Document:

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                                                                     EXHIBIT 4.7

Number of                                                  Aggregate Liquidation
Preferred Securities                                       Amount: $31,250,000
1,250,000                                                  CUSIP NO. 85915Q 20 6

       Certificate Evidencing 8.30% Cumulative Trust Preferred Securities
                                       of
                      Sterling Bancshares Capital Trust III

                   8.30% Cumulative Trust Preferred Securities
                 (liquidation amount $25 per Preferred Security)

         THIS PREFERRED SECURITY IS A GLOBAL PREFERRED SECURITY WITHIN THE
MEANING OF THE DECLARATION HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME
OF THE DEPOSITORY TRUST COMPANY (THE "CLEARING AGENCY") OR A NOMINEE OF THE
CLEARING AGENCY. THIS PREFERRED SECURITY IS EXCHANGEABLE FOR PREFERRED
SECURITIES REGISTERED IN THE NAME OF A PERSON OTHER THAN THE CLEARING AGENCY OR
ITS NOMINEE ONLY IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE DECLARATION AND
NO TRANSFER OF THIS PREFERRED SECURITY (OTHER THAN A TRANSFER OF THIS PREFERRED
SECURITY 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) MAY BE REGISTERED EXCEPT IN LIMITED CIRCUMSTANCES.

         UNLESS THIS SECURITY IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF
THE CLEARING AGENCY TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER,
EXCHANGE OR PAYMENT, AND ANY SECURITY ISSUED IS REGISTERED IN THE NAME OF CEDE &
CO. OR IN SUCH OTHER NAME AS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE
CLEARING AGENCY (AND ANY PAYMENT HEREON IS MADE TO CEDE & CO. OR TO SUCH OTHER
ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE CLEARING AGENCY),
ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY
PERSON IS WRONGFUL IN AS MUCH AS SINCE THE REGISTERED OWNER HEREOF, CEDE & CO.,
HAS AN INTEREST HEREIN.

         Sterling Bancshares Capital Trust III, a statutory trust created under
the laws of the State of Delaware (the "Trust"), hereby certifies that
______________ (the "Holder") is the registered owner of $31,250,000 in
aggregate liquidation amount of Preferred Securities of the Trust specified in
Schedule A hereto representing undivided beneficial interests in the assets of
the Trust designated the 8.30% Cumulative Trust Preferred Securities
(liquidation amount $25 per Preferred Security) (the "Preferred Securities").
The Preferred Securities are transferable on the books and records of the Trust,
in person or by a duly authorized attorney, upon surrender of this certificate
duly endorsed and in proper form for transfer. The designation, rights,
privileges, restrictions, preferences and other terms and provisions of the
Preferred Securities represented hereby are issued and shall in all respects be
subject to the provisions of the Amended and Restated Declaration of Trust of
the Trust dated as of September 26, 2002, as the same may be amended from time
to time (the "Declaration"), including the designation of the terms of the

<PAGE>

         Preferred Securities as set forth in Annex I to the Declaration.
Capitalized terms used but not defined herein shall have the meaning given them
in the Declaration. The Sponsor will provide a copy of the Declaration, the
Preferred Securities Guarantee, the Common Securities Guarantee (as may be
appropriate), and the Indenture (including any supplemental indenture) to a
Holder without charge upon written request to the Trust at its principal place
of business.

         Upon receipt of this certificate, the Holder is bound by the
Declaration and is entitled to the benefits thereunder and to the benefits of
the Preferred Securities Guarantee to the extent provided therein.

         By acceptance, the Holder agrees to treat, for United States Federal
income tax purposes, the Debentures as indebtedness and the Preferred Securities
as evidence of indirect beneficial ownership in the Debentures.

