 	 	 
	Section 15.1	 	Creation of Securities Funds
	 	 	95	 
	Section 15.2	 	Designations of Securities Funds
	 	 	96	 
	Section 15.3	 	Covenant of the Company to Obtain Securities Funds
	 	 	96	 
	 	 	 	 	 
	 	 	 	 
	ARTICLE XVI
	 	 	 	 	 
	 	 	 	 
	MEETINGS OF HOLDERS OF DEBT SECURITIES
	 	 	 	 	 
	 	 	 	 
	Section 16.1	 	Purposes for Which Meetings May Be Called
	 	 	97	 
	Section 16.2	 	Call, Notice and Place of Meetings
	 	 	97	 
	Section 16.3	 	Persons Entitled to Vote at Meetings
	 	 	98	 
	Section 16.4	 	Quorum; Action
	 	 	98	 
	Section 16.5	 	Determination of Voting Rights; Conduct and Adjournment of
Meetings
	 	 	99	 
	Section 16.6	 	Counting Votes and Recording Action of Meetings
	 	 	99	 

v

 

	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	Page
	ARTICLE XVII
	 	 	 	 	 
	 	 	 	 
	DEFEASANCE
	 	 	 	 	 
	 	 	 	 
	Section 17.1	 	Termination of Company’s Obligations
	 	 	100	 
	Section 17.2	 	Repayment to Company
	 	 	101	 
	Section 17.3	 	Indemnity for Eligible Instruments
	 	 	101	 
	 	 	 	 	 
	 	 	 	 
	ARTICLE XVIII
	 	 	 	 	 
	 	 	 	 
	SUBORDINATION OF DEBT SECURITIES
	 	 	 	 	 
	 	 	 	 
	Section 18.1	 	Debt Securities Subordinate to Senior Debt
	 	 	102	 
	Section 18.2	 	Trustee and Holders of Debt Securities May Rely on Certificate of
Liquidating Agent; Trustee May Require Further Evidence as to
Ownership of Senior Debt; Trustee Not Fiduciary to Holders of
Senior Debt
	 	 	104	 
	Section 18.3	 	Payment Permitted If No Default
	 	 	105	 
	Section 18.4	 	Trustee Not Charged with Knowledge of Prohibition
	 	 	105	 
	Section 18.5	 	Trustee to Effectuate Subordination
	 	 	105	 
	Section 18.6	 	Rights of Trustee as Holder of Senior Debt
	 	 	105	 
	Section 18.7	 	Article Applicable to Paying Agents
	 	 	106	 
	Section 18.8	 	Subordination Rights Not Impaired by Acts or Omissions of the
Company or Holders of Senior Debt
	 	 	106	 
	 	 	 	 	 
	 	 	 	 
	ARTICLE XIX
	 	 	 	 	 
	 	 	 	 
	CONVERSION OF CONVERTIBLE SECURITIES
	 	 	 	 	 
	 	 	 	 
	Section 19.1	 	Applicability of Article
	 	 	106	 
	Section 19.2	 	Right to Convert
	 	 	106	 
	Section 19.3	 	Exercise of Conversion Privilege; Delivery of Common Stock on
Conversion; No Adjustment for Interest or Dividends
	 	 	107	 
	Section 19.4	 	Cash Payments in Lieu of Fractional Shares
	 	 	108	 
	Section 19.5	 	Conversion Price
	 	 	108	 
	Section 19.6	 	Adjustment to Conversion Price
	 	 	109	 
	Section 19.7	 	Effect of Reclassification, Consolidation, Merger or Sale
	 	 	112	 
	Section 19.8	 	Taxes on Shares Issued
	 	 	113	 
	Section 19.9	 	Shares to be Fully Paid; Compliance with Governmental
Requirements; Listing of Common Stock
	 	 	113	 
	Section 19.10	 	Trustee Not Responsible
	 	 	113	 
	Section 19.11	 	Notice to Holders Prior to Certain Actions
	 	 	114	 
	Section 19.12	 	Covenant to Reserve Shares
	 	 	114	 

vi

 

	 	 	 
	EXHIBIT A- 1

	 	Form of Certificate of
Beneficial Ownership by a
Non-United States Person or by
Certain Other Persons
	 
	 	 
	EXHIBIT A-2

	 	Form of Certificate of
Status as a Foreign Branch of a
United States Financial
Institution
	 
	 	 
	EXHIBIT B

	 	Form of Certificate to be
Given by Euroclear and Clearstream
S.A. in Connection with the
Exchange of All or a Portion of a
Temporary Global Security or to
Obtain Interest Prior to
Exchange

vii

 

     Indenture (the “Indenture”) dated as of December 11, 2009 between Superior Bancorp, a
Delaware corporation (hereinafter called the “Company”), having its principal place of business at
17 North Twentieth Street, Birmingham, Alabama 35203, and The Bank of New York Mellon Trust
Company, N.A., as trustee under this Indenture, a national banking association organized and
existing under the laws of the United States of America (hereinafter called the “Trustee”), having
its Corporate Trust Office at 505 North 20th Street, Suite 950, Birmingham, Alabama 35203.

RECITALS OF THE COMPANY

     The Company has duly authorized the execution and delivery of this Indenture to provide for
the issuance from time to time of its unsecured junior subordinated debentures (herein called the
“Debt Securities”), including Debt Securities issued to evidence loans made to the Company of the
proceeds from the issuance from time to time by one or more statutory business trusts (each an
“Issuer Trust”) of undivided preferred beneficial interests in the assets of such Issuer Trusts
(the “Capital Trust Securities”) and undivided common beneficial interests in the assets of such
Issuer Trusts (the “Common Trust Securities” and, together with the Capital Trust Securities, the
“Trust Securities”).

     All things necessary have been done to make this Indenture a legally valid and binding
agreement of the Company, in accordance with its terms.

NOW, THEREFORE, THIS INDENTURE WITNESSETH:

     For and in consideration of the premises and the purchase of the Debt Securities of any
series created and issued on or after the date hereof by the Holders thereof, it is mutually
covenanted and agreed for the equal and proportionate benefit of all Holders of such Debt
Securities or of any such series, as follows:

ARTICLE I

DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION 

     Section 1.1 Definitions.

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

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

     (b) all other terms used herein which are defined in the Trust Indenture Act or by Commission
rule or regulation under the Trust Indenture Act, either directly or by reference therein, as in
force at the date as of which this instrument was executed, except as provided in Section 9.5, have
the meanings assigned to them therein;

1

 

     (c) all accounting terms not otherwise defined herein have the meanings assigned to them in
accordance with generally accepted accounting principles, and, except as otherwise herein expressly
provided, the term “generally accepted accounting principles” with respect to any computation
required or permitted hereunder shall mean such accounting principles as are generally accepted in
the United States at the date of such computation; and

     (d) 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.

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

     “Additional Interest” means the interest, if any, that shall accrue on any interest on the
Debt Securities of any series the payment of which has not been made on the applicable Interest
Payment Date and which shall accrue at the rate per annum specified or determined as specified in
such Debt Security.

     “Additional Sums” has the meaning specified in Section 10.7.

     “Additional Taxes” means any additional taxes, duties and other governmental charges to which
an Issuer Trust has become subject from time to time as a result of a Tax Event.

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

     “Authorized Agent” has the meaning specified in Section 1.15.

     “Authorized Newspaper” means a newspaper in an official language of the country of publication
or in the English language customarily published on each Business Day, whether or not published on
Saturdays, Sundays or holidays, and of general circulation in the place in connection with which
the term is used or in the financial community of such place. Where successive publications are
required to be made in Authorized Newspapers, the successive publications may be made in the same
or in different newspapers in the same city meeting the foregoing requirements and in each case on
any Business Day.

     “Bearer Security” means any Debt Security established pursuant to Section 2.1 which is
payable to bearer including, without limitation, unless the context otherwise indicates, a Debt
Security in global bearer form.

     “Board of Directors” means either the board of directors of the Company, or the executive or
any other committee of that board duly authorized to act in respect hereof.

2

 

     “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. Where any
provision of this Indenture refers to action to be taken pursuant to a Board Resolution (including
the establishment of any series of the Debt Securities and the forms and terms thereof), such
action may be taken by any committee of the Board of Directors or any officer or employee of the
Company authorized to take such action by a Board Resolution.

     “Business Day”, when used with respect to any Place of Payment or Place of Capital Exchange,
means any day which is not a Saturday or Sunday and which is not a legal holiday or a day on which
banking institutions or trust companies in that Place of Payment or Place of Capital Exchange are
authorized or obligated by law, regulation or executive order to remain closed or are customarily
closed.

     “Capital Exchange Agent” means the Person or Persons appointed by the Company to give notices
and to exchange Debt Securities of any series for Capital Securities as specified in Article XIV.

     “Capital Exchange Date”, when used with respect to the Debt Securities of any series, means
any date on which such Debt Securities are to be exchanged for Capital Securities pursuant to this
Indenture.

     “Capital Exchange Price”, when used with respect to any Debt Security of any series to be
exchanged for Capital Securities, means the amount of Capital Securities for which such Debt
Security is to be exchanged pursuant to this Indenture or the aggregate sale price of such Capital
Securities in the Secondary Offering for such Debt Security, as the case may be.

     “Capital Securities” means any securities issued by the Company which consist of any of the
following: (i) Common Stock, (ii) Perpetual Preferred Stock or (iii) securities which at the date
of issuance may be issued in exchange for, or the proceeds from the sale of which may be
designated as Securities Funds or Optional Securities Funds for the payment of the principal of,
“mandatory convertible securities” under applicable regulations of the Primary Federal Regulator.
Capital Securities may have such terms, rights and preferences as may be determined by the
Company.

     “Capital Security Election Form” means a form substantially in the form included in Section
14.9.

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

     “Capital Treatment Event” means, in respect of any Issuer Trust, the reasonable determination
by the Company (as evidenced by an Officers’ Certificate delivered to the Trustee) that, as a
result of the occurrence of any amendment to, or change (including any announced prospective
change) in, the laws (or any rules or regulations thereunder) of the United States or any
political subdivision thereof or therein, or as a result of any official or administrative
pronouncement or action or judicial decision interpreting or applying such laws, rules or

3

 

regulations, which amendment or change is effective or such pronouncement, action or decision is
announced on or after the date of the issuance of the Capital Trust Securities of such Issuer
Trust, there is more than an insubstantial risk that the Company will not be entitled to treat,
within 90 days of such determination, an amount equal to the aggregate Liquidation Amount (as such
term is defined in the related Trust Agreement) of such Capital Trust Securities as “Tier 1
Capital” (or the then equivalent thereof) for purposes of the capital adequacy guidelines of the
Board of Governors of the Federal Reserve System, as then in effect and applicable to the Company.

     “Clearstream” means Clearstream Banking S.A.

     “Closing Price” on any date of determination means the closing sale price or, if no closing
sale price is reported, the last reported sale price of the Common Stock on the Nasdaq Global
Market on that date. If the Common Stock is not listed for trading on the Nasdaq Global Market on
any date of determination, the closing price of the Common Stock on such date of determination
means the closing sale price as reported in the composite transactions for the principal U.S.
securities exchange on which the Common Stock is listed, or if the Common Stock is not so listed on
a U.S. securities exchange, the last quoted bid price for the Common Stock in the over-the-counter
market as reported by PinkSheets LLC (formerly known as the National Quotation Bureau) or similar
organization, or, if that bid price is not available, the market value of the Common Stock on that
date as determined by a nationally recognized independent investment banking firm retained by the
Company for this purpose.

     “Commission” means the Securities and Exchange Commission, as from time to time constituted,
created under the Securities Exchange Act of 1934, or if at any time after the execution of this
instrument such Commission is not existing and performing the duties now assigned to it under the
Trust Indenture Act, then the body performing such duties on such date.

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

     “Common Stock” means, when used with reference to the capital stock of the Company, the class
of stock which, at the date of execution of this Indenture, is designated as common stock of the
Company and stock of any class or classes into which such common stock or any such other class may
thereafter be changed or reclassified. In case by reason of the operation of Article XIX, the
Convertible Securities shall be convertible into any other shares or other securities or property
of the Company or any other corporation, any reference in this Indenture to the conversion of
Convertible Securities pursuant to Article XIX shall be deemed to refer to and include conversion
of Convertible Securities into such other shares or other securities or property.

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

     “Company Request” and “Company Order” mean, respectively, except as otherwise provided in
this Indenture, a written request or order signed in the name of the Company by the

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Chairman of the Board, a Vice Chairman of the Board, the President or a Vice President (any
references to a Vice President of the Company herein shall be deemed to include any Vice President
of the Company whether or not designated by a number or word or words added before or after the
title “Vice President”), the Treasurer, an Assistant Treasurer, the Controller, an Assistant
Controller, Secretary or an Assistant Secretary of the Company, or by another officer of the
Company duly authorized to sign by a Board Resolution, and delivered to the Trustee.

     “Conversion Price” has the meaning specified in Section 19.5.

     “Convertible Securities” means any series of Debt Securities that are designated as such
pursuant to Section 3.1.

     “Corporate Trust Office” means the designated office of the Trustee at which at any particular
time its corporate trust business shall be administered, which office at the date hereof is located
at 505 North 20th Street, Suite 950, Birmingham, Alabama 35203, Attention: Corporate Trust
Administration, or such other address as the Trustee may designate from time to time by notice to
the Holders and the Company, or the principal corporate trust office of any successor Trustee (or
such other address as such successor Trustee may designate from time to time by notice to the
Holders and the Company).

     The term “corporation” includes corporations, associations, companies and business trusts.

     The term “coupon” means any interest coupon appertaining to a Bearer Security.

     “Debt Securities” has the meaning stated in the first recital of this Indenture and more
particularly means any Debt Securities authenticated and delivered under this Indenture.

     “Defaulted Interest” has the meaning specified in Section 3.7.

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

     “Depositary” means, with respect to the Debt Securities of any series issuable or issued in
the form of a Global Security, the Person designated as Depositary by the Company pursuant to
Section 3.1 until a successor Depositary shall have become such pursuant to the applicable
provisions of this Indenture, and thereafter “Depositary” shall mean or include each person who is
then a Depositary hereunder, and if at any time there is more than one such Person, “Depositary”
as used with respect to the Debt Securities of any such series shall mean the Depositary with
respect to the Debt Securities of that series.

     “Designated Currency” has the meaning specified in Section 3.12.

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     “Distributions,” with respect to the Trust Securities issued by an Issuer Trust, means the
amounts payable in respect of such Trust Securities as provided in the related Trust Agreement and
referred to therein as “Distributions.”

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

     “Eligible Instruments” means monetary assets, money market instruments and securities that
are payable in Dollars only and essentially risk free as to collection of principal and interest,
including U.S. Government Obligations.

     “Euro” means the single currency of the European Monetary Union as defined under EC
Regulation 1103/97 adopted under Article 235 of the EU Treaty and under EC Regulation 974/98
adopted under Article 1091(4) of the EU Treaty or under any successor European legislation from
time to time.

     “Euroclear” means Euroclear Bank S.A./N.V., as operator of the Euroclear System.

     “European Communities” means the European Economic Community, the European Coal and Steel
Community and the European Atomic Energy Community.

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

     “Exchange Rate” shall have the meaning specified as contemplated in Section 3.1.

     “Exchange Rate Agent” shall have the meaning specified as contemplated in Section 3.1.

     “Exchange Rate Officer’s Certificate”, with respect to any date for the payment of principal
of (and premium, if any) and interest on any series of Debt Securities, means a certificate setting
forth the applicable Exchange Rate and the amounts payable in Dollars and Foreign Currencies in
respect of the principal of (and premium, if any) and interest on Debt Securities denominated in
Euro, any other composite currency or Foreign Currency, and signed by the Chairman of the Board, a
Vice Chairman of the Board, the President, the Treasurer or any Assistant Treasurer of the Company
or the Exchange Rate Agent appointed pursuant to Section 3.1, and delivered to the Trustee.

     “Extension Period” has the meaning specified in Section 3.13.

     “Foreign Currency” means a currency issued by the government of any country other than the
United States of America.

     “Global Exchange Agent” has the meaning specified in Section 3.4.

     “Global Exchange Date” has the meaning specified in Section 3.4.

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     “Global Security” means a Debt Security issued to evidence all or part of a series of Debt
Securities in accordance with Section 3.3.

     “Guarantee Agreement” means, with respect to any Issuer Trust, the Guarantee Agreement
executed by the Company for the benefit of the holders of the Capital Trust Securities issued by
such Issuer Trust, as modified, amended or supplemented from time to time.

     “Holder”, with respect to a Registered Security, means a Person in whose name such Registered
Security is registered in the Security Register and, with respect to a Bearer Security or a
coupon, means the bearer thereof.

     “Indenture” means this instrument as originally executed or as it may from time to time be
supplemented, amended or restated by or pursuant to one or more indentures supplemental hereto
entered into pursuant to the applicable provisions hereof and, unless the context otherwise
requires, shall include the terms of a particular series of Debt Securities established as
contemplated by Section 3.1.

     The term “interest”, when used with respect to an Original Issue Discount Security which by
its terms bears interest only after Maturity, means interest payable after Maturity.

     “Interest Payment Date”, with respect to any Debt Security, means the Stated Maturity of an
installment of interest on such Debt Security.

     “Investment Company Event” means the receipt by an Issuer Trust of an Opinion of Counsel (as
defined in the relevant Trust Agreement) experienced in such matters to the effect that, as a
result of the occurrence of a change in law or regulation or a 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 such Issuer Trust is or will be considered an “investment company” that is
required to be registered under the Investment Company Act, which change or prospective change
becomes effective or would become effective, as the case may be, on or after the date of the
issuance of the Capital Trust Securities of such Issuer Trust.

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

     “Market Value” of any Capital Securities issued on any Capital Exchange Date for Debt
Securities of any series shall be the sale price of such Capital Securities which are sold in the
Secondary Offering for the Debt Securities of such series. In the event no such Secondary Offering
takes place, the Market Value of such Capital Securities shall be the fair value of such Capital
Securities on such Capital Exchange Date for Debt Securities of such series as determined by three
independent nationally recognized investment banking firms selected by the Company.

     “Maturity”, when used with respect to any Debt Security, means the date on which the
principal of such Debt Security becomes due and payable as therein or herein provided, whether

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at the Stated Maturity or by declaration of acceleration, call for redemption, repayment at the
option of the Holder or otherwise.

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

     “Opinion of Counsel” means a written opinion of counsel acceptable to the Trustee, who may
(except as otherwise expressly provided in this Indenture) be an employee of or counsel for the
Company, which is delivered to the Trustee.

     “Optional Securities Fund” means a fund pursuant to which the proceeds of sales of Capital
Securities may be designated on the books of the Company for the payment of any of the principal of
any Debt Security pursuant to Section 14.17 of this Indenture.

     “Original Issue Discount Security” means any Debt Security which provides for an amount less
than the principal amount thereof to be due and payable upon a declaration of acceleration of the
Maturity thereof pursuant to Section 5.2.

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

     (a) Debt Securities theretofore cancelled by the Trustee or delivered to the Trustee for
cancellation;

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

     (c) Debt Securities in exchange for or in lieu of which other Debt Securities have been
authenticated and delivered, or which have been paid, pursuant to this Indenture;

provided, however, that in determining whether the Holders of the requisite principal amount of
Debt Securities Outstanding have given any request, demand, authorization, direction, notice,
consent or waiver hereunder, Debt Securities owned by the Company or any other obligor upon the
Debt Securities or any Affiliate of the Company or of such other obligor shall be disregarded and
deemed not to be Outstanding, except that, in determining whether the Trustee shall be protected
in relying upon such request, demand, authorization, direction, notice, consent or waiver, only
Debt Securities which a Responsible Officer of the Trustee actually knows to be so owned shall be
so disregarded. Debt Securities so owned which have been pledged in good faith

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may be regarded as Outstanding if the pledgee establishes to the satisfaction of the Trustee the
pledgee’s right so to act with respect to such Debt Securities and that the pledgee is not the
Company or any other obligor upon the Debt Securities or any Affiliate of the Company or of such
other obligor. Notwithstanding anything herein to the contrary, Debt Securities of any series
initially issued to an Issuer Trust that are owned by such Issuer Trust shall be deemed to be
Outstanding notwithstanding the ownership by the Company or an Affiliate of any beneficial interest
in such Issuer Trust.

     “Paying Agent” means any Person authorized by the Company to pay the principal of (and
premium, if any) or interest on any Debt Securities on behalf of the Company.

     “Perpetual Preferred Stock” means any stock of any class of the Company which has a
preference over Common Stock in respect of dividends or of amounts payable in the event of any
voluntary or involuntary liquidation, dissolution or winding up of the Company and which is not
mandatorily redeemable or repayable, or redeemable or repayable at the option of the Holder,
otherwise than in shares of Common Stock or Perpetual Preferred Stock of another class or series
or with the proceeds of the sale of Common Stock or Perpetual Preferred Stock.

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

     “Place of Capital Exchange”, when used with respect to Debt Securities of any series, means
any place where the Debt Securities of such series are exchangeable for Capital Securities as
specified pursuant to Section 3.1.

     “Place of Payment”, when used with respect to the Debt Securities of any series means any
place where the principal of (and premium, if any) and interest on the Debt Securities of that
series are payable as specified as contemplated by Section 3.1.

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

     “Primary Federal Regulator” means the primary United States federal regulator of the Company
(which at the date of this Indenture is the Federal Reserve or its district reserve banks), or any
successor body or institution.

     “Property Trustee” means, with respect to any Issuer Trust, the Person identified as the
“Property Trustee” in the related Trust Agreement, solely in its capacity as Property Trustee of
such Issuer Trust and not in its individual capacity, or its successor in interest in such
capacity, or any successor property trustee appointed as therein provided.

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     “ranking junior to the Debt Securities,” when used with respect to any obligation of the
Company, shall mean any obligation of the Company which (a) ranks junior to and not equally with or
prior to the Debt Securities (or any other obligations of the Company ranking on a parity with the
Debt Securities) in right of payment upon the happening of any event of the kind specified in the
first sentence of the second paragraph in Section 18.1 or (b) is specifically designated as ranking
junior to the Debt Securities by express provision in the instrument creating or evidencing such
obligation. The securing of any obligations of the Company, otherwise ranking junior to the Debt
Securities, shall not be deemed to prevent such obligations from constituting obligations ranking
junior to the Debt Securities.

     “ranking on a parity with the Debt Securities,” when used with respect to any obligation of
the Company, shall mean any obligation of the Company which (a) ranks equally with and not prior
to the Debt Securities in right of payment upon the happening of any event of the kind specified
in the first sentence of the second paragraph in Section 18.1 or (b) is specifically designated as
ranking on a parity with the Debt Securities by express provision in the instrument creating or
evidencing such obligation. The securing of any obligations of the Company, otherwise ranking on a
parity with the Debt Securities, shall not be deemed to prevent such obligations from constituting
obligations ranking on a parity with the Debt Securities.

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

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

     “Registered Security” means any Debt Security in the form of Registered Securities
established pursuant to Section 2.1 which is registered in the Security Register.

     “Regular Record Date” for the interest payable on any Interest Payment Date on the Registered
Securities of any series means the date specified for that purpose as contemplated by Section 3.1.

     “Remarketing Entity”, when used with respect to Debt Securities of any series which are
repayable at the option of the Holders thereof before their Stated Maturity, means any person
designated by the Company to purchase any such Debt Securities.

     “Repayment Date”, when used with respect to any Debt Security to be repaid upon exercise of
an option for repayment by the Holder, means the date fixed for such repayment pursuant to this
Indenture.

     “Repayment Price”, when used with respect to any Debt Security to be repaid upon exercise of
an option for repayment by the Holder, means the price at which it is to be repaid pursuant to
this Indenture.

     “Responsible Officer” when used with respect to the Trustee, means any officer within the
corporate trust department of the Trustee, including any vice president, assistant vice

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president, assistant secretary, assistant treasurer, trust officer or any other officer of the
Trustee who customarily performs functions similar to those performed by the Persons who at the
time shall be such officers, respectively, or to whom any corporate trust matter is referred
because of such person’s knowledge of and familiarity with the particular subject and who shall
have direct responsibility for the administration of this Indenture.

     “Rights” has the meaning specified in Section 19.6(c).

     “Rights Plan” means a plan of the Company providing for the issuance by the Company to all
holders of its Common Stock of rights entitling the holders thereof to subscribe for or purchase
shares of any class or series of capital stock of the Company which rights (i) are deemed to be
transferred with such shares of such Common Stock, and (ii) are also issued in respect of future
issuances of such Common Stock, in each case until the occurrence of a specified events or events.

     “Secondary Offering”, when used with respect to the Debt Securities of any series, means the
offering and sale by the Company of Capital Securities for the account of Holders of Debt
Securities of such series who elect to receive cash and not Capital Securities on the Capital
Exchange Date for such series.

     “Securities Fund” means a fund pursuant to which the proceeds of sales of Capital Securities
are designated on the books of the Company for the payment of any principal of any Debt Security
pursuant to the provisions of Section 15.1.

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

     “Senior Debt” means

     (a) any of the Company’s indebtedness for borrowed or purchased money, whether or not
evidenced by bonds, debentures, notes or other written instruments,

     (b) the Company’s obligations under letters of credit,

     (c) any of the Company’s indebtedness or other obligations with respect to commodity
contracts, interest rate and currency swap agreements, cap, floor and collar agreements, currency
spot and forward contracts, and other similar agreements or arrangements designed to protect
against fluctuations in currency exchange or interest rates, and

     (d) any guarantees, endorsements (other than by endorsement of negotiable
instruments for collection in the ordinary course of business) or other similar contingent
obligations in respect of obligations of others of a type described in clauses (i), (ii) and (iii)
above, whether or not such obligation is classified as a liability on a balance sheet prepared in
accordance with generally accepted accounting principles, in each case whether outstanding on the
date of execution of this Indenture or thereafter incurred, other than obligations ranking on

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a parity with the Debt Securities (including without limitation the Trust Related Securities) or
ranking junior to the Debt Securities.

     “Special Record Date” for the payment of any Defaulted Interest means a date fixed by the
Trustee pursuant to Section 3.7.

     “Stated Maturity”, when used with respect to any Debt Security or any installment of interest
(including any Additional Interest) thereon, means the date specified in such Debt Security or a
coupon representing such installment of interest (including any Additional Interest) as the fixed
date on which the principal of such Debt Security or such installment is due and payable, subject,
in the case of any installment of interest, to the deferral of any such date in the case of an
Extension Period.

     “Tax Event” means the receipt by an Issuer Trust of an Opinion of Counsel (as defined in the
relevant Trust Agreement) 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 thereof or any taxing
authority thereof or therein, or as a result of any official administrative pronouncement or
judicial decision interpreting or applying such laws or regulations, which amendment or change is
effective or which pronouncement or decision is announced on or after the date of issuance of the
Capital Trust Securities of such Issuer Trust, there is more than an insubstantial risk that (i)
such Issuer Trust is, or will be within 90 days of the delivery of such Opinion of Counsel,
subject to United States Federal income tax with respect to income received or accrued on the
series of Debt Securities issued by the Company to such Issuer Trust, (ii) interest payable by the
Company on such series of Debt Securities is not, or within 90 days of the delivery of such
Opinion of Counsel will not be, deductible by the Company, in whole or in part, for United States
federal income tax purposes, to the extent applicable to the Company, or (iii) such Issuer Trust
is, or will be within 90 days of the delivery of such Opinion of Counsel, subject to more than an
immaterial amount of other taxes, duties or other governmental charges.

     “Trust Agreement” means, with respect to any Issuer Trust, the declaration of trust, trust
agreement or other governing instrument of such Issuer Trust.

     “Trust Indenture Act” means the Trust Indenture Act of 1939 as in force at the date as of
which this instrument was executed, except as provided in Section 9.5.

     “Trustee” means the Person named as the “Trustee” in the first paragraph of this instrument
until a successor Trustee shall have become such pursuant to the applicable provisions of this
Indenture, and thereafter “Trustee” shall mean or include each Person who is then a Trustee
hereunder, and if at any time there is more than one such Person, “Trustee” as used with respect
to the Debt Securities of any series shall mean the Trustee with respect to Debt Securities of
that series.

     “Trust Related Securities” means any obligations evidenced by debt securities (and guarantees
in respect of those debt securities) initially issued to any trust, partnership or other entity
affiliated with the Company that is, directly or indirectly, a financing vehicle of the

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Company in connection with the issuance by such entity of capital securities or other similar
securities.

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

     “United States” means the United States of America (including the District of Columbia) and
its possessions.

     “United States Alien” means any Person who, for United States Federal income tax purposes, is
a foreign corporation, a non-resident alien individual, a non-resident alien fiduciary of a
foreign estate or trust, or a foreign partnership one or more of the members of which is, for
United States Federal income tax purposes, a foreign corporation, a non-resident alien individual
or a non-resident alien fiduciary of a foreign estate or trust.

     “U.S. Government Obligations” means direct obligations of the United States for the payment
of which its full faith and credit is pledged, or obligations of a person controlled or supervised
by and acting as an agency or instrumentality of the United States the timely payment of which is
unconditionally guaranteed as a full faith and credit obligation by the United States, and shall
also include a depository receipt issued by a bank (as defined in Section 3(a)(2) of the
Securities Act of 1933, as amended) as custodian with respect to any such U.S. Government
Obligation or a specific payment of principal of or interest on any such U.S. Government
Obligation held by such custodian for the account of the holder of such depository receipt,
provided that (except as required by law) such custodian is not authorized to make any deduction
from the amount payable to the holder of such depository receipt from any amount received by the
custodian in respect of the U.S. Government Obligation or the specific payment of principal of or
interest on the U.S. Government Obligation evidenced by such depository receipt.

     Section 1.2 Compliance Certificates and Opinions.

     Upon any application or request by the Company to the Trustee to take any action under any
provision of this Indenture (other than the delivery of any Debt Security to the Trustee for
authentication pursuant to Section 3.3), the Company shall furnish to the Trustee, if so requested
by the Trustee, an Officers’ Certificate stating that 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, if any, have
been complied with, except that in the case of any such application or request as to which the
furnishing of such documents is specifically required by any provision of this Indenture relating
to such particular application or request, no additional certificate or opinion need be furnished.

     Every certificate or opinion with respect to compliance with a condition or covenant provided
for in this Indenture shall include:

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

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

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

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

     Section 1.3 Form of Documents Delivered to Trustee.

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

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

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

     Section 1.4 Acts of Holders.

     (a) Any request, demand, authorization, direction, notice, consent, waiver or other action
provided by this Indenture to be given or taken by Holders may be embodied in and evidenced by one
or more instruments of substantially similar tenor signed by such Holders in person or by an agent
duly appointed in writing. If Debt Securities of a series are issuable in whole or in part as
Bearer Securities, any request, demand, authorization, direction, notice, consent, waiver or other
action provided by this Indenture to be given or taken by Holders may, alternatively, be embodied
in and evidenced by the record of Holders of Debt Securities voting in favor thereof, either in
person or by proxies duly appointed in writing, at any meeting of Holders of Debt Securities duly
called and held in accordance with the provisions of Article XVI, or a combination of such
instruments and any such record. Except as herein otherwise expressly provided, such action shall
become effective when such instrument or instruments or record or

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both are delivered to the Trustee, and, where it is hereby expressly required, to the Company.
Such instrument or instruments and any such record (and the action embodied therein and evidenced
thereby) are herein sometimes referred to as the “Act” of the Holders signing such instrument or
instruments and so voting at any such meeting. Proof of execution of any such instrument or of a
writing appointing any such agent, or the holding by any Person of a Debt Security, shall be
sufficient for any purpose of this Indenture and (subject to Section 6.1) conclusive in favor of
the Trustee and the Company, if made in the manner provided in this Section. The record of any
meeting of Holders of Debt Securities shall be proved in the manner provided in Section 16.6.

     (b) The fact and date of the execution by any Person of any such instrument or writing may be
proved in any manner which the Trustee deems sufficient.

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

     (d) The principal amount and serial numbers of Bearer Securities held by any Person, and the
date of holding the same, may be proved by the production of such Bearer Securities or by a
certificate executed, as depositary, by any trust company, bank, banker or other depositary,
wherever situated, if such certificate shall be deemed by the Trustee to be satisfactory, showing
that at the date therein mentioned such Person had on deposit with such depositary, or exhibited to
it, the Bearer Securities in the amount and with the serial numbers therein described; or such
facts may be proved by the certificate or affidavit of the Person holding such Bearer Securities,
if such certificate or affidavit is deemed by the Trustee to be satisfactory. The Trustee and the
Company may assume that such ownership of any Bearer Security continues until (1) another
certificate or affidavit bearing a later date issued in respect of the same Bearer Security is
produced, or (2) such Bearer Security is produced to the Trustee by some other person, or (3) such
Bearer Security is surrendered in exchange for a Registered Security, or (4) such Bearer Security
is no longer Outstanding.

     (e) The fact and date of execution of any such instrument or writing, the authority of the
Person executing the same and the principal amount and serial numbers of Bearer Securities held by
the Person so executing such instrument or writing and the date of holding the same may also be
proved in any other manner which the Trustee deems sufficient; and the Trustee may in any instance
require further proof with respect to any of the matters referred to in this Section.

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

     (g) For purposes of determining the principal amount of Outstanding Debt Securities of any
series, the Holders of which are required, requested or permitted to give any request, demand,
authorization, direction, notice, consent, waiver or take any other Act under this Indenture, (i)
each Original Issue Discount Security shall be deemed to have the principal

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amount determined by the Trustee that could be declared to be due and payable pursuant to the terms
of such Original Issue Discount Security as of the date there is delivered to the Trustee and,
where it is hereby expressly required, to the Company, such Act by Holders of the required
aggregate principal amount of the Outstanding Debt Securities of such series and (ii) each Debt
Security denominated in a Foreign Currency or composite currency shall be deemed to have the
principal amount determined by the Exchange Rate Agent by converting the principal amount of such
Debt Security in the currency in which such Debt Security is denominated into Dollars at the
Exchange Rate as of the date such Act is delivered to the Trustee and, where it is hereby expressly
required, to the Company, by Holders of the required aggregate principal amount of the Outstanding
Debt Securities of such series (or, if there is no such rate on such date, such rate on the date
determined as specified as contemplated in Section 3.1).

     (h) The Company may set a record date for purposes of determining the identity of Holders of
Debt Securities of any series entitled to vote or consent to any action by vote or consent
authorized or permitted by Section 5.12 or Section 5.13. Such record date shall be the later of 30
days prior to the first solicitation of such consent or the date of the most recent list of
Holders of such Debt Securities furnished to the Trustee pursuant to Section 7.1 prior to such
solicitation.

