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greatwesternbancorpsubno

                                                    Exhibit 4.23                                            GREAT WESTERN BANCORP, INC.                         SUBORDINATED DEBT INDENTURE                        DATED AS OF _____________ __, 20__                           _________________________, AS TRUSTEE                                          

 

                                                                             Exhibit 4.23                                    TABLE OF CONTENTS                                                                               Page Number ARTICLE I      DEFINITIONS AND INCORPORATION BY REFERENCE                             Section 1.1   Definitions                                                          Section 1.2   Other Definitions                                                    Section 1.3   Incorporation by Reference of Trust Indenture Act                    Section 1.4   Rules of Construction                                             ARTICLE II     THE SECURITIES                                                         Section 2.1   Issuable in Series                                                   Section 2.2   Establishment of Terms of Series of Securities                       Section 2.3   Execution and Authentication                                         Section 2.4   Registrar and Paying Agent                                           Section 2.5   Paying Agent to Hold Money in Trust                                  Section 2.6   Security Holder Lists                                                Section 2.7   Transfer and Exchange                                                Section 2.8   Mutilated, Destroyed, Lost and Stolen Securities                     Section 2.9   Outstanding Securities                                               Section 2.10   Treasury Securities                                                 Section 2.11   Temporary Securities                                                Section 2.12   Cancellation                                                        Section 2.13   Defaulted Interest                                                  Section 2.14   Global Securities                                                   Section 2.15   CUSIP Numbers                                                    ARTICLE III    REDEMPTION                                                             Section 3.1   Notice to Trustee                                                    Section 3.2  Redemption Prior to Fifth Anniversary – Securities that Qualify as Tier II Capital       Section 3.3   Selection of Securities to be Redeemed                               Section 3.4   Notice of Redemption                                                 Section 3.5   Effect of Notice of Redemption                                       Section 3.6   Deposit of Redemption Price                                          Section 3.7   Securities Redeemed in Part                                       ARTICLE IV     COVENANTS                                                              Section 4.1   Payment of Principal and Interest                                    Section 4.2   SEC Reports                                                          Section 4.3   Compliance Certificate                                               Section 4.4   Stay, Extension and Usury Laws                                       Section 4.5   Corporate Existence                                                  Section 4.6   Taxes                                                             ARTICLE V      SUCCESSORS                                                             Section 5.1   When Company May Merge, Etc.                                         Section 5.2   Successor Corporation Substituted                                 ARTICLE VI     DEFAULTS AND REMEDIES                                                  Section 6.1   Events of Default                                                    Section 6.2   Acceleration of Maturity; Rescission and Annulment                   Section 6.3   Collection of Indebtedness and Suits for Enforcement by Trustee        Section 6.4   Trustee May File Proofs of Claim                                     Section 6.5   Trustee May Enforce Claims Without Possession of Securities          Section 6.6   Application of Money Collected                                       Section 6.7   Limitation on Suits                                                  Section 6.8   Unconditional Right of Holders to Receive Principal and Interest                                                                                                

 

                                                                             Exhibit 4.23            Section 6.9   Restoration of Rights and Remedies                                   Section 6.10   Rights and Remedies Cumulative                                      Section 6.11   Delay or Omission Not Waiver                                        Section 6.12   Control by Holders                                                  Section 6.13   Waiver of Past Defaults                                             Section 6.14   Undertaking For Costs                                               Section 6.15  Tier 2 Capital Terms Restructure                                  ARTICLE VII    TRUSTEE                                                                Section 7.1   Duties of Trustee                                                    Section 7.2   Rights of Trustee                                                    Section 7.3   Individual Rights of Trustee                                         Section 7.4   Trustee’s Disclaimer                                                 Section 7.5   Notice of Defaults                                                   Section 7.6   Reports by Trustee to Holders                                        Section 7.7   Compensation and Indemnity                                           Section 7.8   Replacement of Trustee                                               Section 7.9   Successor Trustee by Merger, Etc.                                    Section 7.10   Eligibility; Disqualification                                       Section 7.11   Referential Collection of Claims Against Company                 ARTICLE VIII   SATISFACTION AND DISCHARGE; DEFEASANCE                                 Section 8.1   Satisfaction and Discharge of Indenture                              Section 8.2   Application of Trust Funds; Indemnification                          Section 8.3   Legal Defeasance of Securities of Any Series                         Section 8.4   Covenant Defeasance                                                  Section 8.5   Repayment to Company                                              ARTICLE IX     AMENDMENTS AND WAIVERS                                                 Section 9.1   Without Consent of Holders                                           Section 9.2   With Consent of Holders                                              Section 9.3   Limitations                                                          Section 9.4   Compliance with Trust Indenture Act                                  Section 9.5   Revocation and Effect of Consents                                    Section 9.6   Notation on or Exchange of Securities                                Section 9.7   Trustee Protected                                                 ARTICLE X      MISCELLANEOUS                                                          Section 10.1   Trust Indenture Act Controls                                        Section 10.2   Notices                                                             Section 10.3   Communication by Holders with Other Holders                         Section 10.4   Certificate and Opinion as to Conditions Precedent                  Section 10.5   Statements Required in Certificate or Opinion                       Section 10.6   Rules by Trustee and Agents                                         Section 10.7   Legal Holidays                                                      Section 10.8   No Recourse Against Others                                          Section 10.9   Counterparts                                                        Section 10.10  Governing Laws                                                      Section 10.11  No Adverse Interpretation of Other Agreements                       Section 10.12  Successors                                                          Section 10.13  Severability                                                        Section 10.14  Table of Contents, Headings, Etc.                                   Section 10.15  Waiver of Trial by Jury                                             Section 10.16  Consent to Jurisdiction                                             Section 10.17  USA Patriot Act                                                                                                                                             

 

                                                                             Exhibit 4.23    ARTICLE XI    SINKING FUNDS                                                          Section 11.1   Applicability of Article                                            Section 11.2   Satisfaction of Sinking Fund Payments with Securities               Section 11.3   Redemption of Securities for Sinking Fund                        ARTICLE XII    SUBORDINATION OF SECURITIES                                            Section 12.1   Agreement of Subordination                                          Section 12.2   Payments to Holders                                                 Section 12.3   Subrogation of Securities                                           Section 12.4   Authorization to Effect Subordination                               Section 12.5   Notice to Trustee                                                   Section 12.6   Trustee’s Relation to Senior Indebtedness                           Section 12.7   No Impairment of Subordination                                      Section 12.8   Article Applicable to Paying Agents                                 Section 12.9   Senior Indebtedness Entitled to Rely                                                                               

 

                                                                Exhibit 4.23                     CROSS REFERENCE TABLE                                              Trust                    Indenture               Indenture                   Act Section              Section           Section 310(a)(1)                    7.10                              (a)(2)            7.10                              (a)(3)            N/A                              (a)(4)            N/A                              (a)(5)            7.10                              (b)               7.10           Section 311(a)                       7.11                              (b)               7.11                              (c)               N/A           Section 312(a)                        2.6                              (b)               10.3                              (c)               10.3           Section 313(a)                        7.6                              (b)(1)             7.6                              (b)(2)             7.6                              (c)(1)             7.6                              (d)                7.6           Section 314(a)                    4.2, 10.5                              (b)               N/A                              (c)(1)            10.4                              (c)(2)            10.4                              (c)(3)            N/A                              (d)               N/A                              (e)               10.5                              (f)               N/A           Section 315(a)                        7.1                              (b)                7.5                              (c)                7.1                              (d)                7.1                              (e)               6.14           Section 316(a)                       2.10                              (a)(1)(A)         6.12                              (a)(1)(B)         6.13                              (b)                6.8           Section 317(a)(1)                     6.3                              (a)(2)             6.4                              (b)                2.5           Section 318(a)                       10.1                           This Cross Reference Table shall not, for any purpose, be deemed to be part of the Indenture.     

 

                                                                             Exhibit 4.23         This SUBORDINATED DEBT INDENTURE, dated as of _________ ___, 20__, is made by and  between GREAT WESTERN BANCORP, INC., a South Dakota corporation (“Company”), and  _______________________, a _____________________, not in its individual capacity but solely as trustee (the  “Trustee”).                 Each party agrees as follows for the benefit of the other party and for the equal and ratable benefit of the  Holders of the Securities issued under this Indenture:                                                                                      ARTICLE I                     DEFINITIONS AND INCORPORATION BY REFERENCE                 Section 1.1 Definitions.                 “Additional Amounts” means any additional amounts which are required hereby or by any Security, under  circumstances specified herein or therein, to be paid by the Company in respect of certain taxes, duties, levies, imposts,  assessments or other governmental charges imposed on Holders specified herein or therein and which are owing to  such Holders.                 “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”  (including, with correlative meanings, the terms “controlled by” and “under common control with”), as used with  respect to any person, shall mean the possession, directly or indirectly, of the power to direct or cause the direction of  the management or policies of such person, whether through the ownership of voting securities or by agreement or  otherwise.                 “Agent” means any Registrar, Paying Agent or Service Agent.                 “Authorized Newspaper” means a newspaper in an official language of the country of publication customarily  published at least once a day for at least five days in each calendar week and of general circulation in the place in  connection with which the term is used. If it shall be impractical in the opinion of the Trustee to make any publication  of any notice required hereby in an Authorized Newspaper, any publication or other notice in lieu thereof that is made  or given by the Trustee shall constitute a sufficient publication of such notice.                 “Bearer Security” means any Security, including any interest coupon appertaining thereto, that does not  provide for the identification of the Holder thereof.                 “Board of Directors” means the Board of Directors of the Company or any duly authorized committee thereof.                   “Board Resolution” means a copy of a resolution certified by the Secretary or an Assistant Secretary of the  Company to have been adopted by the Board of Directors or pursuant to authorization by the Board of Directors and  to be in full force and effect on the date of the certificate and delivered to the Trustee.                 “Business Day” means, unless otherwise provided by Board Resolution, Officers’ Certificate or supplemental  indenture hereto for a particular Series, any day except a Saturday, a Sunday, a legal holiday or any other day on which  banking institutions in the City of New York, New York, or any Place of Payment, are authorized or required by law,  regulation or executive order to close.                 “Capital Stock” means any and all shares, interests, participations, rights or other equivalents (however  designated) of corporate stock.                  “Company” means the party named as such above until a successor replaces it and thereafter means the  successor.                 “Company Order” means a written order signed in the name of the Company by two Officers, one of whom  must be the Company’s principal executive officer, principal financial officer or principal accounting officer.  

 

                                                                             Exhibit 4.23                  “Company Request” means a written request signed in the name of the Company by its Chief Executive  Officer, the President or an Executive Vice President, and by its Treasurer, an Assistant Treasurer, its Secretary or an  Assistant Secretary, and delivered to the Trustee.                   “Corporate Trust Office” means the office of the Trustee at which at any particular time its corporate trust  business shall be principally administered, which office at the date hereof is located at _________________,  ___________________, __ ______, Attention: Great Western Bancorp, Inc., Administrator, 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).                 “Default” means any event which is, or after notice or passage of time or both would be, an Event of Default.                 “Depository” means, with respect to the Securities of any Series issuable or issued in whole or in part in the  form of one or more Global Securities, the person designated as Depository for such Series by the Company, which  Depository shall be a clearing agency registered under the Exchange Act; and if at any time there is more than one  such person, “Depository” as used with respect to the Securities of any Series shall mean the Depository with respect  to the Securities of such Series.                 “Designated Senior Indebtedness” means any of the Company’s senior indebtedness that expressly provides  that it is “designated senior indebtedness” for purposes of this Indenture (provided that the instrument, agreement or  other document creating or evidencing such Senior Indebtedness may place limitations and conditions on the right of  such Senior Indebtedness to exercise the rights of Designated Senior Indebtedness).                 “Discount Security” means any Security that provides for an amount less than the stated principal amount  thereof to be due and payable upon declaration of acceleration of the Stated Maturity thereof pursuant to Section 6.2.                 “Dollars” and “$” means the currency of the United States of America.                 “Exchange Act” means the Securities Exchange Act of 1934, as amended.                 “GAAP” means generally accepted accounting principles in the United States set forth in the opinions and  pronouncements of the Accounting Principles Board of the American Institute of Certified Public Accountants and  statements and pronouncements of the Financial Accounting Standards Board or in such other statements by such  other entity as have been approved by a significant segment of the accounting profession, which are in effect as of the  date of determination.                 “Global Security” or “Global Securities” means a Security or Securities, as the case may be, in the form  established pursuant to Section 2.2 evidencing all or part of a Series of Securities, issued to the Depository for such  Series or its nominee, and registered in the name of such Depository or nominee.           “Holder” or “Security Holder” means a person in whose name a Security is registered or the holder of a  Bearer Security.                 “indebtedness” means, with respect to any person, and without duplication, (a) all indebtedness, obligations  and other liabilities (contingent or otherwise) of such person for borrowed money (including obligations of the  Company in respect of overdrafts, foreign exchange contracts, currency exchange agreements, interest rate protection  agreements, and any loans or advances from banks, whether or not evidenced by notes or similar instruments) or  evidenced by bonds, debentures, notes or similar instruments (whether or not the recourse of the lender is to the whole  of the assets of such person or to only a portion thereof) (other than any account payable or other accrued current  liability or obligation incurred in the ordinary course of business in connection with the obtaining of materials or  services), (b) all reimbursement obligations and other liabilities (contingent or otherwise) of such person with respect  to letters of credit, bank guarantees or bankers’ acceptances, (c) all obligations and liabilities (contingent or otherwise)  in respect of leases of such person required, in conformity with generally accepted accounting principles, to be  accounted for as capitalized lease obligations on the balance sheet of such person and all obligations and other  

 

                                                                             Exhibit 4.23   liabilities (contingent or otherwise) under any lease or related document (including a purchase agreement) in  connection with the lease of real property which provides that such person is contractually obligated to purchase or  cause a third party to purchase the leased property and thereby guarantee a minimum residual value of the leased  property to the lessor and the obligations of such person under such lease or related document to purchase or to cause  a third party to purchase such leased property, (d) all obligations of such person (contingent or otherwise) with respect  to an interest rate or other swap, cap or collar agreement or other similar instrument or agreement or foreign currency  hedge, exchange, purchase or similar instrument or agreement, (e) all direct or indirect guaranties or similar  agreements by such person in respect of, and obligations or liabilities (contingent or otherwise) of such person to  purchase or otherwise acquire or otherwise assure a creditor against loss in respect of indebtedness, obligations or  liabilities of another person of the kind described in clauses (a) through (d), (f) any indebtedness or other obligations  described in clauses (a) through (e) secured by any mortgage, pledge, lien or other encumbrance existing on property  which is owned or held by such person, regardless of whether the indebtedness or other obligation secured thereby  shall have been assumed by such person and (g) any and all refinancings, replacements, deferrals, renewals, extensions  and refundings of, or amendments, modifications or supplements to, any indebtedness, obligation or liability of the  kind described in clauses (a) through (f).                 “Indenture” means this Subordinated Debt Indenture as amended or supplemented from time to time and  shall include the form and terms of particular Series of Securities established as contemplated hereunder.                 “interest” with respect to any Discount Security which by its terms bears interest only after Maturity, means  interest payable after Maturity.                 “Maturity,” when used with respect to any Security or installment of principal thereof, means the date on  which the principal of such Security or such installment of principal becomes due and payable as therein or herein  provided, whether at the Stated Maturity or by declaration of acceleration, call for redemption, or otherwise.                 “Officer” means the Chief Executive Officer, the President, any Executive Vice President, the Treasurer, the  Secretary, any Assistant Treasurer or any Assistant Secretary of the Company.                   “Officers’ Certificate” means a certificate signed by two Officers, one of whom must be the Company’s  principal executive officer, principal financial officer or principal accounting officer.            “Opinion of Counsel” means a written opinion of legal counsel who is reasonably acceptable to the Trustee.  The counsel may be an employee of or counsel to the Company.                 “person” means any individual, corporation, partnership, joint venture, association, limited liability company,  joint-stock company, trust, unincorporated organization or government or any agency or political subdivision thereof.                 “Place of Payment”, when used with respect to the Securities of or within any Series, means the place or  places where the principal of (and premium, if any) and interest, if any, on such Securities are payable as specified  and as contemplated by Section 2.1.                 “principal” or “principal amount” of a Security means the principal amount of the Security plus, when  appropriate, the premium, if any, on, and any Additional Amounts in respect of, the Security.                 “Representative” means the (a) indenture trustee or other trustee, agent or representative for any Senior  Indebtedness or (b) with respect to any Senior Indebtedness that does not have any such trustee, agent or other  representative, (i) in the case of such Senior Indebtedness issued pursuant to an agreement providing for voting  arrangements as among the holders or owners of such Senior Indebtedness, any holder or owner of such Senior  Indebtedness acting with the consent of the required persons necessary to bind such holders or owners of such Senior  Indebtedness and (ii) in the case of all other such Senior Indebtedness, the holder or owner of such Senior  Indebtedness.                 “Responsible Officer” means any officer of the Trustee in its Corporate Trust Office and also means, with  respect to a particular corporate trust matter, any other officer to whom any corporate trust matter is referred because  

 