<PAGE>

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

Dated:  September 26, 2002
                                        STERLING BANCSHARES CAPITAL TRUST III

                                        By: /s/ J. Downey Bridgwater
                                            ------------------------------------
                                        Name:    J. Downey Bridgwater
                                                 Administrative Trustee

                PROPERTY TRUSTEE'S CERTIFICATE OF AUTHENTICATION

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

                                        DEUTSCHE BANK TRUST COMPANY
                                        AMERICAS, as Property Trustee

                                        By:  /s/ Susan Johnson
                                             -----------------------------------
                                                 Authorized Signatory

<PAGE>

         Distributions payable on each Preferred Security will be fixed at a
rate per annum of 8.30% (the "Coupon Rate") of the liquidation amount of $25 per
Preferred Security, such rate being the rate of interest payable on the
Debentures to be held by the Property Trustee. Distributions in arrears for more
than one quarterly period will bear interest thereon compounded quarterly at the
Coupon Rate (to the extent permitted by applicable law). A Distribution is
payable only to the extent that payments are made in respect of the Debentures
held by the Property Trustee and to the extent the Property Trustee has funds on
hand legally available therefor.

         Distributions on the Preferred Securities will be cumulative, will
accumulate from the most recent date to which Distributions have been paid or,
if no Distributions have been paid, from September 26, 2002, will be payable
quarterly in arrears, on March 31, June 30, September 30 and December 31 of each
year, commencing on December 31, 2002, except as otherwise described below and
on the Stated Maturity Date. Distributions will be computed on the basis of a
360-day year consisting of twelve 30-day months and, for any period less than a
full calendar month, the number of days elapsed in such month. As long as no
Event of Default has occurred and is continuing under the Indenture, the
Debenture Issuer has the right under the Indenture to defer payments of interest
by extending the interest payment period at any time and from time to time on
the Debentures for a period not exceeding 20 consecutive calendar quarterly
periods, including the first such quarterly period during such extension period
(each an "Extension Period"), provided that no Extension Period shall end on a
date other than an Interest Payment Date for the Debentures or extend beyond the
Stated Maturity Date of the Debentures. As a consequence of such deferral,
Distributions will also be deferred. Despite such deferral, quarterly
Distributions will continue to accumulate with interest thereon (to the extent
permitted by applicable law, but not at a rate exceeding the rate of interest
then accruing on the Debentures) at the Coupon Rate compounded quarterly during
any such Extension Period. Prior to the termination of any such Extension
Period, the Debenture Issuer may further defer payments of interest by further
extending such Extension Period; provided that such Extension Period, together
with all such previous and further extensions within such Extension Period, may
not exceed 20 consecutive quarterly periods, including the first quarterly
period during such Extension Period, end on a date other than an Interest
Payment Date for the Debentures or extend beyond the Stated Maturity Date of the
Debentures. Payments of accumulated Distributions will be payable to Holders as
they appear on the books and records of the Trust on the first record date after
the end of the Extension Period. Upon the termination of any Extension Period
and the payment of all amounts then due, the Debenture Issuer may commence a new
Extension Period, subject to the above requirements.

         Subject to the prior approval of the Federal Reserve Board if such
approval is then required under applicable law or capital guidelines or policies
of the Federal Reserve Board and the receipt of any other required regulatory
approvals and to certain other conditions set forth in the Declaration and the
Indenture, the Property Trustee may, at the direction of the Sponsor, at any
time liquidate the Trust and cause the Debentures to be distributed to the
holders of the Securities in liquidation of the Trust or, simultaneously with
any redemption of the Debentures, cause a Like Amount of the Securities to be
redeemed by the Trust.

         The Preferred Securities shall be redeemable as provided in the
Declaration.

<PAGE>

                                   Schedule A

         The initial number of Preferred Securities evidenced by the Certificate
to which this Schedule is attached is 1,250,000 (having an aggregate liquidation
amount of $31,250,000). The notations in the following table evidence decreases
and increases in the number of Preferred Securities evidenced by such
certificate.

------------------------------------------------------------------------------
                                        Number of Preferred
   Decrease in        Increase in            Securities
    Number of          Number of          Remaining After
    Preferred          Preferred           such Decrease         Notation by
    Securities        Securities            or Increase           Registrar
------------------------------------------------------------------------------

------------------------------------------------------------------------------<PAGE>

                                                                     EXHIBIT 4.8

No. 1                                             Principal Amount: $32,216,500
                                                  CUSIP No. 858907 AC 2

                            STERLING BANCSHARES, INC.