     Section 1.5 Notices, etc., to Trustee and Company.

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

     (a) the Trustee by any Holder, any holder of Capital Trust Securities or the Company shall be
sufficient for every purpose hereunder (unless otherwise herein expressly provided), if made,
given, furnished or filed in writing to or with the Trustee at its Corporate Trust Office,
Attention: Corporate Trust Division, or

     (b) the Company by the Trustee, any Holder or any holder of Capital Trust Securities shall be
sufficient for every purpose hereunder (unless otherwise herein expressly provided) if in writing
and mailed, first-class postage prepaid, to the Company addressed to the attention of its Secretary
at the address of its principal office specified in the first paragraph of this instrument or at
any other address previously furnished in writing to the Trustee by the Company.

     The Trustee agrees to accept and act upon instructions or directions pursuant to this
Indenture sent by unsecured e-mail, facsimile transmission or other similar unsecured electronic
methods; provided, however, that (a) the party providing such written instructions, subsequent to
such transmission of written instructions, shall provide the originally executed instructions or
directions to the Trustee in a timely manner, and (b) such originally executed instructions or
directions shall be signed by an authorized representative of the party providing such
instructions or directions. If the party elects to give the Trustee e-mail or facsimile
instructions (or instructions by a similar electronic method) and the Trustee in its discretion
elects to act upon such instructions, the Trustee’s understanding of such instructions shall be
deemed controlling. The Trustee shall not be liable for any losses, costs or expenses arising
directly or indirectly from

16

 

the Trustee’s reliance upon and compliance with such instructions notwithstanding such
instructions conflict or are inconsistent with a subsequent written instruction. The party
providing electronic instructions agrees to assume all risks arising out of the use of such
electronic methods to submit instructions and directions to the Trustee, including without
limitation the risk of the Trustee acting on unauthorized instructions, and the risk of
interception and misuse by third parties.

	 	 	Section 1.6 Notice to Holders; Waiver.

     Except as otherwise expressly provided herein, where this Indenture provides for notice to
Holders of any event, (1) such notice shall be sufficiently given to Holders of Registered
Securities if in writing and mailed, first-class postage prepaid, to each Holder of a Registered
Security affected by such event, at such Holder’s address as it appears in the Security Register,
not later than the latest date, and not earlier than the earliest date, prescribed for the giving
of such notice; and (2) such notice shall be sufficiently given to Holders of Bearer Securities by
publication thereof in an Authorized Newspaper in The City of New York and, if the Debt Securities
of such series are then listed on The International Stock Exchange of the United Kingdom and the
Republic of Ireland and such stock exchange shall so require, in London, and, if the Debt
Securities of such series are then listed on the Luxembourg Stock Exchange and such stock exchange
shall so require, in Luxembourg and, if the Debt Securities of such series are then listed on any
other stock exchange outside the United States and such stock exchange shall so require, in any
other required city outside the United States or, if not practicable, in Europe on a Business Day
at least twice, the first such publication to be not later than the latest date and not earlier
than the earliest date prescribed for the giving of such notice. In case, by reason of the
suspension of or irregularities in regular mail service or for any other reason, it shall be
impossible or impracticable to mail notice of any event to Holders when said notice is required to
be given pursuant to any provision of this Indenture or of the Debt Securities, then any manner of
giving such notice as shall be satisfactory to the Trustee shall be deemed to be a sufficient
giving of such notice.

     In any case where notice to Holders of Registered Securities is to be given by mail, neither
the failure to mail such notice, nor any defect in any notice so mailed, to any particular Holder
of a Registered Security shall affect the sufficiency of such notice with respect to other Holders
of Registered Securities or the sufficiency of any notice by publication to Holders of Bearer
Securities given as provided above.

     In case, by reason of the suspension of publication of any Authorized Newspaper, or by reason
of any other cause, it shall be impossible or impracticable to make publication of any notice to
Holders of Bearer Securities as provided above, then such method of publication or notification as
shall be made with the approval of the Trustee shall constitute a sufficient publication of such
notice. Neither failure to give notice by publication to Holders of Bearer Securities as provided
above, nor any defect in any notice so published, shall affect the sufficiency of any notice
mailed to Holders of Registered Securities as provided above.

     Where this Indenture provides for notice in any manner, such notice may be waived in writing
by the Person entitled to receive such notice, either before or after the event, and such

17

 

waiver shall be the equivalent of such notice. Waivers of notice by Holders shall be filed with the
Trustee, but such filing shall not be a condition precedent to the validity of any action taken in
reliance upon such waiver.

     Any request, demand, authorization, direction, notice, consent, election, waiver or other Act
required or permitted under this Indenture shall be in the English language, except that any
published notice may be in an official language of the country of publication.

     Section 1.7 Conflict with Trust Indenture Act.

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

     Section 1.8 Effect of Headings and Table of Contents.

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

     Section 1.9 Successors and Assigns.

     All covenants and agreements in this Indenture by the Company shall bind its successors and
assigns, whether expressed or not.

     Section 1.10 Separability Clause.

     In case any provision in this Indenture or in the Debt Securities or coupons shall be
invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining
provisions shall not in any way be affected or impaired thereby.

     Section 1.11 Benefits of Indenture.

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

     Section 1.12 Governing Law.

     This Indenture and the Debt Securities and coupons shall be governed by and construed in
accordance with the laws of the State of New York.

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     Section 1.13 Legal Holidays.

     In any case where any Interest Payment Date, Redemption Date, Capital Exchange Date, Repayment
Date or Stated Maturity of any Debt Security shall not be a Business Day at any Place of Payment or
Place of Capital Exchange, then (notwithstanding any other provision of this Indenture or of the
Debt Securities or coupons) payment of interest or principal (and premium, if any) or exchange of
Debt Securities for Capital Securities or cash need not be made at such Place of Payment or Place
of Capital Exchange on such date, but may be made on the next succeeding Business Day at such Place
of Payment or Place of Capital Exchange with the same force and effect as if made on the Interest
Payment Date, Capital Exchange Date, Redemption Date, Repayment Date or at the Stated Maturity, and
no interest shall accrue for the period from and after such Interest Payment Date, Redemption Date,
Repayment Date, Capital Exchange Date or Stated Maturity, as the case may be.

     Section 1.14 Counterparts.

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

     Section 1.15 Waiver of Jury Trial.

     EACH OF THE COMPANY AND THE TRUSTEE HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT
PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING
OUT OF OR RELATING TO THIS INDENTURE, THE DEBT SECURITIES OR THE TRANSACTION CONTEMPLATED HEREBY.

     Section 1.16 Force Majeure.

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

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ARTICLE II

DEBT SECURITY FORMS

     Section 2.1 Forms Generally.

     The Registered Securities, if any, and the Bearer Securities and related coupons, if any, of
each series shall be in substantially the form (including temporary or permanent global form) as
shall be established in or pursuant to a Board Resolution or in one or more indentures supplemental
hereto, in each case with such appropriate insertions, omissions, substitutions and other
variations as are required or permitted by this Indenture, and may have such letters, numbers or
other marks of identification and such legends or endorsements placed thereon, as may be required
to comply with the rules of any securities exchange, or as may, consistently herewith, be
determined by the officers executing such Debt Securities or coupons, as evidenced by their
signatures on the Debt Securities or coupons. If the form of Debt Securities of any series or
coupons (including any such Global Security) is established by action taken pursuant to a Board
Resolution, a copy of an appropriate record of such action shall be certified by the Secretary or
an Assistant Secretary of the Company and delivered to the Trustee at or prior to the delivery of
the Company Order contemplated by Section 3.3 for the authentication and delivery of such Debt
Securities or coupons. Unless otherwise specified as contemplated by Section 3.1, Debt Securities
in bearer form other than Debt Securities in temporary or permanent global form shall have coupons
attached. The definitive Debt Securities and coupons, if any, shall be printed, lithographed or
engraved on steel engraved borders or may be produced in any other manner, all as determined by the
officers executing such Debt Securities, as evidenced by the execution of such Debt Securities and
coupons.

     Section 2.2 Form of Trustee’s Certificate of Authentication.

     This is one of the Debt Securities, of the series designated herein, described in the
within-mentioned Indenture.

	 	 	 	 	 
	 	THE BANK OF NEW YORK MELLON

TRUST COMPANY, N.A.,

not in its individual capacity but solely as Trustee

 	 
	 	By:  	 	 
	 	 	Authorized Signatory  	 
	 	 	 	 
	 

Dated:                                        

     Section 2.3 Debt Securities in Global Form.

     If Debt Securities of a series are issuable in whole or in part in global form, as specified
as contemplated by Section 3.1, then, notwithstanding clause (1) of Section 3.1 and the provisions
of Section 3.2, such Global Security shall represent such of the outstanding Debt Securities of
such series as shall be specified therein and may provide that it shall represent the aggregate
amount of Outstanding Debt Securities from time to time endorsed thereon and that the

20

 

aggregate amount of Outstanding Debt Securities represented thereby may from time to time be
reduced to reflect exchanges. Any endorsement of a Global Security to reflect the amount, or any
increase or decrease in the amounts, of Outstanding Debt Securities represented thereby shall be
made in such manner and upon instructions given by such Person or Persons as shall be specified
therein or in the Company Order to be delivered to the Trustee pursuant to Section 3.3 or Section
3.4.

     The provisions of the last sentence of Section 3.3(f) shall apply to any Debt Securities
represented by a Debt Security in global form if such Debt Security was never issued and sold by
the Company and the Company delivers to the Trustee the Debt Security in global form together with
written instructions (which need not comply with Section 1.2 and need not be accompanied by an
Opinion of Counsel) with respect to the reduction in the principal amount of Debt Securities
represented thereby, together with the written statement contemplated by the last sentence of
Section 3.3(f).

     Global Securities may be issued in either registered or bearer form and in either temporary
or permanent form.

	 	 	ARTICLE III

THE DEBT SECURITIES

     Section 3.1 Amount Unlimited; Issuance in Series.

     The aggregate principal amount of Debt Securities which may be authenticated and
delivered under this Indenture is unlimited.

     The Debt Securities may be issued in one or more series. There shall be established in or
pursuant to a Board Resolution, and set forth in an Officers’ Certificate, or established in one
or more indentures supplemental hereto, prior to the issuance of Debt Securities of any series:

     (a) the title of the Debt Securities of the series (which shall distinguish the Debt
Securities of the series from all other Debt Securities);

     (b) the limit, if any, upon the aggregate principal amount of the Debt Securities of the
series which may be authenticated and delivered under this Indenture (except for Debt Securities
authenticated and delivered upon registration of transfer of, or in exchange for, or in lieu of,
other Debt Securities of the series pursuant to Section 3.4, 3.5, 3.6, 9.6, 11.7, 13.3, 14.8 or
19.3 and except for any Debt Securities which, pursuant to Section 3.3, are deemed never to have
been authenticated and delivered hereunder);

     (c) if applicable, the date or dates on which the principal and premium, if any, of the Debt
Securities of the series are payable;

     (d) the rate or rates, if any, at which the Debt Securities of the series shall bear interest,
the rate or rates of and extent to which Additional Interest, if any, shall be payable in

21

 

respect of any Debt Securities of the series, or the method or methods by which such rate or rates
may be determined, the date or dates from which such interest or Additional Interest shall accrue,
the Interest Payment Dates on which such interest shall be payable, the right, pursuant to Section
3.13 or as otherwise set forth therein, of the Company to defer or extend an Interest Payment Date,
the Regular Record Date for the interest payable on any Registered Security on any Interest Payment
Date and the other circumstances, if any, in which the Company may defer interest payments;

     (e) the place or places where, subject to the provisions of Section 10.2, the principal of
(and premium, if any) and interest (including Additional Interest) on Debt Securities of the series
shall be payable, any Registered Securities of the series may be surrendered for registration of
transfer, Debt Securities of the series may be surrendered for exchange and notices and demands to
or upon the Company in respect of the Debt Securities of the series and this Indenture may be
served and where notices to Holders pursuant to Section 1.6 will be published;

     (f) if applicable, the period or periods within which or the date or dates on which, the price
or prices at which and the terms and conditions upon which Debt Securities of the series may be
redeemed, in whole or in part, at the option of the Company;

     (g) if applicable, the place or places at which, the period or periods within which, the price
or prices at which and the terms and conditions upon which Debt Securities shall be exchangeable
for Capital Securities of the Company, which terms and conditions shall not be inconsistent with
Article XIV;

     (h) any covenant or option of the Company to create a Securities Fund for the repayment of
the Debt Securities and the terms and conditions of such Securities Fund, which terms and
conditions shall not be inconsistent with Article XV;

     (i) the obligation, if any, of the Company to redeem, repay or purchase Debt Securities of
the series pursuant to any sinking fund or analogous provisions or at the option of a Holder
thereof and the period or periods within which, the price or prices at which and the terms and
conditions upon which Debt Securities of the series shall be redeemed, repaid or purchased, in
whole or in part, pursuant to such obligation;

     (j) whether Debt Securities of the series are to be issuable as Registered Securities, Bearer
Securities or both, whether Debt Securities of the series are to be issuable with or without
coupons or both and, in the case of Bearer Securities, the date as of which such Bearer Securities
shall be dated if other than the date of original issuance of the first Debt Security of such
series of like tenor and term to be issued;

     (k) whether the Debt Securities of the series shall be issued in whole or in part in the form
of a Global Security or Securities and, in such case, the Depositary and Global Exchange Agent for
such Global Security or Securities, whether such global form shall be permanent or temporary and,
if applicable, the Global Exchange Date;

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     (1) if Debt Securities of the series are to be issuable initially in the form of a temporary
Global Security, the circumstances under which the temporary Global Security can be exchanged for
definitive Debt Securities and whether the definitive Debt Securities will be Registered and/or
Bearer Securities and will be in global form and whether interest (including any Additional
Interest) in respect of any portion of such Global Security payable in respect of an Interest
Payment Date prior to the Global Exchange Date shall be paid to any clearing organization with
respect to a portion of such Global Security held for its account and, in such event, the terms and
conditions (including any certification requirements) upon which any such interest payment received
by a clearing organization will be credited to the Persons entitled to interest payable on such
Interest Payment Date if other than as provided in this Article III;

     (m) whether, and under what conditions, additional amounts will be payable to Holders of Debt
Securities of the series pursuant to Section 10.6;

     (n) the denominations in which any Registered Securities of the series shall be issuable, if
other than denominations of $1,000 and any integral multiple thereof, and the denominations in
which any Bearer Securities of such series shall be issuable, if other than the denomination of
$5,000;

     (o) if other than the principal amount thereof, the portion of the principal amount of Debt
Securities of the series which shall be payable upon declaration of acceleration of the Maturity
thereof pursuant to Section 5.2;

     (p) the currency or currencies of denomination of the Debt Securities of any series, which
may be in Dollars, any Foreign Currency or any composite currency, including but not limited to
the Euro, and, if any such currency of denomination is a composite currency other than the Euro,
the agency or organization, if any, responsible for overseeing such composite currency;

     (q) the currency or currencies in which payment of the principal of (and premium, if any) and
interest (including any Additional Interest) on the Debt Securities will be made, the currency or
currencies, if any, in which payment of the principal of (and premium, if any) or the interest
(including any Additional Interest) on Registered Securities, at the election of each of the
Holders thereof, may also be payable and the periods within which and the terms and conditions
upon which such election is to be made and the Exchange Rate and Exchange Rate Agent (the
“Exchange Rate Agent”);

     (r) if payments of principal of (and premium, if any) or interest (including any Additional
Interest) on the Debt Securities of the series are to be made in a Foreign Currency other than the
currency in which such Debt Securities are denominated (the “Exchange Rate”), the manner in which
the Exchange Rate with respect to such payments shall be determined or if the Exchange Rate is to
be determined otherwise than as provided in Section 1.1;

     (s) any Events of Default with respect to Debt Securities of such series, if not set forth
herein, and any Events of Default set forth herein that shall not apply to Debt Securities of the
series;

23

 

     (t) any other covenant or warranty included for the benefit of the Debt Securities of the
series in addition to (and not inconsistent with) those set forth herein for the benefit of Debt
Securities of all series, or any other covenant or warranty included for the benefit of Debt
Securities of the series in lieu of any covenant or warranty set forth herein for the benefit of
Debt Securities of all series, or any provision that any covenant or warranty set forth herein for
the benefit of Debt Securities of all series shall not be for the benefit of Debt Securities of
such series, or any combination of such covenants, warranties or provisions and whether the
provisions of Section 10.5 will not apply to such covenants and warranties;

     (u) the terms and conditions, if any, pursuant to which the Company’s obligations under this
Indenture may be terminated through the deposit of money or Eligible Instruments as provided in
Articles IV and XVII;

     (v) the Person or Persons who shall be Security Registrar for the Debt Securities of such
series if other than the Trustee, and the place or places where the Security Register for such
series shall be maintained and the Person or Persons who will be the initial Paying Agent or
Agents, if other than the Trustee;

     (w) whether the Debt Securities of the series are Convertible Securities and the terms
related thereto including the Conversion Price and the date on which the right to convert expires;

     (x) if such Debt Securities are to be issued to an Issuer Trust, the form or forms of the
Trust Agreement and Guarantee Agreement relating thereto;

     (y) if other than as set forth herein, the relative degree, if any, to which the Debt
Securities of the series shall be senior to or be subordinated to other series of Debt Securities
in right of payment, whether such other series of Debt Securities are Outstanding or not; and

     (z) any other terms of the series (which terms shall not be inconsistent with the provisions
of this Indenture).

     All Debt Securities of any one series and the coupons appertaining to Bearer Securities of
such series, if any, shall be substantially identical except, in the case of Registered
Securities, as to denomination and except as may otherwise be provided in or pursuant to such
Board Resolution and set forth in such Officers’ Certificate or in any such indenture supplemental
hereto.

     Debt Securities of any particular series may be issued at various times, with different dates
on which the principal or any installment of principal is payable, with different rates of
interest, if any, or different methods by which rates of interest may be determined, with
different dates on which such interest may be payable and with different Redemption or Repayment
Dates and may be denominated in different currencies or payable in different currencies.

     If any of the terms of a series of Debt Securities are established by action taken pursuant
to a Board Resolution, a copy of an appropriate record of such action shall be certified by the

24

 

Secretary or an Assistant Secretary of the Company and delivered to the Trustee at or prior to the
delivery of the Officers’ Certificate setting forth the terms of the series.

     Section 3.2 Denominations.

     Debt Securities of each series shall be issuable in such form and denominations as shall be
specified in the form of Debt Security for such series approved or established pursuant to Section
2.1 or in the Officers’ Certificate delivered pursuant to Section 3.1. In the absence of any
specification with respect to the Debt Securities of any series, the Registered Securities of such
series, if any, shall be issuable in denominations of $1,000 and any integral multiple thereof and
the Bearer Securities of such series, if any, shall be issuable in the denominations of $5,000.

     Section 3.3 Execution, Authentication, Delivery and Dating.

     (a) The Debt Securities shall be executed on behalf of the Company by its Chairman of the
Board, a Vice Chairman of the Board, the President or a Vice President, and by its Treasurer or one
of its Assistant Treasurers or its Secretary or one of its Assistant Secretaries under its
corporate seal reproduced thereon. The signature of any of these officers on the Debt Securities
may be manual or facsimile. Coupons shall bear the facsimile signature of an authorized officer of
the Company.

     Debt Securities and coupons bearing the manual or facsimile signatures of individuals who
were at any time the proper officers of the Company shall bind the Company, notwithstanding that
such individuals or any of them have ceased to hold such offices prior to the authentication and
delivery of such Debt Securities or coupons of any series or did not hold such offices at the date
of such Debt Securities or coupons.

     (b) At any time and from time to time after the execution and delivery of this Indenture, Debt
Securities of any series may be executed by the Company and delivered to the Trustee for
authentication, and, except as otherwise provided in this Article III, shall thereupon be
authenticated and delivered by the Trustee upon Company Order, without any further action by the
Company; provided, however, that, in connection with its original issuance, a Bearer Security may
be delivered only outside the United States and, except in the case of a temporary Global Security,
only if the Company or its agent shall have received the certification required pursuant to
Sections 3.4(b)(iii) and (iv), unless such certification shall have been provided earlier pursuant
to Section 3.4(b)(v) hereof, and only if the Company has no reason to know that such certification
is false.

     To the extent authorized in or pursuant to a Board Resolution and set forth in an Officers’
Certificate, or established in one or more indentures supplemental hereto, such written Company
Order may be given by any one officer or employee of the Company, may be electronically
transmitted, and may provide instructions as to registration of holders, principal amounts, rates
of interest, maturity dates and other matters contemplated by such Board Resolution and Officers’
Certificate or supplemental indenture to be so instructed in respect thereof. Before authorizing
and delivering the first Debt Securities of any series (and upon request of the Trustee
thereafter),

25

 

the Company shall deliver to the Trustee (i) the certificates called for under Sections 2.1 and
3.1 hereof and (ii) an Opinion of Counsel described in the next sentence.

     In authenticating such Debt Securities, and accepting the additional responsibilities under
this Indenture in relation to any Debt Securities, the Trustee shall be entitled to receive, prior
to the initial authentication of such Debt Securities, and (subject to Section 6.1) shall be fully
protected in relying upon:

     (i) a Board Resolution relating thereto and, if applicable, an appropriate
record of any action taken pursuant to such resolution certified by the Secretary or
an Assistant Secretary of the Company;

     (ii) an executed supplemental indenture, if any, relating thereto;

     (iii) an Officers’ Certificate setting forth the form and terms of the Debt Securities
of such series and coupons, if any, pursuant to Sections 2.1 and 3.1 and stating that all
conditions precedent provided for in this Indenture relating to the issuance of such Debt
Securities have been complied with; and

     (iv) an Opinion of Counsel stating

     (1) that the form of such Debt Securities and coupons, if any, has been
established in or pursuant to a Board Resolution or by a supplemental indenture
as permitted by Section 2.1 in conformity with the provisions of this
Indenture;

     (2) that the terms of such Debt Securities and coupons, if any, have been
established in or pursuant to a Board Resolution or by a supplemental indenture
as permitted by Section 3.1 in conformity with the provisions of this
Indenture; and

     (3) that such Debt Securities and coupons, if any, when authenticated
and delivered by the Trustee and issued by the Company in the manner and
subject to any conditions specified in such Opinion of Counsel, will constitute
valid and binding obligations of the Company, enforceable in accordance with
their terms, except that where Debt Securities of any series are to be
exchanged for Capital Securities or paid from the Securities Fund, the issuance
of Capital Securities will require further action by the Board of Directors,
and subject, as to enforcement of remedies, to applicable bankruptcy,
reorganization, insolvency, moratorium or other laws affecting creditors’
rights generally and the application of general principles of equity and
except further as enforcement thereof may be limited by (i) requirements that a
claim with respect to any Debt Securities denominated other than in Dollars (or
a Foreign Currency or currency unit judgment in respect of such claim) be
converted into Dollars at a rate of exchange prevailing on a date determined
pursuant to

26

 

applicable law or (ii) governmental authority to limit, delay or prohibit
the making of payments in Foreign Currencies or currency units or payments
outside the United States.

     (c) If the Company shall establish pursuant to Section 3.1 that the Debt Securities of a
series are to be issued in whole or in part in the form of one or more Global Securities, then the
Company shall execute and the Trustee shall, in accordance with this Section and the Company Order
with respect to such series, authenticate and deliver one or more Global Securities in permanent or
temporary form that (i) shall represent and shall be denominated in an aggregate amount equal to
the aggregate principal amount of the Outstanding Debt Securities of such series to be represented
by one or more Global Securities, (ii) shall be registered in the name of the Depositary for such
Global Security or Securities or the nominee of such Depositary and (iii) shall be delivered by the
Trustee to such Depositary or pursuant to such Depositary’s instructions.

     (d) The Trustee shall have the right to decline to authenticate and deliver any Debt
Securities under this Section 3.3 if the issuance of such Debt Securities will adversely affect the
Trustee’s own rights, duties or immunities under the Debt Securities and this Indenture or
otherwise in a manner which is not reasonably acceptable to the Trustee.

     (e) Each Registered Security shall be dated the date of its authentication. Each Bearer
Security shall be dated as of the date specified as contemplated by Section 3.1.

     (f) No Debt Security or coupon attached thereto shall be entitled to any benefit under this
Indenture or be valid or obligatory for any purpose, unless there appears on such Debt Security a
certificate of authentication substantially in the form provided for herein executed by the
Trustee, and such certificate upon any Debt Security shall be conclusive evidence, and the only
evidence, that such Debt Security has been duly authenticated and delivered hereunder. Except as
permitted by Section 3.6, the Trustee shall not authenticate and deliver any Bearer Security unless
all appurtenant coupons for interest then matured have been detached and cancelled. Notwithstanding
the foregoing, if any Debt Security or portion thereof shall have been duly authenticated and
delivered hereunder but never issued and sold by the Company, and the Company shall deliver such
Debt Security to the Trustee for cancellation as provided in Section 3.9 together with a written
statement (which need not comply with Section 1.2 and need not be accompanied by an Opinion of
Counsel) stating that such Debt Security or portion thereof has never been issued and sold by the
Company, for all purposes of this Indenture such Debt Security shall be deemed never to have been
authenticated and delivered hereunder and shall never be entitled to the benefits of this
Indenture.

     (g) Each Depositary designated pursuant to Section 3.1 for a Global Security in registered
form must, at the time of its designation and at all times while it serves as Depositary, be a
clearing agency registered under the Securities Exchange Act of 1934 and any other applicable
statute or regulation.

     (h) Debt Securities distributed to holders of Book-Entry Capital Securities (as defined
in the applicable Trust Agreement) upon the dissolution of an Issuer Trust shall be distributed in

27

 

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

     Section 3.4 Temporary Debt Securities.

     (a) Pending the preparation of definitive Debt Securities of any series, the Company may
execute, and upon receipt of documents required by Sections 3.1 and 3.3, together with a Company
Order, the Trustee shall authenticate and deliver, temporary Debt Securities which are printed,
lithographed, typewritten, mimeographed or otherwise produced, in any denomination, substantially
of the tenor and terms of the definitive Debt Securities in lieu of which they are issued in
registered form or, if authorized, in bearer form with one or more coupons or without coupons, and
with such appropriate insertions, omissions, substitutions and other variations as the officers
executing such Debt Securities may determine, as evidenced by their signatures on such Debt
Securities. In the case of Debt Securities of any series issuable as Bearer Securities, such
temporary Debt Securities may be in global form, representing all or any part of the Outstanding
Debt Securities of such series.

     (b) Unless otherwise provided pursuant to Section 3.1:

     (i) Except in the case of temporary Debt Securities in global form, if
temporary Debt Securities of any series are issued, the Company will cause
definitive Debt Securities of such series to be prepared without unreasonable delay.
After the preparation of definitive Debt Securities of such series, the related
temporary Debt Securities shall be exchangeable for such definitive Debt Securities
upon surrender of the temporary Debt Securities of such series at the office or
agency of the Company in the Place of Payment for such series, without charge to the
Holder. Upon surrender for cancellation of any one or more temporary Debt Securities
of any series (accompanied, if applicable, by all unmatured coupons and all matured
coupons in default appertaining thereto), the Company shall execute and the Trustee
shall authenticate and deliver in exchange therefor a like principal amount of
definitive Debt Securities of the same series of like tenor and terms and of
authorized denominations; provided, however, that no Bearer Security shall be
delivered in exchange for a Registered Security; and provided, further, that a
Bearer Security shall be delivered in exchange for a Bearer Security only in
compliance with the conditions set forth in Section 3.5.

     (ii) If Debt Securities of any series are issued in temporary global form, any
such temporary Global Security shall, unless otherwise provided pursuant to Section
3.1, be delivered to the Depositary for the benefit of Euroclear and Clearstream,
for credit to the respective accounts of the beneficial owners of such Debt
Securities (or to such other accounts as they may direct).

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     (iii) Without unnecessary delay but in any event not later than the date specified in, or
determined pursuant to the terms of, any such temporary Global Security (the “Global Exchange
Date”), the Company shall deliver definitive Debt Securities to the Trustee or the agent appointed
by the Company pursuant to Section 3.1 to effect the exchange of the temporary Global Security for
definitive Debt Securities (the “Global Exchange Agent”), in an aggregate principal amount equal to
the principal amount of such temporary Global Security, executed by the Company. On or after the
Global Exchange Date, such temporary Global Security shall be surrendered by the Depositary to the
Global Exchange Agent, to be exchanged, in whole or from time to time in part, for definitive Debt
Securities without charge and the Trustee or the Global Exchange Agent, if authorized by the
Trustee pursuant to Section 6.14, shall authenticate and deliver, in exchange for each portion of
such temporary Global Security, an equal aggregate principal amount of definitive Debt Securities
of the same series of authorized denominations and of like tenor and terms as the portion of such
temporary Global Security to be exchanged. Upon any exchange of a part of such temporary Global
Security for definitive Debt Securities, the portion of the principal amount and any interest
(including any Additional Interest) thereon so exchanged shall be endorsed by the Global Exchange
Agent on a schedule to such temporary Global Security, whereupon the principal amount and interest
payable with respect to such temporary Global Security shall be reduced for all purposes by the
amount so exchanged and endorsed. The definitive Debt Securities to be delivered in exchange for
any such temporary Global Security shall be in bearer form, registered form, global registered form
or global bearer form, or any combination thereof, as specified and contemplated by Section 3.1,
and, if any combination thereof is so specified, as requested by the beneficial owner thereof;
provided, however, that, in the case of the exchange of the temporary Global Security for
definitive Bearer Securities (including a definitive Global Bearer Security), upon such
presentation by the Depositary, such temporary Global Security shall be accompanied by a
certificate signed by Euroclear as to the portion of such temporary Global Security held for its
account then to be exchanged and a certificate signed by Clearstream as to the portion of such
temporary Global Security held for its account then to be exchanged, each in the form set forth in
Exhibit B to this Indenture, unless such certificate(s) shall have been provided earlier pursuant
to Section 3.4(b)(v) hereof; and provided, further, that definitive Bearer Securities (including a
definitive Global Bearer Security) shall be delivered in exchange for a portion of a temporary
Global Security only in compliance with the requirements of Section 3.3.

     (iv) The interest of a beneficial owner of Debt Securities of a series in a temporary Global
Security shall be exchanged for definitive Debt Securities of the same series and of like tenor
and terms following the Global Exchange Date when the account holder instructs Euroclear or
Clearstream, as the case may be, to request such exchange on such account holder’s behalf and, in
the case of the exchange of the temporary Global Security for definitive Bearer Securities

29

 

(including a definitive Global Bearer Security), unless such certificate(s) shall
have been provided earlier pursuant to Section 3.4(b)(v) hereof, the account holder
delivers to Euroclear or Clearstream, as the case may be, a certificate in the form
set forth in Exhibit A-l and, if applicable, A-2 to this Indenture, dated no earlier
than 15 days prior to the Global Exchange Date, copies of which certificate shall be
available from the offices of Euroclear and Clearstream, the Global Exchange Agent,
any authenticating agent appointed for such series of Debt Securities and each
Paying Agent. Unless otherwise specified in such temporary Global Security, any such
exchange shall be made free of charge to the beneficial owners of such temporary
Global Security, except that a Person receiving definitive Debt Securities must bear
the cost of insurance, postage, transportation and the like in the event that such
Person does not take delivery of such definitive Debt Securities in person at the
offices of Euroclear and Clearstream. Definitive Debt Securities in bearer form to
be delivered in exchange for any portion of a temporary Global Security shall be
delivered only outside the United States.

     (v) Until exchanged in full as hereinabove provided, the temporary Debt
Securities of any series shall in all respects be entitled to the same benefits
under this Indenture as definitive Debt Securities of the same series and of like
tenor and terms authenticated and delivered hereunder, except that interest
(including any Additional Interest) payable on a temporary Global Security on an
Interest Payment Date shall be payable to Euroclear and Clearstream on such Interest
Payment Date only if there has been delivery by Euroclear and Clearstream to the
Global Exchange Agent of a certificate or certificates in the form set forth in
Exhibit B to this Indenture dated no earlier than the first Interest Payment Date,
for credit without further interest on or after such Interest Payment Date to the
respective accounts of the Persons who are the beneficial owners of such temporary
Global Security on such Interest Payment Date and who have each delivered to
Euroclear or Clearstream, as the case may be, a certificate in the form set forth in
Exhibit A-l and, if applicable, A-2 to this Indenture dated no earlier than the
first Interest Payment Date. Any interest so received by Euroclear and Clearstream
and not paid as herein provided prior to the Global Exchange Date shall be returned
to the Global Exchange Agent which, upon expiration of two years after such Interest
Payment Date, shall repay such interest to the Company in accordance with Section
10.3.

     Section 3.5 Registration; Registration of Transfer and Exchange.

     The Company shall cause to be kept at one of the offices or agencies to be maintained by the
Company in accordance with the provisions of this Section 3.5 and Section 10.2, with respect to the
Debt Securities of each series which are Registered Securities, a register (herein sometimes
referred to as the “Security Register”) in which, subject to such reasonable regulations as it may
prescribe, the Company shall provide for the registration of Registered Securities and of transfers
of Registered Securities. Pursuant to Section 3.1, the Company shall appoint, with respect to Debt
Securities of each series which are Registered Securities, a “Security Registrar”

30

 

for the purpose of registering such Debt Securities and transfers and exchanges of such Debt
Securities as herein provided.

     Upon surrender for registration of transfer of any Registered Security of any series at the
office or agency of the Company maintained for such purpose, the Company shall execute, and the
Trustee shall authenticate and deliver, in the name of the designated transferee or transferees,
one or more new Registered Securities of the same series of any authorized denomination or
denominations, of like tenor and terms and aggregate principal amount.

     At the option of the Holder, Registered Securities of any series may be exchanged for other
Registered Securities of the same series of any authorized form and denomination, of like tenor
and terms and aggregate principal amount, upon surrender of the Registered Securities to be
exchanged at such office or agency. Bearer Securities may not be delivered in exchange for
Registered Securities.

