Document:

Exhibit 4.1

 

INDENTURE

 

BY AND BETWEEN

 

San Rafael Bancorp

 

AND

 

Wells Fargo Bank, National Association,

 

AS TRUSTEE

 

 

FLOATING RATE JUNIOR SUBORDINATED DEFERRABLE

 

INTEREST DEBENTURES DUE June 30, 2032

 

EFFECTIVE AS OF June 27, 2002

 

 

TABLE OF CONTENTS

 

	
  ARTICLE
  I

  	
  DEFINITIONS

  
	
  Section 1.1

  	
  Definitions of Terms

  
	
   

  	
   

  
	
  ARTICLE
  II

  	
  ISSUE,
  DESCRIPTION, TERMS, CONDITIONS, REGISTRATION AND EXCHANGE OF THE DEBENTURES

  
	
  Section 2.1

  	
  Designation and Principal Amount

  
	
  Section 2.2

  	
  Maturity

  
	
  Section 2.3

  	
  Form and Payment

  
	
  Section 2.4

  	
  Intentionally Left Blank

  
	
  Section 2.5

  	
  Interest

  
	
  Section 2.6

  	
  Execution and Authentications

  
	
  Section 2.7

  	
  Registration of Transfer and Exchange

  
	
  Section 2.8

  	
  Temporary Debentures

  
	
  Section 2.9

  	
  Mutilated,
  Destroyed, Lost or Stolen Debentures

  
	
  Section 2.10

  	
  Cancellation

  
	
  Section 2.11

  	
  Benefit of Indenture

  
	
  Section 2.12

  	
  Authentication Agent

  
	
   

  	
   

  
	
  ARTICLE
  III

  	
  REDEMPTION
  OF DEBENTURES

  
	
  Section 3.1

  	
  Special Event Redemption

  
	
  Section 3.2

  	
  Optional
  Redemption by Company

  
	
  Section 3.3

  	
  Notice of Redemption

  
	
  Section 3.4

  	
  Payment Upon Redemption

  
	
  Section 3.5

  	
  No Sinking Fund

  
	
   

  	
   

  
	
  ARTICLE
  IV

  	
  EXTENSION
  OF INTEREST PAYMENT PERIOD

  
	
  Section 4.1

  	
  Extension of Interest Payment Period

  
	
  Section 4.2

  	
  Notice of Extension

  
	
  Section 4.3

  	
  Limitation on Transactions

  
	
   

  	
   

  
	
  ARTICLE
  V

  	
  PARTICULAR
  COVENANTS OF THE COMPANY

  
	
  Section 5.1

  	
  Payment of Principal and Interest

  
	
  Section 5.2

  	
  Maintenance of Agency

  
	
  Section 5.3

  	
  Paying Agents

  
			

 

i

 

	
  Section 5.4

  	
  Appointment to Fill Vacancy in Office of
  Trustee

  
	
  Section 5.5

  	
  Compliance with Consolidation Provisions

  
	
  Section 5.6

  	
  Limitation on Transactions

  
	
  Section 5.7

  	
  Covenants as to the Trust

  
	
  Section 5.8

  	
  Covenants as to Purchases

  
	
  Section 5.9

  	
  Waiver
  of Usury, Stay or Extension Laws

  
	
   

  	
   

  
	
  ARTICLE
  VI

  	
  DEBENTUREHOLDERS’
  LISTS AND REPORTS BY THE COMPANY AND THE TRUSTEE

  
	
  Section 6.1

  	
  Company to Furnish Trustee Names and
  Addresses of Debentureholders

  
	
  Section 6.2

  	
  Preservation of Information Communications
  with Debentureholders

  
	
  Section 6.3

  	
  Reports by the Company

  
	
  Section 6.4

  	
  Reports by the Trustee

  
	
   

  	
   

  
	
  ARTICLE
  VII

  	
  REMEDIES
  OF THE TRUSTEE AND DEBENTUREHOLDERS ON EVENT OF DEFAULT

  
	
  Section 7.1

  	
  Events of Default

  
	
  Section 7.2

  	
  Collection of Indebtedness and Suits for
  Enforcement by Trustee

  
	
  Section 7.3

  	
  Application of Money Collected

  
	
  Section 7.4

  	
  Limitation on Suits

  
	
  Section 7.5

  	
  Rights and Remedies Cumulative; Delay or
  Omission not Waiver

  
	
  Section 7.6

  	
  Control by Debentureholders

  
	
  Section 7.7

  	
  Undertaking to Pay Costs

  
	
  Section 7.8

  	
  Direct Action; Right of Set-Off

  
	
   

  	
   

  
	
  ARTICLE
  VIII

  	
  FORM
  OF DEBENTURE AND ORIGINAL ISSUE

  
	
  Section 8.1

  	
  Form of Debenture

  
	
  Section 8.2

  	
  Original Issue of Debentures

  
	
   

  	
   

  
	
  ARTICLE IX

  	
  CONCERNING THE TRUSTEE

  
	
  Section 9.1

  	
  Certain Duties and Responsibilities of the
  Trustee

  
	
  Section 9.2

  	
  Notice of Defaults

  
			

 

ii

 

	
  Section 9.3

  	
  Certain Rights of Trustee

  
	
  Section 9.4

  	
  Trustee Not Responsible for Recitals, etc

  
	
  Section 9.5

  	
  May Hold Debentures

  
	
  Section 9.6

  	
  Moneys Held in Trust

  
	
  Section 9.7

  	
  Compensation and Reimbursement

  
	
  Section 9.8

  	
  Reliance on Officers’ Certificate

  
	
  Section 9.9

  	
  Disqualification; Conflicting Interests

  
	
  Section 9.10

  	
  Corporate Trustee Required; Eligibility

  
	
  Section 9.11

  	
  Resignation and Removal; Appointment of
  Successor

  
	
  Section 9.12

  	
  Acceptance of Appointment by Successor

  
	
  Section 9.13

  	
  Merger,
  Conversion, Consolidation or Succession to Business

  
	
  Section 9.14

  	
  Preferential Collection of Claims Against
  the Company

  
	
   

  	
   

  
	
  ARTICLE
  X

  	
  CONCERNING
  THE DEBENTUREHOLDERS

  
	
  Section 10.1

  	
  Evidence of Action by Holders

  
	
  Section 10.2

  	
  Proof of Execution by Debentureholders

  
	
  Section 10.3

  	
  Who May be Deemed Owners

  
	
  Section 10.4

  	
  Certain Debentures Owned by Company
  Disregarded

  
	
  Section 10.5

  	
  Actions Binding on Future Debentureholders

  
	
   

  	
   

  
	
  ARTICLE
  XI

  	
  SUPPLEMENTAL
  INDENTURES

  
	
  Section 11.1

  	
  Supplemental Indentures Without the Consent
  of Debentureholders

  
	
  Section 11.2

  	
  Supplemental Indentures with Consent of
  Debentureholders

  
	
  Section 11.3

  	
  Effect of Supplemental Indentures

  
	
  Section 11.4

  	
  Debentures Affected by Supplemental
  Indentures

  
	
  Section 11.5

  	
  Execution of Supplemental Indentures

  
	
   

  	
   

  
	
  ARTICLE
  XII

  	
  SUCCESSOR
  CORPORATION

  
	
  Section 12.1

  	
  Company
  May Consolidate, etc

  
	
  Section 12.2

  	
  Successor Person Substituted

  
	
  Section 12.3

  	
  Evidence
  of Consolidation, etc. to Trustee

  
	
   

  	
   

  
	
  ARTICLE
  XIII

  	
  SATISFACTION
  AND DISCHARGE

  
			

 

iii

 

	
  Section 13.1

  	
  Satisfaction and Discharge of Indenture

  
	
  Section 13.2

  	
  Discharge of Obligations

  
	
  Section 13.3

  	
  Deposited Money to be Held in Trust

  
	
  Section 13.4

  	
  Payment of Money Held by Paying Agents

  
	
  Section 13.5

  	
  Repayment to Company

  
	
   

  	
   

  
	
  ARTICLE
  XIV

  	
  IMMUNITY
  OF INCORPORATORS, STOCKHOLDERS, OFFICERS AND DIRECTORS

  
	
  Section 14.1

  	
  No Recourse

  
	
   

  	
   

  
	
  ARTICLE
  XV

  	
  MISCELLANEOUS
  PROVISIONS

  
	
  Section 15.1

  	
  Effect on Successors and Assigns

  
	
  Section 15.2

  	
  Actions by Successor

  
	
  Section 15.3

  	
  Surrender of Company Powers

  
	
  Section 15.4

  	
  Notices

  
	
  Section 15.5

  	
  Governing Law

  
	
  Section 15.6

  	
  Treatment of Debentures as Debt

  
	
  Section 15.7

  	
  Compliance Certificates and Opinions

  
	
  Section 15.8

  	
  Payments on Business Days

  
	
  Section 15.9

  	
  Application of Trust Indenture Act;
  Conflict

  
	
  Section 15.10

  	
  Counterparts

  
	
  Section 15.11

  	
  Severability

  
	
  Section 15.12

  	
  Assignment

  
	
  Section 15.13

  	
  Acknowledgment of Rights; Right of Set Off

  
	
   

  	
   

  
	
  ARTICLE
  XVI

  	
  SUBORDINATION
  OF DEBENTURES

  
	
  Section 16.1

  	
  Agreement to Subordinate

  
	
  Section 16.2

  	
  Default
  on Senior Debt, Subordinated Debt or Additional Senior Obligations

  
	
  Section 16.3

  	
  Liquidation; Dissolution; Bankruptcy

  
	
  Section 16.4

  	
  Subrogation

  
	
  Section 16.5

  	
  Trustee to Effectuate Subordination

  
	
  Section 16.6

  	
  Notice by the Company

  
	
  Section 16.7

  	
  Rights of the Trustee; Holders of Senior
  Indebtedness

  
			

 

iv

 

	
  Section 16.8

  	
  Subordination may not be Impaired

  

 

v

 

INDENTURE

 

THIS
INDENTURE, effective as of June 27, 2002, between San Rafael Bancorp, a California
corporation (the “Company”) and Wells Fargo Bank, National Association, a
national banking association with its principal place of business in the State
of Delaware (the “Trustee”);

 

RECITALS:

 

WHEREAS, for its lawful
corporate purposes, the Company has duly authorized the execution and delivery
of this Indenture to provide for the issuance of securities to be known as
Floating Rate Junior Subordinated Deferrable Interest Debentures due June 30,
2032 (hereinafter referred to as the “Debentures”), the form and substance of
such Debentures and the terms, provisions and conditions thereof to be set
forth as provided in this Indenture;

 

WHEREAS, San Rafael
Capital Trust I, a Delaware statutory business trust (the “Trust”), has offered
in a private placement up to Ten Million Dollars ($10,000,000) aggregate
liquidation amount of its Trust Preferred Securities (as defined herein) and
proposes to invest the proceeds from such offering, together with the proceeds
of the issuance and sale by the Trust to the Company of up to Three Hundred Ten
Thousand Dollars ($310,000) aggregate liquidation amount of its Common
Securities (as defined herein), in up to Ten Million Three Hundred Ten Thousand
Dollars ($10,310,000) aggregate principal amount of the Debentures;

 

WHEREAS, the Company
has requested that the Trustee execute and deliver this Indenture;

 

WHEREAS, all
requirements necessary to make this Indenture a valid instrument in accordance
with its terms, and to make the Debentures, when executed by the Company and
authenticated and delivered by the Trustee, the valid obligations of the
Company, have been performed, and the execution and delivery of this Indenture
have been duly authorized in all respects;

 

WHEREAS, to provide
the terms and conditions upon which the Debentures are to be authenticated,
issued and delivered, the Company has duly authorized the execution of this
Indenture; and

 

WHEREAS, all things
necessary to make this Indenture a valid agreement of the Company, in accordance
with its terms, have been done.

 

NOW, THEREFORE, in
consideration of the premises set forth herein and the purchase of the
Debentures by the holders thereof, it is mutually covenanted and agreed as
follows for the equal and ratable benefit of the holders of the Debentures as
follows:

 

 

ARTICLE I

 

DEFINITIONS

 

Section 1.1                                   Definitions
of Terms.

 

The terms
defined in this Section 1.1 (except as otherwise expressly provided in this
Indenture or unless the context otherwise requires) for all purposes of this
Indenture and of any indenture supplemental hereto shall have the respective
meanings specified in this Section 1.1 and shall include the plural as well as
the singular. All other terms used in this Indenture that are defined in the
Trust Indenture Act, or that are by reference in the Trust Indenture Act and
defined in the Securities Act (except as herein otherwise expressly provided or
unless the context otherwise requires), shall have the meanings assigned to
such terms in the Trust Indenture Act and in the Securities Act as in force at
the date of the execution of this instrument and as may be amended from time to
time. All accounting terms used herein and not expressly defined shall have the
meanings assigned to such terms in accordance with Generally Accepted
Accounting Principles.

 

“Accelerated
Maturity Date” means if the Company elects to accelerate the Maturity Date in
accordance with Sections 2.2 (b) and 2.2(c), the date selected by the Company
which is prior to the Scheduled Maturity Date, but is on an Interest Payment
Date after  June 30, 2007.

 

“Additional
Interest” means interest earned and to be paid on interest that was not timely
paid.

 

“Additional
Senior Obligations” means all indebtedness of the Company whether incurred on
or prior to the date of this Indenture or thereafter incurred, for claims in
respect of derivative products such as interest and foreign exchange rate
contracts, commodity contracts and similar arrangements; provided, however,
that Additional Senior Obligations does not include claims in respect of Senior
Debt or Subordinated Debt or obligations which, by their terms, are expressly
stated to be not superior in right of payment to the Debentures or to rank pari
passu in right of payment with the Debentures. For purposes of this definition,
“claim” shall have the meaning assigned thereto in Section 101(4) of the United
States Bankruptcy Code of 1978, as amended.

 

“Additional
Sums” shall have the meaning set forth in Section 2.5 (g).

 

“Administrative
Trustees” shall have the meaning set forth in the Trust Agreement.

 

“Affiliate”
means, with respect to a specified Person, (i) any Person directly or
indirectly owning, controlling or holding with power to vote 10% or more of the
outstanding voting securities or other ownership interests of the specified
Person; (ii) any Person 10% or more of whose outstanding voting securities or
other ownership interests are directly or indirectly owned, controlled or held
with power to vote by the specified Person; (iii) any Person directly or
indirectly controlling, controlled by, or under common control with the
specified Person; (iv) a partnership in which the specified Person is a general
partner; (v) any officer or director of the specified Person; and (vi) if the
specified Person is an individual, any entity of which the specified Person is
an officer, director or general partner.

 

2

 

“Authenticating
Agent” means an authenticating agent with respect to the Debentures appointed
by the Trustee pursuant to Section 2.12.

 

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

 

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

 

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

 

“Business Day”
means, with respect to the Debentures, any day other than a Saturday or a
Sunday or a day on which federal or state banking institutions in Delaware or
Minnesota are authorized or required by law, executive order or regulation to
close, or a day on which the Corporate Trust Office of the Trustee or the
Property Trustee is closed for business.

 

“Calculation
Agent” shall have the meaning set forth in Section 2.5(d)(i).

 

“Capital
Treatment Event” means the receipt by the Company and the Trust of an Opinion
of Counsel, rendered by a law firm having a recognized national bank regulatory
practice, to the effect that, as a result of (a) any amendment to, or change
(including any announced prospective change) in, the laws (or any regulations
thereunder) of the United States or any political subdivision thereof or
therein, or (b) any official or administrative pronouncement or action or
judicial decision interpreting or applying such laws or regulations, which amendment
or change is effective or which pronouncement or decision is announced on or
after the date of issuance of the Trust Preferred Securities under the Trust
Agreement, there is more than an insubstantial risk of impairment of the
Company’s ability to treat the Trust Preferred Securities (or any substantial
portion thereof) as Tier 1 capital (or the then equivalent thereof), for
purposes of the capital adequacy guidelines of the Federal Reserve (or any
successor thereto), as then in effect and applicable to the Company; provided,
however, that the Trust or the Company shall have requested and received such
an Opinion of Counsel with regard to such matters within a reasonable period of
time after the Trust or the Company shall have become aware of the probable
occurrence of any such event.

 

“Certificate”
means a certificate signed by the principal executive officer, the principal
financial officer, the principal accounting officer, the treasurer or any vice
president of the Company. The Certificate need not comply with the provisions
of Section 15.7.

 

“Change in
1940 Act Law” shall have the meaning set forth in the definition of “Investment
Company Event.”

 

“Commission”
means the Securities and Exchange Commission.

 

“Common
Securities” means undivided common beneficial interests in the assets of the
Trust that rank pari passu with the Trust Preferred Securities; provided,
however, that upon the occurrence of an Event of Default, the rights of holders
of Common Securities to payment in

 

3

 

respect of distributions and
payments upon liquidation, redemption and otherwise are subordinated to the
rights of holders of Trust Preferred Securities.

 

“Company”
means San Rafael Bancorp, a corporation duly organized and validly existing
under the laws of the State of California, and, subject to the provisions of
Article XII, shall also include its successors and assigns.

 

“Compounded
Interest” shall have the meaning set forth in Section 4.1.

 

“Corporate
Trust Office” means the office of the Trustee or the Property Trustee at which,
at any particular time, its corporate trust business shall be principally
administered, which office at the date hereof is located at 919 Market Street,
Suite 700, Wilmington, Delaware 19801, Attention:  Corporate Trust Administration.

 

“Custodian”
means any receiver, trustee, assignee, liquidator, or similar official under
any Bankruptcy Law.

 

“Debentures”
shall have the meaning set forth in the Recitals hereto.

 

“Debentureholder,”
“holder of Debentures,” “registered holder,” or other similar term, means the
Person or Persons in whose name or names a particular Debenture shall be
registered on the books of the Company or the Trustee kept for that purpose in
accordance with the terms of this Indenture.

 

“Debenture
Register” shall have the meaning set forth in Section 2.7(b).

 

“Debt” means
with respect to any Person, whether recourse is to all or a portion of the
assets of such Person and whether or not contingent, (i) every obligation of
such Person for money borrowed; (ii) every obligation of such Person evidenced
by bonds, debentures, notes or other similar instruments, including obligations
incurred in connection with the acquisition of property, assets or businesses;
(iii) every reimbursement obligation of such Person with respect to letters of
credit, bankers’ acceptances or similar facilities issued for the account of
such Person; (iv) every obligation of such Person issued or assumed as the
deferred purchase price of property or services (but excluding trade accounts
payable or accrued liabilities arising in the ordinary course of business); (v)
every capital lease obligation of such Person; and (vi) every obligation of the
type referred to in clauses (i) through (v) of another Person and all dividends
of another Person the payment of which, in either case, such Person has
guaranteed or is responsible or liable, directly or indirectly, as obligor or
otherwise.

 

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

 

“Deferred
Interest” shall have the meaning set forth in Section 4.1.

 

“Dissolution
Event” means that as a result of the occurrence and continuation of a Special
Event, the Trust is to be dissolved in accordance with the Trust Agreement and
the Debentures held by the Property Trustee are to be distributed to the
holders of the Trust Securities issued by the Trust pro rata in accordance with
the Trust Agreement.

 

4

 

“Event of
Default” means, with respect to the Debentures, any event specified in Section
7.1, which has continued for the period of time, if any, and after the giving
of the notice, if any, therein designated.

 

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

 

“Extended
Interest Payment Period” shall have the meaning set forth in Section 4.1.

 

“Federal
Reserve” means the Board of Governors of the Federal Reserve System.

 

“Floating Interest
Rate” shall have the meaning set forth in Section 2.5(a).

 

“Generally
Accepted Accounting Principles” means such accounting principles as are
generally accepted at the time of any computation required hereunder.

 

“Governmental
Obligations” means securities that are (i) direct obligations of the United
States of America for the payment of which its full faith and credit is
pledged; or (ii) 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 that, in either case, are not callable or
redeemable at the option of the issuer thereof, and shall also include a depository
receipt issued by a bank (as defined in Section 3(a)(2) of the Securities Act)
as custodian with respect to any such Governmental Obligation or a specific
payment of principal of or interest on any such Governmental Obligation held by
such custodian for the account of the holder of such depository receipt;
provided, however, that (except as required by law) such custodian is not
authorized to make any deduction from the amount payable to the holder of such
depositary receipt from any amount received by the custodian in respect of the
Governmental Obligation or the specific payment of principal of or interest on
the Governmental Obligation evidenced by such depositary receipt.

 

“Herein,”
“hereof,” and “hereunder,” and other words of similar import, refer to this
Indenture as a whole and not to any particular Article,  Section or other subdivision.

 

“Indenture”
means this instrument as originally executed or as it may from time to time be
supplemented or amended by one or more indentures supplemental hereto entered
into in accordance with the terms hereof.

 

“Interest
Payment Date,” has the meaning specified in Section 2.5(a).

 

“Interest
Reset Date” has the meaning specified in Section 2.5(d).

 

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

 

“Investment
Company Event” means the receipt by the Trust and the Company of an Opinion of
Counsel, rendered by a law firm having a recognized national securities law
practice, to the effect that, as a result of the occurrence of a change in law
or regulation or a change in

 

5

 

interpretation or application
of law or regulation by any legislative body, court, governmental agency or
regulatory authority (a “Change in 1940 Act Law”), the Trust is or shall be
considered an “investment company” that is required to be registered under the
Investment Company Act, which Change in 1940 Act Law becomes effective on or
after the date of original issuance of the Trust Preferred Securities under the
Trust Agreement; provided, however, that the Trust or the Company shall have
requested and received such an Opinion of Counsel with regard to such matters
within a reasonable period of time after the Trust or the Company shall have
become aware of a Change in 1940 Act Law.

 

“Maturity
Date” means the date on which the Debentures mature and on which the principal
shall be due and payable together with all accrued and unpaid interest thereon
including Compounded Interest and Additional Interest, if any.

 

“Ministerial
Action” shall have the meaning set forth in Section 3.1.

 

“Officers’
Certificate” means a certificate signed by the Chief Executive Officer,
President or a Vice President and by the Treasurer or an Assistant Treasurer or
the Secretary or an Assistant Secretary of the Company that is delivered to the
Trustee in accordance with the terms hereof. Each such certificate shall
include the statements provided for in Section 15.7, if and to the extent
required by the provisions thereof.

 

“Opinion of
Counsel” means an opinion in writing of independent, outside legal counsel for
the Company that is delivered to the Trustee in accordance with the terms
hereof.  Each such opinion shall include
the statements provided for in Section 15.7, if and to the extent required by
the provisions thereof.

 

“Outstanding,”
when used with reference to the Debentures, means, subject to the provisions of
Section 10.4, as of any particular time, all Debentures theretofore
authenticated and delivered by the Trustee under this Indenture, except (i)
Debentures theretofore canceled by the Trustee or any Paying Agent, or
delivered to the Trustee or any Paying Agent for cancellation or that have
previously been canceled; (ii) Debentures or portions thereof for the payment
or redemption of which money or Governmental Obligations in the necessary
amount shall have been deposited in trust with the Trustee or with any Paying
Agent (other than the Company) or shall have been set aside and segregated in
trust by the Company (if the Company shall act as its own Paying Agent);
provided, however, that if such Debentures or portions of such Debentures are
to be redeemed prior to the maturity thereof, notice of such redemption shall
have been given as provided in Article III or provision satisfactory to the
Trustee shall have been made for giving such notice; and (iii) Debentures
in lieu of or in substitution for which other Debentures shall have been
authenticated and delivered pursuant to the terms of Section 2.7; provided,
however, that in determining whether the holders of the requisite percentage of
Debentures have given any such request, notice, consent or waiver hereunder,
Debentures held by the Company or any Affiliate of the Company shall not be
included; provided, further, that the Trustee shall be protected in acting or
relying upon any request, notice, consent or waiver unless a Responsible
Officer of the Trustee shall have actual knowledge that the holder of any such
Debenture is the Company or an Affiliate thereof.

 

6

 

“Paying Agent”
means any paying agent or co-paying agent appointed pursuant to
Section 5.3.

 

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

 

“Predecessor
Debenture” means every previous Debenture evidencing all or a portion of the
same debt as that evidenced by such particular Debenture; and, for the purposes
of this definition, any Debenture authenticated and delivered under Section 2.9
in lieu of a lost, destroyed or stolen Debenture shall be deemed to evidence
the same debt as the lost, destroyed or stolen Debenture.

 

“Property
Trustee” has the meaning set forth in the Trust Agreement.

 

“Resale
Restriction Termination Date” means, with respect to the offer, sale or other
transfer of a Debenture, (a) the date which is two years (or such shorter
period of time as permitted by Rule 144(k) under the Securities Act) after the
later of the original issue date of such Debenture and the last date on which
the Company or any Affiliate of the Company was the owner of such Debenture (or
any predecessor of the Debenture) and (b) such later date, if any, as may be
required by applicable laws.

 

“Redemption
Date” shall have the meaning set forth in Section 3.2(a).

 

“Redemption
Price” shall have the meaning set forth in Section 3.1.

 

“Responsible
Officer” when used with respect to the Trustee means any officer within the
Corporate Trust Office of the Trustee with direct responsibility for the
administration of this Indenture, including any vice president, any assistant
vice president, any assistant secretary or any other officer or assistant
officer of the Trustee customarily performing functions similar to those
performed by the Persons who at the time shall be such officers or to whom such
corporate trust matter is referred because of that officer’s knowledge of and
familiarity with the particular subject.

 

“Scheduled
Maturity Date” means June 30, 2032.

 

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

 

“Senior Debt”
means the principal of (and premium, if any) and interest, if any (including
interest accruing on or after the filing of any petition in bankruptcy or for
reorganization relating to the Company whether or not such claim for
post-petition interest is allowed in such proceeding), on all Debt, whether
incurred on or prior to the date of this Indenture or thereafter incurred,
unless, in the instrument creating or evidencing the same or pursuant to which
the same is outstanding, it is provided that such obligations are not superior
in right of payment to the Debentures or to other Debt which is pari passu
with, or subordinated to, the Debentures; provided, however, that Senior Debt
shall not be deemed to include (i) any Debt of the Company owed which when
incurred and without respect to any election under Section 1111(b) of the

 

7

 

United States Bankruptcy Code
of 1978, as amended, was without recourse to the Company; (ii) Debt which by
its terms is subordinated to trade accounts payable or accrued liabilities
arising in the ordinary course of business; and (iii) Debt which constitutes
Subordinated Debt.

 

“Senior
Indebtedness” shall have the meaning set forth in Section 16.1.

 

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

 

“Subordinated
Debt” means the principal of (and premium, if any) and interest, if any
(including interest accruing on or after the filing of any petition in
bankruptcy or for reorganization relating to the Company whether or not such
claim for post-petition interest is allowed in such proceeding), on Debt,
whether incurred on or prior to the date of this Indenture or thereafter
incurred, which is by its terms expressly provided to be junior and subordinate
to Senior Debt of the Company (other than the Debentures); provided, however,
that Subordinated Debt will not be deemed to include (i) any Debt of the
Company which when incurred and without respect to any election under Section
1111(b) of the United States Bankruptcy Code of 1978, as amended, was without
recourse to the Company, (ii) any Debt which by its terms is subordinated to
trade accounts payable or accrued liabilities arising in the ordinary course of
business; (iii) Debt which constitutes Senior Debt and (iv) any Debt of the
Company under debt securities (and guarantees in respect of these debt
securities) initially issued to any trust, or a trustee of a trust, partnership
or other entity affiliated with the Company that is, directly or indirectly, a
financing vehicle of the Company in connection with the issuance by that entity
of preferred securities or other securities which are intended to qualify for
Tier 1 capital treatment for purposes of the capital adequacy guidelines of the
Federal Reserve, as then in effect.

 

“Subsidiary”
means, with respect to any Person, (i) any corporation at least a majority of
whose outstanding Voting Stock shall at the time be owned, directly or
indirectly, by such Person or by one or more of its Subsidiaries or by such Person
and one or more of its Subsidiaries; (ii) any general partnership, limited
liability company, joint venture or similar entity, at least a majority of
whose outstanding partnership or similar interests shall at the time be owned
by such Person, or by one or more of its Subsidiaries, or by such Person and
one or more of its Subsidiaries; and (iii) any limited partnership of which
such Person or any of its Subsidiaries is a general partner.

 

“Tax Event”
means the receipt by the Company and the Trust of an Opinion of Counsel,
rendered by a law firm having a recognized federal tax law practice, to the
effect that, as a result of any amendment to, or change (including any
announced prospective change) in, the laws (or any regulations thereunder) of
the United States or any political subdivision or taxing authority thereof or
therein, or as a result of any official administrative pronouncement or
judicial decision interpreting or applying such laws or regulations, which
amendment or change is effective or which pronouncement or decision is
announced on or after the date of issuance of the Trust Preferred Securities
under the Trust Agreement, there is more than an insubstantial risk that (i)
the Trust is, or shall be within 90 days after the date of such Opinion of
Counsel, subject to United States federal income tax with respect to income
received or accrued on the Debentures; (ii) interest payable by the Company on
the Debentures is not, or within 90 days after the date of such Opinion of
Counsel, shall not be, deductible by the Company, in whole or in part, for

 

8

 

United States federal income
tax purposes; or (iii) the Trust is, or shall be within 90 days after the date
of such Opinion of Counsel, subject to more than a de minimis amount of other
taxes, duties, assessments or other governmental charges; provided, however,
that the Trust or the Company shall have requested and received such an Opinion
of Counsel with regard to such matters within a reasonable period of time after
the Trust or the Company shall have become aware of the occurrence or the
possible occurrence of any of the events described in clauses (i) through (iii)
above.

 

“Three-Month
LIBOR” shall have the meaning set forth in Section 2.5(d).

 

“Trust” means San
Rafael Capital Trust I, a Delaware statutory business trust.

 

“Trust
Agreement” means the Amended and Restated Trust Agreement, effective as of June
27, 2002, of the Trust, as amended from time to time.

 

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

 

“Trust
Preferred Securities Guarantee” means any guarantee that the Company may enter
into with the Trustee or other Persons that operates directly or indirectly for
the benefit of holders of Trust Preferred Securities.

 

“Trustee”
means Wells Fargo Bank, National Association and, subject to the provisions of
Article IX, shall also include its successors and assigns in each such Person’s
capacity as trustee hereunder, and, if at any time there is more than one
Person acting in such capacity hereunder, “Trustee” shall mean each such
Person.

 

“Trust
Indenture Act,” means the Trust Indenture Act of 1939 or any successor statute
thereto, in each case as amended from time to time.

 

“Trust
Securities” means the Common Securities and Trust Preferred Securities,
collectively.

 

“Voting
Stock,” as applied to stock of any Person, means shares, interests,
participations or other equivalents in the equity interest (however designated)
in such Person having ordinary voting power for the election of a majority of
the directors (or the equivalent) of such Person, other than shares, interests,
participations or other equivalents having such power only by reason of the
occurrence of a contingency.

 

9

 

ARTICLE II

 

ISSUE, DESCRIPTION, TERMS, CONDITIONS,

REGISTRATION AND EXCHANGE OF THE DEBENTURES

 

Section 2.1                                   Designation
and Principal Amount.

 

There is
hereby authorized Debentures designated the “Floating Rate Junior Subordinated
Deferrable Interest Debentures due June 30, 2032,” limited in aggregate
principal amount to Ten Million Three Hundred Ten Thousand Dollars
($10,310,000) which amount shall be as set forth in any written order of the
Company for the authentication and delivery of Debentures pursuant to Section
2.6.

 

Section 2.2                                   Maturity.

 

(a)                                  The
Maturity Date shall be either:

 

(i)                                     the
Scheduled Maturity Date; or

 

(ii)                                  if
the Company elects to accelerate the Maturity Date to be a date prior to the
Scheduled Maturity Date in accordance with Sections 2.2(b) and 2.2(c), the
Accelerated Maturity Date.

 

(b)                                 The
Company may at any time before the day which is 90 days before the Scheduled
Maturity Date and after June 30, 2007, elect to shorten the Maturity Date only
once to the Accelerated Maturity Date provided that the Company has received
the prior approval of the Federal Reserve if then required under applicable
capital guidelines, policies or regulations of the Federal Reserve.

 

(c)                                  If
the Company elects to accelerate the Maturity Date in accordance with Section
2.2(b), the Company shall give notice to the Trustee and the Trust (unless the
Property Trustee is not the holder of the Debentures, in which case the Trustee
will give notice to the holders of the Debentures) of the acceleration of the
Maturity Date and the Accelerated Maturity Date at least 30 days and no more
than 180 days before the Accelerated Maturity Date.

 

Section 2.3                                   Form
and Payment.

 

The Debentures
shall be issued in certificated form, registered in the name of the holder
thereof, without interest coupons.  The
Debentures, including the Certificate of Authentication, shall be substantially
in the form of Exhibit A hereto. 
Prior to the Resale Restriction Termination Date, the Debentures will be
issued and may only be transferred in a minimum aggregate principal amount of $100,000.
Subsequent to the Resale Restriction Termination Date, the Debentures may only
be transferred in a minimum aggregate principal amount of $100,000.  Any attempted transfer not in accordance
with the preceding two sentences shall be void and of no effect whatsoever.

 

10

 

Principal and
interest on the Debentures issued in certificated form shall be payable, the
transfer of such Debentures shall be registrable and such Debentures shall be
exchangeable for Debentures bearing identical terms and provisions at or
through the office or agency of the Trustee; provided, however, that payment of
interest may be made at the option of the Company by check mailed to the holder
at such address as shall appear in the Debenture Register or by wire transfer
to an account maintained by the holder as specified in the Debenture Register,
provided that the holder provides proper transfer instructions by the regular
record date. Notwithstanding the foregoing, so long as the holder of any
Debentures is the Property Trustee, the payment of principal of and interest (including
Compounded Interest and Additional Interest, if any) on such Debentures held by
the Property Trustee shall be made at such place and to such account as may be
designated by the Property Trustee.

 

Section 2.4                                   Intentionally
Left Blank.

 

Section
2.5                                   Interest.

 

(a)                                  Each
Debenture shall bear interest at the rate of 3.65% per annum over the
Three-Month LIBOR Rate, calculated on each Interest Reset Date (the “Floating
Interest Rate”), from the original date of issuance until the principal thereof
becomes due and payable, and on any overdue principal and (to the extent that
payment of such interest is enforceable under applicable law) on any overdue
installment of interest at the Floating Interest Rate, compounded quarterly,
payable (subject to the provisions of Article IV) quarterly in arrears on March
30, June 30, September 30 and December 30 of each year (each such date, an
“Interest Payment Date,” and each quarterly period, an “Interest Payment
Period”), commencing on September 30, 2002 to the Person in whose name such
Debenture or any Predecessor Debenture is registered, at the close of business
on the regular record date for such interest installment, which shall be the
15th of the last month of each Interest Payment Period.

 

(b)                                 The
Floating Interest Rate for each Interest Payment Period will be set on the
second London business day preceding each Interest Payment Date; provided, that
the initial Floating Interest Rate will be set on June 27, 2002.  If the Interest Reset Date is not a Business
Day, then such Interest Reset Date shall be the next succeeding day which is a
Business Day.  In no event shall the
Floating Interest Rate exceed 12% prior to June 30, 2007.

 

(c)                                  The
amount  payable for any Interest Payment
Period shall be computed on the basis of a 360-day year and the actual number
of days in such Distribution Period. In the event that any date on which
distribution is payable is not a Business Day, then payment shall be made on
the next succeeding day that is a Business Day except that, if such Business
Day is in the next succeeding calendar year, payment will be made on the
immediately preceding Business Day.