         8.30% SERIES JUNIOR SUBORDINATED DEFERRABLE INTEREST DEBENTURE
                             DUE September 26, 2032

         Sterling Bancshares, Inc., a Texas corporation (the "Company", which
term includes any successor Person under the Indenture hereinafter referred to),
for value received, hereby promises to pay to Deutsche Bank Trust Company
Americas (formerly known as "Bankers Trust Company"), not in its individual
capacity but solely as Property Trustee of Sterling Bancshares Capital Trust
III, or registered assigns, the principal sum of Thirty-Two Million Two Hundred
Sixteen Thousand Five Hundred Dollars ($32,216,500) on September 26, 2032
(subject to no earlier date having been designated in accordance with Article V
of the Second Supplemental Indenture to the Indenture, the "Stated Maturity
Date"), unless previously prepaid or redeemed, and to pay interest on the
outstanding principal amount hereof from September 26, 2002, or from the most
recent Interest Payment Date (as defined below) to which interest has been paid
or duly provided for, quarterly (subject to deferral as set forth herein) in
arrears on March 31, June 30, September 30 and December 31 of each year,
commencing December 31, 2002, and on the Stated Maturity Date (each such date,
an "Interest Payment Date") at the rate of 8.30% per annum until the principal
hereof shall have become due and payable, and on any overdue principal and
(without duplication and to the extent that payment of such interest is
enforceable under applicable law) on any overdue installment of interest at the
same rate per annum compounded quarterly. The amount of interest payable on any
Interest Payment Date shall be computed on the basis of a 360-day year of twelve
30-day months and, for any period less than a full calendar month, the number of
days elapsed in such month. In the event that any date on which the principal
of, or interest on this Debenture is payable is not a Business Day, then the
payment payable on such date will be made on the next succeeding day that is a
Business Day (and without any interest or other payment in respect of any such
delay), except that if such next succeeding Business Day falls in the next
calendar year, then such payment shall be made on the immediately preceding
Business Day, in each case with the same force and effect as if made on such
date. Pursuant to the Second Supplemental Indenture to the Indenture, in certain
circumstances the Company will be required to pay Additional Sums and Compounded
Interest (each as defined in the Second Supplemental Indenture to the Indenture)
with respect to this Debenture.

         The interest installment so payable, and punctually paid or duly
provided for, on any Interest Payment Date will, as provided in the Indenture,
be paid to the Person in whose name this Debenture (or one or more Predecessor
Securities, as defined in said Indenture) is registered at the close of business
on the regular record date for such interest installment, which shall be at the
close of business on the 15th day of the month in which the relevant Interest
Payment Date falls. Payments of interest may be deferred by the Company pursuant
to the provisions of Article IV of the Second Supplemental Indenture to the
Indenture. Any such interest installment not punctually paid or duly provided
for shall forthwith cease to be payable to the Holders on such regular record
date and may be paid to the Person in whose name this Debenture (or one or more
Predecessor Securities) is registered at the close of business on a special
record date to be fixed by the Trustee for the payment of such defaulted
interest, notice whereof shall be given to

<PAGE>

the Holders of this series of Debentures not less than 10 days prior to such
special record date, or may be paid at any time in any other lawful manner not
inconsistent with the requirements of any securities exchange on which the
Debentures may be listed, and upon such notice as may be required by such
exchange, all as more fully provided in the Indenture.

         The principal of and interest (including Compounded Interest and
Additional Sums, if any) on this Debenture shall be payable at the office or
agency of the Trustee maintained for that purpose in any coin or currency of the
United States of America that at the time of payment is legal tender for payment
of public and private debts; provided, however, that, payment of interest may be
made at the option of the Company by (i) check mailed to the Holder at such
address as shall appear in the Securities Register or (ii) by transfer to an
account maintained by the Person entitled thereto, provided that proper written
transfer instructions have been received by the relevant record date.
Notwithstanding the foregoing, so long as the Holder of this Debenture is the
Property Trustee, the payment of the principal of and interest (including
Compounded Interest and Additional Sums, if any,) on this Debenture will be made
at such place and to such account as may be designated by the Property Trustee.

         So long as no Event of Default has occurred and is continuing, and
subject to the Company having received prior approval of the Federal Reserve if
then required under applicable capital guidelines, policies or regulations of
the Federal Reserve, the Company shall have the right, at any time, but only
once, during the term of the Debentures, to reduce the term of the Debentures by
selecting a date, not earlier than the Initial Optional Prepayment Date, as the
new "Stated Maturity Date"; provided that such new "Stated Maturity Date" is an
Interest Payment Date and provided further that such new "Stated Maturity Date"
shall not be later than September 26, 2032 or be earlier than any date that has
occurred.