     At the option of the Holder, Registered Securities or Bearer Securities of any series may be
issued in exchange for Bearer Securities (except as otherwise specified as contemplated by Section
3.1 with respect to a Bearer Security in global form) of the same series, of any authorized
denominations and of like tenor and terms and aggregate principal amount, upon surrender of the
Bearer Securities to be exchanged at any such office or agency, with all unmatured coupons and all
matured coupons in default thereto appertaining. If the Holder of a Bearer Security is unable to
produce any such unmatured coupon or coupons or matured coupon or coupons in default, such
exchange may be effected if the Bearer Securities are accompanied by payment in funds acceptable
to the Company and the Trustee in an amount equal to the face amount of such missing coupon or
coupons, or the surrender of such missing coupon or coupons may be waived by the Company and the
Trustee if there be furnished to them such security or indemnity as they may require to save each
of them and any Paying Agent harmless. If thereafter the Holder of such Security shall surrender
to any Paying Agent any such missing coupon in respect of which such a payment shall have been
made, such Holder shall be entitled to receive the amount of such payment; provided, however,
that, except as otherwise provided in Section 10.2, interest represented by coupons shall be
payable only upon presentation and surrender of those coupons at an office or agency located
outside the United States. Notwithstanding the foregoing, in case a Bearer Security of any series
is surrendered at any such office or agency in exchange for a Registered Security of the same
series and like tenor and terms after the close of business at such office or agency of (i) any
Regular Record Date and before the opening of business at such office or agency on the relevant
Interest Payment Date, or (ii) any Special Record Date and before the opening of business at such
office or agency on the related date for payment of Defaulted Interest, such Bearer Security shall
be surrendered without the coupon relating to such Interest Payment Date or proposed date of
payment, as the case may be.

     Whenever any Debt Securities are so surrendered for exchange, the Company shall execute, and
the Trustee shall authenticate and deliver, the Debt Securities which the Holder making the
exchange is entitled to receive.

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     If at any time the Depositary for the Debt Securities of a series notifies the Company that
it is unwilling or unable to continue as Depositary for the Debt Securities of such series or if
at any time the Depositary for the Debt Securities of such series shall no longer be eligible
under Section 3.3(h), the Company shall appoint a successor Depositary with respect to the Debt
Securities of such series. If a successor Depositary for the Debt Securities of such series is not
appointed by the Company within 90 days after the Company receives such notice or becomes aware of
such ineligibility, the Company’s election pursuant to Section 3.1(k) shall no longer be effective
with respect to the Debt Securities of such series and the Company will execute, and the Trustee,
upon receipt of a Company Order for the authentication and delivery of definitive Debt Securities
of such series, will authenticate and deliver, Debt Securities of such series in definitive form
in an aggregate principal amount equal to the principal amount of the Global Security or
Securities representing such series in exchange for such Global Security or Securities.

     The Company may at any time and in its sole discretion determine that the Debt Securities of
any series issued in the form of one or more Global Securities shall no longer be represented by
such Global Security or Securities. In such event the Company will execute, and the Trustee, upon
receipt of a Company Order for the authentication and delivery of definitive Debt Securities of
such series, will authenticate and deliver, Debt Securities of such series in definitive form and
in an aggregate principal amount equal to the principal amount of the Global Security or
Securities representing such series in exchange for such Global Security or Securities.

     If specified by the Company pursuant to Section 3.1 with respect to a series of Debt
Securities, the Depositary for such series of Debt Securities may surrender a Global Security for
such series of Debt Securities in exchange in whole or in part for Debt Securities of such series
of like tenor and terms and in definitive form on such terms as are acceptable to the Company and
such Depositary. Thereupon, the Company shall execute, and the Trustee shall authenticate and
deliver, without service charge,

     (a) to each Person specified by such Depositary a new Debt Security or Securities of the same
series, of like tenor and terms and of any authorized denominations as requested by such person in
aggregate principal amount equal to and in exchange for such Person’s beneficial interest in the
Global Security; and

     (b) to such Depositary a new Global Security of like tenor and terms and in a denomination
equal to the difference, if any, between the principal amount of the surrendered Global Security
and the aggregate principal amount of Debt Securities delivered to Holders thereof.

     In any exchange provided for in any of the preceding three paragraphs, the Company will
execute and the Trustee will authenticate and deliver Debt Securities (a) in definitive registered
form in authorized denominations, if the Debt Securities of such series are issuable as Registered
Securities, (b) in definitive bearer form in authorized denominations, with coupons attached, if
the Debt Securities of such series are issuable as Bearer Securities or (c) as either Registered
or Bearer Securities, as shall be specified by the beneficial owner thereof, if the Debt
Securities of

32

 

such series are issuable in either form; provided, however, that no definitive Bearer Security
shall be delivered in exchange for a temporary Global Security unless the Company or its agent
shall have received from the person entitled to receive the definitive Bearer Security a
certificate substantially in the form set forth in Exhibit A-l and, if applicable, A-2 hereto; and
provided further that delivery of a Bearer Security shall occur only outside the United States;
and provided further that no definitive Bearer Security will be issued if the Company has reason
to know that any such certificate is false.

     Upon the exchange of a Global Security for Debt Securities in definitive form, such Global
Security shall be cancelled by the Trustee. Registered Securities issued in exchange for a Global
Security pursuant to this Section shall be registered in such names and in such authorized
denominations as the Depositary for such Global Security, pursuant to instructions from its direct
or indirect participants or otherwise, shall instruct the Trustee. The Trustee shall deliver such
Registered Securities to the persons in whose names such Debt Securities are so registered. The
Trustee shall deliver Bearer Securities issued in exchange for a Global Security pursuant to this
Section to the persons, and in such authorized denominations, as the Depositary for such Global
Security, pursuant to instructions from its direct or indirect participants or otherwise, shall
instruct the Trustee; provided, however, that no definitive Bearer Security shall be delivered in
exchange for a temporary Global Security unless the Company or its agent shall have received from
the person entitled to receive the definitive Bearer Security a certificate substantially in the
form set forth in Exhibit A-l and, if applicable, A-2 hereto; and provided further that delivery of
a Bearer Security shall occur only outside the United States; and provided further that no
definitive Bearer Security will be issued if the Company has reason to know that any such
certificate is false.

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

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

     No service charge shall be made for any registration of transfer or exchange of Debt
Securities, but the Company may require payment of a sum sufficient to cover any tax or other
governmental charge that may be imposed in connection with any transfer, registration of transfer
or exchange of Debt Securities, other than exchanges expressly provided in this Indenture to be
made at the Company’s own expense or without expense or without charge to the Holders.

     The Company shall not be required (i) to issue, register the transfer of or exchange Debt
Securities of any particular series to be redeemed or exchanged for Capital Securities for a
period of fifteen days preceding the first publication of the relevant notice of redemption or
exchange

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or, if Registered Securities are outstanding and there is no publication, the mailing of the
relevant notice of redemption or exchange, or (ii) to register the transfer of or exchange any
Registered Security so selected for redemption or exchange in whole or in part, except the
unredeemed or unexchanged portion of such Registered Security being redeemed or exchanged in part,
or (iii) to exchange any Bearer Security so selected for redemption or exchange except that such a
Bearer Security may be exchanged for a Registered Security of like tenor and terms of that series,
provided that such Registered Security shall be simultaneously surrendered for redemption or
exchange.

     Notwithstanding anything herein to the contrary, the exchange of Bearer Securities into
Registered Securities shall be subject to applicable laws and regulations in effect at the time of
exchange; neither the Company, the Trustee nor the Security Registrar shall exchange any Bearer
Securities into Registered Securities if it has received an Opinion of Counsel that as a result of
such exchanges the Company would suffer adverse consequences under the United States Federal income
tax laws and regulations then in effect and the Company has delivered to the Trustee a Company
Order directing the Trustee not to make such exchanges thereafter unless and until the Trustee
receives a subsequent Company Order to the contrary. The Company shall deliver copies of such
Company Orders to the Security Registrar.

     Section 3.6 Mutilated, Destroyed, Lost and Stolen Debt Securities.

     If (i) any mutilated Debt Security or a Bearer Security with a mutilated coupon appertaining
to it is surrendered to a Paying Agent outside the United States designated by the Company, or, in
the case of any Registered Security, to the Trustee, or (ii) the Company and the Trustee receive
evidence to their satisfaction of the destruction, loss or theft of any Debt Security or coupon,
and there is delivered to the Company and the Trustee such security or indemnity as may be
required by them to save each of them harmless, then, in the absence of notice to the Company and
the Trustee that such Debt Security or coupon has been acquired by a bona fide purchaser, the
Company shall execute and upon its written request the Trustee shall authenticate and deliver, in
exchange for any such mutilated Debt Security or Bearer Security with a mutilated coupon
appertaining to it or to which a destroyed, lost or stolen coupon appertains (with all appurtenant
coupons not destroyed, lost or stolen) or in lieu of any such destroyed, lost or stolen Debt
Security, a new Debt Security of like tenor and terms and principal amount, bearing a number not
contemporaneously outstanding, with coupons corresponding to the coupon, if any, appertaining to
such destroyed, lost or stolen Debt Security or to the Debt Security to which such destroyed, lost
or stolen coupon appertains; provided, however, that any such new Bearer Security will be
delivered only in compliance with the conditions set forth in Section 3.5.

     In case any such mutilated, destroyed, lost or stolen Debt Security or coupon has become or
is about to become due and payable, the Company in its discretion may, instead of issuing a new
Debt Security, pay such Debt Security or coupon; provided, however, that payment of principal of
(and premium, if any) and any interest on Bearer Securities shall, except as otherwise provided in
Section 10.2, be payable only at an office or agency located outside the United States; and
provided, further, that, with respect to any such coupons, interest represented

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thereby (but not any additional amounts payable as provided in Section 10.6), shall be payable
only upon presentation and surrender of the coupons appertaining thereto.

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

     Every new Debt Security of any series, with its coupons, if any, issued pursuant to this
Section in lieu of any destroyed, lost or stolen Debt Security, or in exchange for a Bearer
Security to which a destroyed, lost or stolen coupon appertains, shall constitute an original
additional contractual obligation of the Company, whether or not the destroyed, lost or stolen
Debt Security and its coupons, if any, or the destroyed, lost or stolen coupon shall be at any
time enforceable by anyone, and any such new Debt Security and coupons, if any, shall be entitled
to all the benefits of this Indenture equally and proportionately with any and all other Debt
Securities of that series and their coupons, if any, duly issued hereunder.

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

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

     Interest and any Additional Interest on any Registered Security which is payable, and is
punctually paid or duly provided for, on any Interest Payment Date shall be paid to the Person in
whose name that Registered Security (or one or more Predecessor Securities) is registered at the
close of business on the Regular Record Date for such interest. In case a Bearer Security of any
series is surrendered in exchange for a Registered Security of such series after the close of
business (at an office or agency in a Place of Payment for such series) on any Regular Record Date
and before the opening of business (at such office or agency) on the next succeeding Interest
Payment Date, such Bearer Security shall be surrendered without the coupon relating to such
Interest Payment Date and interest and any Additional Interest will not be payable on such
Interest Payment Date in respect of the Registered Security issued in exchange for such Bearer
Security, but will be payable only to the Holder of such coupon when due in accordance with the
provisions of this Indenture. At the option of the Company, payment of interest and any Additional
Interest on any Registered Security may be made by check in the currency designated for such
payment pursuant to the terms of such Registered Security mailed to the address of the Person
entitled thereto as such address shall appear in the Security Register or by wire transfer to an
account in such currency designated by such Person in writing not later than ten days prior to the
date of such payment.

     Any interest (including any Additional Interest) on any Registered Security of any series
which 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 his having been such Holder, and such

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Defaulted Interest may be paid by the Company, at its election in each case, as provided in Clause
(a) or (b) below:

     (a) The Company may elect to make payment of any Defaulted Interest to the Persons in whose
names the Registered Securities of such series (or their respective Predecessor Securities) are
registered at the close of business on a Special Record Date for the payment of such Defaulted
Interest, which shall be fixed in the following manner. The Company shall notify the Trustee in
writing of the amount of Defaulted Interest proposed to be paid on each Registered Security of such
series and the date of the proposed payment, and at the same time the Company shall deposit with
the Trustee an amount of money and/or, to the extent such Debt Securities are denominated and
payable in Dollars only, Eligible Instruments the payments of principal and interest on which when
due (and without reinvestment and providing no tax liability will be imposed upon the Trustee or
the Holder of such Registered Securities) will provide money in such amounts as will (together with
any money irrevocably deposited in trust with the Trustee, without investment) be 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 and/or Eligible Instruments when deposited to be held in trust for the benefit
of the Persons entitled to such Defaulted Interest as in this clause provided. Thereupon the
Trustee shall fix a Special Record Date for the payment of such Defaulted Interest which shall be
not more than 15 days and not less than 10 days prior to the date of the proposed payment and not
less than 10 days after the receipt by the Trustee of the notice of the proposed payment. The
Trustee shall promptly notify the Company of such Special Record Date. Unless the Trustee is acting
as the Security Registrar, promptly after such Special Record Date, the Company shall furnish the
Trustee with a list, or shall make arrangements satisfactory to the Trustee with respect thereto,
of the names and addresses of, and principal amounts of Registered Securities of such series held
by, the Holders appearing on the Security Register at the close of business on such Special Record
Date. In the name and at the expense of the Company, the Trustee shall cause notice of the proposed
payment of such Defaulted Interest and the Special Record Date therefor to be mailed, first-class
postage prepaid, to each Holder of Registered Securities of such series at his address as it
appears in the Security 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 the
Registered Securities of such series (or their respective Predecessor Securities) are registered at
the close of business on such Special Record Date and shall no longer be payable pursuant to the
following Clause (b). In case a Bearer Security of any series is surrendered at the office or
agency in a Place of Payment for such series in exchange for a Registered Security of such series
after the close of business at such office or agency on any Special Record Date and before the
opening of business at such office or agency on the related proposed date for payment of Defaulted
Interest, such Bearer Security shall be surrendered without the coupon relating to such proposed
date of payment and Defaulted Interest will not be payable on such proposed date of payment in
respect of the Registered Security issued in exchange for such Bearer Security, but will be payable
only to the Holder of such coupon when due in accordance with the provisions of this Indenture.

     (b) The Company may make payment of any Defaulted Interest on the Registered Securities of any
series in any other lawful manner not inconsistent with the requirements of any

36

 

securities exchange on which the Registered Securities may be listed, and upon such notice as may
be required by such exchange, if, after notice given by the Company to the Trustee of the proposed
payment pursuant to this Clause, such manner of payment shall be deemed practicable by the
Trustee.

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

     Subject to the limitations set forth in Section 10.2, the Holder of any coupon appertaining
to a Bearer Security shall be entitled to receive the interest payable on such coupon upon
presentation and surrender of such coupon on or after the Interest Payment Date of such coupon at
an office or agency maintained for such purpose pursuant to Section 10.2.

     If any Registered Security is exchanged for Capital Securities after any record date and on
or prior to the next succeeding Interest Payment Date (other than any Debt Security whose Maturity
is prior to such Interest Payment Date), interest whose Stated Maturity is on such Interest
Payment Date shall be paid by the Company on such Interest Payment Date notwithstanding such
exchange, and such interest (whether or not punctually paid or duly provided for) shall be paid to
the Person in whose name that Debt Security is registered at the close of business on such record
date.

     If any Bearer Security is exchanged for Capital Securities after any record date and on or
prior to the next succeeding Interest Payment Date (other than any Debt Security whose Maturity is
prior to such Interest Payment Date), interest whose Stated Maturity is on such Interest Payment
Date shall be payable on such Interest Payment Date notwithstanding such exchange, and such
interest (whether or not punctually paid or duly provided for) shall be paid by the Company
pursuant to such procedures as may be satisfactory to the Trustee.

     Section 3.8 Persons Deemed Owners.

     Prior to due presentment of a Registered Security for registration of transfer, the Company,
the Trustee and any agent of the Company or of the Trustee may treat the Person in whose name such
Registered Security is registered as the owner of such Registered Security for the purpose of
receiving payment of principal of (and premium, if any) and (subject to Section 3.7) interest
(including any Additional Interest) on such Registered Security and for all other purposes
whatsoever, whether or not such Registered Security be overdue, and neither the Company, the
Trustee nor any agent of the Company or the Trustee shall be affected by notice to the contrary.

     The Company, the Trustee and any agent of the Company or the Trustee may treat the bearer of
any Bearer Security and the bearer of any coupon as the absolute owner of such Bearer Security or
coupon for the purpose of receiving payment thereof or on account thereof and for all other
purposes whatsoever, whether or not such Bearer Security or coupon be overdue, and

37

 

neither the Company, the Trustee nor any agent of the Company or the Trustee shall be affected by
notice to the contrary.

     None of the Company, the Trustee, any Paying Agent or the Security Registrar will have any
responsibility or liability for any aspect of the records relating to or payments made on account
of beneficial ownership interests of a Global Security or for maintaining, supervising or
reviewing any records relating to such beneficial ownership interests.

     Section 3.9 Cancellation.

     Unless otherwise provided with respect to a series of Debt Securities, all Debt
Securities and coupons surrendered for payment, redemption, repayment, transfer, exchange or
credit against any sinking fund payment pursuant to this Indenture, shall, if surrendered to the
Company or any agent of the Company, be delivered to the Trustee and shall be promptly cancelled
by it. The Company may at any time deliver to the Trustee for cancellation any Debt Securities
previously authenticated and delivered hereunder which the Company may have acquired in any manner
whatsoever, and all Debt Securities so delivered shall be promptly cancelled by the Trustee. No
Debt Securities shall be authenticated in lieu of or in exchange for any Debt Securities cancelled
as provided in this Section, except as expressly permitted by this Indenture. All cancelled Debt
Securities and coupons held by the Trustee shall be disposed of in the Trustee’s customary manner
and certification of their destruction delivered to the Company, upon request, unless by a Company
Order the Company shall direct that the cancelled Debt Securities or coupons be returned to it.

     Section 3.10 Computation of Interest.

     Except as otherwise specified as contemplated by Section 3.1 for Debt Securities of any
series, interest (including any Additional Interest) on the Debt Securities of each series shall
be computed on the basis of a 360-day year of twelve 30-day months.

     Section 3.11 Certification by a Person Entitled to Delivery of a Bearer Security.

     Whenever any provision of this Indenture or a Debt Security contemplates that certification
be given by a Person entitled to delivery of a Bearer Security, such certification shall be
provided substantially in the form of Exhibit A-l and, if applicable, A-2 hereto, with only such
changes as shall be approved by the Company and consented to by the Trustee whose consent shall
not unreasonably be withheld.

     Section 3.12 Judgments.

     The Company may provide, pursuant to Section 3.1, for the Debt Securities of any series that,
to the fullest extent possible under applicable law and except as may otherwise be specified as
contemplated in Section 3.1, (a) the obligation, if any, of the Company to pay the principal of
(and premium, if any) and interest (including any Additional Interest) on the Debt Securities of
any series and any appurtenant coupons in a Foreign Currency, composite currency or Dollars (the
“Designated Currency”) as may be specified pursuant to Section 3.1 is of the essence and

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agrees that judgments in respect of such Debt Securities shall be given in the Designated Currency;
(b) the obligation of the Company to make payments in the Designated Currency of the principal of
(and premium, if any) and interest (including any Additional Interest) on such Debt Securities and
any appurtenant coupons shall, notwithstanding any payment in any other currency (whether pursuant
to a judgment or otherwise), be discharged only to the extent of the amount in the Designated
Currency that the Holder receiving such payment may, in accordance with normal banking procedures,
purchase with the sum paid in such other currency (after any premium and cost of exchange) in the
country of issue of the Designated Currency in the case of Foreign Currency or Dollars or in the
international banking community in the case of a composite currency on the Business Day immediately
following the day on which such Holder receives such payment; (c) if the amount in the Designated
Currency that may be so purchased for any reason falls short of the amount originally due, the
Company shall pay such additional amounts as may be necessary to compensate for such shortfall; and
(d) any obligation of the Company not discharged by such payment shall be due as a separate and
independent obligation and, until discharged as provided herein, shall continue in full force and
effect.

     Section 3.13 Deferrals of Interest Payment Dates.

     If specified as contemplated by Section 3.1 with respect to the Debt Securities of a
particular series, so long as no Event of Default has occurred and is continuing, the Company
shall have the right, at any time during the term of such series, from time to time to defer the
payment of interest on such Debt Securities for such period or periods as may be specified as
contemplated by Section 3.1 (each, an “Extension Period”), during which Extension Periods the
Company shall, if so specified as contemplated by Section 3.1, have the right to make partial
payments of interest on any Interest Payment Date. No Extension Period shall 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 Debt Securities (together with Additional Interest
thereon, if any, at the rate specified for the Debt Securities of such series to the extent
permitted by applicable law); provided, however, that no Extension Period shall extend beyond the
Stated Maturity, if any, of the principal of the Debt Securities of such series; and provided
further, however that, unless otherwise specified as contemplated by Section 3.1, during any such
Extension Period, the Company shall not (i) make any payment of principal of or interest or
premium, if any, on or repay, repurchase or redeem any debt securities of the Company that rank
pari passu in all respects with or junior in interest to the Debt Securities of such series, or
(ii) declare or pay any dividends or distributions on, or redeem, purchase, acquire or make a
liquidation payment with respect to, any of the Company’s capital stock (other than (a)
repurchases, redemptions or other acquisitions of shares of capital stock of the Company in
connection with any employment contract, benefit plan or other similar arrangement with or for the
benefit of any one or more employees, officers, directors or consultants, in connection with a
dividend reinvestment or stockholder stock purchase plan or in connection with the issuance of
capital stock of the Company (or securities convertible into or exercisable for such capital
stock) as consideration in an acquisition transaction entered into prior to the applicable
Extension Period, (b) as a result of an exchange, redemption or conversion of any class or series
of the Company’s capital stock (or any capital stock of a subsidiary of the Company) for any other
class or series of the Company’s capital stock, or of any class or series of the Company’s
indebtedness for any class or series of the Company’s capital stock, (c) the purchase of
fractional interests in

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shares of the Company’s capital stock pursuant to the conversion or exchange provisions of such
capital stock or the securities being converted or exchanged, (d) any declaration of a dividend in
connection with any Rights Plan, or the issuance of rights, stock or other property under any
Rights Plan, or the redemption or repurchase of rights pursuant thereto, (e) any payment by the
Company under any Guarantee Agreement, or (f) any dividend in the form of stock, warrants, options
or other rights where the dividend stock or the stock issuable upon exercise of such warrants,
options or other rights is the same stock as that on which the dividend is being paid or ranks pari
passu with or junior to such stock). Prior to the termination of any such Extension Period, the
Company may extend such Extension Period and further defer the payment of interest, provided that
no Event of Default has occurred and is continuing, and provided, further that no Extension Period
shall exceed the period or periods specified in such Debt Securities, extend beyond the Stated
Maturity, if any, of the principal of such Debt Securities or end on a date other than an Interest
Payment Date. Upon the termination of any such Extension Period and upon the payment of all accrued
and unpaid interest and any Additional Interest then due on any Interest Payment Date, the Company
may elect to begin a new Extension Period, subject to the above conditions. 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 as and to the extent as may be specified as
contemplated by Section 3.1. The Company shall give the Holders of the Debt Securities of such
series and the Trustee notice of its election to begin any such Extension Period at least one
Business Day prior to the next succeeding Interest Payment Date on which interest on Debt
Securities of such series would be payable but for such deferral or, with respect to any Debt
Securities of a series issued to an Issuer Trust, so long as any such Debt Securities are held by
such Issuer Trust, at least one Business Day prior to the earlier of (i) the next succeeding date
on which Distributions on the Capital Trust Securities of such Issuer Trust would be payable but
for such deferral, and (ii) the date on which the Property Trustee of such Issuer Trust is required
to give notice to holders of such Capital Trust Securities of the record date or the date such
Distributions are payable. The Trustee shall promptly give notice of the Company’s election to
begin any such Extension Period to the Holders of the Outstanding Debt Securities of such series.

     Section 3.14 Right of Set-Off.

     With respect to the Debt Securities of a series initially issued to an Issuer Trust,
notwithstanding anything to the contrary herein, the Company shall have the right to set off any
payment it is otherwise required to make in respect of any such Debt Security to the extent the
Company has theretofore made, or is concurrently on the date of such payment making, a payment
under the Guarantee Agreement relating to such payment in respect of such Debt Security or a
payment to a holder of Capital Trust Securities relating to such payment in respect of such Debt
Security pursuant to an action undertaken under Section 5.8 of this Indenture.

     Section 3.15 Agreed Tax Treatment.

     Except to the extent otherwise provided pursuant to Section 3.1 with respect to any series of
Debt Securities, each Debt Security issued hereunder shall provide that the Company and, by its
acceptance of a Debt Security or a beneficial interest therein, the Holder of, and any Person

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that acquires a beneficial interest in, such Debt Security agree that for United States Federal,
state and local tax purposes it is intended that such Debt Security constitutes indebtedness.

     Section 3.16 CUSIP Numbers.

     The Company in issuing the Debt Securities 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 Holders; provided that any such notice may state that no representation is made as to
the correctness of such numbers either as printed on the Debt Securities or as contained in any
notice of a redemption and that reliance may be placed only on the other identification numbers
printed on the Debt Securities, and any such redemption shall not be affected by any defect in or
omission of such numbers. The Company will promptly notify the Trustee in writing of any change in
the “CUSIP” numbers.

ARTICLE IV

SATISFACTION AND DISCHARGE

     Section 4.1 Satisfaction and Discharge of Indenture.

     This Indenture shall upon Company Request cease to be of further effect, including the
provisions of Article XVIII hereof (except as to any surviving rights of registration of transfer
or exchange of Debt Securities herein expressly provided for and rights to receive payments of
principal and interest thereon (including any Additional Interest) and any right to receive
additional amounts, as provided in Section 10.6) and the Trustee, at the expense of the Company,
shall execute proper instruments acknowledging satisfaction and discharge of this Indenture when

     (a) either all Debt Securities theretofore authenticated and delivered and all coupons
appertaining thereto (other than (i) coupons appertaining to Bearer Securities surrendered in
exchange for Registered Securities and maturing after such exchange, surrender of which is not
required or has been waived as provided in Section 3.5, (ii) Debt Securities and coupons which have
been destroyed, lost or stolen and which have been replaced or paid as provided in Section 3.6,
(iii) coupons appertaining to Bearer Securities called for redemption or surrendered for repayment
and maturing after the relevant Redemption Date or Repayment Date, as appropriate, surrender of
which has been waived as provided in Section 11.6 or 13.3 and (iv) Debt Securities and coupons for
whose payment money and/or Eligible Instruments have theretofore been deposited in trust or
segregated and held in trust by the Company and thereafter repaid to the Company or discharged from
such trust, as provided in Section 10.3) have been delivered to the Trustee cancelled or for
cancellation; or

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

     (i) have become due and payable, or

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

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

and the Company, in the case of (b)(i), (b)(ii) or (b)(iii) above, has irrevocably deposited or
caused to be deposited with the Trustee as trust funds in trust for the purpose money and/or, to
the extent such Debt Securities are denominated and payable in Dollars only, Eligible Instruments
the payments of principal and interest on which when due (and without reinvestment and providing no
tax liability will be imposed upon the Trustee or the Holders of Debt Securities) will provide
money in such amounts as will (together with any money irrevocably deposited in trust with the
Trustee, without investment) be sufficient to pay and discharge the entire indebtedness on such
Debt Securities and coupons of such series for principal (and premium, if any) and interest
(including any Additional Interest), and any mandatory sinking fund, repayment or analogous
payments thereon, on the scheduled due dates therefor to the date of such deposit (in the case of
Debt Securities and coupons which have become due and payable) or to the Stated Maturity or
Redemption Date, if any, and all Repayment Dates (in the case of Debt Securities repayable at the
option of the Holders thereof); provided, however, that in the event a petition for relief under
the Bankruptcy Reform Act of 1978 or a successor statute is filed with respect to the Company
within 91 days after the deposit, the obligations of the Company under the Indenture with respect
to the Debt Securities of such series shall not be deemed terminated or discharged, and in such
event the Trustee shall be required to return the deposited money and Eligible Instruments to the
Company;

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

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

     Notwithstanding the satisfaction and discharge of this Indenture, the obligations of the
Company to the Trustee under Section 6.7 and, if money or Eligible Instruments shall have been
deposited with the Trustee pursuant to clause (b) of this Section, the obligations of the Trustee
under Section 4.2 and the last paragraph of Section 10.3 shall survive.

     Section 4.2 Application of Trust Money and Eligible Instruments.

     (a) Subject to the provisions of the last paragraph of Section 10.3, all money and Eligible
Instruments deposited with the Trustee pursuant to Section 4.1, 4.3 or 17.1 shall be held in trust
and such money and the principal and interest received on such Eligible Instruments shall be
applied by it, in accordance with the provisions of the Debt Securities, the coupons and this
Indenture, to the payment, either directly or through any Paying Agent (including the Company
acting as its own Paying Agent) as the Trustee may determine, to the Persons entitled thereto, of

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the principal (and premium, if any) and interest (including any Additional Interest) for whose
payment such money or Eligible Instruments have been deposited with the Trustee.

     (b) The Trustee shall deliver or pay to the Company from time to time upon Company Request any
Eligible Instruments or money held by it as provided in Section 4.3 or 17.1 which, in the opinion
of a nationally recognized firm of independent public accountants expressed in a written
certification thereof delivered to the Trustee, are then in excess of the amount thereof which then
would have been required to be deposited for the purpose for which such Eligible Instruments or
money were deposited or received.

     (c) If this Section 4.2(c) is specified, as contemplated by Section 3.1, to be applicable to
the Debt Securities of any series, the Trustee shall deliver to the Company from time to time upon
Company Request any Eligible Instruments held by it as provided in Section 4.3 or 17.1, provided
that the Company in substitution therefor simultaneously delivers to the Trustee, money or other
Eligible Instruments which, in the opinion of a nationally recognized firm of independent public
accountants expressed in a written certification thereof delivered to the Trustee, would then be
sufficient to satisfy the Company’s payment obligations in respect of the Debt Securities in the
manner contemplated by Section 4.3 or 17.1.

     Section 4.3 Satisfaction, Discharge and Defeasance of Debt Securities of any Series.

     If this Section 4.3 is specified, as contemplated by Section 3.1, to be applicable to Debt
Securities of any series, then, notwithstanding Section 4.1, (i) the Company shall be deemed to have
paid and discharged the entire indebtedness on all the Outstanding Debt Securities of any such
series and related coupons; (ii) the provisions of this Indenture as it relates to such Outstanding
Debt Securities and related coupons shall no longer be in effect, including the provisions of
Article XVIII hereof (except as to the rights of Holders of Debt Securities to receive, from the
trust fund described in subparagraph (1) below, payment of (x) the principal of (and premium, if
any) and any installment of principal of (and premium, if any) or interest (including any
Additional Interest) on such Debt Securities and related coupons on the Stated Maturity of such
principal (and premium, if any) or installment of principal (and premium, if any) or interest
(including any Additional Interest) or (y) any mandatory sinking fund, repayment or analogous
payments applicable to the Debt Securities of that series on that day on which such payments are
due and payable in accordance with the terms of this Indenture and of such Debt Securities, the
Company’s obligations with respect to such Debt Securities under Sections 3.4, 3.5, 3.6, 10.2, 10.3
and 10.6 and the rights, powers, trusts, duties and immunities of the Trustee hereunder, including
those under Section 6.7 hereof); and (iii) the Trustee, at the expense of the Company, shall, upon
Company Order, execute proper instruments acknowledging satisfaction and discharge of such
indebtedness, when

     (a) either

     (i) with respect to all Outstanding Debt Securities of such series and related
coupons, with reference to this Section 4.3, the Company has deposited or caused to
be deposited with the Trustee (or another trustee satisfying the

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requirements of Section 6.9 who shall agree to comply with the provisions of this
Section 4.3 applicable to it) irrevocably, as trust funds in trust, money and/or, to
the extent such Debt Securities are denominated and payable in Dollars only,
Eligible Instruments the payments of principal and interest on which when due (and
without reinvestment and providing no tax liability will be imposed upon the Trustee
or the Holders of such Debt Securities) will provide money in such amounts as will
(together with any money irrevocably deposited in trust with the Trustee, without
investment) be sufficient to pay and discharge (i) the principal of (and premium, if
any) and interest (including any Additional Interest) on the Outstanding Debt
Securities of that series and related coupons on the Stated Maturity of such
principal or interest (including any Additional Interest) or, if such series may be
redeemed by the Company prior to the Stated Maturity thereof, and the Company shall
have given irrevocable instructions to the Trustee to effect such redemption, at the
date fixed for such redemption pursuant to Article XI, and (ii) any mandatory
sinking fund payments or analogous payments applicable to Debt Securities of such
series on the date on which such payments are due and payable in accordance with the
terms of this Indenture and of such Debt Securities; or

     (ii) the Company has properly fulfilled such other means of satisfaction and
discharge as is specified, as contemplated by Section 3.1, to be applicable to the
Debt Securities of such series;

     (b) the Company has paid or caused to be paid all other sums payable with respect to the
Outstanding Debt Securities of such series and related coupons;

     (c) such deposit will not result in a breach of, or constitute a default under, this Indenture
or any other agreement or instrument to which the Company is a party or by which it is bound;

     (d) no Event of Default or event which, with the giving of notice or lapse of time, or both,
would become an Event of Default with respect to the Debt Securities of such series shall have
occurred and be continuing on the date of such deposit and no Event of Default under Section 

5.1(e)
or Section 5.1(f) or event which, with the giving of notice or lapse of time, or both, would become
an Event of Default under Section 

5.1(e) or Section 5.1(f) shall have occurred and be continuing
on the 91st day after such date; provided, however, that should that condition fail to be satisfied
on or before such 91st day, the Trustee shall promptly, upon satisfactory receipt of evidence of
such failure, return such deposit to the Company;

     (e) the Company has delivered to the Trustee an Opinion of Counsel to the effect that (a) the
Company has received from, or there has been published by, the Internal Revenue Service a ruling,
or (b) since the date of this Indenture there has been a change in applicable Federal income tax
law, in either case to the effect that, and based thereon such Opinion of Counsel shall confirm
that, the Holders of Debt Securities and related coupons of such series will not recognize income,
gain or loss for United States Federal income tax purposes as a result of such deposit, defeasance
and discharge and will be subject to United States Federal income tax on the same

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amount and in the same manner and at the same times as would have been the case if such deposit,
defeasance and discharge had not occurred;

     (f) if the Debt Securities of that series are then listed on any domestic or foreign
securities exchange, the Company shall have delivered to the Trustee an Opinion of Counsel to the
effect that such deposit, defeasance and discharge will not cause such Debt Securities to be
delisted;

     (g) such deposit shall have been effected in compliance with any additional terms, conditions
or limitations which may be imposed on the Company in connection therewith pursuant to Section 3.1;
and

     (h) the Company has delivered to the Trustee an Officers’ Certificate and an Opinion of
Counsel, each stating that all conditions precedent herein provided for relating to the
satisfaction and discharge of the entire indebtedness of all Outstanding Debt Securities and
related coupons have been complied with.