 

(d)                                 The
“Three-Month LIBOR Rate” shall mean the rate determined in accordance with the
following provisions:

 

11

 

(i)                                     On
the second LIBOR Business Day (provided that on such day commercial banks are
open for business (including dealings in foreign currency deposits) in London
(a “LIBOR Banking Day”) preceding each January 15, April 15, July 15 and
October 15 (except with respect to the first interest payment period, on June
27, 2002 (each such date, a “Distribution Reset Date”),  Wells Fargo Bank, National Association (the
“Calculation Agent”), will determine the Three-Month LIBOR Rate which shall be
the rate for deposits in the London interbank market in U.S. dollars having a
three-month maturity which appears on the Telerate Page 3750 as of 11:00 a.m.,
London time, on such Distribution Reset Date. 
“Telerate Page 3750” means the display on Page 3750 of the Bloomberg
Financial Markets Commodities News (or such other page as may replace that page
on that service for the purpose of displaying London interbank offered rates of
major banks for U.S. dollar deposits). 
If the Three-Month LIBOR Rate on such Distribution Reset Date does not
appear on the Telerate Page 3750, such Three-Month LIBOR Rate will be
determined as described in (ii) below. 
“LIBOR Business Day” means any day that is not a Saturday, Sunday or
other day on which commercial banking institutions in New York, New York or
Wilmington, Delaware are authorized or obligated by law or executive order to
be closed.  If such rate is superseded
on Telerate Page 3750 by a corrected rate before 12:00 noon (London time) on
the same Distribution Reset Date, the corrected rate as so substituted will be
the applicable LIBOR for that Distribution Reset Date.

 

(ii)                                  If,
on any Distribution Reset Date, such rate does not appear on Telerate Page 3750
as reported by Bloomberg Financial Markets Commodities News or such other page
as may replace such Telerate Page 3750, the Calculation Agent shall determine
the arithmetic mean of the offered quotations of the Reference Banks (as
defined below) to leading banks in the London interbank market for three-month
U.S. Dollar deposits in Europe (in an amount determined by the Calculation
Agent) by reference to requests for quotations as of approximately 11:00 a.m.
(London time) on the Distribution Reset Date made by the Calculation Agent to
the Reference Banks.  If, on any
Distribution Reset Date, at lease two of the Reference Banks provide such
quotations, LIBOR shall equal the arithmetic mean of such quotations.  If, on any Distribution Reset Date, only one
or none of the Reference Banks provide such a quotation, LIBOR shall be deemed
to be the arithmetic mean of the offered quotations that at least two leading
banks in the City of New York (as selected by the Calculation Agent) are
quoting on the relevant Distribution Reset Date for three-month U.S. Dollar
deposits in Europe at approximately 11:00 a.m. (London time) (in an amount
determined by the Calculation Agent). 
As used herein, “Reference Banks” means four major banks in the London
interbank market selected by the Calculation Agent.

 

12

 

(iii)                               If
the Calculation Agent is required but is unable to determine a rate in
accordance with at least one of the procedures provided above, LIBOR shall be
LIBOR in effect on the previous Distribution Reset Date (whether or not LIBOR
for such period was in fact determined on such Distribution Reset Date).

 

(e)                                  The
Floating Interest Rate and amount of interest to be paid on the Debentures for
each Interest Payment Period will be determined by the Calculation Agent.  All calculations made by the Calculation
Agent shall, in the absence of manifest error, be conclusive for all purposes
and binding on the Company and Holders of the Debentures.  So long as the Three-Month LIBOR Rate is
required to be determined with respect to the Debentures, there will at all
times be a Calculation Agent. In the event that any then acting Calculation
Agent shall be unable or unwilling to act, or that such Calculation Agent shall
fail duly to establish the Three-Month LIBOR Rate for any Interest Payment Period,
or that the Company proposes to remove such Calculation Agent, the Company
shall appoint another Person which is a bank, trust company, investment banking
firm or other financial institution to act as the Calculation Agent.

 

(f)                                    The
Trustee shall provide written notice of the Floating Interest Rate as certified
by the Calculation Agent to each holder of Debentures as set forth in the
Debenture Register no later than five Business Days following each Interest
Reset Date.

 

(g)                                 If,
at any time while the Trust or the Property Trustee is the holder of any
Debentures, the Trust or the Property Trustee is subject to or is required to
pay any taxes, duties, assessments or governmental charges of whatever nature
(including withholding taxes) imposed by the United States, or any other taxing
authority,  then, in any case, the
Company shall pay as additional amounts (“Additional Sums”) on the Debentures
held by the Trust or the Property Trustee, such additional amounts as shall be
required so that the net amounts received and retained by the Trust and the
Property Trustee after the withholding or paying of such taxes, duties,
assessments or other governmental charges shall be equal to the amounts the
Trust and the Property Trustee would have received and retained had no such
taxes, duties, assessments or other government charges been imposed.

 

(h)                                 The
Floating Interest Rate will in no event be higher than the maximum rate
permitted by the law of the State of California, or, if higher, the law of the
United States of America.

 

Section 2.6                                   Execution
and Authentications.

 

(a)                                  The
Debentures shall be signed on behalf of the Company by its Chief Executive
Officer, President or one of its Vice Presidents, under its corporate seal, if
any, attested by its Secretary or one of its Assistant Secretaries. Signatures
may be in the form of a manual or facsimile signature. The Company may use the
facsimile signature of any Person who shall have been a Chief Executive
Officer, President or Vice President thereof, or of any Person who shall have
been a Secretary or Assistant Secretary thereof, notwithstanding the fact that
at the time the Debentures shall be authenticated and 

 

13

 

delivered or
disposed of such Person shall have ceased to be the Chief Executive Officer,
President or a Vice President, or the Secretary or an Assistant Secretary, of
the Company (and any such signature shall be binding on the Company). The
corporate seal of the Company, if any, may be in the form of a facsimile of
such seal and may be impressed, affixed, imprinted or otherwise reproduced on
the Debentures. The Debentures may contain such notations, legends or
endorsements required by law, stock exchange rule or usage. Each Debenture
shall be dated the date of its authentication by the Trustee.  A Debenture shall not be valid until
authenticated manually by an authorized signatory of the Trustee, or by an
Authenticating Agent. Such signature shall be conclusive evidence that the
Debenture so authenticated has been duly authenticated and delivered hereunder
and that the holder is entitled to the benefits of this Indenture.

 

(b)                                 At
any time and from time to time after the execution and delivery of this
Indenture, the Company may deliver Debentures executed by the Company to the
Trustee for authentication, together with a written order of the Company for
the authentication and delivery of such Debentures signed by its Chief
Executive Officer, President or any Vice President and its Treasurer or any
Assistant Treasurer, and the Trustee in accordance with such written order
shall authenticate and deliver such Debentures.

 

(c)                                  In
authenticating such Debentures and accepting the additional responsibilities
under this Indenture in relation to such Debentures, the Trustee shall be
entitled to receive, and (subject to Section 9.1(b)) shall be fully protected
in relying upon, an Opinion of Counsel stating that the form and terms thereof
have been established in conformity with the provisions of this Indenture.

 

(d)                                 The
Trustee shall not be required to authenticate such Debentures if the issue of
such Debentures pursuant to this Indenture shall affect the  Trustee’s own rights, duties or immunities
under the Debentures and this Indenture or otherwise in a manner that is not
reasonably acceptable to the Trustee.

 

Section 2.7                                   Registration
of Transfer and Exchange.

 

(a)                                  Subject
to Section 2.3, Debentures may be exchanged upon presentation thereof at the
office or agency of the Company designated for such purpose in Wilmington,
Delaware or at the office of the Debenture Registrar, for other Debentures and
for a like aggregate principal amount in denominations of integral multiples of
$1,000, upon payment of a sum sufficient to cover any tax or other governmental
charge in relation thereto, all as provided in this Section 2.7. In respect of
any Debentures so surrendered for exchange, the Company shall execute, the
Trustee, upon written order of the Company, shall authenticate and such office
or agency shall deliver in exchange therefore the Debenture or Debentures that
the Debentureholder making the exchange shall be entitled to receive, bearing
numbers not contemporaneously outstanding.

 

(b)                                 The
Company shall keep, or cause to be kept, at its office or agency designated for
such purpose in Wilmington, Delaware or at the office of the Debenture
Registrar or such other location designated by the Company a register or
registers (herein referred to as the “Debenture Register”) in which, subject to
such reasonable regulations

 

14

 

as it may
prescribe, the Company shall register the Debentures and the transfers of
Debentures as provided in this Article II and which at all reasonable times
shall be open for inspection by the Trustee. The registrar for the purpose of
registering Debentures and transfer of Debentures as herein provided shall
initially be the Trustee and thereafter as may be appointed by the Company as
authorized by Board Resolution (the “Debenture Registrar”). Subject to Section
2.3, upon surrender for transfer of any Debenture at the office or agency of
the Company designated for such purpose, the Company shall execute, the
Trustee, upon written order of the Company, shall authenticate and such office
or agency shall deliver in the name of the transferee or transferees a new
Debenture or Debentures for a like aggregate principal amount.  All Debentures presented or surrendered for
exchange or registration of transfer, as provided in this Section 2.7, shall be
accompanied (if so required by the Company or the Debenture Registrar) by a
written instrument or instruments of transfer, in form satisfactory to the
Company or the Debenture Registrar, duly executed by the registered holder or
by such holder’s duly authorized attorney in writing.

 

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

 

THIS DEBENTURE
HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE
“SECURITIES ACT”), ANY STATE SECURITIES LAWS OR ANY OTHER APPLICABLE SECURITIES
LAWS.  NEITHER THIS DEBENTURE NOR ANY
INTEREST OR PARTICIPATION HEREIN MAY BE REOFFERED SOLD, ASSIGNED, TRANSFERRED,
PLEDGED, ENCUMBERED OR OTHERWISE DISPOSED OF IN THE ABSENCE OF SUCH
REGISTRATION OR UNLESS THE TRANSACTION IS EXEMPT FROM, OR NOT SUBJECT TO, SUCH
REGISTRATION.  PRIOR TO (X) THE DATE
WHICH IS TWO YEARS (OR SUCH SHORTER PERIOD OF TIME AS PERMITTED BY RULE 144(k)
UNDER THE SECURITIES ACT) AFTER THE LATER OF (i) THE ORIGINAL ISSUE DATE HEREOF
OR (ii) THE LAST DATE ON WHICH THE COMPANY OR ANY AFFILIATE OF THE COMPANY WAS
THE OWNER OF THIS DEBENTURE (OR ANY PREDECESSOR OF THIS DEBENTURE) AND (Y) SUCH
LATER DATE, IF ANY, AS MAY BE REQUIRED BY APPLICABLE LAWS (THE “RESALE
RESTRICTION TERMINATION DATE”), THE HOLDER OF THIS DEBENTURE BY ITS ACCEPTANCE
HEREOF AGREES FOR THE BENEFIT OF THE COMPANY TO OFFER, SELL OR OTHERWISE
TRANSFER THIS DEBENTURE ONLY (A) TO THE COMPANY OR AN AFFILIATE OF THE COMPANY,
(B) PURSUANT TO A REGISTRATION STATEMENT WHICH HAS BEEN DECLARED EFFECTIVE
UNDER THE SECURITIES ACT, (C) FOR SO LONG AS THIS DEBENTURE IS ELIGIBLE FOR
RESALE PURSUANT TO RULE 144A (“RULE 144A”) PROMULGATED UNDER THE SECURITIES
ACT, TO A PERSON IT REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” AS
DEFINED IN RULE 144A THAT PURCHASES FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A
QUALIFIED INSTITUTIONAL BUYER IN COMPLIANCE WITH RULE 144A, (D) TO AN
INSTITUTIONAL “ACCREDITED INVESTOR”

 

15

 

WITHIN THE
MEANING OF SUBPARAGRAPH (A)(1), (2), (3) OR (7) OF RULE 501 UNDER THE
SECURITIES ACT THAT IS ACQUIRING THIS DEBENTURE FOR ITS OWN ACCOUNT, OR FOR THE
ACCOUNT OF SUCH AN INSTITUTIONAL “ACCREDITED INVESTOR,” FOR INVESTMENT PURPOSES
AND NOT WITH A VIEW TO OR FOR OFFER OR SALE IN CONNECTION WITH, ANY
DISTRIBUTION IN VIOLATION OF THE SECURITIES ACT, OR (E) PURSUANT TO ANOTHER AVAILABLE
EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT, SUBJECT TO
THE COMPANY’S AND THE TRUSTEE’S RIGHT PRIOR TO ANY SUCH OFFER, SALE, TRANSFER
OR OTHER DISPOSITION (i) PURSUANT TO CLAUSES (D) OR (E) TO REQUIRE THE DELIVERY
BY THE HOLDER OF AN OPINION OF COUNSEL, CERTIFICATIONS AND/OR OTHER INFORMATION
SATISFACTORY TO THE COMPANY TO CONFIRM THAT SUCH TRANSFER IS BEING MADE
PURSUANT TO AN EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO THE
REGISTRATION REQUIREMENTS OF THE SECURITIES ACT  AND (ii) IN EACH OF THE FOREGOING CASES, TO REQUIRE THAT A
CERTIFICATE OF TRANSFER IN THE FORM APPEARING ON THE OTHER SIDE OF THIS
DEBENTURE IS COMPLETED AND DELIVERED BY THE TRANSFEROR TO THE TRUSTEE AND THE REGISTRAR
IN CONNECTION WITH ANY TRANSFER OF THIS DEBENTURE PRIOR TO THE RESALE
RESTRICTION TERMINATION DATE.  THE
HOLDER MUST CHECK THE APPROPRIATE BOX SET FORTH ON THE CERTIFICATE OF TRANSFER
RELATING TO THE MANNER OF SUCH TRANSFER AND SUBMIT THE CERTIFICATE OF TRANSFER
TO THE TRUSTEE AND THE REGISTRAR.  THIS
LEGEND WILL BE REMOVED UPON REQUEST OF THE HOLDER AFTER THE EARLIER OF (i) THE
TRANSFER OF THE DEBENTURE EVIDENCED HEREBY PURSUANT TO CLAUSE (B) ABOVE OR (ii)
THE RESALE RESTRICTION TERMINATION DATE. 
THE HOLDER WILL, AND EACH SUBSEQUENT HOLDER IS REQUIRED TO, NOTIFY ANY
PURCHASER OF THIS DEBENTURE OF THE RESALE RESTRICTIONS REFERRED TO HEREIN.

 

PRIOR TO THE
RESALE RESTRICTION TERMINATION DATE, THIS DEBENTURE MAY BE TRANSFERRED OR
EXCHANGED ONLY IN A MINIMUM AGGREGATE PRINCIPAL AMOUNT OF NOT LESS THAN $100,000.  ANY ATTEMPTED TRANSFER OF THIS DEBENTURE IN
AN AGGREGATE PRINCIPAL AMOUNT OF LESS THAN $100,000 PRIOR TO THE RESALE
RESTRICTION TERMINATION DATE SHALL BE DEEMED TO BE VOID AND OF NO LEGAL EFFECT
WHATSOEVER.  AFTER SUCH RESALE RESTRICTION
TERMINATION DATE, ANY ATTEMPTED TRANSFER OF THIS DEBENTURE IN AN AGGREGATE
PRINCIPAL AMOUNT OF LESS THAN $100,000 SHALL BE DEEMED TO BE VOID AND OF NO
LEGAL EFFECT WHATSOEVER.  ANY  SUCH PURPORTED TRANSFEREE SHALL BE DEEMED
NOT TO BE THE HOLDER OF THIS DEBENTURE FOR ANY PURPOSE, INCLUDING, BUT NOT
LIMITED TO, THE RIGHT TO RECEIVE INTEREST PAYMENTS ON THIS DEBENTURE, AND SUCH
PURPORTED TRANSFEREE SHALL BE DEEMED TO HAVE NO INTEREST WHATSOEVER IN THIS
DEBENTURE.

 

16

 

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

 

(d)                                 No
service charge shall be made for any exchange or registration of transfer of
Debentures, or issue of new Debentures in case of partial redemption, but the
Company may require payment of a sum sufficient to cover any tax or other
governmental charge in relation thereto. 
Other than exchanges pursuant to Section 2.8, the Company shall not be
required (i) to issue, exchange or register the transfer of any Debentures
during a period beginning at the opening of 15 business days before the day of
the mailing of a notice of redemption of less than all the Outstanding
Debentures and ending at the close of business on the day of such mailing; nor
(ii) to register the transfer of or exchange any Debentures or portions thereof
called for redemption.

 

(e)                                  Nothing
herein withstanding, the Property Trustee shall not be authorized, other than
in the case of Default, to cause the transfer of a Denture issued hereunder
except (i) upon prior consent and authorization by the Administrative Trustees
or (ii) upon order of a court of competent jurisdiction.

 

(f)                                    Debentures
may only be transferred, in whole or in part, in accordance with the terms and
conditions set forth in this Indenture. Any transfer or purported transfer of
any Debenture not made in accordance with this Indenture shall be null and
void.

 

Section
2.8                                   Temporary
Debentures.

 

Pending the
preparation of definitive Debentures, the Company may execute, and the Trustee
shall authenticate and deliver, temporary Debentures (printed, lithographed, or
typewritten). Such temporary Debentures shall be substantially in the form of
the definitive Debentures in lieu of which they are issued, but with such
omissions, insertions and variations as may be appropriate for temporary
Debentures, all as may be determined by the Company. Every temporary Debenture
shall be executed by the Company and be authenticated by the Trustee upon the
same conditions and in substantially the same manner, and with like effect, as
the definitive Debentures. Without unnecessary delay the Company shall execute
and shall furnish definitive Debentures and thereupon any or all temporary
Debentures may be surrendered in exchange therefor (without charge to the
holders), at the office or agency of the Company designated for that purpose in
Wilmington, Delaware or such other office or agency as the Company shall
designate for that purpose pursuant to Section 5.2 hereof, and the Trustee
shall authenticate, upon written order of the Company, and such office or
agency shall deliver in exchange for such temporary Debentures an equal aggregate
principal amount of definitive Debentures, unless the Company advises the
Trustee to the effect that definitive Debentures need not be authenticated and
furnished until further notice from the Company. Until so exchanged, the
temporary Debentures shall be entitled to the same benefits under this
Indenture as definitive Debentures authenticated and delivered hereunder.

 

17

 

Section
2.9                                   Mutilated,
Destroyed, Lost or Stolen Debentures.

 

(a)                                  In
case any temporary or definitive Debenture shall become mutilated or be
destroyed, lost or stolen, the Company (subject to the next succeeding
sentence) shall execute, and upon the Company’s written order and request the
Trustee (subject as aforesaid) shall authenticate and deliver, a new Debenture
bearing a number not contemporaneously outstanding, in exchange and
substitution for the mutilated Debenture, or in lieu of and in substitution for
the Debenture so destroyed, lost, stolen or mutilated. In every case the applicant
for a substituted Debenture shall furnish to the Company and the Trustee such
security or indemnity as may be required by them to hold each of them harmless,
and, in every case of destruction, loss or theft, the applicant shall also
furnish to the Company and the Trustee evidence to their satisfaction of the
destruction, loss or theft of the applicant’s Debenture and of the ownership
thereof.  The Trustee may authenticate
any such substituted Debenture and deliver the same upon the written order and
request or authorization of the Chief Executive Officer, President or any Vice
President and the Treasurer or any Assistant Treasurer of the Company. Upon the
issuance of any substituted Debenture, the Company may require the payment of a
sum sufficient to cover any tax or other governmental charge that may be
imposed in relation thereto and any other expenses (including the fees and
expenses of the Trustee) connected therewith. In case any Debenture that has
matured or is about to mature shall become mutilated or be destroyed, lost or
stolen, the Company may, instead of issuing a substitute Debenture, pay or
authorize the payment of the same (without surrender thereof except in the case
of a mutilated Debenture) if the applicant for such payment shall furnish to
the Company and the Trustee such security or indemnity as they may require to
hold them harmless, and, in case of destruction, loss or theft, evidence to the
satisfaction of the Company and the Trustee of the destruction, loss or theft
of such Debenture and of the ownership thereof.

 

(b)                                 Every
replacement Debenture issued pursuant to the provisions of this Section 2.9
shall constitute an additional contractual obligation of the Company whether or
not the mutilated, destroyed, lost or stolen Debenture shall be found at any
time, or be enforceable by anyone, and shall be entitled to all the benefits of
this Indenture equally and proportionately with any and all other Debentures
duly issued hereunder. All Debentures shall be held and owned upon the express
condition that the foregoing provisions are exclusive with respect to the
replacement or payment of mutilated, destroyed, lost or stolen Debentures, and
shall preclude (to the extent lawful) any and all other rights or remedies,
notwithstanding any law or statute existing or hereafter enacted to the
contrary with respect to the replacement or payment of negotiable instruments
or other securities without their surrender.

 

Section 2.10                            Cancellation.

 

All Debentures
surrendered for the purpose of payment, redemption, exchange or registration of
transfer shall, if surrendered to the Company or any Paying Agent, be delivered
to the Trustee for cancellation, or, if surrendered to the Trustee, shall be
canceled by it, and no Debentures shall be issued in lieu thereof except as
expressly required or permitted by any of the provisions of this Indenture. On
request of the Company at the time of such surrender, the

 

18

 

Trustee shall deliver to the
Company canceled Debentures held by the Trustee.  In the absence of such request the Trustee may dispose of
canceled Debentures in accordance with its standard procedures and deliver a
certificate of disposition  to the
Company. If the Company shall otherwise acquire any of the Debentures, however,
such acquisition shall not operate as a redemption or satisfaction of the
indebtedness represented by such Debentures unless and until the same are
delivered to the Trustee for cancellation.

 

Section 2.11                            Benefit
of Indenture.

 

Nothing in
this Indenture or in the Debentures, express or implied, shall give or be
construed to give to any Person, other than the parties hereto and the holders
of the Debentures (and, with respect to the provisions of Article XVI, the
holders of the Senior Indebtedness) any legal or equitable right, remedy or
claim under or in respect of this Indenture, or under any covenant, condition
or provision herein contained; all such covenants, conditions and provisions
being for the sole benefit of the parties hereto and of the holders of the
Debentures (and, with respect to the provisions of Article XVI, the holders of
the Senior Indebtedness).

 

Section 2.12                            Authentication
Agent.

 

(a)                                  So
long as any of the Debentures remain Outstanding there may be an Authenticating
Agent for any or all such Debentures, and the Trustee shall have the right to
appoint such Authenticating Agent. Said Authenticating Agent shall be
authorized to act on behalf of the Trustee to authenticate Debentures issued
upon exchange, transfer or partial redemption thereof, and Debentures so
authenticated shall be entitled to the benefits of this Indenture and shall be
valid and obligatory for all purposes as if authenticated by the Trustee
hereunder. All references in this Indenture to the authentication of Debentures
by the Trustee shall be deemed to include authentication by an Authenticating
Agent. Each Authenticating Agent shall be acceptable to the Company and shall
be a corporation that has a combined capital and surplus, as most recently reported
or determined by it, sufficient under the laws of any jurisdiction under which
it is organized or in which it is doing business to conduct a trust business,
and that is otherwise authorized under such laws to conduct such business and
is subject to supervision or examination by federal or state authorities. If at
any time any Authenticating Agent shall cease to be eligible in accordance with
these provisions, it shall resign immediately.

 

(b)                                 Any
Authenticating Agent may at any time resign by giving written notice of
resignation to the Trustee and to the Company. The Trustee may at any time (and
upon request by the Company shall) terminate the agency of any Authenticating
Agent by giving written notice of termination to such Authenticating Agent and to
the Company. Upon resignation, termination or cessation of eligibility of any
Authenticating Agent, the Trustee may appoint an eligible successor
Authenticating Agent acceptable to the Company. Any successor Authenticating
Agent, upon acceptance of its appointment hereunder, shall become vested with
all the rights, powers and duties of its predecessor hereunder as if originally
named as an Authenticating Agent pursuant hereto.

 

19

 

ARTICLE III

 

REDEMPTION
OF DEBENTURES

 

Section 3.1                                   Special
Event Redemption.

 

If, prior to June
30, 2007, a Special Event has occurred and is continuing, then, notwithstanding
Section 3.2(a) but subject to Section 3.2(b), the Company shall have the right
upon not less than 30 days’ nor more than 60 days’ notice to the holders of the
Debentures to redeem the Debentures, in whole but not in part, for cash within
180 days following the occurrence of such Special Event (the “180-Day Period”)
at a redemption price equal to One Hundred Three Percent (103%) of the
principal amount to be redeemed plus any accrued and unpaid interest thereon to
the date of such redemption (the “Redemption Price”), provided that if at the
time there is available to the Company the opportunity to eliminate, within the
180-Day Period, a Tax Event by taking some ministerial action (a “Ministerial
Action”), such as filing a form or making an election, or pursuing some other
similar reasonable measure which has no adverse effect on the Company, the
Trustee, the Trust or the holders of the Trust Securities issued by the Trust,
the Company shall pursue such Ministerial Action in lieu of redemption. The
Redemption Price shall be paid prior to 12:00 noon, New York time, on the date
of such redemption or such earlier time as the Company determines, provided
that the Company shall deposit with the Trustee an amount sufficient to pay the
Redemption Price by 10:00 a.m., New York time, on the date such Redemption
Price is to be paid.

 

Section 3.2                                   Optional
Redemption by Company.

 

(a)                                  Subject
to the provisions of Section 3.2(b), except as otherwise may be specified in
this Indenture, the Company shall have the right to redeem the Debentures, in
whole or in part, from time to time, on any Interest Payment Date after June
30, 2007 (each a “Redemption Date”), at a Redemption Price equal to 100% of the
principal amount to be redeemed plus any accrued and unpaid interest thereon to
the Redemption Date.  Any redemption
pursuant to this Section 3.2(a) shall be made upon not less than 30 days’ nor
more than 60 days’ notice to the holder of the Debentures, at the Redemption
Price.  If the Debentures are only
partially redeemed pursuant to this Section 3.2, the Debentures shall be
redeemed pro rata or by lot or in such other manner as the Trustee shall in
good faith deem appropriate and fair in its sole discretion. The Redemption
Price shall be paid prior to 12:00 noon, New York time, on the Redemption Date
or at such earlier time as the Company determines provided that the Company
shall deposit with the Trustee an amount sufficient to pay the Redemption Price
by 10:00 a.m., New York time, on the Redemption Date.

 

(b)                                 Any
redemption of Debentures pursuant to Section 3.1 or Section 3.2 shall be
subject to the Company obtaining the prior approval of the Federal Reserve, if
such approval is then required under the applicable capital guidelines,
policies or regulations of the Federal Reserve, and any other required
regulatory approvals.

 

(c)                                  If
a partial redemption of the Debentures would result in the delisting of the
Trust Preferred Securities issued by the Trust from any national securities
exchange

 

20

 

or other
organization on which the Trust Preferred Securities are then listed, if any,
the Company shall not be permitted to effect such partial redemption and may
only redeem the Debentures in whole.

 

(d)                                 Subject
to the provisions of this Section 3.2, the Company shall have the right to
redeem Debentures in a principal amount equal to the Liquidation Amount (as
defined in the Trust Agreement) of any Trust Preferred Securities purchased and
beneficially owned by the Company, plus an additional principal amount of
Debentures equal to the Liquidation Amount (as defined in the Trust Agreement)
of that number of Common Securities that bears the same proportion to the total
number of Common Securities then outstanding as the number of Trust Preferred
Securities to be redeemed bears to the total number of Trust Preferred
Securities then outstanding.  Such Debentures
shall be redeemed pursuant to this Section 3.2(d) only in exchange for and upon
surrender by the Company to the Property Trustee of the Trust Preferred
Securities and a proportionate amount of Common Securities, whereupon the
Property Trustee shall cancel the Trust Preferred Securities and Common
Securities so surrendered and a Like Amount (as defined in the Trust Agreement)
of Debentures shall be extinguished by the Trustee and shall no longer be
deemed Outstanding.

 

Section 3.3                                   Notice
of Redemption.

 

In case the
Company shall desire to exercise such right to redeem all or, as the case may
be, a portion of the Debentures in accordance with the right reserved so to do,
the Company shall, or shall cause the Trustee to upon receipt of at least 45
days’ written notice from the Company (which notice shall, in the event of  a partial redemption, include a
representation to the effect that such partial redemption will not result in
the delisting of the Trust Preferred Securities as described in Section 3.2(c)
above), give notice of such redemption to holders of the Debentures to be
redeemed by mailing, first class postage prepaid, a notice of such redemption
not less than 30 days and not more than 180 days before the date fixed for
redemption to such holders at their last addresses as they shall appear upon
the Debenture Register unless a shorter period is specified in the Debentures
to be redeemed. Any notice that is mailed in the manner herein provided shall
be conclusively presumed to have been duly given, whether or not the registered
holder receives the notice. In any case, failure duly to give such notice to
the holder of any Debenture designated for redemption in whole or in part, or
any defect in the notice, shall not affect the validity of the proceedings for
the redemption of any other Debentures. In the case of any redemption of
Debentures prior to the expiration of any restriction on such redemption
provided in the terms of such Debentures or elsewhere in this Indenture, the
Company shall furnish the Trustee with an Officers’ Certificate evidencing
compliance with any such restriction. Each such notice of redemption shall
specify the date fixed for redemption and the Redemption Price and shall state
that payment of the Redemption Price shall be made at the office or agency of
the Company or at the Corporate Trust Office of the Trustee, upon presentation
and surrender of such Debentures, that interest accrued to the date fixed for
redemption shall be paid as specified in said notice and that from and after
said date interest shall cease to accrue. 
If less than all the Debentures are to be redeemed, the notice to the
holders of the Debentures shall specify the particular Debentures to be
redeemed.  If the Debentures are

 

21

 

to be redeemed
in part only, the notice shall state the portion of the principal amount
thereof to be redeemed and shall state that on and after the redemption date,
upon surrender of such Debenture, a new Debenture or Debentures in principal
amount equal to the unredeemed portion thereof will be issued to the
holder.  If less than all the Debentures
are to be redeemed, the Company shall give the Trustee at least 45 days’ notice
in advance of the date fixed for redemption as to the aggregate principal
amount of Debentures to be redeemed, and thereupon the Trustee shall select,
pro rata or by lot or in such other manner as it shall in good faith deem
appropriate and fair in its sole discretion, the portion or portions (equal to
$1,000 or any integral multiple thereof) of the Debentures to be redeemed and
shall thereafter promptly notify the Company in writing of the numbers of the
Debentures to be redeemed, in whole or in part. The Company may, if and
whenever it shall so elect pursuant to the terms hereof, by delivery of
instructions signed on its behalf by its Chief Executive Officer, its President
or any Vice President, instruct the Trustee or any Paying Agent to call all or
any part of the Debentures for redemption and to give notice of redemption in
the manner set forth in this Section 3.3, such notice to be in the name of the
Company or its own name as the Trustee or such Paying Agent may deem advisable.
In any case in which notice of redemption is to be given by the Trustee or any
such Paying Agent, the Company shall deliver or cause to be delivered to, or
permit to remain with, the Trustee or such Paying Agent, as the case may be,
such Debenture Register, transfer books or other records, or suitable copies or
extracts therefrom, sufficient to enable the Trustee or such Paying Agent to
give any notice by mail that may be required under the provisions of this
Section 3.3.

 

Section 3.4                                   Payment
Upon Redemption.

 

(a)                                  If
the giving of notice of redemption shall have been completed as above provided,
the Debentures or portions of Debentures to be redeemed specified in such
notice shall become due and payable on the date and at the place stated in such
notice at the applicable Redemption Price, and interest on such Debentures or
portions of Debentures shall cease to accrue on and after the date fixed for
redemption, unless the Company shall default in the payment of such Redemption
Price with respect to any such Debenture or portion thereof. On presentation
and surrender of such Debentures on or after the date fixed for redemption at
the place of payment specified in the notice, said Debentures shall be paid and
redeemed at the Redemption Price (but if the date fixed for redemption is an
Interest Payment Date, the interest installment payable on such date shall be
payable to the registered holder at the close of business on the applicable
record date).

 

(b)                                 Upon
presentation of any Debenture that is to be redeemed in part only, the Company
shall execute and the Trustee or the Authenticating Agent, upon written order
of the Company, shall authenticate and the office or agency where the Debenture
is presented shall deliver to the holder thereof, at the expense of the
Company, a new Debenture of authorized denomination in principal amount equal
to the unredeemed portion of the Debenture so presented.

 

22

 

Section 3.5                                   No
Sinking Fund.

 

The Debentures
are not entitled to the benefit of any sinking fund.

 

ARTICLE IV

 

EXTENSION OF INTEREST PAYMENT PERIOD

 

Section 4.1                                   Extension
of Interest Payment Period.

 

The Company
shall have the right, at any time and from time to time during the term of the
Debentures so long as no Event of Default has occurred and is continuing, to
defer payments of interest by extending the interest payment period of such
Debentures for a period not exceeding 20 consecutive quarters (the “Extended
Interest Payment Period”), during which Extended Interest Payment Period no
interest shall be due and payable; provided that no Extended Interest Payment
Period may extend beyond the Maturity Date or end on a date other than an
Interest Payment Date. To the extent permitted by applicable law, interest, the
payment of which has been deferred because of the extension of the interest
payment period pursuant to this Section 4.1, shall bear interest thereon at the
Floating Interest Rate in effect for each period compounded quarterly for each
quarter of the Extended Interest Payment Period (“Compounded Interest”). At the
end of the Extended Interest Payment Period, the Company shall calculate (and
deliver such calculation to the Trustee) and pay all interest accrued and
unpaid on the Debentures, including any Additional Interest and Compounded
Interest (together, “Deferred Interest”) that shall be payable to the holders
of the Debentures in whose names the Debentures are registered in the Debenture
Register on the first record date after the end of the Extended Interest
Payment Period. Before the termination of any Extended Interest Payment Period,
the Company may further extend such period so long as no Event of Default has
occurred and is continuing, provided that such period together with all such
further extensions thereof shall not exceed 20 consecutive quarters, or extend
beyond the Maturity Date of the Debentures or end on a date other than an
Interest Payment Date. Upon the termination of any Extended Interest Payment
Period and upon the payment of all Deferred Interest then due, the Company may
commence a new Extended Interest Payment Period, subject to the foregoing
requirements. No interest shall be due and payable during an Extended Interest
Payment Period, except at the end thereof, but the Company may prepay at any
time all or any portion of the interest accrued during an Extended Interest Payment
Period.

 

Section 4.2                                   Notice
of Extension.

 

(a)                                  If
the Property Trustee is the only registered holder of the Debentures at the
time the Company selects an Extended Interest Payment Period, the Company shall
give written notice to the Administrative Trustees, the Property Trustee and
the Trustee of its selection of such Extended Interest Payment Period two
Business Days before the earlier of (i) the next succeeding date on which
Distributions on the Trust Securities issued by the Trust are payable; or (ii)
the date the Trust is required to give notice of the record date, or the date
such Distributions are payable, to any applicable self-regulatory organization
or to holders of the Trust Preferred Securities issued by the Trust.

 

23

 

(b)                                 If
the Property Trustee is not the only holder of the Debentures at the time the
Company selects an Extended Interest Payment Period, the Company shall give the
holders of the Debentures and the Trustee written notice of its selection of
such Extended Interest Payment Period at least two Business Days before the
earlier of (i) the next succeeding Interest Payment Date; or (ii) the date the
Company is required to give notice of the record or payment date of such
interest payment to any applicable self-regulatory organization, if any, or to
holders of the Debentures.

 

(c)                                  The
quarter in which any notice is given pursuant to paragraphs (a) or (b) of this
Section 4.2 shall be counted as one of the 20 quarters permitted in the maximum
Extended Interest Payment Period permitted under Section 4.1.

 

Section 4.3                                   Limitation
on Transactions.