                                                                             Exhibit 4.23   of his or her knowledge of and familiarity with a particular subject, in each case, who has direct responsibility for the  administration of this Indenture.                “SEC” means the Securities and Exchange Commission.                 “Securities” means the debentures, notes or other debt instruments of the Company of any Series  authenticated and delivered under this Indenture.                 “Senior Indebtedness” means the principal, premium, if any, interest, including any interest accruing after  bankruptcy, Additional Amounts, if any, and rent or termination payment on or other amounts due on the Company’s  current or future indebtedness, whether created, incurred, assumed, guaranteed or in effect guaranteed by us, including  any deferrals, renewals, extensions, refundings, amendments, modifications or supplements to the above. However,  Senior Indebtedness does not include: (i) indebtedness that expressly provides that it shall not be senior in right of  payment to the Securities or expressly provides that it is on the same basis or junior to the Securities; (ii) the  Company’s indebtedness to any of the Company’s Subsidiaries; and (iii) the Securities.                 “Series” or “Series of Securities” means each series of debentures, notes or other debt instruments of the  Company created pursuant to Sections 2.1 and 2.2 hereof.                 “Stated Maturity” when used with respect to any Security or any installment of principal thereof or interest  thereon, means the date specified in such Security as the fixed date on which the principal of such Security or such  installment of principal or interest is due and payable.                 “Subsidiary” of any specified person means any corporation, association or other business entity of which  more than 50% of the total voting power of shares of Capital Stock entitled (without regard to the occurrence of any  contingency) to vote in the election of directors, managers or trustees thereof is at the time owned or controlled,  directly or indirectly, by such person or one or more of the other Subsidiaries of that person or a combination thereof.                "Tax Event" means the receipt by the Company of an opinion of counsel to the Company that as a result of  any amendment to, or change (including any final and adopted (or enacted) prospective change) in, the laws (or any  regulations thereunder) of the United States or any political subdivision or taxing authority thereof or therein, or as a  result of any official administrative pronouncement or judicial decision interpreting or applying such laws or  regulations, there exists a material risk that interest payable by the Company on the Indenture is not, or within 120  days after the receipt of such opinion will not be, deductible by the Company, in whole or in part, for United States  federal income tax purposes.           “TIA” means the Trust Indenture Act of 1939 (15 U.S. Code Sections 77aaa-77bbbb) as in effect on the date  of this Indenture; provided, however, that in the event the Trust Indenture Act of 1939 is amended after such date,  “TIA” means, to the extent required by any such amendment, the Trust Indenture Act as so amended.                “Tier II Capital” has the meaning given to the term “Tier II Capital” in 12 C.F.R. Part 208, 12 C.F.R. Part  250, as amended, modified and supplemented and in effect from time to time or any replacement thereof.                 “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 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 Securities of any Series shall mean the Trustee with respect to Securities of that Series.                 “U.S. Government Obligations” means securities which are (a) direct obligations of the United States of  America for the payment of which its full faith and credit is pledged or (b) obligations of a person controlled or  supervised by and acting as an agency or instrumentality of the United States of America the payment of which is  unconditionally guaranteed as a full faith and credit obligation by the United States of America, and which in the case  of (a) and (b) are not callable or redeemable at the option of the issuer thereof, and shall also include a depository  receipt issued by a bank or trust company as custodian with respect to any such U.S. Government Obligation or a  specific payment of interest on or principal of any such U.S. Government Obligation held by such custodian for the  account of the holder of a depository receipt, provided that (except as required by law) such custodian is not authorized  

 

                                                                             Exhibit 4.23   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 evidenced by such depository receipt.                 Section 1.2 Other Definitions.                                        Term                        Defined in Section                  “Bankruptcy Law”                               6.1                  “Custodian”  6.1                  “Event of Default”                             6.1                  “Legal Holiday”                               10.7                  “Investment Company Event”                     3.2                  “mandatory sinking fund payment”              11.1                  “optional sinking fund payment”               11.1                  “Paying Agent”                                 2.4                  “Payment Blockage Notice”                     12.2                  “Registrar”  2.4                  “Service Agent”                                2.4                  “successor person”                             5.1                  “Tier II Capital Event”                        3.2                   Section 1.3 Incorporation by Reference of Trust Indenture Act. Whenever this Indenture refers to a provision  of the TIA, the provision is incorporated by reference in and made a part of this Indenture. The following TIA terms  used in this Indenture have the following meanings:                 “Commission” means the SEC.                 “indenture securities” means the Securities.                 “indenture security holder” means a security holder.           “indenture to be qualified” means this Indenture.                 “indenture trustee” or “institutional trustee” means the Trustee.                 “obligor” on the indenture securities means the Company and any successor obligor upon the Securities.                   All other terms used in this Indenture that are defined by the TIA, defined by TIA reference to another statute  or defined by SEC rule under the TIA and not otherwise defined herein are used herein as so defined.                   Section 1.4 Rules Of Construction. Unless the context otherwise requires:                 (a)    a term has the meaning assigned to it;                 (b)    an accounting term not otherwise defined has the meaning assigned to it in accordance with              generally accepted accounting principles;                 (c)    references to “generally accepted accounting principles” and “GAAP” shall mean generally              accepted accounting principles, consistently applied, in effect as of the time when and for the period              as to which such accounting principles are to be applied;                   (d)   “or” is not exclusive;                   (e)   words in the singular include the plural, and in the plural include the singular; and                   (f)   provisions apply to successive events and transactions.                                                

 

                                                                             Exhibit 4.23                                         ARTICLE II                                     THE SECURITIES                 Section 2.1 Issuable in Series. The aggregate principal amount of Securities that may be authenticated and  delivered under this Indenture is unlimited. The Securities may be issued in one or more Series. All Securities of a  Series shall be identical except as may be set forth or determined in the manner provided in a Board Resolution,  supplemental indenture or Officers’ Certificate detailing the adoption of the terms thereof pursuant to authority granted  under a Board Resolution. In the case of Securities of a Series to be issued from time to time, the Board Resolution,  Officers’ Certificate or supplemental indenture detailing the adoption of the terms thereof pursuant to authority granted  under a Board Resolution may provide for the method by which specified terms (such as interest rate, maturity date,  record date or date from which interest shall accrue) are to be determined. Securities may differ between Series in  respect of any matters, provided that all Series of Securities shall be equally and ratably entitled to the benefits of the  Indenture, but all Securities issued hereunder shall be subordinate and junior in right of payment, to the extent and in  the manner set forth in Article XII, to all Senior Indebtedness of the Company.                   Section 2.2 Establishment of Terms of Series of Securities. At or prior to the issuance of any Securities within  a Series, the following shall be established (as to the Series generally, in the case of Subsection 2.2(a) and either as to  such Securities within the Series or as to the Series generally, in the case of Subsections 2.2(b) through 2.2(q)) by or  pursuant to a Board Resolution, and set forth or determined in the manner provided in a Board Resolution,  supplemental indenture or an Officers’ Certificate:                (a)    the title of the Series (which shall distinguish the Securities of that particular Series from the               Securities of any other Series);                (b)    the price or prices (expressed as a percentage of the principal amount thereof) at which the Securities               of the Series will be issued;           (c)   any limit upon the aggregate principal amount of the Securities of the Series which may be               authenticated and delivered under this Indenture (except for Securities authenticated and delivered               upon registration of transfer of, or in exchange for, or in lieu of, other Securities of the Series               pursuant to Section 2.7, 2.8, 2.11, 3.6 or 9.6);                  (d)   the date or dates on which the principal of the Securities of the Series is payable;                  (e)   the rate or rates (which may be fixed or variable) per annum or, if applicable, the method used to               determine such rate or rates (including, but not limited to, any commodity, commodity index, stock               exchange index or financial index) at which the Securities of the Series shall bear interest, if any,               the date or dates from which such interest, if any, shall accrue, the date or dates on which such               interest, if any, shall commence and be payable and any regular record date for the interest payable               on any interest payment date;                  (f)   the Place of Payment where the principal of and interest, if any, on the Securities of the Series shall               be payable, where the Securities of such Series may be surrendered for registration of transfer or               exchange and where notices and demands to or upon the Company in respect of the Securities of               such Series and this Indenture may be served, and the method of such payment, if by wire transfer,               mail or other means;                  (g)   if applicable, the period or periods within which, the price or prices at which and the terms and               conditions upon which the Securities of the Series may be redeemed, in whole or in part, at the               option of the Company;                  (h)   the obligation, if any, of the Company to redeem or purchase the 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  

 

                                                                             Exhibit 4.23                Securities of the Series shall be redeemed or purchased, in whole or in part, pursuant to such               obligation;                  (i)   the dates, if any, on which and the price or prices at which the Securities of the Series will be               repurchased by the Company at the option of the Holders thereof and other detailed terms and               provisions of such repurchase obligations;                  (j)   if other than denominations of $1,000 and any integral multiple thereof, the denominations in which               the Securities of the Series shall be issuable;                  (k)   the forms of the Securities of the Series in bearer or fully registered form (and, if in fully registered               form, whether the Securities will be issuable as Global Securities);                  (l)   if other than the entire principal amount thereof, the portion of the principal amount of the Securities               of the Series that shall be payable upon declaration of acceleration of the maturity thereof pursuant               to Section 6.2;                  (m)   the provisions, if any, relating to any lien, security or encumbrance provided for the Securities of               the Series;                  (n)   any addition to or change in the Events of Default which applies to any Securities of the Series and               any change in the right of the Trustee or the requisite Holders of such Securities to declare the               principal amount thereof due and payable pursuant to Section 6.2;                  (o)   any addition to or change in the covenants set forth in Articles IV or V which applies to Securities               of the Series;                  (p)   any other terms of the Securities of the Series (which may modify or delete any provision of this               Indenture insofar as it applies to such Series); and                  (q)   any depositories, interest rate calculation agents, exchange rate calculation agents or other agents               with respect to Securities of such Series if other than those appointed herein.                   All Securities of any one Series need not be issued at the same time and may be issued from time to time,  consistent with the terms of this Indenture, if so provided by or pursuant to the Board Resolution, supplemental  indenture hereto or Officers’ Certificate referred to above, and the authorized principal amount of any Series may not  be increased to provide for issuances of additional Securities of such Series, unless otherwise provided in such Board  Resolution, supplemental indenture or Officers’ Certificate.                   Section 2.3 Execution and Authentication.                 Two Officers shall sign the Securities for the Company by manual or facsimile signature.                 If an Officer whose signature is on a Security no longer holds that office at the time the Security is  authenticated, the Security shall nevertheless be valid.                 A Security shall not be valid until authenticated by the manual signature of the Trustee or an authenticating  agent. Such a signature shall be conclusive evidence that the Security has been authenticated under this Indenture.                   The Trustee shall at any time, and from time to time, authenticate Securities for original issue in the principal  amount provided in the Board Resolution, supplemental indenture hereto or Officers’ Certificate, upon receipt by the  Trustee of a Company Order. Such Company Order may authorize authentication and delivery pursuant to oral or  electronic instructions from the Company or its duly authorized agent or agents, which oral instructions shall be  promptly confirmed in writing. Each Security shall be dated the date of its authentication unless otherwise provided  by a Board Resolution, a supplemental indenture hereto or an Officers’ Certificate.  

 

                                                                             Exhibit 4.23                  The aggregate principal amount of Securities of any Series outstanding at any time may not exceed any limit  upon the maximum principal amount for such Series set forth in the Board Resolution, supplemental indenture hereto  or Officers’ Certificate delivered pursuant to Section 2.2, except as provided in Section 2.8.                 Prior to the issuance of Securities of any Series, the Trustee shall have received and (subject to Section 7.2)  shall be fully protected in relying on: (a) the Board Resolution, supplemental indenture hereto or Officers’ Certificate  establishing the form of the Securities of that Series or of Securities within that Series and the terms of the Securities  of that Series or of Securities within that Series, (b) an Officers’ Certificate complying with Section 10.4, and (c) an  Opinion of Counsel complying with Section 10.4.                The Trustee shall have the right to decline to authenticate and deliver any Securities of such Series: (a) if the  Trustee, being advised by counsel, determines that such action may not be taken lawfully; or (b) if the Trustee in good  faith by its board of directors or trustees, executive committee or a trust committee of directors and/or Vice Presidents  shall determine that such action would expose the Trustee to personal liability to Holders of any then outstanding  Series of Securities.                 The Trustee may appoint an authenticating agent acceptable to the Company to authenticate Securities. An  authenticating agent may authenticate Securities whenever the Trustee may do so. Each reference in this Indenture to  authentication by the Trustee includes authentication by such agent. An authenticating agent has the same rights as an  Agent to deal with the Company or an Affiliate of the Company.                   Section 2.4 Registrar and Paying Agent. The Company shall maintain, with respect to each Series of  Securities, at the Place of Payment specified with respect to such Series pursuant to Section 2.2, an office or agency  where Securities of such Series may be presented or surrendered for payment (the “Paying Agent”), where Securities  of such Series may be surrendered for registration of transfer or exchange (the “Registrar”) and where notices and  demands to or upon the Company in respect of the Securities of such Series and this Indenture may be served (the  “Service Agent”). The Registrar shall keep a register with respect to each Series of Securities and to their transfer and  exchange. The Company will give prompt written notice to the Trustee of the name and address, and any change in  the name or address, of each Registrar, Paying Agent or Service Agent. If at any time the Company shall fail to  maintain any such required Registrar, Paying Agent or Service Agent or shall fail to furnish the Trustee with the name  and address thereof, such presentations, surrenders, notices and demands may be made or served at the Corporate  Trust Office of the Trustee, and the Company hereby appoints the Trustee as its agent to receive all such presentations,  surrenders, notices and demands.                 The Company may also from time to time designate one or more co-registrars, additional paying agents or  additional service agents 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 obligations to maintain a Registrar, Paying  Agent and Service Agent in each place so specified pursuant to Section 2.2 for Securities of any Series for such  purposes. The Company will give prompt written notice to the Trustee of any such designation or rescission and of  any change in the name or address of any such co-registrar, additional paying agent or additional service agent. The  term “Registrar” includes any co-registrar; the term “Paying Agent” includes any additional paying agent; and the  term “Service Agent” includes any additional service agent.                   The Company hereby appoints the Trustee as the initial Registrar, Paying Agent and Service Agent for each  Series unless another Registrar, Paying Agent or Service Agent, as the case may be, is appointed prior to the time  Securities of that Series are first issued.                   Section 2.5 Paying Agent to Hold Money in Trust. The Company shall require each Paying Agent other than  the Trustee to agree in writing that the Paying Agent will hold in trust, for the benefit of Security Holders of any Series  of Securities, or the Trustee, all money held by the Paying Agent for the payment of principal of or interest on the  Series of Securities, and will notify the Trustee of any default by the Company in making any such payment. While  any such default continues, the Trustee may require a Paying Agent to pay all money held by it to the Trustee. The  Company at any time may require a Paying Agent to pay all money held by it to the Trustee. Upon payment over to  the Trustee, the Paying Agent (if other than the Company or a Subsidiary of the Company) shall have no further  liability for the money. If the Company or a Subsidiary of the Company acts as Paying Agent, it shall segregate and  

 

                                                                             Exhibit 4.23   hold in a separate trust fund for the benefit of Security Holders of any Series of Securities all money held by it as  Paying Agent.            Section 2.6 Security Holder Lists. The Trustee shall preserve in as current a form as is reasonably practicable  the most recent list available to it of the names and addresses of Security Holders of each Series of Securities and shall  otherwise comply with TIA Section 312(a). If the Trustee is not the Registrar, the Company shall furnish to the Trustee  at least ten days before each interest payment date and at such other times as the Trustee may request in writing a list,  in such form and as of such date as the Trustee may reasonably require, of the names and addresses of Security Holders  of each Series of Securities.                 Section 2.7 Transfer and Exchange. Where Securities of a Series are presented to the Registrar or a co- registrar with a request to register a transfer or to exchange them for an equal principal amount of Securities of the  same Series, the Registrar shall register the transfer or make the exchange if its requirements for such transactions are  met. To permit registrations of transfers and exchanges, the Trustee shall authenticate Securities at the Registrar’s  request. No service charge shall be made for any registration of transfer or exchange (except as otherwise expressly  permitted herein), but the Company may require payment of a sum sufficient to cover any transfer tax or similar  governmental charge payable in connection therewith (other than any such transfer tax or similar governmental charge  payable upon exchanges pursuant to Sections 2.11, 3.6 or 9.6).                 Neither the Company nor the Registrar shall be required (a) to issue, register the transfer of, or exchange  Securities of any Series for the period beginning at the opening of business 15 days immediately preceding the mailing  of a notice of redemption of Securities of that Series selected for redemption and ending at the close of business on  the day of such mailing, or (b) to register the transfer of or exchange Securities of any Series selected, called or being  called for redemption as a whole or the portion being redeemed of any such Securities selected, called or being called  for redemption in part.                 Section 2.8 Mutilated, Destroyed, Lost and Stolen Securities. If any mutilated Security is surrendered to the  Trustee, the Company shall execute and the Trustee shall authenticate and make available for delivery in exchange  therefore a new Security of the same Series and of like tenor and principal amount and bearing a number not  contemporaneously outstanding.                 If there shall be delivered to the Company and the Trustee (a) evidence to their satisfaction of the destruction,  loss or theft of any Security and (b) such security or satisfactory indemnity as may be required by them to save each  of them and any agent of either of them harmless, then, in the absence of notice to the Company or the Trustee that  such Security has been acquired by a bona fide purchaser, the Company shall execute and upon its request the Trustee  shall authenticate and make available for delivery, in lieu of any such destroyed, lost or stolen Security, a new Security  of the same Series and of like tenor and principal amount and bearing a number not contemporaneously outstanding.                 In case any such mutilated, destroyed, lost or stolen Security has become or is about to become due and  payable, the Company in its discretion may, instead of issuing a new Security, pay such Security.                 Upon the issuance of any new Security 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) connected therewith.                 Every new Security of any Series issued pursuant to this Section in lieu of any destroyed, lost or stolen  Security shall constitute an original additional contractual obligation of the Company, whether or not the destroyed,  lost or stolen Security shall be at any time enforceable by anyone, and shall be entitled to all the benefits of this  Indenture equally and proportionately with any and all other Securities of that Series duly issued hereunder.            The provisions of this Section are exclusive and shall preclude (to the extent lawful) all other rights and  remedies with respect to the replacement or payment of mutilated, destroyed, lost or stolen Securities.                   Section 2.9 Outstanding Securities. The Securities outstanding at any time are all the Securities authenticated  by the Trustee except for those canceled by it, those delivered to it for cancellation, those reductions in the interest on  