     Any deposits with the Trustee referred to in Section 4.3(a) above shall be irrevocable and
shall be made under the terms of an escrow trust agreement in form and substance satisfactory to
the Trustee. If any Outstanding Debt Securities of such series are to be redeemed prior to their
Stated Maturity, whether pursuant to any optional redemption provisions or in accordance with any
mandatory sinking fund requirement, the applicable escrow trust agreement shall provide therefor
and the Company shall make such arrangements as are satisfactory to the Trustee for the giving of
notice of redemption by the Trustee in the name, and at the expense, of the Company.

     Upon the satisfaction of the conditions set forth in this Section 4.3 with respect to all the
Outstanding Debt Securities of any series, the terms and conditions of such series, including the
terms and conditions with respect thereto set forth in this Indenture, shall no longer be binding
upon, or applicable to, the Company; provided that the Company shall not be discharged from any
payment obligations in respect of Debt Securities of such series which are deemed not to be
Outstanding under clause (iii) of the definition thereof if such obligations continue to be valid
obligations of the Company under applicable law.

     Notwithstanding the cessation, termination and discharge of all obligations, covenants and
agreements (except as provided above in this Section 4.3) of the Company under this Indenture with
respect to any series of Debt Securities, the obligations of the Company to the Trustee under
Section 6.7, and the obligations of the Trustee under Section 4.2 and the last paragraph of
Section 10.3, shall survive with respect to such series of Debt Securities.

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ARTICLE V

REMEDIES

     Section 5.1 Events of Default.

     “Event of Default”, wherever used herein with respect to Debt Securities of any
series, 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, pursuant to any
judgment, decree or order of any court or any order, rule or regulation of any administrative or
governmental body):

     (a) default in the payment of any interest upon any Debt Security of such series or a related
coupon, if any, when it becomes due and payable, and continuance of such default for a period of 30
days (subject to the deferral of any due date in the case of an Extension Period); or

     (b) default in the payment of the principal of (or premium, if any, on) any Debt Security of
such series at its Maturity; or

     (c) default in the deposit of any sinking fund payment, when and as due by the terms of a Debt
Security of such series; or

     (d) default in the performance, or breach, of any covenant or warranty of the Company in this
Indenture (other than a covenant or warranty a default in whose performance or whose breach is
elsewhere in this Section specifically dealt with or which has expressly been included in this
Indenture solely for the benefit of Debt Securities of a series other than such series), and
continuance of such default or breach for a period of 90 days after there has been given by
registered or certified mail, to the Company by the Trustee, or to the Company and the Trustee by
the Holders of at least 25% in principal amount of the Outstanding Debt Securities of such series,
a written notice specifying such default or breach and requiring it to be remedied and stating that
such notice is a “Notice of Default” hereunder; or

     (e) the entry of a decree or order for relief in respect of the Company by a court having
jurisdiction in the premises in an involuntary case under the Federal bankruptcy laws, as now or
hereafter constituted, and the continuance of any such decree or order unstayed and in effect for a
period of 60 consecutive days; or

     (f) the commencement by the Company of a voluntary case under the Federal bankruptcy laws, as
now or hereafter constituted, or the consent by the Company to the entry of a decree or order for
relief in an involuntary case under any such law; or

     (g) any other Event of Default, if any, provided with respect to Debt Securities of such
series specified as contemplated by Section 3.1.

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     Section 5.2 Acceleration of Maturity; Rescission and Annulment.

     If an Event of Default with respect to Debt Securities of any series at the time Outstanding
occurs and is continuing, then and in every such case the Trustee or the Holders of not less than
25% in principal amount of Outstanding Debt Securities of such series may declare the principal
amount (or, if the Debt Securities of such series are Original Issue Discount Securities, such
portion of the principal amount as may be specified in the terms of such series) of and all accrued
but unpaid interest (including any Additional Interest) on all the Debt Securities of such series
to be due and payable immediately, by a notice in writing to the Company (and to the Trustee if
given by such Holders), provided that, in the case of the Debt Securities of a series issued to an
Issuer Trust, if, upon an Event of Default, the Trustee or the Holders of not less than 25% in
principal amount of the Outstanding Debt Securities of such series fail to declare the principal of
all the Outstanding Debt Securities of such series to be immediately due and payable, either the
Property Trustee or the holders of at least 25% in aggregate Liquidation Amount (as defined in the
related Trust Agreement) of the related series of Capital Trust Securities issued by such Issuer
Trust then outstanding shall have the right to make such declaration by a notice in writing to the
Company and the Trustee; and upon any such declaration such principal amount (or specified amount)
shall become immediately due and payable. Upon payment of such amount, all obligations of the
Company in respect of the payment of principal of the Debt Securities of such series shall
terminate.

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

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

     (i) all overdue installments of interest on all Debt Securities of such series
and any related coupons and any accrued Additional Interest on all Debt Securities
of such series,

     (ii) the principal of (and premium, if any, on) any Debt Securities of such
series which have become due otherwise than by such declaration of acceleration and
interest and Additional Interest thereon at the rate or rates prescribed therefor in
such Debt Securities,

     (iii) to the extent that payment of such interest is lawful, interest upon
overdue installments of interest on each Debt Security and any related coupons at
the rate or rates prescribed therefor in such Debt Securities, and

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

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

provided, however, that in the case of Debt Securities of a series initially issued to an Issuer
Trust, any such rescission and annulment shall require the consent of the holders of a majority in
aggregate Liquidation Amount (as defined in the related Trust Agreement) of the related series of
Capital Trust Securities then outstanding.

     In the case of Debt Securities of a series initially issued to an Issuer Trust, if the
Holders of such Debt Securities fail to annul such declaration and waive such default, the holders
of a majority in aggregate Liquidation Amount (as defined in the related Trust Agreement) of the
related series of Capital Trust Securities issued by such Issuer Trust then outstanding shall also
have the right to rescind and annul such declaration and its consequences by written notice to the
Company and the Trustee, subject to the satisfaction of the conditions set forth in Clauses (1)
and (2) above of this Section 5.2.

     No such rescission shall affect any subsequent default or impair any right consequent
thereon.

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

     The Company covenants that if:

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

     (b) default is made in the payment of the principal of (or premium, if any, on) any Debt
Security at the Maturity thereof,

the Company will, upon demand of the Trustee, pay to it, for the benefit of the Holders of such
Debt Securities and coupons, the amount then due and payable on such Debt Securities and coupons
for principal (and premium, if any) and interest (including any Additional Interest), including
the delivery of any Capital Securities then required to be delivered, and, to the extent that
payment of such interest shall be legally enforceable, interest upon the overdue principal (and
premium, if any) and, upon overdue installments of interest, at the rate or rates prescribed
therefor in such Debt Securities, and, in addition thereto, such further amount as shall be
sufficient to cover the costs and expenses of collection, including the reasonable compensation,
expenses, disbursements and advances of the Trustee, its agents and counsel.

     If the Company fails to pay such amounts (including the delivery of any Capital Securities
then required to be delivered) forthwith upon such demand, the Trustee, in its own name and as
trustee of an express trust, may institute a judicial proceeding for the collection of the sums so
due and unpaid and the delivery of any Capital Securities required to be delivered and not so
delivered, or, in the case of the failure to deliver Capital Securities, money equal to

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the principal amount of the Debt Securities for which the Capital Securities were to be exchanged,
and may prosecute such proceeding to judgment or final decree, and may enforce the same against the
Company or any other obligor upon such Debt Securities and coupons and collect the moneys (or money
equal to the principal amount of any Debt Securities for which Capital Securities were to be
exchanged) adjudged or decreed to be payable in the manner provided by law out of the property of
the Company or any other obligor upon such Debt Securities and coupons, wherever situated.

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

     Section 5.4 Trustee May File Proofs of Claim.

     In case of the pendency of any receivership, insolvency, liquidation, bankruptcy,
reorganization, arrangement, adjustment, composition or other judicial proceedings, or any
voluntary or involuntary case under the Federal bankruptcy laws as now or hereafter constituted,
relative to the Company or any other obligor upon the Debt Securities of a particular series or
any related coupons or the property of the Company or of such other obligor or their creditors,
the Trustee (irrespective of whether the principal of such Debt Securities shall then be due and
payable as therein expressed or by declaration or otherwise and irrespective of whether the
Trustee shall have made any demand on the Company for the payment of overdue principal or interest
(including any Additional Interest)) shall be entitled and empowered, by intervention in such
proceedings or otherwise,

     (a) to file and prove a claim for the whole amount of principal (and premium, if any) and
interest (including any Additional Interest) owing and unpaid in respect of the Debt Securities of
such series and any appurtenant coupons and to file such other papers or documents as may be
necessary or advisable in order to have the claims of the Trustee (including any claim for the
reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and
counsel) and of the Holders allowed in such judicial proceeding, and

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

and any receiver, assignee, trustee, custodian, liquidator, sequestrator or other similar official
in any such proceeding is hereby authorized by each Holder to make such payments to the Trustee,
and in the event that the Trustee shall consent to the making of such payments directly to the
Holders, to pay to the Trustee any amount due it for the reasonable compensation, expenses,
disbursements and advances of the Trustee, its agents and counsel, and any other amounts due the
Trustee under Section 6.7.

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

     Section 5.5 Trustee May Enforce Claims without Possession of Debt Securities or Coupons.

     All rights of action and claims under this Indenture or the Debt Securities or coupons may be
prosecuted and enforced by the Trustee without the possession of any of the Debt Securities or
coupons or the production thereof in any proceeding relating thereto, and any such proceeding
instituted by the Trustee shall be brought in its own name, as trustee of an express trust, and
any recovery of judgment shall, after provision for the payment of the reasonable compensation,
expenses, disbursements and advances of the Trustee, its agents and counsel, be for the ratable
benefit of the Holders of the Debt Securities and coupons in respect of which such judgment has
been recovered.

     Section 5.6 Application of Money Collected.

     Any money collected by the Trustee pursuant to this Article shall be applied in the following
order, at the date or dates fixed by the Trustee and, in case of the distribution of such money on
account of principal (and premium, if any) or interest (including any Additional Interest), upon
presentation of the Debt Securities or coupons, or both, as the case may be, and the notation
thereon of the payment if only partially paid and upon surrender thereof if fully paid:

     FIRST: To the payment of all amounts due the Trustee under Section 6.7;

     SECOND: To the payment of amounts then due and unpaid to the holders of Senior Debt, to the
extent required by Article XVIII;

     THIRD: To the payment of the amounts then due and unpaid for principal of (and premium, if
any) and interest (including any Additional Interest) on the Debt Securities and any coupons, in
respect of which or for the benefit of which such money has been collected ratably, without
preference or priority of any kind, according to the amounts due and payable on such Debt
Securities and any coupons for principal (and premium, if any) and interest (including any
Additional Interest), respectively. The Holders of each series of Debt Securities denominated in
Euro, any other composite currency or a Foreign Currency and any matured coupons relating thereto
shall be entitled to receive a ratable portion of the amount determined by the Exchange Rate Agent
by converting the principal amount Outstanding of such series of Debt Securities and matured but
unpaid interest (including any Additional Interest) on such series of Debt Securities in the
currency in which such series of Debt Securities is denominated into Dollars at the Exchange Rate
as of the date of declaration of acceleration of the Maturity of the Debt Securities; and

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     FOURTH: The balance, if any, to the Company or as a court of competent jurisdiction may
direct.

     Section 5.7 Limitation on Suits.

     No Holder of any Debt Securities of any series or any related coupons shall have any right to
institute any proceeding, judicial or otherwise, with respect to this Indenture, or for the
appointment of a receiver or trustee, or for any other remedy hereunder, unless

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

     (b) the Holders of not less than 25% in principal amount of the Outstanding Debt Securities of
such series shall have made written request to the Trustee to institute proceedings in respect of
such Event of Default in its own name as Trustee hereunder;

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

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

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

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

     Section 5.8 Unconditional Right of Holders to Receive Principal, Premium and Interest and to
Exchange Debt Securities for Capital Securities; Direct Action by Holders of Capital Trust
Securities.

     Notwithstanding any other provision in this Indenture, the Holder of any Debt Security or
coupon shall have the right which is absolute and unconditional to receive payment of the
principal of (and premium, if any) and (subject to Section 3.7) interest (including any Additional
Interest) on such Debt Security or payment of such coupon on the respective Stated Maturity or
Maturities expressed in such Debt Security or coupon (or, in the case of redemption or repayment,
on the Redemption Date or the Repayment Date, as the case may be), to have the Debt Securities
exchanged for Capital Securities pursuant to Article XIV, if applicable, and to institute suit for
the enforcement of any such payment or exchange, and such right shall not be impaired without the
consent of such Holder, subject, however, to the provisions of

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Article XVIII. In the case of Debt Securities of a series issued to an Issuer Trust, any registered
holder of the series of Capital Trust Securities issued by such Issuer Trust shall have the right,
upon the occurrence of an Event of Default described in Section 5.1(a) or (b), to institute a suit
directly against the Company for enforcement of payment to such holder of principal of (premium, if
any) and (subject to Sections 3.7 and 3.13) interest (including any Additional Interest) on the
Debt Securities having a principal amount equal to the aggregate Liquidation Amount (as defined in
the related Trust Agreement) of such Capital Trust Securities held by such holder.

     Section 5.9 Restoration of Rights and Remedies.

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

     Section 5.10 Rights and Remedies Cumulative.

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

     Section 5.11 Delay or Omission Not Waiver.

     No delay or omission of the Trustee or of any Holder of any Debt Security or coupon 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 the Holders and the right and
remedy given to the holders of Capital Trust Securities by Section 5.8 may be exercised from time
to time, and as often as may be deemed expedient, by the Trustee, the Holders or the holders of
Capital Trust Securities, as the case may be.

     Section 5.12 Control by Holders of Debt Securities.

     The Holders of a majority in principal amount of the Outstanding Debt Securities of any
series 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 the Debt Securities of such series, provided, that

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

     (b) subject to the provisions of Section 6.1, the Trustee shall have the right to decline to
follow any such direction if the Trustee in good faith shall, by a Responsible Officer or
Responsible Officers of the Trustee, determine that the proceedings so directed would be unjustly
prejudicial to the Holders of Debt Securities of such series not joining in any such direction; and

     (c) the Trustee may take any other action deemed proper by the Trustee which is not
inconsistent with such direction.

     Section 5.13 Waiver of Past Defaults.

     The Holders of not less than a majority in principal amount of the Outstanding Debt
Securities of any series on behalf of the Holders of all the Debt Securities of any such series
and any related coupons and, in the case of any Debt Securities of a series initially issued to an
Issuer Trust, the holders of a majority in aggregate Liquidation Amount (as defined in the related
Trust Agreement) of Capital Trust Securities issued by such Issuer Trust may waive any past
default hereunder with respect to such series and its consequences, except a default

     (a) in the payment of the principal of (or premium, if any) or interest (including any
Additional Interest) on any Debt Security of such series, or

     (b) in respect of a covenant or provision hereof which under Article IX cannot be modified or
amended without the consent of the Holder of each Outstanding Debt Security of such series or
coupons affected;

provided, however, that in the case of any Debt Securities of a series initially issued by an
Issuer Trust, such waiver shall not be effective as to such Debt Securities unless the holders of
at least a majority in aggregate Liquidation Amount (as defined in the related Trust Agreement) of
Capital Trust Securities issued by such Issuer Trust shall have consented to such waiver; provided
further, that if the consent of the Holder of each Outstanding Debt Security is required, such
waiver shall not be effective unless each holder of Capital Trust Securities issued by such Issuer
Trust shall have consented to such waiver.

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

     Section 5.14 Undertaking for Costs.

     All parties to this Indenture agree, and each Holder of any Debt Security or coupon 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, suffered or omitted by it as Trustee, the filing by any
party

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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, against any party
litigant in such suit, having a due regard to the merits and good faith of the claims or defenses
made by such party litigant, but the provisions of this Section shall not apply to any suit
instituted by the Trustee, to any suit instituted by any Holder, or group of Holders, holding in
the aggregate more than 10% in principal amount of the Outstanding Debt Securities of any series,
or to any suit instituted by any Holder for the enforcement of the payment of the principal of (or
premium, if any) or interest (including any Additional Interest) on any Debt Security or the
payment of any coupons on or after the respective Stated Maturity or Maturities expressed in such
Debt Security or coupon (or, in the case of redemption or repayment, on or after the Redemption
Date or Repayment Date, as the case may be) or for the enforcement of the right to exchange any
Debt Securities for Capital Securities as provided in Article XIV.

     Section 5.15 Waiver of Stay or Extension Laws.

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

ARTICLE VI

THE TRUSTEE

     Section 6.1 Certain Duties and Responsibilities.

     The duties and responsibilities of the Trustee shall be as provided in the Trust Indenture
Act. Notwithstanding the foregoing, no provision of this Indenture shall require the Trustee to
expend or risk its own funds or otherwise incur any financial liability in the performance of any
of its duties hereunder, or in the exercise of any of its rights or powers, if it shall have
reasonable grounds for believing that repayment of such funds or adequate indemnity against such
risk or liability is not reasonably assured to it. Whether or not therein expressly so provided,
every provision of this Indenture relating to the conduct or affecting the liability of or
affording protection to the Trustee shall be subject to the provisions of this Section.

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

     (i) the Trustee undertakes to perform such duties and only such duties as are
specifically set forth in this Indenture, and no implied covenants or obligations
shall be read into this Indenture against the Trustee; and

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     (ii) in the absence of bad faith on its part, the Trustee may conclusively
rely, as to the truth of the statements and the correctness of the opinions
expressed therein, upon certificates or opinions furnished to the Trustee and
conforming to the requirements of this Indenture; 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 (but
need not confirm or investigate the accuracy of mathematical calculations or other
facts stated therein).

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

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

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

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

     (iii) the Trustee shall not be liable with respect to any action taken or
omitted to be taken by it in good faith in accordance with the direction of the
Holders of a majority in principal amount of the Outstanding Debt Securities of any
series, 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 with respect to the Debt Securities of such
series.

     Section 6.2 Notice of Default.

     If a default occurs hereunder with respect to Debt Securities of any series the Trustee shall
transmit by mail to all Holders of Debt Securities of such series notice of such default as and to
the extent provided by the Trust Indenture Act; provided, however, that in the case of any default
of the character specified in Section 5.1(d) with respect to Debt Securities of such series no
such notice to Holders shall be given until at least 30 days after the occurrence thereof; and
provided further, that, except in the case of a default in the payment of the principal of (or
premium, if any) or interest (including any Additional Interest) on any Debt Security of such
series or any related coupons or in the payment of any sinking fund installment with respect to
Debt Securities of such series or in the exchange of Capital Securities for Debt Securities of
such series, the Trustee shall be protected in withholding such notice if and so long as the board
of

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directors, the executive committee or a trust committee of directors and/or Responsible Officers of
the Trustee in good faith determines that the withholding of such notice is in the interest of the
Holders of Debt Securities of such series. For the purpose of this Section, the term “default”
means any event which is, or after notice or lapse of time or both would become, an Event of
Default with respect to Debt Securities of such series.

     Section 6.3 Certain Rights of Trustee.

     Except as otherwise provided in Section 6.1:

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

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

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

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

     (e) the Trustee shall be under no obligation to exercise any of the rights or powers vested in
it by this Indenture at the request or direction of any of the Holders of Debt Securities of such
series or any related coupons pursuant to this Indenture, unless such Holders shall have offered to
the Trustee reasonable security or indemnity reasonably satisfactory to the Trustee against the
costs, expenses and liabilities which might be incurred by it in compliance with such request or
direction;

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

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customers to the extent that such books and records contain information as to any payments made to
such customers in their capacity as Holders of Debt Securities; provided, further, that such
inquiry or investigation shall be at the sole cost of the Company and that the Trustee shall incur
no liability or additional liability of any kind by reason of such inquiry or investigation;

     (g) the Trustee may execute any of the trusts or powers hereunder or perform any duties
hereunder either directly or by or through agents or attorneys and the Trustee shall not be
responsible for any misconduct or negligence on the part of any agent or attorney appointed with
due care by it hereunder; no Exchange Rate Agent, Capital Exchange Agent, Global Exchange Agent,
Depositary or Paying Agent shall be deemed an agent of the Trustee and the Trustee shall not be
responsible for any act or omission by any of them;

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

     (i) in no event shall the Trustee be responsible or liable for special, indirect, or
consequential loss or damage of any kind whatsoever (including, but not limited to, loss of profit)
irrespective of whether the Trustee has been advised of the likelihood of such loss or damage and
regardless of the form of action;

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

     (k) the rights, privileges, protections, immunities and benefits given to the Trustee,
including, without limitation, its right to be indemnified, are extended to, and shall be
enforceable by, the Trustee in each of its capacities hereunder, and each agent, custodian and
other Person employed to act hereunder; and

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

     Section 6.4 Not Responsible for Recitals or Issuance of Debt Securities.

     The recitals contained herein and in the Debt Securities, except the Trustee’s certificates
of authentication, and in any coupons, and the information in any registration statement,
including all attachments thereto, except information provided by the Trustee therein, shall be
taken as the statements of the Company, and the Trustee assumes no responsibility for their
correctness. The Trustee makes no representations as to the validity or sufficiency of this
Indenture or of the Debt Securities of any series or any coupons or any Capital Securities. The
Trustee shall not be accountable for the use or application by the Company of any Debt Securities
or the proceeds thereof. The Trustee shall not be responsible for and makes no

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representations to the Company’s ability or authority to issue Bearer Securities or the lawfulness
thereof.

     Section 6.5 May Hold Debt Securities or Coupons.

     The Trustee, any Paying Agent, the Security Registrar or any other agent of the Company or
the Trustee, in its individual or any other capacity, may become the owner or pledgee of Debt
Securities and coupons, and, subject to Sections 6.8 and 6.13, may otherwise deal with the Company
with the same rights it would have if it were not Trustee, Paying Agent, Security Registrar or
such agent.

     Section 6.6 Money Held in Trust.

     Money held by the Trustee or any Paying Agent in trust hereunder need not be segregated from
other funds except to the extent required by law. Neither the Trustee nor any Paying Agent shall
be under any liability for interest on any money received by it hereunder except as otherwise
agreed with the Company.

     Section 6.7 Compensation and Reimbursement.

     The Company agrees

     (a) to pay to the Trustee from time to time such compensation for all services rendered by it
hereunder which shall have been separately agreed to in writing from time to time by the Company
and the Trustee (which compensation shall not be limited by any provision of law in regard to the
compensation of a trustee of an express trust);

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

     (c) to indemnify the Trustee or any predecessor Trustee and their agents for, and to hold them
harmless against, any claim, damage, loss, liability or expense, including taxes (other than taxes
based upon, measured by or determined by the income of the Trustee), incurred without negligence or
willful misconduct on its part, arising out of or in connection with the acceptance or
administration of this trust or performance of its duties hereunder, including the costs and
expenses of defending itself against any claim (whether asserted by the Company, or any Holder or
any other Person) or liability in connection with the exercise or performance of any of its powers
or duties hereunder, or in connection with enforcing the provisions of this Section.

     As security for the performance of the obligations of the Company under this Section the
Trustee shall have a claim prior to the Debt Securities and any coupons upon all property and
funds held or collected by the Trustee as such, except funds held in trust for the payment of

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principal of (and premium, if any) or interest on particular Debt Securities or any coupons. The
claims of the Trustee under this Section shall not be subject to the provisions of Article XVIII.
The provisions of this Section 6.7 shall survive the termination or discharge of this Indenture
and the resignation or removal of the Trustee.

     When the Trustee incurs expenses or renders services in connection with an Event of Default
specified in 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.

     Section 6.8 Disqualification; Conflicting Interests.

     If the Trustee has or shall acquire any conflicting interest within the meaning of the Trust
Indenture Act, the Trustee shall either eliminate such interest or resign, to the extent and in
the manner provided by, and subject to the provisions of, the Trust Indenture Act and this
Indenture. To the extent permitted by such Act, the Trustee shall not be deemed to have a
conflicting interest with respect to Debt Securities of any series by virtue of being a trustee
under this Indenture with respect to Debt Securities of any particular series of Debt Securities
other than that series. The Trust Agreement and the Guarantee Agreement with respect to each
Issuer Trust shall be deemed to be specifically described in this Indenture for the purposes of
clause (i) of the first proviso contained in Section 310(b) of the Trust Indenture Act.

     Section 6.9 Corporate Trustee Required; Eligibility.

     There shall at all times be a Trustee hereunder which shall be a corporation that is eligible
pursuant to the Trust Indenture Act to act as such and organized and doing business under the laws
of the United States, 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 $50,000,000,
and subject to supervision or examination by Federal or State authority; provided, however, that
if Section 310(a) of the Trust Indenture Act or the rules and regulations of the Commission under
the Trust Indenture Act at any time permit a corporation organized and doing business under the
laws of any other jurisdiction to serve as trustee of an indenture qualified under the Trust
Indenture Act, this Section 6.9 shall be automatically amended to permit a corporation organized
and doing business under the laws of any such other jurisdiction to serve as Trustee hereunder. 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, the combined capital and surplus of such corporation shall be deemed to be its combined
capital and surplus as set forth in its most recent report of condition so published. If at any
time the Trustee shall cease to be eligible in accordance with the provisions of this Section, it
shall resign immediately in the manner and with the effect hereinafter specified in this Article.

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     Section 6.10 Resignation and Removal; Appointment of Successor.

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

     (b) The Trustee may resign at any time with respect to the Debt Securities of one or more
series by giving written notice thereof to the Company. If an instrument of acceptance by a
successor Trustee shall not have been delivered to the Trustee within 30 days after the giving of
such notice of resignation, the resigning Trustee may, at the expense of the Company, petition any
court of competent jurisdiction for the appointment of a successor Trustee with respect to the Debt
Securities of such series.

     (c) The Trustee may be removed at any time with respect to the Debt Securities of any series
by Act of the Holders of a majority in principal amount of the Outstanding Debt Securities of such
series, delivered to the Trustee and to the Company.

     (d) If at any time:

     (i) the Trustee shall fail to comply with Section 6.8 with respect to the Debt
Securities of any series after written request therefor by the Company or by any
Holder who has been a bona fide Holder of a Debt Security of such series for at
least six months, or

     (ii) the Trustee shall cease to be eligible under Section 6.9 with respect to
any series of Debt Securities and shall fail to resign after written request
therefor by the Company or by any such Holder, or

     (iii) the Trustee shall become incapable of acting with respect to any series
of Debt Securities or a decree or order for relief by a court having jurisdiction
in the premises shall have been entered in respect of the Trustee in an involuntary
case under the Federal bankruptcy laws, as now or hereafter constituted, or any
other applicable Federal or State bankruptcy, insolvency or similar law; or a
decree or order by a court having jurisdiction in the premises shall have been
entered for the appointment of a receiver, custodian, liquidator, assignee,
trustee, sequestrator or other similar official of the Trustee or of its property
or affairs, or any public officer shall take charge or control of the Trustee or of
its property or affairs for the purpose of rehabilitation, conservation, winding up
or liquidation, or

     (iv) the Trustee shall commence a voluntary case under the Federal bankruptcy
laws, as now or hereafter constituted, or any other applicable Federal or State
bankruptcy, insolvency or similar law or shall consent to the appointment of or
taking possession by a receiver, custodian, liquidator, assignee, trustee,
sequestrator or other similar official of the Trustee or its property or affairs,
or shall make an assignment for the benefit of creditors, or shall admit in writing
its

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     inability to pay its debts generally as they become due, or shall take corporate action
in furtherance of any such action,

then, in any such case, (i) the Company by a Board Resolution may remove the Trustee with respect
to such series or (ii) subject to Section 5.14, any Holder who has been a bona fide Holder of a
Debt Security of any series for at least six months may, on behalf of himself and all others
similarly situated, petition any court of competent jurisdiction for the removal of the Trustee
for the Debt Securities of such series and the appointment of a successor Trustee.

     (e) If the Trustee shall resign, be removed or become incapable of acting with respect to any
series of Debt Securities, or if a vacancy shall occur in the office of Trustee for any cause, with
respect to the Debt Securities of one or more series, the Company, by a Board Resolution, shall
promptly appoint a successor Trustee or Trustees with respect to the Debt Securities of that or
those series (it being understood that any such successor Trustee may be appointed with respect to
the Debt Securities of one or more or all of such series and that at any time there shall be only
one Trustee with respect to the Debt Securities of any particular series) and shall comply with the
applicable requirements of Section 6.11. If, within one year after such resignation, removal or
incapability, or the occurrence of such vacancy, a successor Trustee with respect to the Debt
Securities of any series shall be appointed by Act of the Holders of a majority in principal amount
of the Outstanding Debt Securities of such series delivered to the Company and the retiring
Trustee, the successor Trustee so appointed shall, forthwith upon its acceptance of such
appointment, become the successor Trustee with respect to the Debt Securities of such series and to
that extent supersede the successor Trustee appointed by the Company. If no successor Trustee with
respect to the Debt Securities of any series shall have been so appointed by the Company or the
Holders and accepted appointment in the manner hereinafter provided, any Holder who has been a bona
fide Holder of a Debt Security of such series for at least six months may, subject to Section 5.14,
on behalf of himself and all others similarly situated, petition any court of competent
jurisdiction for the appointment of a successor Trustee with respect to the Debt Securities of such
series.

     (f) The Company shall give notice of each resignation and each removal of the Trustee with
respect to the Debt Securities of any series and each appointment of a successor Trustee with
respect to the Debt Securities of any series by mailing written notice of such event by first-class
mail, postage prepaid, to the Holders of Registered Securities, if any, of such series as their
names and addresses appear in the Security Register and, if Debt Securities of such series are
issuable as Bearer Securities, by publishing notice of such event once in an Authorized Newspaper
in each Place of Payment located outside the United States. Each notice shall include the name of
the successor Trustee with respect to the Debt Securities of such series and the address of its
Corporate Trust Office.

     Section 6.11 Acceptance of Appointment by Successor.

     (a) In the case of an appointment hereunder of a successor Trustee with respect to all Debt
Securities, every such successor Trustee so appointed shall execute, acknowledge and deliver to
the Company and to the retiring Trustee an instrument accepting such appointment, and thereupon
the resignation or removal of the retiring Trustee shall become effective and such

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successor Trustee, without any further act, deed or conveyance, shall become vested with all the
rights, powers, trusts and duties of the retiring Trustee; but, on request of the Company or the
successor Trustee, such retiring Trustee shall, upon payment of its charges, execute and deliver an
instrument transferring to such successor Trustee all the rights, powers and trusts of the retiring
Trustee, and shall duly assign, transfer and deliver to such successor Trustee all property and
money held by such retiring Trustee hereunder.

     (b) In the case of the appointment hereunder of a successor Trustee with respect to the Debt
Securities of one or more (but not all) series, the Company, the retiring Trustee upon payment of
its charges and each successor Trustee with respect to the Debt Securities of one or more series
shall execute and deliver an indenture supplemental hereto wherein each successor Trustee shall
accept such appointment and which (1) shall contain such provisions as shall be necessary or
desirable to transfer and confirm to, and to vest in, each successor Trustee all the rights,
powers, trusts and duties of the retiring Trustee with respect to the Debt Securities of that or
those series to which the appointment of such successor Trustee relates, (2) if the retiring
Trustee is not retiring with respect to all Debt Securities, 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 Debt Securities of that or those series as to which the
retiring Trustee is not retiring shall continue to be vested in the retiring Trustee, and (3) 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 trusts 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; and upon the
execution and delivery of such supplemental indenture, the resignation or removal of the retiring
Trustee shall become effective to the extent provided therein and each such successor Trustee,
without any further act, deed or conveyance, shall become vested with all the rights, powers,
trusts and duties of the retiring Trustee with respect to the Debt Securities of that or those
series to which the appointment of such successor Trustee relates; but, on the request of the
Company or any successor Trustee, such retiring Trustee shall duly assign, transfer and deliver to
such successor Trustee all property and money held by such retiring Trustee hereunder with respect
to the Debt Securities of that or those series to which the appointment of such successor Trustee
relates.

     (c) Upon request of any such successor Trustee, the Company shall execute any and all
instruments for more fully and certainly vesting in and confirming to such successor Trustee all
such rights, powers and trusts referred to in paragraph (a) or (b) of this Section, as the case may
be.

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

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

     Any corporation into which the Trustee may be merged or converted or with which it may be
consolidated, or any corporation resulting from any merger, conversion or consolidation

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to which the Trustee shall be a party, or any corporation succeeding to all or substantially all of
the corporate trust business of the Trustee, shall be the successor of the Trustee hereunder,
provided such corporation shall be otherwise qualified and eligible under this Article, without the
executing or filing of any paper or any further act on the part of any of the parties hereto. In
case any Debt Securities shall have been authenticated, but not delivered, by the Trustee then in
office, any successor by merger, conversion or consolidation to such authenticating Trustee may
adopt such authentication and deliver the Debt Securities so authenticated with the same effect as
if such successor Trustee had itself authenticated such Debt Securities. In case any Debt
Securities shall not have been authenticated by such predecessor Trustee, any such successor
Trustee may authenticate and deliver such Debt Securities, in either its own name or that of its
predecessor Trustee, with the full force and effect which this Indenture provides for the
certificate of authentication of the Trustee.

     Section 6.13 Preferential Collection of Claims Against Company.

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

     Section 6.14 Authenticating Agent.

     The Trustee shall upon Company request appoint one or more authenticating agents (including,
without limitation, the Company or any Affiliate thereof) with respect to one or more series of
Debt Securities which shall be authorized on behalf of the Trustee in authenticating Debt
Securities of such series in connection with the issue, delivery, registration of transfer,
exchange, partial redemption or repayment of such Debt Securities. Wherever reference is made in
this Indenture to the authentication of Debt Securities by the Trustee or the Trustee’s
certificate of authentication, such reference shall be deemed to include authentication on behalf
of the Trustee by an authenticating agent and a certificate of authentication executed on behalf
of the Trustee by an authenticating agent. Each authenticating agent must be acceptable to the
Company and must be a corporation organized and doing business under the laws of the United States
or of any State or the District of Columbia, having a combined capital and surplus of at least
$1,000,000, authorized under such laws to do a trust business and subject to supervision or
examination by Federal or State authorities.