 

If (i) the
Company shall exercise its right to defer payment of interest as provided in
Section 4.1; or (ii) there shall have occurred and be continuing any Event of
Default, then

 

(a)                                  the
Company shall not, and will not permit any Subsidiary to, declare or pay any
dividends on, make any distributions with respect to, or redeem, purchase,
acquire or make a liquidation payment with respect to, any of its capital stock
(other than (1) dividends or distributions in shares of, or options,
warrants or rights to subscribe for or purchase shares of, common stock of the
Company or such Subsidiary, (2) any declaration of a dividend in connection
with the implementation of a shareholder’s rights plan, or the issuance of
stock under any such plan in the future, or the redemption or repurchase of any
such rights pursuant thereto, (3) purchases of common stock of the Company
related to the issuance of such common stock under any of the Company’s
employee benefit plans for its directors, officers or employees, (4) as a
result of a reclassification of any class or series of the Company’s capital
stock solely into another class or series of the Company’s capital stock, or
(5) declarations or payments of dividends or distributions payable by a
Subsidiary of the Company to the Company or to any of the Company’s
Subsidiaries);

 

(b)                                 the
Company shall not, and will not permit any Subsidiary to, make any payment of
interest, principal or premium, if any, or repay, repurchase or redeem any debt
securities issued by the Company which rank pari passu with or junior to the
Debentures;

 

(c)                                  the
Company shall not make any guarantee payments with respect to any guarantee by
the Company of the debt securities of any Subsidiary of the Company if such
guarantee ranks pari passu with or junior to the Debentures; provided,
however, that notwithstanding the foregoing the Company may make payments
pursuant to its obligations under the Trust Preferred Securities Guarantee; and

 

(d)                                 the
Company shall not redeem, purchase or acquire less than all of the Outstanding
Debentures or any of the Trust Preferred Securities.

 

24

 

ARTICLE V

 

PARTICULAR
COVENANTS OF THE COMPANY

 

Section 5.1                                   Payment
of Principal and Interest.

 

The Company
shall duly and punctually pay or cause to be paid the principal of and interest
on the Debentures at the time and place and in the manner provided herein.

 

Section 5.2                                   Maintenance
of Agency.

 

So long as any
of the Debentures remain Outstanding, the Company shall maintain, or shall
cause to be maintained, an office or agency in Wilmington, Delaware, and at
such other location or locations as may be designated as provided in this
Section 5.2, where (i) Debentures may be presented for payment; (ii) Debentures
may be presented as hereinabove authorized for registration of transfer and
exchange; and (iii) notices and demands to or upon the Company in respect of
the Debentures and this Indenture may be given or served, such designation to
continue with respect to such office or agency until the Company shall, by
written notice signed by its Chief Executive Officer, President or an Executive
Vice President and delivered to the Trustee, designate some other office or
agency for such purposes or any of them. If at any time the Company shall fail
to maintain any such required office or agency or shall fail to furnish the
Trustee with the address thereof, such presentations, 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,
notices and demands.  In addition to any
such office or agency, the Company may from time to time designate one or more
offices or agencies outside of Wilmington, Delaware where the Debentures may be
presented for registration or transfer and for exchange in the manner provided
herein, and the Company may from time to time rescind such designation as the
Company may deem desirable or expedient; provided, however, that no such
designation or rescission shall in any manner relieve the Company of its
obligation to maintain any such office or agency in Wilmington, Delaware for
the purposes above mentioned.  The
Company shall give the Trustee prompt written notice of any such designation or
rescission thereof.

 

Section 5.3                                   Paying
Agents.

 

(a)                                  The
Trustee shall be the initial Paying Agent. If the Company shall appoint one or
more Paying Agents for the Debentures, other than the Trustee, the Company
shall cause each such Paying Agent to execute and deliver to the Trustee an
instrument in which such agent shall agree with the Trustee, subject to the
provisions of this Section 5.3:

 

(i)                                     that
it shall hold all sums held by it as such agent for the payment of the
principal of or interest on the Debentures (whether such sums have been paid to
it by the Company or by any other obligor of such Debentures) in trust for the
benefit of the Persons entitled thereto;

 

(ii)                                  that
it shall give the Trustee notice of any failure by the Company (or by any other
obligor of such Debentures) to make any payment of the

 

25

 

principal of
or interest on the Debentures when the same shall be due and payable;

 

(iii)                               that
it shall, at any time during the continuance of any failure referred to in the
preceding paragraph (a)(ii) above, upon the written request of the
Trustee, forthwith pay to the Trustee all sums so held in trust by such Paying
Agent; and

 

(iv)                              that
it shall perform all other duties of Paying Agent as set forth in this
Indenture.

 

(b)                                 If
the Company shall act as its own Paying Agent with respect to the Debentures,
it shall on or before each due date of the principal of or interest on such
Debentures, set aside, segregate and hold in trust for the benefit of the
Persons entitled thereto a sum sufficient to pay such principal or interest so
becoming due on Debentures until such sums shall be paid to such Persons or
otherwise disposed of as herein provided and shall promptly notify the Trustee
of such action, or any failure (by it or any other obligor on such Debentures)
to take such action. Whenever the Company shall have one or more Paying Agents
for the Debentures, it shall, prior to each due date of the principal of or
interest on any Debentures, deposit with the Paying Agent a sum sufficient to
pay the principal or interest so becoming due, such sum to be held in trust for
the benefit of the Persons entitled to such principal or interest, and (unless
such Paying Agent is the Trustee) the Company shall promptly notify the Trustee
of this action or failure so to act.

 

(c)                                  Notwithstanding
anything in this Section 5.3 to the contrary, (i) the agreement to hold sums in
trust as provided in this Section 5.3 is subject to the provisions of Section
13.3 and 13.4; and (ii) the Company may at any time, for the purpose of
obtaining the satisfaction and discharge of this Indenture or for any other
purpose, pay, or direct any Paying Agent to pay, to the Trustee all sums held
in trust by the Company or such Paying Agent, such sums to be held by the
Trustee upon the same terms and conditions as those upon which such sums  were held by the Company or such Paying
Agent; and, upon such payment by any Paying Agent to the Trustee, such Paying
Agent shall be released from all further liability with respect to such money.

 

Section 5.4                                   Appointment
to Fill Vacancy in Office of Trustee.

 

The Company,
whenever necessary to avoid or fill a vacancy in the office of Trustee, shall
appoint, in the manner provided in Section 9.11, a Trustee, so that there shall
at all times be a Trustee hereunder.

 

Section 5.5                                   Compliance
with Consolidation Provisions.

 

The Company
shall not, while any of the Debentures remain Outstanding, consolidate with, or
merge into, or sell or convey all or substantially all of its property to any
other company unless the provisions of Article XII hereof are complied with.

 

26

 

Section 5.6                                   Limitation on Transactions.

 

If Debentures
are issued to the Trust or a trustee of the Trust in connection with the
issuance of Trust Securities by the Trust and (i) there shall have occurred any
event that would constitute an Event of Default; (ii) the Company shall be in
default with respect to any of its obligations under the Trust Preferred
Securities Guarantee relating to the Trust; or (iii) the Company shall have
given notice of its election to defer payments of interest on such Debentures
by extending the interest payment period as provided in this Indenture and such
period, or any extension thereof, shall be continuing, then

 

(a)                                  the
Company shall not, and will not permit any Subsidiary to, declare or pay any
dividends on, make any distributions with respect to, or redeem, purchase,
acquire or make a liquidation payment with respect to, any of its capital stock
(other than (1) dividends or distributions in shares of, or options,
warrants or rights to subscribe for or purchase shares of, common stock of the
Company or such Subsidiary, (2) any declaration of a dividend in connection
with the implementation of a shareholder’s rights plan, or the issuance of
stock under any such plan in the future, or the redemption or repurchase of any
such rights pursuant thereto, (3) purchases of common stock of the Company
related to the issuance of such common stock under any of the Company’s
employee benefit plans for its directors, officers or employees, (4) as a
result of a reclassification of any class or series of the Company’s capital
stock solely into another class or series of the Company’s capital stock, or
(5) declarations or payments of dividends or distributions payable by a
Subsidiary of the Company to the Company or to any of the Company’s Subsidiaries);

 

(b)                                 the
Company shall not, and will not permit any Subsidiary to, make any payment of
interest, principal or premium, if any, or repay, repurchase or redeem any debt
securities issued by the Company which rank pari passu with or junior to the
Debentures;

 

(c)                                  the
Company shall not make any guarantee payments with respect to any guarantee by
the Company of the debt securities of any Subsidiary of the Company if such
guarantee ranks pari passu with or junior in interest to the Debentures;
provided, however, that the Company may make payments pursuant to its
obligations under the Trust Preferred Securities Guarantee; and

 

(d)                                 the
Company shall not redeem, purchase or acquire less than all of the Outstanding
Debentures or any of the Trust Preferred Securities.

 

Section 5.7                                   Covenants
as to the Trust.

 

For so long as
the Trust Securities of the Trust remain outstanding, the Company shall (i)
maintain 100% direct or indirect ownership of the Common Securities of the
Trust; provided, however, that any permitted successor of the Company under
this Indenture may succeed to the Company’s ownership of the Common Securities;
(ii) not voluntarily terminate, wind up or liquidate the Trust, except upon
prior approval of the Federal Reserve if then so required under applicable
capital guidelines, policies or regulations of the Federal Reserve; (iii) use
its reasonable efforts to cause the Trust (a) to remain a business trust (and
to avoid involuntary dissolution, termination, winding up or liquidation),
except in connection with a distribution of

 

27

 

Debentures, the redemption of
all of the Trust Securities of the Trust or certain mergers, consolidations or
amalgamations, each as permitted by the Trust Agreement and (b) to otherwise
continue not to be treated as an association taxable as a corporation or
partnership for United States federal income tax purposes; and (iv) use its
reasonable efforts to cause each holder of Trust Securities to be treated as
owning an individual beneficial interest in the Debentures.  In connection with the distribution of the
Debentures to the holders of the Trust Preferred Securities issued by the Trust
upon a Dissolution Event, the Company shall use its reasonable efforts to list
such Debentures on any applicable stock exchange or self-regulatory
organization as the Trust Preferred Securities are then listed, if any.

 

Section 5.8                                   Covenants
as to Purchases.

 

Except upon
the exercise by the Company of its right to redeem the Debentures pursuant to
Section 3.1 upon the occurrence and continuation of a Special Event, the
Company shall not purchase any Debentures, in whole or in part, held by the
Property Trustee on behalf of the Trust prior to June 30, 2007.

 

Section 5.9                                   Waiver of
Usury, Stay or Extension Laws.

 

The Company
shall not at any time insist upon, or plead, or in any manner whatsoever claim
or take the benefit or advantage of, any usury, stay or extension law wherever
enacted, now or at any time hereafter in force, which may affect the covenants
or the performances of this Indenture, and the Company (to the extent that it
may lawfully do so) hereby expressly waives all benefit or advantage of any
such law, and covenants that it will not hinder, delay or impede the execution
of any power herein granted to the Trustee, but will suffer and permit the
execution of every such power as though no such law had been enacted.

 

ARTICLE VI

 

DEBENTUREHOLDERS’
LISTS AND REPORTS
BY THE COMPANY AND THE
TRUSTEE

 

Section 6.1                                   Company
to Furnish Trustee Names and Addresses of Debentureholders.

 

The Company
shall furnish or cause to be furnished to the Trustee (a) on a quarterly basis
on each regular record date (as described in Section 2.5) a list, in such form
as the Trustee may reasonably require, of the names and addresses of the
holders of the Debentures as of such regular record date, provided that the
Company shall not be obligated to furnish or cause to furnish such list at any
time that the list shall not differ in any respect from the most recent list
furnished to the Trustee by the Company (in the event the Company fails to
provide such list on a quarterly basis, the Trustee shall be entitled to rely
on the most recent list provided by the Company); and (b) at such other times
as the Trustee may request in writing within 30 days after the receipt by the
Company of any such request, a list of similar form and content as of a date
not more than 15 days prior to the time such list is furnished; provided,
however, that, in either case, no such list need be furnished if the Trustee
shall be the Debenture Registrar.

 

28

 

Section 6.2                                   Preservation
of Information Communications with Debentureholders.

 

(a)                                  The
Trustee shall preserve, in as current a form as is reasonably practicable, all
information as to the names and addresses of the holders of Debentures
contained in the most recent list furnished to it as provided in
Section 6.1 and as to the names and addresses of holders of Debentures
received by the Trustee in its capacity as Debenture Registrar (if acting in
such capacity).

 

(b)                                 The
Trustee may destroy any list furnished to it as provided in Section 6.1 upon
receipt of a new list so furnished.

 

(c)                                  Debentureholders
may communicate with other Debentureholders with respect to their rights under
this Indenture or under the Debentures, subject to Section 312(b) of the Trust
Indenture Act if applicable.

 

Section 6.3                                   Reports
by the Company.

 

(a)                                  The
Company covenants and agrees to transmit to the Trustee such additional information,
documents and reports with respect to compliance by the Company with the
conditions and covenants provided for in this Indenture as may be required from
time to time by such rules and regulations, including Section 314(a)(4) of the
Trust Indenture Act, if applicable.

 

(b)                                 The
Company covenants and agrees to transmit to the Trustee (i) its annual audited
consolidated financial statements within 90 days following the end of its
fiscal year, (ii) its quarterly consolidated financial statements within 45
days after the end of the first three fiscal quarters of each fiscal year (each
a “Quarter”), and (iii) the following financial data for the bank for each
Quarter, within 45 days after the end of each Quarter, and for each fiscal
year, within 90 days after the end of each fiscal year:

 

Capital: ratio of “Tier 1 Capital” to risk weighted
assets;

 

Asset Quality: ratio of nonperforming assets to loans and
other real estate owned, ratio of reserves to nonperforming loans, and ratio of
net charge-offs to loans;

 

Earnings: return on
assets, net interest margin, and efficiency ratio; and

 

Liquidity:
ratio of loans to assets, ratio of loans to deposits, total assets, and net
income.

 

Section 6.4                                   Reports
by the Trustee.

 

(a)                                  On
or before July 15 in each year in which any of the Debentures are Outstanding,
the Trustee shall transmit by mail, first class postage prepaid, to the
Debentureholders, as their names and addresses appear upon the Debenture
Register, a

 

29

 

brief report
dated as of the preceding May 15, if and to the extent required under Section
313(a) of the Trust Indenture Act, if applicable (it being understood that no
such report shall be required if none of the events set forth in Section 313(a)
of the Trust Indenture Act has occurred during the period to which such report
would relate).

 

(b)                                 The
Trustee shall comply with Sections 313(b) and 313(c) of the Trust Indenture
Act, if applicable.

 

(c)                                  A
copy of each such report shall, at the time of such transmission to
Debentureholders, be filed by the Trustee with the Company, with each stock
exchange or applicable self-regulatory organization upon which any Debentures
are listed (if so listed) and also with the Commission. The Company agrees to
notify the Trustee when any Debentures become listed on any stock exchange or
other applicable self-regulatory organization.

 

(d)                                 If
at any time following the date hereof the Property Trustee no longer holds the
Debentures, the Trustee covenants and agrees to transmit by mail, first class
postage prepaid, to the Debentureholders, as their names and addresses appear
upon the Debenture Register, any information, documents and reports required to
be transmitted to the Trustee pursuant to Section 6.3 as soon as practicable after
the receipt of such information from the Company.

 

ARTICLE VII

 

REMEDIES OF THE TRUSTEE AND DEBENTUREHOLDERS

ON EVENT OF DEFAULT

 

Section 7.1                                   Events
of Default.

 

(a)                                  Whenever
used herein with respect to the Debentures, “Event of Default” means any one or
more of the following events that has occurred and is continuing:

 

(i)                                     the
Company defaults in the payment of any installment of interest upon any of the
Debentures, as and when the same shall become due and payable, and continuance
of such default for a period of 30 days; provided, however, that a valid
extension of an interest payment period by the Company in accordance with the
terms of this Indenture shall not constitute a default in the payment  of interest for this purpose;

 

(ii)                                  the
Company defaults in the payment of the principal on the Debentures as and when
the same shall become due and payable whether at maturity, upon redemption, by
declaration or otherwise;

 

(iii)                               the
Company fails to observe or perform any other of its covenants or agreements
with respect to the Debentures for a period of 90 days after the date on which
written notice of such failure, requiring the same to be remedied and stating
that such notice is a “Notice of Default” hereunder, shall have been given to
the Company by the Trustee, by registered or

 

30

 

certified
mail, or to the Company and the Trustee by the holders of at least 25% in
principal amount of the Debentures at the time Outstanding;

 

(iv)                              the
Company pursuant to or within the meaning of any Bankruptcy Law (1) commences a
voluntary case; (2) consents to the entry of an order for relief against it in
an involuntary case; (3) consents to the appointment of a Custodian of it or
for all or substantially all of its property; or (4) makes a general assignment
for the benefit of its creditors;

 

(v)                                 a
court of competent jurisdiction enters an order under any Bankruptcy Law that
(1) is for relief against the Company in an involuntary case; (2) appoints a
Custodian of the Company for all or substantially all of its property; or (3)
orders the liquidation of the Company, and the order or decree remains unstayed
and in effect for 90 days; or

 

(vi)                              the
Trust shall have voluntarily or involuntarily dissolved, wound-up its business
or otherwise terminated its existence except in connection with (1) the
distribution of Debentures to holders of Trust Securities in liquidation of
their interests in the Trust; (2) the redemption of all of the outstanding
Trust Securities of the Trust; or (3) certain mergers, consolidations or
amalgamations, each as permitted by the Trust Agreement.

 

(b)                                 In
each and every such case referred to in items (i) through (vi) of Section
7.1(a), unless the principal of all the Debentures shall have already become
due and payable, either the Trustee or the holders of not less than 25% in
aggregate principal amount of the Debentures then Outstanding hereunder, by
notice in writing to the Company (and to the Trustee if given by such
Debentureholders) may declare the principal of all the Debentures to be due and
payable immediately, and upon any such declaration the same shall become and
shall be immediately due and payable, notwithstanding anything contained in
this Indenture or in the Debentures.

 

(c)                                  At
any time after the principal of the Debentures shall have been so declared due
and payable, and before any judgment or decree for the payment of the money due
shall have been obtained or entered as hereinafter provided, the holders of a
majority in aggregate principal amount of the Debentures then Outstanding
hereunder, by written notice to the Company and the Trustee, may rescind and
annul such declaration and its consequences if: (i) the Company has paid or
deposited with the Trustee a sum sufficient to pay all matured installments of
interest upon all the Debentures and the principal of any and all Debentures
that shall have become due otherwise than by acceleration (with interest upon
such principal, and, to the extent that such payment is enforceable under
applicable law, upon overdue installments of interest, at the rate per annum
expressed in the Debentures to the date of such payment or deposit) and the
amount payable to the Trustee under Section 9.7; and (ii) any and all Events of
Default under this Indenture, other than the nonpayment of principal on
Debentures that shall not have become due by their terms, shall have been
remedied or waived as provided in

 

31

 

Section 7.6.
No such rescission and annulment shall extend to or shall affect any subsequent
default or impair any right consequent thereon.

 

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

 

Section 7.2                                   Collection
of Indebtedness and Suits for Enforcement by Trustee.

 

(a)                                  The
Company covenants that (i) in case it shall default in the payment of any
installment of interest on any of the Debentures, and such default shall have
continued for a period of 90 Business Days; or (ii) in case it shall default in
the payment of the principal of any of the Debentures when the same shall have
become due and payable, whether upon maturity of the Debentures or upon
redemption or upon declaration or otherwise, then, upon demand of the Trustee,
the Company shall pay to the Trustee, for the benefit of the holders of the
Debentures, the whole amount that then shall have become due and payable on all
such Debentures for principal or interest, or both, as the case may be, with
interest upon the overdue principal and (to the extent that payment of such
interest is enforceable under applicable law; and, if the Debentures are held
by the Trust or a trustee of the Trust, without duplication of any other
amounts paid by the Trust or trustee in respect thereof) upon overdue
installments of interest at the rate per annum expressed in the Debentures;
and, in addition thereto, such further amount as shall be sufficient to cover
the costs and expenses of collection, and the amount payable to the Trustee
under Section 9.7.

 

(b)                                 If
the Company shall fail to pay such amounts set forth in section 7.2(a)
forthwith upon such demand, the Trustee, in its own name and as trustee of an
express trust, shall be entitled and empowered to institute any action or
proceedings at law or in equity for the collection of the sums so due and
unpaid, and may prosecute any such action or proceeding to judgment or final
decree, and may enforce any such judgment or final decree against the Company
or other obligor upon the Debentures and collect any money adjudged or decreed
to be payable in the manner provided by law out of the property of the Company
or other obligor upon the Debentures, wherever situated.

 

(c)                                  In
case of any receivership, insolvency, liquidation, bankruptcy, reorganization,
readjustment, arrangement, composition or judicial proceedings affecting the Company
or the creditors or property of either, the Trustee shall have power to
intervene in such proceedings and take any action therein that may be permitted
by the court and shall (except as may be otherwise provided by law) be entitled
to file such proofs of claim and other papers and documents as may be necessary
or advisable in order to have the claims of the Trustee and of the holders of
the Debentures allowed for the entire amount due and payable by the Company
under this Indenture at the date of institution of such proceedings and for any
additional amount that may become due and

 

32

 

payable by the
Company after such date, and to collect and receive any money or other property
payable or deliverable on any such claim, and to distribute the same after the
deduction of the amount payable to the Trustee under Section 9.7; and any
receiver, assignee or trustee in bankruptcy or reorganization is hereby
authorized by each of the holders of the Debentures to make such payments to
the Trustee, and, in the event that the Trustee shall consent to the making of
such payments directly to such Debentureholders, to pay to the Trustee any
amount due it under Section 9.7.

 

(d)                                 All
rights of action and of asserting claims under this Indenture, or under any of
the terms established with respect to the Debentures, may be enforced by the
Trustee without the possession of any of such Debentures, or the production
thereof at any trial or other proceeding relative thereto, and any such suit or
proceeding instituted by the Trustee shall be brought in its own name as
trustee of an express trust, and any recovery of judgment shall, after
provision for payment to the Trustee of any amounts due under Section 9.7, be
for the ratable benefit of the holders of the Debentures. If an Event of
Default hereunder occurs and is continuing, the Trustee may in its discretion
proceed to protect and enforce the rights vested in it by this Indenture by
such appropriate judicial proceedings as the Trustee shall in good faith deem
most effectual to protect and enforce any of such rights, either at law or in
equity or in bankruptcy or otherwise, whether for the specific enforcement of
any covenant or agreement contained in this Indenture or in aid of the exercise
of any power granted in this Indenture, or to enforce any other legal or
equitable right vested in the Trustee by this Indenture or by law.  Nothing contained herein shall be deemed to
authorize the Trustee to authorize or consent to or accept or adopt on behalf
of any Debentureholder any plan of reorganization, arrangement, adjustment or
composition affecting the Debentures or the rights of any holder thereof or to
authorize the Trustee to vote in respect of the claim of any Debentureholder in
any such proceeding.

 

Section 7.3                                   Application
of Money Collected.

 

Any money or
other assets collected by the Trustee pursuant to this Article VII with respect
to the Debentures 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 or other
assets on account of principal or interest, upon presentation of the
Debentures, and notation thereon the payment, if only partially paid, and upon
surrender thereof if fully paid:

 

FIRST:  To the payment of reasonable costs and
expenses of collection and of all amounts payable to the Trustee under Section
9.7;

 

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

 

THIRD:  To the payment of the amounts then due and
unpaid upon the Debentures for principal and interest, 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 Debentures for principal and interest, respectively.

 

33

 

Section 7.4                                   Limitation
on Suits.

 

(a)                                  Except
as set forth in this Indenture, no holder of any Debenture shall have any right
by virtue or by availing of any provision of this Indenture to institute any
suit, action or proceeding in equity or at law upon or under or with respect to
this Indenture or for the appointment of a receiver or trustee, or for any
other remedy hereunder, unless (i) such holder previously shall have given to
the Trustee written notice of an Event of Default and of the continuance
thereof with respect to the Debentures specifying such Event of Default, as
hereinbefore provided; (ii) the holders of not less than 25% in aggregate
principal amount of the Debentures then Outstanding shall have made written
request upon the Trustee to institute such action, suit or proceeding in its
own name as trustee hereunder; (iii) such holder or holders shall have offered
to the Trustee such reasonable security or indemnity as it may require against
the costs, expenses and liabilities to be incurred therein or thereby; and (iv)
the Trustee for 60 days after its receipt of such notice, request and offer of
security or indemnity, shall have failed to institute any such action, suit or
proceeding, and during such 60 day period, the holders of a majority in
principal amount of the Debentures do not give the Trustee a direction
inconsistent with the request.

 

(b)                                 Notwithstanding
anything contained herein to the contrary or any other provisions of this
Indenture, the right of any holder of the Debentures to receive payment of the
principal of and interest on the Debentures, as therein provided, on or after
the respective due dates expressed in such Debenture (or in the case of
redemption, on the redemption date), or to institute suit for the enforcement
of any such payment on or after such respective dates or redemption date, shall
not be impaired or affected without the consent of such holder and by accepting
a Debenture hereunder it is expressly understood, intended and covenanted by
the taker and holder of every Debenture with every other such taker and holder
and the Trustee, that no one or more holders of the Debentures shall have any
right in any manner whatsoever by virtue or by availing of any provision of
this Indenture to affect, disturb or prejudice the rights of the holders of any
other of such Debentures, or to obtain or seek to obtain priority over or
preference to any other such holder, or to enforce any right under this
Indenture, except in the manner herein provided and for the equal, ratable and
common benefit of all holders of Debentures. For the protection and enforcement
of the provisions of this Section 7.4, each and every Debentureholder and the
Trustee shall be entitled to such relief as can be given either at law or in
equity.

 

Section 7.5                                   Rights
and Remedies Cumulative; Delay or Omission not Waiver.

 

(a)                                  Except
as otherwise expressly provided herein, all powers and remedies given by this
Article VII to the Trustee or to the Debentureholders shall, to the extent
permitted by law, be deemed cumulative and not exclusive of any other powers
and remedies available to the Trustee or the holders of the Debentures, by
judicial proceedings or otherwise, to enforce the performance or observance of
the covenants and agreements contained in this Indenture or otherwise
established with respect to such Debentures.

 

34

 

(b)                                 No
delay or omission of the Trustee or of any holder of any of the Debentures to
exercise any right or power accruing upon any Event of Default occurring and
continuing as aforesaid shall impair any such right or power, or shall be
construed to be a waiver of any such default or an acquiescence therein; and,
subject to the provisions of Section 7.4, every power and remedy given by this
Article VII or by law to the Trustee or the Debentureholders may be exercised
from time to time, and as often as shall be deemed expedient, by the Trustee or
by the Debentureholders.

 

Section 7.6                                   Control
by Debentureholders.

 

The holders of
a majority in aggregate principal amount of the Debentures at the time
Outstanding, determined in accordance with Article X, 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; provided, however, that such direction shall not be in conflict with
any rule of law or with this Indenture. Subject to the provisions of Section
9.1(b), the Trustee shall have the right to decline to follow any such
direction if the Trustee in good faith shall, by a Responsible Officer or
Officers of the Trustee, determine that the proceeding so directed would
involve the Trustee in personal liability. 
The holders of a majority in aggregate principal amount of the
Debentures at the time Outstanding affected thereby, determined in accordance
with Article X, may on behalf of the holders of all of the Debentures waive any
past default in the performance of any of the covenants contained herein and
its consequences, except (i) a default in the payment of the principal of or
interest on, any of the Debentures as and when the same shall become due by the
terms of such Debentures otherwise than by acceleration (unless such default
has been cured and a sum sufficient to pay all matured installments of interest
and principal has been deposited with the Trustee (in accordance with Section
7.1(c)); (ii) a default in the covenants contained in Section 5.7; or (iii) in
respect of a covenant or provision hereof which cannot be modified or amended
without the consent of the holder of each Outstanding Debenture affected;
provided, however, that if the Debentures are held by the Trust or a trustee of
the Trust, such waiver or modification to such waiver shall not be effective
until the holders of a majority in liquidation preference of Trust Securities
shall have consented to such waiver or modification to such waiver; provided
further, that if the consent of the holder of each Outstanding Debenture is
required, such waiver shall not be effective until each holder of the Trust
Securities of the Trust shall have consented to such waiver. Upon any such
waiver, the default covered thereby shall be deemed to be cured for all
purposes of this Indenture and the Company, the Trustee and the holders of the
Debentures shall be restored to their former positions and rights hereunder,
respectively; but no such waiver shall extend to any subsequent or other
default or impair any right consequent thereon.

 

Section 7.7                                   Undertaking
to Pay Costs.

 

All parties to
this Indenture agree, and each holder of any Debentures by such holder’s
acceptance thereof shall be deemed to have agreed, that any court may in its
discretion require, in any suit for the enforcement of any right or remedy
under this Indenture, or in any suit against the Trustee for any action taken
or omitted by it as Trustee, the filing by any party litigant in such suit of
an undertaking to pay the costs of such suit, and that such court may in its
discretion assess reasonable costs, including reasonable attorneys’ fees,
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

 

35

 

litigant; but the provisions of
this Section 7.7 shall not apply to any suit instituted by the Trustee, to any
suit instituted by any Debentureholder, or group of Debentureholders holding
more than 10% in aggregate principal amount of the Outstanding Debentures, to
any suit instituted by any Debentureholder for the enforcement of the payment
of the principal of or interest on the Debentures, on or after the respective
due dates expressed in such Debenture or established pursuant to this Indenture
or to any suit instituted against the Trustee unless it shall have been finally
adjudicated in such suit that the Trustee was negligent, committed an act of
willful misconduct, or acted in bad faith.

 

Section 7.8                                   Direct
Action; Right of Set-Off.

 

In the event
that an Event of Default has occurred and is continuing and such event is
attributable to the failure of the Company to pay interest on or principal of
the Debentures on an Interest Payment Date or Maturity Date, as applicable,
then a holder of Trust Preferred Securities may institute a legal proceeding
directly against the Company for enforcement of payment to such holder of the
principal of or interest on such Debentures having a principal amount equal to
the aggregate Liquidation Amount of the Trust Preferred Securities of such
holder (a “Direct Action”). In connection with such Direct Action, the Company
will have a right of set-off under this Indenture to the extent of any payment
made by the Company to such holder of the Trust Preferred Securities with
respect to such Direct Action.

 

ARTICLE VIII

 

FORM OF
DEBENTURE AND ORIGINAL ISSUE

 

Section 8.1                                   Form
of Debenture.

 

The Debenture
and the Trustee’s Certificate of Authentication to be endorsed thereon are to
be substantially in the forms contained as Exhibit A to this Indenture,
attached hereto and incorporated herein by reference.

 

Section 8.2                                   Original
Issue of Debentures.

 

Debentures in
the aggregate principal amount of Ten Million Three Hundred Ten Thousand
Dollars ($10,310,000) may, upon execution of this Indenture, be executed by the
Company and delivered to the Trustee for authentication. The Trustee shall
thereupon authenticate and deliver said Debentures to or upon the written order
of the Company, signed by its Chief Executive Officer, President, or any Vice
President and its Treasurer or an Assistant Treasurer, without any further
action by the Company.

 

ARTICLE IX

 

CONCERNING THE TRUSTEE

 

Section 9.1                                   Certain
Duties and Responsibilities of the Trustee.

 

(a)                                  The
Trustee, prior to the occurrence of an Event of Default and after the curing of
all Events of Default that may have occurred, shall undertake to perform with

 

36

 

respect to the
Debentures such duties and only such duties as are specifically set forth in
this Indenture.  In case an Event of
Default has occurred that has not been cured or waived, the Trustee shall
exercise such of the rights and powers vested in it by this Indenture, and use
the same degree of care and skill in their exercise, as a prudent Person would
exercise or use under the circumstances in the conduct of its own affairs.  No implied covenants shall be read into this
Indenture against the Trustee.

 

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

 

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

 

(A)                              the
duties and obligations of the Trustee shall with respect to the Debentures be
determined solely by the express provisions of this Indenture, and the Trustee
shall not be liable with respect to the Debentures except for the performance
of such duties and obligations as are specifically set forth in this Indenture,
and no implied covenants or obligations shall be read into this Indenture
against the Trustee; and

 

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

 

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

 

(iii)                               the
Trustee shall not be liable with respect to any action taken or omitted to be
taken by it in good faith in accordance with the direction of the holders of
not less than a majority in principal amount of the Debentures at the time
Outstanding 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 Debentures;
and

 

37

 

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

 

Section 9.2                                   Notice
of Defaults.

 

Within five
(5) Business Days after actual knowledge by a Responsible Officer of the
Trustee of the occurrence of any default hereunder with respect to the
Debentures, the Trustee shall transmit by mail to all holders of the
Debentures, as their names and addresses appear in the Debenture Register,
notice of such default, unless such default shall have been cured or waived;
provided, however, that, except in the case of a default in the payment of the
principal or interest (including any Additional Interest) on any Debenture, the
Trustee shall be protected in withholding such notice if and so long as the
board of directors, the executive committee or a trust committee of the directors
and/or Responsible Officers of the Trustee determines in good faith that the
withholding of such notice is in the interests of the holders of such
Debentures; and provided, further, that in the case of any default of the
character specified in Section 7.1(a)(iii), no such notice to holders of
Debentures need be sent until at least 30 days after the occurrence thereof.
For the purposes of this Section 9.2, the term “default” means any event which
is, or after notice or lapse of time or both, would become, an Event of Default
with respect to the Debentures.

 

Section 9.3                                   Certain
Rights of Trustee.

 

Except as
expressly set forth in Section 9.1(b):

 

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

 

(b)                                 Any
request, direction, order or demand of the Company mentioned herein shall be
sufficiently evidenced by a Board Resolution or an instrument signed in the
name of the Company by its President or any Vice President and by the Secretary
or an Assistant Secretary or the Treasurer or an Assistant Treasurer thereof
(unless other evidence in respect thereof is specifically prescribed herein);

 

(c)                                  The
Trustee shall not be deemed to have knowledge of a default or an Event of
Default, other than an Event of Default specified in Section 7.1(a)(i) or (ii),
unless and until it receives written notification of such Event of Default from
the Company or by holders of at least 25% of the aggregate principal amount of
the Debentures at the time Outstanding;

 

(d)                                 The
Trustee may consult with counsel and the written advice of such counsel or any
Opinion of Counsel shall be full and complete authorization and

 

38

 

 

protection in
respect of any action taken or suffered or omitted hereunder in good faith and
in reliance thereon;

 

(e)                                  The
Trustee shall be under no obligation to exercise any of the rights or powers
vested in it by this Indenture at the request, order or direction of any of the
Debentureholders, pursuant to the provisions of this Indenture, unless such
Debentureholders shall have offered to the Trustee reasonable security or
indemnity against the costs, expenses and liabilities that may be incurred
therein or thereby; nothing contained herein shall, however, relieve the
Trustee of the obligation, upon the occurrence of an Event of Default of which
a Responsible Officer of the Trustee has actual knowledge (that is continuing
and has not been cured or waived) to exercise with respect to the Debentures
such of the rights and powers vested in it by this Indenture, and to use the
same degree of care and skill in its exercise, as a prudent person would
exercise or use under the circumstances in the conduct of his or her own
affairs;

 

(f)                                    The
Trustee shall not be liable for any action taken or omitted to be taken by it
in good faith and believed by it to be authorized or within the discretion or
rights or powers conferred upon it by this Indenture;

 

(g)                                 The
Trustee shall not be bound to make any investigation into the facts or matters
stated in any resolution, certificate, statement, instrument, opinion, report,
notice, request, consent, order, approval, bond, security, or other papers or
documents, unless requested in writing so to do by the holders of not less than
a majority in principal amount of the Outstanding Debentures, determined as
provided in Article X; provided, however, that if the payment within a
reasonable time to the Trustee of the costs, expenses or liabilities likely to
be incurred by it in the making of such investigation is, in the opinion of the
Trustee, not reasonably assured to the Trustee by the security afforded to it
by the terms of this Indenture, the Trustee may require reasonable indemnity
against such costs, expenses or liabilities as a condition to so proceeding. The
reasonable expense of every such examination shall be paid by the Company or,
if paid by the Trustee, shall be repaid by the Company upon demand; and

 

(h)                                 The
Trustee may execute any of the trusts or powers hereunder or perform any duties
hereunder either directly or by or through agents or attorneys and the Trustee
shall not be responsible for any misconduct or negligence on the part of any
agent or attorney appointed with due care by it hereunder.