 

                                                                             Exhibit 4.23   a Global Security effected by the Trustee in accordance with the provisions hereof and those described in this Section  as not outstanding.                 If a Security is replaced pursuant to Section 2.8, it ceases to be outstanding until the Trustee receives proof  satisfactory to it that the replaced Security is held by a bona fide purchaser.                 If the Paying Agent (other than the Company, a Subsidiary of the Company or an Affiliate of the Company)  holds on the Maturity of Securities of a Series money sufficient to pay such Securities payable on that date, then on  and after that date such Securities of the Series cease to be outstanding and interest on them ceases to accrue (to the  extent of the Maturity of such Security if less than the entire principal amount is due and payable on such date of  Maturity).                 A Security does not cease to be outstanding because the Company or an Affiliate of the Company holds the  Security.                 In determining whether the Holders of the requisite principal amount of outstanding Securities have given  any request, demand, authorization, direction, notice, consent or waiver hereunder, the principal amount of a Discount  Security that shall be deemed to be outstanding for such purposes shall be the amount of the principal thereof that  would be due and payable as of the date of such determination upon a declaration of acceleration of the Maturity  thereof pursuant to Section 6.2.                 Section 2.10 Treasury Securities. In determining whether the Holders of the required principal amount of  Securities of a Series have concurred in any request, demand, authorization, direction, notice, consent or waiver,  Securities of a Series owned by the Company shall be disregarded, except that for the purposes of determining whether  the Trustee shall be protected in relying on any such request, demand, authorization, direction, notice, consent or  waiver, only Securities of a Series that the Trustee knows are so owned shall be so disregarded.                 Section 2.11 Temporary Securities. Until definitive Securities are ready for delivery, the Company may  prepare and the Trustee shall authenticate temporary Securities upon a Company Order. Temporary Securities shall  be substantially in the form of definitive Securities but may have variations that the Company considers appropriate  for temporary Securities. Without unreasonable delay, the Company shall prepare and the Trustee upon request shall  authenticate definitive Securities of the same Series and Stated Maturity in exchange for temporary Securities. Until  so exchanged, temporary Securities shall have the same rights under this Indenture as the definitive Securities.            Section 2.12 Cancellation. All Securities and coupons surrendered for payment, redemption, repayment at  the option of the Holder, registration of transfer or exchange or for credit against any sinking fund payment shall, if  surrendered to any Person other than the Trustee, be delivered to the Trustee, and any such Securities and coupons  and Securities and coupons surrendered directly to the Trustee for any such purpose shall be promptly cancelled by  the Trustee. The Company may at any time deliver to the Trustee for cancellation any Securities previously  authenticated and delivered hereunder which the Company may have acquired in any manner whatsoever and may  deliver to the Trustee (or to any other Person for delivery to the Trustee) for cancellation any Securities previously  authenticated hereunder which the Company has not issued and sold, and all Securities so delivered shall be promptly  cancelled by the Trustee. If the Company shall so acquire any of the Securities, however, such acquisition shall not  operate as a redemption or satisfaction of the indebtedness represented by such Securities unless and until the same  are surrendered to the Trustee for cancellation. No Securities shall be authenticated in lieu of or in exchange for any  Securities cancelled as provided in this Section 2.12, except as expressly permitted by this Indenture. Cancelled  Securities and coupons held by the Trustee shall be destroyed by the Trustee in accordance with its customary  procedures. The Company by Company Order may direct the Trustee to deliver a certificate of such destruction to the  Company.                 Section 2.13 Defaulted Interest. If the Company defaults in a payment of interest on a Series of Securities, it  shall pay the defaulted interest, plus, to the extent permitted by law, any interest payable on the defaulted interest, to  the persons who are Security Holders of the Series on a subsequent special record date. The Company shall fix the  record date and payment date. At least 10 days before the record date, the Company shall mail to the Trustee and to  each Security Holder of the Series a notice that states the record date, the payment date and the amount of interest to  be paid. The Company may pay defaulted interest in any other lawful manner.  

 

                                                                             Exhibit 4.23                  Section 2.14 Global Securities.                (a)    Terms of Securities. A Board Resolution, a supplemental indenture hereto or an Officers’ Certificate               shall establish whether the Securities of a Series shall be issued in whole or in part in the form of               one or more Global Securities and the Depository for such Global Security or Securities.                        (b)   Transfer and Exchange. Notwithstanding any provisions to the contrary contained in Section 2.7               hereof and in addition thereto, any Global Security shall be exchangeable pursuant to Section 2.7               hereof for Securities registered in the names of Holders other than the Depository for such Security               or its nominee only if (i) such Depository notifies the Company that it is unwilling or unable to               continue as Depository for such Global Security or if at any time such Depository ceases to be a               clearing agency registered under the Exchange Act, and, in either case, the Company fails to appoint               a successor Depository registered as a clearing agency under the Exchange Act within 90 days of               such event, (ii) the Company executes and delivers to the Trustee an Officers’ Certificate to the               effect that such Global Security shall be so exchangeable or (iii) an Event of Default with respect to               the Securities represented by such Global Security shall have happened and be continuing. Any               Global Security that is exchangeable pursuant to the preceding sentence shall be exchangeable for               Securities registered in such names as the Depository shall direct in writing in an aggregate principal               amount equal to the principal amount of the Global Security with like tenor and terms.                              Except as provided in this Section 2.14(b), a Global Security may not be transferred except as a               whole by the Depository with respect to such Global Security to a nominee of such Depository, by               a nominee of such Depository to such Depository or another nominee of such Depository or by the               Depository or any such nominee to a successor Depository or a nominee of such a successor               Depository           (c)   Legend. Any Global Security issued hereunder shall bear a legend in substantially the following               form:                              “This Security is a Global Security within the meaning of the Indenture hereinafter referred to and               is registered in the name of the Depository or a nominee of the Depository. This Security is               exchangeable for Securities registered in the name of a person other than the Depository or its               nominee only in the limited circumstances described in the Indenture, and may not be transferred               except as a whole by the Depository to a nominee of the Depository, by a nominee of the Depository               to the Depository or another nominee of the Depository or by the Depository or any such nominee               to a successor Depository or a nominee of such a successor Depository.”                        (d)   Acts of Holders. The Depository, as a Holder, may appoint agents and otherwise authorize               participants to give or take any request, demand, authorization, direction, notice, consent, waiver or               other action which a Holder is entitled to give or take under the Indenture.                        (e)   Payments. Notwithstanding the other provisions of this Indenture, unless otherwise specified as               contemplated by Section 2.2, payment of the principal of and interest, if any, on any Global Security               shall be made to the Holder thereof.                  (f)   Consents, Declaration and Directions. Except as provided in Section 2.14(e), the Company, the               Trustee and any Agent shall treat a person as the Holder of such principal amount of outstanding               Securities of such Series represented by a Global Security as shall be specified in a written statement               of the Depository with respect to such Global Security, for purposes of obtaining any consents,               declarations, waivers or directions required to be given by the Holders pursuant to this Indenture.                   Section 2.15 CUSIP Numbers. The Company in issuing the 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 Securities or as contained in any notice of a redemption and that reliance may be placed only  

 

                                                                             Exhibit 4.23   on the other elements of identification printed on the Securities, and any such redemption shall not be affected by any  defect in or omission of such numbers.                                                                                      ARTICLE III                                       REDEMPTION                         Section 3.1 Notice To Trustee.  Except as provided in Section 3.2, the Company may, with respect to any  Series of Securities, reserve the right to redeem and pay the Series of Securities or may covenant to redeem and pay  the Series of Securities or any part thereof prior to the Stated Maturity thereof at such time and on such terms as  provided for in such Securities. If a Series of Securities is redeemable and the Company wants or is obligated to  redeem prior to the Stated Maturity thereof all or part of the Series of Securities pursuant to the terms of such  Securities, it shall notify the Trustee of the redemption date and the principal amount of Series of Securities to be  redeemed. The Company shall give the notice at least 45 days before the redemption date (or such shorter notice as  may be acceptable to the Trustee).                Section 3.2 Redemption Prior to Fifth Anniversary – Securities that Qualify as Tier II Capital. With respect  to Securities that qualify as Tier II Capital, the Securities shall not be redeemable by the Company in whole or in part  prior to the fifth anniversary of the date upon which this Indenture was originally issued to Holder (the "Issue Date"),  except that in the event: (i) the Security no longer qualifies as Tier 2 Capital as a result of a change in interpretation  or application of law or regulation by any judicial, legislative or regulatory authority that becomes effective after the  date of issuance of the Security (a “Tier II Capital Event”) (ii) of a Tax Event; or (iii) the Company becomes required  to register as an investment company pursuant to the Investment Company Act of 1940, as amended (an “Investment  Company Event”). Upon the occurrence of a Tier 2 Capital Event, Tax Event or Investment Company Event, the  Company may redeem this Indenture in whole at any time, or in part from time to time, at an amount equal to 100%  of the outstanding principal amount being redeemed plus accrued but unpaid interest to but excluding the redemption  date upon giving not less than 10 days' notice to the Trustee and Holder of this Security.                         Section 3.3 Selection of Securities to be Redeemed. Unless otherwise indicated for a particular Series by a  Board Resolution, a supplemental indenture or an Officers’ Certificate, if less than all the Securities of any Series  issued on the same day with the same terms are to be redeemed, the particular Securities to be redeemed shall be  selected not more than 45 days prior to the redemption date,  or not less than 10 days upon the occurrence of a Tier 2  Capital Event, Tax Event or Investment Company Event, by the Trustee, from the Outstanding Securities of such  Series issued on such date with the same terms not previously called for redemption, by such method as the Trustee  shall deem fair and appropriate, and, in the case of global Securities, in accordance with the procedures of the  depositary, provided that such method complies with the rules of any national securities exchange or quotation system  on which the Securities are listed, and may provide for the selection for redemption of portions (equal to the minimum  authorized denomination for Securities of that Series or any integral multiple thereof) of the principal amount of  Securities of such Series of a denomination larger than the minimum authorized denomination for Securities of that  Series; provided, however, that no such partial redemption shall reduce the portion of the principal amount of a  Security not redeemed to less than the minimum authorized denomination for Securities of such Series.            The Trustee shall promptly notify the Company and the Security Registrar (if other than itself) in writing of  the Securities selected for redemption and, in the case of any 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 Securities shall relate, in the case of any Security redeemed or to be redeemed only in part, to the portion  of the principal amount of such Security which has been or is to be redeemed.                 Notwithstanding the foregoing, if any Security to be redeemed is a Global Security then any partial  redemption of that Series of Securities will be made in accordance with the Depository’s applicable procedures among  all Holders of such Series of Securities.           

 

                                                                             Exhibit 4.23         Section 3.4 Notice of Redemption. Unless otherwise indicated for a particular Series by Board Resolution, a  supplemental indenture hereto or an Officers’ Certificate, at least 30 days but not more than 60 days before a  redemption date, or at least 10 days under Section 3.2, the Company shall mail a notice of redemption by first-class  mail to each Holder whose Securities are to be redeemed and, if any Bearer Securities are outstanding, publish on one  occasion a notice in an Authorized Newspaper.                 The notice shall identify the Securities of the Series to be redeemed and shall state:                (a)    the redemption date;                       (b)    the redemption price and accrued interest, if any, to the redemption date payable as provided;                (c)    the name and address of the Paying Agent;                (d)    that Securities of the Series called for redemption must be surrendered to the Paying Agent to collect               the redemption price;                (e)    that interest on Securities of the Series called for redemption ceases to accrue on and after the               redemption date;                (f)    the CUSIP number, if any;                (g)    any conditions precedent that must be satisfied prior to the redemption; and                (h)    any other information as may be required by the terms of the particular Series or the Securities of a               Series being redeemed.           At the Company’s request, given at least five Business Days prior to the date set forth in such notice, the  Trustee shall give the notice of redemption in the Company’s name and at its expense.            Section 3.5 Effect of Notice of Redemption. Once notice of redemption is mailed or published as provided  in Section 3.4, Securities of a Series called for redemption become due and payable on the redemption date and at the  redemption price, subject to, with respect to any redemption that is conditioned upon the satisfaction of any conditions  precedent, (i) the delay of such redemption date until such time as any or all of such conditions precedent have been  satisfied or (ii) the revocation of such redemption if the Company determines that such conditions precedent will not  be satisfied. Upon surrender to the Paying Agent, such Securities shall be paid at the redemption price plus accrued  interest to the redemption date, provided that installments of interest whose Stated Maturity is on or prior to the  redemption date shall be payable to the Holders of such Securities (or one or more predecessor Securities) registered  at the close of business on the relevant record date therefor according to their terms and the terms of this Indenture.                 Section 3.6 Deposit of Redemption Price. On or before the redemption date, the Company shall deposit with  the Paying Agent money sufficient to pay the redemption price of and accrued interest, if any, on all Securities to be  redeemed on that date.                 Section 3.7 Securities Redeemed in Part. Upon surrender of a Security that is redeemed in part, the Trustee  shall authenticate for the Holder a new Security of the same Series and the same maturity equal in principal amount  to the unredeemed portion of the Security surrendered.                Section 3.8 Regulatory Approvals.   Any redemption or prepayment of such Securities shall be subject to  receipt of any and all required federal and state regulatory approvals, including, but not limited to, the consent of the  Federal Reserve.                                                                                      ARTICLE IV                                       COVENANTS            

 

                                                                             Exhibit 4.23         Section 4.1 Payment of Principal and Interest. The Company covenants and agrees for the benefit of the  Holders of each Series of Securities that it will duly and punctually pay the principal of and interest, if any, on the  Securities of that Series in accordance with the terms of such Securities and this Indenture.                 Section 4.2 SEC Reports. The Company shall deliver to the Trustee within 15 days after it files them with  the SEC copies of the annual reports and of the information, documents, and other reports (or copies of such portions  of any of the foregoing as the SEC may by rules and regulations prescribe) which the Company is required to file with  the SEC pursuant to Section 13 or 15(d) of the Exchange Act. The Company also shall comply with the other  provisions of TIA Section 314(a). 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 an Officers’  Certificate).                  Section 4.3 Compliance Certificate. The Company shall deliver to the Trustee, within 120 days after the end  of each fiscal year of the Company, an Officers’ Certificate stating that a review of the activities of the Company and  its Subsidiaries during the preceding fiscal year has been made under the supervision of the signing Officers with a  view to determining whether the Company has kept, observed, performed and fulfilled its obligations under this  Indenture, and further stating, as to each such Officer signing such certificate, that to the best of his/her knowledge  the Company has kept, observed, performed and fulfilled each and every covenant contained in this Indenture and is  not in default in the performance or observance of any of the terms, provisions and conditions hereof (or, if a Default  or Event of Default shall have occurred, describing all such Defaults or Events of Default of which he may have  knowledge).                 The Company will, so long as any of the Securities are outstanding, deliver to the Trustee, forthwith upon  becoming aware of any Default or Event of Default, an Officers’ Certificate specifying such Default or Event of  Default and what action the Company is taking or proposes to take with respect thereto.           Section 4.4 Stay, Extension and Usury Laws. The Company covenants (to the extent that it may lawfully do  so) that it will not at any time insist upon, plead, or in any manner whatsoever claim or take the benefit or advantage  of, any stay, extension or usury law wherever enacted, now or at any time hereafter in force, which may affect the  covenants or the performance of this Indenture or the Securities and the Company (to the extent it may lawfully do  so) hereby expressly waives all benefit or advantage of any such law and covenants that it will not, by resort to any  such law, 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 has been enacted.                 Section 4.5 Corporate Existence. Subject to Article V, the Company will do or cause to be done all things  necessary to preserve and keep in full force and effect its corporate existence and the rights (charter and statutory),  licenses and franchises of the Company; provided, however, that the Company shall not be required to preserve any  such right, license or franchise if the Board of Directors shall determine that the preservation thereof is no longer  desirable in the conduct of the business of the Company and its Subsidiaries taken as a whole and that the loss thereof  is not adverse in any material respect to the Holders.                 Section 4.6 Taxes. The Company shall pay prior to delinquency all taxes, assessments and governmental  levies, except as contested in good faith and by appropriate proceedings.                                                                                      ARTICLE V                                       SUCCESSORS                   Section 5.1 When Company May Merge, Etc. The Company shall not consolidate with or merge with or into,  or convey, transfer or lease all or substantially all of its properties and assets to, any person (a “successor person”),  nor shall the Company permit any other person to consolidate with or merge into it or convey, transfer or lease all or  substantially all of its properties and assets to it, in either case unless:          