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

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

         The provisions of this Debenture are continued on the reverse side
hereof and such provisions shall for all purposes have the same effect although
fully set forth at this place.

<PAGE>

         IN WITNESS WHEREOF, the Company has caused this instrument to be duly
executed and sealed.

         Dated:  September 26, 2002.

Attest:                                    STERLING BANCSHARES, INC.

By: /s/ James W. Goolsby, Jr.              By: /s/ J. Downey Bridgwater
   -----------------------------------        ----------------------------------
Name: James W. Goolsby, Jr.                Name: J. Downey Bridgwater
Title: Secretary                           Title: President and Chief Executive
                                           Officer

                          CERTIFICATE OF AUTHENTICATION

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

DEUTSCHE BANK TRUST COMPANY AMERICAS
(formerly known as "Bankers Trust Company"), as Trustee

By /s/ Susan Johnson
  ------------------------------------------
         Authorized Officer

<PAGE>

         This Debenture, designated as the 8.30% Junior Subordinated Deferrable
Interest Debenture due September 26, 2032 (herein sometimes referred to as the
"Debentures"), is one of the series of Securities of the Company specified in
the Indenture, all issued or to be issued in one or more series under and
pursuant to an Indenture, dated as of March 21, 2001, duly executed and
delivered between the Company and Deutsche Bank Trust Company Americas (formerly
known as "Bankers Trust Company"), as Trustee (the "Trustee"), as supplemented
by the Second Supplemental Indenture dated as of September 26, 2002 between the
Company and the Trustee (the Indenture, as so supplemented, being referred to as
the "Indenture") to which Indenture reference is hereby made for a description
of the rights, limitations of rights, obligations, duties and immunities
thereunder of the Trustee, the Company and the Holders of the Debentures. By the
terms of the Indenture, the Securities are issuable in series that may vary as
to amount, date of maturity, rate of interest and in other respects as provided
in the Indenture. This series of Debentures is limited in aggregate principal
amount as specified in the Second Supplemental Indenture.

         Upon the occurrence and continuation of a Special Event, as defined in
the Second Supplemental Indenture, prior to September 26, 2007 (the "Initial
Optional Prepayment Date"), the Company shall have the right, at any time within
180 days following the occurrence of such Special Event, to prepay this
Debenture in whole (but not in part) at the Prepayment Price. "Prepayment Price"
shall mean an amount in cash equal to 100% of the principal amount thereof plus
accrued and unpaid interest on the Debenture to be so prepaid (including
Compounded Interest and Additional Sums, if any) to the date of such prepayment.

         In addition, subject to the Company having received the prior approval
of the Federal Reserve System (the "Federal Reserve"), if then required under
applicable guidelines or policies of the Federal Reserve, and any other required
regulatory approvals, the Company shall have the right to prepay this Debenture,
in whole or in part, at any time on or after the Initial Optional Prepayment
Date at the Prepayment Price.

         The Prepayment Price shall be paid prior to 12:00 noon, New York City
time, on the date of such prepayment or at such earlier time as the Company
determines, provided, that the Company shall deposit with the Trustee an amount
sufficient to pay the applicable Prepayment Price by 10:00 a.m., New York City
time, on the date such Prepayment Price is to be paid. Any prepayment pursuant
to this paragraph will be made upon not less than 30 days or more than 60 days
notice. If the Debentures are only partially prepaid by the Company pursuant to
an Optional Prepayment, the particular Debentures to be prepaid shall be
selected on a pro rata basis not more than 60 days prior to the date fixed for
prepayment from the outstanding Debentures not previously called for prepayment,
provided, however, that any such proration may be made on the basis of the
aggregate principal amount of Debentures held by each Holder thereof and may be
made by making such adjustments as the Company deems fair and appropriate in
order that only Debentures in denominations of $25 or integral multiples thereof
shall be prepaid.

         In the event of prepayment of this Debenture in part only, a new
Debenture or Debentures for the portion hereof that has not been prepaid will be
issued in the name of the Holder hereof upon the cancellation hereof.