 

Section 9.4                                   Trustee
Not Responsible for Recitals, etc.

 

(a)                                  The
Recitals contained herein and in the Debentures shall be taken as the
statements of the Company, and the Trustee assumes no responsibility for the
correctness of the same.

 

(b)                                 The
Trustee makes no representations as to the validity or sufficiency of this
Indenture or of the Debentures.

 

(c)                                  The
Trustee shall not be accountable for the use or application by the Company of
any of the Debentures or of the proceeds of such Debentures, or for the use

 

39

 

or application
of any money paid over by the Trustee in accordance with any provision of this
Indenture, or for the use or application of any money received by any Paying
Agent other than the Trustee.

 

Section 9.5                                   May
Hold Debentures.

 

The Trustee or
any Paying Agent or Debenture Registrar, in its individual or any other
capacity, may become the owner or pledgee of Debentures with the same rights it
would have if it were not Trustee, Paying Agent or Debenture Registrar.

 

Section 9.6                                   Moneys
Held in Trust.

 

Subject to the
provisions of Section 13.5, all money received by the Trustee shall, until used
or applied as herein provided, be held in trust for the purposes for which they
were received, but need not be segregated from other funds except to the extent
required by law. The Trustee shall be under no liability for interest on any
money received by it hereunder except such as it may agree with the Company to
pay thereon.

 

Section 9.7                                   Compensation
and Reimbursement.

 

(a)                                  The
Company covenants and agrees to pay to the Trustee, and the Trustee shall be
entitled to, such reasonable compensation (which shall not be limited by any
provision of law in regard to the compensation of a trustee of an express
trust), as the Company and the Trustee may from time to time agree in writing,
for all services rendered by it in the execution of the trusts hereby created
and in the exercise and performance of any of the powers and duties hereunder
of the Trustee, and, except as otherwise expressly provided herein, the Company
shall pay or reimburse the Trustee upon its request for all reasonable
expenses, disbursements and advances incurred or made by the Trustee in
accordance with any of the provisions of this Indenture (including the
reasonable compensation and the expenses and disbursements of its counsel and
of all Persons not regularly in its employ) except any such expense,
disbursement or advance as may arise from its negligence or bad faith. The
Company also covenants to indemnify the Trustee (and its officers, agents, directors
and employees) for, and to hold it harmless against, any loss, liability,
claim, action, suit, cost or expense incurred without negligence or bad faith
on the part of the Trustee and arising out of or in connection with the
acceptance or administration of this Indenture, including the reasonable costs
and expenses of defending itself against any claim of liability in the
premises.

 

(b)                                 The
obligations of the Company under this Section 9.7 to compensate and indemnify
the Trustee and to pay or reimburse the Trustee for expenses, disbursements and
advances shall constitute additional indebtedness hereunder. Such additional
indebtedness shall be secured by a lien prior to that of the Debentures upon
all property and funds held or collected by the Trustee as such, except funds
held in trust for the benefit of the holders of particular Debentures.

 

40

 

Section 9.8                                   Reliance
on Officers’ Certificate.

 

Except as
expressly set forth in Section 9.1(b), whenever in the administration of the
provisions of this Indenture the Trustee shall deem it necessary or desirable
that a matter be proved or established prior to taking or suffering or omitting
to take any action hereunder, such matter (unless other evidence in respect
thereof be herein specifically prescribed) may, in the absence of negligence or
bad faith on the part of the Trustee, be deemed to be conclusively proved and
established by an Officers’ Certificate delivered to the Trustee and such
certificate, in the absence of negligence or bad faith on the part of the
Trustee, shall be full warrant to the Trustee for any action taken, suffered or
omitted to be taken by it under the provisions of this Indenture upon the faith
thereof.

 

Section 9.9                                   Disqualification;
Conflicting Interests.

 

If the Trustee
has or shall acquire any “conflicting interest” within the meaning of Section
310(b) of the Trust Indenture Act, the Trustee and the Company shall in all
respects comply with the provisions of Section 310(b) of the Trust Indenture
Act, if the Trust Indenture Act is then applicable to this Indenture.

 

Section 9.10                            Corporate
Trustee Required; Eligibility.

 

There shall at
all times be a Trustee with respect to the Debentures issued hereunder which
shall at all times be a corporation or national banking association organized
and doing business under the laws of the United States of America or any State
or Territory thereof or of the District of Columbia, or a corporation or other
Person permitted to act as trustee by the Commission, authorized under such
laws to exercise corporate trust powers, having a combined capital and surplus
of at least $50,000,000, and subject to supervision or examination by federal,
state, territorial, or District of Columbia authority.  If such Person publishes reports of
condition at least annually, pursuant to law or to the requirements of the
aforesaid supervising or examining authority, then for the purposes of this
Section 9.10, the combined capital and surplus of such Person shall be deemed to
be its combined capital and surplus as set forth in its most recent report of
condition so published. The Company may not, nor may any Person directly or
indirectly controlling, controlled by, or under common control with the
Company, serve as Trustee. In case at any time the Trustee shall cease to be
eligible in accordance with the provisions of this Section 9.10, the Trustee
shall resign immediately in the manner and with the effect specified in Section
9.11.

 

Section 9.11                            Resignation
and Removal; Appointment of Successor.

 

(a)                                  The
Trustee or any successor hereafter appointed, may at any time resign by giving
written notice thereof to the Company and by transmitting notice of resignation
by mail, first class postage prepaid, to the Debentureholders, as their names
and addresses appear upon the Debenture Register. Upon receiving such notice of
resignation, the Company shall promptly appoint a successor trustee with
respect to this Indenture and Debentures by written instrument, in duplicate,
executed by order of the Board of Directors, one copy of which instrument shall
be delivered to the resigning Trustee and one copy to the successor trustee. If
no successor trustee shall have been so appointed and have accepted appointment
within 30 days after the mailing of such notice of resignation, the resigning
Trustee may petition any court of competent jurisdiction for the

 

41

 

appointment of
a successor trustee with respect to this Indenture and Debentures, or any Debentureholder
who has been a bona fide holder of a Debenture or Debentures for at least six
months may, subject to the provisions of Sections 9.9 and 9.10, on behalf of
himself and all others similarly situated, petition any such court for the
appointment of a successor trustee. Such court may thereupon after such notice,
if any, as it may deem proper and prescribe, appoint a successor trustee.

 

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

 

(i)                                     the
Trustee shall fail to comply with the provisions of Section 9.9 after written
request therefor by the Company or by any Debentureholder who has been a bona
fide holder of a Debenture or Debentures for at least six months; or

 

(ii)                                  the
Trustee shall cease to be eligible in accordance with the provisions of Section
9.10 and shall fail to resign after written request therefor by the Company or
by any such Debentureholder; or

 

(iii)                               the
Trustee shall become incapable of acting, or shall be adjudged a bankrupt or
insolvent, or commence a voluntary bankruptcy proceeding, or a receiver of the
Trustee; or

 

(iv)                              of
its property shall be appointed or consented to, or any public officer shall
take charge or control of the Trustee or of its property or affairs for the
purpose of rehabilitation, conservation or liquidation;

 

then, in any such case, the
Company may remove the Trustee with respect to this Indenture and all
Debentures and appoint a successor trustee by written instrument, in duplicate,
executed by order of the Board of Directors, one copy of which instrument shall
be delivered to the Trustee so removed and one copy to the successor trustee,
or, subject to the provisions of Section 9.10, unless the Trustee’s duty to
resign is stayed as provided herein, any Debentureholder who has been a bona
fide holder of a Debenture or Debentures for at least six months may, on behalf
of that holder and all others similarly situated, petition any court of
competent jurisdiction for the removal of the Trustee and the appointment of a
successor trustee.  Such court may
thereupon after such notice, if any, as it may deem proper and prescribe,
remove the Trustee and appoint a successor trustee.

 

(c)                                  The
holders of a majority in aggregate principal amount of the Debentures at the
time Outstanding may at any time remove the Trustee by so notifying the Trustee
and the Company and may appoint a successor Trustee with the consent of the
Company.

 

(d)                                 Any
resignation or removal of the Trustee and appointment of a successor trustee
with respect to this Indenture and Debentures pursuant to any of the provisions
of this Section 9.11 shall become effective upon acceptance of appointment by
the successor trustee as provided in Section 9.12.

 

42

 

(e)                                  Any
successor trustee appointed pursuant to this Section 9.11 may be appointed with
respect to this Indenture and Debentures, and at any time there shall be only
one Trustee with respect to this Indenture and Debentures.

 

Section 9.12                            Acceptance
of Appointment by Successor.

 

(a)                                  In
the case of the appointment hereunder of a successor trustee with respect to
the Debentures, every successor trustee so appointed shall execute, acknowledge
and deliver to the Company and to the retiring Trustee an instrument accepting
such appointment, and thereupon the resignation or removal of the retiring
Trustee shall become effective and such successor trustee, without any further
act, deed or conveyance, shall become vested with all the rights, powers,
trusts and duties of the retiring Trustee; but, on the request of the Company
or the successor trustee, such retiring Trustee shall, upon payment of its
charges, execute and deliver an instrument transferring to such successor
trustee all the rights, powers, and trusts of the retiring Trustee and shall
duly assign, transfer and deliver to such successor trustee all property and
money held by such retiring Trustee hereunder.

 

(b)                                 Upon
request of any successor trustee, the Company shall execute any and all
instruments for more full and certain vesting in and confirming to such
successor trustee all such rights, powers and trusts referred to in paragraph
(a) of this Section 9.12.

 

(c)                                  No
successor trustee shall accept its appointment unless at the time of such
acceptance such successor trustee shall be qualified and eligible under this
Article IX.

 

(d)                                 Upon
acceptance of appointment by a successor trustee as provided in this Section
9.12, the Company shall transmit notice of the succession of such trustee
hereunder by mail, first class postage prepaid, to the Debentureholders, as
their names and addresses appear upon the Debenture Register. If the Company
fails to transmit such notice within ten days after acceptance of appointment
by the successor trustee, the successor trustee shall cause such notice to be
transmitted at the expense of the Company.

 

Section 9.13                            Merger,
Conversion, Consolidation or Succession to Business.

 

Any Person
into which the Trustee may be merged or converted or with which it may be
consolidated, or any Person resulting from any merger, conversion or
consolidation to which the Trustee shall be a party, or any Person succeeding
to the corporate trust business of the Trustee, shall be the successor of the
Trustee hereunder, provided that such Person shall be qualified under the
provisions of Section 9.9 and eligible under the provisions of Section 9.10,
without the execution or filing of any paper or any further act on the part of
any of the parties hereto, anything herein to the contrary notwithstanding. In
case any Debentures shall have been authenticated, but not delivered, by the
Trustee then in office, any successor by merger, conversion or consolidation to
such authenticating Trustee may adopt such authentication and deliver the
Debentures so authenticated with the same effect as if such successor Trustee
had itself authenticated such Debentures.

 

43

 

Section 9.14                            Preferential
Collection of Claims Against the Company.

 

The Trustee
shall comply with Section 311(a) of the Trust Indenture Act, if applicable,
excluding any creditor relationship described in Section 311(b) of the Trust
Indenture Act. A Trustee who has resigned or been removed shall be subject to
Section 311(a) of the Trust Indenture Act to the extent applicable and included
therein.

 

ARTICLE X

 

CONCERNING
THE DEBENTUREHOLDERS

 

Section 10.1                            Evidence
of Action by Holders.

 

(a)                                  Whenever
in this Indenture it is provided that the holders of a majority or specified
percentage in aggregate principal amount of the Debentures may take any action
(including the making of any demand or request, the giving of any notice,
consent or waiver or the taking of any other action), the fact that at the time
of taking any such action the holders of such majority or specified percentage
have joined therein may be evidenced by any instrument or any number of
instruments of similar tenor executed by such holders of Debentures in Person
or by agent or proxy appointed in writing.

 

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

 

Section 10.2                            Proof
of Execution by Debentureholders.

 

Subject to the
provisions of Section 9.1(b), proof of the execution of any instrument by a
Debentureholder (such proof shall not require notarization) or his agent or
proxy and proof of the holding by any Person of any of the Debentures shall be
sufficient if made in the following manner:

 

(a)                                  The
fact and date of the execution by any such Person of any instrument may be
proved in any reasonable manner acceptable to the Trustee or the Company.

 

(b)                                 The
ownership of Debentures shall be proved by the Debenture Register of such
Debentures or by a certificate of the Debenture Registrar thereof.

 

44

 

(c)                                  The
Trustee or the Company may require such additional proof of any matter referred
to in this Section 10.2 as it shall deem necessary.

 

Section 10.3                            Who
May be Deemed Owners.

 

Prior to the
due presentment for registration of transfer of any Debenture, the Company, the
Trustee, any Paying Agent, any Authenticating Agent and any Debenture Registrar
may deem and treat the Person in whose name such Debenture shall be registered
upon the books of the Company as the absolute owner of such Debenture (whether
or not such Debenture shall be overdue and notwithstanding any notice of
ownership or writing thereon made by anyone other than the Debenture Registrar)
for the purpose of receiving payment of or on account of the principal of and
interest on such Debenture (subject to Section 2.3) and for all other purposes;
and neither the Company nor the Trustee nor any Paying Agent nor any
Authenticating Agent nor any Debenture Registrar shall be affected by any
notice to the contrary.

 

Section 10.4                            Certain
Debentures Owned by Company Disregarded.

 

In determining
whether the holders of the requisite aggregate principal amount of Debentures
have concurred in any direction, consent or waiver under this Indenture, the
Debentures that are owned by the Company or any other obligor on the Debentures
or by any Person directly or indirectly controlling or controlled by or under
common control with the Company or any other obligor on the Debentures shall be
disregarded and deemed not to be Outstanding for the purpose of any such
determination, except that (i) for the purpose of determining whether the
Trustee shall be protected in relying on any such direction, consent or waiver,
only Debentures that the Trustee actually knows are so owned shall be so
disregarded; and (ii) for the purposes of this Section 10.4, the Trust
shall be deemed to not be controlled by the Company. The Debentures so owned
that have been pledged in good faith may be regarded as Outstanding for the
purposes of this Section 10.4, if the pledgee shall establish to the
satisfaction of the Trustee the pledgee’s right so to act with respect to such
Debentures and that the pledgee is not a Person directly or indirectly
controlling or controlled by or under direct or indirect common control with
the Company or any such other obligor. In case of a dispute as to such right,
any decision by the Trustee taken upon the advice of counsel shall be full
protection to the Trustee.

 

Section 10.5                            Actions
Binding on Future Debentureholders.

 

At any time
prior to (but not after) the evidencing to the Trustee, as provided in Section
10.1, of the taking of any action by the holders of the majority or percentage
in aggregate principal amount of the Debentures specified in this Indenture in
connection with such action, any holder of a Debenture that is shown by the
evidence to be included in the Debentures the holders of which have consented
to such action may, by filing written notice with the Trustee, and upon proof
of holding as provided in Section 10.2, revoke such action so far as concerns
such Debenture. Except as aforesaid, any such action taken by the holder of any
Debenture shall be conclusive and binding upon such holder and upon all future
holders and owners of such Debenture, and of any Debenture issued in exchange
therefor, on registration of transfer thereof or in place thereof, irrespective
of whether or not any notation in regard thereto is made upon such Debenture.
Any action taken by the holders of the majority or percentage in aggregate

 

45

 

principal amount of the
Debentures specified in this Indenture in connection with such action shall be
conclusively binding upon the Company, the Trustee and the holders of all the
Debentures.

 

ARTICLE XI

 

SUPPLEMENTAL
INDENTURES

 

Section 11.1                            Supplemental
Indentures Without the Consent of Debentureholders.

 

In addition to
any supplemental indenture otherwise authorized by this Indenture, the Company
and the Trustee may from time to time and at any time enter into an indenture
or indentures supplemental hereto (which shall conform to the provisions of the
Trust Indenture Act as then in effect, if applicable), without the consent of
the Debentureholders, for one or more of the following purposes:

 

(a)                                  to
cure any ambiguity, defect, or inconsistency herein, or in the Debentures;

 

(b)                                 to
comply with Article X;

 

(c)                                  to
provide for uncertificated Debentures in addition to or in place of
certificated Debentures;

 

(d)                                 to
add to the covenants of the Company for the benefit of the holders of all or
any of the Debentures or to surrender any right or power herein conferred upon
them to add to, delete from, or revise the conditions, limitations, and
restrictions on the authorized amount, terms, or purposes of issue,
authentication, and delivery of Debentures, as herein set forth;

 

(e)                                  to
make any change that does not adversely affect the rights of any
Debentureholder in any material respect;

 

(f)                                    to
provide for the issuance of and establish the form and terms and conditions of
the Debentures, to establish the form of any certifications required to be
furnished pursuant to the terms of this Indenture or of the Debentures, or to
qualify or maintain the qualification of this Indenture under the Trust
Indenture Act, if applicable; or

 

(g)                                 to
evidence a consolidation or merger involving the Company as permitted under
Section 12.1.

 

The Trustee is hereby
authorized to join with the Company in the execution of any such supplemental
indenture, and to make any further appropriate agreements and stipulations that
may be therein contained, but the Trustee shall not be obligated to enter into
any such supplemental indenture that affects the Trustee’s own rights, duties
or immunities under this Indenture or otherwise.  Any supplemental indenture authorized by the provisions of this
Section 11.1

 

46

 

may be executed by the Company
and the Trustee without the consent of the holders of any of the Debentures at
the time Outstanding, notwithstanding any of the provisions of Section 11.2.

 

Section 11.2                            Supplemental
Indentures with Consent of Debentureholders.

 

With the
consent (evidenced as provided in Section 10.1) of the holders of not less than
a majority in aggregate principal amount of the Debentures at the time
Outstanding, the Company, when authorized by Board Resolutions, and the Trustee
may from time to time and at any time enter into an indenture or indentures
supplemental hereto (which shall conform to the provisions of the Trust
Indenture Act as then in effect, if applicable) 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
not covered by Section 11.1 the rights of the holders of the Debentures under
this Indenture; provided, however, that no such supplemental indenture shall
without the consent of the holders of each Debenture then Outstanding and
affected thereby, (i) extend the fixed maturity of any Debentures, reduce the
principal amount thereof, or reduce the rate or extend the time of payment of
interest thereon, without the consent of the holder of each Debenture so
affected; or (ii) reduce the aforesaid percentage of Debentures, the holders of
which are required to consent to any such supplemental indenture; provided
further, that if the Debentures are held by the Trust or a trustee of the
Trust, such supplemental indenture shall not be effective until the holders of
a majority in liquidation preference of Trust Securities of the Trust shall
have consented to such supplemental indenture; provided further, that if the
consent of the holder of each Outstanding Debenture is required, such
supplemental indenture shall not be effective until each holder of the Trust
Securities of the Trust shall have consented to such supplemental indenture. It
shall not be necessary for the consent of the Debentureholders affected thereby
under this Section 11.2 to approve the particular form of any proposed
supplemental indenture, but it shall be sufficient if such consent shall
approve the substance thereof.

 

Section 11.3                            Effect
of Supplemental Indentures.

 

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

 

Section 11.4                            Debentures
Affected by Supplemental Indentures.

 

Debentures
affected by a supplemental indenture, authenticated and delivered after the
execution of such supplemental indenture pursuant to the provisions of this
Article XI, may bear a notation in form approved by the Company, provided such
form meets the requirements of any national securities exchange or automated
quotation service upon which the Debentures may be listed or quoted, as to any
matter provided for in such supplemental indenture. If the Company shall so
determine, new Debentures so modified as to conform, in the opinion of the
Board of Directors of the Company, to any modification of this Indenture
contained in any such

 

47

 

supplemental indenture may be
prepared by the Company, authenticated by the Trustee (upon written order of
the Company) and delivered in exchange for the Debentures then Outstanding.

 

Section 11.5                            Execution
of Supplemental Indentures.

 

(a)                                  Upon
the request of the Company, accompanied by its Board Resolutions authorizing
the execution of any such supplemental indenture, and upon the filing with the
Trustee of evidence of the consent of Debentureholders required to consent
thereto as aforesaid, the Trustee shall join with the Company in the execution
of such supplemental indenture unless such supplemental indenture affects the
Trustee’s own rights, duties or immunities under this Indenture or otherwise,
in which case the Trustee may in its discretion, but shall not be obligated to,
enter into such supplemental indenture. The Trustee, subject to the provisions
of Sections 9.1(b), may receive an Opinion of Counsel as conclusive evidence
that any supplemental indenture executed pursuant to this Article XI is
authorized or permitted by, and conforms to, the terms of this Article XI and
that it is proper for the Trustee under the provisions of this Article XI to
join in the execution thereof.

 

(b)                                 Promptly
after the execution by the Company and the Trustee of any supplemental
indenture pursuant to the provisions of this Section 11.5, the Trustee shall
transmit by mail, first class postage prepaid, a notice, setting forth in
general terms the substance of such supplemental indenture, to the
Debentureholders as their names and addresses appear upon the Debenture
Register. Any failure of the Trustee to mail such notice, or any defect
therein, shall not, however, in any way impair or affect the validity of any
such supplemental indenture.

 

ARTICLE XII

 

SUCCESSOR
CORPORATION

 

Section 12.1                            Company
May Consolidate, etc.

 

Nothing
contained in this Indenture or in any of the Debentures shall prevent any
consolidation or merger of the Company with or into any other Person (whether
or not affiliated with the Company, as the case may be), or successive
consolidations or mergers in which the Company, as the case may be, or its successor
or successors shall be a party or parties, or shall prevent any sale,
conveyance, transfer or other disposition of the property of the Company, as
the case may be, or its successor or successors as an entirety, or
substantially as an entirety, to any other Person (whether or not affiliated
with the Company, as the case may be, or its successor or successors)
authorized to acquire and operate the same; provided, however, the Company
hereby covenants and agrees that, (i) upon any such consolidation, merger,
sale, conveyance, transfer or other disposition, the due and punctual payment,
in the case of the Company, of the principal of and interest on all of the
Debentures, according to their tenor and the due and punctual performance and
observance of all the covenants and conditions of this Indenture to be kept or
performed by the Company as the case may be, shall be expressly assumed, by
supplemental indenture (which shall conform to the provisions of the Trust
Indenture Act, to the extent the Trust Indenture Act is then applicable to this
Indenture or such supplemental indenture)

 

48

 

satisfactory in form to the
Trustee in its good faith and executed and delivered to the Trustee by the
entity formed by such consolidation, or into which the Company, as the case may
be, shall have been merged, or by the entity which shall have acquired such
property; (ii) in case the Company consolidates with or merges into another
Person or conveys or transfers its properties and assets substantially as an
entirety to any Person, the successor Person is organized under the laws of the
United States or any state or the District of Columbia; and (iii) immediately
after giving effect thereto, no Event of Default, and no event which, after
notice or lapse of time or both, would become an Event of Default, shall have
occurred and be continuing.

 

Section 12.2                            Successor
Person Substituted.

 

(a)                                  In
case of any such consolidation, merger, sale, conveyance, transfer or other
disposition and upon the assumption by the successor Person, by supplemental
indenture, executed and delivered to the Trustee and satisfactory in form to
the Trustee in good faith, of, in the case of the Company, the due and punctual
payment of the principal of and interest on all of the Debentures Outstanding
and the due and punctual performance of all of the covenants and conditions of
this Indenture to be performed by the Company, as the case may be, such
successor Person shall succeed to and be substituted for the Company, with the
same effect as if it had been named as the Company herein, and thereupon the
predecessor Person shall be relieved of all obligations and covenants under
this Indenture and the Debentures.

 

(b)                                 In
case of any such consolidation, merger, sale, conveyance, transfer or other
disposition such changes in phraseology and form (but not in substance) may be
made in the Debentures thereafter to be issued as may be appropriate.

 

(c)                                  Nothing
contained in this Indenture or in any of the Debentures shall prevent the
Company from merging into itself or acquiring by purchase or otherwise all or
any part of the property of any other Person (whether or not affiliated with
the Company).

 

Section 12.3                            Evidence
of Consolidation, etc. to Trustee.

 

The Trustee,
subject to the provisions of Section 9.1(b), may receive an Opinion of Counsel
as conclusive evidence that any such consolidation, merger, sale, conveyance,
transfer or other disposition, and any such assumption, comply with the
provisions of this Article XII.

 

ARTICLE XIII

 

SATISFACTION
AND DISCHARGE

 

Section 13.1                            Satisfaction
and Discharge of Indenture.

 

If at any
time: (a) the Company shall have delivered to the Trustee for cancellation all
Debentures theretofore authenticated (other than any Debentures that shall have
been destroyed, lost or stolen and that shall have been replaced or paid as
provided in Section 2.9) and the principal and accrued interest of all
Debentures for whose payment money or Governmental Obligations have theretofore
been deposited in trust or segregated and held in trust by the

 

49

 

Company (and thereupon repaid
to the Company or discharged from such trust, as provided in Section 13.5); or
(b) all such Debentures not theretofore delivered to the Trustee for
cancellation shall have become due and payable, or are by their terms to become
due and payable within one year or are to be called for redemption within one
year under arrangements satisfactory to the Trustee for the giving of notice of
redemption, and the Company shall deposit or cause to be deposited with the
Trustee as trust funds the entire amount in money or Governmental Obligations
sufficient or a combination thereof, sufficient in the opinion of a nationally
recognized firm of independent public accountants expressed in a written
certification thereof delivered to the Trustee, to pay at maturity or upon
redemption all Debentures not theretofore delivered to the Trustee for
cancellation, including principal and interest due or to become due to such
date of maturity or date fixed for redemption, as the case may be, and if the
Company shall also pay or cause to be paid all other sums payable hereunder by
the Company; then this Indenture shall thereupon cease to be of further effect except
for the provisions of Sections 2.3, 2.7, 2.9, 5.1, 5.2, 5.3, 9.7 and 9.10, that
shall survive until the date of maturity or redemption date, as the case may
be, and Section 13.5, that shall survive to such date and thereafter, and the
Trustee, on demand of the Company and at the cost and expense of the Company,
shall execute proper instruments acknowledging satisfaction of and discharging
this Indenture.

 

Section 13.2                            Discharge
of Obligations.

 

If at any time
all Debentures not heretofore delivered to the Trustee for cancellation or that
have not become due and payable as described in Section 13.1 shall have been
paid by the Company by depositing irrevocably with the Trustee as trust funds
money or an amount of Governmental Obligations sufficient in the opinion of a
nationally recognized certified public accounting firm to pay at maturity or
upon redemption all Debentures not theretofore delivered to the Trustee for
cancellation, including principal and interest due or to become due to such
date of maturity or date fixed for redemption, as the case may be, and if the
Company shall also pay or cause to be paid all other sums payable hereunder by
the Company, then after the date such moneys or Governmental Obligations, as
the case may be, are deposited with the Trustee, the obligations of the Company
under this Indenture shall cease to be of further effect except for the
provisions of Sections 2.3, 2.7, 2.9, 5.1, 5.2, 5.3, 9.6, 9.7, 9.10 and 13.5
that shall survive until such Debentures shall mature and be paid. Thereafter,
Sections 9.7 and 13.5 shall survive.

 

Section 13.3                            Deposited
Money to be Held in Trust.

 

All money or
Governmental Obligations deposited with the Trustee pursuant to Sections 13.1
or 13.2 shall be held in trust and shall be available for payment as due,
either directly or through any Paying Agent (including the Company acting as
its own Paying Agent), to the holders of the Debentures for the payment or
redemption of which such moneys or Governmental Obligations have been deposited
with the Trustee.

 

Section 13.4                            Payment
of Money Held by Paying Agents.

 

In connection
with the satisfaction and discharge of this Indenture, all moneys or
Governmental Obligations then held by any Paying Agent under the provisions of
this Indenture shall, upon demand of the Company, be paid to the Trustee and
thereupon such Paying Agent

 

50

 

shall be released from all
further liability with respect to such money or Governmental Obligations.

 

Section 13.5                            Repayment
to Company.

 

Any money or
Governmental Obligations deposited with any Paying Agent or the Trustee, or
then held by the Company in trust, for payment of principal of or interest on
the Debentures that are not applied but remain unclaimed by the holders of such
Debentures for at least two years after the date upon which the principal of or
interest on such Debentures shall have respectively become due and payable,
shall be repaid to the Company, as the case may be, on May 31 of each year or
(if then held by the Company) shall be discharged from such trust; and
thereupon the Paying Agent and the Trustee shall be released from all further
liability with respect to such moneys or Governmental Obligations, and the
holder of any of the Debentures entitled to receive such payment shall
thereafter, as an unsecured general creditor, look only to the Company for the
payment thereof.

 

ARTICLE XIV

 

IMMUNITY OF INCORPORATORS, STOCKHOLDERS, OFFICERS

AND DIRECTORS

 

Section 14.1                            No
Recourse.

 

No recourse
under or upon any obligation, covenant or agreement of this Indenture, or of
the Debentures, or for any claim based thereon or otherwise in respect thereof,
shall be had against any incorporator, stockholder, officer or director, past,
present or future, as such, of the Company or of any predecessor or successor
Person, either directly or through the Company or any such predecessor or
successor Person, whether by virtue of any constitution, statute or rule of
law, or by the enforcement of any assessment or penalty or otherwise; it being
expressly understood that this Indenture and the obligations issued hereunder
are solely corporate (or other entity, as the case may be) obligations, and
that no such personal liability whatever shall attach to, or is or shall be
incurred by, the incorporators, stockholders, officers or directors as such, of
the Company or of any predecessor or successor Person, or any of them, because
of the creation of the indebtedness hereby authorized, or under or by reason of
the obligations, covenants or agreements contained in this Indenture or in any
of the Debentures or implied therefrom; and that any and all such personal
liability of every name and nature, either at common law or in equity or by
constitution or statute, and any and all such rights and claims against, every
such incorporator, stockholder, officer or director as such, because of the
creation of the indebtedness hereby authorized, or under or by reason of the
obligations, covenants or agreements contained in this Indenture or in any of
the Debentures or implied therefrom, are hereby expressly waived and released
as a condition of, and as a consideration for, the execution of this Indenture
and the issuance of such Debentures.

 

51

 

ARTICLE XV

 

MISCELLANEOUS
PROVISIONS

 

Section 15.1                            Effect
on Successors and Assigns.

 

All the
covenants, stipulations, promises and agreements in this Indenture contained by
or on behalf of the Company shall bind its respective successors and assigns,
whether so expressed or not.

 

Section 15.2                            Actions
by Successor.

 

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

 

Section 15.3                            Surrender
of Company Powers.

 

The Company by
instrument in writing executed by appropriate authority of its Board of
Directors and delivered to the Trustee may surrender any of the powers reserved
to the Company, and thereupon such power so surrendered shall terminate both as
to the Company, as the case may be, and as to any successor Person.

 

Section 15.4                            Notices.

 

Except as
otherwise expressly provided herein any notice or demand that by any provision
of this Indenture is required or permitted to be given or served by the Trustee
or by the holders of Debentures to or on the Company may be given or served by
being deposited first class postage prepaid in a post-office letterbox
addressed (until another address is filed in writing by the Company with the
Trustee), as follows:  San Rafael
Bancorp, 851 Irwin Street, San Rafael, California 94901-3343, Attention: Chief
Executive Officer.  Any notice,
election, request or demand by the Company or any Debentureholder to or upon
the Trustee shall be deemed to have been sufficiently given or made, for all
purposes, if given or made in writing at the Corporate Trust Office of the
Trustee.

 

Section 15.5                            Governing
Law.

 

This Indenture
and each Debenture shall be deemed to be a contract made under the internal
laws of the State of California and for all purposes shall be construed in
accordance with the laws of said State, without regard to its choice of law
provisions.  Any action or proceeding
arising out of this Indenture, as supplemented or amended, in any way shall be
brought and enforced exclusively in the applicable United States District Court
in the State of  California or in the event such court lacks
jurisdiction, in the applicable California State Court.

 

52

 

Section 15.6                            Treatment
of Debentures as Debt.

 

The Company
will treat the Debentures as indebtedness and not as equity for federal income
tax purposes. The provisions of this Indenture shall be interpreted to further
this treatment.

 

Section 15.7                            Compliance
Certificates and Opinions.

 

(a)                                  Upon
any application or demand by the Company to the Trustee to take any action
under any of the provisions of this Indenture, the Company shall furnish to the
Trustee an Officers’ Certificate stating that all conditions precedent provided
for in this Indenture relating to the proposed action have been complied with
and an Opinion of Counsel stating that in the opinion of such counsel all such
conditions precedent have been complied with, except that in the case of any
such application or demand as to which the furnishing of such documents is
specifically required by any provision of this Indenture relating to such
particular application or demand, no additional certificate or opinion need be
furnished.

 

(b)                                 Each
certificate or opinion of the Company provided for in this Indenture and
delivered to the Trustee with respect to compliance with a condition or
covenant in this Indenture shall include (i) a statement that the Person making
such certificate or opinion has read such covenant or condition; (ii) 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; (iii) a statement that, in the opinion of such Person, he has made such
examination or investigation as, in the opinion of such Person, is necessary to
enable him to express an informed opinion as to whether or not such covenant or
condition has been complied with; and (iv) a statement as to whether or not, in
the opinion of such Person, such condition or covenant has been complied with;
provided, however, that each such certificate shall comply with the provisions
of Section 314 of  the Trust Indenture
Act, if applicable.

 

Section 15.8                            Payments
on Business Days.

 

In any case
where the date of maturity of interest or principal of any Debenture or the
date of redemption of any Debenture shall not be a Business Day, then payment
of interest or principal may (subject to Section 2.5(c)) be made on the next
succeeding Business Day with the same force and effect as if made on the
nominal date of maturity or redemption, and no interest shall accrue for the
period after such nominal date.

 

Section 15.9                            Application
of Trust Indenture Act; Conflict.

 

(a)                                  Unless
and until this Indenture is required to be qualified under the Trust Indenture
Act, (i) the provisions of this Indenture that expressly relate to the Trust
Indenture Act do not apply and shall not be given effect; and (ii)
notwithstanding any other provision of this Indenture (including without
limitation Sections 7.7, 9.1(b), 9.7(a) and 9.8 hereof), no Trustee shall be
liable for its own simple negligence, but shall only be liable for its own
gross negligence.

 

53

 

(b)                                 If
the Indenture is required to be qualified under the Trust Indenture Act at any
time, then if and to the extent that any provision of this Indenture limits,
qualifies or conflicts with the duties imposed by Sections 310 to 317,
inclusive, of the Trust Indenture Act, such imposed duties shall control.

 

Section 15.10                     Counterparts.

 

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

 

Section 15.11                     Severability.

 

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

 

Section 15.12                     Assignment.

 

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

 

Section 15.13                     Acknowledgment
of Rights; Right of Set Off.