 

                                                                             Exhibit 4.23         (a)    the Company is the surviving corporation or the successor person (if other than the Company) is a               corporation organized and validly existing under the laws of any U.S. domestic jurisdiction and               expressly assumes the Company’s obligations on the Securities and under this Indenture; and                       (b)    immediately after giving effect to the transaction, and treating any indebtedness that becomes the               obligation of the Company or any of its Subsidiaries as having been incurred at the effective date of               such transaction, no Default or Event of Default shall have occurred and be continuing.                  The Company shall deliver to the Trustee prior to the consummation of the proposed transaction an Officers’  Certificate to the foregoing effect and an Opinion of Counsel stating that the proposed transaction and any  supplemental indenture comply with this Indenture.                   Section 5.2 Successor Corporation Substituted. Upon any consolidation or merger, or any sale, lease,  conveyance or other disposition of all or substantially all of the assets of the Company in accordance with Section 5.1,  the successor corporation formed by such consolidation or into or with which the Company is merged or to which  such sale, lease, conveyance or other disposition is made shall succeed to, and be substituted for, and may exercise  every right and power of, the Company under this Indenture with the same effect as if such successor person has been  named as the Company herein; provided, however, that the predecessor Company in the case of a sale, conveyance or  other disposition (other than a lease) shall be released from all obligations and covenants under this Indenture and the  Securities.                                            ARTICLE VI                                 DEFAULTS AND REMEDIES                 Section 6.1 Events of Default. “Event of Default,” wherever used herein with respect to Securities of any  Series, means any one of the following events, unless in the establishing Board Resolution, supplemental indenture or  Officers’ Certificate, it is provided that such Series shall not have the benefit of said Event of Default:                 (a)    default in the payment of any interest on any Security of that Series, or any Additional Amounts              with respect thereto, when becoming due and payable, and continuance of such default for a period              of 30 days (unless the entire amount of such payment is deposited by the Company with the Trustee              or with a Paying Agent prior to the expiration of such period of 30 days);                   (b)   default in the payment of principal of any Security of that Series at its Maturity;                   (c)   default in the deposit of any sinking fund payment, when and as due in respect of any Security of              that Series;                   (d)   default in the performance or breach of any covenant or warranty of the Company in this Indenture              (other than a covenant or warranty for which the consequences of nonperformance or breach are              addressed elsewhere in this Section 6.1 and other than a covenant or warranty that has been included              in this Indenture solely for the benefit of Series of Securities other than that Series), which default               continues uncured 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 not less than              25.0% in aggregate principal amount of the outstanding Securities of that 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;                   (e)   the Company pursuant to or within the meaning of any Bankruptcy Law:                               i.  commences a voluntary case,                               ii.  consents to the entry of an order for relief against it in an involuntary case,                               iii.  consents to the appointment of a Custodian of it or for all or substantially all of its property,                  

 

                                                                             Exhibit 4.23                  iv.  makes a general assignment for the benefit of its creditors, or                               v.  generally is unable to pay its debts as the same become due; or                        (f)    a court of competent jurisdiction enters an order or decree under any Bankruptcy Law that:                               i.  is for relief against the Company in an involuntary case,                               ii.  appoints a Custodian of the Company or for all or substantially all of its property, or                                iii.  orders the liquidation of the Company, and the order or decree remains unstayed and in effect                 for 60 days; or                 (g)    any other Event of Default provided with respect to Securities of that Series, which is specified in a              Board Resolution, a supplemental indenture hereto or an Officers’ Certificate, in accordance with              Section 2.2(n).     The term “Bankruptcy Law” means title 11, U.S. Code or any similar Federal or State law for the relief of debtors.  The term “Custodian” means any receiver, trustee, assignee, liquidator or similar official under any Bankruptcy Law.                   Section 6.2 Acceleration of Maturity; Rescission and Annulment. Except to the extent provided otherwise in  the establishing Board Resolution, supplemental indenture or Officers’ Certificate for such Series, if an Event of  Default with respect to Securities of any Series at the time outstanding occurs and is continuing (other than an Event  of Default referred to in Section 6.1(e) or (f)), then in every such case the Trustee or the Holders of not less than 25.0%  in aggregate principal amount of the outstanding Securities of that Series may declare the principal amount (or, if any  Securities of that Series are Discount Securities, such portion of the principal amount as may be specified in the terms  of such Securities) of and accrued and unpaid interest, if any, on all of the Securities of that Series to be due and  payable immediately, by a notice in writing to the Company (and to the Trustee if given by Holders), and upon any  such declaration such principal amount (or portion thereof) and accrued and unpaid interest, if any, shall become  immediately due and payable. If an Event of Default specified in Section 6.1(e) or (f) shall occur, the principal amount  (or portion thereof) of and accrued and unpaid interest, if any, on all outstanding Securities shall automatically become  and be immediately due and payable without any declaration or other act on the part of the Trustee or any Holder.                   At any time after such a declaration of acceleration with respect to 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 Securities of that Series, by written notice  to the Company and the Trustee, may rescind and annul such declaration and its consequences if all Events of Default  with respect to Securities of that Series, other than the non-payment of the principal and interest, if any, of Securities  of that Series which have become due solely by such declaration of acceleration, have been cured or waived as  provided in Section 6.13.                 No such rescission shall affect any subsequent Default or impair any right consequent thereon.                 Section 6.3 Collection of Indebtedness and Suits for Enforcement by Trustee. The Company covenants that  if:                 (a)    default is made in the payment of any interest on any Security, or any Additional Amount with              respect thereto, when such interest or Additional Amount becomes due and payable and such default              continues for a period of 30 days,                 (b)    default is made in the payment of principal of any Security at the Maturity thereof, or                 (c)    default is made in the deposit of any sinking fund payment when and as due by the terms of a              Security,     

 

                                                                             Exhibit 4.23   then, the Company will, upon demand of the Trustee, pay to it, for the benefit of the Holders of such Securities, the  whole amount then due and payable on such Securities for principal and interest and, to the extent that payment of  such interest shall be legally enforceable, interest on any overdue principal and any overdue interest at the rate or rates  prescribed therefor in such 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 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, may  prosecute such proceeding to judgment or final decree and may enforce the same against the Company or any other  obligor upon such Securities and collect the moneys adjudged or deemed to be payable in the manner provided by law  out of the property of the Company or any other obligor upon such Securities, wherever situated.                   If an Event of Default with respect to any 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 Securities of such Series 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 6.4 Trustee  May  File  Proofs of Claim. In case of the pendency of any receivership, insolvency,  liquidation, bankruptcy, reorganization, arrangement, adjustment, composition or other judicial proceeding relative to  the Company or any other obligor upon the Securities or the property of the Company or of such other obligor or their  creditors, the Trustee (irrespective of whether the principal of the Securities shall then be due and payable as therein  expressed or by declaration or otherwise and irrespective of whether the Trustee shall have made any demand on the  Company for the payment of overdue principal or interest) shall be entitled and empowered, by intervention in such  proceeding or otherwise, (a) to file and prove a claim for the whole amount of principal and interest owing and unpaid  in respect of the Securities 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 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 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 7.7.                   Nothing herein contained shall be deemed to authorize the Trustee to authorize or consent to or accept or  adopt on behalf of any Holder any plan of reorganization, arrangement, adjustment or composition affecting the  Securities or the rights of any Holder thereof or to authorize the Trustee to vote in respect of the claim of any Holder  in any such proceeding.                   Section 6.5 Trustee May Enforce Claims Without Possession Of Securities. All rights of action and claims  under this Indenture or the Securities may be prosecuted and enforced by the Trustee without the possession of any of  the Securities or the production thereof in any proceeding relating thereto, and any such proceeding instituted by the  Trustee shall be brought in its own name as trustee of an express trust, and any recovery of judgment shall, 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 Securities in respect of which such judgment has  been recovered.            Section 6.6 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 or interest, upon presentation of the Securities 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 7.7; and           

 

                                                                             Exhibit 4.23         Second: To the payment of the amounts then due and unpaid for principal of and interest on the Securities in  respect of which or for the benefit of which such money has been collected, ratably, without preference or priority of  any kind, according to the amounts due and payable on such Securities for principal and interest, respectively; and                 Third: To the Company.                 Section 6.7 Limitation on Suits. No Holder of any Security of any Series 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 Securities of that Series;                 (b)    the Holders of not less than 25.0% in aggregate principal amount of the outstanding Securities of              that 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 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 Securities of that 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 of 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 such Holders.                   Section 6.8 Unconditional Right of Holders to Receive Principal and Interest. Notwithstanding any other  provision in this Indenture, the Holder of any Security shall have the right, which is absolute and unconditional, to  receive payment of the principal of and interest, if any, on such Security on the Stated Maturity or Stated Maturities  expressed in such Security (or, in the case of redemption, on the redemption date) and to institute suit for the  enforcement of any such payment, and such rights shall not be impaired without the consent of such Holder.                 Section 6.9 Restoration of Rights and Remedies. If the Trustee or any Holder has instituted any proceeding  to enforce any right or remedy under this Indenture and such proceeding has been discontinued or abandoned for any  reason, or has been determined adversely to the Trustee or to such Holder, then and in every such case, subject to any  determination in such proceeding, the Company, the Trustee and the Holders shall be restored severally and  respectively to their former positions hereunder and thereafter all rights and remedies of the Trustee and the Holders  shall continue as though no such proceeding had been instituted.                  Section 6.10 Rights and Remedies Cumulative. Except as otherwise provided with respect to the replacement  or payment of mutilated, destroyed, lost or stolen Securities in Section 2.8, 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, to the extent permitted by law, prevent the concurrent assertion or  employment of any other appropriate right or remedy.                 Section 6.11 Delay or Omission Not Waiver. No delay or omission of the Trustee or of any Holder of any  Securities 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  

 

                                                                             Exhibit 4.23   Article or by law to the Trustee or to the Holders may be exercised from time to time, and as often as may be deemed  expedient, by the Trustee or by the Holders, as the case may be.                 Section 6.12 Control by Holders. The Holders of a majority in principal amount of the outstanding 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 Securities of  such Series, provided that:                 (a)    such direction shall not be in conflict with any rule of law or with this Indenture;                 (b)    the Trustee may take any other action deemed proper by the Trustee which is not inconsistent with              such direction; and                   (c)   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 of the Trustee, determine that              the proceeding so directed would involve the Trustee in personal liability.                 Section 6.13 Waiver of Past Defaults. The Holders of not less than a majority in principal amount of the  outstanding Securities of any Series may on behalf of the Holders of all the Securities of such Series 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 interest on any Security of such Series (provided, however, that the Holders of a majority in principal amount of  the outstanding Securities of any Series may rescind an acceleration and its consequences, including any related  payment default that resulted from such acceleration) or (b) in respect of a covenant or provision hereof which cannot  be modified or amended without the consent of the Holder of each outstanding Security of such Series affected. 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 6.14 Undertaking for Costs. All parties to this Indenture agree, and each Holder of any Security by  his acceptance thereof shall be deemed to have agreed, that any court may in its discretion require, in any suit for the  enforcement of any right or remedy under this Indenture, or in any suit against the Trustee for any action taken,  suffered or omitted by it as Trustee, the filing by any party litigant in such suit of an undertaking to pay the costs of  such suit, and that such court may in its discretion assess reasonable costs, including reasonable attorneys’ fees, against  any party litigant in such suit, having due regard to the merits and good faith of the claims or defenses made by such  party litigant; but the provisions of this Section shall not apply to any suit instituted by the Company, 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 Securities of any Series, or to any suit instituted by any Holder for the  enforcement of the payment of the principal of or interest on any Security on or after the Stated Maturity or Stated  Maturities expressed in such Security (or, in the case of redemption, on the redemption date).                  Section 6.15  Tier 2 Capital Terms Restructure.  If all or any portion of the Securities cease to be deemed to  be Tier 2 Capital, other than due to the limitation imposed on the capital treatment of subordinated debt during the 5  years immediately preceding the Maturity Date of the Securities, Company will immediately notify the Holders, and  thereafter the Company shall request, subject to the terms hereof, that the Holders execute and deliver all agreements  as reasonably necessary in order to restructure the applicable portions of the obligations evidenced by the Securities  to qualify as Tier 2 Capital.                                                                                     ARTICLE VII                                         TRUSTEE                 Section 7.1 Duties of Trustee.                 (a)    If an Event of Default has occurred and is continuing, the Trustee shall exercise 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 their own affairs.           

 

                                                                       Exhibit 4.23                   (b)    Except during the continuance of an Event of Default:                   i.  The Trustee need perform only those duties that are specifically set forth in this Indenture and           no others, and no implied covenants or obligations shall be read into this Indenture against the           Trustee. The Trustee shall not be liable for any action it takes or omits to take in good faith that            it believes to be authorized or within its rights or powers. The Trustee is not required to give           any bond or surety with respect to the performance of its duties or the exercise of its powers           under this Indenture. The permissive right of the Trustee to take the actions permitted by this           Indenture shall not be construed as an obligation or duty to do so.                   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 Officers’ Certificates or           Opinions of Counsel furnished to the Trustee and conforming to the requirements of this           Indenture; however, in the case of any such Officers’ Certificates or Opinions of Counsel which            by any provisions hereof are specifically required to be furnished to the Trustee, the Trustee           shall examine such Officers’ Certificates and Opinions of Counsel to determine whether or not           they conform to the requirements of this Indenture.       (c)   The Trustee may not be relieved from liability for its own negligent action, its own negligent failure        to act, its own bad faith or its own willful misconduct, except that:                   i.  This paragraph does not limit the effect of paragraph (b) 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 is proved that the Trustee was negligent in ascertaining the pertinent facts.                          iii.  The Trustee shall not be liable with respect to any action taken, suffered or omitted to be taken            by it with respect to Securities of any Series in good faith in accordance with the direction of           the Holders of a majority in principal amount of the outstanding Securities of such 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 Securities of such Series.       (d)   Every provision of this Indenture that in any way relates to the Trustee is subject to paragraph (a),        (b) and (c) of this Section.       (e)   The Trustee may refuse to perform any duty or exercise any right or power at the request or direction        of any Holder unless it receives indemnity satisfactory to it against any loss, liability or expense.     (f)    The Trustee shall not be liable for interest on any money received by it except as the Trustee may        agree in writing with the Company. Money held in trust by the Trustee need not be segregated from         other funds except to the extent required by law.     (g)    No provision of this Indenture shall require the Trustee to risk its own funds or otherwise incur any        financial liability in the performance of any of its duties, 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 satisfactory        indemnity against such risk is not assured to it.       (h)   The Paying Agent, the Registrar and any authenticating agent shall be entitled to the protections,         immunities and standard of care as are set forth in paragraphs (a), (b) and (c) of this Section with        respect to the Trustee.       Section 7.2 Rights of Trustee.     

 

                                                                       Exhibit 4.23                   (a)    The Trustee may rely on and shall be protected in acting or refraining from acting upon any         document believed by it to be genuine and to have been signed or presented by the proper person.        The Trustee need not investigate any fact or matter stated in the document.     (b)    Before the Trustee acts or refrains from acting, it may require an Officers’ Certificate, Opinion of         Counsel, or both. The Trustee shall not be liable for any action it takes or omits to take in good faith        in reliance on such Officers’ Certificate and/or Opinion of Counsel.       (c)   The Trustee may act through agents and shall not be responsible for the misconduct or negligence        of any agent appointed with due care. No Depository shall be deemed an agent of the Trustee and        the Trustee shall not be responsible for any act or omission by any Depository.       (d)   The Trustee shall not be liable for any action it takes or omits to take in good faith which it believes        to be authorized or within its rights or powers, provided that the Trustee’s conduct does not        constitute negligence or willful misconduct.        (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 Securities unless such Holders shall        have offered to the Trustee reasonable security or indemnity against the costs, expenses and         liabilities which might be incurred by it in compliance with such request or direction.       (f)   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 without negligence and in good faith and in reliance thereon.     (g)    The Trustee may conclusively rely upon and shall not be bound to make any investigation into the         facts or matters stated in any resolution, certificate, opinion, statement, instrument, opinion, report,        notice, request, direction, consent, order, bond, debenture, note, 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.       (h)   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 Securities generally or the Securities of a particular Series         and this Indenture.       (i)   Delivery of reports, information and documents (including, without limitation, reports contemplated        in this Section) to the Trustee is for information purposes only, and the Trustee’s receipts thereof         shall not constitute actual or constructive notice of any information contained therein or        determinable from information contained therein, including the Company’s compliance with        covenants under the Indenture, Securities, and guarantees (if any), as to which the Trustee is entitled         to rely exclusively on Officers’ Certificates.     (j)    The Trustee shall have no responsibility for monitoring the Company’s compliance with any of its        covenants under this Indenture.     (k)    The Trustee shall not be responsible or liable for punitive, 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         actions.     (l)    Any permissive right of the Trustee to take or refrain from taking actions enumerated in this        Indenture or other Note Documents shall not be construed as a duty.     