     Any corporation succeeding to the corporate agency business of an authenticating agent shall
continue to be an authenticating agent without the execution or filing of any paper or any further
act on the part of the Trustee or such authenticating agent.

     An authenticating agent may at any time resign with respect to one or more series of Debt
Securities 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 one or more
series of Debt Securities by giving written notice of termination to such authenticating agent and
to the Company. Upon receiving such a notice of resignation or upon such a termination, or in case
at any time an authenticating agent shall cease to be eligible in accordance with the

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provisions of this Section, the Trustee promptly may appoint a successor authenticating agent. Any
successor authenticating agent upon acceptance of its appointment hereunder shall become vested
with all rights, powers and duties of its predecessor hereunder, with like effect as if originally
named as an authenticating agent herein. No successor authenticating agent shall be appointed
unless eligible under the provisions of this Section.

     The Company agrees to pay to each authenticating agent from time to time reasonable
compensation for its services under this Section.

     The provisions of Sections 1.4, 1.11, 3.6, 3.9, 6.3, 6.4 and 6.5 shall be applicable to any
authenticating agent.

     Pursuant to each appointment made under this Section, the Debt Securities of each series
covered by such appointment may have endorsed thereon, in lieu of the Trustee’s certificate of
authentication, an alternate certificate of authentication in substantially the following form:

     This is one of the Debt Securities, of the series designated herein, described in the
within-mentioned Indenture.

	 	 	 	 	 	 	 
	 	 	THE BANK OF NEW YORK MELLON TRUST	 	 
	 	 	COMPANY, N.A.	 	 
	 	 	not in its individual capacity, but solely as Trustee	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	As Authenticating Agent for the Trustee	 
	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	Authorized Officer	 
	 	 

Date:                                         

ARTICLE VII

HOLDERS’ LISTS AND REPORTS BY TRUSTEE AND COMPANY

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

     The Company will furnish or cause to be furnished to the Trustee with respect to Debt
Securities of each series for which it acts as Trustee:

     (a) not more than 15 days after the Regular Record Date in respect of the Debt Securities of
such series or on May 15 and November 15 of each year with respect to each series of Debt
Securities for which there are no Regular Record Dates, a list, in such form as the

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Trustee may reasonably require, of the names and addresses of the Holders of Registered Securities
as of such Regular Record Date or May 1 or November 1, as the case may be, 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;

provided, however, that if and so long as the Trustee shall be the Security Registrar, no such
list need be furnished.

     Section 7.2 Preservation of Information; Communications to Holders.

     (a) The Trustee shall preserve, in as current a form as is reasonably practicable, the names
and addresses of Holders of Registered Securities contained in the most recent list furnished to
the Trustee as provided in Section 7.1 and the names and addresses of Holders of Registered
Securities received by the Trustee in its capacity as Paying Agent or Security Registrar, if so
acting. The Trustee may destroy any list furnished to it as provided in Section 7.1 upon receipt of
a new list so furnished. The Trustee shall preserve for at least two years the names and addresses
of Holders of Bearer Securities filed with the Trustee by such Holders.

     (b) The rights of Holders to communicate with other Holders with respect to their rights under
this Indenture or under the Debt Securities, and the corresponding rights and privileges of the
Trustee, shall be as provided by the Trust Indenture Act.

     (c) Every Holder of Debt Securities or coupons, by receiving and holding the same, agrees with
the Company and the Trustee that neither the Company nor the Trustee shall be held accountable by
reason of any disclosure of information as to the names and addresses of the Holders made pursuant
to the Trust Indenture Act.

     Section 7.3 Reports by Trustee.

     (a) Within 60 days after April 15 of each year commencing with the first April 15 after the
first issuance of Debt Securities pursuant to this Indenture and at any other time required by the
Trust Indenture Act, the Trustee shall transmit to Holders such reports concerning the Trustee and
its actions under this Indenture and such other matters as may be required pursuant to the Trust
Indenture Act in the manner required by the Trust Indenture Act.

     (b) A copy of each such report shall, at the time of such transmission to Holders, be filed by
the Trustee with each stock exchange upon which any Debt Securities of such series are listed, with
the Commission and also with the Company. The Company will notify the Trustee when any series of
Debt Securities are listed or delisted on any stock exchange.

     Section 7.4 Reports by Company.

     The Company shall file with the Trustee and the Commission, and transmit to Holders, such
information, documents and other reports, and such summaries thereof, as may be required

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pursuant to the Trust Indenture Act at the time and in the manner pursuant to such Act; provided
that such information, documents or reports required to be filed with the Commission pursuant to
Section 13 or Section 15(d) of the Securities Exchange Act of 1934 shall be filed with the Trustee
within 15 days after the same are so required to be filed with the Commission. Delivery of such
reports, information and documents to the Trustee is for informational purposes only and the
Trustee’s receipt of such shall not constitute constructive notice of any information contained
therein or determinable from information contained therein, including the Company’s compliance with
any of its covenants hereunder (as to which the Trustee is entitled to rely exclusively on
Officers’ Certificates).

ARTICLE VIII

CONSOLIDATION, MERGER, CONVEYANCE, TRANSFER OR LEASE

     Section 8.1 Company May Consolidate, etc. only on Certain Terms.

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

     (a) the corporation formed by such consolidation or into which the Company is merged or the
Person which acquires by conveyance or transfer, or which leases, the properties and assets of the
Company substantially as an entirety shall be a corporation organized and existing under the laws
of the United States of America, or any State or political subdivision thereof, and shall expressly
assume, by an indenture supplemental hereto, executed and delivered to the Trustee, in form
satisfactory to the Trustee, the due and punctual payment of the principal of (and premium, if any)
and interest (including any Additional Interest and all additional amounts, if any, payable
pursuant to Section 10.6) on all the Debt Securities and any related coupons and the performance of
every covenant of this Indenture on the part of the Company to be performed or observed;

     (b) immediately after giving effect to such transaction, no Event of Default, and no event
which, after notice or lapse of time, or both, would become an Event of Default, shall have
happened and be continuing; and

     (c) the Company has delivered to the Trustee an Officers’ Certificate and an Opinion of
Counsel each stating that such consolidation, merger, conveyance, transfer or lease and such
supplemental indenture comply with this Article and that all conditions precedent herein provided
for relating to such transaction have been met.

     Section 8.2 Successor Corporation Substituted.

     Upon any consolidation with or merger into any other corporation, or any conveyance, transfer
or lease of the properties and assets of the Company substantially as an entirety in accordance
with Section 8.1, the successor corporation formed by such consolidation or into which the Company
is merged or to which such conveyance, transfer or lease is made shall succeed to, and be
substituted for, and may exercise every right and power of, the Company

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under this Indenture with the same effect as if such successor had been named as the Company
herein, and thereafter, except in the case of a lease, the Company (which term for this purpose
shall mean the Person named as the “Company” in the first paragraph of this instrument or any
successor corporation which shall theretofore have become such in the manner presented in this
Article) shall be relieved of all obligations and covenants under this Indenture and the Debt
Securities and coupons.

ARTICLE IX

SUPPLEMENTAL INDENTURES

     Section 9.1 Supplemental Indentures without Consent of Holders.

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

     (a) to evidence the succession of another corporation to the Company, and the assumption by
such successor of the covenants of the Company herein and in the Debt Securities contained; or

     (b) to add to the covenants of the Company, for the benefit of the Holders of all or any
series of Debt Securities or coupons (and if such covenants are to be for the benefit of less than
all series of Debt Securities or coupons, stating that such covenants are expressly being included
solely for the benefit of such series), to convey, transfer, assign, mortgage or pledge any
property to or with the Trustee, or to surrender any right or power herein conferred upon the
Company; or

     (c) to add any additional Events of Default (and if such Events of Default are to be
applicable to less than all series of Debt Securities, stating that such Events of Default are
expressly being included solely to be applicable to such series); or

     (d) to add to, change or eliminate any of the provisions of this Indenture to provide that
Bearer Securities may be registrable as to principal, to change or eliminate any restrictions on
the payment of principal (or premium, if any) on Registered Securities or of principal (or premium,
if any) or any interest on Bearer Securities, to permit Bearer Securities to be issued in exchange
for Registered Securities of other authorized denominations or to permit or facilitate the issuance
of Debt Securities in uncertificated form, provided any such action shall not adversely affect the
interests of the Holders of Debt Securities of any series or any related coupons in any material
respect; or

     (e) to change or eliminate any of the provisions of this Indenture, provided that any such
change or elimination (a) shall become effective only when there is no Debt Security Outstanding of
any series created prior to the execution of such supplemental indenture which is

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entitled to the benefit of such provisions or (b) shall not apply to any Debt Security
Outstanding; or

     (f) to establish the form or terms of Debt Securities of any series as permitted by Sections
2.1 and 3.1; or

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

     (h) to cure any ambiguity, to correct or supplement any provision herein which may be
defective or inconsistent with any other provision herein, or to make any other provisions with
respect to matters or questions arising under this Indenture which shall not be inconsistent with
any provision of this Indenture, provided such other provisions shall not adversely affect the
interests of the Holders of Debt Securities of any series or any related coupons in any material
respect or, in the case of the Debt Securities of a series issued to an Issuer Trust and for so
long as any of the corresponding series of Capital Trust Securities issued by such Issuer Trust
shall remain outstanding, the holders of such Capital Trust Securities; or

     (i) to add to or change or eliminate any provision of this Indenture as shall be necessary or
desirable in accordance with any amendments to the Trust Indenture Act, provided such action shall
not adversely affect the interest of Holders of Debt Securities of any series or any appurtenant
coupons in any material respect.

     Section 9.2 Supplemental Indentures with Consent of Holders.

     With the consent of the Holders of not less than a majority in principal amount of the
Outstanding Debt Securities of all series affected by such supplemental indenture, acting together
as a class, by Act of said Holders delivered to the Company and the Trustee, the Company, when
authorized by a Board Resolution, and the Trustee may enter into an indenture or indentures
supplemental hereto for the purpose of adding any provisions to or changing in any manner or
eliminating any of the provisions of this Indenture or of modifying in any manner the rights of
the Holders under this Indenture of such Debt Securities of such series and any related coupons;
provided, however, that no such supplemental indenture shall, without the consent of the Holder of
each Outstanding Debt Security or coupon affected thereby,

     (a) change the Stated Maturity of the principal or any installment of principal of, or any
installment of interest (including any Additional Interest) on, any Debt Security (other than to
the extent set forth in any such Debt Security), or reduce the principal amount thereof or the
interest thereon or any premium payable upon redemption or repayment thereof, or change any
obligation of the Company to pay additional amounts pursuant to Section 10.6 (except as
contemplated by Section 8.1(a) and permitted by Section 9.1(a)), or reduce the amount of the
principal of an Original Issue Discount Security that would be due and payable upon a declaration
of acceleration of the Maturity thereof pursuant to Section 5.2, or change any Place

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of Payment, or the coin or currency in which any Debt Security or the interest thereon or any
coupon is payable, or impair any right to the delivery of Capital Securities in exchange for Debt
Securities provided for in this Indenture or the right to institute suit for the enforcement of
any such payment on or after the Stated Maturity thereof (or, in the case of redemption or
repayment, on or after the Redemption Date or Repayment Date or Capital Exchange Date, as the case
may be), or

     (b) reduce the percentage in principal amount of the Outstanding Debt Securities of any
series, the consent of whose Holders is required for any such supplemental indenture, or the
consent of whose Holders is required for any waiver (of compliance with certain provisions of this
Indenture or certain defaults hereunder and their consequences) provided for in this Indenture, or
reduce the requirements of Section 16.4 for quorum or voting, or

     (c) modify any of the provisions of this Section, Section 5.13 or Section 10.5, except to
increase any such percentage or to provide that certain other provisions of this Indenture cannot
be modified or waived without the consent of the Holder of each Outstanding Debt Security affected
thereby; provided, however, that this clause shall not be deemed to require the consent of any
Holder with respect to changes in the references to “the Trustee” and concomitant changes in this
Section and Section 10.5, or the deletion of this proviso, in accordance with the requirements of
Section 6.11(b) and 9.1(g); or

     (d) adversely affect the right to repayment, if any, of Debt Securities of any series at the
option of the Holders thereof; or

     (e) impair the right of any Holder of Debt Securities of any series to receive Capital
Securities on any Capital Exchange Date for Debt Securities of such series with a Market Value
equal to the principal amount of such Holder’s Debt Securities of such series or in an amount
sufficient to provide proceeds upon sale by the Company in the Secondary Offering equal to the
principal amount of such Holder’s Debt Securities of such series; or

     (f) impair the right of any Holder of Convertible Securities of any series to convert such
Debt Securities pursuant to Article XIX;

and provided, further, that no change shall be made in the provisions of Article XVIII that will
affect adversely the holders of Senior Debt without the consent of the holders of all Senior Debt
Outstanding; and provided, further, that, in the case of the Debt Securities of a series issued to
an Issuer Trust, so long as any of the corresponding series of Capital Trust Securities issued by
such Issuer Trust remains outstanding, (i) no such amendment shall be made that adversely affects
the holders of such related Capital Trust Securities in any material respect, and no termination
of this Indenture shall occur, and no waiver of compliance with any covenant under this Indenture
shall be effective, without the prior consent of the holders of at least a majority of the
aggregate Liquidation Amount (as defined in the related Trust Agreement) of such Capital Trust
Securities then outstanding unless and until the principal of (and premium, if any, on) the Debt
Securities of such series and all accrued and (subject to Section 3.7) unpaid interest (including
any Additional Interest) thereon have been paid in full, (ii) no such amendment or waiver that
requires the consent of the Holder of each Outstanding Debt Security affected thereby shall be
made without

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the prior consent of all the holders of the related Capital Trust Securities then outstanding
unless and until the principal of (and premium, if any, on) the Debt Securities of such series and
all accrued interest and (subject to Section 3.7) unpaid interest (including any Additional
Interest) therein have been paid in full, and (iii) no amendment shall be made to Section 5.8 of
this Indenture that would impair the rights of the holders of Capital Trust Securities issued by
any Issuer Trust provided therein without the prior consent of the holders of each such Capital
Trust Security then outstanding unless and until the principal of (and premium, if any, on) the
Debt Securities of such series and all accrued and (subject to Section 3.7) unpaid interest
(including any Additional Interest) thereon have been paid in full.

     A supplemental indenture which changes or eliminates any covenant or other provision of this
Indenture which has expressly been included solely for the benefit of one or more particular series
of Debt Securities or any corresponding series of Capital Trust Securities of an Issuer Trust that
holds the Debt Securities of any series, or which modifies the rights of the Holders of Debt
Securities of such series or holders of such Capital Trust Securities of such corresponding series
with respect to such covenant or other provision, shall be deemed not to affect the rights under
this Indenture of the Holders of Debt Securities of any other series or holders of Capital Trust
Securities of any other such corresponding series. It shall not be necessary for any Act of Holders
of the Debt Securities under this Section to approve the particular form of any proposed
supplemental indenture, but it shall be sufficient if such Act shall approve the substance thereof.

     Section 9.3 Execution of Supplemental Indentures.

     In executing, or accepting the additional trusts created by, any supplemental indenture
permitted by this Article or the modifications thereby of the trusts created by this Indenture,
the Trustee shall be entitled to receive, and (subject to Section 6.1) shall be fully protected in
relying upon, an Opinion of Counsel and an Officers’ Certificate each stating that the execution
of such supplemental indenture is authorized or permitted by this Indenture. The Trustee may, but
shall not be obligated to, enter into any such supplemental indenture which affects the Trustee’s
own rights, duties or immunities under this Indenture or otherwise.

     Section 9.4 Effect of Supplemental Indentures.

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

     Section 9.5 Conformity with Trust Indenture Act.

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

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     Section 9.6 Reference in Debt Securities to Supplemental Indentures.

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

ARTICLE X

COVENANTS

     Section 10.1 Payment of Principal, Premium and Interest.

     The Company covenants and agrees for the benefit of each series of Debt Securities and any
appurtenant coupons that it will duly and punctually pay the principal of (and premium, if any) and
interest (including any Additional Interest) on the Debt Securities and any appurtenant coupons in
accordance with the terms of the Debt Securities, any appurtenant coupons and this Indenture. Any
interest due on Bearer Securities on or before Maturity, other than additional amounts, if any,
payable as provided in Section 10.6 in respect of principal of (or premium, if any, on) such a Debt
Security, shall be payable only upon presentation and surrender of the several coupons for such
interest installments as are evidenced thereby as they severally mature. For all purposes of this
Indenture, the exchange of Capital Securities for Debt Securities of any series pursuant to the
Indenture shall constitute full payment of principal of the Debt Securities of such series being
exchanged on any Capital Exchange Date for Debt Securities of such series, without prejudice to any
Holder’s rights pursuant to Section 14.13.

     Section 10.2 Maintenance of Office or Agency.

     The Company will maintain in each Place of Payment for any series of Debt Securities an
office or agency where Debt Securities (but, except as otherwise provided below, unless such Place
of Payment is located outside the United States, not Bearer Securities) may be presented or
surrendered for payment, where Debt Securities may be surrendered for registration of transfer or
exchange and where notices and demands to or upon the Company in respect of the Debt Securities
and this Indenture may be served. If Debt Securities of a series are issuable as Bearer
Securities, the Company will maintain, subject to any laws or regulations applicable thereto, an
office or agency in a Place of Payment for such series which is located outside the United States
where Debt Securities of such series and the related coupons may be presented and surrendered for
payment (including payment of any additional amounts payable on Debt Securities of such series
pursuant to Section 10.6); provided, however, that if the Debt Securities of such series are
listed on The Stock Exchange of the United Kingdom and the Republic of Ireland or the Luxembourg
Stock Exchange or any other stock exchange located outside the United States and such stock
exchange shall so require, the Company will maintain a Paying Agent in London or

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Luxembourg or any other required city located outside the United States, as the case may be, so
long as the Debt Securities of such series are listed on such exchange. The Company will give
prompt written notice to the Trustee of the location, and any change in the location, of any such
office or agency. If at any time the Company shall fail to maintain any such required office or
agency or shall fail to furnish the Trustee with the address thereof, such presentations,
surrenders, notices or demands may be made or served at the Corporate Trust Office of the Trustee,
and the Company hereby appoints the Trustee its agent to receive all presentations, surrenders,
notices and demands, except that Bearer Securities of that series and the related coupons may be
presented and surrendered for payment (including payment of any additional amounts payable on
Bearer Securities of that series pursuant to Section 10.6) at the place specified for the purpose
pursuant to Section 3.1(e).

     No payment of principal of, premium or interest on Bearer Securities shall be made at any
office or agency of the Company in the United States or by check mailed to any address in the
United States or by transfer to an account maintained with a bank located in the United States;
provided, however, payment of principal of and any premium and interest denominated in Dollars
(including additional amounts payable in respect thereof) on any Bearer Security may be made at an
office or agency of, and designated by, the Company located in the United States if (but only if)
payment of the full amount of such principal, premium, interest or additional amounts in Dollars at
all offices outside the United States maintained for the purpose by the Company in accordance with
this Indenture is illegal or effectively precluded by exchange controls or other similar
restrictions and the Trustee receives an Opinion of Counsel that such payment within the United
States is legal. Unless otherwise provided as contemplated by Section 3.1 with respect to any
series of Debt Securities, at the option of the Holder of any Bearer Security or related coupon,
payment may be made by check in the currency designated for such payment pursuant to the terms of
such Bearer Security presented or mailed to an address outside the United States or by transfer to
an account in such currency maintained by the payee with a bank located outside the United States.

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

     Section 10.3 Money for Debt Securities Payments to Be Held in Trust.

     If the Company shall at any time act as its own Paying Agent with respect to any series of
Debt Securities, it will, on or before each due date of the principal of (and premium, if any) or
interest on any of the Debt Securities of such series and any appurtenant coupons, segregate and
hold in trust for the benefit of the Persons entitled thereto a sum sufficient to pay the
principal (and premium, if any) or interest (including any Additional Interest) so becoming due
until such

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sums shall be paid to such Persons or otherwise disposed of as herein provided, and will promptly
notify the Trustee of its action or failure so to act.

     Whenever the Company shall have one or more Paying Agents with respect to any series of Debt
Securities, it will, on or before each due date of the principal of (and premium, if any) or
interest (including any Additional Interest) on any of the Debt Securities of such series and any
appurtenant coupons, deposit with a Paying Agent a sum sufficient to pay the principal (and
premium, if any) or interest (including any Additional Interest) so becoming due, such sum to be
held in trust for the benefit of the Persons entitled to such principal, premium or interest
(including any Additional Interest), and (unless such Paying Agent is the Trustee) the Company
will promptly notify the Trustee of its action or failure so to act.

     The Company will cause each Paying Agent with respect to any series of Debt Securities other
than the Trustee to execute and deliver to the Trustee an instrument in which such Paying Agent
shall agree with the Trustee, subject to the provisions of this Section, that such Paying Agent
will

     (a) hold all sums held by it for the payment of the principal of (and premium, if any) or
interest (including any Additional Interest) on Debt Securities of such series and any appurtenant
coupons in trust for the benefit of the Persons entitled thereto until such sums shall be paid to
such Persons or otherwise disposed of as herein provided;

     (b) give the Trustee notice of any default by the Company (or any other obligor upon the Debt
Securities of such series or any appurtenant coupons) in the making of any payment of principal of
(and premium, if any) or interest (including any Additional Interest) on the Debt Securities of
such series or any appurtenant coupons; and

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

     The Company may at any time, for the purpose of terminating its obligations as Paying Agent
under this Indenture with respect to Debt Securities of any series or for any other purpose, pay,
or by Company Order direct any Paying Agent to pay, to the Trustee all sums held in trust by the
Company or such Paying Agent, such sums to be held by the Trustee upon the same trusts as those
upon which such sums were held by the Company or such Paying Agent; and, upon such payment by any
Paying Agent to the Trustee, such Paying Agent shall be released from all further liability with
respect to such money.

     Any principal and interest received on the Eligible Instruments deposited with the Trustee or
any money deposited with the Trustee or any Paying Agent, or then held by the Company, in trust
for the payment of the principal of (and premium, if any) or interest (including any Additional
Interest) on any Debt Security of any series or any appurtenant coupons or any money on deposit
with the Trustee or any Paying Agent representing amounts deducted from the Redemption Price or
Repayment Price with respect to unmatured coupons not presented upon redemption or exercise of the
Holder’s option for repayment pursuant to Section 11.6 or 13.3 and remaining unclaimed for two
years after such principal (and premium, if any) or interest has

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become due and payable shall be paid to the Company on Company Request, or (if then held by the
Company) shall be discharged from such trust; and the Holder of such Debt Security or any coupon
appertaining thereto shall thereafter, as an unsecured general creditor, look only to the Company
for payment thereof, and all liability of the Trustee or such Paying Agent with respect to such
trust money (including the principal and interest received on Eligible Instruments deposited with
the Trustee), and all liability of the Company as trustee thereof, shall thereupon cease; provided,
however, that the Trustee or such Paying Agent, before being required to make any such repayment,
may at the expense of the Company cause to be published once, in an Authorized Newspaper of general
circulation in the Borough of Manhattan, The City of New York, and each Place of Payment or mailed
to each such Holder, or both, notice that such money remains unclaimed and that, after a date
specified therein, which shall not be less than 30 days from the date of such publication or
mailing, any unclaimed balance of such money then remaining will be repaid to the Company.

     Section 10.4 Officers’ Certificate as to Default.

     The Company will deliver to the Trustee, on or before a date not more than four months after
the end of each fiscal year of the Company ending after the date hereof, an Officers’ Certificate,
stating whether or not to the best knowledge of the signers thereof the Company is in default in
the performance and observance of any of the terms, provisions and conditions of this Indenture,
and, if the Company shall be in default, specifying all such defaults and the nature thereof of
which they may have knowledge.

     Section 10.5 Waiver of Certain Covenants.

     Subject to the rights of holders of Capital Trust Securities specified in Section 9.2, if
any, the Company may omit in any particular instance to comply with any covenant or condition
applicable to the Debt Securities of any series pursuant to Section 3.1 unless such covenant or
condition is determined pursuant to Section 3.1 not to be subject to this provision if, before the
time for such compliance the Holders of at least a majority in principal amount of all series of
the Debt Securities at the time Outstanding to which such covenant or condition applies shall,
acting together as a class, by Act of such Holders, either waive such compliance in such instance
or generally waive compliance with such covenant or condition, but no such waiver shall extend to
or affect such covenant or condition except to the extent so expressly waived, and, until such
waiver shall become effective, the obligations of the Company and the duties of the Trustee in
respect of any such covenant or condition shall remain in full force and effect.

     Section 10.6 Payment of Additional Amounts.

     If the Debt Securities of a series provide for the payment of additional amounts, the Company
will pay to the Holder of any Debt Security of any series or any coupon appertaining thereto
additional amounts upon the terms and subject to the conditions provided therein. Whenever in this
Indenture there is mentioned, in any context, the payment of the principal of (or premium, if any)
or interest on, or in respect of, any Debt Security of any series or any related coupon or the net
proceeds received on the sale or exchange of any Debt Security of any series, such mention shall
be deemed to include mention of the payment of additional amounts provided

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for in the terms of such Debt Securities and this Section to the extent that, in such context,
additional amounts are, were or would be payable in respect thereof pursuant to the provisions of
this Section and express mention of the payment of additional amounts (if applicable) in any
provisions hereof shall not be construed as excluding additional amounts in those provisions hereof
where such express mention is not made.

     If the Debt Securities of a series provide for the payment of additional amounts, at least 10
days prior to the first Interest Payment Date with respect to that series of Debt Securities (or
if the Debt Securities of that series will not bear interest prior to Maturity, the first day on
which a payment of principal (and premium, if any) is made), and at least 10 days prior to each
date of payment of principal (and premium, if any) or interest if there has been any change with
respect to the matters set forth in the below-mentioned Officers’ Certificate, the Company will
furnish the Trustee and the Company’s principal Paying Agent or Paying Agents, if other than the
Trustee, with an Officers’ Certificate instructing the Trustee and such Paying Agent or Paying
Agents whether such payment of principal of (and premium, if any) or interest on the Debt
Securities of that series shall be made to Holders of Debt Securities of that series or the
related coupons who are United States Aliens without withholding for or on account of any tax,
assessment or other governmental charge described in the Debt Securities of that series. If any
such withholding shall be required, then such Officers’ Certificate shall specify by country the
amount, if any, required to be withheld on such payments to such Holders of Debt Securities or
coupons and the Company will pay to the Trustee or such Paying Agent the additional amounts, if
any, required by the terms of such Debt Securities and the first paragraph of this Section. The
Company covenants to indemnify the Trustee and any Paying Agent for, and to hold them harmless
against, any loss, liability or expense reasonably incurred without negligence or willful
misconduct on their part arising out of or in connection with actions taken or omitted by any of
them in reliance on any Officers’ Certificate furnished pursuant to this Section.

     Section 10.7 Additional Sums.

     In the case of the Debt Securities of a series initially issued to an Issuer Trust, so long
as no Event of Default has occurred and is continuing and except as otherwise specified as
contemplated by Section 3.1, if (i) an Issuer Trust is the Holder of all of the Outstanding Debt
Securities of such series, and (ii) a Tax Event has occurred and is continuing in respect of such
Issuer Trust, the Company shall pay to such Issuer Trust (and its permitted successors or assigns
under the related Trust Agreement) for so long as such Issuer Trust (or its permitted successor or
assignee) is the registered holder of the Outstanding Debt Securities of such series, such
additional sums as may be necessary in order that the amount of Distributions (including any
Additional Amounts (as defined in the relevant Trust Agreement)) then due and payable by such
Issuer Trust on the related Capital Trust Securities and Common Trust Securities that at any time
remain outstanding in accordance with the terms thereof shall not be reduced as a result of any
Additional Taxes arising from such Tax Event; provided, however, that Additional Sums shall not
include any withholding taxes arising after the occurrence of a Tax Event and which have been
withheld from payments to Holders of Trust Securities and for which Holders are liable (the
“Additional Sums”). Whenever in this Indenture or the Debt Securities there is a reference in any
context to the payment of principal of or interest on the Debt Securities, such mention shall be
deemed to include mention of the payments of the Additional Sums provided for in this

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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 pursuant to Section 3.13 or the Debt
Securities shall not defer the payment of any Additional Sums that may be due and payable.

     Section 10.8 Additional Covenants.

     The Company covenants and agrees with each Holder of Debt Securities of each series that it
shall not (x) make any payment of principal of or interest or premium, if any, on or repay,
repurchase or redeem any debt securities of the Company that rank pari passu in all respects with
or junior in interest to the Debt Securities of such series, or (y) declare or pay any dividends or
distributions on, or redeem, purchase, acquire or make a liquidation payment with respect to, any
shares of the Company’s capital stock (other than (a) repurchases, redemptions or other
acquisitions of shares of capital stock of the Company in connection with any employment contract,
benefit plan or other similar arrangement with or for the benefit of any one or more employees,
officers, directors or consultants, in connection with a dividend reinvestment or stockholder stock
purchase plan or in connection with the issuance of capital stock of the Company (or securities
convertible into or exercisable for such capital stock) as consideration in an acquisition
transaction entered into prior to the applicable Extension Period, (b) as a result of an exchange,
redemption or conversion of any other class or series of the Company’s capital stock (or any
capital stock of a subsidiary of the Company) for any class or series of the Company’s capital
stock, or of any class or series of the Company’s indebtedness for any class or series of the
Company’s capital stock, (c) the purchase of fractional interests in shares of the Company’s
capital stock pursuant to the conversion or exchange provisions of such capital stock or the
securities being converted or exchanged, (d) any declaration of a dividend in connection with any
Rights Plan, or the issuance of rights, stock or other property under any Rights Plan, or the
redemption or repurchase of rights pursuant thereto, (e) any payment by the Company under any
Guarantee Agreement, or (f) any dividend in the form of stock, warrants, options or other rights
where the dividend stock or the stock issuable upon exercise of such warrants, options or other
rights is the same stock as that on which the dividend is being paid or ranks pari passu with or
junior to such stock) if at such time (i) there shall have occurred any event (A) of which the
Company has actual knowledge that with the giving of notice or the lapse of time, or both, would
constitute an Event of Default with respect to the Debt Securities of such series under Sections
5.1(a), (b), (e) or (f), and (B) which the Company shall not have taken reasonable steps to cure,
(ii) if the Debt Securities of such series are held by an Issuer Trust, the Company shall be in
default with respect to its payment of any obligations under the Guarantee Agreement relating to
the Capital Trust Securities issued by such Issuer Trust, or (iii) the Company shall have given
notice of its election to begin an Extension Period with respect to the Debt Securities of such
series as provided herein and shall not have rescinded such notice, and such Extension Period, or
any extension thereof, shall be continuing.

     The Company also covenants with each Holder of Debt Securities of a series issued to an
Issuer Trust (i) to hold, directly or indirectly, 100% of the Common Trust Securities of such
Issuer Trust, provided that any permitted successor of the Company hereunder may succeed to

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the Company’s ownership of such Common Trust Securities, (ii) as holder of such Common Trust
Securities, not to voluntarily terminate, wind-up or liquidate such Issuer Trust, other than (a)
in connection with a distribution of the Debt Securities of such series to the holders of the
related Capital Trust Securities in liquidation of such Issuer Trust, or (b) in connection with
certain mergers, consolidations or amalgamations permitted by the related Trust Agreement, and
(iii) to use its reasonable efforts, consistent with the terms and provisions of such Trust
Agreement, to cause such Issuer Trust to continue not to be taxable as a corporation for United
States Federal income tax purposes.

ARTICLE XI

REDEMPTION OF DEBT SECURITIES

     Section 11.1 Applicability of Article.

     Subject to the Company having received the prior approval of the Primary Federal Regulator, if
then required under the applicable capital guidelines or policies of the Primary Federal Regulator,
Debt Securities of any series which are redeemable before their Stated Maturity shall be redeemable
in accordance with their terms and (except as otherwise specified as contemplated by Section 3.1
for Debt Securities of any series) in accordance with this Article.

     Section 11.2 Election to Redeem; Notice to Trustee.

     The election of the Company to redeem any Debt Securities shall be evidenced by a Board
Resolution. In case of any redemption at the election of the Company of less than all of the Debt
Securities of any series, the Company shall, at least 45 days prior to the Redemption Date fixed
by the Company (unless a shorter notice shall be satisfactory to the Trustee), notify the Trustee
and, in the case of Debt Securities of a series held by an Issuer Trust, the Property Trustee
under the related Trust Agreement, of such Redemption Date and of the principal amount and the
tenor and terms of the Debt Securities of any series to be redeemed; provided that in the case of
any series of Debt Securities initially issued to an Issuer Trust, for so long as such Debt
Securities are held by such Issuer Trust, such notice shall be given not less than 45 nor more
than 75 days prior to such Redemption Date (unless a shorter notice shall be satisfactory to the
Property Trustee under the related Trust Agreement). In the case of any redemption of Debt
Securities prior to the expiration of any restriction on such redemption provided in the terms of
such Debt Securities or elsewhere in this Indenture, the Company shall furnish the Trustee with an
Officers’ Certificate evidencing compliance with such restriction.

     Section 11.3 Selection by Trustee of Debt Securities to be Redeemed.

     Except as otherwise specified and contemplated by Section 3.1 for Debt Securities of any
series, if less than all the Debt Securities of any series with like tenor and terms are to be
redeemed, the particular Debt Securities to be redeemed shall be selected not more than 60 days
prior to the Redemption Date by the Trustee, from the Outstanding Debt Securities of such series
with like tenor and terms not previously called for redemption, by such method as the Trustee
shall deem fair and appropriate and which may provide for the selection for redemption of

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portions (equal to the minimum authorized denomination for Debt Securities of such series or any
integral multiple thereof which is also an authorized denomination) of the principal amount of
Registered Securities or Bearer Securities (if issued in more than one authorized denomination) of
such series of a denomination larger than the minimum authorized denomination for Debt Securities
of such series.

     The Trustee shall promptly notify the Company in writing of the Debt Securities selected for
redemption and, in the case of any Debt Securities selected for partial redemption, the principal
amount thereof to be redeemed.

     For all purposes of this Indenture, unless the context otherwise requires, all provisions
relating to the redemption of Debt Securities shall relate, in the case of any Debt Security
redeemed or to be redeemed only in part, to the portion of the principal amount of such Debt
Security which has been or is to be redeemed.