 

(a)                                  The
Company acknowledges that, with respect to any Debentures held by the Trust or
a trustee of the Trust, if the Property Trustee fails to enforce its rights
under this Indenture as the holder of the Debentures held as the assets of the
Trust, any holder of Trust Preferred Securities may, to the extent permitted
under applicable law, institute legal proceedings directly against the Company
to enforce such Property Trustee’s rights under this Indenture without first
instituting any legal proceedings against such Property Trustee or any other person
or entity.  Notwithstanding the
foregoing, if an Event of Default has occurred and is continuing and such event
is attributable to the failure of the Company to pay interest or principal on
the Debentures on the date such interest or principal is otherwise payable (or
in the case of redemption, on the redemption date), the Company acknowledges
that a holder of Trust Preferred Securities may directly institute a proceeding
against the Company for enforcement of payment to such holder of the principal
of or interest on the Debentures having a principal amount equal to the
aggregate liquidation amount of the Trust Preferred Securities of such holder
on or after the respective due date specified in the Debentures.

 

(b)                                 Notwithstanding
anything to the contrary contained in this Indenture, the Company shall have
the right to setoff any payment it is otherwise required to make hereunder in
respect of any Trust Securities to the extent that the Company has

 

54

 

previously
made, or is concurrently making, a payment to the holder of any such Trust
Securities under the Trust Preferred Securities Guarantee or in connection with
a proceeding for enforcement of payment of the principal of or interest on the
Debentures directly brought by holders of any such Trust Securities.

 

ARTICLE XVI

 

SUBORDINATION
OF DEBENTURES

 

Section 16.1                            Agreement
to Subordinate.

 

The Company
covenants and agrees, and each holder of Debentures issued hereunder by such
holder’s acceptance thereof likewise covenants and agrees, that all Debentures
shall be issued subject to the provisions of this Article XVI; and each holder
of a Debenture, whether upon original issue or upon transfer or assignment
thereof, accepts and agrees to be bound by such provisions.  The payment by the Company of the principal
of and interest on all Debentures issued hereunder shall, to the extent and in
the manner hereinafter set forth, be subordinated and junior in right of
payment to the prior payment in full of all Senior Debt, Subordinated Debt and
Additional Senior Obligations of the Company (collectively, “Senior
Indebtedness”) to the extent provided herein, whether outstanding at the date
of this Indenture or thereafter incurred. 
No provision of this Article XVI shall prevent the occurrence of any
default or Event of Default hereunder. 
In no event shall the Debentures be subordinate to the Company’s (i)
trade accounts payable, or (ii) accrued liabilities arising in the ordinary
course of business; however, the Debentures shall be subordinate to (i) any
Debt of the Company to any of its subsidiaries and (ii) Debt to any employees
of the Company.

 

Section 16.2                            Default
on Senior Debt, Subordinated Debt or Additional Senior Obligations.

 

In the event
and during the continuation of any default by the Company in the payment of
principal, premium, interest or any other payment due on any Senior
Indebtedness, or in the event that the maturity of any Senior Indebtedness has
been accelerated because of a default, then, in either case, no payment shall
be made by the Company with respect to the principal (including redemption
payments) of or interest on the Debentures. 
In the event that, notwithstanding the foregoing, any payment shall be received
by the Trustee when such payment is prohibited by the preceding sentence of
this Section 16.2, such payment shall be held in trust for the benefit of, and
shall be paid over or delivered to, the holders of Senior Indebtedness or their
respective representatives, or to the trustee or trustees under any indenture
pursuant to which any of such Senior Indebtedness may have been issued, as
their respective interests may appear, but only to the extent that the holders
of the Senior Indebtedness (or their representative or representatives or a trustee)
notify the Trustee in writing within 90 days of such payment of the amounts
then due and owing on the Senior Indebtedness and only the amounts specified in
such notice to the Trustee shall be paid to the holders of Senior Indebtedness.

 

55

 

Section 16.3                            Liquidation;
Dissolution; Bankruptcy.

 

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

 

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

 

(c)                                  For
purposes of this Article XVI, 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 XVI with respect to the Debentures
to the payment of all Senior Indebtedness of the Company, as the case may be,
that may at the time be outstanding, provided that (i) such Senior Indebtedness
is assumed by the new Person, if any, resulting from any such reorganization or
readjustment; and (ii) the rights of the

 

56

 

holders of
such Senior Indebtedness are not, without the consent of such holders, altered
by such reorganization or readjustment. The consolidation of the Company with,
or the merger of the Company into, another Person or the liquidation or
dissolution of the Company following the conveyance or transfer of its property
as an entirety, or substantially as an entirety, to another Person upon the
terms and conditions provided for in Article XII shall not be deemed a
dissolution, winding-up, liquidation or reorganization for the purposes of this
Section 16.3 if such other Person shall, as a part of such consolidation,
merger, conveyance or transfer, comply with the conditions stated in Article
XII.  Nothing in Section 16.2 or in this
Section 16.3 shall apply to claims of, or payments to, the Trustee under or
pursuant to Section 9.7.

 

Section 16.4                            Subrogation.

 

(a)                                  Subject
to the payment in full of all Senior Indebtedness of the Company, the rights of
the holders of the Debentures shall be subrogated to the rights of the holders
of such Senior Indebtedness to receive payments or distributions of cash,
property or securities of the Company, as the case may be, applicable to such
Senior Indebtedness until the principal of and interest on the Debentures shall
be paid in full; and, for the purposes of such subrogation, no payments or
distributions to the holders of such Senior Indebtedness of any cash, property
or securities to which the holders of the Debentures or the Trustee would be
entitled except for the provisions of this Article XVI, and no payment pursuant
to the provisions of this Article XVI to or for the benefit of the holders of
such Senior Indebtedness by holders of the Debentures or the Trustee, shall, as
between the Company, its creditors (other than holders of Senior Indebtedness),
and the holders of the Debentures, be deemed to be a payment by the Company to
or on account of such Senior Indebtedness. 
It is understood that the provisions of this Article XVI are and are
intended solely for the purposes of defining the relative rights of the holders
of the Debentures, on the one hand, and the holders of such Senior Indebtedness
on the other hand.

 

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

 

(c)                                  Upon
any payment or distribution of assets of the Company referred to in this
Article XVI, the Trustee, subject to the provisions of Section 9.1(b), and the
holders

 

57

 

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

 

Section 16.5                            Trustee
to Effectuate Subordination.

 

Each holder of
Debentures by such holder’s acceptance thereof authorizes and directs the
Trustee on such holder’s behalf to take such action as the Company advises the
Trustee in writing is necessary or appropriate to effectuate the subordination
provided in this Article XVI and appoints the Trustee such holder’s
attorney-in-fact for any and all such purposes.

 

Section 16.6                            Notice
by the Company.

 

(a)                                  The
Company shall give prompt written notice to a Responsible Officer of the
Trustee of any fact known to the Company that would prohibit the making of any
payment of money to or by the Trustee in respect of the Debentures pursuant to
the provisions of this Article XVI. Notwithstanding the provisions of this
Article XVI or any other provision of this Indenture, the Trustee shall not be
charged with knowledge of the existence of any facts that would prohibit the
making of any payment of money to or by the Trustee in respect of the
Debentures pursuant to the provisions of this Article XVI, unless and until a
Responsible Officer of the Trustee shall have received written notice thereof
from the Company or a holder or holders of Senior Indebtedness or from any
trustee therefore; and before the receipt of any such written notice, the
Trustee, subject to the provisions of Section 9.1(b), shall be entitled in all
respects to assume that no such facts exist; provided, however, that if the
Trustee shall not have received the notice provided for in this Section 16.6 at
least two Business Days prior to the date upon which by the terms hereof any
money may become payable for any purpose (including, without limitation,
the  payment of the principal of or
interest on any Debenture), then, anything herein contained to the contrary
notwithstanding, the Trustee shall have full power and authority to receive
such money and to apply the same to the purposes for which they were received,
and shall not be affected by any notice to the contrary that may be received by
it within two Business Days prior to such date.

 

(b)                                 The
Trustee, subject to the provisions of Section 9.1(b), shall be entitled to
conclusively rely on the delivery to it of a written notice by a Person
representing himself to be a holder of Senior Indebtedness (or a trustee on
behalf of such holder) to establish that such notice has been given by a holder
of such 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 such Senior Indebtedness to participate in
any payment or distribution pursuant to this Article XVI, the Trustee may
request such Person to furnish evidence to the reasonable

 

58

 

satisfaction
of the Trustee as to the amount of such Senior Indebtedness held by such
Person, the extent to which such Person is entitled to participate in such
payment or distribution and any other facts pertinent to the rights of such
Person under this Article XVI, 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 16.7                            Rights
of the Trustee; Holders of Senior Indebtedness.

 

(a)                                  The
Trustee in its individual capacity shall be entitled to all the rights set
forth in this Article XVI in respect of any Senior Indebtedness at any time
held by it, to the same extent as any other holder of Senior Indebtedness, and
nothing in this Indenture shall deprive the Trustee of any of its rights as
such holder.  The Trustee’s right to
compensation and reimbursement of expenses as set forth in Section 9.7 shall
not be subject to the subordination provisions of the Article XVI.

 

(b)                                 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 XVI, and no implied covenants or obligations
with respect to the holders of such Senior Indebtedness shall be read into this
Indenture against the Trustee. The Trustee shall not be deemed to owe any
fiduciary duty to the holders of such Senior Indebtedness and, subject to the
provisions of Section 9.1(b), the Trustee shall not be liable to any holder of
such Senior Indebtedness if it shall in good faith pay over or deliver to
holders of Debentures, the Company or any other Person money or assets to which
any holder of such Senior Indebtedness shall be entitled by virtue of this
Article XVI or otherwise.

 

Section 16.8                            Subordination
may not be Impaired.

 

(a)                                  No
right of any present or future holder of any Senior Indebtedness of the Company
to enforce subordination as herein provided shall at any time in any way be
prejudiced or impaired by any act or failure to act on the part of the Company
or by any act or failure to act, in good faith, by any such holder, or by any
noncompliance by the Company with the terms, provisions and covenants of this
Indenture, regardless of any knowledge thereof that any such holder may have or
otherwise be charged with.

 

(b)                                 Without
in any way limiting the generality of the foregoing paragraph, the holders of
Senior Indebtedness of the Company may, at any time and from time to time,
without the consent of or notice to the Trustee or the holders of the
Debentures, without incurring responsibility to the holders of the Debentures
and without impairing or releasing the subordination provided in this Article
XVI or the obligations hereunder of the holders of the Debentures to the
holders of such Senior Indebtedness, do any one or more of the following:  (i) change the manner, place or terms of
payment or extend the time of payment of, or renew or alter, such Senior Indebtedness,
or otherwise amend or supplement in any manner such Senior Indebtedness or any
instrument evidencing the same or any agreement under which such Senior
Indebtedness is outstanding; (ii) sell, exchange, release or otherwise deal
with any property pledged, mortgaged or otherwise

 

59

 

securing such
Senior Indebtedness; (iii) release any Person liable in any manner for the
collection of such Senior Indebtedness; and (iv) exercise or refrain from
exercising any rights against the Company and any other Person.

 

[SIGNATURE PAGE FOLLOWS]

 

60

 

 

IN WITNESS
WHEREOF, this Indenture is dated as set forth below and effective as of the day
and year first above written.

 

	
   

  	
  San Rafael
  Bancorp

  
	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  	
   

  	
   

  
	
   

  	
   

  	
  Title:

  	
   

  	
   

  
	
   

  	
   

  	
  Date:

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Wells Fargo
  Bank, National Association, AS TRUSTEE

  
	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  	
   

  	
   

  
	
   

  	
   

  	
  Title:

  	
   

  	
   

  
	
   

  	
   

  	
  Date:

  	
   

  	
   

  
																

 

[Signature Page to Indenture]

 

61

EXHIBIT A

 

FLOATING RATE JUNIOR SUBORDINATED

DEFERRABLE INTEREST DEBENTURE

OF SAN RAFAEL BANCORPExhibit 4.2

 

San Rafael Capital Trust I

 

AMENDED AND RESTATED TRUST AGREEMENT

 

AMONG

 

San Rafael Bancorp, AS DEPOSITOR,

 

Wells Fargo Bank, National Association, AS
PROPERTY TRUSTEE,

 

Wells Fargo Delaware Trust Company, AS
RESIDENT TRUSTEE,

 

AND

 

THE ADMINISTRATIVE TRUSTEES NAMED HEREIN

 

 

EFFECTIVE AS OF June 27, 2002

 

 

TABLE OF CONTENTS

 

	
  ARTICLE I

  	
  DEFINED TERMS

  
	
   

  	
   

  
	
  Section 1.1

  	
  Definitions

  
	
   

  	
   

  
	
  ARTICLE II

  	
  ESTABLISHMENT OF THE TRUST

  
	
   

  	
   

  
	
  Section 2.1

  	
  Name.

  
	
   

  	
   

  
	
  Section 2.2

  	
  Office
  of the Resident Trustee; Principal Place of Business of the Trust

  
	
   

  	
   

  
	
  Section 2.3

  	
  Initial
  Contribution of Trust Property; Organizational Expenses

  
	
   

  	
   

  
	
  Section 2.4

  	
  Issuance
  of the Trust Preferred Securities

  
	
   

  	
   

  
	
  Section 2.5

  	
  Issuance
  of the Common Securities; Subscription and Purchase of Debentures

  
	
   

  	
   

  
	
  Section 2.6

  	
  Declaration
  of Trust

  
	
   

  	
   

  
	
  Section 2.7

  	
  Authorization
  of Trustees to Enter into Certain Transactions

  
	
   

  	
   

  
	
  Section 2.8

  	
  Assets
  of Trust

  
	
   

  	
   

  
	
  Section 2.9

  	
  Title
  to Trust Property

  
	
   

  	
   

  
	
  ARTICLE
  III

  	
  PAYMENT
  ACCOUNT

  
	
   

  	
   

  
	
  Section 3.1

  	
  Payment
  Account

  
	
   

  	
   

  
	
  ARTICLE IV

  	
  DISTRIBUTIONS; REDEMPTION

  
	
   

  	
   

  
	
  Section 4.1

  	
  Distributions

  
	
   

  	
   

  
	
  Section 4.2

  	
  Redemption

  
	
   

  	
   

  
	
  Section 4.3

  	
  Subordination
  of Common Securities

  
	
   

  	
   

  
	
  Section 4.4

  	
  Payment
  Procedures

  
	
   

  	
   

  
	
  Section 4.5

  	
  Tax
  Returns and Reports

  
	
   

  	
   

  
	
  Section 4.6

  	
  Payment
  of Taxes, Duties, etc. of the Trust

  
	
   

  	
   

  
	
  Section 4.7

  	
  Payments
  Under Indenture

  
	
   

  	
   

  
	
  ARTICLE V

  	
  TRUST SECURITIES CERTIFICATES

  
	
   

  	
   

  
	
  Section 5.1

  	
  Initial
  Ownership

  
	
   

  	
   

  
	
  Section 5.2

  	
  The
  Trust Securities Certificates

  
	
   

  	
   

  
	
  Section 5.3

  	
  Execution,
  Authentication and Delivery of Trust Securities Certificates

  
	
   

  	
   

  
	
  Section 5.4

  	
  Registration
  of Transfer and Exchange of Trust Preferred Securities Certificates

  
	
   

  	
   

  
	
  Section 5.5

  	
  Mutilated,
  Destroyed, Lost or Stolen Trust Securities Certificates

  
	
   

  	
   

  
	
  Section 5.6

  	
  Person
  Deemed Securityholders

  
				

 

-i-

 

	
  Section 5.7

  	
  Access
  to List of Securityholders’ Names and Addresses

  
	
   

  	
   

  
	
  Section 5.8

  	
  Maintenance
  of Office or Agency

  
	
   

  	
   

  
	
  Section 5.9

  	
  Appointment
  of Paying Agent

  
	
   

  	
   

  
	
  Section 5.10

  	
  Ownership
  of Common Securities by Depositor

  
	
   

  	
   

  
	
  Section 5.11

  	
  Trust
  Securities Certificates

  
	
   

  	
   

  
	
  Section 5.12

  	
  [Reserved.]

  
	
   

  	
   

  
	
  Section 5.13

  	
  Rights
  of Securityholders

  
	
   

  	
   

  
	
  ARTICLE VI

  
	
   

  
	
  Section 6.1

  	
  Limitations
  on Voting Rights

  
	
   

  	
   

  
	
  Section 6.2

  	
  Notice
  of Meetings

  
	
   

  	
   

  
	
  Section 6.3

  	
  Meetings
  of Holder/Holders of the Trust Preferred Securities

  
	
   

  	
   

  
	
  Section 6.4

  	
  Voting
  Rights

  
	
   

  	
   

  
	
  Section 6.5

  	
  Proxies,
  etc

  
	
   

  	
   

  
	
  Section 6.6

  	
  Securityholder
  Action by Written Consent

  
	
   

  	
   

  
	
  Section 6.7

  	
  Record
  Date for Voting and Other Purposes

  
	
   

  	
   

  
	
  Section 6.8

  	
  Acts
  of Securityholders

  
	
   

  	
   

  
	
  Section 6.9

  	
  Inspection
  of Records

  
	
   

  	
   

  
	
  ARTICLE
  VII

  	
  REPRESENTATIONS
  AND WARRANTIES

  
	
   

  	
   

  
	
  Section 7.1

  	
  Representations
  and Warranties of the Bank and the Property Trustee

  
	
   

  	
   

  
	
  Section 7.2

  	
  Representations
  and Warranties of the Delaware Bank and the Resident Trustee

  
	
   

  	
   

  
	
  Section 7.3

  	
  Representations
  and Warranties of Depositor

  
	
   

  	
   

  
	
  ARTICLE
  VIII

  	
  TRUSTEES

  
	
   

  	
   

  
	
  Section 8.1

  	
  Number
  of Trustees

  
	
   

  	
   

  
	
  Section 8.2

  	
  Certain
  Duties and Responsibilities.

  
	
   

  	
   

  
	
  Section 8.3

  	
  Certain
  Notices

  
	
   

  	
   

  
	
  Section 8.4

  	
  Certain
  Rights of the Property Trustee

  
	
   

  	
   

  
	
  Section 8.5

  	
  Not
  Responsible for Recitals or Issuance of Securities

  
	
   

  	
   

  
	
  Section 8.6

  	
  May
  Hold Securities

  
	
   

  	
   

  
	
  Section 8.7

  	
  Compensation;
  Indemnity; Fees

  
	
   

  	
   

  
	
  Section 8.8

  	
  Corporate
  Property Trustee Required; Eligibility of Trustees

  
	
   

  	
   

  
	
  Section 8.9

  	
  Conflicting
  Interests

  
			

 

-ii-

 

	
  Section 8.10

  	
  Co-Trustees
  and Separate Trustee

  
	
   

  	
   

  
	
  Section 8.11

  	
  Resignation
  and Removal; Appointment of Successor

  
	
   

  	
   

  
	
  Section 8.12

  	
  Acceptance
  of Appointment by Successor

  
	
   

  	
   

  
	
  Section 8.13

  	
  Merger,
  Conversion, Consolidation or Succession to Business

  
	
   

  	
   

  
	
  Section 8.14

  	
  Preferential
  Collection of Claims Against Depositor or Trust

  
	
   

  	
   

  
	
  Section 8.15

  	
  Reports
  by Property Trustee

  
	
   

  	
   

  
	
  Section 8.16

  	
  Reports
  to the Property Trustee

  
	
   

  	
   

  
	
  Section 8.17

  	
  Evidence
  of Compliance with Conditions Precedent

  
	
   

  	
   

  
	
  Section 8.18

  	
  Delegation
  of Power

  
	
   

  	
   

  
	
  Section 8.19

  	
  Voting

  
	
   

  	
   

  
	
  ARTICLE IX

  	
  TERMINATION, LIQUIDATION AND MERGER

  
	
   

  	
   

  
	
  Section 9.1

  	
  Termination
  Upon Expiration Date

  
	
   

  	
   

  
	
  Section 9.2

  	
  Early
  Termination

  
	
   

  	
   

  
	
  Section 9.3

  	
  Termination

  
	
   

  	
   

  
	
  Section 9.4

  	
  Liquidation

  
	
   

  	
   

  
	
  Section 9.5

  	
  Mergers,
  Consolidations, Amalgamations or Replacements of the Trust

  
	
   

  	
   

  
	
  ARTICLE X

  	
  MISCELLANEOUS PROVISIONS

  
	
   

  	
   

  
	
  Section 10.1

  	
  Limitation
  of Rights of Securityholders

  
	
   

  	
   

  
	
  Section 10.2

  	
  Amendment

  
	
   

  	
   

  
	
  Section 10.3

  	
  Severability

  
	
   

  	
   

  
	
  Section 10.4

  	
  Governing
  Law

  
	
   

  	
   

  
	
  Section 10.5

  	
  Payments
  Due on Non-Business Day

  
	
   

  	
   

  
	
  Section 10.6

  	
  Successors

  
	
   

  	
   

  
	
  Section 10.7

  	
  Headings

  
	
   

  	
   

  
	
  Section 10.8

  	
  Reports,
  Notices and Demands

  
	
   

  	
   

  
	
  Section 10.9

  	
  Agreement
  not to Petition

  
	
   

  	
   

  
	
  Section 10.10

  	
  Applicability
  of Trust Indenture Act; Conflict

  
	
   

  	
   

  
	
  Section 10.11

  	
  Acceptance
  of Terms of Trust Agreement, Guarantee and Indenture

  
			

 

-iii-

 

	
  EXHIBITS

  	
   

  
	
   

  	
   

  
	
  Exhibit A

  	
  Form of Certificate of Trust of San Rafael
  Capital Trust I

  
	
   

  	
   

  
	
  Exhibit B

  	
  Form of Common Security Certificate

  
	
   

  	
   

  
	
  Exhibit C

  	
  Form of Agreement as to Expenses and
  Liabilities

  
	
   

  	
   

  
	
  Exhibit D

  	
  Form of Floating Rate Cumulative Trust Preferred
  Security Certificate

  
	
   

  	
   

  
	
  Exhibit E

  	
  Form of Transferee Letter of
  Representations

  
	
   

  	
   

  
	
  Exhibit F

  	
  Form of Transferor Letter of
  Representations

  

 

-iv-

 

AMENDED AND RESTATED TRUST AGREEMENT

 

AMENDED AND
RESTATED TRUST AGREEMENT, effective as of June 27, 2002, among (i) San Rafael
Bancorp, a California corporation (including any successors or assigns, the
“Depositor”), (ii) Wells Fargo Bank, National Association, a national banking
association with its principal place of business in the State of Delaware, as
property trustee (the “Property Trustee” and, in its separate individual
capacity and not in its capacity as Property Trustee, the “Bank”), (iii) Wells
Fargo Delaware Trust Company with its principal place of business in the State
of Delaware, as Resident Trustee (the “Resident Trustee,” and, in its separate
individual capacity and not in its capacity as Resident Trustee, the “Delaware
Bank”) (iv) Kit M. Cole, Mark Garwood and Michael Moulton, each of whose
address is c/o San Rafael Bancorp, 851 Irwin Street, San Rafael, California
94901-3343  as administrative trustees
(each an “Administrative Trustee” and together the “Administrative Trustees”)
(the Property Trustee, the Resident Trustee and the Administrative Trustees
referred to collectively as the “Trustees”), and (v) the several Holders (as
hereinafter defined).

 

RECITALS

 

WHEREAS, the
Depositor, the Resident Trustee, and Administrative Trustees, have heretofore
duly declared and established a business trust pursuant to the Delaware
Business Trust Act by the entering into of that certain Trust Agreement,
effective as of June 20, 2002 (the “Original Trust Agreement”), and by the
execution and filing by the Resident Trustee and the Administrative Trustees
with the Secretary of State of the State of Delaware of the Certificate of
Trust, filed on June 20, 2002, the form of which is attached as Exhibit A;
and

 

WHEREAS, the parties
hereto desire to amend and restate the Original Trust Agreement in its entirety
as set forth herein to provide for, among other things, (i) the issuance of the
Common Securities (as defined herein) by the Trust (as defined herein) to the
Depositor; (ii) the issuance and sale of the Trust Preferred Securities (as
defined herein) by the Trust pursuant to the Placement Agreement (as defined
herein); (iii) the acquisition by the Trust from the Depositor of all of the
right, title and interest in the Debentures (as defined herein); and (iv) the
appointment or continuation, as applicable of the Trustees;

 

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

 

ARTICLE
I

 

DEFINED
TERMS

 

Section
1.1                                   Definitions.

 

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

 

 

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

 

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

 

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

 

(d)                                 the
words “herein”, “hereof” and “hereunder” and other words of similar import
refer to this Trust Agreement as a whole and not to any particular Article,
Section or other subdivision.

 

“Act” has the
meaning specified in Section 6.8 hereof.

 

“Additional
Amount” means, with respect to Trust Securities of a given Liquidation Amount
and/or a given period, the amount of Deferred Interest accrued on interest in
arrears and paid by the Depositor on a Like Amount of Debentures for such
period, but shall not include Additional Sums, if any.

 

“Additional
Interest” has the meaning specified in Section 1.1 of the Indenture.

 

“Additional
Sums” has the meaning specified in Section 1.1 of the Indenture.

 

“Administrative
Trustee” means each of Kit M. Cole, Mark Garwood and Michael Moulton, solely in
his or her capacity as Administrative Trustee of the Trust continued hereunder
and not in his or her individual capacity, or such Administrative Trustee’s
successor in interest in such capacity, or any successor administrative trustee
appointed as herein provided.

 

“Affiliate”
means, with respect to a specified Person, (a) any Person directly or
indirectly owning, controlling or holding with power to vote 10% or more of the
outstanding voting securities or other ownership interests of the specified
Person, (b) any Person 10% or more of whose outstanding voting securities or
other ownership interests are directly or indirectly owned, controlled or held
with power to vote by the specified Person; (c) any Person directly or
indirectly controlling, controlled by, or under common control with the
specified Person; (d) a partnership in which the specified Person is a general
partner; (e) any officer or director of the specified Person; and (f) if the specified
Person is an individual, any entity of which the specified Person is an
officer, director or general partner.

 

“Authenticating
Agent” means an authenticating agent with respect to the Trust Preferred
Securities appointed by the Property Trustee pursuant to Section 5.3 hereof.

 

“Bank” has the
meaning specified in the Preamble to this Trust Agreement.

 

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

 

2

 

(a)                                  the
entry of a decree or order by a court having jurisdiction in the premises
adjudging such Person bankrupt or insolvent, or approving as properly filed a
petition seeking liquidation or reorganization of or in respect of such Person
under the United States Bankruptcy Code of 1978, as amended, or any other
similar applicable federal or state law, and the continuance of any such decree
or order unvacated and unstayed for a period of 90 days; or the commencement of
an involuntary case under the United States Bankruptcy Code of 1978, as amended,
in respect of such Person, which shall continue undismissed for a period of 90
days or entry of an order for relief in such case; or the entry of a decree
or  order of a court having jurisdiction
in the premises for the appointment on the ground of insolvency or bankruptcy
of a receiver, custodian, liquidator, trustee or assignee in bankruptcy or
insolvency of such Person or of its property, or for the winding up or
liquidation of its affairs, and such decree or order shall have remained in
force unvacated and unstayed for a period of 90 days; or

 

(b)                                 the
institution by such Person of proceedings to be adjudicated a voluntary
bankruptcy, or the consent by such Person to the filing of a bankruptcy
proceeding against it, or the filing by such Person of a petition or answer or
consent seeking liquidation or reorganization under the United States
Bankruptcy Code of 1978, as amended, or other similar applicable Federal or
State law, or the consent by such Person to the filing of any such petition or
to the appointment on the ground of insolvency or bankruptcy of a receiver or
custodian or liquidator or trustee or assignee in bankruptcy or insolvency of
such Person or of its property, or a general assignment by such Person for the
benefit of creditors.

 

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

 

“Board
Resolution” means a copy of a resolution certified by the Secretary of the
Depositor to have been duly adopted by the Depositor’s Board of Directors, or
such committee of the Board of Directors or officers of the Depositor to which
authority to act on behalf of the Board of Directors has been delegated, and to
be in full force and effect on the date of such certification, and delivered to
the appropriate Trustee.

 

“Business Day”
means a day other than a Saturday or Sunday, a day on which banking
institutions in Wilmington, Delaware or Minneapolis, Minnesota are authorized
or required by law, executive order or regulation to remain closed, or a day on
which the Property Trustee’s Corporate Trust Office or the Corporate Trust
Office of the Debenture Trustee are closed for business.

 

“Calculation
Agent” has the meaning specified in Section 4.1(d).

 

“Certificate
of Trust” means the certificate of trust filed with the Secretary of State of
the State of Delaware with respect to the Trust, as amended or restated from
time to time.

 

“Change in
1940 Act Law” shall have the meaning set forth in the definition of “Investment
Company Event.”

 

“Closing Date”
means the date of execution and delivery of this Trust Agreement.

 

3

 

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

 

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

 

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

 

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

 

“Company”
means San Rafael Bancorp, a California corporation and registered bank holding
company under the Bank Holding Company Act of 1956, as amended.

 

“Corporate
Trust Office” means the office at which, at any particular time, the corporate
trust business of the Property Trustee or the Debenture Trustee, as the case
may be, shall be principally administered, which office at the date hereof, in
each such case, is c/o Wells Fargo Bank, National Association, located at 919
Market Street, Suite 700, Wilmington, Delaware 19801,
Attn:  Corporate Trust Administration.

 

“Debenture
Event of Default” means an “Event of Default” as defined in Section 7.1 of the
Indenture.

 

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

 

“Debenture Tax
Event” means a “Tax Event” as specified in Section 1.1 of the Indenture.

 

“Debenture
Trustee” means Wells Fargo Bank, National Association with its principal place
of business in the State of Delaware and any successor thereto, acting not in
its individual capacity but solely as trustee under the Indenture.

 

“Debentures”
means the Ten Million Three Hundred Ten Thousand Dollars ($10,310,000)
aggregate principal amount of the Floating Rate Junior Subordinated Deferrable
Interest Debentures due June 30, 2032, issued by the Depositor pursuant to the
Indenture.

 

“Deferred
Interest” shall have the meaning set forth in Section 4.1 of the Indenture.

 

“Definitive
Trust Preferred Securities Certificates” means Trust Preferred Securities
Certificates issued in certificated, fully registered form as provided in
Section 5.11 hereof.

 

“Delaware Bank”
has the meaning specified in the Preamble to this Trust Agreement.

 

4

 

“Delaware
Business Trust Act” means the Delaware Business Trust Act, 12 Del.C. Section
3801, et seq, as it may be amended from time to time.

 

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

 

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

 

“Distribution
Period” has the meaning set forth in Section 4.1(a) hereof.

 

“Distribution
Reset Date” has the meaning set forth in Section 4.1(d) hereof.

 

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

 

“Early
Termination Date” has the meaning specified in Section 9.2 hereof.

 

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

 

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

 

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

 

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

 

(f)                                    default
in the performance, or breach, in any material respect, of any covenant or
warranty of the Trustees in this Trust Agreement (other than a covenant or
warranty a default in the performance of which or the breach of which is dealt
with in clause (b) or (c), above) and continuation of such default or breach for
a period of 60 days after there has been given, by registered or certified
mail, to the defaulting Trustee or Trustees by the Holders of at least 25% in
aggregate Liquidation Amount of the Outstanding Trust Preferred Securities a
written notice specifying such default or breach and requiring it to be
remedied and stating that such notice is a “Notice of Default” hereunder; or

 

(g)                                 the
occurrence of a Bankruptcy Event with respect to the Property Trustee and the
failure by the Depositor to appoint a successor Property Trustee within 60 days
thereof.

 

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

 

5

 

“Expense
Agreement” means the Agreement as to Expenses and Liabilities between the
Depositor and the Trust, substantially in the form attached hereto as
Exhibit C, as amended from time to time.

 

“Expiration
Date” has the meaning specified in Section 9.1 hereof.

 

“Extended
Interest Payment Period” has the meaning specified in Section 4.1 of the
Indenture.

 

“Floating
Distribution Rate” has the meaning specified in Section 4.1(b) hereof.

 

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

 

“Indenture”
means the Indenture, effective as of June 27, 2002, between the Depositor and
the Debenture Trustee, as trustee, as amended or supplemented from time to
time.

 

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

 

“Investment
Company Event” means the receipt by the Trust and the Depositor of an Opinion
of Counsel, rendered by a law firm having a recognized national securities law
practice, to the effect that, as a result of the occurrence of a change in law
or regulation or a change in interpretation or application of law or regulation
by any legislative body, court, governmental agency or regulatory authority (a
“Change in 1940 Act Law”), the Trust is or shall be considered an “investment
company” that is required to be registered under the Investment Company Act,
which Change in 1940 Act Law becomes effective on or after the date of original
issuance of the Trust Preferred Securities under this Trust Agreement;
provided, however, that the Depositor or the Administrative Trustees on behalf
of the Trust shall have requested and received such an Opinion of Counsel with
regard to such matters within a reasonable period of time after the Depositor
or the Administrative Trustees on behalf of the Trust shall have become aware
of the possible occurrence of any such event.

 

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

 

“Like Amount”
means (a) with respect to a redemption of Trust Securities, Trust Securities
having an aggregate Liquidation Amount equal to the aggregate principal amount
of Debentures to be contemporaneously redeemed in accordance with the Indenture
and the proceeds of which shall be used to pay the Redemption Price of such
Trust Securities; and (b) with respect to a distribution of Debentures to
Holders of Trust Securities in connection with a dissolution or liquidation of
the Trust, Debentures having a principal amount equal to the Liquidation Amount
of the Trust Securities of the Holder to whom such Debentures are distributed.
Each Debenture distributed pursuant to clause (b) above shall carry with it
accrued interest in an amount equal to the accrued and unpaid interest then due
on such Debentures.

 

6

 

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

 

“Liquidation
Date” means the date on which Debentures are to be distributed to Holders of
Trust Securities in connection with a dissolution and liquidation of the Trust
pursuant to Section 9.4(a).

 

“Liquidation
Distribution” has the meaning specified in Section 9.4(d).

 

“Majority in
Liquidation Amount” means, with respect to the Trust Securities, except as
provided in the terms of the Trust Preferred Securities or, if the Indenture is
then required to be qualified under the Trust Indenture Act, by the Trust
Indenture Act, Holder(s) of Outstanding Trust Securities voting together as a
single class or, as the context may require, Holders of Outstanding Trust
Preferred Securities or Holders of Outstanding Common Securities voting
separately as a class, who are the record owners of more than 50% of the
aggregate Liquidation Amount of all Outstanding Trust Securities of the
relevant class.

 

“Maturity
Date” means the date on which the Debentures mature and on which the principal
shall be due and payable together with all accrued and unpaid interest thereon
including Compounded Interest and Additional Interest (each as defined in the
Indenture), if any.

 

“Officers’
Certificate” means a certificate signed by the Chief Executive Officer,
President or an Executive Vice President and by the Treasurer or the Vice
President—Finance or the Secretary, of the Depositor, and delivered to the
appropriate Trustee. One of the officers signing an Officers’ Certificate given
pursuant to Section 8.17 hereof shall be the principal executive, financial or
accounting officer of the Depositor. Any Officers’ Certificate delivered with
respect to compliance with a condition or covenant provided for in this Trust
Agreement shall include:

 

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

 

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

 

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

 

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

 

“Opinion of
Counsel” means an opinion in writing of independent, outside legal counsel for
the Trust, the Property Trustee, the Resident Trustee or the Depositor, who
shall be reasonably acceptable to the Property Trustee.