 

                                                                             Exhibit 4.23           (m)    The Trustee shall not be responsible or liable for any failure or delay in the performance of its               obligations under this Indenture arising out of or caused, directly or indirectly, by circumstances              beyond its reasonable control, including, without limitation, acts of God; earthquakes; fire; flood;              terrorism; wars and other military disturbances; sabotage; epidemics; riots; interruptions; loss or              malfunction of utilities, computer (hardware or software) or communication services; accidents;              labor disputes; and acts of civil or military authorities and governmental action.                    (n)   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 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 Securities of such Series.                   Section 7.3 Individual Rights of Trustee. The Trustee in its individual or any other capacity may become the  owner or pledgee of Securities and may otherwise deal with the Company or an Affiliate of the Company with the  same rights it would have if it were not Trustee. Any Agent may do the same with like rights. The Trustee is also  subject to Sections 7.10 and 7.11.                 Section 7.4 Trustee’s Disclaimer. The Trustee makes no representation as to the validity or adequacy of this  Indenture or the Securities, it shall not be accountable for the Company’s use of the proceeds from the Securities, and  it shall not be responsible for any statement in the Securities other than its authentication.                 Section 7.5 Notice of Defaults. If a Default or Event of Default occurs and is continuing with respect to the  Securities of any Series and if it is known to a Responsible Officer of the Trustee, the Trustee shall mail to each  Security Holder of the Securities of that Series and, if any Bearer Securities are outstanding, publish on one occasion  in an Authorized Newspaper, notice of a Default or Event of Default within 90 days after it occurs or, if later, after a  Responsible Officer of the Trustee has knowledge of such Default or Event of Default. Except in the case of a Default  or Event of Default in payment of principal of or interest on any Security of any Series, the Trustee may withhold the  notice if and so long as Responsible Officers in good faith determine that withholding the notice is in the interests of  Security Holders of that Series.                 Section 7.6 Reports by Trustee to Holders. Within 60 days after May 15 in each year, the Trustee shall  transmit by mail to all Security Holders, as their names and addresses appear on the register kept by the Registrar and,  if any Bearer Securities are outstanding, publish in an Authorized Newspaper, a brief report dated as of such May 15,  in accordance with, and to the extent required under, TIA Section 313.                 A copy of each report at the time of its mailing to Security Holders of any Series shall be filed with the SEC  and each stock exchange, if any, on which the Securities of that Series are listed. The Company shall promptly notify  the Trustee when Securities of any Series are listed on any stock exchange.                 Section 7.7 Compensation and Indemnity. The Company shall pay to the Trustee from time to time  compensation for its services as the Company and the Trustee shall from time to time agree upon in writing. The  Trustee’s compensation shall not be limited by any law on compensation of a trustee of an express trust. The Company  shall reimburse the Trustee upon request for all reasonable out-of-pocket expenses incurred by it. Such expenses shall  include the reasonable compensation and expenses of the Trustee’s agents and counsel.                 The Company shall indemnify each of the Trustee and any predecessor Trustee (including the cost of  defending itself) against any loss, liability, claim (including any between the parties to this Indenture and including  attorneys’ fees in connection with enforcement of its rights to indemnity hereunder), suit or expense, including taxes  (other than taxes based upon, measured by or determined by the income of the Trustee) incurred by it except as set  forth in the next paragraph in the performance of its duties under this Indenture as Trustee or Agent. The Trustee shall  notify the Company promptly of any claim for which it may seek indemnity. The Trustee may have one separate  counsel and the Company shall pay the reasonable fees and expenses of such counsel. The Company need not pay for  any settlement made without its consent, which consent shall not be unreasonably withheld. This indemnification shall  apply to officers, directors, employees, shareholders and agents of the Trustee.      

 

                                                                             Exhibit 4.23         The Company need not reimburse any expense or indemnify against any loss or liability incurred by the  Trustee or by any officer, director, employee, shareholder or agent of the Trustee to the extent of its or their negligence  or willful misconduct.                 To secure the Company’s payment obligations in this Section, the Trustee shall have a lien prior to the  Securities of any Series on all money or property held or collected by the Trustee, except that held in trust to pay  principal of and interest on particular Securities of that Series.                 When the Trustee incurs expenses or renders services after an Event of Default specified in Section 6.1(e) or  (f) occurs, the expenses and the compensation for the services are intended to constitute expenses of administration  under any Bankruptcy Law.                 The provisions of this Section shall survive the resignation or removal of the Trustee and the termination of  this Indenture.                 Section 7.8 Replacement of Trustee. A resignation or removal of the Trustee and appointment of a successor  Trustee shall become effective only upon the successor Trustee’s acceptance of appointment as provided in this  Section.                 The Trustee may resign with respect to the Securities of one or more Series by so notifying the Company at  least 30 days prior to the date of the proposed resignation. The Holders of a majority in principal amount of the  Securities of any Series may remove the Trustee with respect to that Series by so notifying the Trustee and the  Company. The Company may remove the Trustee with respect to Securities of one or more Series if:                 (a)    the Trustee fails to comply with Section 7.10;                 (b)    the Trustee is adjudged a bankrupt or an insolvent or an order for relief is entered with respect to              the Trustee under any Bankruptcy Law;                 (c)    a Custodian or public officer takes charge of the Trustee or its property; or                 (d)    the Trustee becomes incapable of acting.                 If the Trustee resigns or is removed or if a vacancy exists in the office of Trustee for any reason, the Company  shall promptly appoint a successor Trustee. Within one year after the successor Trustee takes office, the Holders of a  majority in principal amount of the then outstanding Securities may appoint a successor Trustee to replace the  successor Trustee appointed by the Company.                 If a successor Trustee with respect to the Securities of any one or more Series does not take office within 60  days after the retiring Trustee resigns or is removed, the retiring Trustee, the Company or the Holders of at least a  majority in principal amount of the Securities of the applicable Series may petition any court of competent jurisdiction  for the appointment of a successor Trustee.                 A successor Trustee shall deliver a written acceptance of its appointment to the retiring Trustee and to the  Company. Immediately after that, the retiring Trustee shall transfer all property held by it as Trustee to the successor  Trustee subject to the lien provided for in Section 7.7, the resignation or removal of the retiring Trustee shall become  effective, and the successor Trustee shall have all the rights, powers and duties of the Trustee with respect to each  Series of Securities for which it is acting as Trustee under this Indenture. A successor Trustee shall mail a notice of  its succession to each Security Holder of each such Series and, if any Bearer Securities are outstanding, publish such  notice on one occasion in an Authorized Newspaper. Notwithstanding replacement of the Trustee pursuant to this  Section 7.8, the Company’s obligations under Section 7.7 hereof shall continue for the benefit of the retiring Trustee  with respect to expenses and liabilities incurred by it prior to such replacement.                  Section 7.9 Successor Trustee by Merger, Etc. If the Trustee consolidates with, merges or converts into, or  transfers all or substantially all of its corporate trust business to, another person, the successor person without any  further act shall be the successor Trustee.  

 

                                                                             Exhibit 4.23                  Section 7.10 Eligibility; Disqualification. This Indenture shall always have a Trustee who satisfies the  requirements of TIA Section 310(a)(1), (2) and (5). The Trustee shall always have a combined capital and surplus of  at least $25,000,000 as set forth in its most recent published annual report of condition. The Trustee shall comply with  TIA Section 310(b).                   Section 7.11 Referential Collection of Claims against Company. The Trustee is subject to TIA  Section 311(a), excluding any creditor relationship listed in TIA Section 311(b). A Trustee who has resigned or been  removed shall be subject to TIA Section 311(a) to the extent indicated.                                                                                     ARTICLE VIII                       SATISFACTION AND DISCHARGE; DEFEASANCE                 Section 8.1 Satisfaction and Discharge of Indenture. This Indenture shall upon Company Order cease to be  of further effect (except as hereinafter provided in this Section 8.1), and the Trustee, at the expense of the Company,  shall execute proper instruments acknowledging satisfaction and discharge of this Indenture, when                 (a) either:                               i.  all Securities theretofore authenticated and delivered (other than Securities that have been                 destroyed, lost or stolen and that have been replaced or paid) have been delivered to the Trustee                 for cancellation; or                               ii.  all such Securities not theretofore delivered to the Trustee for cancellation                                     (1)    have become due and payable, or                                     (2)    will become due and payable at their Stated Maturity within one year, or                                     (3)    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; or                                     (4)    are deemed paid and discharged pursuant to Section 8.3, as applicable; and the                        Company, in the case of (1), (2) and (3) above, has irrevocably deposited or caused to                        be deposited with the Trustee as trust funds in trust an amount sufficient for the                         purpose of paying and discharging the entire indebtedness on such Securities not                        theretofore delivered to the Trustee for cancellation, for principal and interest to the                        date of such deposit (in the case of Securities which have become due and payable on                         or prior to the date of such deposit) or to the Stated Maturity or redemption date, as                        the case may be;                                 (b)    the Company has paid or caused to be paid all other sums payable hereunder by the Company; and         (c)    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 7.7, and, if money shall have been deposited with the Trustee pursuant to clause (a) of this  Section, the provisions of Sections 2.4, 2.7, 2.8, 8.1, 8.2 and 8.5 shall survive.                   Section 8.2 Application of Trust Funds; Indemnification.                 (a)    Subject to the provisions of Section 8.5, all money deposited with the Trustee pursuant to Section              8.1, all money and U.S. Government Obligations deposited with the Trustee pursuant to Section 8.3 

 

                                                                             Exhibit 4.23                or 8.4 and all money received by the Trustee in respect of U.S. Government Obligations deposited               with the Trustee pursuant to Section 8.3 or 8.4, shall be held in trust and applied by it, in accordance              with the provisions of the Securities and this Indenture, to the payment, either directly or through              any Paying Agent (other than the Company acting as its own Paying Agent) as the Trustee may              determine, to the persons entitled thereto, of the principal and interest for whose payment such              money has been deposited with or received by the Trustee or to make mandatory sinking fund               payments or analogous payments as contemplated by Sections 8.3 or 8.4.                 (b)    The Company shall pay and shall indemnify the Trustee against any tax, fee or other charge imposed              on or assessed against U.S. Government Obligations deposited pursuant to Sections 8.3 or 8.4 or the               interest and principal received in respect of such obligations other than any payable by or on behalf              of Holders.                   (c)   The Trustee shall deliver or pay to the Company from time to time upon Company Request any U.S.              Government Obligations or money held by it as provided in Sections 8.3 or 8.4 which, in the opinion              of a nationally recognized firm of independent certified 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 U.S. Government              Obligations or money were deposited or received. This provision shall not authorize the sale by the              Trustee of any U.S. Government Obligations held under this Indenture.                   Section 8.3 Legal Defeasance of Securities of any Series. Unless this Section 8.3 is otherwise specified,  pursuant to Section 2.2(p), to be inapplicable to Securities of any Series, the Company shall be deemed to have paid  and discharged the entire indebtedness on all the outstanding Securities of any Series on the 91st day after the date of  the deposit referred to in subparagraph (c) hereof, and the provisions of this Indenture, as it relates to such outstanding  Securities of such Series, shall no longer be in effect (and the Trustee, at the expense of the Company, shall, at  Company Request, execute proper instruments acknowledging the same), except as to:                 (a)    the rights of Holders of Securities of such Series to receive, from the trust funds described in               subparagraph (c) hereof, (i) payment of the principal of and each installment of principal of and              interest on the outstanding Securities of such Series on the Stated Maturity of such principal or              installment of principal or interest and (ii) the benefit of any mandatory sinking fund payments              applicable to the Securities of such Series on the day on which such payments are due and payable              in accordance with the terms of this Indenture and the Securities of such Series;                    (b)   the provisions of Sections 2.4, 2.7, 2.8, 8.2, 8.3, and 8.5; and                   (c)   the rights, powers, trust and immunities of the Trustee hereunder; provided that, the following              conditions shall have been satisfied:                               i.  the Company shall have deposited or caused to be irrevocably deposited (except as provided in                 Section 8.2(c)) with the Trustee as trust funds in trust for the purpose of making the following                 payments, specifically pledged as security for and dedicated solely to the benefit of the Holders                  of such Securities, cash in Dollars and/or U.S. Government Obligations, which through the                 payment of interest and principal in respect thereof in accordance with their terms, will provide                 (and without reinvestment and assuming no tax liability will be imposed on such Trustee), not                  later than one day before the due date of any payment of money, an amount in cash, sufficient,                 in the opinion of a regionally recognized firm of independent public accountants expressed in                 a written certification thereof delivered to the Trustee, to pay and discharge each installment of                 principal of and interest, if any, on and any mandatory sinking fund payments in respect of all                 the Securities of such Series on the dates such installments of interest or principal and such                  sinking fund payments are due;                               ii.  such deposit will not result in a breach or violation 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;  

 

                                                                             Exhibit 4.23                                iii.  no Default or Event of Default with respect to the Securities of such Series shall have occurred                 and be continuing on the date of such deposit or during the period ending on the 120th day after                 such date;                               iv.  the Company shall have delivered to the Trustee an Officers’ Certificate and 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 execution of this Indenture, there                  has been a change in the 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 the Securities of such                 Series will not recognize income, gain or loss for Federal income tax purposes as a result of                  such deposit, defeasance and discharge and will be subject to Federal income tax on the same                 amounts 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;                               v.  the Company shall have delivered to the Trustee an Officers’ Certificate stating that the deposit                  was not made by the Company with the intent of preferring the Holders of the Securities of such                  Series over any other creditors of the Company or with the intent of defeating, hindering,                   delaying or defrauding any other creditors of the Company; and                                vi.  the Company shall have delivered to the Trustee an Opinion of Counsel to the effect that: (A)                  either (i) as a result of the deposit made pursuant to subparagraph (c)(i) above registration is                   not required under the Investment Company Act of 1940, as amended, by the Company with                  respect to the trust funds representing such deposit or by the Trustee for such trust funds or (ii)                  all necessary registrations under said Act have been effected and (B) the discharge does not                 cause the Trustee to have a conflicting interest for purposes of the Trust Indenture Act; and                               vii.  the Company shall have delivered to the Trustee an Officers’ Certificate and an Opinion of                 Counsel, each stating that all conditions precedent provided for relating to the defeasance                 contemplated by this Section have been complied with.                   Section 8.4 Covenant Defeasance. Unless this Section 8.4 is otherwise specified pursuant to Section 2.2(p)  to be inapplicable to Securities of any Series, on and after the 91st day after the date of the deposit referred to in  subparagraph (a) hereof, the Company may omit to comply with respect to the Securities of any Series with any term,  provision or condition set forth under Sections 4.2, 4.3, 4.4, 4.6, and 5.1 as well as any additional covenants specified  in a supplemental indenture for such Series of Securities or a Board Resolution or an Officers’ Certificate delivered  pursuant to Section 2.2(p) (and the failure to comply with any such covenants shall not constitute a Default or Event  of Default with respect to such Series under Section 6.1) and the occurrence of any event specified in a supplemental  indenture for such Series of Securities or a Board Resolution or an Officers’ Certificate delivered pursuant to  Section 2.2(n) and designated as an Event of Default shall not constitute a Default or Event of Default hereunder, with  respect to the Securities of such Series, provided that the following conditions shall have been satisfied:                 (a)    With reference to this Section 8.4, the Company has deposited or caused to be irrevocably deposited              (except as provided in Section 8.2(c)) with the Trustee as trust funds in trust for the purpose of              making the following payments specifically pledged as security for, and dedicated solely to, the              benefit of the Holders of such Securities, cash in Dollars and/or U.S. Government Obligations,              which through the payment of interest and principal in respect thereof in accordance with their              terms, will provide (and without reinvestment and assuming no tax liability will be imposed on such              Trustee), not later than one day before the due date of any payment of money, an amount in cash,               sufficient, in the opinion of a regionally recognized firm of independent certified public accountants              expressed in a written certification thereof delivered to the Trustee, to pay and discharge each              installment of principal of and interest, if any, on and any mandatory sinking fund payments in              respect of the Securities of such Series on the dates such installments of interest or principal and              such sinking fund payments are due;           

 

                                                                             Exhibit 4.23           (b)    Such deposit will not result in a breach or violation 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;                   (c)   No Default or Event of Default with respect to the Securities of such Series shall have occurred and               be continuing on the date of such deposit or during the period ending on the 120th day after such              date;                   (d)   The Company shall have delivered to the Trustee an Opinion of Counsel to the effect that Holders              of the Securities of such Series will not recognize income, gain or loss for federal income tax              purposes as a result of such deposit and covenant defeasance and will be subject to federal income              tax on the same amounts, in the same manner and at the same times as would have been the case if               such deposit and covenant defeasance had not occurred;                  (e)    The Company shall have delivered to the Trustee an Opinion of Counsel to the effect that: (A) either              (i) as a result of the deposit made pursuant to subsection (a) above registration is not required under               the Investment Company Act of 1940, as amended, by the Company with respect to the trust funds              representing such deposit or by the Trustee for such trust funds or (ii) all necessary registrations              under said Act have been effected and (B) the discharge does not cause the Trustee to have a               conflicting interest for purposes of the Trust Indenture Act; and                 (f)    The Company shall have delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel,              each stating that all conditions precedent herein provided for relating to the covenant defeasance              contemplated by this Section have been complied with.                 Section 8.5 Repayment to Company. The Trustee and the Paying Agent shall pay to the Company upon  request any money held by them for the payment of principal and interest that remains unclaimed for six months. After  that, Security Holders entitled to the money must look to the Company for payment as general creditors unless an  applicable abandoned property law designates another person.                                                                                      ARTICLE IX                               AMENDMENTS AND WAIVERS                   Section 9.1 Without Consent of Holders. The Company and the Trustee may amend or supplement this  Indenture or the Securities of one or more Series without the consent of any Security Holder by indentures  supplemental hereto:                 (a)    to cure any ambiguity, defect or inconsistency, provided that such actions will not adversely affect              the interests of the holders of the Notes in any material respect;                   (b)   to comply with Article V;                   (c)   to evidence the succession of another corporation to the Company, or successive successions,              pursuant to Article 11 hereof, and the assumption by the successor corporation of the covenants,              agreements and obligations of the Company herein and in the Securities;                   (d)   to add to the covenants of the Company such further covenants, restrictions, conditions or provisions              as its Board of Directors shall consider to be for the protection of the holders of Securities, and to              make the occurrence, or the occurrence and continuance, of a default in any of such additional               covenants, restrictions, conditions or provisions an Event of Default permitting the enforcement of              all or any of the several remedies provided in this Indenture as herein set forth, with such period of               grace, if any, and subject to such conditions as such supplemental indenture may provide;                 (e)    to add to or change 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 of or               any premium or interest on Bearer Securities, to permit Bearer Securities to be issued in exchange              for Registered Securities, to permit Bearer Securities to be issued in exchange for Bearer Securities 