         Notwithstanding the foregoing, any prepayment of Debentures by the
Company shall be subject to the prior approval of the Federal Reserve, if such
approval is then required under

<PAGE>

applicable capital guidelines or policies of the Federal Reserve, and the
receipt of any other required regulatory approvals.

         In case an Event of Default, as defined in the Indenture, shall have
occurred and be continuing, the principal of all of the Debentures may be
declared, and upon such declaration shall become, due and payable, in the
manner, with the effect and subject to the conditions provided in the Indenture.

         The Indenture contains provisions permitting the Company and the
Trustee, with the consent of the Holders of a majority in aggregate principal
amount of the Securities of each series affected at the time outstanding, as
defined in the Indenture, to execute supplemental indentures for the purpose of
adding any provisions to or changing in any manner or eliminating any of the
provisions of the Indenture or of any supplemental indenture or of modifying in
any manner the rights of the Holders of the Securities; provided, however, that
no such supplemental indenture shall, without the consent of each Holder of
Securities then outstanding and affected thereby, (i) extend or change the
Stated Maturity Date of any Securities (except as expressly permitted in
accordance with the terms of any supplemental indenture establishing such series
of Securities in accordance with Section 2.2 of the Indenture), or reduce the
principal amount thereof, or reduce any amount payable on redemption thereof, or
reduce the rate of interest thereon, or extend the time of payment of interest
thereon (except as expressly permitted in accordance with the terms of any
supplemental indenture establishing such series of Securities in accordance with
Section 2.2 of the Indenture), or make the principal of, or interest on, the
Securities payable in any coin or currency other than U.S. dollars, or impair or
affect the right of any holder of Securities to institute suit for the payment
thereof, or (ii) reduce the aforesaid percentage amount of Securities, the
Holders of which are required to consent to any such supplemental indenture. The
Indenture also contains provisions permitting the Holders of a majority in
aggregate principal amount of the Securities of any series at the time
outstanding affected thereby, on behalf of all of the Holders of the Securities
of such series, to waive any past default in the performance of any of the
covenants contained in the Indenture, or established pursuant to the Indenture
with respect to such series, and its consequences, except a default in the
payment of the principal of or interest on any of the Securities or a default in
respect of any covenant or provision under which the Indenture cannot be
modified or amended without the consent of each Holder of Securities affected
thereby. Any such consent or waiver by the holder of this Debenture (unless
revoked as provided in the Indenture) shall be conclusive and binding upon such
Holder and upon all future holders and owners of this Debenture and of any
Debenture issued in exchange herefor or in place hereof, irrespective of whether
or not any notation of such consent or waiver is made upon this Debenture.

         No reference herein to the Indenture and no provision of this Debenture
or of the Indenture shall alter or impair the obligation of the Company, which
is absolute and unconditional, to pay the principal of and interest (including
Compounded Interest and Additional Sums, if any) on this Debenture at the time
and place and at the rate and in the money herein prescribed.

         So long as no Event of Default shall have occurred and be continuing,
the Company shall have the right, at any time and from time to time during the
term of the Debentures, to defer payments of interest by extending the interest
payment period of such Debentures for a period not exceeding 20 consecutive
quarterly periods, including the first such quarterly period during such
extension period, and not extending beyond the Stated Maturity Date of the
Securities (an

<PAGE>

"Extended Interest Payment Period") or ending on a date other than an Interest
Payment Date, at the end of which period the Company shall pay all interest then
accrued and unpaid (together with interest thereon at the rate specified for the
Debentures to the extent that payment of such interest is enforceable under
applicable law). Before the termination of any such Extended Interest Payment
Period, the Company may further defer payments of interest by further extending
such Extended Interest Payment Period, provided that such Extended Interest
Payment Period, together with all such previous and further extensions within
such Extended Interest Payment Period, (i) shall not exceed 20 consecutive
quarterly periods, including the first quarterly period during such Extended
Interest Payment Period, (ii) shall not end on any date other than an Interest
Payment Date, and (iii) shall not extend beyond the Stated Maturity Date of the
Debentures. Upon the termination of any such Extended Interest Payment Period
and the payment of all accrued and unpaid interest and any additional amounts
then due, the Company may commence a new Extended Interest Payment Period,
subject to the foregoing requirements.