 

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

 

7

 

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

 

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

 

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

 

(n)                                 Trust
Preferred Securities which have been paid or in exchange for or in lieu of
which other Trust Preferred Securities have been executed and delivered pursuant
to Sections 5.4, 5.5 and 5.11; provided, however, that in determining whether
the Holders of the requisite Liquidation Amount of the Outstanding Trust
Preferred Securities have given any request, demand, authorization, direction,
notice, consent or waiver hereunder, Trust Preferred Securities owned by the
Depositor, any Trustee or any Affiliate of the Depositor or any Trustee shall
be disregarded and deemed not to be Outstanding, except that (a) in determining
whether any Trustee shall be protected in relying upon any such request,
demand, authorization, direction, notice, consent or waiver, only Trust
Preferred Securities that such Trustee knows to be so owned shall be so
disregarded; and (b) the foregoing shall not apply at any time when all of the outstanding
Trust Preferred Securities are owned by the Depositor, one or more of the
Trustees and/or any such Affiliate. 
Trust Preferred Securities so owned which have been pledged in good
faith may be regarded as Outstanding if the pledgee establishes to the
satisfaction of the Administrative Trustees the pledgee’s right to the Trust
Preferred Securities of Depositor or any Affiliate of the Depositor.

 

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

 

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

 

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

 

“Placement
Agreement” means the Placement Agreement, effective as of June 27, 2002, among
the Trust, the Depositor and the Placement Agent named therein.

 

“Preferred
Securities Guarantee” means the Trust Preferred Securities Guarantee Agreement
executed and delivered by the Depositor and Wells Fargo Bank, National

 

8

 

Association, as trustee,
contemporaneously with the execution and delivery of this Trust Agreement, for
the benefit of the holders of the Trust Preferred Securities, as amended from
time to time.

 

“Property
Trustee” means the commercial bank or trust company identified as the “Property
Trustee,” in the Preamble to this Trust Agreement solely in its capacity as
Property Trustee of the Trust heretofore formed and continued hereunder and not
in its individual capacity, or its successor in interest in such capacity, or
any successor property trustee appointed as herein provided.

 

“Redemption
Date” means, with respect to any Trust Security to be redeemed, the date fixed
for such redemption by or pursuant to this Trust Agreement; provided that (i)
each Redemption Date must fall on a Distribution Date, and (ii) each Debenture
Redemption Date and the stated maturity of the Debentures shall be a Redemption
Date for a Like Amount of Trust Securities.

 

“Redemption
Price” means, with respect to any Trust Security, the Liquidation Amount of
such Trust Security, plus accumulated and unpaid Distributions to the
Redemption Date, plus the related amount of the premium, if any, paid by the
Depositor upon the concurrent redemption of a Like Amount of Debentures,
allocated on a pro rata basis (based on Liquidation Amounts) among the Trust
Securities.

 

“Relevant
Trustee” shall have the meaning specified in Section 8.11 hereof.

 

“Resale
Restriction Termination Date” means, with respect to the offer, sale or other
transfer of a Trust Preferred Security, (a) the date which is two years (or
such shorter period of time as permitted by Rule 144(k) under the Securities
Act) after the later of the original issue date of such Trust Preferred
Security and the last date on which the Company or any Affiliate of the Company
was the owner of such Trust Preferred Security (or any predecessor of the Trust
Preferred Security) and (b) such later date, if any, as may be required by
applicable laws.

 

“Resident
Trustee” means the commercial bank or trust company identified as the “Resident
Trustee” in the Preamble to this Trust Agreement solely in its capacity as Resident
Trustee of the Trust continued hereunder and not in its individual capacity, or
its successor in interest in such capacity, or any successor Resident Trustee
appointed as herein provided.

 

“Responsible
Officer” when used with respect to the Property Trustee means any officer
assigned to the Corporate Trust Office and having direct responsibility for the
administration of this Trust Agreement, and also, with respect to a particular
matter, any other officer of the Property Trustee to whom such matter is
referred because of such officer’s knowledge of and familiarity with the
particular subject.

 

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

 

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

 

9

 

“Three-Month
LIBOR Rate” has the meaning specified in Section 4.1(d).

 

“Trust” means
the Delaware business trust created by the filing of the Certificate of Trust
with the Secretary of State of the State of Delaware and the execution of the
Original Trust Agreement, and continued hereby and identified on the cover page
to this Trust Agreement.

 

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

 

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

 

“Trust
Preferred Securities Certificate” means a certificate evidencing ownership of
Trust Preferred Securities, substantially in the form attached hereto as Exhibit
D.

 

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

 

“Trust
Property” means (a) the Debentures; (b) the rights of the Property Trustee, if
any,  under the Guarantee; (c) any cash
on deposit in, or owing to, the Payment Account; (d) the Initial Contribution
(as defined in Section 2.3); and (e) all proceeds and rights in respect of the
foregoing and any other property and assets for the time being held or deemed
to be held by the Property Trustee pursuant to the terms of this Trust
Agreement.

 

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

 

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

 

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

 

10

 

ARTICLE
II

 

ESTABLISHMENT
OF THE TRUST

 

Section
2.1                                   Name.

 

The Trust
continued hereby shall be known as “San Rafael Capital Trust I,” as such name
may be modified from time to time by the Administrative Trustees following
written notice to the Holders of Trust Securities and the other Trustees, in
which name the Trustees and the Depositor may engage in the transactions
contemplated hereby, make and execute contracts and other instruments on behalf
of the Trust and sue and be sued.

 

Section
2.2                                   Office
of the Resident Trustee; Principal Place of Business of the Trust.

 

The address of
the Resident Trustee 919 Market Street, Suite 700, Wilmington, Delaware 19801,
is c/o Wells Fargo Delaware Trust Company, 919 Market Street, Suite 700,
Wilmington, Delaware 19801, Attn: 
Corporate Trust Administration, or such other address as the Resident
Trustee may designate by written notice to the Securityholders and the
Depositor. The principal executive office of the Trust is 919 Market Street, Suite
700, Wilmington, Delaware 19801.

 

Section
2.3                                   Initial
Contribution of Trust Property; Organizational Expenses.

 

The Resident
Trustee and Administrative Trustees acknowledge receipt in trust from the
Depositor in connection with the Original Trust Agreement of the sum of One
Hundred Dollars ($100) (the “Initial Contribution”), which constituted the
initial Trust Property; and the Property Trustee acknowledges receipt of all
Trust Property pursuant to this Agreement. The Depositor shall pay
organizational expenses of the Trust as they arise or shall, upon request of
any Trustee, promptly reimburse such Trustee for any such expenses paid by such
Trustee. The Depositor shall make no claim upon the Trust Property for the
payment of such expenses.

 

Section
2.4                                   Issuance
of the Trust Preferred Securities.

 

Contemporaneously
with the execution and delivery of this Trust Agreement, an Administrative
Trustee, on behalf of the Trust, shall execute and cause to be delivered in
accordance with Sections 5.2 and 5.3 Trust Preferred Securities Certificates,
registered in the name of the Persons entitled thereto in an aggregate amount
of Ten Thousand (10,000) Trust Preferred Securities having an aggregate
Liquidation Amount of Ten Million Dollars ($10,000,000) against  receipt of the aggregate purchase price of
such Trust Preferred Securities of Ten Million Dollars ($10,000,000), which
amount such Administrative Trustee shall promptly deliver to the Property
Trustee.

 

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

 

Contemporaneously
with the execution and delivery of this Trust Agreement, an Administrative
Trustee, on behalf of the Trust, shall execute and cause to be delivered to the
Depositor in accordance with Sections 5.2 and 5.3, a Common Securities
Certificate, registered in the name of the Depositor, in an aggregate amount of
Three Hundred Ten (310) Common Securities having an aggregate Liquidation
Amount of Three Hundred Ten Thousand Dollars ($310,000) against payment by the
Depositor of such amount. Contemporaneously therewith, an Administrative
Trustee, on behalf of the Trust, shall subscribe to and purchase from the

 

11

 

Depositor Debentures,
registered in the name of the Property Trustee on behalf of the Trust and
having an aggregate principal amount equal to Ten Million Three Hundred Ten
Thousand Dollars ($10,310,000), and, in satisfaction of the purchase price for
such Debentures, the Property Trustee, on behalf of the Trust, shall deliver to
the Depositor the sum of Ten Million Three Hundred Ten Thousand Dollars
($10,310,000).

 

Section
2.6                                   Declaration
of Trust.

 

The exclusive
purposes and functions of the Trust are (a) to issue and sell Trust Securities
and use the proceeds from such sale to acquire the Debentures; (b) to make
distributions as provided herein; (c) to enter into the agreements, documents,
and instruments necessary to accomplish (a) and (b); and (d) to engage in those
activities necessary, advisable or incidental thereto.  The Depositor hereby appoints, or confirms
the appointment of, as the case may be, the Trustees as trustees of the Trust,
to have all the rights, powers and duties to the extent set forth herein, and
the Trustees hereby accept, or confirm their acceptance, as the case may be, of
such appointments.  The Property Trustee
hereby declares that it shall hold the Trust Property in trust upon and subject
to the conditions set forth herein for the benefit of the Securityholders.  The Administrative Trustees shall have all
rights, powers and duties set forth herein and in accordance with applicable
law with respect to accomplishing the purposes of the Trust. The Resident
Trustee shall not be entitled to exercise any powers, nor shall the Resident
Trustee have any of the duties and responsibilities, of the Property Trustee or
the Administrative Trustees set forth herein. The Resident Trustee shall be one
of the Trustees of the Trust for the sole and limited purpose of fulfilling the
residency requirements of applicable sections of the Delaware Business Trust
Act.

 

Section
2.7                                   Authorization
of Trustees to Enter into Certain Transactions.

 

(a)                                  The
Trustees shall conduct the affairs of the Trust in accordance with the terms of
this Trust Agreement. Subject to the limitations set forth in paragraph (b) of
this Section 2.7 and Article VIII hereof, and in accordance with the following
provisions (i) and (ii), the Administrative Trustees shall have the authority
to enter into all transactions and agreements determined by the Administrative
Trustees to be appropriate in exercising the authority, express or implied,
otherwise granted to the Administrative Trustees under this Trust Agreement,
and to perform all acts in furtherance thereof, including without limitation, the
acts set forth in the following provision (i):

 

(i)                                     As
among the Trustees, each Administrative Trustee, acting singly or jointly,
shall have the power and authority to act on behalf of the Trust with respect
to the following matters:

 

(A)                              the
issuance and sale of the Trust Securities and the compliance with the Placement
Agreement in connection therewith;

 

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

 

12

 

(C)                                assisting
in the registration of the Trust Preferred Securities under state securities or
blue sky laws, if required, and the qualification of this Trust Agreement as a
trust indenture under the Trust Indenture Act, if required;

 

(D)                               the
application for a taxpayer identification number for the Trust;

 

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

 

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

 

(G)                                to
acquire as trust assets Debentures with the proceeds of the sale of the Trust
Securities;

 

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

 

(I)                                    the
taking of all action that may be necessary or appropriate for the preservation
and the continuation of the Trust’s valid existence, rights, franchises and
privileges as a statutory business trust under the laws of the State of Delaware
and of each other jurisdiction in which such existence is necessary to protect
the limited liability of the Holders of the Trust Preferred Securities or to
enable the Trust to effect the purposes for which the Trust was created; and

 

(J)                                   the
taking of any action incidental to the foregoing as the Administrative Trustees
may from time to time determine is necessary or advisable to give effect to the
terms of this Trust Agreement for the benefit of the Securityholders (without
consideration of the effect of any such action on any particular
Securityholder).

 

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

 

(A)                              the
establishment and maintenance of the Payment Account;

 

(B)                                the
receipt of the Debentures;

 

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

 

13

 

(D)                               the
distribution of amounts owed to the Securityholders in respect of the Trust
Securities in accordance with the terms of this Trust Agreement;

 

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

 

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

 

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

 

(H)                               to
the extent provided in this Trust Agreement, the winding up of the affairs of
and liquidation of the Trust;

 

(I)                                    after
an Event of Default, the taking of any action incidental to the foregoing as
the Property Trustee may from time to time determine in good faith is necessary
or advisable to give effect to the terms of this Trust Agreement and protect
and conserve the Trust Property for the benefit of the Securityholders (without
consideration of the effect of any such action on any particular
Securityholder);

 

(J)                                   registering
transfers of the Trust Securities in accordance with this Trust Agreement; and

 

(K)                               engaging
in such ministerial activities as shall be necessary or appropriate to effect
the redemption of the Trust Securities to the extent the Debentures are
redeemed or mature.

 

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

 

(b)                                 So
long as this Trust Agreement remains in effect, the Trust (or the Trustees
acting on behalf of the Trust) shall not undertake any business, activities or
transaction except as expressly provided herein or contemplated hereby. In
particular, the Trustees shall not, on behalf of the Trust (i) acquire any
investments or engage in any activities not authorized by this Trust Agreement;
(ii) sell, assign, transfer, exchange, mortgage, pledge, set-off or otherwise
dispose of any of the Trust Property or interests therein, including to
Securityholders, except as expressly provided herein; (iii) take any action
that would cause the Trust to fail or cease to qualify as a “grantor trust” for
United States federal income tax purposes; (iv) incur any indebtedness for
borrowed money or issue any other debt; or (v) take or consent to any action
that would result in the placement of a Lien on any of the Trust Property. The
Administrative Trustees shall defend all claims and demands of all Persons at
any time claiming any Lien on any of the 

 

14

 

Trust Property
adverse to the interest of the Trust or the Securityholders in their capacity
as Securityholders.

 

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

 

(i)                                     the
determination of the states in which to take appropriate action to qualify or,
register for sale all or part of the Trust Preferred Securities and to do any
and all such acts, other than actions which must be taken by or on behalf of
the Trust, and advise the Trustees of actions they must take on behalf of the
Trust, and prepare for execution and filing any documents to be executed and
filed by the Trust or on behalf of the Trust, as the Depositor deems necessary
or advisable in order to comply with the applicable laws of any such States;
and

 

(ii)                                  the
negotiation of the terms of, and the execution and delivery of, the Placement
Agreement providing for the sale of the Trust Preferred Securities; and

 

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

 

(d)                                 Notwithstanding
anything herein to the contrary, the Administrative Trustees are authorized and
directed to conduct the affairs of the Trust and to operate the Trust so that
the Trust shall not be deemed to be an “investment company” required to be
registered under the Investment Company Act, shall be classified as a “grantor
trust” and not as an association taxable as a corporation for United States
federal income tax purposes and so that the Debentures shall be treated as
indebtedness of the Depositor for United States federal income tax purposes. In
this connection, subject to Section 10.2, the Depositor and the Administrative
Trustees are authorized to take any action and the Administrative Trustees are
authorized to direct the Property Trustee in writing to take any action, not
inconsistent with applicable law or this Trust Agreement, that each of the
Depositor and the Administrative Trustees determines in their discretion to be
necessary or desirable for such purposes. 
The Property Trustee shall take any action so directed by one or more of
the Administrative Trustees.

 

Section
2.8                                   Assets
of Trust.

 

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

 

Section
2.9                                   Title
to Trust Property.

 

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

 

15

 

ARTICLE
III

 

PAYMENT ACCOUNT

 

Section
3.1                                   Payment
Account.

 

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

 

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

 

ARTICLE
IV

 

DISTRIBUTIONS; REDEMPTION

 

Section
4.1                                   Distributions.

 

(a)                                  Distributions
on the Trust Securities shall be cumulative, and shall accumulate whether or
not there are funds of the Trust available for the payment of Distributions.
Distributions shall accumulate from June 27, 2002, and, except during any
Extended Interest Payment Period with respect to the Debentures, shall be
payable quarterly in arrears on March 30, June 30, September 30 and December 30
of each year, commencing on September 30, 2002 (each such quarter, a “Distribution
Period”).  If any date on which a
Distribution is otherwise payable on the Trust Securities is not a Business
Day, then the payment of such Distribution shall be made on the next succeeding
day that is a Business Day (and without any increase in the amount of interest
or other payment in respect of any such delay) except that, if such Business
Day is in the next succeeding calendar year, such payment shall be made on the
immediately preceding Business Day (and without any reduction in the amount of
interest or any other payment in respect of any such acceleration), in each
case with the same force and effect as if made on such date (each date on which
Distributions are payable in accordance with this Section 4.1(a), a
“Distribution Date”).

 

(b)                                 The
Trust Securities represent undivided beneficial interests in the Trust
Property, and the Distributions on the Trust Securities shall be payable at a
floating rate (“Floating Distribution Rate”) of 3.65% per annum over the Three
Month LIBOR Rate (as defined below) from time to time in effect on the
Liquidation Amount of the Trust Securities. 
The Floating Distribution Rate for each Distribution Period will be set

 

16

 

pursuant to
Section 4.1(d) of this Article IV; provided, that the initial Floating
Distribution Rate will be set on June 27, 2002.  In no event shall the Floating Distribution Rate exceed 12% prior
to June 30, 2007.

 

(c)                                  The
amount of Distributions payable for any full Distribution Period shall be computed
on the basis of a 360-day year and the actual number of days in such
Distribution Period. During any Extended Interest Payment Period with respect
to the Debentures, Distributions on the Trust Preferred Securities shall be
deferred for a period equal to the Extended Interest Payment Period.  The amount of Distributions payable for any
period shall include the Additional Amounts, if any.

 

(d)                                 The
“Three-Month LIBOR Rate” shall mean the rate determined in accordance with the
following provisions:

 

(i)                                     On
the second LIBOR Business Day (provided that on such day commercial banks are
open for business (including dealings in foreign currency deposits) in London
(a “LIBOR Banking Day”) preceding each January 15, April 15, July 15 and
October 15 (except with respect to the first Distribution Period, commencing on
June 27, 2002 (each such date, a “Distribution Reset Date”),  Wells Fargo Bank, National Association (the
“Calculation Agent”), will determine the Three-Month LIBOR Rate which shall be
the rate for deposits in the London interbank market in U.S. dollars having a
three-month maturity which appears on the Telerate Page 3750 as of 11:00 a.m.,
London time, on such Distribution Reset Date. 
“Telerate Page 3750” means the display on Page 3750 of the Bloomberg
Financial Markets Commodities News (or such other page as may replace that page
on that service for the purpose of displaying London interbank offered rates of
major banks for U.S. dollar deposits). 
If the Three-Month LIBOR Rate on such Distribution Reset Date does not
appear on the Telerate Page 3750, such Three-Month LIBOR Rate will be
determined as described in (ii) below. 
“LIBOR Business Day” means any day that is not a Saturday, Sunday or
other day on which commercial banking institutions in New York, New York or
Wilmington, Delaware are authorized or obligated by law or executive order to
be closed.  If such rate is superseded
on Telerate Page 3750 by a corrected rate before 12:00 noon (London time) on
the same Distribution Reset Date, the corrected rate as so substituted will be
the applicable LIBOR for that Distribution Reset Date.

 

(ii)                                  If,
on any Distribution Reset Date, such rate does not appear on Telerate Page 3750
as reported by Bloomberg Financial Markets Commodities News or such other page as
may replace such Telerate Page 3750, the Calculation Agent shall determine the
arithmetic mean of the offered quotations of the Reference Banks (as defined
below) to leading banks in the London interbank market for three-month U.S.
Dollar deposits in Europe (in an amount determined by the Calculation Agent) by
reference to requests for quotations as of approximately 11:00 a.m. (London
time)

 

17

 

on the
Distribution Reset Date made by the Calculation Agent to the Reference
Banks.  If, on any Distribution Reset
Date, at lease two of the Reference Banks provide such quotations, LIBOR shall
equal the arithmetic mean of such quotations. 
If, on any Distribution Reset Date, only one or none of the Reference
Banks provide such a quotation, LIBOR shall be deemed to be the arithmetic mean
of the offered quotations that at least two leading banks in the City of New
York (as selected by the Calculation Agent) are quoting on the relevant
Distribution Reset Date for three-month U.S. Dollar deposits in Europe at
approximately 11:00 a.m. (London time) (in an amount determined by the
Calculation Agent).  As used herein,
“Reference Banks” means four major banks in the London interbank market
selected by the Calculation Agent.

 

(iii)                               If
the Calculation Agent is required but is unable to determine a rate in
accordance with at least one of the procedures provided above, LIBOR shall be
LIBOR in effect on the previous Distribution Reset Date (whether or not LIBOR
for such period was in fact determined on such Distribution Reset Date).

 

(e)                                  Distributions
on the Trust Securities shall be made by the Property Trustee solely from the
Payment Account and shall be payable on each Distribution Date only to the
extent that the Trust has funds on hand and immediately and legally available
by 12:30 p.m. New York City time on each Distribution Date in the Payment
Account for the payment of such Distributions.

 

(f)                                    Distributions
on the Trust Securities with respect to a Distribution Date shall be payable to
the Holders thereof as they appear on the Securities Register on the relevant
record date, which shall be the 15th day of the month in which the
relevant Distribution Date occurs, which Distribution Dates correspond to the
interest payment dates on the Debentures.

 

Section
4.2                                   Redemption

 

(a)                                  On
each Debenture Redemption Date and on the maturity of the Debentures, the Trust
shall be required to redeem a Like Amount of Trust Securities at the Redemption
Price.

 

(b)                                 Notice
of redemption shall be given by the Property Trustee by first-class mail,
postage prepaid, mailed not less than 30 nor more than 60 days prior to the
Redemption Date to each Holder of Trust Securities to be redeemed, at such
Holder’s address appearing in the Securities Register. The Property Trustee
shall have no responsibility for the accuracy of any CUSIP number, if any,
contained in such notice. All notices of redemption shall state:

 

(i)                                     the
Redemption Date;

 

(ii)                                  the
Redemption Price;

 

18

 

(iii)                               the
CUSIP number, if any;

 

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

 

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

 

(vi)                              the
place or places at which Trust Securities are to be surrendered for the payment
of the Redemption Price.

 

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

 

(d)                                 If
the Property Trustee gives a notice of redemption in respect of any Trust
Preferred Securities, then, by 12:00 noon, New York City time, on the
Redemption Date, subject to Section 4.2(c), the Property Trustee, subject to
Section 4.2(c), shall deposit with the Paying Agent funds sufficient to pay the
applicable Redemption Price and shall give the Paying Agent irrevocable
instructions and authority to pay the Redemption Price to the Holders thereof
upon surrender of their Trust Preferred Securities Certificates.  Notwithstanding the foregoing, Distributions
payable on or prior to the Redemption Date for any Trust Securities called for
redemption shall be payable to the Holders of such Trust Securities as they
appear on the Securities Register for the Trust Securities on the relevant
record dates for the related Distribution Dates. If notice of redemption shall
have been given and funds deposited as required, then upon the date of such
deposit, (i) all rights of Securityholders holding Trust Securities so called
for redemption shall cease with respect to such Trust Securities, except the
right of such Securityholders to receive the Redemption Price, without
interest, (ii) such Trust Securities shall cease to be Outstanding, and (iii)
any Trust Securities Certificates will be deemed to represent Debentures having
a principal amount equal to the stated Liquidation Amount of the Trust
Securities represented thereby and bearing accrued and unpaid interest in an
amount equal to the accumulated and unpaid Distributions on such Trust
Securities until such certificates are presented to the Securities Registrar
for transfer or reissuance. In the event that any date on which any Redemption
Price is payable is not a Business Day, then payment of the Redemption Price
payable on such date shall be made on the next succeeding day that is a
Business Day (and without any interest or other payment in respect of any such
delay) except that, if such Business Day is in the next succeeding calendar
year, such payment shall be made on the immediately preceding Business Day (and
without any reduction of interest or any other payment in respect of any such
acceleration), in each case with the same force and effect as if made on such
date. In the

 

19

 

event that
payment of the Redemption Price in respect of any Trust Securities called for
redemption is improperly withheld or refused and not paid either by the Trust
or by the Depositor pursuant to the Preferred Securities Guarantee,
Distributions on such Trust Securities shall continue to accumulate, at the
then applicable rate, from the Redemption Date originally established by the
Trust for such Trust Securities to the date such Redemption Price is actually
paid, in which case the actual payment date shall be the date fixed for
redemption for purposes of calculating the Redemption Price.

 

(e)                                  Payment
of the Redemption Price on the Trust Securities shall be made to the record
holders thereof as they appear on the Securities Register for the Trust
Securities on the relevant record date, which shall be the date 15 days prior
to the relevant Redemption Date.

 

(f)                                    Subject
to Section 4.3(a), if less than all the Outstanding Trust Securities are to be
redeemed on a Redemption Date, then the aggregate Liquidation Amount of Trust
Securities to be redeemed shall be allocated on a pro rata basis (based on
Liquidation Amounts) among the Common Securities and the Trust Preferred
Securities. The particular Trust Preferred Securities to be redeemed shall be
selected not more than 60 days prior to the Redemption Date by the Property
Trustee from the Outstanding Trust Preferred Securities not previously called
for redemption, by such method (including, without limitation, by lot) as the
Property Trustee shall deem fair and appropriate and which may provide for the
selection for redemption of portions (equal to such Liquidation Amount or an
integral multiple of such Liquidation Amount in excess thereof) of the
Liquidation Amount of the Trust Preferred Securities of a denomination larger
than such Liquidation Amount, provided, however, that in the event the
redemption relates only to Trust Preferred Securities held by the Depositor
being redeemed in exchange for a Like Amount of Debentures, the Property
Trustee shall select the particular Trust Preferred Securities for redemption.
The Property Trustee shall promptly notify the Securities Registrar in writing
of the Trust Preferred Securities selected for redemption and, in the case of
any Trust Preferred Securities selected for partial redemption, the Liquidation
Amount thereof to be redeemed. For all purposes of this Trust Agreement, unless
the context otherwise requires, all provisions relating to the redemption of
Trust Preferred Securities shall relate, in the case of any Trust Preferred
Securities redeemed or to be redeemed only in part, to the portion of the
Liquidation Amount of Trust Preferred Securities which has been or is to be
redeemed.

 

Section
4.3                                   Subordination
of Common Securities.

 

(a)                                  Payment
of Distributions (including Additional Amounts, if applicable) on, and the
Redemption Price of, the Trust Securities, as applicable, shall be made,
subject to Section 4.2(f), pro rata among the Common Securities and the Trust
Preferred Securities based on the Liquidation Amount of the Trust Securities;
provided, however, that if on any Distribution Date or Redemption Date any
Event of Default resulting from a Debenture Event of Default shall have
occurred and be continuing, no payment of any Distribution (including
Additional Amounts, if applicable) on, or Redemption Price of, any Common
Security, and no other payment on account of the redemption, liquidation or
other acquisition of Common Securities, shall be made unless payment in full in
cash

 

20

 

of all
accumulated and unpaid Distributions (including Additional Amounts, if
applicable) on all Outstanding Trust Preferred Securities for all Distribution
Periods terminating on or prior thereto, or in the case of payment of the
Redemption Price the full amount of such Redemption Price on all Outstanding
Trust Preferred Securities then called for redemption, shall have been made or
provided for, and all funds immediately and legally available to the Property
Trustee shall first be applied to the payment in full in cash of all
Distributions (including Additional Amounts, if applicable) on, or the
Redemption Price of, Trust Preferred Securities then due and payable.

 

(b)                                 In
the case of the occurrence of any Event of Default resulting from a Debenture
Event of Default, the Holder of the Common Securities shall be deemed to have
waived any right to act with respect to any such Event of Default under this
Trust Agreement until the effect of all such Events of Default with respect to
the Trust Preferred Securities shall have been cured, waived or otherwise
eliminated. Until any such Event of Default under this Trust Agreement with
respect to the Trust Preferred Securities shall have been so cured, waived or
otherwise eliminated, the Property Trustee shall act solely on behalf of the
Holders of the Trust Preferred Securities and not the Holder of the Common
Securities, and only the Holders of the Trust Preferred Securities shall have
the right to direct the Property Trustee to act on their behalf.

 

Section
4.4                                   Payment
Procedures.

 

Payments of
Distributions (including Additional Amounts, if applicable) in respect of the
Trust Preferred Securities shall be made by check mailed to the address of the
Person entitled thereto as such address shall appear on the Securities Register
on the relevant record date. Payments in respect of the Common Securities shall
be made in such manner as shall be mutually agreed between the Property Trustee
and the Holder of the Common Securities.

 

Section
4.5                                   Tax
Returns and Reports.

 

The
Administrative Trustees shall prepare (or cause to be prepared), at the
Depositor’s expense, and file all information returns and reports required to
be filed by or in respect of the Trust by applicable taxing authorities.  In this regard, the Administrative Trustees
shall (a) prepare and file (or cause to be prepared and filed) the appropriate
forms required to be filed in respect of the Trust in each taxable year of the
Trust; and (b) prepare and furnish (or cause to be prepared and furnished) to
each Securityholder the appropriate forms required to be furnished to such
Securityholder or the information required to be provided on such forms. The
Administrative Trustees shall provide the Depositor with a copy of all such
returns and reports promptly after such filing or furnishing.  The Property Trustee shall comply with all
applicable withholding and backup withholding tax laws and information reporting
requirements with respect to any payments to Securityholders under the Trust
Securities.

 

Section
4.6                                   Payment
of Taxes, Duties, etc. of the Trust.

 

Upon receipt
under the Debentures of Additional Sums (as defined in Section 1.1 of the
Indenture), the Property Trustee, at the written direction of an Administrative
Trustee or the Depositor, shall promptly pay any taxes, duties or governmental
charges of whatsoever nature

 

21

 

(including withholding taxes)
imposed on the Trust by the United States or any other taxing authority.

 

Section
4.7                                   Payments
Under Indenture.

 

Any amount
payable hereunder to any record holder of Trust Preferred Securities shall be
reduced by the amount of any corresponding payment such Holder has directly
received under the Indenture pursuant to Section 5.13(b) or (c) hereof.

 

ARTICLE
V

 

TRUST SECURITIES CERTIFICATES

 

Section
5.1                                   Initial
Ownership.

 

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

 

Section
5.2                                   The
Trust Securities Certificates.

 

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

 

Section
5.3                                   Execution,
Authentication and Delivery of Trust Securities Certificates.

 

(a)                                  On
the Closing Date, the Administrative Trustees shall cause Trust Securities
Certificates, in an aggregate Liquidation Amount as provided in Sections 2.4
and 2.5 hereof, to be executed on behalf of the Trust by the manual or
facsimile signature of at least one of the Administrative Trustees, cause the
Common Securities Certificate to be delivered to the Depositor, and cause the
Trust Preferred Securities Certificates to be delivered to the Property Trustee
and upon receipt of such delivery the Property Trustee shall authenticate such
Trust Preferred Securities Certificates and deliver such Trust Preferred
Securities Certificates, upon written order of the Administrative Trustees on
behalf of the Trust, as set forth below, in authorized denominations.

 

22

 

(b)                                 A
Trust Preferred Securities Certificate shall not be valid until authenticated
by the manual signature of an authorized signatory of the Property Trustee. The
signature shall be conclusive evidence that the Trust Preferred Securities
Certificate has been authenticated under this Trust Agreement. Each Trust
Preferred Security Certificate shall be effective the date of its authentication.

 

Upon the
written order of the Trust signed by one of the Administrative Trustees, the
Property Trustee shall authenticate and make available for delivery the Trust
Preferred Securities Certificates.

 

The Property
Trustee may appoint an Authenticating Agent acceptable to the Trust to
authenticate the Trust Preferred Securities Certificates. An Authenticating
Agent may authenticate the Trust Preferred Securities Certificates whenever the
Property Trustee may do so.  Each
reference in this Trust Agreement to authentication by the Property Trustee
includes authentication by such agent. An Authenticating Agent has the same
rights as the Property Trustee to deal with the Company or the Trust.

 

Section
5.4                                   Registration
of Transfer and Exchange of Trust Preferred Securities Certificates.

 

(a)                                  The
Depositor shall keep or cause to be kept, at the office or agency maintained
pursuant to Section 5.8 hereof, a register or registers for the purpose of
registering Trust Securities Certificates and transfers and exchanges of Trust
Securities Certificates (herein referred to as the “Securities Register”) in
which the registrar designated by the Depositor (the “Securities Registrar”),
subject to such reasonable regulations as it may prescribe, shall provide for
the registration of Trust Preferred Securities Certificates and Common
Securities Certificates (subject to Section 5.10 hereof in the case of the
Common Securities Certificates) and registration of transfers and exchanges of
Trust Preferred Securities Certificates as herein provided. The Securities
Registrar shall not be required to register the transfer of any Trust Preferred
Securities that have been called for redemption. The Property Trustee shall be
the initial Securities Registrar.

 

(b)                                 Upon
surrender for registration of transfer of any Trust Preferred Securities
Certificate at the office or agency maintained pursuant to Section 5.8 hereof,
the Administrative Trustees or any one of them shall, if the requirements for
such transfer, as set forth herein and on the Trust Preferred Securities
Certificate, are met, execute by manual or facsimile signature and deliver and
the Property Trustee shall, upon written order of one of the Administrative
Trustees on behalf of the Trust, authenticate and make available for delivery,
in the name of the designated transferee or transferees, one or more new Trust
Preferred Securities Certificates in authorized denominations of a like
aggregate Liquidation Amount effective the date of execution by such
Administrative Trustee or Trustees. At the option of a Holder, Trust Preferred
Securities Certificates may be exchanged for other Trust Preferred Securities
Certificates in authorized denominations of the same class and of a like
aggregate Liquidation Amount upon surrender of the Trust Preferred Securities
Certificates to be exchanged at the office

 

23

 

or agency
maintained pursuant to Section 5.8.  The
procedures for exchanges shall be the same for transfers as set forth in this
Subsection 5.4(b).

 

(c)                                  The
Trust Preferred Securities Certificates shall bear certain legends identifying
certain restrictions regarding the transfer of the Trust Preferred Securities
represented thereby, the first of which is referred to herein as the “Restricted
Securities Legend.”  The legends shall
not be removed; provided, however, that the Restricted Securities Legend may be
removed if the Administrative Trustees receive such satisfactory evidence,
which may include an Opinion of Counsel, as may be reasonably required by the
Administrative Trustees, that neither the Restricted Securities Legend nor the
restrictions on transfer set forth therein are required to ensure that
transfers thereof comply with the provisions of the Securities Act.  Upon provision of such satisfactory
evidence, the Property Trustee, at the written direction of the Administrative
Trustees, shall authenticate and deliver Trust Preferred Securities
Certificates that do not bear the Restricted Securities Legend.