 

                                                                             Exhibit 4.23                of other authorized denominations or to permit or facilitate the issuance of Securities in              uncertificated form, provided that any such action shall not adversely affect the interests of the              holders of Securities of any Series or any related coupons in any material respect;                  (f)    to modify, eliminate or add to the provisions of this Indenture to such extent as shall be necessary              to effect the qualification of this Indenture under the Trust Indenture Act, or under any similar              federal statute hereafter enacted, and to add to this Indenture such other provisions as may be              expressly permitted by the Trust Indenture Act, excluding, however, the provisions referred to in              Section 316(a)(2) of the Trust Indenture Act or any corresponding provision in any similar federal               statute hereafter enacted;                   (g)   to add any additional Events of Default (and if such Events of Default are to be for the benefit of              less than all Series of Securities, stating that such are expressly being included solely for the benefit              of such Series);                   (h)   to modify, eliminate or add to any of the provisions of this Indenture, provided that any such change              or elimination (i) shall become effective only when there is no Security of any Series Outstanding              and created prior to the execution of such supplemental indenture that is entitled to the benefit of               such provision or (ii) shall not apply to any Security Outstanding;                 (i)    to provide for uncertificated Securities in addition to or in place of certificated Securities, provided              that such actions will not adversely affect the interests of the holders of the Notes in any material              respect;                 (j)    to make any change that does not adversely affect the rights of any Security Holder;                 (k)    to provide for the issuance of and establish the form and terms and conditions of Securities of any               Series as permitted by this Indenture;                 (l)    to evidence and provide for the acceptance of appointment hereunder by a successor Trustee with              respect to the 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; or                   (m)   to comply with requirements of the SEC in order to effect or maintain the qualification of this               Indenture under the TIA.                   Section 9.2 With Consent of Holders. The Company and the Trustee may enter into a supplemental indenture  with the written consent of the Holders of at least a majority in principal amount of the outstanding Securities of each  Series affected by such supplemental indenture (including consents obtained in connection with a tender offer or  exchange offer for the Securities of such Series), for the purpose of adding any provisions to or changing in any  manner or eliminating any of the provisions of this Indenture or of any supplemental indenture or of modifying in any  manner the rights of the Security Holders of each such Series. Except as provided in Section 6.13, the Holders of at  least a majority in principal amount of the outstanding Securities of any Series by notice to the Trustee (including  consents obtained in connection with a tender offer or exchange offer for the Securities of such Series) may waive  compliance by the Company with any provision of this Indenture or the Securities with respect to such Series.                 It shall not be necessary for the consent of the Holders of Securities under this Section 9.2 to approve the  particular form of any proposed supplemental indenture or waiver, but it shall be sufficient if such consent approves  the substance thereof. After a supplemental indenture or waiver under this section becomes effective, the Company  shall mail to the Holders of Securities affected thereby and, if any Bearer Securities affected thereby are outstanding,  publish on one occasion in an Authorized Newspaper, a notice briefly describing the supplemental indenture or waiver.  Any failure by the Company to mail or publish such notice, or any defect therein, shall not, however, in any way  impair or affect the validity of any such supplemental indenture or waiver.            

 

                                                                             Exhibit 4.23         Section 9.3 Limitations. Without the consent of each Security Holder affected, an amendment or waiver may  not:                 (a)    reduce the amount of Securities whose Holders must consent to an amendment, supplement or               waiver;                 (b)    reduce the rate of or extend the time for payment of interest (including default interest) on any              Security or any Additional Amount with respect thereto;                   (c)   reduce the principal or change the Stated Maturity of any Security or reduce the amount of, or               postpone the date fixed for, the payment of any sinking fund or analogous obligation;                 (d)    reduce the principal amount of Discount Securities payable upon acceleration of the maturity              thereof;                 (e)    waive a Default or Event of Default in the payment of the principal of or interest, if any, on any              Security (except a rescission of acceleration of the Securities of any Series by the Holders of at least              a majority in principal amount of the outstanding Securities of such Series and a waiver of the               payment default that resulted from such acceleration);                   (f)   make the principal of or interest, if any, on any Security or any Additional Amount with respect              thereto payable in any currency other than that stated in the Security;                   (g)   make any change in Sections 6.8, 6.13, or 9.3 (this sentence); or                   (h)   waive a redemption payment with respect to any Security.                   Section 9.4 Compliance with Trust Indenture Act. Every amendment to this Indenture or the Securities of  one or more Series shall be set forth in a supplemental indenture hereto that complies with the TIA as then in effect.                 Section 9.5 Revocation and Effect of Consents. Until an amendment is set forth in a supplemental indenture  or a waiver becomes effective, a consent to it by a Holder of a Security is a continuing consent by the Holder and  every subsequent Holder of a Security or portion of a Security that evidences the same debt as the consenting Holder’s  Security, even if notation of the consent is not made on any Security. However, any such Holder or subsequent Holder  may revoke the consent as to his Security or portion of a Security if the Trustee receives the notice of revocation  before the date of the supplemental indenture or the date the waiver becomes effective.                 Any amendment or waiver once effective shall bind every Security Holder of each Series affected by such  amendment or waiver unless it is of the type described in any of clauses (a) through (h) of Section 9.3. In that case,  the amendment or waiver shall bind each Holder of a Security who has consented to it and every subsequent Holder  of a Security or portion of a Security that evidences the same debt as the consenting Holder’s Security.                  Section 9.6 Notation on or Exchange of Securities. The Trustee may place an appropriate notation about an  amendment or waiver on any Security of any Series thereafter authenticated. The Company in exchange for Securities  of that Series may issue and the Trustee shall authenticate upon request new Securities of that Series that reflect the  amendment or waiver.                 Section 9.7 Trustee Protected. 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 7.1) shall be fully protected in relying upon, an Officers’ Certificate  and Opinion of Counsel stating that all conditions precedent have been satisfied, the execution of such supplemental  indenture is authorized or permitted by this Indenture and that such supplemental indenture is the legal, valid and  binding obligation of the Company, enforceable against the Company in accordance with its terms. The Trustee shall  sign all supplemental indentures, except that the Trustee need not sign any supplemental indenture that adversely  affects it.                                                

 

                                                                             Exhibit 4.23                                         ARTICLE X                                     MISCELLANEOUS                   Section 10.1 Trust Indenture Act Controls. If any provision of this Indenture limits, qualifies, or conflicts  with another provision which is required or deemed to be included in this Indenture by the TIA, such required or  deemed provision shall control.                 Section 10.2 Notices. Any notice or communication by the Company or the Trustee to the other, or by a  Holder to the Company or the Trustee, is duly given if in writing and delivered in person or mailed by first-class mail:                               if to the Company:                               Great Western Bancorp, Inc.               225 S. Main Avenue               Sioux Falls, SD  57104               Attention: Chief Financial Officer               Telephone: (605) 334 - 2548                               if to the Trustee:                                                                                                                                                                                                        The Company or the Trustee by notice to the other may designate additional or different addresses for  subsequent notices or communications.                 Any notice or communication to a Security Holder shall be mailed by first-class mail to his address shown  on the register kept by the Registrar and, if any Bearer Securities are outstanding, published in an Authorized  Newspaper. Failure to mail a notice or communication to a Security Holder of any Series or any defect in it shall not  affect its sufficiency with respect to other Security Holders of that or any other Series.           If a notice or communication is mailed or published in the manner provided above, within the time prescribed,  it is duly given, whether or not the Security Holder receives it.                 If the Company mails a notice or communication to Security Holders, it shall mail a copy to the Trustee and  each Agent at the same time. Notwithstanding any other provision of the Indenture or any Security, where the  Indenture or any Security provides for notice of any event or any other communication (including any notice of  redemption or repurchase) to a Security Holder of a Security (whether by mail or otherwise), such notice shall be  sufficiently given if given to Depository (or its designee) pursuant to the applicable procedures from Depository or its  designee, including by electronic mail in accordance with accepted practices at Depository.                 Section 10.3 Communication by Holders with Other Holders. Security Holders of any Series may  communicate pursuant to TIA Section 312(b) with other Security Holders of that Series or any other Series with  respect to their rights under this Indenture or the Securities of that Series or all Series. The Company, the Trustee, the  Registrar and anyone else shall have the protection of TIA Section 312(c).                 Section 10.4 Certificate and Opinion as to Conditions Precedent. Upon any request or application by the  Company to the Trustee to take any action under this Indenture, the Company shall furnish to the Trustee:                 (a)    an Officers’ Certificate stating that, in the opinion of the signers, all conditions precedent, if any,               provided for in this Indenture relating to the proposed action have been complied with; and  

 

                                                                             Exhibit 4.23                  (b)    an Opinion of Counsel stating that, in the opinion of such counsel, all such conditions precedent              have been complied with.                   Section 10.5 Statements Required in Certificate or Opinion. Each certificate or opinion with respect to  compliance with a condition or covenant provided for in this Indenture (other than a certificate provided pursuant to  TIA Section 314(a)(4)) shall comply with the provisions of TIA Section 314(e) and shall include:                 (a)    a statement that the person making such certificate or opinion has read such covenant or condition;                (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 such person, he has made such examination or investigation as is              necessary to enable him to express an informed opinion as to whether or not such covenant or              condition has been complied with; and                   (d)   a statement as to whether or not, in the opinion of such person, such condition or covenant has been               complied with.                   Section 10.6 Rules by Trustee and Agents. The Trustee may make reasonable rules for action by, or a meeting  of, Security Holders of one or more Series. Any Agent may make reasonable rules and set reasonable requirements  for its functions.                 Section 10.7 Legal Holidays. Unless otherwise provided by Board Resolution, Officers’ Certificate or  supplemental indenture hereto for a particular Series, a “Legal Holiday” is any day that is not a Business Day. If a  payment date is a Legal Holiday at a place of payment, payment may be made at that place on the next succeeding  day that is not a Legal Holiday, and no interest shall accrue for the intervening period.            Section 10.8 No Recourse Against Others. A director, officer, employee or stockholder, as such, of the  Company shall not have any liability for any obligations of the Company under the Securities or the Indenture or for  any claim based on, in respect of or by reason of such obligations or their creation. Each Security Holder by accepting  a Security waives and releases all such liability. The waiver and release are part of the consideration for the issue of  the Securities.                 Section 10.9 Counterparts. This Indenture may be executed in any number of counterparts and by the parties  hereto in separate counterparts, each of which when so executed shall be deemed to be an original and all of which  taken together shall constitute one and the same agreement. The exchange of copies of this Indenture and of signature  pages by facsimile or electronic format (e.g., “.pdf” or “.tif”) transmission shall constitute effective execution and  delivery of this Indenture as to the parties hereto and may be used in lieu of the original Indenture for all purposes.  Signatures of the parties hereto transmitted by facsimile or electronic format (e.g., “.pdf” or “.tif”) shall be deemed to  be their original signatures for all purposes.                 Section 10.10 Governing Laws. THIS INDENTURE AND THE SECURITIES SHALL BE GOVERNED  BY THE LAWS OF THE STATE OF NEW YORK APPLICABLE TO AGREEMENTS MADE AND TO BE  PERFORMED IN SUCH STATE, WITHOUT REGARD TO THE CONFLICT OF LAWS PROVISIONS THEREOF  (OTHER THAN SECTIONS 5-1401 AND 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAW).                 Section 10.11 No Adverse Interpretation of Other Agreements. This Indenture may not be used to interpret  another indenture, loan or debt agreement of the Company or a Subsidiary of the Company. Any such indenture, loan  or debt agreement may not be used to interpret this Indenture.                 Section 10.12 Successors. All agreements of the Company in this Indenture and the Securities shall bind its  successor. All agreements of the Trustee in this Indenture shall bind its successor.           

 

                                                                             Exhibit 4.23         Section 10.13 Severability. In case any provision in this Indenture or in the Securities shall be invalid, illegal  or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected  or impaired thereby.                 Section 10.14 Table of Contents, Headings, Etc. The Table of Contents, Cross-Reference Table, and headings  of the Articles and Sections of this Indenture have been inserted for convenience of reference only, are not to be  considered a part hereof, and shall in no way modify or restrict any of the terms or provisions hereof.                 Section 10.15. Waiver of Trial by Jury. EACH OF THE COMPANY, THE HOLDERS 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 NOTES, OR THE TRANSACTION CONTEMPLATED THEREBY.                  Section 10.16. Consent to Jurisdiction.                 (a)         The Company hereby irrevocably and unconditionally submits, for itself and its property, to the  nonexclusive jurisdiction of any New York State court or federal court of the United States sitting in the State and  City of New York, County, and Borough of Manhattan, and any appellate court from any thereof, in any action or  proceeding arising out of or relating to this Indenture or the Notes, or for the recognition or enforcement of any  judgment, and each of the parties hereby irrevocably and unconditionally agrees that all claims in respect of any such  action or proceeding may be heard and determined in such state court sitting in the State and City of New York,  County and Borough of Manhattan or, to the extent permitted by law, in such federal court sitting in the State and City  of New York, County and Borough of Manhattan.                 (b)         The Company hereby irrevocably and unconditionally waives, to the fullest extent it may legally and  effectively do so, any objection which it may now or hereafter have to the laying of venue of any suit, action or  proceeding arising out of or relating to this Indenture or the Notes in any New York State or federal court. Each of the  parties hereto irrevocably waives, to the fullest extent permitted by law, the defense of an inconvenient forum to the  maintenance of such action or proceeding in any such court.                 Section 10.17. USA Patriot Act. The parties hereto acknowledge that in accordance with Section 326 of the  USA PATRIOT Act, the Trustee, like all financial institutions and in order to help fight the funding of terrorism and  money laundering, is required to obtain, verify and record information that identifies each person or legal entity that  establishes a relationship or opens an account with the Trustee. The parties to this Indenture agree that they will  provide the Trustee with such information as it may request in order for the Trustee to satisfy the requirements of the  USA PATRIOT Act.                                                                                      ARTICLE XI                                      SINKING FUNDS                 Section 11.1 Applicability of Article. The provisions of this Article shall be applicable to any sinking fund  for the retirement of the Securities of a Series, except as otherwise permitted or required by any form of Security of  such Series issued pursuant to this Indenture.                 The minimum amount of any sinking fund payment provided for by the terms of the Securities of any Series  is herein referred to as a “mandatory sinking fund payment” and any other amount provided for by the terms of  Securities of such Series is herein referred to as an “optional sinking fund payment.” If provided for by the terms of  Securities of any Series, the cash amount of any sinking fund payment may be subject to reduction as provided in  Section 11.2. Each sinking fund payment shall be applied to the redemption of Securities of any Series as provided  for by the terms of the Securities of such Series.                 Section 11.2 Satisfaction of Sinking Fund Payments with Securities. The Company may, in satisfaction of  all or any part of any sinking fund payment with respect to the Securities of any Series to be made pursuant to the  terms of such Securities (a) deliver outstanding Securities of such Series to which such sinking fund payment is  applicable (other than any of such Securities previously called for mandatory sinking fund redemption) and (b) apply  as credit Securities of such Series to which such sinking fund payment is applicable and which have been repurchased  

 