         The Company has agreed that it will not: (i) declare or pay any
dividends or distributions on, or redeem, purchase, acquire, or make a
liquidation payment with respect to, any of the Company's capital stock (which
includes common and preferred stock) (other than (a) dividends or distributions
in shares of, or options, warrants or rights to subscribe for or purchase shares
of, Common Stock of the Company, (b) any declaration of a dividend in connection
with the implementation of a stockholders' rights plan, or the issuance of stock
under any such plan in the future, or the redemption or repurchase of any such
rights pursuant thereto, (c) as a result of a reclassification of any class or
series of the Company's capital stock solely into another class or series of the
Company's capital stock, (d) the purchase of fractional shares resulting from
such a reclassification or pursuant to the conversion or exchange provisions of
such capital stock or any security convertible or exchangeable into shares of
the Company's capital stock, and (e) purchases of Common Stock related to the
issuance of Common Stock or rights under any of the Company's benefit plans for
its directors, officers or employees or any of the Company's dividend
reinvestment plans); (ii) make any payment of principal, interest on or repay or
prepay or repurchase or redeem any debt securities of the Company that rank pari
passu with or junior in right of payment to the Debentures; or (iii) make any
guarantee payments with respect to any guarantee (other than payments under the
Preferred Securities Guarantee) by the Company of the debt securities of any
Subsidiary of the Company if such guarantee ranks pari passu or junior in right
of payment to the Debentures, if at such time (1) there shall have occurred any
event of which the Company has actual knowledge that (a) is or, with the giving
of notice or the lapse of time, or both, would be, an Event of Default and (b)
in respect of which the Company shall not have taken reasonable steps to cure,
(2) the Company shall be in default with respect to its payment obligations
under the Preferred Securities Guarantee or (3) the Company shall have given
notice of its election of the exercise of its right to extend the interest
payment period and any such extension shall be continuing.

         Subject to (i) the prior approval of the Federal Reserve, if such
approval is then required under applicable capital guidelines or policies of the
Federal Reserve and the receipt of any other required regulatory approval, and
(ii) the receipt by the Company of an opinion of counsel to the effect that such
distribution will not be a taxable event to holders of Preferred Securities, the
Company will have the right at any time to liquidate the Trust and cause the
Debentures to be distributed to the holders of the Trust Securities in
liquidation of the Trust.

<PAGE>

         The Debentures of this series are issuable only in registered form
without coupons in denominations of $25 and any integral multiple thereof. As
provided in the Indenture and subject to the transfer restrictions limitations
as may be contained herein and therein from time to time, this Debenture is
transferable by the holder hereof on the Securities Register of the Company,
upon surrender of this Debenture for registration of transfer at the office or
agency of the Company in the City and State of New York accompanied by a written
instrument or instruments of transfer in form satisfactory to the Company or the
Trustee duly executed by the holder hereof or his attorney duly authorized in
writing, and thereupon one or more new Debentures of authorized denominations
and for the same aggregate principal amount and series will be issued to the
designated transferee or transferees. No service charge will be made for any
such registration of transfer, but the Company may require payment of a sum
sufficient to cover any tax or other governmental charge payable in relation
thereto.

         Prior to due presentment for registration of transfer of this
Debenture, the Company, the Trustee, any authenticating agent, any paying agent,
any transfer agent and the registrar may deem and treat the registered holder
hereof as the absolute owner hereof (whether or not this Debenture shall be
overdue and notwithstanding any notice of ownership or writing hereon made by
anyone other than the Security Registrar) for the purpose of receiving payment
of or on account of the principal hereof and (subject to the Indenture) interest
due hereon and for all other purposes, and neither the Company nor the Trustee
nor any authenticating agent nor any paying agent nor any transfer agent nor any
registrar shall be affected by any notice to the contrary.

         No recourse shall be had for the payment of the principal of, or
interest on this Debenture, or for any claim based hereon, or otherwise in
respect hereof, or based on or in respect of the Indenture, against any
incorporator, stockholder, officer or director, past, present or future, as
such, of the Company or of any predecessor or successor Person, whether by
virtue of any constitution, statute or rule of law, or by the enforcement of any
assessment or penalty or otherwise, all such liability being, by the acceptance
hereof and as part of the consideration for the issuance hereof, expressly
waived and released.

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

         THE INDENTURE AND THE DEBENTURES SHALL BE GOVERNED BY AND CONSTRUED IN
ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.

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