     Section 11.4 Notice of Redemption.

     Notice of redemption shall be given in the manner provided in Section 1.6 not less than 30
nor more than 60 days prior to the Redemption Date, to each Holder of Debt Securities to be
redeemed, provided that in the case of any series of Debt Securities initially issued to an Issuer
Trust, for so long as such Debt Securities are held by such Issuer Trust, such notice shall be
given not less than 45 nor more than 75 days prior to such Redemption Date (unless a shorter
notice shall be satisfactory to the Property Trustee under the related Trust Agreement).

     All notices of redemption shall state:

     (a) the Redemption Date,

     (b) the Redemption Price,

     (c) if less than all Outstanding Debt Securities of any series are to be redeemed, the
identification (and, in the case of partial redemption, the principal amounts) of the particular
Debt Securities to be redeemed,

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

     (e) the Place or Places of Payment where such Debt Securities, together in the case of Bearer
Securities with all coupons, if any, appertaining thereto maturing after the Redemption Date, are
to be surrendered for payment of the Redemption Price,

     (f) that Bearer Securities may be surrendered for payment only at such place or places which
are outside the United States, except as otherwise provided in Section 10.2,

     (g) that the redemption is for a sinking fund, if such is the case, and

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     (h) the CUSIP number, if any.

     A notice of redemption published as contemplated by Section 1.6 need not identify particular
Registered Securities to be redeemed.

     Notice of redemption of Debt Securities to be redeemed at the election of the Company shall
be given by the Company, or, at the Company’s request and provision of such notice information
five days prior to the mailing of the notice, by the Trustee in the name and at the expense of the
Company.

     Section 11.5 Deposit of Redemption Price.

     On or prior to any Redemption Date, the Company shall deposit with the Trustee or with a
Paying Agent (or, if the Company is acting as its own Paying Agent, segregate and hold in trust as
provided in Section 10.3) an amount of money and/or, to the extent the Debt Securities to be
redeemed are denominated and payable in Dollars only, Eligible Instruments the payments of
principal and interest on which when due (and without reinvestment and providing no tax liability
will be imposed upon the Trustee or the Holders of the Debt Securities to be redeemed) will provide
money on or prior to the Redemption Date in such amounts as will (together with any money
irrevocably deposited in trust with the Trustee, without investment) be sufficient to pay the
Redemption Price of, and (except if the Redemption Date shall be an Interest Payment Date) accrued
interest (including any Additional Interest) on, all the Debt Securities or portions thereof which
are to be redeemed on that date; provided, however, that deposits with respect to Bearer Securities
shall be made with a Paying Agent or Paying Agents located outside the United States except as
otherwise provided in Section 10.2, unless otherwise specified as contemplated by Section 3.1.

     Section 11.6 Debt Securities Payable on Redemption Date.

     Notice of redemption having been given as aforesaid, the Debt Securities to be redeemed
shall, on the Redemption Date, become due and payable at the Redemption Price therein specified
and from and after such date (unless the Company shall default in the payment of the Redemption
Price and accrued interest) such Debt Securities shall cease to bear interest and the coupons for
such interest appertaining to any Bearer Securities so to be redeemed, except to the extent
provided below, shall be void. Upon surrender of any such Debt Security for redemption in
accordance with said notice, such Debt Security shall be paid by the Company at the Redemption
Price, together with accrued interest (including any Additional Interest) to the Redemption Date;
provided, however, that installments of interest (including any Additional Interest) on Bearer
Securities whose Stated Maturity is on or prior to the Redemption Date shall be payable only upon
presentation and surrender of coupons for such interest (at an office or agency located outside
the United States except as otherwise provided in Section 10.2), and provided further, that
installments of interest (including any Additional Interest) on Registered Securities whose Stated
Maturity is on or prior to the Redemption Date shall be payable to the Holders of such Debt
Securities, or one or more Predecessor Securities, registered as such on the relevant Record Dates
according to their terms and the provisions of Section 3.7.

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     If any Bearer Security surrendered for redemption shall not be accompanied by all appurtenant
coupons maturing after the Redemption Date, such Bearer Security may be paid after deducting from
the Redemption Price an amount equal to the face amount of all such missing coupons, or the
surrender of such missing coupon or coupons may be waived by the Company and the Trustee if there
be furnished to them such security or indemnity as they may require to save each of them and any
Paying Agent harmless. If thereafter the Holder of such Bearer Security shall surrender to the
Trustee or any Paying Agent any such missing coupon in respect of which a deduction shall have
been made from the Redemption Price, such Holder shall be entitled to receive the amount so
deducted without interest thereon; provided, however, that interest represented by coupons shall
be payable only upon presentation and surrender of those coupons at an office or agency located
outside of the United States except as otherwise provided in Section 10.2.

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

     Section 11.7 Debt Securities Redeemed in Part.

     Any Registered Security which is to be redeemed only in part shall be surrendered at a Place
of Payment therefor (with, if the Company, the Security Registrar or the Trustee so requires, due
endorsement by, or a written instrument of transfer in form satisfactory to the Company, the
Security Registrar and the Trustee duly executed by, the Holder thereof or his attorney duly
authorized in writing), and the Company shall execute, and the Trustee shall authenticate and
deliver to the Holder of such Debt Security without service charge, a new Registered Security or
Registered Securities of the same series and of like tenor and terms, of any authorized
denominations as requested by such Holder in aggregate principal amount equal to and in exchange
for the unredeemed portion of the principal of the Debt Security so surrendered.

     Section 11.8 Right of Redemption of Debt Securities Initially Issued to an Issuer Trust.

     In the case of the Debt Securities of a series initially issued to an Issuer Trust, except as
otherwise specified as contemplated by Section 3.1, the Company, at its option, may redeem such
Debt Securities (i) on or after the date specified in such Debt Security, in whole at any time or
in part from time to time, or (ii) upon the occurrence and during the continuation of a Tax Event,
an Investment Company Event or a Capital Treatment Event, at any time within 90 days following the
occurrence and during the continuation of such Tax Event, Investment Company Event or Capital
Treatment Event, in whole (but not in part), in each case at a Redemption Price specified in such
Debt Security, together with accrued interest (including any Additional Interest) to, but
excluding, the Redemption Date.

     If less than all the Debt Securities of any such series are to be redeemed, the aggregate
principal amount of such Debt Securities remaining Outstanding after giving effect to such

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redemption shall be sufficient to satisfy any provisions of the Trust Agreement related to the
Issuer Trust to which such Debt Securities were issued, including any requirement in such Trust
Agreement as to the minimum Liquidation Amount (as defined in such Trust Agreement) of Capital
Trust Securities that may be held by a holder of Capital Trust Securities thereunder.

ARTICLE XII

SINKING FUNDS

     Section 12.1 Applicability of Article.

     The provisions of this Article shall be applicable to any sinking fund for the retirement of
Debt Securities of a series except as otherwise specified as contemplated by Section 3.1 for Debt
Securities of such series.

     The minimum amount of any sinking fund payment provided for by the terms of Debt Securities
of any series is herein referred to as a “mandatory sinking fund payment”, and any payment in
excess of such minimum amount provided for by the term of Debt Securities of any series is herein
referred to an “optional sinking fund payment”. If provided for by the terms of Debt Securities of
any series, the amount of any sinking fund payment may be subject to reduction as provided in
Section 12.2. Each sinking fund payment shall be applied to the redemption of Debt Securities of
any series as provided for by the terms of Debt Securities of such series.

     Section 12.2 Satisfaction of Sinking Fund Payments with Debt Securities.

     The Company (1) may deliver Outstanding Debt Securities of a series (other than any
previously called for redemption), together in the case of any Bearer Securities of such series
with all unmatured coupons appertaining thereto, and (2) may apply as a credit Debt Securities of
a series which have been redeemed either at the election of the Company pursuant to the terms of
such Debt Securities or through the application of permitted optional sinking fund payments
pursuant to the terms of such Debt Securities, in each case in satisfaction of all or any part of
any sinking fund payment with respect to the Debt Securities of such series required to be made
pursuant to the terms of such Debt Securities as provided for by the terms of such series;
provided that such Debt Securities have not been previously so credited. Such Debt Securities
shall be received and credited for such purpose by the Trustee at the Redemption Price specified
in such Debt Securities for redemption through operation of the sinking fund and the amount of
such sinking fund payment shall be reduced accordingly. If as a result of the delivery or credit
of Debt Securities in lieu of cash payments pursuant to this Section 12.2, the principal amount of
Debt Securities to be redeemed in order to exhaust the aforesaid cash payment shall be less than
$100,000, the Trustee need not call Debt Securities for redemption, except upon Company Request,
and such cash payment shall be held by the Trustee or a Paying Agent and applied to the next
succeeding sinking fund payment, provided, however, that the Trustee or such Paying Agent shall at
the request of the Company from time to time pay over and deliver to the Company any cash payment
so being held by the Trustee or such Paying Agent upon delivery by

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the Company to the Trustee of Debt Securities purchased by the Company having an unpaid principal
amount equal to the cash payment requested to be released to the Company.

     Section 12.3 Redemption of Debt Securities for Sinking Fund.

     Not less than 60 days prior to each sinking fund payment date for any series of Debt
Securities (unless a shorter period shall be satisfactory to the Trustee), the Company will
deliver to the Trustee an Officers’ Certificate specifying the amount of the next ensuing sinking
fund payment for that series pursuant to the terms of that series, the portion thereof, if any,
which is to be satisfied by payment of cash, the portion thereof, if any, which is to be satisfied
by crediting Debt Securities of that series pursuant to Section 12.2 and the basis for any such
credit and, prior to or concurrently with the delivery of such Officers’ Certificate, will also
deliver to the Trustee any Debt Securities to be so credited and not theretofore delivered to the
Trustee. Not less than 30 days (unless a shorter period shall be satisfactory to the Trustee)
before each such sinking fund payment date the Trustee shall select the Debt Securities to be
redeemed upon such sinking fund payment date in the manner specified in Section 11.3 and cause
notice of the redemption thereof to be given in the name of and at the expense of the Company in
the manner provided in Section 11.4. Such notice having been duly given, the redemption of such
Debt Securities shall be made upon the terms and in the manner stated in Sections 11.5, 11.6 and
11.7.

ARTICLE XIII

REPAYMENT AT THE OPTION OF HOLDERS

     Section 13.1 Applicability of Article.

     Debt Securities of any series which are repayable at the option of the Holders thereof before
their Stated Maturity shall be repaid in accordance with their terms and (except as otherwise
specified pursuant to Section 3.1 for Debt Securities of such series) in accordance with this
Article.

     Section 13.2 Repayment of Debt Securities.

     Each Debt Security which is subject to repayment in whole or in part at the option of the
Holder thereof on a Repayment Date shall be repaid at the applicable Repayment Price together with
interest accrued to such Repayment Date as specified pursuant to Section 3.1.

     Section 13.3 Exercise of Option; Notice.

     Each Holder desiring to exercise such Holder’s option for repayment shall, as conditions to
such repayment, surrender the Debt Security to be repaid in whole or in part together with written
notice of the exercise of such option at any office or agency of the Company in a Place of
Payment, not less than 30 nor more than 45 days prior to the Repayment Date; provided, however,
that surrender of Bearer Securities together with written notice of exercise of such option shall
be made at an office or agency located outside the United States except as otherwise provided in
Section 10.2. Such notice, which shall be irrevocable, shall specify the principal

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amount of such Debt Security to be repaid, which shall be equal to the minimum authorized
denomination for such Debt Security or an integral multiple thereof, and shall identify the Debt
Security to be repaid and, in the case of a partial repayment of the Debt Security, shall specify
the denomination or denominations of the Debt Security or Debt Securities of the same series to be
issued to the Holder for the portion of the principal of the Debt Security surrendered which is not
to be repaid.

     If any Bearer Security surrendered for repayment shall not be accompanied by all unmatured
coupons and all matured coupons in default, such Bearer Security may be paid after deducting from
the Repayment Price an amount equal to the face amount of all such missing coupons, or the
surrender of such missing coupon or coupons may be waived by the Company and the Trustee if there
be furnished to them such security or indemnity as they may require to save each of them and any
Paying Agent harmless. If thereafter the Holder of such Bearer Security shall surrender to the
Trustee or any Paying Agent any such missing coupon in respect of which a deduction shall have been
made from the Repayment Price, such Holder shall be entitled to receive the amount so deducted
without interest thereon; provided, however, that interest represented by coupons shall be payable
only at an office or agency located outside the United States except as otherwise provided in
Section 10.2.

     The Company shall execute and the Trustee shall authenticate and deliver without service
charge to the Holder of any Registered Security so surrendered a new Registered Security or
Securities of the same series, of any authorized denomination specified in the foregoing notice,
in an aggregate principal amount equal to any portion of the principal of the Registered Security
so surrendered which is not to be repaid.

     The Company shall execute and the Trustee shall authenticate and deliver without service
charge to the Holder of any Bearer Security so surrendered a new Registered Security or Securities
or new Bearer Security or Securities (and all appurtenant unmatured coupons and matured coupons in
default) or any combination thereof of the same series of any authorized denomination or
denominations specified in the foregoing notice, in an aggregate principal amount equal to any
portion of the principal of the Debt Security so surrendered which is not to be paid; provided,
however, that the issuance of a Registered Security therefor shall be subject to applicable laws
and regulations, including provisions of the United States Federal income tax laws and regulations
in effect at the time of the exchange; neither the Company, the Trustee nor the Security Registrar
shall issue Registered Securities for Bearer Securities if it has received an Opinion of Counsel
that as a result of such issuance the Company would suffer adverse consequences under the United
States Federal income tax laws then in effect and the Company has delivered to the Trustee a
Company Order directing the Trustee not to make such issuances thereafter unless and until the
Trustee receives a subsequent Company Order to the contrary. The Company shall deliver copies of
such Company Order to the Security Registrar.

     For all purposes of this Indenture, unless the context otherwise requires, all provisions
relating to the repayment of Debt Securities shall relate, in the case of any Debt Security repaid
or to be repaid only in part, to the portion of the principal of such Debt Security which has been
or is to be repaid.

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     Section 13.4 Election of Repayment by Remarketing Entities.

     The Company may elect, with respect to Debt Securities of any series which are repayable at
the option of the Holders thereof before their Stated Maturity, at any time prior to any Repayment
Date to designate one or more Remarketing Entities to purchase, at a price equal to the Repayment
Price, Debt Securities of such series from the Holders thereof who give notice and surrender their
Debt Securities in accordance with Section 13.3.

     Section 13.5 Securities Payable on the Repayment Date.

     Notice of exercise of the option of repayment having been given and the Debt Securities so to
be repaid having been surrendered as aforesaid, such Debt Securities shall, unless purchased in
accordance with Section 13.4, on the Repayment Date become due and payable at the price therein
specified and from and after the Repayment Date such Debt Securities shall cease to bear interest
and shall be paid on the Repayment Date, and the coupons for such interest appertaining to Bearer
Securities so to be repaid, except to the extent provided above, shall be void, unless the Company
shall default in the payment of such price in which case the Company shall continue to be
obligated for the principal amount of such Debt Securities and shall be obligated to pay interest
on such principal amount at the rate borne by such Debt Securities from time to time until payment
in full of such principal amount.

ARTICLE XIV

EXCHANGE OF CAPITAL SECURITIES FOR DEBT SECURITIES

     Section 14.1 Applicability of Article.

     If an Officers’ Certificate or supplemental indenture pursuant to Section 3.1 provides for
the exchange of Capital Securities for Debt Securities of any series at the election of the
Company or otherwise, Debt Securities of such series shall be exchanged for Capital Securities in
accordance with their terms and (except as otherwise specified in such Officers’ Certificate or
supplemental indenture) in accordance with this Article.

     Section 14.2 Exchange of Capital Securities for Debt Securities at Stated Maturity.

     At the Stated Maturity of Debt Securities of any series which may be exchanged, subject to
prepayment prior to such Stated Maturity on the Capital Exchange Date selected by the Company for
Debt Securities of such series, as described below, early exchange pursuant to Section 14.3 or
payment in cash pursuant to Section 5.2, 14.16 or 14.17, the Company shall exchange Capital
Securities with a Market Value equal to the principal amount of the Outstanding Debt Securities of
such series for the Debt Securities of such series in whole.

     The Company shall give notice in the manner provided in Section 1.6 to Holders of the Debt
Securities of any series to be exchanged, the Trustee and the Capital Exchange Agent as to the type
of Capital Securities to be exchanged for the Debt Securities of such series on the Capital
Exchange Date for Debt Securities of such series. Such notice shall include a form of

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Capital Security Election Form substantially as set forth in Section 14.9, shall make the
statements and contain the information included in Section 14.4(a), and shall be given no less
than 90 days prior to the Stated Maturity of such Debt Securities. Notice of such Capital Exchange
Date, together with the amount of Capital Securities being exchanged for each $1,000 principal
amount of Debt Securities of such series, or the minimum denomination of the Debt Securities of
such series, if larger, shall also be given by the Company in the manner required by Section
14.4(b) not less than three Business Days prior to such Capital Exchange Date.

     The Capital Exchange Date for any prepayment of Debt Securities of each series may be selected
by the Company to be any date between a date 60 days prior to the Stated Maturity of such Debt
Securities and such Stated Maturity, inclusive, and to be the date of the closing of the Secondary
Offering for Debt Securities of such series. In the event the Company fails to effect such
Secondary Offering, the Capital Exchange Date will be the Stated Maturity of the Debt Securities of
such series. Notice of each such Capital Exchange Date, together with the amount of Capital
Securities being exchanged for each $1,000 principal amount of Debt Securities of such series, or
the minimum denomination of the Debt Securities of such series, if larger, shall also be given by
the Company in the manner required by Section 14.4(b) not less than three Business Days prior to
such Capital Exchange Date.

     The Company will effect each Secondary Offering such that the closing of the Secondary
Offering will occur on the Capital Exchange Date.

     Section 14.3 Right of Early Exchange of Capital Securities for Debt Securities.

     The Debt Securities of any series to be exchanged may be exchanged at the election of the
Company, as a whole or from time to time in part, prior to the Stated Maturity thereof for Capital
Securities with a Market Value equal to the principal amount of such Debt Securities on any early
Capital Exchange Date, together with accrued interest to such Capital Exchange Date.

     The Company shall give notice in the manner provided in Section 1.6 to Holders of the Debt
Securities of any series to be exchanged, the Trustee and the Capital Exchange Agent not less than
90 days nor more than 120 days prior to any early Capital Exchange Date for Debt Securities of
such series, which notice shall include a form of Capital Security Election Form substantially as
set forth in Section 14.9 and make the statements and contain the information included in Section
14.4(a). Notice of each such early Capital Exchange Date, together with the amount of Capital
Securities being exchanged for each $1,000 principal amount of Debt Securities of such series, or
the minimum denomination of such series, if larger, shall also be given by the Company in the
manner required by Section 14.4(b) not less than three Business Days prior to such early Capital
Exchange Date.

     The Company may at its option accelerate any such Capital Exchange Date within the 60-day
period prior to such Capital Exchange Date by giving notice of such accelerated Capital Exchange
Date, together with the amount of Capital Securities being exchanged for each $1,000 principal
amount of Debt Securities of such series, or the minimum denomination of such series, if larger,
in the manner required by Section 14.4(b) not less than three Business Days prior to such
accelerated Capital Exchange Date.

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     The Company will effect each Secondary Offering such that the closing of such Secondary
Offering will occur on the Capital Exchange Date.

     Section 14.4 Notices of Exchange.

     (a) All notices of exchange subject to this paragraph shall state:

     (i) the type of Capital Securities to be exchanged for the Debt Securities of
such series on the Capital Exchange Date for Debt Securities of such series;

     (ii) the proposed Capital Exchange Date;

     (iii) that each Holder of Debt Securities of such series being exchanged will
receive on such Capital Exchange Date accrued and unpaid interest in cash and may
elect to receive on such Capital Exchange Date Capital Securities with a Market
Value equal to the principal amount of the Debt Securities of such series owned by
such Holder and that, in the absence of any such election by the Holder, such Holder
will be deemed to have received on such Capital Exchange Date Capital Securities
having such Market Value and to have elected to have such Capital Securities sold
for such Holder by the Company in the related Secondary Offering for cash proceeds
to such Holder on such Capital Exchange Date equal to the aggregate principal amount
of all Debt Securities of such series being exchanged owned by such Holder;

     (iv) that on such Capital Exchange Date the Capital Exchange Price will become
due and payable upon each such Debt Security to be exchanged and that interest
thereon will cease to accrue on and after said date;

     (v) if less than all the Outstanding Debt Securities of any series are to be
exchanged, the identification and principal amount of the particular Debt Securities
to be exchanged;

     (vi) that each Holder for whom Capital Securities are being offered in the
Secondary Offering shall be deemed to have appointed the Company its
attorney-in-fact to execute any and all documents and agreements the Company deems
necessary or appropriate to effect such Secondary Offering;

     (vii) (A) that the Company will assume, unless advised to the contrary in
writing within 30 days after the date of notice of exchange, that the Capital
Securities are to be offered for the account of the Holder, that such Holder has not
held any position, office or other material relationship with the Company within
three years preceding the Secondary Offering, that the Holder owns no other Capital
Securities, and that after completion of the Secondary Offering the Holder will own
less than one percent of the class of such Capital Securities, and (B) that

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if any of these assumptions is not correct, the Holder shall promptly so advise the
Company;

     (viii) the Place or Places of Capital Exchange;

     (ix) that Bearer Securities may be surrendered for payment or exchange only at
a Place or Places of Capital Exchange which are outside the United States, except as
otherwise provided in Section 10.2; and

     (x) the CUSIP number, if any.

     (b) Each notice of exchange subject to this paragraph shall be given in the manner provided in
Section 1.6 to each Holder of Debt Securities to be exchanged, and the Company shall forthwith give
such notice by telephone to the Trustee and the Capital Exchange Agent, promptly confirmed in
writing.

     (i) Except as may otherwise be specified pursuant to Section 3.1 for Debt
Securities of any series, if less than all the Debt Securities of any series are to
be exchanged, the Company shall at least 135 days prior to the related Capital
Exchange Date (unless a shorter period shall be satisfactory to the Trustee) notify
the Trustee of such Capital Exchange Date and of the principal amount of Debt
Securities of such series to be exchanged and the particular Debt Securities to be
exchanged shall be selected not more than 135 days prior to the related Capital
Exchange Date by the Trustee, from the Outstanding Debt Securities of such series
not previously exchanged, by such method as the Trustee shall deem fair and
appropriate and which may provide for the selection for exchange of portions (equal
to the minimum authorized denomination for Debt Securities of such series or any
integral multiple thereof) of the principal amount of Registered or Bearer
Securities of such series of a denomination larger than the minimum authorized
denomination for Debt Securities of such series. In any case where Debt Securities
of such series are registered in the same name, the Trustee in its discretion may
treat the aggregate principal amount so registered as if it were represented by one
Debt Security of such series.

     (ii) The Trustee shall promptly notify the Company in writing of the Debt
Securities selected for exchange and, in the case of any Debt Securities selected
for partial exchange, the principal amount thereof to be exchanged.

     (iii) For all purposes of this Indenture, unless the context otherwise
requires, all provisions relating to the exchange of Debt Securities shall relate,
in the case of any Debt Securities exchanged or to be exchanged only in part, to the
portion of the principal amount of such Debt Security which has been or is to be
exchanged.

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     Section 14.5 Rights and Duties of Holders of Debt Securities to be Exchanged for Capital
Securities.

     (a) Subject to Section 5.3, and without prejudice to the rights pursuant to
Section 14.13 of Holders of Debt Securities of any series to be exchanged, no Holder of Debt
Securities of such series shall be entitled to receive any cash from the Company on any
Capital
Exchange Date or at the Stated Maturity of any Debt Security of such series except from the
proceeds of the sale of such Holder’s Capital Securities in the related Secondary Offering and
except as provided herein with respect to fractional Capital Securities, amounts equal to
expenses
of the sale in the related Secondary Offering of such Capital Securities, accrued and unpaid
interest and acceleration upon an Event of Default. In the event that the Company does not
effect
such Secondary Offering, such Holder will receive Capital Securities with a Market Value equal
to the principal amount of Debt Securities of such series owned by such Holder which are
subject
to such exchange and not cash other than in lieu of any fractional Capital Securities and for
accrued and unpaid interest, without prejudice to such Holder’s rights pursuant to Section
14.13.

     (b) Each Holder for whom Capital Securities are being offered in the Secondary
Offering shall be deemed to have appointed the Company its attorney-in-fact to execute any and
all documents and agreements the Company deems necessary or appropriate to effect such
Secondary Offering.

     (c) Unless advised to the contrary in writing within 30 days following the date of the
notice described in Section 14.4(a) by any Holder for whom Capital Securities are being
offered
in the Secondary Offering, the Company shall assume for the purposes of any Secondary
Offering that the Capital Securities are to be offered for the account of such Holder, that
such
Holder has not held any position, office or other material relationship with the Company
within
three years preceding the Secondary Offering, that such Holder owns no other Capital
Securities,
and that after completion of the Secondary Offering such Holder will own less than one percent
of the class of such Capital Securities.

     (d) Each Holder for whom Capital Securities are being offered in the Secondary
Offering agrees to indemnify and hold harmless the Company, any other Holder, and any
underwriter, agent or other similar person from and against any and all losses, claims,
damages
and liabilities resulting from or based upon any untrue statement or alleged untrue statement
of
any material fact contained in any notice of exchange, any offering memorandum or selling
document or registration statement relating to the Secondary Offering, any preliminary
prospectus or prospectus contained therein, or any amendment thereof or supplement thereto, or
resulting from or based upon the omission or alleged omission to state therein a material fact
required to be stated therein or necessary to make the statements therein not misleading,
which
untrue statement, alleged untrue statement, omission or alleged omission is made therein (i)
in
reliance upon and in conformity with any written information furnished to the Company by or on
behalf of any such Holder specifically for use in connection with the preparation thereof or
(ii) because of such Holder’s failure to advise the Company in writing that any of the
assumptions described in Section 14.4(a)(vii)(A) and Subsection (c) of this Section is
incorrect.

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     (e) In order for any Holder who has duly returned a Capital Security Election Form to
receive Capital Securities on any Capital Exchange Date for any Debt Security of any series,
(1) the Holder of any Registered Security to be exchanged shall surrender such Debt Security
(with, if the Company or the Trustee so requires, due endorsement by, or a written instrument
of
transfer in form satisfactory to the Company and the Trustee duly executed by, the Holder of
any
Registered Security or his attorney duly authorized in writing) to the Capital Exchange Agent
on
the Capital Exchange Date, and (2) the Holder of any Bearer Security to be exchanged shall
surrender such Debt Security and all unmatured coupons and all matured coupons in default with
the Capital Security Election Form at a Place of Capital Exchange outside the United States
designated pursuant to Section 14.4(a)(viii) except as otherwise provided in Section 10.2. If
the
Holder of a Bearer Security is unable to produce any such Debt Security or coupons, the
surrender of such Debt Security or coupons may be waived by the Company and the Trustee, if
there be furnished to them such security or indemnity as they may require to save each of them
and any Capital Exchange Agent harmless in respect of such Debt Security or coupons. Except
as provided in Section 3.7, no payment or adjustment shall be made upon any exchange on
account of any interest accrued on any Debt Securities surrendered for exchange or on account
of
any dividends or interest on the Capital Securities issued upon exchange.

     (f) Debt Securities of any series to be exchanged shall be deemed to have been
exchanged on the Capital Exchange Date therefor in accordance with the foregoing provisions,
and at such time the rights of the Holders of such Debt Securities as Holders shall cease
(subject
to the provisions of Section 3.7 and without prejudice to the rights of Holders of Debt
Securities
of such series pursuant to Section 14.13), and the Person or Persons entitled to receive the
Capital Securities issuable upon such exchange shall be treated for all purposes as the record
holder or holders of such Capital Securities at such time.

     Section 14.6 Election to Exchange.

     The election of the Company to exchange Capital Securities for Debt Securities pursuant to
Section 14.3 shall be evidenced by a Board Resolution.

     Section 14.7 Deposit of Capital Exchange Price.

     On any Capital Exchange Date for Debt Securities of any series which may be exchanged, the
Company shall deposit with the Trustee or with a Capital Exchange Agent in the Borough of
Manhattan, The City of New York (or, if the Company is acting as Capital Exchange Agent, segregate
and hold in trust as provided in Section 10.3) Capital Securities and an amount of money which
together are sufficient to pay the Capital Exchange Price of, and (except if such Capital Exchange
Date shall be an Interest Payment Date) accrued interest on, all the Debt Securities of such
series or portions thereof which are to be exchanged on that date; provided, however, that
deposits with respect to Bearer Securities shall be made with a Capital Exchange Agent or Capital
Exchange Agents located outside the United States except as otherwise provided in Section 10.2,
unless otherwise specified as contemplated by Section 3.1.

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     Section 14.8 Debt Securities Due on Capital Exchange Date; Debt Securities Exchanged in Part.

     Notice of exchange having been given as aforesaid, the Debt Securities of any series so to be
exchanged shall, on the Capital Exchange Date for such Debt Securities, become due and payable at
the Capital Exchange Price therein specified, and from and after such date (unless the Company
shall default in the payment of the Capital Exchange Price and accrued interest) Debt Securities
of such series to be exchanged shall cease to bear interest and the coupons for such interest
appertaining to any Bearer Securities to be exchanged, except to the extent provided below, shall
be void. Upon surrender of any Debt Security of such series for exchange in accordance with said
notice, such Debt Security shall be paid by the Company at the Capital Exchange Price, together
with accrued interest to the Capital Exchange Date; provided, however, that if such Capital
Exchange Date is an Interest Payment Date, the interest payable on such date shall be paid to the
Holder of Debt Securities of such series according to the terms of the Debt Securities of such
series and the provisions of Section 3.7; and provided further, that exchanges of Bearer
Securities shall be made only and installments of interest on Bearer Securities whose Stated
Maturity is on or prior to the Capital Exchange Date shall be payable only at an office or agency
located outside the United States except as otherwise provided in Section 10.2 and, unless
otherwise specified as contemplated by Section 3.1, only upon presentation and surrender of those
Bearer Securities and coupons.

     If any Bearer Security surrendered for exchange shall not be accompanied by all unmatured
coupons and all matured coupons in default, such Bearer Security may be paid after deducting from
the Capital Exchange Price an amount equal to the face amount of all missing coupons, or the
surrender of such missing coupons may be waived by the Company and the Trustee if there be
furnished to them such security or indemnity as they may require to save each of them and any
Capital Exchange Agent harmless. If thereafter the Holder of such Bearer Security shall surrender
to the Trustee or Capital Exchange Agent any such missing coupon in respect of which a deduction
shall have been made from the Capital Exchange Price, such Holder shall be entitled to receive the
amount so deducted without interest thereon; provided, however, that interest on Bearer Securities
shall be payable only at an office or agency located outside of the United States except as
otherwise provided in Section 10.2.

     If any Debt Security of any series called for exchange shall not be so paid or exchanged upon
surrender thereof for exchange, the principal shall, until paid, bear interest from such Capital
Exchange Date at the rate or rates prescribed therefor in such Debt Security; provided, however,
that in the case of Bearer Securities, any such principal and interest thereon shall be paid at an
office or agency located outside the United States except as otherwise provided in Section 10.2.

     Any Registered Security which is to be exchanged only in part shall be surrendered as
provided herein (with, if the Company or the Trustee so requires, due endorsement by, or a written
instrument of transfer in form satisfactory to the Company and the Trustee duly executed by, the
Holder or his attorney duly authorized in writing) and the Company shall execute, the Trustee
shall authenticate and there shall be delivered to the Holder of such Debt Security without
service charge a new Registered Security or Securities of the same series, of any

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authorized denomination or denominations as requested by such Holder in aggregate principal amount
equal to and in exchange for the unexchanged portion of principal of the Debt Security so
surrendered.

     Any Bearer Security which is to be exchanged only in part shall be surrendered as provided
herein and the Company shall execute, the Trustee shall authenticate and there shall be delivered
to the Holder of such Debt Security without service charge a new Registered Security or Securities
or new Bearer Security or Securities (and all appurtenant unmatured coupons and coupons in
default) or any combination thereof of the same series, of any surrendered denomination or
denominations as requested by such Holder in aggregate principal amount equal to and in exchange
for the unexchanged portion of principal of the Debt Security so surrendered; provided, however,
the issuance of a Registered Security therefor shall be subject to applicable laws and
regulations, including provisions of the United States federal income tax laws and regulations in
effect at the time of the exchange; neither the Company, the Trustee nor the Security Registrar
shall issue Registered Securities in exchange for Bearer Securities if it has received an Opinion
of Counsel that as a result of such exchanges the Company would suffer adverse consequences under
the United States Federal income tax laws then in effect and the Company has delivered to the
Trustee a Company Order directing the Trustee not to make such exchanges thereafter unless and
until the Company delivers to the Trustee a subsequent Company Order to the contrary. The Company
shall deliver copies of such Company Orders to the Security Registrar.

     Section 14.9 Form of Capital Security Election Form.

     The form of Capital Security Election Form shall be substantially as follows with such
additions, deletions or changes thereto as may be approved by the Company:

CAPITAL SECURITY ELECTION FORM

			
	To:	 	[Insert Names and Address of

Capital Exchange Agents]

     The undersigned Holder of [insert title of Debt Security] (“Debt Securities”) of Superior
Bancorp hereby elects to receive on the Capital Exchange Date determined pursuant to the Indenture
dated as of December 11, 2009 (“Indenture”), between Superior Bancorp and The Bank of New York
Mellon Trust Company, N.A., as Trustee, and referred to in the notice of exchange published or
delivered to the undersigned with this Capital Security Election Form, Capital Securities of
Superior Bancorp with a Market Value equal to the principal amount of the Debt Securities being
exchanged owned by the undersigned Holder and, in the case of Bearer Securities, delivered herewith
together with all coupons appertaining thereto. Unless this Capital Security Election Form together
with, in the case of Bearer Securities, such Bearer Securities and coupons, is received by any
Capital Exchange Agent named above at an address shown above on
or prior to                                         , the Holder will be deemed to have elected to
participate in the sale of the Holder’s Capital Securities in the Secondary Offering and will
receive cash on the Capital Exchange Date in an amount equal to the principal amount of all

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Debt Securities being exchanged owned by the Holder. All terms used herein and not otherwise
defined herein shall have the meanings specified in the Indenture.