                                                                             Exhibit 4.23   by the Company or redeemed either at the election of the Company pursuant to the terms of such Series of Securities  (except pursuant to any mandatory sinking fund) or through the application of permitted optional sinking fund  payments or other optional redemptions pursuant to the terms of such Securities, provided that such Securities have  not been previously so credited. Such Securities shall be received by the Trustee, together with an Officers’ Certificate  with respect thereto, not later than 15 days prior to the date on which the Trustee begins the process of selecting  Securities for redemption, and shall be credited for such purpose by the Trustee at the price specified in such 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 Securities in lieu of cash payments pursuant to this Section 11.2,  the principal amount of Securities of such Series to be redeemed in order to exhaust the aforesaid cash payment shall  be less than $100,000, the Trustee need not call Securities of such Series for redemption, except upon receipt of a  Company Order that such action be taken, 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  from time to time upon receipt of a Company Order pay over and deliver to the Company any cash payment so being  held by the Trustee or such Paying Agent upon delivery by the Company to the Trustee of Securities of that Series  purchased by the Company having an unpaid principal amount equal to the cash payment required to be released to  the Company.             Section 11.3 Redemption of Securities for Sinking Fund. Not less than 45 days (unless otherwise indicated  in the Board Resolution, supplemental indenture or Officers’ Certificate in respect of a particular Series of Securities)  prior to each sinking fund payment date for any Series of Securities, the Company will deliver to the Trustee an  Officers’ Certificate specifying the amount of the next ensuing mandatory 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 and the  portion thereof, if any, which is to be satisfied by delivering and crediting of Securities of that Series pursuant to  Section 11.2, and the optional amount, if any, to be added in cash to the next ensuing mandatory sinking fund payment,  and the Company shall thereupon be obligated to pay the amount therein specified. Not less than 30 days (unless  otherwise indicated in the Board Resolution, Officers’ Certificate or supplemental indenture in respect of a particular  Series of Securities) before each such sinking fund payment date the Trustee shall select the Securities to be redeemed  upon such sinking fund payment date in the manner specified in Section 3.2 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 3.3. Such notice  having been duly given, the redemption of such Securities shall be made upon the terms and in the manner stated in  Sections 3.4, 3.5 and 3.6.                                                                                     ARTICLE XII                              SUBORDINATION OF SECURITIES                   Section 12.1 Agreement of Subordination. The Company covenants and agrees, and each Holder of  Securities issued hereunder by accepting a Security likewise covenants and agrees, that all Securities shall be issued  subject to the provisions of this Article XII; and each Person holding any Security, whether upon original issue or  upon transfer, assignment or exchange thereof, accepts and agrees to be bound by such provisions.                 The payment of the principal of and interest on all Securities (including, but not limited to, the redemption  price with respect to the Securities called for redemption in accordance with Article III as provided in the Indenture)  issued hereunder shall, to the extent and in the manner hereinafter set forth, be subordinated and subject in right of  payment to the prior payment in full of all Senior Indebtedness, whether outstanding at the date of this Indenture or  thereafter incurred.                 No provision of this Article XII shall prevent the occurrence of any Default or Event of Default hereunder.                 Section 12.2 Payments to Holders. Except as otherwise provided in a supplemental indenture, no payment  shall be made with respect to the principal of or interest on the Securities (including, but not limited to, the redemption  price with respect to the Securities to be called for redemption in accordance with Article III as provided in the  Indenture), except payments and distributions made by the Trustee as permitted by the first or second paragraph of  Section 12.5, if:            (a)    a default in the payment of principal, premium, interest, rent or other obligations due on any Senior              Indebtedness occurs and is continuing (or, in the case of Senior Indebtedness for which there is a 

 

                                                                             Exhibit 4.23                period of grace, in the event of such a default that continues beyond the period of grace, if any,              specified in the instrument or lease evidencing such Senior Indebtedness), unless and until such               default shall have been cured or waived or shall have ceased to exist; or                 (b)    a default, other than a payment default, on a Designated Senior Indebtedness occurs and is              continuing that then permits holders of such Designated Senior Indebtedness to accelerate its              maturity and the Trustee receives a notice of the default (a “Payment Blockage Notice”) from a               Representative or the Company.                 If the Trustee receives any Payment Blockage Notice pursuant to clause (b) above, no subsequent Payment  Blockage Notice shall be effective for purposes of this Section unless and until (A) at least 365 days shall have elapsed  since the initial effectiveness of the immediately prior Payment Blockage Notice, and (B) all scheduled payments of  principal, premium, if any, and interest on the Securities that have come due have been paid in full in cash. No  nonpayment default that existed or was continuing on the date of delivery of any Payment Blockage Notice to the  Trustee shall be, or be made, the basis for a subsequent Payment Blockage Notice.                 The Company may and shall resume payments on and distributions in respect of the Securities upon the  earlier of:                 (1)    the date upon which the default is cured or waived or ceases to exist, or                 (2)    in the case of a default referred to in clause (b) above, 179 days pass after notice is received if the              maturity of such Designated Senior Indebtedness has not been accelerated, unless this Article XII              otherwise prohibits the payment or distribution at the time of such payment or distribution.                 Upon any payment by the Company, or distribution of assets of the Company of any kind or character,  whether in cash, property or securities, to creditors upon any dissolution or winding-up or liquidation or reorganization  of the Company, whether voluntary or involuntary or in bankruptcy, insolvency, receivership or other proceedings,  all amounts due or to become due upon all Senior Indebtedness shall first be paid in full in cash or other payment  satisfactory to the holders of such Senior Indebtedness, or payment thereof in accordance with its terms provided for  in cash or other payment satisfactory to the holders of such Senior Indebtedness, before any payment is made on  account of the principal of or interest on the Securities (except payments made pursuant to Article VI from monies  deposited with the Trustee pursuant thereto prior to commencement of proceedings for such dissolution, winding-up,  liquidation or reorganization); and upon any such dissolution or winding-up or liquidation or reorganization of the  Company or bankruptcy, insolvency, receivership or other proceeding, any payment by the Company, or distribution  of assets of the Company of any kind or character, whether in cash, property or securities, to which the Holders of the  Securities or the Trustee would be entitled, except for the provision of this Article XII, shall (except as aforesaid) be  paid by the Company or by any receiver, trustee in bankruptcy, liquidating trustee, agent or other Person making such  payment or distribution, or by the Holders of the Securities or by the Trustee under this Indenture if received by them  or it, directly to the holders of Senior Indebtedness (pro rata to such holders on the basis of the respective amounts of  Senior Indebtedness held by such holders, or as otherwise required by law or a court order) or their representative or  representatives, or to the trustee or trustees under any indenture pursuant to which any instruments evidencing any  Senior Indebtedness may have been issued, as their respective interests may appear, to the extent necessary to pay all  Senior Indebtedness in full, in cash or other payment satisfactory to the holders of such Senior Indebtedness, after  giving effect to any concurrent payment or distribution to or for the holders of Senior Indebtedness, before any  payment or distribution or provision therefor is made to the Holders of the Securities or to the Trustee.                  For purposes of this Article XII, the words, “cash, property or securities” shall not be deemed to include  shares of stock of the Company as reorganized or readjusted, or securities of the Company or any other person provided  for by a plan of reorganization or readjustment, the payment of which is subordinated at least to the extent provided  in this Article XII with respect to the Securities to the payment of all Senior Indebtedness which may at the time be  outstanding; provided that (i) the Senior Indebtedness is assumed by the new person, if any, resulting from any  reorganization or readjustment, and (ii) the rights of the holders of Senior Indebtedness (other than leases which are  not assumed by the Company or the new person, as the case may be) are not, without the consent of such holders,  altered by such reorganization or readjustment. The consolidation of the Company with, or the merger of the Company  into, another person or the liquidation or dissolution of the Company following the conveyance or transfer of its  

 

                                                                             Exhibit 4.23   property as an entirety, or substantially as an entirety, to another person upon the terms and conditions provided for  in Article V shall not be deemed a dissolution, winding-up, liquidation or reorganization for the purposes of this  Section 12.2 if such other person shall, as a part of such consolidation, merger, conveyance or transfer, comply with  the conditions stated in Article V.                 In the event of the acceleration of the Securities because of an Event of Default, no payment or distribution  shall be made to the Trustee or any Holder of Securities in respect of the principal of or interest on the Securities  (including, but not limited to, the redemption price with respect to the Securities called for redemption in accordance  with Article III as provided in the Indenture), except payments and distributions made by the Trustee as permitted by  the first or second paragraph of Section 12.5, until all Senior Indebtedness has been paid in full in cash or other  payment satisfactory to the holders of Senior Indebtedness or such acceleration is rescinded in accordance with the  terms of this Indenture. If payment of the Securities is accelerated because of an Event of Default, the Company shall  promptly notify holders of Senior Indebtedness of the acceleration at the address set forth in the notice from the Agent  (or successor agent) to the Trustee as being the address to which the Trustee should send its notice pursuant to this  Section 12.2, unless there are no payment obligations of the Company thereunder and all obligations thereunder to  extend credit have been terminated or expired.                 In the event that, notwithstanding the foregoing provisions, any payment or distribution of assets of the  Company of any kind or character, whether in cash, property or securities (including, without limitation, by way of  setoff or otherwise), prohibited by the foregoing, shall be received by the Trustee or the Holders of the Securities  before all Senior Indebtedness is paid in full in cash or other payment satisfactory to the holders of such Senior  Indebtedness, or provision is made for such payment thereof in accordance with its terms in cash or other payment  satisfactory to the holders of such Senior Indebtedness, such payment or distribution shall be held in trust for the  benefit of and shall be paid over or delivered to the holders of Senior Indebtedness or their representative or  representatives, or to the trustee or trustees under any indenture pursuant to which any instruments evidencing any  Senior Indebtedness may have been issued, as their respective interests may appear, as calculated by the Company,  for application to the payment of all Senior Indebtedness remaining unpaid to the extent necessary to pay all Senior  Indebtedness in full in cash or other payment satisfactory to the holders of such Senior Indebtedness, after giving  effect to any concurrent payment or distribution to or for the holders of such Senior Indebtedness.                 Nothing in this Section 12.2 shall apply to claims of, or payments to, the Trustee under or pursuant to  Section 7.7. This Section 12.2 shall be subject to the further provisions of Section 12.5.            Section 12.3 Subrogation of Securities. Subject to the payment in full of all Senior Indebtedness, the rights  of the Holders of the Securities shall be subrogated to the extent of the payments or distributions made to the holders  of such Senior Indebtedness pursuant to the provisions of this Article XII (equally and ratably with the holders of all  indebtedness of the Company which by its express terms is subordinated to other indebtedness of the Company to  substantially the same extent as the Securities are subordinated and is entitled to like rights of subrogation) to the  rights of the holders of Senior Indebtedness to receive payments or distributions of cash, property or securities of the  Company applicable to the Senior Indebtedness until the principal and interest on the Securities shall be paid in full;  and, for the purposes of such subrogation, no payments or distributions to the holders of the Senior Indebtedness of  any cash, property or securities to which the Holders of the Securities or the Trustee would be entitled except for the  provisions of this Article XII, and no payment over pursuant to the provisions of this Article XII, to or for the benefit  of the holders of Senior Indebtedness by Holders of the Securities or the Trustee, shall, as between the Company, its  creditors other than holders of Senior Indebtedness, and the Holders of the Securities, be deemed to be a payment by  the Company to or on account of the Senior Indebtedness; and no payments or distributions of cash, property or  securities to or for the benefit of the Holders of the Securities pursuant to the subrogation provisions of this Article  XII, which would otherwise have been paid to the holders of Senior Indebtedness shall be deemed to be a payment by  the Company to or for the account of the Securities. It is understood that the provisions of this Article XII are and are  intended solely for the purposes of defining the relative rights of the Holders of the Securities, on the one hand, and  the holders of the Senior Indebtedness, on the other hand.                 Nothing contained in this Article XII or elsewhere in this Indenture or in the Securities is intended to or shall  impair, as among the Company, its creditors other than the holders of Senior Indebtedness, and the Holders of the  Securities, the obligation of the Company, which is absolute and unconditional, to pay to the Holders of the Securities  the principal of (and premium, if any) and interest on the Securities as and when the same shall become due and  

 

                                                                             Exhibit 4.23   payable in accordance with their terms, or is intended to or shall affect the relative rights of the Holders of the  Securities and creditors of the Company other than the holders of the Senior Indebtedness, nor shall anything herein  or therein prevent the Trustee or the Holder of any Security from exercising all remedies otherwise permitted by  applicable law upon default under this Indenture, subject to the rights, if any, under this Article XII of the holders of  Senior Indebtedness in respect of cash, property or securities of the Company received upon the exercise of any such  remedy.                 Upon any payment or distribution of assets of the Company referred to in this Article XII, the Trustee, subject  to the provisions of Section 7.1, and the Holders of the Securities shall be entitled to rely upon any order or decree  made by any court of competent jurisdiction in which such bankruptcy, dissolution, winding-up, liquidation or  reorganization proceedings are pending, or a certificate of the receiver, trustee in bankruptcy, liquidating trustee, agent  or other person making such payment or distribution, delivered to the Trustee or to the Holders of the Securities, for  the purpose of ascertaining the persons entitled to participate in such distribution, the holders of the Senior  Indebtedness and other indebtedness of the Company, the amount thereof or payable thereon and all other facts  pertinent thereto or to this Article XII.                 Section 12.4 Authorization to Effect Subordination. Each Holder of a Security by the holder’s acceptance  thereof authorizes and directs the Trustee on the holder’s behalf to take such action as may be necessary or appropriate  to effectuate the subordination as provided in this Article XII and appoints the Trustee to act as the holder’s attorney- in-fact for any and all such purposes. If the Trustee does not file a proper proof of claim or proof of debt in the form  required in any proceeding referred to in Section 6.3 hereof at least 30 days before the expiration of the time to file  such claim, the holders of any Senior Indebtedness or their representatives are hereby authorized to file an appropriate  claim for and on behalf of the Holders of the Securities.                       Section 12.5 Notice to Trustee. The Company shall give prompt written notice in the form of an Officers’  Certificate to a Responsible Officer of the Trustee and to any paying agent of any fact known to the Company which  would prohibit the making of any payment of monies to or by the Trustee or any paying agent in respect of the  Securities pursuant to the provisions of this Article XII. Notwithstanding the provisions of this Article XII or any other  provision of this Indenture, the Trustee shall not be charged with knowledge of the existence of any facts which would  prohibit the making of any payment of monies to or by the Trustee in respect of the Securities pursuant to the  provisions of this Article XII, unless and until a Responsible Officer of the Trustee shall have received written notice  thereof at the Corporate Trust Office from the Company (in the form of an Officers’ Certificate) or a Representative  or a holder or holders of Senior Indebtedness or from any trustee thereof; and before the receipt of any such written  notice, the Trustee, subject to the provisions of Section 7.1, shall be entitled in all respects to assume that no such facts  exist; provided that if on a date not fewer than two Business Days prior to the date upon which by the terms hereof  any such monies may become payable for any purpose (including, without limitation, the payment of the principal of,  or premium, if any, or interest on any Security) the Trustee shall not have received, with respect to such monies, the  notice provided for in this Section 12.5, then, anything herein contained to the contrary notwithstanding, the Trustee  shall have full power and authority to receive such monies and to apply the same to the purpose for which they were  received, and shall not be affected by any notice to the contrary which may be received by it on or after such prior  date.                   Notwithstanding anything in this Article XII to the contrary, nothing shall prevent any payment by the Trustee  to the Holders of monies deposited with it pursuant to Section 8.1, and any such payment shall not be subject to the  provisions of Section 12.1 or 12.2.                   The Trustee, subject to the provisions of Section 7.1, shall be entitled to rely on the delivery to it of a written  notice by a Representative or a person representing himself to be a holder of Senior Indebtedness (or a trustee on  behalf of such holder) to establish that such notice has been given by a Representative or a holder of Senior  Indebtedness or a trustee on behalf of any such holder or holders. In the event that the Trustee determines in good  faith that further evidence is required with respect to the right of any person as a holder of Senior Indebtedness to  participate in any payment or distribution pursuant to this Article XII, the Trustee may request such person to furnish  evidence to the reasonable satisfaction of the Trustee as to the amount of Senior Indebtedness held by such person,  the extent to which such person is entitled to participate in such payment or distribution and any other facts pertinent  

 

                                                                             Exhibit 4.23   to the rights of such person under this Article XII, and if such evidence is not furnished the Trustee may defer any  payment to such person pending judicial determination as to the right of such person to receive such payment.                 Section 12.6 Trustee’s Relation to Senior Indebtedness. The Trustee in its individual capacity shall be entitled  to all the rights set forth in this Article XII in respect of any Senior Indebtedness at any time held by it, to the same  extent as any other holder of Senior Indebtedness, and nothing in Section 7.11 or elsewhere in this Indenture shall  deprive the Trustee of any of its rights as such holder. Nothing in this Article XII shall apply to the Company’s  obligations to the Trustee under Section 7.7.                 With respect to the holders of Senior Indebtedness, the Trustee undertakes to perform or to observe only such  of its covenants and obligations as are specifically set forth in this Article XII, and no implied covenants or obligations  with respect to the holders of Senior Indebtedness shall be read into this Indenture against the Trustee. The Trustee  shall not be deemed to owe any fiduciary duty to the holders of Senior Indebtedness and, subject to the provisions of  Section 7.1, the Trustee shall not be liable to any holder of Senior Indebtedness if it shall pay over or deliver to Holders  of Securities, the Company or any other person money or assets to which any holder of Senior Indebtedness shall be  entitled by virtue of this Article XII or otherwise.                  Section 12.7 No Impairment of Subordination. No right of any present or future holder of any Senior  Indebtedness to enforce subordination as herein provided shall at any time in any way be prejudiced or impaired by  any act or failure to act on the part of the Company or by any act or failure to act, in good faith, by any such holder,  or by any noncompliance by the Company with the terms, provisions and covenants of this Indenture, regardless of  any knowledge thereof which any such holder may have or otherwise be charged with.                 Section 12.8 Article Applicable to Paying Agents. If 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 (unless the context otherwise requires) be construed as extending to and including such Paying Agent within its  meaning as fully for all intents and purposes as if such Paying Agent were named in this Article in addition to or in  place of the Trustee; provided, however, that the first paragraph of Section 12.5 shall not apply to the Company or  any Affiliate of the Company if it or such Affiliate acts as Paying Agent.                 Section 12.9 Senior Indebtedness Entitled to Rely. The holders of Senior Indebtedness (including, without  limitation, Designated Senior Indebtedness) shall have the right to rely upon this Article XII, and no amendment or  modification of the provisions contained herein shall diminish the rights of such holders unless such holders shall have  agreed in writing thereto.                                                                                                                                                                                                                                                                      [Signature page follows.]     