 

(d)                                 Except
as permitted by Section 5.4(c), each Trust Preferred Security Certificate shall
bear the legends in substantially the following form and a Trust Preferred
Security Certificate shall not be transferred except in compliance with such
legends, unless otherwise determined by the Administrative Trustees, upon the
advice of counsel, in accordance with applicable law:

 

THIS TRUST
PREFERRED SECURITY HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS
AMENDED (THE “SECURITIES ACT”), ANY STATE SECURITIES LAWS OR ANY OTHER
APPLICABLE SECURITIES LAWS.  NEITHER
THIS TRUST PREFERRED SECURITY NOR ANY INTEREST OR PARTICIPATION HEREIN MAY BE
REOFFERED SOLD, ASSIGNED, TRANSFERRED, PLEDGED, ENCUMBERED OR OTHERWISE
DISPOSED OF IN THE ABSENCE OF SUCH REGISTRATION OR UNLESS THE TRANSACTION IS
EXEMPT FROM, OR NOT SUBJECT TO, SUCH REGISTRATION.  PRIOR TO (i) THE DATE WHICH IS TWO YEARS (OR SUCH SHORTER PERIOD
OF TIME AS PERMITTED BY RULE 144(k) UNDER THE SECURITIES ACT) AFTER THE LATER
OF THE ORIGINAL ISSUE DATE HEREOF AND THE LAST DATE ON WHICH THE TRUST OR ANY
AFFILIATE OF THE TRUST WAS THE OWNER OF THIS TRUST PREFERRED SECURITY (OR ANY
PREDECESSOR OF THIS TRUST PREFERRED SECURITY) OR (ii) SUCH LATER DATE, IF ANY,
AS MAY BE REQUIRED BY APPLICABLE LAWS (THE “RESALE RESTRICTION TERMINATION
DATE”) THE HOLDER OF THIS TRUST PREFERRED SECURITY BY ITS ACCEPTANCE HEREOF
AGREES FOR THE BENEFIT OF THE TRUST TO OFFER, SELL OR OTHERWISE TRANSFER THIS
TRUST PREFERRED SECURITY ONLY (A) TO THE TRUST OR AN AFFILIATE OF THE TRUST,
(B) PURSUANT TO A REGISTRATION STATEMENT WHICH HAS BEEN DECLARED EFFECTIVE
UNDER THE SECURITIES ACT, (C) FOR SO LONG AS THIS TRUST PREFERRED SECURITY IS
ELIGIBLE FOR RESALE PURSUANT TO RULE 144A (“RULE 144A”) PROMULGATED UNDER THE

 

24

 

SECURITIES
ACT, TO A PERSON THE HOLDER REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL
BUYER” AS DEFINED IN RULE 144A THAT PURCHASES FOR ITS OWN ACCOUNT OR FOR THE
ACCOUNT OF A QUALIFIED INSTITUTIONAL BUYER IN COMPLIANCE WITH RULE 144A, (D) TO
AN INSTITUTIONAL “ACCREDITED INVESTOR” WITHIN THE MEANING OF SUBPARAGRAPH
(A)(1), (2), (3) OR (7) OF RULE 501 UNDER THE SECURITIES ACT THAT IS ACQUIRING
THIS TRUST PREFERRED SECURITY FOR ITS OWN ACCOUNT, OR FOR THE ACCOUNT OF SUCH
AN INSTITUTIONAL “ACCREDITED INVESTOR,” FOR INVESTMENT PURPOSES AND NOT WITH A
VIEW TO OR FOR OFFER OR SALE IN CONNECTION WITH, ANY DISTRIBUTION IN VIOLATION
OF THE SECURITIES ACT OR (E) PURSUANT TO ANOTHER AVAILABLE EXEMPTION FROM THE
REGISTRATION REQUIREMENTS OF THE SECURITIES ACT, SUBJECT TO THE TRUST’S AND THE
ADMINISTRATIVE TRUSTEES’ RIGHTS PRIOR TO ANY SUCH OFFER, SALE, TRANSFER OR
OTHER DISPOSITION (i) PURSUANT TO CLAUSES (D) OR (E) TO REQUIRE THE DELIVERY BY
THE HOLDER OF AN OPINION OF COUNSEL, CERTIFICATIONS AND/OR OTHER INFORMATION
SATISFACTORY TO THE TRUST AND THE ADMINISTRATIVE TRUSTEES TO CONFIRM THAT SUCH
TRANSFER IS BEING MADE PURSUANT TO AN EXEMPTION FROM, OR IN A TRANSACTION NOT
SUBJECT TO THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND (ii) IN EACH
OF THE FOREGOING CASES, TO REQUIRE THAT A CERTIFICATE OF TRANSFER IN THE FORM
APPEARING ON THE OTHER SIDE OF THIS CERTIFICATE IS COMPLETED AND DELIVERED BY
THE TRANSFEROR TO THE PROPERTY TRUSTEE AND THE SECURITIES REGISTRAR IN
CONNECTION WITH ANY TRANSFER OF THIS SECURITY PRIOR TO THE RESALE RESTRICTION
TERMINATION DATE.  THE HOLDER MUST CHECK
THE APPROPRIATE BOX SET FORTH ON THE CERTIFICATE OF TRANSFER RELATING TO THE
MANNER OF SUCH TRANSFER AND SUBMIT THE CERTIFICATE OF TRANSFER TO THE PROPERTY
TRUSTEE AND THE SECURITIES REGISTRAR. 
THIS LEGEND WILL BE REMOVED UPON REQUEST OF THE HOLDER AFTER THE EARLIER
OF (i) THE TRANSFER OF THE TRUST PREFERRED SECURITY EVIDENCED HEREBY PURSUANT
TO CLAUSE (B) ABOVE OR (ii) THE RESALE RESTRICTION TERMINATION DATE.  THE HOLDER WILL, AND EACH SUBSEQUENT HOLDER
IS REQUIRED TO, NOTIFY ANY PURCHASER OF THIS TRUST PREFERRED SECURITY OF THE
RESALE RESTRICTIONS REFERRED TO HEREIN.

 

PRIOR TO THE
RESALE RESTRICTION TERMINATION DATE, THIS TRUST PREFERRED SECURITY MAY BE
TRANSFERRED OR EXCHANGED ONLY IN A MINIMUM AGGREGATE LIQUIDATION AMOUNT OF NOT
LESS THAN $100,000.  ANY ATTEMPTED
TRANSFER OF THIS  TRUST PREFERRED
SECURITY IN AN AGGREGATE LIQUIDATION AMOUNT OF LESS THAN $100,000 PRIOR TO THE

 

25

 

RESALE
RESTRICTION TERMINATION DATE SHALL BE DEEMED TO BE VOID AND OF NO LEGAL EFFECT
WHATSOEVER.  AFTER SUCH RESALE
RESTRICTION TERMINATION DATE, ANY ATTEMPTED TRANSFER OF THIS TRUST PREFERRED
SECURITY IN AN AGGREGATE LIQUIDATION AMOUNT OF LESS THAN $100,000 SHALL BE
DEEMED TO BE VOID AND OF NO LEGAL EFFECT WHATSOEVER.  ANY  SUCH PURPORTED
TRANSFEREE SHALL BE DEEMED NOT TO BE THE HOLDER OF THIS TRUST PREFERRED
SECURITY FOR ANY PURPOSE, INCLUDING, BUT NOT LIMITED TO, THE RIGHT TO RECEIVE
DISTRIBUTIONS ON THIS TRUST PREFERRED SECURITY, AND SUCH PURPORTED TRANSFEREE
SHALL BE DEEMED TO HAVE NO INTEREST WHATSOEVER IN THIS TRUST PREFERRED
SECURITY.

 

IN CONNECTION
WITH ANY TRANSFER, THE HOLDER WILL DELIVER TO THE SECURITIES REGISTRAR SUCH
CERTIFICATES AND OTHER INFORMATION AS MAY BE REQUIRED BY THE AMENDED AND
RESTATED TRUST AGREEMENT TO CONFIRM THAT THE TRANSFER COMPLIES WITH THE
FOREGOING RESTRICTIONS.

 

(e)                                  Every
Trust Preferred Securities Certificate presented or surrendered for
registration of transfer or exchange shall be duly endorsed or accompanied by a
written instrument of transfer in form satisfactory to the Property Trustee and
the Securities Registrar duly executed by the Holder or his attorney duly
authorized in writing, and, in the case of Trust Preferred Securities
Certificates bearing the Restricted Securities Legends, accompanied by
certification(s) in a form substantially similar to the Letters of
Representations attached as Exhibit E and Exhibit F, as
applicable, and evidence reasonably satisfactory to the Property Trustee or the
Securities Registrar as to the compliance with the restrictions set forth in
the Restricted Securities Legend.  When
Trust Preferred Securities Certificates are presented to the Securities
Registrar to register the transfer of such certificates or to exchange such
certificates which become mutilated, destroyed, defaced, stolen or lost, for an
equal number of Trust Preferred Securities Certificates, the Securities
Registrar shall register the transfer or make the exchange as requested if its
reasonable requirements for such transactions are met.  Each Trust Preferred Securities Certificate
surrendered for registration of transfer or exchange shall be canceled and
subsequently disposed of by the Property Trustee in accordance with its
customary practice.

 

The Trust shall not be required to (i) issue, register the transfer of,
or exchange any Trust Preferred Securities during a period beginning at the
opening of business 15 calendar days before the date of mailing of a notice of
redemption of any Trust Preferred Securities called for redemption and ending
at the close of business on the day of such mailing; or (ii) register the
transfer of or exchange any Trust Preferred Securities so selected for
redemption, in whole or in part, except the unredeemed portion of any such
Trust Preferred Securities being redeemed in part.

 

(f)                                    No
service charge shall be made for any registration of transfer or exchange of
Trust Preferred Securities Certificates but the Securities Registrar may

 

26

 

require
payment of a sum sufficient to cover any tax or governmental charge that may be
imposed in connection with any transfer or exchange of Trust Preferred
Securities Certificates.

 

(g)                                 Trust
Preferred Securities may only be transferred, in whole or in part, in
accordance with the terms and conditions set forth in this Trust
Agreement.  Any transfer or purported
transfer of any Trust Preferred Security not made in accordance with this Trust
Agreement shall be null and void. A Trust Preferred Security may be
transferred, in whole or in part, to a Person who takes delivery in the form of
another Trust Preferred Security as provided in this Section 5.4.

 

(h)                                 Prior
to the Resale Restriction Termination Date, Trust Preferred Securities may only
be transferred in a minimum aggregate Liquidation Amount of $100,000.  Any attempted transfer of Trust Preferred
Securities having an aggregate Liquidation Amount of less than $100,000 shall
be deemed to be void and of no legal effect whatsoever.  Any such purported transferee shall be
deemed not to be a Holder of such Trust Preferred Securities for any purpose,
including, but not limited to, the receipt of Distributions on such Trust
Preferred Securities, and such purported transferee shall be deemed to have no
interest whatsoever in such Trust Preferred Securities.

 

(i)                                     Subsequent
to the Resale Restriction Termination Date, Trust Preferred Securities may only
be transferred in a minimum aggregate Liquidation Amount of $100,000.  Any attempted transfer of Trust Preferred
Securities subsequent to the Resale Restriction Termination Date having an
aggregate Liquidation Amount of less than $100,000 shall be deemed to be void
and of no legal effect whatsoever.  Any
such purported transferee shall be deemed not to be a Holder of such Trust
Preferred Securities for any purpose, including, but not limited to, the
receipt of Distributions on such Trust Preferred Securities, and such purported
transferee shall be deemed to have no interest whatsoever in such Trust
Preferred Securities.

 

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

 

If (a) any
mutilated Trust Securities Certificate shall be surrendered to the Trust or in
the case of the Trust Preferred Securities to the Property Trustee or the
Securities Registrar, or if the Trust or, in the case of the Trust Preferred
Securities the Property Trustee or the Securities Registrar, shall receive
evidence to its satisfaction of the destruction, loss or theft of any Trust
Securities Certificate; and (b) there shall be delivered to the Administrative
Trustees or in the case of the Trust Preferred Securities to the Property
Trustee such security or indemnity as may be required by them to save each of
them harmless, then in the absence of notice that such Trust Securities
Certificate shall have been acquired by a bona fide purchaser, the
Administrative Trustees, or any one of them, on behalf of the Trust shall
execute and make available for delivery, in exchange for or in lieu of any such
mutilated, destroyed, lost or stolen Trust Securities Certificate, a new Trust
Securities Certificate of like class, tenor and denomination. In connection
with the issuance of any new Trust Securities Certificate under this Section
5.5, the Administrative Trustees or the Securities Registrar may require the
payment of a sum sufficient to cover any tax or other governmental charge that
may be imposed in connection therewith. Any duplicate Trust Securities
Certificate issued pursuant to this Section 5.5 shall constitute

 

27

 

conclusive evidence of an
undivided beneficial interest in the assets of the Trust, as if originally
issued, whether or not the lost, stolen or destroyed Trust Securities
Certificate shall be found at any time.

 

Section
5.6                                   Person
Deemed Securityholders.

 

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

 

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

 

At any time
when the Property Trustee is not also acting as the Securities Registrar, the
Administrative Trustees or the Depositor shall furnish or cause to be furnished
to the Property Trustee (a) within five Business Days of each record date, a
list, in such form as the Property Trustee may reasonably require, of the names
and addresses of the Securityholders as of the most recent record date; and (b)
promptly after receipt by any Administrative Trustee or the Depositor of a
request therefor from the Property Trustee in order to enable the Property
Trustee to discharge its obligations under this Trust Agreement, in each case
to the extent such information is in the possession or control of the
Administrative Trustees or the Depositor and is not identical to a previously
supplied list or has not otherwise been received by the Property Trustee in its
capacity as Securities Registrar. The rights of the Securityholders to
communicate with other Securityholders with respect to their rights under this
Trust Agreement or under the Trust Securities, and the corresponding rights of
the Property Trustee shall be as provided in the Trust Indenture Act. Each
Holder, by receiving and holding a Trust Securities Certificate shall be deemed
to have agreed not to hold the Depositor, the Property Trustee or the
Administrative Trustees accountable by reason of the disclosure of its name and
address, regardless of the source from which such information was derived.

 

Section
5.8                                   Maintenance
of Office or Agency.

 

The Trust
shall maintain, or cause to be maintained, in location(s) designated by the
Administrative Trustees, an office or offices or agency or agencies where Trust
Preferred Securities Certificates may be surrendered for registration of
transfer or exchange and where notices and demands to or upon the Trustees in
respect of the Trust Securities Certificates may be served.  The Administrative Trustees initially
designate the Corporate Trust Office of the Property Trustee, as the principal
corporate trust office for such purposes. The Administrative Trustees shall
give prompt written notice to the Depositor, to the Property Trustee and to the
Securityholders of any change in the location of the Securities Register or any
such office or agency.

 

Section
5.9                                   Appointment
of Paying Agent.

 

The Paying
Agent shall make Distributions to Securityholders from the Payment Account and
shall report the amounts of such Distributions to the Property Trustee and the
Administrative Trustees. Any Paying Agent shall have the revocable power to
withdraw funds from the Payment

 

28

 

Account for the purpose of
making the Distributions referred to above. 
The Administrative Trustees may revoke such power and remove the Paying
Agent if such Administrative Trustees determine in their sole discretion that
it would be in the best interests of the Trust or that the Paying Agent shall
have failed to perform its obligations under this Trust Agreement in any
material respect. The Paying Agent shall initially be the Property Trustee, and
any co-paying agent chosen by the Property Trustee, and acceptable to the
Administrative Trustees and the Depositor. Any Person acting as Paying Agent  shall be permitted to resign as Paying Agent
upon 30 days’ written notice to the Administrative Trustees, the Property
Trustee and the Depositor. In the event that the Property Trustee shall no
longer be the Paying Agent or a successor Paying Agent shall resign or its
authority to act be revoked, the Administrative Trustees shall appoint a
successor that is acceptable to the Property Trustee and the Depositor to act
as Paying Agent. The Administrative Trustees shall cause such successor Paying
Agent or any additional Paying Agent appointed by the Administrative Trustees
to execute and deliver to the Trustees an instrument in which such successor
Paying Agent or additional Paying Agent shall agree with the Trustees that as
Paying Agent, such successor Paying Agent or additional Paying Agent shall hold
all sums, if any, held by it for payment to the Securityholders in trust for
the benefit of the Securityholders entitled thereto until such sums shall be
paid to such Securityholders. The Paying Agent shall return all unclaimed funds
to the Property Trustee and, upon removal of a Paying Agent, such Paying Agent
shall also return all funds in its possession to the Property Trustee. The
provisions of Sections 8.2, 8.4 and 8.7 hereof shall apply to the Property Trustee
also in its role as Paying Agent, for so long as the Property Trustee shall act
as Paying Agent and, to the extent applicable, to any other Paying Agent
appointed hereunder. Any reference in this Agreement to the Paying Agent shall
include any co-paying agent unless the context requires otherwise.

 

Section
5.10                            Ownership
of Common Securities by Depositor.

 

On the Closing
Date, the Depositor shall acquire and retain beneficial and record ownership of
all of the Common Securities then issued by the Trust, in an amount equal to at
least 3% of the total capital of the Trust. To the fullest extent permitted by
law, any attempted transfer of the Common Securities (other than a transfer in
connection with a merger or consolidation of the Depositor into another
corporation pursuant to Section 12.1 of the Indenture) shall be void.  The Administrative Trustees shall cause each
Common Securities Certificate issued to the Depositor to contain a legend
stating “TO THE EXTENT PERMITTED BY APPLICABLE LAW THIS CERTIFICATE IS NOT
TRANSFERABLE EXCEPT IN COMPLIANCE WITH SECTION 5.10 OF THE TRUST AGREEMENT.”

 

Section
5.11                            Trust
Securities Certificates.

 

(a)                                  Trust
Preferred Securities Certificates representing a specified number of Trust
Preferred Securities shall be issued to the Persons entitled thereto in the
form of Definitive Trust Preferred Securities Certificates.

 

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

 

29

 

(c)                                  Nothing
in this Section 5.11 withstanding, if at any time subsequent to the date of
issuance of the Definitive Trust Preferred Securities Certificates, a majority
(based upon Liquidation Amounts) of the Trust Securities then Outstanding
request registration of such Definitive Trust Preferred Securities Certificates
with the Depository Trust Company (“DTC”), then all Holders shall submit the
Definitive Trust Preferred Securities Certificates to the Administrative
Trustees and the Administrative Trustees shall collect and otherwise do all
things reasonably required to so register such Trust Preferred Securities with
the DTC as book-entry only non-certificated Trust Preferred Securities (“Registration”).
Upon Registration, whether or not the Definitive Trust Preferred Securities
Certificates have been submitted to the
Administrative Trustees pursuant to this Section 5.11(c), all Definitive
Trust Preferred Securities Certificates shall be deemed cancelled and all Trust
Securities then Outstanding shall be issued as book-entry only non-certificated
Trust Preferred Securities.  In the event the Trust Preferred Securities
are to become book-entry in accordance with this Section 5.11(c), the Depositor
and the Administrative Trustees shall be authorized to amend this Agreement, as
provided in Section 10.2(b), with the consent of the Securities Registrar, such
consent not to be unreasonably withheld, so as to permit the issuance of a
global Trust Preferred Certificate that (i) shall represent, and shall be
denominated in an amount equal to the aggregate principal amount of the
outstanding Trust Preferred Securities, (ii) shall be registered in the name of
DTC or its nominee, (iii) shall be executed and authenticated in accordance
with such amendment and delivered by the Administrative Trustees to DTC or
pursuant to its instruction, and (iv) shall bear a legend substantially as set
forth in such amendment.  Such amendment shall contain such other provisions
as are customary for declarations of trust containing securities that may be
issued in book-entry form.

 

Section
5.12                            [Reserved.]

 

Section
5.13                            Rights
of Securityholders.

 

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

 

(b)                                 For
so long as any Trust Preferred Securities remain Outstanding, if, upon a
Debenture Event of Default, the Debenture Trustee fails or the holders of not
less than 25% in principal amount of the outstanding Debentures fail to declare
the principal of all

 

30

 

of the
Debentures to be immediately due and payable, the Holders of at least 25% in
Liquidation Amount of the Trust Preferred Securities then Outstanding shall
have such right by a notice in writing to the Depositor and the Debenture
Trustee; and upon any such declaration such principal amount of and the accrued
interest on all of the Debentures shall become immediately due and payable,
provided that the payment of principal and interest on such Debentures shall
remain subordinated to the extent provided in the Indenture.

 

(c)                                  For
so long as any Trust Preferred Securities remain Outstanding, upon a Debenture
Event of Default arising from the failure to pay interest or principal on the
Debentures, the Holders of any Trust Preferred Securities then Outstanding
shall, to the fullest extent permitted by law, have the right to directly
institute proceedings for enforcement of payment to such Holders of principal
of or interest on the Debentures having a principal amount equal to the
Liquidation Amount of the Trust Preferred Securities of such Holders.

 

ARTICLE
VI

 

ACTS OF SECURITYHOLDERS; MEETINGS; VOTING

 

Section
6.1                                   Limitations
on Voting Rights.

 

(a)                                  Except
as otherwise provided in this Section 6.1, in Sections 5.13, 8.11 and 10.2
hereof and in the Indenture and as otherwise required by law, no Holder of
Trust Preferred Securities shall have any right to vote or in any manner
otherwise control the administration, operation and management of the Trust or
the obligations of the parties hereto, nor shall anything herein set forth, or
contained in the terms of the Trust Securities Certificates, be construed so as
to constitute the Securityholders from time to time as partners or members of
an association.

 

(b)                                 So
long as any Debentures are held by the Property Trustee on behalf of the Trust,
the Trustees shall not (i) direct the time, method and place of conducting any
proceeding for any remedy available to the Debenture Trustee, or executing any
trust or power conferred on the Debenture Trustee with respect to such
Debentures; (ii) waive any past default which is waivable under Article VII of
the Indenture; (iii) exercise any right to rescind or annul a declaration that
the principal of all the Debentures shall be due and payable; or (iv) consent
to any amendment, modification or termination of the Indenture or the
Debentures, where such consent shall be required, without, in each case,
obtaining the prior approval of the Holders of at least a Majority in
Liquidation Amount of all Outstanding Trust Preferred Securities; provided, however, that where a consent
under the Indenture would require the consent of each holder of outstanding  Debentures affected thereby, no such consent
shall be given by the Property Trustee without the prior written consent of
each Holder of Outstanding Trust Preferred Securities. The Trustees shall not
revoke any action previously authorized or approved by a vote of the Holders of
the Outstanding Trust Preferred Securities, except by a subsequent vote of the
Holders of the Outstanding Trust Preferred Securities. The Property Trustee
shall notify each Holder

 

31

 

of the
Outstanding Trust Preferred Securities of any notice of default received from
the Debenture Trustee with respect to the Debentures. In addition to obtaining
the foregoing approvals of the Holders of the Trust Preferred Securities, prior
to taking any of the foregoing actions, the Trustees shall, at the expense of
the Depositor, obtain an Opinion of Counsel experienced in such matters to the
effect that the Trust shall continue to be classified as a grantor trust and
not as an association taxable as a corporation for United States federal income
tax purposes on account of such action.

 

(c)                                  If
any proposed amendment to the Trust Agreement provides for, or the Trustees
otherwise propose to effect, (i) any action that would adversely affect in any material
respect the powers, preferences or special rights of the Holders of the Trust
Preferred Securities, whether by way of amendment to the Trust Agreement or
otherwise; or (ii) the dissolution, winding-up or termination of the Trust,
other than pursuant to the terms of this Trust Agreement, then the Holders of
Outstanding Trust Preferred Securities as a class shall be entitled to vote on
such amendment or proposal and such amendment or proposal shall not be
effective except with the approval of the Holders of at least a Majority in
Liquidation Amount of the Outstanding Trust Preferred Securities. No amendment
to this Trust Agreement may be made if, as a result of such amendment, the
Trust would cease to be classified as a grantor trust or would be classified as
an association taxable as a corporation for United States federal income tax
purposes.

 

Section
6.2                                   Notice
of Meetings.

 

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

 

Section
6.3                                   Meetings
of Holder/Holders of the Trust Preferred Securities.

 

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

 

(b)                                 Holders
of record of 50% of the Outstanding Trust Preferred Securities (based upon
their aggregate Liquidation Amount), present in person or by proxy, shall
constitute a quorum at any meeting of Securityholders.

 

(c)                                  If
a quorum is present at a meeting, an affirmative vote by the Holders of the
Trust Preferred Securities of record present, in person or by proxy, holding
not less

 

32

 

than a
majority of the Trust Preferred Securities (based upon their aggregate
Liquidation Amount) held by the Holders of the Trust Preferred Securities of
record present, either in person or by proxy, at such meeting shall constitute
the action of the Securityholders, unless this Trust Agreement requires a
greater number of affirmative votes.

 

Section
6.4                                   Voting
Rights.

 

Securityholders
shall be entitled to one vote for each $1,000 of Liquidation Amount represented
by their Trust Securities (with any fractional multiple thereof rounded up or
down as the case may be to the closest integral multiple) in respect of any
matter as to which such Securityholders are entitled to vote.

 

Section
6.5                                   Proxies,
etc.

 

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

 

Section
6.6                                   Securityholder
Action by Written Consent.

 

Any action
which may be taken by Securityholders at a meeting may be taken without a
meeting if Securityholders holding not less than a majority of all Outstanding
Trust Securities (based upon their aggregate Liquidation Amount) entitled to
vote in respect of such action, or such larger proportion thereof (based upon
their aggregate Liquidation Amount) as shall be required by any express
provision of this Trust Agreement, shall consent to the action in writing.

 

Section
6.7                                   Record
Date for Voting and Other Purposes.

 

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

 

33

 

Section
6.8                                   Acts
of Securityholders.

 

(a)                                  Any
request, demand, authorization, direction, notice, consent, waiver or other
action provided or permitted by this Trust Agreement to be given, made or taken
by Securityholders may be embodied in and evidenced by one or more instruments
of substantially similar tenor signed by such Securityholders in person or by an
agent duly appointed in writing; and, except as otherwise expressly provided
herein, such action shall become effective when such instrument or instruments
are delivered to an Administrative Trustee. 
Such instrument or instruments (and the action embodied therein and
evidenced thereby) are herein sometimes referred to as the “Act” of the
Securityholders signing such instrument or instruments. Proof of execution of
any such instrument or of a writing appointing any such agent shall be
sufficient for any purpose of this Trust Agreement and conclusive in favor of
the Trustees, if made in the manner provided in this Section 6.8.

 

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

 

(c)                                  The
ownership of Trust Preferred Securities shall be proved by the Securities
Register.

 

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

 

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

 

(f)                                    A
Securityholder may institute a legal proceeding directly against the Depositor
under the Guarantee to enforce its rights under the Preferred Securities Guarantee
without first instituting a legal proceeding against the Guarantee Trustee (as
defined in the Preferred Securities Guarantee), the Trust or any Person.

 

34

 

Section
6.9                                   Inspection
of Records.

 

Upon reasonable
notice to the Administrative Trustees and the Property Trustee, the records of
the Trust shall be open to inspection at the principal executive office of the
Trust (as indicated in Section 2.2 hereof) by Holders of the Trust Securities
during normal business hours for any purpose reasonably related to such
Securityholder’s interest as a Securityholder.

 

ARTICLE
VII

 

REPRESENTATIONS AND WARRANTIES

 

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

 

The Bank and
the Property Trustee, each severally on behalf of and as to itself, as of the
date hereof, and each successor Property Trustee at the time of the successor
Property Trustee’s acceptance of its appointment as Property Trustee hereunder
(in the case of a successor Property Trustee, the term “Bank” as used herein
shall be deemed to refer to such successor Property Trustee in its separate
capacity), hereby represents and warrants (as applicable) for the benefit of
the Depositor and the Securityholders that:

 

(a)                                  the
Bank is a national banking association with its principal place of business in
the State of Delaware and is duly organized and validly existing under the laws
of the United States of America or, with respect to a successor Property
Trustee, either a national banking association or a state chartered bank and
trust company;

 

(b)                                 the
Bank and Property Trustee have full power, authority and legal right to
execute, deliver and perform their obligations under this Trust Agreement and
have taken all necessary action to authorize the execution, delivery and
performance by it of this Trust Agreement;

 

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

 

(d)                                 the
execution, delivery and performance by the Property Trustee of this Trust
Agreement has been duly authorized by all necessary corporate or other action
on the part of the Property Trustee and does not require any approval of
stockholders of the Bank and such execution, delivery and performance shall not
(i) violate the Bank’s charter or by-laws; (ii) violate any provision of, or
constitute, with or without notice or lapse of time, a default under, or result
in the creation or imposition of, any Lien on any properties included in the
Trust Property pursuant to the provisions of, any indenture, mortgage, credit
agreement, license or other agreement or instrument to which the Property
Trustee or the Bank is a party or by which it is bound; or (iii) violate any
law, governmental rule or regulation of the United States or the State of Delaware,
as the case

 

35

 

may be,
governing the banking or trust powers of the Bank or the Property Trustee (as appropriate
in context) or any order, judgment or decree applicable to the Property Trustee
or the Bank;

 

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

 

(f)                                    there
are no proceedings pending or, to the best of the Property Trustee’s knowledge,
threatened against or affecting the Bank or the Property Trustee in any court
or before any governmental authority, agency or arbitration board or tribunal
which, individually or in the aggregate, would materially and adversely affect
the Trust or would question the right, power and authority of the Property
Trustee to enter into or perform its obligations as one of the Trustees under
this Trust Agreement; and

 

(g)                                 the
Property Trustee is a Person eligible pursuant to the Trust Indenture Act to
act as such and has a combined capital and surplus of at least $50,000,000.

 

Section
7.2                                   Representations
and Warranties of the Delaware Bank and the Resident Trustee.

 

The Delaware
Bank and the Resident Trustee, each severally on behalf of and as to itself, as
of the date hereof, and each successor Resident Trustee at the time of the
successor Resident Trustee’s acceptance of appointment as Resident Trustee
hereunder (the term “Delaware Bank” being used to refer to such successor
Resident Trustee in its separate corporate capacity), hereby represents and
warrants (as applicable) for the benefit of the Depositor and the
Securityholders that:

 

(a)                                  the
Delaware Bank is either a national banking association or Delaware banking
corporation duly organized, validly existing and in good standing under
applicable laws of the United States of America and the State of Delaware;

 

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

 

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

 

36

 

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

 

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

 

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

 

Section
7.3                                   Representations
and Warranties of Depositor.

 

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

 

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

 

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

 

37

 

ARTICLE
VIII

 

TRUSTEES

 

Section
8.1                                   Number
of Trustees.

 

The number of
Trustees initially shall be Five (5), and:

 

(a)                                  at
any time before the issuance of any Trust Securities, the Company may, by
written instrument, increase or decrease the number of Trustees; and

 

(b)                                 after
the issuance of any Trust Securities, the number of Trustees may be increased
or decreased by vote of the Holders of a Majority in Liquidation Amount of the
Common Securities voting as a class at a meeting of the Holders of the Common
Securities or pursuant to written consent;

 

provided, however, that, the
number of Trustees shall in no event be less than Five (5); provided further
that (1) one Resident Trustee, which, in the case of a natural person, shall be
a person who is a resident of the State of Delaware or that, if not a natural
person, is an entity which has its principal place of business in the State of Delaware;
(2) there shall be at least one Trustee who is an officer of the Company and
who shall serve as an Administrative Trustee; and (3) one Trustee shall be the
Property Trustee, and such Property Trustee may also serve as Resident Trustee
if it meets the applicable requirements.

 

(c)                                  If
a Trustee ceases to hold office for any reason and the number of Administrative
Trustees is not reduced pursuant to Section 8.1(a) or (b), or if the number of
Trustees is increased pursuant to Section 8.1(a) or (b), a vacancy shall occur.
The vacancy shall be filled with a Trustee appointed in accordance with Section
8.11 hereof.

 

(d)                                 The
death, resignation, retirement, removal, bankruptcy, incompetence or incapacity
to perform the duties of a Trustee shall not operate to terminate, dissolve or
annul the Trust. Whenever a vacancy in the number of Administrative Trustees
shall occur, until such vacancy is filled by the appointment of an
Administrative Trustee in accordance with Section 8.11 hereof, the Administrative
Trustees in office, regardless of their number (and notwithstanding any other
provision of this Agreement), shall have all the powers granted to the
Administrative Trustees and shall discharge all the duties imposed upon the
Administrative Trustees by this Trust Agreement.

 

Section
8.2                                   Certain
Duties and Responsibilities.

 

(a)                                  The
duties and responsibilities of the Trustees shall be as provided by this Trust
Agreement and, in the case of the Property Trustee, also by the Trust Indenture
Act, if applicable.  Notwithstanding the
foregoing, no provision of this Trust Agreement shall require any Trustee to
expend or risk its own funds or otherwise incur any financial liability in the
performance of any of its  duties
hereunder, or in the exercise of any of its rights or powers, if it shall have
reasonable grounds for believing that repayment of such funds or adequate
indemnity against such risk or liability is not reasonably assured to it. No
Administrative Trustee nor the Resident Trustee shall be liable for its act or
omissions

 

38

 

hereunder
except as a result of its own gross negligence or willful misconduct. The
Property Trustee’s liability shall be determined under the Trust Indenture Act,
if applicable, and as provided by this Trust Agreement.  Whether or not therein expressly so
provided, every provision of this Trust Agreement relating to the conduct or
affecting the liability of or affording protection to the Trustees shall be
subject to the provisions of this Section 8.2. To the extent that, at law or in
equity, a Trustee has duties (including fiduciary duties) and liabilities
relating thereto to the Trust or to the Securityholders, such Trustee shall not
be liable to the Trust or to any Securityholder for such Trustee’s good faith
reliance on the provisions of this Trust Agreement. The provisions of this
Trust Agreement, to the extent that they restrict the duties and liabilities of
a Trustee otherwise existing at law or in equity, are agreed by the Depositor
and the Securityholders to replace such other duties and liabilities of a
Trustee, as the case may be.

 

(b)                                 All
payments made by the Property Trustee or a Paying Agent in respect of the Trust
Securities shall be made only from the revenue and proceeds from the Trust
Property and only to the extent that there shall be sufficient revenue or
proceeds from the Trust Property to enable the Property Trustee or a Paying
Agent to legally make payments in accordance with the terms hereof. Each
Securityholder, by its acceptance of a Trust Security, agrees that it shall
look solely to the revenue and proceeds from the Trust Property to the extent
legally available for distribution to it as herein provided and that the
Trustees are not personally liable to it for any amount distributable in
respect of any Trust Security or for any other liability in respect of any
Trust Security. This Section 8.2(b) does not limit the liability of the
Trustees expressly set forth elsewhere in this Trust Agreement or, in the case
of the Property Trustee, in the Trust Indenture Act, if applicable.

 

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

 

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

 

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

 

(iii)                               the
Property Trustee’s sole duty with respect to the custody, safe keeping and
physical preservation of the Debentures and the Payment Account shall be to
deal with such property in a similar manner as the Property Trustee deals with
similar property for its own account, subject to the

 

39

 

protections
and limitations on liability afforded to the Property Trustee under this Trust
Agreement and the Trust Indenture Act, if applicable;

 

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

 

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

 

Section
8.3                                   Certain
Notices.

 

(a)                                  Within
five Business Days after a Responsible Officer of the Property Trustee has
actual knowledge of the occurrence of any Event of Default, the Property
Trustee shall transmit, in the manner and to the extent provided in Section
10.8 hereof, notice of such Event of Default to the Securityholders, the
Administrative Trustees and the Depositor, unless such Event of Default shall
have been cured or waived.  For purposes
of this Section 8.3, the term “Event of Default” means any event that is, or
after notice or lapse of time or both would become, an Event of Default.

 

(b)                                 The
Administrative Trustees shall transmit, to the Securityholders in the manner
and to the extent provided in Section 10.8 hereof, notice of the Depositor’s
election to begin or further extend an Extended Interest Payment Period on the
Debentures (unless such election shall have been revoked) within the time
specified for transmitting such notice to the holders of the Debentures
pursuant to the Indenture as originally executed.

 

Section
8.4                                   Certain
Rights of the Property Trustee.