Dated:                                                            

                                                                    
        

Name of Holder                         

     Section 14.10 Fractional Capital Securities.

     No fractional Capital Securities shall be issued upon exchange for any Debt Securities. If
more than one Debt Security of any series shall be surrendered for exchange at one time by the same
Holder, the amount of all Capital Securities which shall be issuable upon exchange thereof shall be
computed on the basis of the aggregate principal amount of Debt Securities of such series so
surrendered. In lieu of issuing any fractional Capital Security, the Company shall pay a cash
adjustment in respect of such fraction in an amount equal to the same fraction of the Market Value
of the Capital Security.

     Section 14.11 Company to Obtain Governmental and Regulatory Approvals.

     The Company covenants that if any Capital Securities required to be exchanged for Debt
Securities hereunder require registration with or approval of any governmental authority under any
federal or state law, or any national securities exchange, before such Capital Securities may be
issued, the Company will in good faith and as expeditiously as possible endeavor to cause such
Capital Securities to be duly registered or approved, as the case may be; provided, however, that
nothing in this Section shall be deemed to affect in any way the obligation of the Company to
exchange Capital Securities for Debt Securities as provided in this Article.

     Section 14.12 Taxes on Exchange.

     The Company will pay any and all transfer, stamp or similar taxes that may be payable in
respect of the issue or delivery of Capital Securities in exchange for Debt Securities pursuant
hereto.

     Section 14.13 Covenants as to Capital Securities and Secondary Offering.

     (a) The Company covenants that it will issue, or cause to be issued, Capital Securities
of the type, in the amounts and at the times required by this Indenture.

     (b) The Company covenants that all Capital Securities which may be issued in
exchange for Debt Securities will upon issuance be duly and validly issued and, if applicable,
fully paid and nonassessable.

     (c) The Company unconditionally undertakes to sell Capital Securities in each
Secondary Offering (and to bear all expenses of each Secondary Offering,
including
underwriting discounts and commissions) at the times and in the manner required by this

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Indenture unless all Holders have duly elected to receive Capital Securities on the related
Capital Exchange Date.

     (d) The Company agrees to indemnify and hold harmless in connection with any Secondary
Offering any Holder for the account of whom Capital Securities are being offered and sold from and
against any and all losses, claims, damages and liabilities resulting from or based upon any
untrue statement or alleged untrue statement of any material fact contained in any notice of
exchange, any offering memorandum or selling document or registration statement relating to the
Secondary Offering, any preliminary prospectus or prospectus contained therein, or any amendment
thereof or supplement thereto, or resulting from or based upon the omission or alleged omission to
state therein a material fact required to be stated therein or necessary to make the statements
therein not misleading, or resulting from the Company’s failure to comply with Section 14.11;
provided, however, the Company will not be liable in any such case to the extent that any such
loss, claim, damage or liability arises out of or is based upon any such untrue statement, alleged
untrue statement, omission or alleged omission made therein (i) in reliance upon and in conformity
with written information furnished to the Company by or on behalf of any such Holder specifically
for use in connection with the preparation thereof or (ii) because of such Holder’s failure to
advise the Company in writing that any of the assumptions described in Section 14.4(a)(vii)(A) is
incorrect. In connection with any Secondary Offering, the Company agrees to obtain appropriate
indemnification of any Holder for the account of whom Capital Securities are being offered and
sold in any Secondary Offering from any underwriter, agent or other similar person.

     Section 14.14 Provision in Case of Consolidation, Merger or Transfer of Assets.

     In case of any consolidation of the Company with, or merger of the Company into, any other
corporation (other than a consolidation or merger in which the Company is the continuing
corporation), or in case of any conveyance or transfer of the properties and assets of the Company
substantially as an entirety, the corporation formed by such consideration or the corporation into
which the Company shall have been merged or the corporation which shall have acquired such assets
of the Company, as the case may be, shall execute and deliver to the Trustee a supplemental
indenture providing that the Holder of each Debt Security then Outstanding shall have the right
thereafter to receive securities of such successor on the Capital Exchange Date for such Debt
Security with a Market Value equal to the principal amount of such Debt Security. The above
provisions of this Section shall similarly apply to successive consolidations, mergers,
conveyances or transfers.

     Section 14.15 Trustee Not Responsible.

     The Trustee shall not at any time be under any duty or responsibility to any Holder of Debt
Securities of any series to be exchanged to determine the Market Value of any Capital Securities
delivered in exchange for Debt Securities of such series and may rely on and shall be given prior
to any Capital Exchange Date for Debt Securities of such series an Officers’ Certificate of the
Company as to the Market Value of the Capital Securities being exchanged for the Debt Securities of
such series and the amount of Capital Securities being exchanged for each $1,000 principal amount
of Debt Securities of such series or the minimum denomination of such

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series, if larger, and that such Capital Securities qualify as Capital Securities under the
definition thereof contained herein. The Trustee shall not be accountable with respect to the
validity or value (or the kind or amount) of any Capital Securities which may at any time be issued
or delivered in exchange for any Debt Security; and the Trustee does not make any representation
with respect thereto. The Trustee shall not be responsible for any failure of the Company to issue,
transfer or deliver any Capital Securities or Capital Security certificates or other securities or
property upon the surrender of any Debt Security for the purpose of exchange or to comply with any
of the covenants of the Company contained in this Article.

     Section 14.16 Revocation of Obligation to Exchange Capital Securities for Debt Securities.

     The Company’s obligations to exchange Capital Securities for Debt Securities of any series as
provided in Section 14.2 is absolute and unconditional; provided, however, that such obligation
may be revoked at the option of the Company at any time on not less than 60 days’ prior notice
given in the manner provided in Section 1.6 to the Holders of Debt Securities of such series, the
Trustee and the Capital Exchange Agent, if the Company shall determine that under regulations then
in effect of the Company’s Primary Federal Regulator either the Debt Securities are no longer
includable as capital or it is no longer necessary for the Company to be obligated to exchange
Capital Securities for Debt Securities in order for the Debt Securities to maintain the same
capital treatment as they are then receiving under the regulations or if approval of the Primary
Federal Regulator is obtained for such revocation.

     In the event such obligation is revoked

     (a) the Company will pay the Debt Securities of such series in cash at 100% of the
principal amount thereof on the Stated Maturity thereof, and

     (b) the Company may, at any time on or after a date selected by the Company, on not
less than 60 days’ prior notice given in the manner provided in Section 1.6 to the Holders of
Debt
Securities of such series and the Trustee, redeem the Debt Securities of such series, in whole
or
in part, for cash at 100% of the principal amount thereof, plus accrued interest to the
Redemption
Date.

     Section 14.17 Optional Securities Funds.

(a) (i) With respect to Debt Securities of any series for which an Officers’
Certificate or supplemental indenture pursuant to Section 3.1 provides that the
Debt Securities of such series are exchangeable for Capital Securities, the Company
may elect to establish a fund (referred to herein as the “Optional Securities
Funds"} to which funds may at any time be designated by the Company as provided in
Section 15.2 as if such Optional Securities Funds were Securities Funds (as defined
in Article XV) to be used to pay the principal of the Debt Securities of such
series.

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     (ii) Notwithstanding any provisions to the contrary contained in this
Indenture or in the Debt Securities of any series, neither funds designated as
Optional Securities Funds nor any other property from time to time held as Optional
Securities Funds shall be deemed to be for any purpose property of the Holders or
trust funds for the benefit of the Holders, and the Optional Securities Funds shall
not constitute security for the payment of the Debt Securities.

     (b) In lieu of, or in addition to, any exchange of Capital Securities for Debt Securities
of any series which may be made in accordance with the provisions of Sections 14.2 and 14.3,
the Company may elect to redeem the Debt Securities of such series in accordance with the
provisions of Section 11.6 and the terms of the Debt Securities of each series, in whole or in
part,
by paying the principal of such Debt Securities with funds designated as Optional Securities
Funds at a price equal to the percentage of the principal amount established in the terms of
the
Debt Securities of such series on the Redemption Date of the Debt Securities to be so
redeemed,
and (except if such Redemption Date shall be an Interest Payment Date) by paying accrued
interest on such Debt Securities. If such Redemption Date is an Interest Payment Date, the
interest payable on such date shall be paid to the Holder of Debt Securities of such series
according to the terms of the Debt Securities of such series and the provisions of Section
3.7.

     (c) The Company shall give notice of such proposed redemption in the manner
provided in Section 1.6 to the Holders of the Debt Securities of such series within the time
prescribed for the giving of the initial notice in Section 14.2 or 14.3, depending upon the
Redemption Date selected by the Company. Such notice shall state the Redemption Date and the
place or places where the Debt Securities of the series to be paid are to be surrendered for
payment; provided, however, if such redemption is of less than all of the Debt Securities of
such
series and is to be made on a Capital Exchange Date specified in accordance with Section 14.2
or
14.3, then such notice may be incorporated into any initial notice of such Capital Exchange
Date
and provided that no notice of any redemption may be given unless there are sufficient
Optional
Securities Funds to pay the principal amount of the Debt Securities to be redeemed.

     (d) If less than all the Debt Securities of any series are to be so redeemed, then
Sections 14.4(a)(v) and 14.8 shall apply to the redemption in the same manner as if such Debt
Securities were to be exchanged for Capital Securities.

     (e) Funds designated as Optional Securities Funds shall be released from such
designation under the circumstances described in Section 15.3.

ARTICLE XV

SECURITIES FUNDS

     Section 15.1 Creation of Securities Funds.

     A
fund (the “Securities Funds”) will be established when specified in an Officers’
Certificate or supplemental indenture pursuant to Section 3.1 for the Debt Securities of any
series

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pursuant to which funds may be designated by the Company as provided in Section 15.2, to be used
to pay the principal of the Debt Securities of that series.

     Notwithstanding any provision to the contrary contained in this Indenture or in the Debt
Securities of any series, neither funds designated as Securities Funds nor any other property from
time to time held as Securities Funds shall be deemed to be for any purpose property of the
Holders or trust funds for the benefit of the Holders, and the Securities Funds shall not
constitute security for the payment of the Debt Securities.

     Section 15.2 Designations of Securities Funds.

     The Securities Funds will consist of amounts equal to (i) the net proceeds of the sale of
Capital Securities for cash from time to time after the date of initial issuance of the Debt
Securities of any series for which funds may be designated by the Company as provided in this
Section, and (ii) the market value, as determined by the Company, of Capital Securities sold from
time to time after the date of initial issuance of the Debt Securities of such series in exchange
for other property, less the expenses to effect any such exchanges, and (iii) other funds which the
regulations of the Primary Federal Regulator then permit for the payment of principal of “mandatory
convertible securities (equity commitment notes)” as defined in such regulations; provided that (x)
the Company has designated such amounts as Securities Funds on its books and records in the manner
required by the Primary Federal Regulator, and (y) there shall be deducted from the Securities
Funds an amount equal to the amount of any funds used to redeem or repay the Debt Securities of
such series for which Securities Funds are required to be designated or any similar securities.

     Section 15.3 Covenant of the Company to Obtain Securities Funds.

     Notwithstanding anything else contained herein, the Company hereby covenants and agrees that
with regard to the Debt Securities of any series which by its terms requires the designation of
Securities Funds (i) by the Interest Payment Date which occurs on or next preceding the date when
one-third of the period from the date of issuance of the Debt Securities of such series to their
Stated Maturity has elapsed, it will have obtained Securities Funds in an amount that will equal
at least one-third of the original aggregate principal amount of the Debt Securities of such
series (or such lesser amount as the Primary Federal Regulator may permit from time to time) and
will have prepared and delivered to the Trustee an Officers’ Certificate to the foregoing effect,
(ii) by the Interest Payment Date which occurs on or next preceding the date when two-thirds of
the period from the date of issuance of the Debt Securities of such series to their Stated
Maturity has elapsed, it will have obtained Securities Funds in an amount that will equal at least
two-thirds of the original aggregate principal amount of the Debt Securities of such series (or
such lesser amount as the Primary Federal Regulator may permit from time to time) and will have
prepared and delivered to the Trustee an Officers’ Certificate to the foregoing effect, and (iii)
by 60 days prior to the Stated Maturity of the Debt Securities of such series, it will have
obtained Securities Funds in an amount that will equal not less than the original aggregate
principal amount of the Debt Securities of such series (or such lesser amount as the Primary
Federal Regulator may permit from time to time) and will have prepared and delivered to the
Trustee an Officers’ Certificate to the foregoing effect; provided, however, that such

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covenant and agreement of the Company shall be cancelled and amounts theretofore designated as
Securities Funds will be released from such designation in the event and to the extent that the
Company shall determine that under the regulations of the Company’s Primary Federal Regulator
either the Debt Securities are no longer includable as capital or it is no longer necessary for
the Company to be obligated to pay the principal of the Debt Securities out of Securities Funds in
order for the Debt Securities to maintain the same capital treatment as they are then receiving
under such regulations, in the event and to the extent that approval of the Primary Federal
Regulator is obtained for such cancellation and release or in the event and to the extent that the
Company shall have exchanged or redeemed such Debt Securities pursuant to the terms of such Debt
Securities of such series from a source other than amounts designated as Securities Funds.

ARTICLE XVI

MEETINGS OF HOLDERS OF DEBT SECURITIES

     Section 16.1 Purposes for Which Meetings May Be Called.

     If Debt Securities of a series are issuable in whole or in part as Bearer Securities, a
meeting of Holders of Debt Securities of such series may be called at any time and from time to
time pursuant to this Article to make, give or take any request, demand, authorization, direction,
notice, consent, waiver or other Act provided by this Indenture to be made, given or taken by
Holders of Debt Securities of such series.

     Section 16.2 Call, Notice and Place of Meetings.

     (a) The Trustee may at any time call a meeting of Holders of Debt Securities of any
series issuable as Bearer Securities for any purpose specified in Section 16.1, to be held at
such
time and at such place in the Borough of Manhattan, The City of New York, or in Birmingham,
Alabama, as the Trustee shall determine. Notice of every meeting of Holders of Debt Securities
of any series, 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 given, in the manner provided in Section 1.6,
not
less than 21 nor more than 180 days prior to the date fixed for the meeting.

     (b) In case at any time the Company, pursuant to a Board Resolution, or the Holders
of at least 10% in principal amount of the Outstanding Debt Securities of any series shall
have
requested the Trustee to call a meeting of the Holders of Debt Securities of such series for
any
purpose specified in Section 16.1, by written request setting forth in reasonable detail the
action
proposed to be taken at the meeting, and the Trustee shall not have made the first publication
of
the notice of such meeting within 21 days after receipt of such request or shall not
thereafter
proceed to cause the meeting to be held as provided herein, then the Company or the Holders of
Debt Securities of such series in the amount above specified, as the case may be, may
determine
the time and the place in the Borough of Manhattan, The City of New York, For such meeting
and may call such meeting for such purposes by giving notice thereof as provided in
subsection (a) of this Section.

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     Section 16.3 Persons Entitled to Vote at Meetings.

     To be entitled to vote at any meeting of Holders of Debt Securities of any series, a Person
shall be (1) a Holder of one or more Outstanding Debt Securities of such series, or (2) a Person
appointed by an instrument in writing as proxy for a Holder or Holders of one or more Outstanding
Debt Securities of such series by such Holder or Holders. The only Persons who shall be entitled
to be present or to speak at any meeting of Holders of Debt Securities of any series shall be the
Persons entitled to vote at such meeting and their counsel, any representatives of the Trustee and
its counsel and any representatives of the Company and its counsel.

     Section 16.4 Quorum; Action.

     The Persons entitled to vote a majority in principal amount of the Outstanding Debt Securities
of a series shall constitute a quorum for a meeting of Holders of Debt Securities of such series.
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 Holders of Debt Securities of such series, be
dissolved. In the absence of a quorum in any other case the meeting may be adjourned for a period
of not less than 10 days as determined by the chairperson 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 chairperson of
the meeting prior to the adjournment of such adjourned meeting. Notice of this reconvening of any
adjourned meeting shall be given as provided in Section 16.2(a), except that such notice need be
given only once not less than five days prior to the date on which the meeting is scheduled to be
reconvened. Notice of the reconvening of an adjourned meeting shall state expressly the percentage,
as provided above, of the principal amount of the Outstanding Debt Securities of such series which
shall constitute a quorum.

     Except as limited by the proviso to 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 only by
the affirmative vote of the Holders of majority in principal amount of the Outstanding Debt
Securities of that series, provided however, that, except as limited by the proviso to Section
9.2, any resolution with respect to any request, demand, authorization, direction, notice,
consent, waiver or other Act which this Indenture expressly provides may be made, given or taken
by the Holders of a specified percentage, which is less than a majority, in principal amount of
the Outstanding Debt Securities of a series may be adopted at a meeting or an adjourned meeting
duly reconvened and at which a quorum is present as aforesaid by the affirmative vote of the
Holders of such specified percentage in principal amount of the Outstanding Debt Securities of
that series.

     Any resolution passed or decision taken at any meeting of Holders of Debt Securities of any
series duly held in accordance with this Section shall be binding on all the Holders of Debt
Securities of such series and the related coupons, whether or not present or represented at the
meeting.

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     Section 16.5 Determination of Voting Rights; Conduct and Adjournment of Meetings.

     (a) Notwithstanding any other provisions of this Indenture, the Trustee may make
such reasonable regulations as it may deem advisable for any meeting of Holders of Debt
Securities of such series in regard to proof of the holding of Debt Securities of such series
and of
the appointment of proxies and in regard to the appointment and duties of inspectors of votes,
the
submission and examination of proxies, certificates and other evidence of the right to vote,
and
such other matters concerning the conduct of the meeting as it shall deem appropriate. Except
as
otherwise permitted or required by any such regulations, the holding of Debt Securities shall
be
proved in the manner specified in Section 1.4 and the appointment of any proxy shall be proved
in the manner specified in Section 1.4 or, in the case of Bearer Securities, by having the
signature
of the person executing the proxy witnessed or guaranteed by any trust company, bank or banker
authorized by Section 1.4 to certify to the holding of Bearer Securities. Such regulations may
provide that written instruments appointing proxies, regular on their face, may be presumed
valid
and genuine without the proof specified in Section 1.4 or other proof.

     (b) The Trustee shall, by an instrument in writing, appoint a temporary chairperson of
the meeting, unless the meeting shall have been called by the Company or by Holders of Debt
Securities as provided in Section 16.2(b), in which case the Company or the Holders of Debt
Securities of the series calling the meeting, as the case may be, shall in like manner appoint
a
temporary chairperson. A permanent chairperson and a permanent secretary of the meeting shall
be elected by vote of the Persons entitled to vote a majority in principal amount of the
Outstanding Debt Securities of such series represented at the meeting.

     (c) At any meeting each Holder of a Debt Security of such series or proxy shall be
entitled to one vote for each $1,000 principal amount (or the equivalent in Euro, any other
composite currency or a Foreign Currency) of Debt Securities of such series held or
represented
by him; provided, however, that no vote shall be cast or counted at any meeting in respect of
any
Debt Security challenged as not Outstanding and ruled by the chairperson of the meeting not to
be Outstanding. The chairperson of the meeting shall have no right to vote, except as a Holder
of
a Debt Security of such series or proxy.

     (d) Any meeting of Holders of Debt Securities of any series duly called pursuant to
Section 16.2 at which a quorum is present may be adjourned from time to time by Persons
entitled to vote a majority in principal amount of the Outstanding Debt Securities of such
series
represented at the meeting; and the meeting may be held as so adjourned without further
notice.

     Section 16.6 Counting Votes and Recording Action of Meetings.

     The vote upon any resolution submitted to any meeting of Holders of Debt Securities of any
series shall be by written ballots on which shall be subscribed the signatures of the Holders of
Debt Securities of such series or of their representatives by proxy and the principal amounts and
serial numbers of the Outstanding Debt Securities of such series held or represented by them. The
permanent chairperson 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

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secretary of the meeting their verified written reports in triplicate of all votes cast at the
meeting. A record, at least in triplicate, of the proceedings of each meeting of Holders of Debt
Securities of any series 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 given as provided in Section 16.2 and,
if applicable, Section 16.1. Each copy shall be signed and verified by the affidavits of the
permanent chairperson and secretary of the meeting and one such copy shall be delivered to the
Company, and another 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.

ARTICLE XVII

DEFEASANCE

     Section 17.1 Termination of Company’s Obligations.

     If this Section 17.1 is specified, as contemplated by Section 3.1, to be applicable to any
series of Debt Securities and if the Company deposits irrevocably in trust with the Trustee money
and/or, to the extent such Debt Securities are denominated and payable in Dollars only, Eligible
Instruments the payments of principal and interest on which when due (and without reinvestment and
providing no tax liability will be imposed upon the Trustee or the Holders of such Debt
Securities) will provide money in such amounts as will (together with any money irrevocably
deposited in trust with the Trustee, without investment) be sufficient to pay the principal of
(and premium, if any) and any installment of principal of (and premium, if any) or interest
(including any Additional Interest) when due on the Debt Securities of such series and any coupons
appertaining thereto and any mandatory sinking fund, repayment or analogous payments thereon on
the scheduled due dates therefor at the Stated Maturity thereof, the Company’s obligations under
any covenant determined pursuant to Section 3.1 to be subject to this Section shall terminate with
respect to the Debt Securities of the series for which such deposit was made; provided, however,
that (i) no Event of Default with respect to the Debt Securities of such series under Section
5.1(f) or Section 5.1(g) or event that with notice or lapse of time or both would constitute such
an Event of Default shall have occurred and be continuing on such date, (ii) such deposit will not
result in a breach of, or constitute a default under, this Indenture or any other agreement or
instrument to which the Company is a party or by which it is bound, and (iii) such termination
shall not relieve the Company of its obligations under the Debt Securities of such series and this
Indenture to pay when due the principal of (and premium, if any) and interest (including any
Additional Interest) and additional amounts on such Debt Securities and any coupons appertaining
thereto if such Debt Securities or coupons are not paid (or payment is not provided for) when due
from the money and Eligible Instruments (and the proceeds thereof) so deposited.

     It shall be a condition to the deposit of cash and/or Eligible Instruments and the
termination of the Company’s obligations pursuant to the provisions of this Section with respect
to the Debt Securities of any series under any covenant determined pursuant to Section 3.1 to be

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subject to this Section that the Company deliver to the Trustee (i) an Opinion of Counsel to the
effect that: (a) Holders of Debt Securities of such series and any coupons appertaining thereto
will not recognize income, gain or loss for Federal income tax purposes as a result of such
deposit and termination and (b) such Holders (and future Holders) will be subject to tax in the
same amount, manner and timing as if such deposit and termination had not occurred, (ii) an
Officers’ Certificate to the effect that under the laws in effect on the date such money and/or
Eligible Instruments are deposited with the Trustee, the amount thereof will be sufficient, after
payment of all Federal, state and local taxes in respect thereof payable by the Trustee, to pay
principal (and premium, if any) and interest (including any Additional Interest) when due on the
Debt Securities of such series and any coupons appertaining thereto; and (iii) an Officers’
Certificate and an Opinion of Counsel, each stating that all conditions precedent herein provided
for relating to the defeasance contemplated in this Section have been complied with.

     It shall be an additional condition to the deposit of cash and/or Eligible Instruments and
the termination of the Company’s obligations pursuant to the provisions of this Section under any
covenant determined pursuant to Section 3.1 to be subject to this Section, with respect to the
Debt Securities of any series then listed on the New York Stock Exchange, that the Company deliver
an Opinion of Counsel that the Debt Securities of such series will not be delisted from the New
York Stock Exchange as a result of such deposit and termination.

     After a deposit as provided herein, the Trustee shall, upon Company Request, acknowledge in
writing the discharge of the Company’s obligations pursuant to the provisions of this Section with
respect to the Debt Securities of such series under any covenant determined pursuant to Section 3.1
to be subject to this Section.

     Section 17.2 Repayment to Company.

     The Trustee and any Paying Agent shall promptly pay to the Company upon Company Request any
money or Eligible Instruments not required for the payment of the principal of (and premium, if
any) and interest (including any Additional Interest) on the Debt Securities of any series and any
related coupons for which money or Eligible Instruments have been deposited pursuant to Section
17.1 held by them at any time.

     The Trustee and any Paying Agent shall promptly pay to the Company upon Company Request any
money held by them for the payment of principal (and premium, if any) and interest (including any
Additional Interest) that remains unclaimed for two years after the Maturity of the Debt
Securities for which a deposit has been made pursuant to Section 17.1. After such payment to the
Company, the Holders of the Debt Securities of such series and any related coupons shall
thereafter, as unsecured general creditors, look only to the Company for the payment thereof.

     Section 17.3 Indemnity for Eligible Instruments.

     The Company shall pay and shall indemnify the Trustee against any tax, fee or other charge
imposed on or assessed against the deposited Eligible Instruments or the principal or interest
received on such Eligible Instruments.

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ARTICLE XVIII

SUBORDINATION OF DEBT SECURITIES

     Section 18.1 Debt Securities Subordinate to Senior Debt.

     The Company covenants and agrees that anything in this Indenture or the Debt Securities of any
series to the contrary notwithstanding, the indebtedness evidenced by the Debt Securities of each
series and any coupons appurtenant thereto is subordinate and junior in right of payment to all
Senior Debt to the extent provided herein and shall be pari passu with all Trust Related
Securities, and each Holder of Debt Securities of each series and coupons appurtenant thereto, by
such Holder’s acceptance thereof, likewise covenants and agrees to the subordination herein
provided and shall be bound by the provisions hereof. Senior Debt shall continue to be Senior Debt
and entitled to the benefits of these subordination provisions irrespective of any amendment,
modification or waiver of any term of the Senior Debt or extension or renewal of the Senior Debt.

     In the event of

     (a) any insolvency, bankruptcy, receivership, liquidation, reorganization,
readjustment, composition or other similar proceeding relating to the Company, its creditors
or
its property,

     (b) any proceeding for the liquidation, dissolution or other winding up of the
Company, voluntary or involuntary, whether or not involving insolvency or bankruptcy
proceedings,

     (c) any assignment by the Company for the benefit of creditors, or

     (d) any other marshalling of the assets of the Company,

all Senior Debt (including any interest thereon accruing after the commencement of any such
proceedings) shall first be paid in full before any payment or distribution, whether in cash,
securities or other property, shall be made to any Holder of any of the Debt Securities or coupons
appurtenant thereto on account thereof. Any payment or distribution, whether in cash, securities
or other property (other than securities of the Company or any other corporation provided for by a
plan of reorganization or readjustment the payment of which is subordinate, at least to the extent
provided in these subordination provisions with respect to the indebtedness evidenced by the Debt
Securities, to the payment of all Senior Debt at the time outstanding and to any securities issued
in respect thereof under any such plan of reorganization or readjustment), which would otherwise
(but for these subordination provisions) be payable or deliverable in respect of the Debt
Securities of any series or coupons appurtenant thereto shall be paid or delivered directly to the
holders of Senior Debt in accordance with the priorities then existing among such holders until
all Senior Debt (including any interest thereon accruing after the commencement of any such
proceedings) shall have been paid in full. In the event of any such proceeding, after payment in
full of all sums owing with respect to Senior Debt, the Holders of the Debt Securities and coupons
appurtenant thereto, together with the holders of any obligations of the Company

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ranking on a parity with the Debt Securities, shall be entitled to be paid from the remaining
assets of the Company the amounts at the time due and owing on account of unpaid principal of (and
premium, if any) and interest on the Debt Securities and such other obligations before any payment
or other distribution, whether in cash, property or otherwise, shall be made on account of any
capital stock or any obligations of the Company ranking junior to the Debt Securities and such
other obligations.

     In the event that, notwithstanding the foregoing, any payment or distribution of any character
or any security, whether in cash, securities or other property (other than securities of the
Company or any other corporation provided for by a plan of reorganization or readjustment the
payment of which is subordinate, at least to the extent provided in these subordination provisions
with respect to the indebtedness evidenced by the Debt Securities, to the payment of all Senior
Debt at the time outstanding and to any securities issued in respect thereof under any such plan or
reorganization or readjustment), shall be received by the Trustee or any Holder in contravention of
any of the terms hereof such payment or distribution or security shall be received in trust for the
benefit of, and shall be paid over or delivered and transferred to, the holders of the Senior Debt
at the time outstanding in accordance with the priorities then existing among such holders for
application to the payment of all Senior Debt remaining unpaid, to the extent necessary to pay all
such Senior Debt in full. In the event of the failure of the Trustee or any Holder to endorse or
assign any such payment, distribution or security, each holder of Senior Debt is hereby irrevocably
authorized to endorse or assign the same.

     No present or future holder of any Senior Debt shall be prejudiced in the right to enforce
subordination of the indebtedness evidenced by the Debt Securities by any act or failure to act on
the part of the Company. Nothing contained herein shall impair, as between the Company and the
Holders of Debt Securities of each series, the obligation of the Company to pay to such Holders
the principal of (and premium, if any) and interest (including any Additional Interest) on such
Debt Securities and coupons appurtenant thereto or prevent the Trustee or the Holder (or to the
extent expressly provided herein, the holder of any Capital Trust Securities) from exercising all
rights, powers and remedies otherwise permitted by applicable law or hereunder upon a default or
Event of Default hereunder, all subject to the rights of the holders of the Senior Debt to receive
cash, securities or other property otherwise payable or deliverable to the Holders.

     Senior Debt shall not be deemed to have been paid in full unless the holders thereof shall
have received cash, securities or other property equal to the amount of such Senior Debt then
outstanding. Upon the payment in full of all Senior Debt, the Holders of Debt Securities of each
series and coupons appurtenant thereto, if any, shall be subrogated to all rights of any holders
of Senior Debt to receive any further payments or distributions applicable to the Senior Debt
until the indebtedness evidenced by the Debt Securities of such series and coupons appertaining
thereto, if any, shall have been paid in full, and such payments or distributions received by such
Holders, by reason of such subrogation, of cash, securities or other property which otherwise
would be paid or distributed to the holders of Senior Debt shall, as between the Company and its
creditors other than the holders of Senior Debt, on the one hand, and such Holders, on the other
hand, be deemed to be a payment by the Company on account of Senior Debt, and not on account of
the Debt Securities of such series.

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     The Trustee and Holders will take such action (including, without limitation, the delivery of
this Indenture to an agent for the holders of Senior Debt or consent to the filing of a financing
statement with respect hereto) as may, in the opinion of counsel designated by the holders of a
majority in principal amount of the Senior Debt at the time outstanding, be reasonably necessary
or appropriate to assure the effectiveness of the subordination effected by these provisions.

     The provisions of this Section 18.1 shall not impair any rights, interests, remedies or powers
of any secured creditor of the Company in respect of any security interest the creation of which is
not prohibited by the provisions of this Indenture.

     Section 18.2 Trustee and Holders of Debt Securities May Rely on Certificate of Liquidating
Agent; Trustee May Require Further Evidence as to Ownership of Senior Debt; Trustee Not Fiduciary
to Holders of Senior Debt.

     Upon any payment or distribution of assets of the Company referred to in this Article XVIII,
the Trustee and the Holders shall be entitled to rely upon an order or decree made by any court of
competent jurisdiction in which such dissolution or winding up or liquidation or reorganization or
arrangement proceedings are pending or upon a certificate of the trustee in bankruptcy, receiver,
assignee for the benefit of creditors or other Person making such payment or distribution,
delivered to the Trustee or to the Holders, for the purpose of ascertaining the persons entitled
to participate in such distribution, the holders of the Senior Debt 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 XVIII. In the absence of any such
bankruptcy trustee, receiver, assignee or other Person, the Trustee shall be entitled to rely upon
a written notice by a Person representing himself or herself to be a holder of Senior Debt (or a
trustee or representative on behalf of such holder) as evidence that such Person is a holder of
such Senior Debt (or is such a trustee or representative). In the event that the Trustee
determines, in good faith, that further evidence is required with respect to the right of any
Person as a holder of Senior Debt to participate in any payments or distributions pursuant to this
Article XVIII, the Trustee may request such person to furnish evidence to the reasonable
satisfaction of the Trustee as to the amount of Senior Debt held by such Person, as to the extent
to which such Person is entitled to participate in such payment or distribution, and as to other
facts pertinent to the rights of such Person under this Article XVIII, and if such evidence is not
furnished, the Trustee may offer any payment to such Person pending judicial determination as to
the right of such Person to receive payment. The Trustee, however, shall not be deemed to owe any
fiduciary duty to the holders of Senior Debt and shall not be liable to any such holders if the
Trustee shall in good faith mistakenly pay over or distribute to Holders of Debt Securities or to
the Company or to any other person cash, property or securities to which any holders of Senior
Debt shall be entitled by virtue of this Article or otherwise; provided, however, that such cash,
property or securities shall not be deemed to have been paid or distributed to the holder of Debt
Securities or to the Company or to any other person until such time as the holders of Debt
Securities or the Company or any other person have actually received such cash, property or
securities. With respect to the holders of Senior Debt, the Trustee undertakes to perform or to
observe only such of its covenants or obligations as are specifically set forth in this Article
and no implied covenants or obligations with respect to holders of Senior Debt shall be read into
this Indenture against the Trustee.

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     Section 18.3 Payment Permitted If No Default.

     Nothing contained in this Article XVIII or elsewhere in this Indenture, or in any of the Debt
Securities, shall prevent (a) the Company at any time, except during the pendency of any
dissolution, winding up, liquidation or reorganization proceedings referred to in Section 18.1,
from making payments of the principal of (or premium, if any) or interest (including any
Additional Interest) on the Debt Securities or (b) the application by the Trustee or any Paying
Agent of any moneys deposited with it hereunder to payments of the principal of or interest
(including any Additional Interest) on the Debt Securities, if, at the time of such deposit, the
Trustee or such Paying Agent, as the case may be, did not have the written notice provided for in
Section 18.4 of any event prohibiting the making of such deposit, or if, at the time of such
deposit (whether or not in trust) by the Company with the Trustee or any Paying Agent (other than
the Company) such payment would not have been prohibited by the provisions of this Article, and
the Trustee or any Paying Agent shall not be affected by any notice to the contrary received by it
on or after such date.

     Section 18.4 Trustee Not Charged with Knowledge of Prohibition.