 

                                                                             Exhibit 4.23          IN WITNESS WHEREOF, the parties hereto have caused this Indenture to be duly executed as of the day  and year first above written.                                                                                               GREAT WESTERN BANCORP, INC.                                                                                                By:                                                Name:                                              Title:                                                                                                  [TRUSTEE], not in its individual capacity but solely as                                             Trustee                                                                                               By:                                                Name:                                              Title:Exhibit

Exhibit 10.3
EXECUTION VERSION

EXTENSION AGREEMENT 

	
	
	FIFTH THIRD BANK

May 29, 2018
Encore Capital Group, Inc.  
3111 Camino Del Rio North
Suite 103
San Diego, California 92108
Attention:    Chief Financial Officer
Re: Extension Agreement 
Ladies and Gentlemen:
Reference is hereby made to that certain Third Amended and Restated Credit Agreement, dated as of December 20, 2016 (as amended by that certain Incremental Term Loan and Extension Agreement, dated as of March 2, 2017, that certain Incremental Facility Agreement, dated as of March 29, 2017, that certain Amendment No. 1 to Third Amended and Restated Credit Agreement, dated as of June 13, 2017, that certain Amendment No. 2 to Third Amended and Restated Credit Agreement, dated as of June 29, 2017, that certain Incremental Facility Agreement, dated as of August 15, 2017, that certain Incremental Facility Agreement, dated as of September 26, 2017, that certain Incremental Facility Agreement, dated as of January 22, 2018, that certain Incremental Facility Agreement, dated as of March 21, 2018, and as may be further amended, restated, modified, supplemented, extended or replaced from time to time, the “Credit Agreement”), by and among Encore Capital Group, Inc. (“Borrower”), the several banks and other financial institutions and lenders from time to time party thereto (the “Lenders”), SunTrust Bank, as administrative agent (in such capacity, the “Administrative Agent”) and collateral agent, issuing bank and swingline lender.  Unless otherwise defined herein, capitalized terms used herein shall have the respective meanings set forth in the Credit Agreement.  This Extension Agreement (this “Agreement”) (i) is an amendment to the Credit Agreement for purposes of effecting an Extension, and the Credit Agreement is hereby amended in accordance with the terms and conditions herein and (ii) shall be deemed to be a “Loan Document” under the Credit Agreement.  
At the request of the Borrower, Fifth Third Bank (the “Extending Lender”) hereby agrees to extend (a) the maturity date of 100% of the Term Loan A-2 held by the Extending Lender on the date hereof (the “Extended Term Loan A-2”) to the Term Loan A-3 Maturity Date and (b) the termination date of 100% of the Revolving Commitments held by the Extending Lender on the date hereof (the “Extended Revolving Commitments) to the Revolving Commitment Termination Date.  As of the date hereof, after giving effect to the extension of the maturity date and termination date of the Extended Term Loan A-2 and Extended Revolving Commitments, respectively, by the Extending Lender (the “Extension”), the aggregate principal amount of the Extending Lender’s Term Loan A-3 and Revolving Commitment are as set forth on Annex I.  Each of the parties to this Agreement hereby agrees that (i) as of the date hereof the Extended Term Loan A-2 shall be and become, and shall hereafter constitute, a “Term Loan A-3” for all purposes of the Credit Agreement 

LEGAL02/38097728v5

and the other applicable Loan Documents and (ii) the Extended Term Loan A-2 shall have and be subject to all of the terms, conditions and provisions applicable to a Term Loan A-3. 
In order to effect the Extension as contemplated hereby, each party hereto acting pursuant to Section 2.25(c) of the Credit Agreement, hereby agrees that the Credit Agreement is hereby amended as follows: 
(a)Section 2.9(f) of the Credit Agreement is hereby amended and restated in its entirety to read as follows: 
“The Borrower unconditionally promises to pay to the Administrative Agent for the account of the Non-Extending Lenders holding the Term Loan A-2,  on each of June 29, 2018, September 28, 2018 and December 28, 2018, a principal amount equal to $12,946,428.60 multiplied by (i) 2.5%; provided, that, to the extent not previously paid, the aggregate unpaid principal balance of the Term Loan A-2 shall be due and payable on the Term Loan A-2 Maturity Date.  Payments under this clause (f) shall be made to each Non-Extending Lender holding a Term Loan A-2 based on such Non-Extending Lender’s Pro Rata Share thereof and all such payments shall be adjusted from time to time to account for optional and mandatory prepayments made hereunder.”
(b)Section 2.9(g) of the Credit Agreement is hereby amended and restated in its entirety to read as follows: 
“The Borrower unconditionally promises to pay to the Administrative Agent for the account of the Lenders holding the Term Loan A-3, on the last Business Day of each of March, June, September and December commencing on June 29, 2018, a principal amount equal to $203,831,455.21 multiplied by (A) 1.25%, for the first three (3) such quarterly installments, (B) 1.875%, for the next eight (8) quarterly installments thereafter and (C) 2.5%, for the next four (4) quarterly installments thereafter; provided, that, to the extent not previously paid, the aggregate unpaid principal balance of the Term Loan A-3 shall be due and payable on the Term Loan A-3 Maturity Date.  Payments under this clause (g) shall be made to each Lender holding a Term Loan A-3 based on such Lender’s Pro Rata Share thereof and all such payments shall be adjusted from time to time to account for optional and mandatory prepayments made hereunder.” 
Upon the date of (i) the execution of a counterpart of this Agreement by the Extending Lender, the Administrative Agent, the Borrower and each Guarantor, (ii) the delivery to the Administrative Agent of a fully executed counterpart (including by way of facsimile or other form of electronic transmission permitted under the Credit Agreement) hereof, (iii) payment of any extension fee to the Extending Lender as may be agreed between Borrower and Extending Lender, and (iv) the satisfaction (or waiver in writing) of any other conditions precedent set forth in Section 5 of Annex II hereto (such date, the “Agreement Effective Date”) the extension of the maturity date and termination date of the Extended Term Loan A-2 and Extended Revolving Commitments, respectively, contemplated hereby shall each become effective.  As of the Agreement Effective Date, and after giving effect to the transactions contemplated by this Agreement, the aggregate outstanding principal amount of the Term Loans and/or the Revolving Commitments held by each of the Lenders are set forth on Annex III and Annex IV respectively.

2
LEGAL02/38097728v5

Each of the Borrower and each Guarantor acknowledges, confirms and agrees that (i) it shall be liable for all Obligations with respect to the Extended Term Loan A-2 and Extended Revolving Commitments that are extended hereunder, (ii) all such Obligations (including the Extended Term Loan A-2 and Extended Revolving Commitments) shall constitute (and be included in the definition of) “Secured Obligations” under the Credit Agreement and be entitled to the benefits of the respective Collateral Documents and the Guaranty Agreement as, and to the extent, provided in the Credit Agreement and in such other Loan Documents, (iii) all of their respective Obligations, including their payment, performance and observance obligations and liabilities (whether contingent or otherwise) are, and shall continue to be, in full force and effect and are hereby ratified and confirmed in all respects and (iv) the pledge and security interest in the Collateral granted by each such Person pursuant to the Collateral Documents to which it is a party continues in full force and effect to secure the Obligations.  
Each of the parties hereto acknowledges and agrees that, except as herein expressly amended, all terms, covenants and provisions of the Credit Agreement and each other Loan Document are and shall remain in full force and effect and all references in any Loan Document to the “Credit Agreement” shall henceforth refer to the Credit Agreement as amended hereby.  Each of the parties hereto further acknowledges and agrees that the amendments set forth in this Agreement shall be deemed to have prospective application only.  Nothing herein or in any of the transactions contemplated hereby (including, without limitation, the Extension contemplated hereby) is intended, or shall be construed, to constitute a novation or an accord and satisfaction of any of the Obligations of the Borrower under the Credit Agreement or the other Loan Documents or to modify, affect or impair the perfection, priority or continuation of the security interests in, security titles to or other Liens on any Collateral for the Obligations.
The Borrower may accept this Agreement by signing the enclosed copies in the space provided below, and returning one copy of same to the Extending Lender and one copy to the Administrative Agent before the close of business on May 31, 2018.  If the Borrower does not so accept this Agreement by such time, the obligations of the Extension contemplated by this Agreement shall be deemed canceled and of no force or effect.
After the execution and delivery to the Administrative Agent of a fully executed copy of this Agreement (including by way of counterparts and by facsimile transmission) by the parties hereto, this Agreement may only be changed, modified or varied by written instrument in accordance with the requirements for the modification of Loan Documents pursuant to Section 10.2 of the Credit Agreement.
THIS AGREEMENT AND THE OBLIGATIONS HEREUNDER SHALL BE CONSTRUED IN ACCORDANCE WITH AND BE GOVERNED BY THE LAW OF THE STATE OF NEW YORK, WITHOUT REGARD TO CONFLICTS OF LAWS PRINCIPLES (BUT, IN ANY EVENT, GIVING EFFECT TO SECTIONS 5-1401 AND 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAW).
[Signature Pages Follow]

3
LEGAL02/38097728v5

Very truly yours,

FIFTH THIRD BANK
By:  /s/ Peter Samboul____________________
Name:  Peter Samboul
Title: Director

Signature Page to  
Extension Agreement (Fifth Third Bank)

Agreed and Accepted as of the date first written above:

SUNTRUST BANK, as Administrative Agent, 
Issuing Bank and Swingline Lender
By:  /s/ Andrew Johnson            
Name:  Andrew Johnson
Title:    Director

Signature Page to  
Extension Agreement (Fifth Third Bank)

Agreed and Accepted as of the date first written above:
ENCORE CAPITAL GROUP, INC.
By:  /s/ Jonathan Clark    
Name:  Jonathan Clark            
Title:  EVP and Chief Financial Officer    

Signature Page to  
Extension Agreement (Fifth Third Bank)

Each Guarantor acknowledges and agrees to each the foregoing provisions of this Extension Agreement and the Obligations incurred related thereto.

MIDLAND CREDIT MANAGEMENT, INC.
MIDLAND FUNDING LLC
MIDLAND PORTFOLIO SERVICES, INC.
MIDLAND FUNDING NCC-2 CORPORATION
MIDLAND INTERNATIONAL LLC
MRC RECEIVABLES CORPORATION
ASSET ACCEPTANCE CAPITAL CORP.
ASSET ACCEPTANCE, LLC
ATLANTIC CREDIT & FINANCE, INC.

By:  /s/ Jonathan Clark            
Name:  Jonathan Clark
Title:  Treasurer

MIDLAND INDIA LLC

By:  /s/ Ashish Masih             
Name:  Ashish Masih
Title:  President

ATLANTIC CREDIT & FINANCE SPECIAL FINANCE UNIT, LLC
ATLANTIC CREDIT & FINANCE SPECIAL FINANCE UNIT III, LLC

By:  /s/ Greg Call                 
Name:  Greg Call
Title:    Secretary  

Signature Page to  
Extension Agreement (Fifth Third Bank)

ANNEX I

EXTENDED TERM LOAN A-2:

	
				
	Lender
	Total Term Loan A-3 as of the Agreement Effective Date

	Fifth Third Bank
	

	$6,250,886.64
	

EXTENDED REVOLVING COMMITMENT 

	
				
	Lender
	Revolving Commitment Amount as of the Agreement Effective Date

	Fifth Third Bank
	

	$51,070,190.48
	

Annex I
LEGAL02/38097728v5

ANNEX II
TERMS AND CONDITIONS FOR  
EXTENSION AGREEMENT
1.  Name of Borrower: Encore Capital Group, Inc., a Delaware corporation.
2. Date upon which the Extension is to become effective:    May 29, 2018.
3.  Date upon which the Extended Term Loan A-2 matures:  the Term Loan A-3 Maturity Date.
4.  Date upon which the Extended Revolving Commitments of the Extending Lender Terminates:  the Revolving Commitment Termination Date. 
4.  Applicable Margin: Identical to the “Applicable Margin” as defined in the Credit Agreement.
5.  Other Conditions Precedent:    No Default or Event of Default has occurred and is continuing or will result from the Extension as contemplated by the Extension Agreement. 

Annex II
LEGAL02/38097728v5

ANNEX III

TERM LOAN AMOUNTS, ADDITIONAL TERM LOAN A-3 COMMITMENT AMOUNTS AND INCREMENTAL OR EXTENDED TERM LOAN A-3 AMOUNTS OF INCREASING LENDERS, EXTENDING LENDERS AND NON-EXTENDING LENDERS

Extending Lenders (including any Incremental Lender joining after the Closing Date):

	
													
	Lender
	Aggregate Amount of Term Loan A-2 of Existing Lender Converted to Term Loan A-3 on the Closing Date
	Additional Term Loan A-3 Commitment of Increasing Lenders as of the Closing Date
	Incremental or Extended Term Loan A-3 made or Extended after the Closing Date
	Total Term Loan A-3 as of the Agreement Effective Date

	SunTrust Bank
	

	$12,690,361.06
	

	

	$2,331,019.21
	

	 
	

	$14,089,703.83
	

	Bank of America
	13,469,866.33
	

	1,551,513.94
	

	 
	14,089,703.83
	

	ING Capital
	7,533,482.17
	

	142,787.76
	

	 
	7,200,161.91
	

	MUFG Union Bank, NA
	2,260,044.66
	

	2,337,004.18
	

	 
	4,311,924.44
	

	Citibank, NA
	5,273,437.52
	

	 
	 
	4,946,361.21
	

	California Bank and Trust
	6,428,571.75
	

	 
	 
	6,029,850.14
	

	Flagstar Bank
	 
	25,000,000.00
	

	 
	23,449,416.06
	

	Bank Leumi USA
	3,570,870.47
	

	661,272.39
	

	 
	3,969,651.13
	

	Northwest Bank
	4,656,250.00
	

	343,750.00
	

	 
	4,689,883.22
	

	Umpqua Bank
	 
	 
	12,578,124.98
	

	12,288,796.82
	

	Cathay Bank
	 
	 
	1,752,232.15
	

	1,643,552.82
	

	Woodforest National Bank
	 
	 
	5,000,000.00
	

	4,689,883.22
	

	DNB Capital, LLC
	 
	 
	25,000,000.00
	

	24,050,683.15
	

	Regions Bank
	 
	 
	50,000,000.00
	

	48,101,366.28
	

	Banc of California
	 
	 
	15,000,000.00
	

	14,805,863.71
	

	Fifth Third Bank
	 
	 
	6,250,866.64
	

	6,250,866.64
	

	Total
	

	$55,882,883.96
	

	

	$32,367,347.48
	

	

	$115,581,223.77
	

	

	$194,607,668.41

	

Non-Extending Lenders:  

	
				
	Lender
	Term Loan A-2 as of the Agreement Effective Date

	Raymond James Bank, N.A.
	

	$6,562,500.01
	

	Chang Hwa
	1,250,000.03
	

	Manufacturers Bank
	1,250,000.00
	

	Total
	

	$9,062,500.04 

	

Annex III
LEGAL02/38097728v5

ANNEX IV

REVOLVING COMMITMENT AMOUNTS OF NEW LENDER, 
INCREASING LENDERS, EXTENDING LENDERS AND NON-EXTENDING LENDERS

New Lender: 

	
				
	Lender
	Revolving Commitment Amount as of the Agreement Effective Date

	Umpqua Bank
	

	$41,041,666.67
	

Incremental Lenders:

	
				
	Lender
	Revolving Commitment Amount as of the Agreement Effective Date

	Woodforest National Bank
	

	$20,000,000
	

	Regions Bank
	

	$25,000,000
	

Extending Lenders: 

	
				
	Lender
	2021 Revolving Commitment Amount as of the Agreement Effective Date

	SunTrust Bank
	

	$83,278,619.73
	

	Bank of America
	83,278,619.73
	

	ING Capital
	67,323,730.07
	

	Credit Suisse AG Cayman Island
	50,000,000.00
	

	Union Bank, NA
	45,402,951.16
	

	Citibank NA
	43,749,999.98
	

	Morgan Stanley Bank NA
	40,625,000.00
	

	California Bank and Trust
	32,380,952.00
	

	Flagstar Bank
	5,000,000.00
	

	PrivateBank and Trust Co.
	25,000,000.00
	

	UBS AG
	20,000,000.00
	

	Bank Leumi
	10,767,857.14
	

	CTBC Bank Corp
	10,000,000.00
	

	Opus Bank
	10,000,000.00
	

	Cathay Bank
	13,164,285.70
	

	Fifth Third Bank
	51,070,190.48
	

	TOTAL (New, Incremental and Extending)
	

	$677,083,872.66
	

Non-Extending Lenders:

Annex IV
LEGAL02/38097728v5

	
				
	Lender
	Revolving Commitment Amount as of the Agreement Effective Date

	2019 Lenders
	 

	 
	 

	Citizens Bank, NA
	35,000,000.00
	

	Raymond James Bank, N.A.
	20,000,000.00
	

	Chang Hwa
	19,345,238.10
	

	Barclays Bank PLC
	20,000,000.00
	

	Western Alliance Bank
	15,000,000.00
	

	Manufacturers Bank
	8,214,285.70
	

	Total 2019 Lenders
	

	$117,559,523.80
	

Annex IV
LEGAL02/38097728v5

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