     Anything in this Article XVIII or elsewhere in this Indenture contained to the contrary
notwithstanding, the Trustee shall not at any time be charged with knowledge of the existence of
any facts which would prohibit the making of any payment of money to or by the Trustee and shall be
entitled conclusively to assume that no such facts exist and that no event specified in Section
18.1 has happened, until the Trustee shall have received an Officers’ Certificate to that effect or
notice in writing to that effect signed by or on behalf of the holder or holders, or their
representatives, of Senior Debt who shall have been certified by the Company or otherwise
established to the reasonable satisfaction of the Trustee to be such holder or holders or
representatives or from any trustee under any indenture pursuant to which such Senior Debt shall be
outstanding. The Company shall give prompt written notice to the Trustee and to the Paying Agent of
any facts which would prohibit the payment of money to or by the Trustee or any Paying Agent.

     Section 18.5 Trustee to Effectuate Subordination.

     Each Holder of Debt Securities or coupons by such Holder’s acceptance thereof authorizes and
directs the Trustee in such Holder’s behalf to take such action as may be necessary or appropriate
to effectuate the subordination as between such Holder and holders of Senior Debt as provided in
this Article and appoints the Trustee its attorney-in-fact for any and all such purposes.

     Section 18.6 Rights of Trustee as Holder of Senior Debt.

     The Trustee shall be entitled to all the rights set forth in this Article with respect to any
Senior Debt which may at the time be held by it, to the same extent as any other holder of Senior
Debt; provided that nothing in this Article shall deprive the Trustee of any rights as such holder

105

 

and provided further that nothing in this Article shall apply to claims of, or payments to, the
Trustee under or pursuant to Section 6.7.

     Section 18.7 Article Applicable to Paying Agents.

     In case at any time any Paying Agent other than the Trustee shall have been appointed by the
Company and be then acting hereunder, the term “Trustee” as used in this Article shall in such
case (unless the context shall otherwise require) be construed as extending to and including such
Paying Agent within its meaning as fully for all intents and purposes as if the Paying Agent were
named in this Article in addition to or in place of the Trustee, provided, however, that Sections
18.4 and 18.6 shall not apply to the Company or any Affiliate of the Company if the Company or
such Affiliate acts as Paying Agent.

     Section 18.8 Subordination Rights Not Impaired by Acts or Omissions of the Company or Holders
of Senior Debt.

     No right of any present or future holders of any Senior Debt to enforce subordination as
herein provided shall at any time in any way be prejudiced or impaired by any act or failure to act
on the part of the Company or by any act or failure to act, in good faith, by any such holder, or
by any noncompliance by the Company with the terms, provisions and covenants of this Indenture,
regardless of any knowledge thereof which any such holder may have or be otherwise charged with.
The holders of Senior Debt may, at any time or from time to time and in their absolute discretion,
change the manner, place or terms of payment, change or extend the time of payment of, or renew or
alter, any such Senior Debt, or amend or supplement any instrument pursuant to which any such
Senior Debt is issued or by which it may be secured, or release any security therefor, or exercise
or refrain from exercising any other of their rights under the Senior Debt including, without
limitation, the waiver of default thereunder, all without notice to or assent from the Holders of
the Debt Securities or the Trustee and without affecting the obligations of the Company, the
Trustee or the Holders of the Debt Securities under this Article.

ARTICLE XIX

CONVERSION OF CONVERTIBLE SECURITIES

     Section 19.1 Applicability of Article.

     If an Officers’ Certificate or supplemental indenture pursuant to Section 3.1 provides that
the Debt Securities of a series shall be Convertible Securities, Debt Securities of such series
shall be convertible in accordance with their terms and (except as otherwise specified in such
Officers’ Certificate or supplemental indenture) in accordance with this Article.

     Section 19.2 Right to Convert.

     Subject to and upon compliance with the provisions of this Article, the Holder of any
Convertible Security shall have the right, at such Holder’s option, at any time prior to the close
of business on the date set forth in the Officers’ Certificate delivered pursuant to Section 3.1
hereof

106

 

(or if such Convertible Security is called for redemption or submitted for repayment, then in
respect of such Convertible Security to and including but not after the close of business on the
Redemption or Repayment Date, as the case may be, unless the Company shall default in the payment
due) to convert the principal amount of any such Convertible Security, or, in the case of any
Convertible Security of a denomination greater than $1,000, any portion of such principal which is
$1,000 or an integral multiple thereof, into that number of fully paid and nonassessable shares of
Common Stock (as such shares shall then be constituted) obtained by dividing the principal amount
of the Convertible Security or portion thereof surrendered for conversion by the Conversion Price,
by surrender of the Convertible Security so to be converted in whole or in part in the manner
provided in Section 19.3. Such conversion shall be effected by the Company.

     Section 19.3 Exercise of Conversion Privilege; Delivery of Common Stock on Conversion; No
Adjustment for Interest or Dividends.

     In order to exercise the conversion privilege, the Holder of any Convertible Security to be
converted in whole or in part shall surrender such Convertible Security at an office or agency
maintained by the Company pursuant to Section 10.2, accompanied by the funds, if any, required by
the last paragraph of this Section, together with written notice of conversion, in the form
provided on the Convertible Securities, that the Holder elects to convert such Convertible
Security or the portion thereof specified in said notice. Such notice shall also state the name or
names (with address) in which the certificate or certificates for shares of Common Stock which
shall be deliverable on such conversion shall be registered, and shall be accompanied by transfer
taxes, if required pursuant to Section 19.8. Each Convertible Security surrendered for conversion
shall, unless the shares deliverable on conversion are to be registered in the same name as the
registration of such Convertible Security, be duly endorsed by, or accompanied by instruments of
transfer in form satisfactory to the Company duly executed by, the Holder or such Holder’s duly
authorized attorney.

     As promptly as practicable after the surrender of such Convertible Security and the receipt
of such notice and funds, if any, as aforesaid, the Company shall deliver at such office or agency
to such Holder, or on such Holder’s written order, a certificate or certificates for the number of
full shares deliverable upon the conversion of such Convertible Security or portion thereof in
accordance with the provisions of this Article and a check or cash in respect of any fractional
interest in respect of a share of Common Stock arising upon such conversion as provided in Section
19.4. In case any Convertible Security of a denomination greater than $1,000 shall be surrendered
for partial conversion and subject to Section 3.2, the Company shall execute and the Trustee shall
authenticate and deliver to or upon the written order of the Holder of the Convertible Security so
surrendered, without charge to such Holder, a new Convertible Security or Convertible Securities
in authorized denominations in an aggregate principal amount equal to the unconverted portion of
the surrendered Convertible Security.

     Each conversion shall be deemed to have been effected on the date on which such Convertible
Security shall have been surrendered (accompanied by the funds, if any, required by the last
paragraph of this Section) and such notice shall have been received by the Company, as aforesaid,
and the person in whose name any certificate or certificates for shares of Common Stock shall be
registrable upon such conversion shall be deemed to have become on said date the

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holder of record of the shares represented thereby; provided however, that any such surrender on
any date when the stock transfer books of the Company shall be closed shall constitute the person
in whose name the certificates are to be registered as the record holder thereof for all purposes
on the next succeeding day on which stock transfer books are open, but such conversion shall be at
the Conversion Price in effect on the date upon which such Convertible Security shall have been
surrendered.

     Any Convertible Security or portion thereof surrendered for conversion during the period from
the close of business on the Regular Record Date for any Interest Payment Date to the opening of
business on such Interest Payment Date shall (unless such Convertible Security or portion thereof
being converted shall have been called for redemption or submitted for repayment on a date in such
period) be accompanied by payment, in legal tender or other funds acceptable to the Company, of an
amount equal to the interest otherwise payable on such Interest Payment Date on the principal
amount being converted; provided, however, that no such payment need be made if there shall exist
at the time of conversion a default in the payment of interest on the Convertible Securities. An
amount equal to such payment shall be paid by the Company on such Interest Payment Date to the
Holder of such Convertible Security on such Regular Record Date, provided, however, that if the
Company shall default in the payment of interest on such Interest Payment Date, such amount shall
be paid to the person who made such required payment. Except as provided above in this Section, no
adjustment shall be made for interest accrued on any Convertible Security converted or for
dividends on any shares issued upon the conversion of such Convertible Security as provided in this
Article.

     Section 19.4 Cash Payments in Lieu of Fractional Shares.

     No fractional shares of Common Stock or scrip representing fractional shares shall be
delivered upon conversion of Convertible Securities. If more than one Convertible Security shall be
surrendered for conversion at one time by the same Holder, the number of full shares which shall be
deliverable upon conversion shall be computed on the basis of the aggregate principal amount of the
Convertible Securities (or specified portions thereof to the extent permitted hereby) so
surrendered. If any fractional share of stock would be deliverable upon the conversion of any
Convertible Security or Convertible Securities, the Company shall make an adjustment therefor in
cash at the current market value of such fractional share of stock. The market value of a share of
Common Stock shall be the Closing Price on the Business Day immediately preceding the day on which
the Convertible Securities (or specified portions thereof) are deemed to have been converted.

     Section 19.5 Conversion Price.

     The Conversion Price shall be as specified in the form of Convertible Security hereinabove
set forth, subject to adjustment as provided in this Article.

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     Section 19.6 Adjustment to Conversion Price.

     The Conversion Price shall be adjusted from time to time as follows:

     (a) in
case the Company shall (i) pay a dividend or make a distribution on the
Common Stock in shares of its capital stock (whether shares of Common Stock or of capital
stock of any other class), (ii) subdivide or reclassify its outstanding Common Stock into a
greater
number of securities (including Common Stock), or (iii) combine or reclassify its outstanding
Common Stock into a smaller number of securities (including Common Stock), the Conversion
Price in effect immediately prior thereto shall be adjusted so that the Holder of any
Convertible
Security thereafter surrendered for conversion shall be entitled to receive the number of
shares of
capital stock of the Company which such Holder would have owned or have been entitled to
receive after the happening of any of the events described above had such Convertible Security
been converted immediately prior to the happening of such event. An adjustment made pursuant
to this subsection (a) shall become effective immediately after the record date in the case of
a
dividend and shall become effective immediately after the effective date in the case of a
subdivision or combination. If, as a result of an adjustment made pursuant to this subsection
(a),
the Holder of any Convertible Security thereafter surrendered for conversion shall become
entitled to receive shares of two or more classes of capital stock of the Company, the Board
of
Directors of the Company (whose determination shall be conclusive and shall be described in a
written statement filed with the Trustee and any conversion agent) shall determine the
allocation
of the adjusted Conversion Price between or among shares of such classes of capital stock.

     In the event that at any time, as a result of an adjustment made pursuant to this subsection
(a) of this Section 19.6, the Holder of any Convertible Security thereafter converted shall become
entitled to receive any shares or other securities of the Company other than shares of Common
Stock, thereafter the number of such other shares so received upon conversion of any Convertible
Security shall be subject to adjustment from time to time in a manner and on terms as nearly
equivalent as practicable to the provisions with respect to the shares of Common Stock contained
in this Section 19.6, and other provisions of this Article XIX with respect to the shares of
Common Stock shall apply on like terms to any such other shares or other securities.

     (b) In case the Company shall fix a record date for the issuance of rights or warrants
to all holders of its Common Stock (or securities convertible into Common Stock) entitling
them
(for a period expiring within 45 days after such record date) to subscribe for or purchase
Common Stock at a price per share (or a conversion price per share) less than the current
market
price per share of Common Stock (as defined in subsection (d) below) at such record date, the
Conversion Price in effect immediately prior thereto shall be adjusted so that the same shall
equal the price determined by multiplying the Conversion Price in effect immediately prior to
such record date by a fraction of which the numerator shall be the number of shares of Common
Stock outstanding on such record date plus the number of shares which the aggregate offering
price of the total number of shares so offered (or the aggregate initial conversion price of
the
convertible securities so offered) would purchase at such current market price, and of which
the
denominator shall be the number of shares of Common Stock outstanding on such record date
plus the number of additional shares of Common Stock offered for subscription or purchase (or
into which the convertible securities so offered are initially convertible). Such adjustment
shall

109

 

be made successively whenever such a record date is fixed, and shall become effective immediately
after such record date. In determining whether any rights or warrants entitle the holders to
subscribe for or purchase shares of Common Stock at less than such current market price, and in
determining the aggregate offering price of such shares, there shall be taken into account any
consideration received by the Company for such rights or warrants, the value of such consideration,
if other than cash, to be determined by the Board of Directors of the Company. Common Stock owned
by or held for the account of the Company or any majority owned subsidiary shall not be deemed
outstanding for the purpose of any adjustment required under this subsection (b).

     (c) In case the Company shall fix a record date for making a distribution to all holders of
its Common Stock evidences of its indebtedness or assets (excluding regular quarterly or other
periodic or recurring cash dividends or distributions and cash dividends or distributions paid
from retained earnings of the Company or dividends or distributions referred to in subsection (a)
above) or rights or warrants to subscribe or purchase (excluding those referred to in subsection
(b) above), then in each such case the Conversion Price shall be adjusted so that the same shall
equal the price determined by multiplying the Conversion Price in effect immediately prior to such
record date by a fraction of which the numerator shall be the current market price per share (as
defined in subsection (d) below) of the Common Stock on such record date less the then fair market
value (as determined by the Board of Directors of the Company whose determination shall be
conclusive, and described in a certificate filed with the Trustee) of the portion of the assets or
evidences of indebtedness so distributed or of such rights or warrants applicable to one share of
Common Stock, and the denominator shall be the current market price per share (as defined in
subsection (d) below) of the Common Stock. Such adjustment shall be made successively whenever
such a record date is fixed and shall become effective immediately after such record date.
Notwithstanding the foregoing, in the event that the Company shall distribute any rights or
warrants to acquire capital stock (“Rights”) pursuant to this subsection (c), the distribution of
separate certificates representing such Rights subsequent to their initial distribution (whether
or not such distribution shall have occurred prior to the date of the issuance of such Convertible
Securities) shall be deemed to be the distribution of such Rights for purposes of this subsection
(c); provided that the Company may, in lieu of making any adjustment pursuant to this subsection
(c) upon a distribution of separate certificates representing such Rights, make proper provision
so that each Holder of such Convertible Security who converts such Convertible Security (or any
portion thereof) (i) before the record date for such distribution of separate certificates shall
be entitled to receive upon such conversion shares of Common Stock issued with Rights and (ii)
after such record date and prior to the expiration, redemption or termination of such Rights shall
be entitled to receive upon such conversion, in addition to the shares of Common Stock issuable
upon such conversion, the same number of such Rights as would a holder of the number of shares of
Common Stock that such Convertible Security so converted would have entitled the holder thereof to
purchase in accordance with the terms and provisions of and applicable to the Rights if such
Convertible Security were converted immediately prior to the record date for such distribution.
Common Stock owned by or held for the account of the Company or any majority owned subsidiary
shall not be deemed outstanding for the purpose of any adjustment required under this subsection
(c).

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     (d) For the purpose of any computation under subsection (b) and (c) above, the current market
price per share of Common Stock at any date shall be deemed to be the average of the daily Closing
Prices for the thirty consecutive days (which are not legal holidays as defined in Section 1.13)
commencing forty-five days (which are not legal holidays as defined in Section 1.13) before the day
in question. The Closing Price for any day shall be (i) if the Common Stock is listed or admitted
for trading on any national securities exchange, the last sale price (regular way), or the average
of the closing bid and ask prices if no sale occurred, of Common Stock on the principal securities
exchange on which the Common Stock is listed, or, if not listed or admitted to trading on any
national securities exchange, on the National Market System of the National Association of
Securities Dealers, Inc. Automated Quotations System (“NASDAQ”), (ii) if not listed or quoted as
described in (i), the mean between the closing high bid and low asked quotations of Common Stock
reported by NASDAQ, or any similar system or automated dissemination of quotations of securities
prices then in common use, if so quoted, or (iii) if not quoted as described in clause (ii), the
mean between the high bid and low asked quotations for Common Stock as reported by the National
Quotation Bureau Incorporated if at least two securities dealers have inserted both bid and asked
quotations for Common Stock on at least 5 of the 10 preceding days. If none of the conditions set
forth above is met, the Closing Price of Common Stock on any day or the average of such Closing
Prices for any period shall be the fair market value of Common Stock as determined by a member firm
of the New York Stock Exchange, Inc. selected by the Company.

     (e) (i) No adjustment in the Conversion Price shall be required unless such
adjustment would require an increase or decrease of at least 1% in such price;
provided, however, that any adjustments which by reason of this subsection (e)(i)
are not required to be made shall be carried forward and taken into account in any
subsequent adjustment, further provided, however, that any adjustments which by
reason of this subsection (e)(i) are not otherwise required to be made shall be
made no later than 3 years after the date on which occurs an event that requires
an adjustment to be made or carried forward.

     (i) All calculations under this Article XIX shall be made to the nearest cent
or to the nearest one-hundredth of a share, as the case may be. Anything in this
Section 19.6 to the contrary notwithstanding, the Company shall be entitled to make
such reductions in the Conversion Price, in addition to those required by this
Section 19.6, as it in its discretion shall determine to be advisable in order that
any stock dividends, subdivision of shares, distribution of rights to purchase
stock or securities, or distribution of securities convertible into or exchangeable
for stock hereafter made by the Company to its shareholders shall not be taxable.

     (f) Whenever the Conversion Price is adjusted, as herein provided, the Company shall promptly
file with the Trustee and any conversion agent other than the Trustee an Officers’ Certificate
setting forth the Conversion Price after such adjustment and setting forth a brief statement of
the facts requiring such adjustment. Promptly after delivery of such certificate, the Company
shall prepare a notice of such adjustment of the Conversion Price setting forth the adjusted
Conversion Price and the date on which such adjustment becomes effective and shall

111

 

mail such notice of such adjustment of the Conversion Price to the Holder of each Convertible
Security at such Holder’s last address appearing on the Security Register provided for in Section
3.5 of this Indenture.

     (g) In any case in which this Section 19.6 provides that an adjustment shall become effective
immediately after a record date for an event, the Company may defer until the occurrence of such
event (i) delivering to the Holder of any Convertible Security converted after such record date
and before the occurrence of such event the additional shares of Common Stock deliverable upon
such conversion by reason of the adjustment required by such event over and above the Common Stock
deliverable upon such conversion before giving effect to such adjustment and (ii) paying to such
Holder any amount in cash in lieu of any fraction pursuant to Section 19.4, provided, however,
that the Company shall deliver to such Holder a due bill or other appropriate instrument
evidencing such Holder’s rights to receive such additional shares, and such cash, upon the
occurrence of the event requiring such adjustment. If such event does not occur, no adjustments
shall be made pursuant to this Section 19.6.

     Section 19.7 Effect of Reclassification, Consolidation, Merger or Sale.

     If any of the following events occur, namely (i) any reclassification or change of outstanding
shares of Common Stock deliverable upon conversion of the Convertible Securities (other than a
change in par value, or from par value to no par value, or from no par value to par value, or as a
result of a subdivision or combination, but including any change in the shares of Common Stock into
two or more classes or series of securities), (ii) any consolidation or merger to which the Company
is a party (other than a consolidation or merger in which the Company is the continuing corporation
and which does not result in any reclassification of, or change (other than a change in par value,
or from par value to no par value, or from no par value to par value, or as a result of a
subdivision or combination) in, outstanding shares of its Common Stock) or (iii) any sale or
conveyance of the properties and assets of the Company as, or substantially as, an entirety to any
other corporation; then the Company, or such successor or purchasing corporation, as the case may
be, shall execute with the Trustee a supplemental indenture (which shall conform to the Trust
Indenture Act as in force at the date of execution of such supplemental indenture and comply with
the provisions of Article IX) providing that each Convertible Security shall be convertible into
the kind and amount of shares of stock and other securities or property, including cash, receivable
upon such reclassification, change, consolidation, merger, sale or conveyance by a holder of a
number of shares of Common Stock deliverable upon conversion of such Convertible Securities
immediately prior to such reclassification, change, consolidation, merger, sale or conveyance. Such
supplemental indenture shall provide for adjustments which shall be as nearly equivalent as may be
practicable to the adjustments provided for in this Article. The Company shall cause notice of the
execution of such supplemental indenture to be mailed to each holder of Convertible Securities, at
his address appearing on the Security Register provided for in Section 3.5 of this Indenture.

     The above provisions of this Section shall similarly apply to successive reclassifications,
consolidations, mergers and sales.

112

 

     Section 19.8 Taxes on Shares Issued.

     The delivery of stock certificates on conversions of Convertible Securities shall be made
without charge to the Holder converting a Convertible Security for any tax in respect of the issue
thereof. The Company shall not, however, be required to pay any tax which may be payable in respect
of any transfer involved in the delivery of stock registered in any name other than of the Holder
of any Convertible Security converted, and the Company shall not be required to deliver any such
stock certificate unless and until the person or persons requesting the delivery thereof shall have
paid to the Company the amount of such tax or shall have established to the satisfaction of the
Company that such tax has been paid.

     Section 19.9 Shares to be Fully Paid; Compliance with Governmental Requirements; Listing of
Common Stock.

     The Company covenants that all shares of Common Stock which may be delivered upon conversion
of Convertible Securities will upon delivery be fully paid and nonassessable by the Company and
free from all taxes, liens and charges with respect to the issue thereof.

     The Company covenants that if any shares of Common Stock to be provided for the purpose of
conversion of Convertible Securities hereunder require registration with or approval of any
governmental authority under any Federal or state law before such shares may be validly delivered
upon conversion, the Company will in good faith and as expeditiously as possible endeavor to
secure such registration or approval, as the case may be.

     The Company further covenants that it will, if permitted by the rules of the New York Stock
Exchange, list and keep listed for so long as the Common Stock shall be so listed on such
exchange, upon official notice of issuance, all Common Stock deliverable upon conversion of the
Convertible Securities.

     Section 19.10 Trustee Not Responsible.

     Neither the Trustee nor any authenticating agent nor any conversion agent shall at any time
be under any duty or responsibility to any Holder of Convertible Securities to determine whether
any facts exist which may require any adjustment of the Conversion Price, or with respect to the
nature or extent of any such adjustment when made, or with respect to the method employed, or
herein or in any supplemental indenture provided to be employed, in making the same. Neither the
Trustee nor any authenticating agent nor any conversion agent shall be accountable with respect to
the validity or value (or the kind or amount) of any shares of Common Stock, or of any securities
or property, which may at any time be delivered upon the conversion of any Convertible Security,
and neither the Trustee nor any authenticating agent nor any conversion agent makes any
representation with respect thereto. Subject to the provisions of Section 6.1, neither the Trustee
nor any authenticating agent nor any conversion agent shall be responsible for any failure of the
Company to deliver any shares of Common Stock or stock certificates or other securities or
property or cash upon the surrender of any Convertible Security for the purpose of conversion or
for any failure of the Company to comply with any of the covenants of the Company contained in
this Article.

113

 

     Section 19.11 Notice to Holders Prior to Certain Actions.

     In case:

     (a) the Company shall declare a dividend (or any other distribution) on the Common
Stock (other than in cash out of its current or retained earnings); or

     (b) the Company shall authorize the granting to the holders of the Common Stock of
rights or warrants to subscribe for or purchase any share of any class or any other rights or
warrants; or

     (c) of any reclassification or change of the Common Stock (other than a subdivision
or combination of its outstanding Common Stock, or a change in par value, or from par value to
no par value, or from no par value to par value) or of any consolidation or merger to which
the
Company is a party and for which approval of any stockholders of the Company is required or of
the sale or transfer of all or substantially all of the assets of the Company; or

     (d) of the voluntary or involuntary dissolution, liquidation or winding up of the
Company;

the Company shall cause to be filed with the Trustee and the Company shall cause to be mailed to
each holder of Convertible Securities at his address appearing on the Security Register, provided
for in Section 3.5 of this Indenture, as promptly as possible but in any event no less than
fifteen days prior to the applicable date hereinafter specified, a notice stating (x) the date on
which a record is to be taken for the purpose of such dividend, distribution, rights or warrants,
or, if a record is not to be taken, the date as of which the holders of Common Stock of record to
be entitled to such dividend, distribution, rights or warrants are to be determined, or (y) the
date on which such reclassification, consolidation, merger, sale, transfer, dissolution,
liquidation or winding up is expected to become effective, and the date as of which it is expected
that holders of Common Stock of record shall be entitled to exchange their Common Stock for
securities or other property deliverable upon such reclassification, consolidation, merger, sale,
transfer, dissolution, liquidation or winding up. Failure to give such notice, or any defect
therein, shall not affect the legality or validity of such dividend, distribution,
reclassification, consolidation, merger, sale, transfer, dissolution, liquidation or winding up or
any adjustment in the Conversion Price required by this Article XIX.

     Section 19.12 Covenant to Reserve Shares.

     The Company covenants that it will at all times reserve and keep available, free from
preemptive rights, out of its authorized but unissued Common Stock, such number of shares of
Common Stock as shall then be deliverable upon the conversion of all outstanding Convertible
Securities.

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

	 	 	 	 	 	 	 
	 	 	SUPERIOR BANCORP	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ James A. White
 

	 	 
	 

	 	Name:
	 	James A. White	 	 
	 

	 	Title:
	 	Chief Financial Officer	 	 
	 
	 	 	 	 	 	 
	 	 	THE BANK OF NEW YORK MELLON

TRUST COMPANY, N.A., as Trustee	 	 
	 
	 	 	 	 	 	 
	 

	 	By:

Name:
	 	/s/ Charles S. Northen IV
 

Charles S. Northen IV
	 	 
	 

	 	Title:
	 	Authorized Signatory	 	 

115

 

EXHIBIT
A-1

[FORM OF CERTIFICATE OF BENEFICIAL OWNERSHIP BY A

NON-UNITED STATES PERSON OR BY CERTAIN OTHER PERSONS]

CERTIFICATE SUPERIOR BANCORP

[INSERT TITLE OR SUFFICIENT DESCRIPTION OF DEBT SECURITIES TO BE

DELIVERED]

Reference is hereby made to the Indenture dated as of December 11, 2009 (the “Indenture”) between
Superior Bancorp and The Bank of New York Mellon Trust Company, N.A., as trustee (the “Trustee”),
covering the above-captioned Debt Securities. This is to certify that as of the
date hereof,                                          principal amount of Debt Securities credited to you for our
account (i) is owned by persons that are not United States Persons, as defined below; (ii) is owned
by United States Persons that are (a) foreign branches of United States financial institutions (as
defined in U.S. Treasury Regulations Section 1.165-12(c)(1)(v)) (“financial institutions”)
purchasing for their own account or for resale, or (b) United States Persons who acquired the Debt
Securities through foreign branches of United States financial institutions and who hold the Debt
Securities through such United States financial institutions on the date hereof (and in either case
(a) or (b), each such United States financial institution encloses herewith a certificate in the
form of Exhibit A-2 to the Indenture); or (iii) is owned by United States or foreign financial
institutions for purposes of resale during the restricted period (as defined in U.S. Treasury
Regulations Section 1.163-5(c)(2)(i)(D)(7)), which United States or foreign financial institutions
described in clause (iii) above (whether or not also described in clause (i) or (ii)) certify that
they have not acquired the Debt Securities for purposes of resale directly or indirectly to a
United States Person or to a person within the United States or its possessions.

[Insert if certificate does not relate to an interest payment—We undertake to advise you if the
above statement as to beneficial ownership is not correct on the date of delivery of the
above-captioned Debt Securities in bearer form as to all of such Debt Securities with respect to
such of said Debt Securities as then appear in your books as being held for our account.] We
understand that this certificate is required in connection with United States tax laws. We
irrevocably authorize you to produce this certificate or a copy hereof to any interested party in
any administrative or legal proceedings with respect to the matters covered by this certificate.
“United States Person” shall mean a citizen or resident of the United States of America (including
the District of Columbia), a corporation, partnership or other entity created or organized in or
under the laws of the United States or any political subdivision thereof or an estate or trust that
is subject to United States Federal income taxation regardless of the source of its income.

[This certificate excepts and does not relate to principal amount of Debt Securities credited to
you for our account and to which we are not now able to make the certification set forth above.

 

 

We understand that definitive Debt Securities cannot be delivered and interest cannot be paid until
we are able to so certify with respect to such principal amount of Debt Securities.]*

Dated:                                        

[To be dated on or after

(the date determined as

provided in the Indenture)]

[Name of Person Entitled to Receive Bearer Security]

 

* Delete if inappropriate.

 

 

EXHIBIT A-2

[FORM OF CERTIFICATE OF STATUS AS A

FOREIGN BRANCH OF A UNITED STATES FINANCIAL INSTITUTION]

CERTIFICATE

SUPERIOR BANCORP

[INSERT TITLE OR SUFFICIENT DESCRIPTION OF DEBT SECURITIES TO BE

DELIVERED]

Reference is hereby made to the Indenture dated as of December 11, 2009 (the “Indenture”),
between Superior Bancorp and The Bank of New York Mellon Trust Company, N.A., as trustee, relating
to the offering of the above-captioned Debt Securities (the “Debt Securities”). Unless herein
defined, terms used herein have the same meaning as given to them in the Indenture.

The undersigned represents that it is a branch located outside the United States of a United States
securities clearing organization, bank or other financial institution (as defined in U.S. Treasury
Regulation Section 1.165-12(c)(1)(v)) that holds customers’ securities in the ordinary course of
its trade or business and agrees, and authorizes you to advise the issuer or the issuer’s agent,
that it will comply with the requirements of Section 165(j)(3)(A), (B) or (C) of the Internal
Revenue Code of 1986 and the regulations thereunder and is not purchasing for resale directly or
indirectly to a United States Person or to a person within the United States or its possessions. We
undertake to advise you if the statement in the immediately preceding sentence is not correct on
the date of delivery of the above-captioned Debt Securities in bearer form.

We understand that this certificate is required in connection with the United States tax laws. We
irrevocably authorize you to produce this certificate or a copy hereof to any interested party in
any administrative or legal proceedings with respect to the matters covered by this certificate.

Dated:                                        

[To be dated on or after

(the date determined as

provided in the Indenture)]

[Name of Person Entitled to Receive Bearer Security]

[Name of Person Entitled to Receive Security]

 

 

EXHIBIT B

[FORM OF CERTIFICATE TO BE GIVEN BY EUROCLEAR AND CLEARSTREAM

IN CONNECTION WITH THE EXCHANGE OF ALL OR A PORTION OF A

TEMPORARY GLOBAL SECURITY OR TO

OBTAIN INTEREST PRIOR TO EXCHANGE]

CERTIFICATE

SUPERIOR BANCORP

[INSERT TITLE OR SUFFICIENT DESCRIPTION OF DEBT SECURITIES TO BE

DELIVERED]

We refer to that portion,                                                             , of the Global Security representing
the above-captioned issue [which is herewith submitted to be exchanged for definitive Debt
Securities]* [for which we are seeking to obtain payment of interest]* (the “Submitted Portion”).
This is to certify, pursuant to the Indenture dated as of December 11, 2009 (the “Indenture”)
between Superior Bancorp and The Bank of New York Mellon Trust Company, N.A., as trustee (the
“Trustee”), that we have received in writing, by electronic transmission from member organizations
with respect to each of the persons appearing in our records as being entitled to a beneficial
interest in the Submitted Portion a Certificate of Beneficial Ownership by a Non-United States
Person or by Certain Other Persons [and, in some cases, a Certificate of Status as a Foreign Branch
of a United States Financial Institution, authorizing us to inform the issuer or the issuer’s agent
that it will comply with the requirements of Section 165(j)(3)(A), (B) or (C) of the Internal
Revenue Code of 1986 and the regulations thereunder]*
substantially in the form of Exhibit A-1 [and
A-2]* to the Indenture.

We hereby request that you deliver to the office of                                                              in
                                                            definitive Bearer Securities in the denominations on the attached
Schedule A.

We further certify that as of the date hereof we have not received any notification from any of
the persons giving such certificates to the effect that the statements made by them with respect
to any part of the Submitted Portion are no longer true and cannot be relied on as of the date
hereof.

Dated:                                        

[EUROCLEAR BANK S.A./N.V., as Operator

of the Euroclear System] [Clearstream

Banking S.A.]

 

* Delete if in appropriate.

 

 

SUPERIOR BANCORP

Reconciliation and tie between Trust Indenture Act of 1939 and Indenture, dated as of
December 11, 2009

	 	 	 	 	 	 	 
	 	 	 	 	INDENTURE
	 	 	TRUST INDENTURE ACT SECTION 	 	SECTION
	ss. 310

	 	(a)(1)
	 	 	6.9	 
	 

	 	(a)(2)
	 	 	6.9	 
	 

	 	(a)(3)
	 	Not Applicable

	 

	 	(a)(4)
	 	Not Applicable

	 

	 	(a)(5)
	 	 	6.9	 
	 

	 	(b)
	 	 	6.8, 6.10	 
	 

	 	(c)
	 	Not Applicable

	ss. 311

	 	(a)
	 	 	6.13	 
	 

	 	(b)
	 	 	6.13	 
	ss. 312

	 	(a)
	 	 	7.1, 7.2(a)	 
	 

	 	(b)
	 	 	7.2(b)	 
	 

	 	(c)
	 	 	7.2(c)	 
	ss. 313

	 	(a)
	 	 	7.3(a)	 
	 

	 	(b)
	 	 	7.3(a)	 
	 

	 	(c)
	 	 	7.3(a)	 
	 

	 	(d)
	 	 	7.3(b)	 
	ss. 314

	 	(a)
	 	 	7.4, 10.4	 
	 

	 	(b)
	 	Not Applicable

	 

	 	(c)(1)
	 	 	1.2	 
	 

	 	(c)(2)
	 	 	1.2	 
	 

	 	(c)(3)
	 	Not Applicable

	 

	 	(d)
	 	Not Applicable

	 

	 	(e)
	 	 	1.2	 
	ss. 315

	 	(a)
	 	 	6.1	 
	 

	 	(b)
	 	 	6.2	 
	 

	 	(c)
	 	 	6.1	 
	 

	 	(d)
	 	 	6.1	 
	 

	 	(e)
	 	 	5.14	 
	ss. 316

	 	(a)
	 	 	1.1	 
	 

	 	(a)(1)(A)
	 	 	1.4(h), 5.2, 5.2	 
	 

	 	(a)(1)(B)
	 	 	1.4(h), 5.13	 
	 

	 	(a)(2)
	 	Not Applicable

	 

	 	(b)
	 	 	5.8	 
	 

	 	(c)
	 	 	1.4(h)	 
	ss. 317

	 	(a)(l)
	 	 	5.3	 
	 

	 	(a)(2)
	 	 	5.4	 
	 

	 	(b)
	 	 	10.3	 
	ss. 318

	 	(a)
	 	 	1.7	 
	 

	 	(c)
	 	 	1.7	 

NOTE: This reconciliation and tie shall not, for any purpose, be deemed to be part of
the Indenture.

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