 

(a)                                  the
Property Trustee may rely and shall be protected in acting or refraining from
acting in good faith upon any resolution, Opinion of Counsel, certificate,
written representation of a Holder or transferee, certificate of auditors or
any other certificate, statement, instrument, opinion, report, notice, request,
consent, order, appraisal, bond, debenture, note, other evidence of
indebtedness or other paper or document believed by it to be genuine and to
have been signed or presented by the proper party or parties;

 

(b)                                 if
(i) in performing its duties under this Trust Agreement the Property Trustee is
required to decide between alternative courses of action; or (ii) in construing
any of the provisions of this Trust Agreement, the Property Trustee finds the
same ambiguous or inconsistent with other provisions contained herein; or (iii)
the Property Trustee is unsure of the application of any provision of this
Trust Agreement, then, except as to any matter as to which the Holders are
entitled to vote under the terms of this

 

40

 

Trust
Agreement, the Property Trustee shall deliver a notice to the Depositor
requesting written instructions of the Depositor as to the course of action to
be taken and the Property Trustee shall take such action, or refrain from
taking such action, as the Property Trustee shall be instructed in writing to
take, or to refrain from taking, by the Depositor; provided, however, that if
the Property Trustee does not receive such instructions of the Depositor within
ten (10) Business Days after it has delivered such notice, or such reasonably
shorter period of time set forth in such notice (which to the extent
practicable shall not be less than two (2) Business Days), it may, but shall be
under no duty to, take or refrain from taking such action not inconsistent with
this Trust Agreement as it shall deem advisable and in the best interests of
the Securityholders, in which event the Property Trustee shall have no
liability except for its own bad faith, negligence or willful misconduct;

 

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

 

(d)                                 whenever
in the administration of this Trust Agreement, the Property Trustee shall deem
it desirable that a matter be established before undertaking, suffering or
omitting any action hereunder, the Property Trustee (unless other evidence is
herein specifically prescribed) may, in the absence of bad faith on its part, request
and conclusively rely upon an Officer’s Certificate which, upon receipt of such
request, shall be promptly delivered by the Depositor or the Administrative
Trustees;

 

(e)                                  the
Property Trustee shall have no duty to see to any recording, filing or registration
of any instrument (including any financing or continuation statement, or,
except as provided in Section 4.5 hereof or any filing under tax or securities
laws) or any rerecording, refiling or reregistration thereof;

 

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

 

(g)                                 the
Property Trustee shall be under no obligation to exercise any of the rights or
powers vested in it by this Trust Agreement at the request or direction of any
of the Securityholders pursuant to this Trust Agreement, unless such
Securityholders shall have offered to the Property Trustee reasonable security
or indemnity against the costs, expenses and liabilities which might be
incurred by it in compliance with such request or direction;

 

(h)                                 the
Property Trustee shall not be bound to make any investigation into the facts or
matters stated in any resolution, certificate, statement, instrument, opinion,
report, notice, request, consent, order, approval, bond, debenture, note or
other evidence

 

41

 

of
indebtedness or other paper or document, but the Property Trustee may make such
further inquiry or investigation into such facts or matters as it may determine
in its sole discretion to be appropriate;

 

(i)                                     the
Property Trustee may execute any of the trusts or powers hereunder or perform
any duties hereunder either directly or by or through its agents or attorneys,
provided that the Property Trustee shall be responsible for its own negligence
or recklessness with respect to selection of any agent or attorney appointed by
it hereunder;

 

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

 

(k)                                  except
as otherwise expressly provided by this Trust Agreement, the Property Trustee
shall not be under any obligation to take any action that is discretionary
under the provisions of this Trust Agreement. 
No provision of this Trust Agreement shall be deemed to impose any duty
or obligation on the Property Trustee to perform any act or acts or exercise
any right, power, duty or obligation conferred or imposed on it, in any
jurisdiction in which it shall be illegal, or in which the Property Trustee
shall be unqualified or incompetent in accordance with applicable law, to
perform any such act or acts, or to exercise any such right, power, duty or
obligation.  No permissive power or
authority available to the Property Trustee shall be construed to be a duty.

 

Section
8.5                                   Not
Responsible for Recitals or Issuance of Securities.

 

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

 

Section
8.6                                   May
Hold Securities.

 

Any Trustee or
any other agent of any Trustee or the Trust, in its individual or any other
capacity, may become the owner or pledgee of Trust Securities and, subject to
Sections 8.9 and 8.14 hereof and except as provided in the definition of the
term “Outstanding” in Article I, may otherwise deal with the Trust with the
same rights it would have if it were not a Trustee or such other agent.

 

Section
8.7                                   Compensation;
Indemnity; Fees.

 

The Depositor
agrees:

 

42

 

(a)                                  to
pay to the Trustees from time to time reasonable compensation for all services
rendered by them hereunder (which compensation shall not be limited by any
provision of law in regard to the compensation of a trustee of an express
trust), in the case of the Property Trustee, as set forth in a written
agreement between the Depositor and the Property Trustee;

 

(b)                                 except
as otherwise expressly provided herein, to reimburse the Trustees upon request
for all documented reasonable expenses, disbursements and advances incurred or
made by the Trustees in accordance with any provision of this Trust Agreement
(including the reasonable compensation and the expenses and disbursements of
its agents and counsel), except any such expense, disbursement or advance as
may be attributable to such Trustee’s negligence, bad faith or willful
misconduct (or, in the case of the Administrative Trustees or the Resident
Trustee, any such expense, disbursement or advance as may be attributable to
its, his or her gross negligence, bad faith or willful misconduct); and

 

(c)                                  to
indemnify each of the Trustees or any predecessor Trustee for, and to hold the
Trustees harmless against, any loss, damage, claims, liability, penalty or
expense of any kind or nature whatsoever, arising out of or in connection with
the acceptance or administration of this Trust Agreement, including the costs
and expenses of defending itself against any claim or liability in connection
with the exercise or performance of any of its powers or duties hereunder,
except any such expense, disbursement or advance as may be attributable to such
Trustee’s negligence, bad faith or willful misconduct (or, in the case of the
Administrative Trustees or the Resident Trustee, any such expense, disbursement
or advance as may be attributable to its, his or her gross negligence, bad
faith or willful misconduct).

 

No Trustee,
other than the Property Trustee, may claim any Lien or charge on any Trust
Property as a result of any amount due and unpaid pursuant to this Section 8.7.

 

Section
8.8                                   Corporate
Property Trustee Required; Eligibility of Trustees.

 

(a)                                  There
shall at all times be a Property Trustee hereunder with respect to the Trust
Securities.  The Property Trustee shall
be a Person that is eligible pursuant to the Trust Indenture Act, as
applicable, to act as such and has a combined capital and surplus of at least
$50,000,000.  If any such Person
publishes reports of condition at least annually, pursuant to law or to the
requirements of its supervising or examining authority, then for the purposes
of this Section 8.8, the combined capital and surplus of such Person shall be
deemed to be its combined capital and surplus as set forth in its most recent
report of condition so published.  If at
any time the Property Trustee with respect to the Trust Securities shall cease
to be eligible in accordance with the provisions of this Section 8.8, it shall
resign immediately in the manner and with the effect hereinafter specified in
this Article VIII.  The Property Trustee
and the Resident Trustee may be the same Person.

 

(b)                                 There
shall at all times be one or more Administrative Trustees hereunder with
respect to the Trust Securities.  Each
Administrative Trustee shall be either a natural

 

43

 

person who is
at least 21 years of age or a legal entity that shall act through one or more
persons authorized to bind that entity.

 

(c)                                  There
shall at all times be a Resident Trustee with respect to the Trust Securities.
The Resident Trustee shall either be (i) a natural person who is at least 21
years of age and a resident of the State of Delaware; or (ii) a legal entity
with its principal place of business in the State of Delaware and that
otherwise meets the requirements of applicable Delaware law that shall act
through one or more persons authorized to bind such entity.

 

Section
8.9                                   Conflicting
Interests.

 

If the
Property Trustee has or shall acquire any “conflicting interest” within the
meaning of Section 310(b) of the Trust Indenture Act, the Property Trustee and
the Holder of the Common Securities (as if it were the obligor referred to in
Section 310(b) of the Trust Indenture Act) shall in all respects comply with
the provisions of Section 310(b) of the Trust Indenture Act, if the Trust
Indenture Act is then applicable to the Indenture.

 

Section
8.10                            Co-Trustees
and Separate Trustee.

 

(a)                                  Unless
an Event of Default shall have occurred and be continuing, at any time or
times, for the purpose of meeting the legal requirements of the Trust Indenture
Act, if then applicable, or of any jurisdiction in which any part of the Trust
Property may at the time be located, the Depositor shall have power to appoint,
and upon the written request of the Property Trustee, the Depositor shall for
such purpose join with the Property Trustee in the execution, delivery and
performance of all instruments and agreements necessary or proper to appoint,
one or more Persons approved by the Property Trustee either to act as
co-trustee, jointly with the Property Trustee, of all or any part of such Trust
Property, or to the extent required by law to act as separate trustee of any
such property, in either case with such powers as may be provided in the
instrument of appointment, and to vest in such Person or Persons in the
capacity aforesaid, any property, title, right or power deemed necessary or
desirable, subject to the other provisions of this Section 8.10.  If the Depositor does not join in such
appointment within 15 days after the receipt by it of a request so to do, or in
case a Debenture Event of Default has occurred and is continuing, the Property
Trustee alone shall have power to make such appointment.  Any co-trustee or separate trustee appointed
pursuant to this Section 8.10 shall either be (i) a natural person who is at
least 21 years of age and a resident of the United States; or (ii) a legal
entity with its principal place of business in the United States that shall act
through one or more persons authorized to bind such entity.

 

(b)                                 Should
any written instrument from the Depositor be required by any co-trustee or
separate trustee so appointed for more fully confirming to such co-trustee or
separate trustee such property, title, right, or power, any and all such
instruments shall, conform to the terms set forth herein.

 

44

 

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

 

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

 

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

 

(iii)                               The
Property Trustee at any time, by an instrument in writing executed by it, with
the written concurrence of the Depositor, may accept the resignation of or
remove any co-trustee or separate trustee appointed under this Section 8.10,
and, in case a Debenture Event of Default has occurred and is continuing, the
Property Trustee shall have the power to accept the resignation of, or remove,
any such co-trustee or separate trustee without the concurrence of the
Depositor. Upon the written request of the Property Trustee, the Depositor
shall join with the Property Trustee in the execution, delivery and performance
of all instruments and agreements necessary or proper to effectuate such
resignation or removal. A successor to any co-trustee or separate trustee so resigned
or removed may be appointed in the manner provided in this Section 8.10.

 

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

 

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

 

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

 

45

 

Section
8.11                            Resignation
and Removal; Appointment of Successor.

 

(a)                                  No
resignation or removal of any Trustee (the “Relevant Trustee”) and no
appointment of a successor Trustee pursuant to this Article VIII shall become
effective until the acceptance of appointment by the successor Trustee in
accordance with the applicable requirements of Section 8.12 hereof.

 

(b)                                 Subject
to the immediately preceding paragraph, the Relevant Trustee may resign at any
time with respect to the Trust Securities by giving written notice thereof to
the Securityholders. If the instrument of acceptance by the successor Trustee
required by Section 8.12 shall not have been delivered to the Relevant Trustee
within 30 days after the giving of such notice of resignation, the Relevant
Trustee may petition, at the expense of the Depositor, any court of competent
jurisdiction for the appointment of a successor Relevant Trustee with respect
to the Trust Securities.

 

(c)                                  Unless
a Debenture Event of Default shall have occurred and be continuing, any Trustee
may be removed at any time by Act of the Holder of Common Securities. If a
Debenture Event of Default shall have occurred and be continuing, the Property
Trustee or the Resident Trustee, or both of them, may be removed at such time
by Act of the Holders of a Majority in Liquidation Amount of the Trust
Preferred Securities, delivered to the Relevant Trustee (in its individual
capacity and on behalf of the Trust). An Administrative Trustee may be removed
by the Holder of the Common Securities at any time.

 

(d)                                 If
any Trustee shall resign, be removed or become incapable of acting as Trustee,
or if a vacancy shall occur in the office of any Trustee for any cause, at a
time when no Debenture Event of Default shall have occurred and be continuing,
the Holder of the Common Securities, by Act of the Holder of the Common
Securities delivered to the retiring Trustee, shall promptly appoint a
successor Trustee or Trustees with respect to the Trust Securities and the Trust,
and the successor Trustee shall comply with the applicable requirements of
Section 8.12 hereof. If the Property Trustee or the Resident Trustee shall
resign, be removed or become incapable of continuing to act as the Property
Trustee or the Resident Trustee, as the case may be, at a time when a Debenture
Event of Default shall have occurred and is continuing, the Holders, by Act of
the Securityholders of a Majority in Liquidation Amount of the Trust Preferred
Securities then Outstanding delivered to the retiring Relevant Trustee, shall
promptly appoint a successor Relevant Trustee or Trustees with respect to the
Trust Securities and the Trust, and such successor Trustee shall comply with
the applicable requirements of Section 8.12 hereof. If an Administrative
Trustee shall resign, be removed or become incapable of acting as
Administrative Trustee, at a time when a Debenture Event of Default shall have
occurred and be continuing, the Holder of the Common Securities, by Act of the
Holder of the Common Securities delivered to an Administrative Trustee, shall
promptly appoint a successor Administrative Trustee or Administrative Trustees
with respect to the Trust Securities and the Trust, and such successor
Administrative Trustee or Administrative Trustees shall comply with the
applicable requirements of Section 8.12 hereof. If no successor Relevant
Trustee with respect to the Trust Securities shall have been so appointed by
the Holder of the Common Securities or the Holders of the Trust Preferred

 

46

 

Securities and
accepted appointment in the manner required by Section 8.12 hereof, any
Securityholder who has been a Securityholder of Trust Securities for at least
the past six (6) consecutive months on behalf of himself and all others
similarly situated may petition a court of competent jurisdiction for the
appointment of a successor Relevant Trustee with respect to the Trust
Securities.

 

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

 

(f)                                    Notwithstanding
the foregoing or any other provision of this Trust Agreement, in the event any
Administrative Trustee or a Resident Trustee who is a natural person dies or
becomes, in the opinion of the Depositor, incompetent or incapacitated, the
vacancy created by such death, incompetence or incapacity may be filled by (a)
the unanimous act of the remaining Administrative Trustees if there are at
least two of them; or (b) otherwise by the Depositor (with the successor in
each case being a Person who satisfies the eligibility requirement for
Administrative Trustees or Resident Trustee, as the case may be, set forth in
Section 8.8 hereof).

 

Section
8.12                            Acceptance
of Appointment by Successor.

 

(a)                                  In
case of the appointment hereunder of a successor Relevant Trustee with respect
to the Trust Securities and the Trust, the retiring Relevant Trustee and each
successor Relevant Trustee with respect to the Trust Securities shall execute
and deliver an instrument hereto wherein each successor Relevant Trustee shall
accept such appointment and which shall contain such provisions as shall be
necessary or desirable to transfer and confirm to, and to vest in, each
successor Relevant Trustee all the rights, powers, trusts and duties of the
retiring Relevant Trustee with respect to the Trust Securities and the Trust
and upon the execution and delivery of such instrument the resignation or
removal of the retiring Relevant Trustee shall become effective to the extent
provided therein and each such successor Relevant Trustee, without any further
act, deed or conveyance, shall become vested with all the rights, powers,
trusts and duties of the retiring Relevant Trustee with respect to the Trust
Securities and the Trust; but, on request of the Trust or any successor
Relevant Trustee such retiring Relevant Trustee shall duly assign, transfer and
deliver to such successor Relevant Trustee all Trust Property, all proceeds
thereof and money held by such retiring Relevant Trustee hereunder with respect
to the Trust Securities and the Trust.

 

(b)                                 Upon
request of any such successor Relevant Trustee, the Trust shall execute any and
all instruments for more fully and certainly vesting in and confirming to such
successor Relevant Trustee all such rights, powers and trusts referred to in
the immediately preceding paragraph, as the case may be.

 

47

 

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

 

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

 

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

 

Section
8.14                            Preferential
Collection of Claims Against Depositor or Trust.

 

If and when
the Property Trustee or the Resident Trustee shall be or become a creditor of
the Depositor or the Trust (or any other obligor upon the Debentures or the
Trust Securities), the Property Trustee or the Resident Trustee, as the case
may be, shall be subject to and shall take all actions necessary in order to
comply with the provisions of the Trust Indenture Act, if applicable,  regarding the collection of claims against
the Depositor or Trust (or any such other obligor).

 

Section
8.15                            Reports
by Property Trustee.

 

(a)                                  The
Property Trustee shall transmit to Securityholders such reports concerning the
Property Trustee and its actions under this Trust Agreement as may be required
pursuant to the Trust Indenture Act, if then applicable, at the times and in
the manner provided pursuant thereto (it being understood that, with respect to
Section 313 thereof, no such report shall be required if none of the events set
forth in such Section has occurred during the period to which such report would
relate).

 

(b)                                 A
copy of each such report shall, at the time of such transmission to Holders, be
filed by the Property Trustee with the Depositor.

 

(c)                                  The
Property Trustee covenants and agrees to transmit by mail, first class postage
prepaid, to the Holders of Trust Preferred Securities, as their names and
addresses appear on the Securities Register, any information, documents and
reports required to be transmitted by the Company pursuant to subsection (b) of
Section 8.16, as soon as practicable after the receipt of such information from
the Company.

 

Section
8.16                            Reports
to the Property Trustee.

 

(a)                                  If
applicable, the Depositor and the Administrative Trustees on behalf of the
Trust shall provide to the Property Trustee such documents, reports and
information as required by Section 314 of the Trust Indenture Act, if
applicable, and the compliance certificate required by Section 314(a) of the
Trust Indenture Act in the form, in the manner and at the times required by
Section 314 of the Trust Indenture Act.

 

48

 

(b)                                 The
Company covenants and agrees to transmit to the Property Trustee in the same
form as filed with the Federal Reserve (i) 
its annual audited consolidated financial statements within 90 days
following the end of its fiscal year and (ii) its quarterly consolidated
financial statements within 45 days after the end of the first three fiscal
quarters of each fiscal year; provided, however, that if subsequent to the date
hereof, the Company shall become subject to the reporting obligations under
Section 13(a) or Section 15(d) of the Exchange Act, the Company shall instead
transmit to the Property Trustee the information, documents and reports the
Company is required to file with the Securities and Exchange Commission
pursuant to Section 13(a) or Section 15(d) of the Exchange Act.

 

Section
8.17                            Evidence
of Compliance with Conditions Precedent.

 

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

 

Section
8.18                            Delegation
of Power.

 

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

 

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

 

Section
8.19                            Voting.

 

Except as
otherwise provided in this Trust Agreement, the consent or approval of the
Administrative Trustees shall require consent or approval by not less than a
majority of the Administrative Trustees, unless there are only two, in which
case both must consent.

 

49

 

ARTICLE IX

 

TERMINATION,
LIQUIDATION AND MERGER

 

Section
9.1                                   Termination
Upon Expiration Date.

 

Unless earlier
dissolved, the Trust shall automatically dissolve on the date which is one
month from receipt of final payment due under the Indenture (the “Expiration
Date”) and thereafter shall distribute the Trust Property in accordance with
Section 9.4 hereof.

 

Section
9.2                                   Early
Termination.

 

The first to
occur of any of the following events is an “Early Termination Event”, at which
time the Trust shall dissolve and commence winding up its affairs:”

 

(a)                                  the
occurrence of a Bankruptcy Event in respect of, or the dissolution or
liquidation of, the Depositor;

 

(b)                                 delivery
of written direction to the Property Trustee by the Depositor at any time
(which direction is wholly optional and within the discretion of the Depositor,
subject to Depositor having received prior approval of the Board of Governors
of the Federal Reserve System if so required under applicable guidelines,
policies or regulations thereof) to dissolve the Trust and distribute the
Debentures to the Securityholders in exchange for the Trust Securities in
accordance with Section 9.4 hereof;

 

(c)                                  the
redemption of all of the Trust Preferred Securities in connection with the
redemption of all of the Debentures (whether upon a Debenture Redemption Date
or the maturity of the Debentures); or

 

(d)                                 the
existence of an order for dissolution of the Trust shall have been entered by a
court of competent jurisdiction.

 

Section
9.3                                   Termination.

 

The respective
obligations and responsibilities of the Trustees and the Trust created and
continued hereby shall terminate upon the latest to occur of the following: (a)
the distribution by the Property Trustee to Securityholders upon the
liquidation of the Trust pursuant to Section 9.4 hereof, or upon the redemption
of all of the Trust Securities pursuant to Section 4.2 hereof, of all amounts
required to be distributed hereunder upon the final payment of the Trust
Securities; (b) the payment of any expenses owed by the Trust; (c) the
discharge of all administrative duties of the Administrative Trustees,
including the performance of any tax reporting obligations with respect to the
Trust or the Securityholders; and (d) the filing of a Certificate of
Cancellation by the Administrative Trustees under the Delaware Business Trust
Act.

 

Section
9.4                                   Liquidation.

 

(a)                                  If
an Early Termination Event specified in clause (a), (b), or (d) of Section 9.2
occurs or upon the Expiration Date, the Trust shall be liquidated by the
Trustees in 

 

50

 

accordance
with their respective duties hereunder as provided herein as expeditiously as
the Trustees determine to be possible by distributing, after satisfaction of
liabilities to creditors of the Trust as provided by applicable law, to each
Securityholder a Like Amount of Debentures, subject to Section 9.4(d). Notice
of liquidation shall be given by the Property Trustee by first-class mail,
postage prepaid, mailed not less than 30 nor more than 60 days prior to the
Liquidation Date to each Holder of Trust Securities at such Holder’s address
appearing in the Securities Register. All notices of liquidation shall:

 

(i)                                     state
the Liquidation Date;

 

(ii)                                  state
that from and after the Liquidation Date, the Trust Securities shall no longer
be deemed to be Outstanding and any Trust Securities Certificates not
surrendered for exchange shall be deemed to represent a Like Amount of
Debentures; and

 

(iii)                               provide
such information with respect to the mechanics by which Holders may exchange
Trust Securities Certificates for Debentures, or, if Section 9.4(d) applies,
receive a Liquidation Distribution, as the Administrative Trustees or the
Property Trustee shall in good faith deem appropriate.

 

(b)                                 Except
where Section 9.2(c) or 9.4(d) applies, in order to effect the liquidation of
the Trust and distribution of the Debentures to Securityholders, the Property
Trustee shall establish a record date for such distribution (which shall be not
more than 45 days prior to the Liquidation Date) and, either itself acting as
exchange agent or through the appointment of a separate exchange agent, shall
establish such procedures as it shall deem appropriate to effect the
distribution of Debentures in exchange for the Outstanding Trust Securities
Certificates.

 

(c)                                  Except
where Section 9.2(c) or 9.4(d) applies, after the Liquidation Date, (i) the
Trust Securities shall no longer be deemed to be Outstanding; (ii) certificates
representing a Like Amount of Debentures shall be issued to Holders of Trust
Securities Certificates upon surrender of such certificates to the
Administrative Trustees or their agent for exchange; (iii) any Trust Securities
Certificates not so surrendered for exchange shall be deemed to represent a
Like Amount of Debentures, accruing interest at the rate provided for in the
Debentures from the last Distribution Date on which a Distribution was made on
such Trust Securities Certificates until such certificates are so surrendered
(and until such certificates are so surrendered, no payments of interest or
principal shall be made to Holders of Trust Securities Certificates with
respect to such Debentures); and (iv) all rights of Securityholders holding
Trust Securities shall cease, except the right of such Securityholders to
receive Debentures upon surrender of Trust Securities Certificates.

 

(d)                                 In
the event that, notwithstanding the other provisions of this Section 9.4,
whether because of an order for dissolution entered by a court of competent
jurisdiction or otherwise, distribution of the Debentures in the manner
provided herein is determined in good faith by the Property Trustee not to be
practical, the Trust Property shall be liquidated, and the Trust shall be
dissolved, wound-up or terminated, by the Property 

 

51

 

Trustee in
such manner as the Property Trustee determines in good faith. In such event, on
the date of the dissolution of the Trust, Securityholders shall be entitled to
receive out of the assets of the Trust available for distribution to
Securityholders, after satisfaction of liabilities to creditors of the Trust as
provided by applicable law, an amount equal to the Liquidation Amount per Trust
Security plus accumulated and unpaid Distributions thereon to the date of
payment (such amount being the “Liquidation Distribution”). If, upon any such
dissolution, the Liquidation Distribution can be paid only in part because the
Trust has insufficient assets available to pay in full the aggregate
Liquidation Distribution, then, subject to the next succeeding sentence, the
amounts payable by the Trust on the Trust Securities shall be paid on a pro
rata basis (based upon Liquidation Amounts). 
The Holder of the Common Securities shall be entitled to receive
Liquidation Distributions upon any such dissolution pro rata (determined as
aforesaid) with Holders of Trust Preferred Securities, except that, if a
Debenture Event of Default has occurred and is continuing, the Trust Preferred
Securities shall have a priority over the Common Securities.

 

Section
9.5                                   Mergers,
Consolidations, Amalgamations or Replacements of the Trust.

 

The Trust may
not merge with or into, consolidate, amalgamate, or be replaced by, or convey,
transfer or lease its properties and assets substantially as an entirety to any
corporation or other Person, except pursuant to this Section 9.5. At the request
of the Depositor, with the consent of the Administrative Trustees and without
the consent of the Holders of the Trust Preferred Securities, the Property
Trustee or the Resident Trustee, the Trust may merge with or into, consolidate,
amalgamate, be replaced by or convey, transfer or lease its properties and
assets substantially as an entirety to a trust organized as such under the laws
of any state; provided, that:

 

(a)                                  such
successor entity either:

 

(i)                                     expressly
assumes all of the obligations of the Trust with respect to the Trust Preferred
Securities; or

 

(ii)                                  substitutes
for the Trust Preferred Securities other securities having substantially the
same terms as the Trust Preferred Securities (the “Successor Securities”) so
long as the Successor Securities rank the same as the Trust Preferred
Securities rank in priority with respect to distributions and payments upon
liquidation, redemption and otherwise.

 

(b)                                 the
Depositor expressly appoints a trustee of such successor entity possessing
substantially the same powers and duties as the Property Trustee as the holder
of the Debentures;

 

(c)                                  the
Successor Securities are listed or traded, or any Successor Securities shall be
listed or traded upon notification of issuance, on any national securities
exchange or other organization on which the Trust Preferred Securities are then
listed or quoted, if any;

 

52

 

(d)                                 such
merger, consolidation, amalgamation, replacement, conveyance, transfer or lease
does not adversely affect the rights, preferences and privileges of the Holders
of the Trust Preferred Securities (including any Successor Securities) in any
material respect;

 

(e)                                  such
successor entity has a purpose substantially identical to that of the Trust;

 

(f)                                    prior
to such merger, consolidation, amalgamation, replacement, conveyance, transfer
or lease, the Depositor has received an Opinion of Counsel to the effect that:

 

(i)                                     such
merger, consolidation, amalgamation, replacement, conveyance, transfer or lease
does not adversely affect the rights, preferences and privileges of the Holders
of the Trust Preferred Securities (including any Successor Securities) in any
material respect; and

 

(ii)                                  following
such merger, consolidation, amalgamation, replacement, conveyance, transfer or
lease, neither the Trust nor such successor entity shall be required to
register as an “investment company” under the Investment Company Act; and

 

(g)                                 the
Depositor owns all of the common securities of such successor entity and
guarantees the obligations of such successor entity under the Successor
Securities at least to the extent provided by the Preferred Securities
Guarantee.

 

Notwithstanding the foregoing,
the Trust shall not, except with the consent of Holders of 100% in Liquidation
Amount of the Trust Preferred Securities, consolidate, amalgamate, merge with
or into, or be replaced by or convey, transfer or lease its properties and
assets substantially as an entirety to any other Person or permit any other
Person to consolidate, amalgamate, merge with or into, or replace it if such
consolidation, amalgamation, merger or replacement would cause the Trust or the
successor entity to be classified as other than a grantor trust for United
States federal income tax purposes.

 

ARTICLE X

 

MISCELLANEOUS
PROVISIONS

 

Section
10.1                            Limitation
of Rights of Securityholders.

 

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

 

53

 

Section
10.2                            Amendment.

 

(a)                                  This
Trust Agreement may be amended from time to time by the Administrative Trustees
and the Depositor, without the consent of any Securityholders, the Property
Trustee or the Resident Trustee, (i) as provided in Section 8.12 hereof with
respect to acceptance of appointment by a successor Trustee; (ii) to cure any
ambiguity, correct or supplement any provision herein which may be inconsistent
with any other provision herein, or to make any other provisions with respect
to matters or questions arising under this Trust Agreement, that shall not be
inconsistent with the other provisions of this Trust Agreement; or (iii) to
modify, eliminate or add to any provisions of this Trust Agreement to such
extent as shall be necessary to ensure that the Trust shall be classified for
United States federal income tax purposes as a grantor trust at all times that
any Trust Securities are outstanding or to ensure that the Trust shall not be
required to register as an “investment company” under the Investment Company
Act; provided, however, that in the case of clause (ii), such action shall not
adversely affect in any material respect the interests of any Securityholder,
and any amendments of this Trust Agreement shall become effective when notice
thereof is given to the Securityholders, the Property Trustee and the Resident
Trustee.

 

(b)                                 Except
as provided in Section 6.1(c) or Section 10.2(c) hereof, any provision of this
Trust Agreement may be amended by the Administrative Trustees and the Depositor
(i) with the consent of Securityholders representing not less than a majority
(based upon Liquidation Amounts) of the Trust Securities then Outstanding; and
(ii) upon receipt by the Trustees of an Opinion of Counsel to the effect that
such amendment or the exercise of any power granted to the Trustees in
accordance with such amendment shall not affect the Trust’s status as a grantor
trust for United States federal income tax purposes or the Trust’s exemption
from status of an “investment company” under the Investment Company Act.

 

(c)                                  In
addition to and notwithstanding any other provision in this Trust Agreement,
without the consent of each affected Securityholder (such consent being
obtained in accordance with Section 6.3 or Section 6.6 hereof), this Trust
Agreement may not be amended to (i) change the amount or timing of any
Distribution on the Trust Securities or otherwise adversely affect the amount
of any Distribution required to be made in respect of the Trust Securities as
of a specified date; or (ii) restrict the right of a Securityholder to
institute suit for the enforcement of any such payment on or after such date;
notwithstanding any other provision herein, without the unanimous consent of
the Securityholders (such consent being obtained in accordance with Section 6.3
or 6.6 hereof), this paragraph (c) of this Section 10.2 may not be amended.

 

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

 

54

 

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

 

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

 

(g)                                 Notwithstanding
any other provision of this Trust Agreement, without the consent of the
Property Trustee and/or the Resident Trustee, as applicable, this Trust
Agreement may not be amended in any manner, and neither the Property Trustee
nor the Resident Trustee shall be required to enter into any amendment to this
Trust Agreement, which affects the rights, privileges, powers, duties,
obligations or immunities of the Property Trustee or the Resident Trustee under
this Trust Agreement or the Trust Securities. 
The Property Trustee shall be entitled to receive an Opinion of Counsel
and an Officers’ Certificate stating that any proposed amendment to this Trust
Agreement is in compliance with this Trust Agreement.

 

Section
10.3                            Severability.

 

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

 

Section
10.4                            Governing
Law.

 

THIS TRUST
AGREEMENT AND THE RIGHTS AND OBLIGATIONS OF EACH OF THE SECURITYHOLDERS, THE
TRUST AND THE TRUSTEES WITH RESPECT TO THIS TRUST AGREEMENT AND THE TRUST
SECURITIES SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAWS OF
THE STATE OF Delaware (WITHOUT REGARD TO CONFLICT OF LAWS PRINCIPLES
THEREOF).  PROVIDED, HOWEVER, THAT THERE
SHALL NOT BE APPLICABLE TO THE PARTIES HEREUNDER OR THIS TRUST AGREEMENT ANY
PROVISION OF THE LAWS (COMMON OR STATUTORY) OR THE STATE OF DELAWARE PERTAINING
TO TRUSTS THAT RELATE TO OR REGULATE, IN A MANNER INCONSISTENT WITH THE TERMS
HEREOF, (A) THE FILING WITH ANY COURT OR GOVERNMENTAL BODY OR AGENCY OF TRUSTEE
ACCOUNTS OR SCHEDULES OF TRUSTEE FEES AND CHARGES, (B) AFFIRMATIVE REQUIREMENTS
TO POST BONDS FOR TRUSTEES, OFFICERS, AGENTS OR EMPLOYEES OF A TRUST, (C) THE
NECESSITY FOR OBTAINING COURT OR OTHER GOVERNMENTAL APPROVAL CONCERNING THE
ACQUISITION, HOLDING OR DISPOSITION OF REAL OR PERSONAL PROPERTY, (D) FEES OR
OTHER SUMS PAYABLE TO TRUSTEES, OFFICERS, AGENTS OR EMPLOYEES OF A TRUST, (E)
THE ALLOCATION OF RECEIPTS AND EXPENDITURES TO INCOME OR PRINCIPAL (F)
RESTRICTIONS OR LIMITATIONS ON THE PERMISSIBLE NATURE, AMOUNT OR CONCENTRATION
OF TRUST INVESTMENTS OR REQUIREMENTS RELATING TO THE TITLING, STORAGE OR OTHER
MANNER OF HOLDING OR INVESTING TRUST ASSETS OR (G) THE ESTABLISHMENT OF 

 

55

 

FIDUCIARY OR OTHER STANDARDS OF
RESPONSIBILITY OR LIMITATIONS ON THE ACTS OR POWERS OF TRUSTEES THAT ARE
INCONSISTENT WITH THE LIMITATIONS OR AUTHORITIES AND POWERS OF THE TRUSTEES
HEREUNDER AS SET FORTH OR REFERENCED IN THIS TRUST AGREEMENT.  SECTION 3540 OF TITLE 12 OF THE DELAWARE
CODE SHALL NOT APPLY TO THE TRUST.  THE
PARTIES HERETO HEREBY CONSENT TO (i) THE NON-EXCLUSIVE JURISDICTION OF THE
COURTS OF THE STATE OF DELAWARE AND (ii) SERVICE OF PROCESS BY MAIL IN
ACCORDANCE WITH SECTION 10.8 HEREOF.

 

Section
10.5                            Payments
Due on Non-Business Day.

 

If the date
fixed for any payment on any Trust Security shall be a day that is not a
Business Day, then such payment need not be made on such date but may be made
on the next succeeding day which is a Business Day, except that, if such
Business Day is in the next succeeding calendar year, such payment shall be
made on the immediately preceding Business Day (and without any reduction of
interest or any other payment in respect of any such acceleration), in each
case with the same force and effect as though made on the date fixed for such
payment, and no distribution shall accumulate thereon for the period after such
date.

 

Section
10.6                            Successors.

 

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

 

Section
10.7                            Headings.

 

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

 

Section
10.8                            Reports,
Notices and Demands.

 

Any report,
notice, demand or other communication which by any provision of this Trust
Agreement is required or permitted to be given or served to or upon any
Securityholder or the Depositor may be given or served in writing by deposit
thereof, first-class postage prepaid, in the United States mail, hand delivery
or facsimile transmission, in each case, addressed, (a) in the case of a Holder
of the Trust Preferred Securities, to such Holder of the Trust Preferred
Securities as such Securityholder’s name and address may appear on the
Securities Register; and (b) in the case of the Holder of the Common Securities
or the Depositor, to San Rafael Bancorp, 851 Irwin Street, San Rafael,
California 94901-3343, Attention: Chief Executive Officer, facsimile no.: (415)
454-2315.  Any notice to Holders of the
Trust Preferred Securities shall also be given to such owners as have, within
two years preceding the giving of such notice, filed their names and addresses
with the Property Trustee for that purpose. Such notice, demand or other
communication to or upon a Securityholder shall be deemed to have been
sufficiently given or made, for all purposes, upon hand delivery, mailing or
transmission.

 

56

 

Any notice, demand
or other communication which by any provision of this Trust Agreement is
required or permitted to be given or served to or upon the Trust, the Resident
Trustee, the Property Trustee or the Administrative Trustees shall be given in
writing addressed (until another address is published by the Trust) as follows:
(a) with respect to the Property Trustee to Wells Fargo Bank, National
Association, 919 Market Street, Suite 700, Wilmington, Delaware 19801,
Attention: Corporate Trust Administration; (b) with respect to the Resident
Trustee, to Wells Fargo Delaware Trust Company 
at 919 Market Street, Suite 700, Wilmington, Delaware 19801; and (c)
with respect to the Trust or the Administrative Trustees, to them at the
address above for notices to the Depositor, marked “Attention: Administrative
Trustees of Capital Trust.” Such notice, demand or other communication to or
upon the Trust, the Property Trustee, the Resident Trustee or the
Administrative Trustees shall be deemed to have been sufficiently given or made
only upon actual receipt of the writing by the Trust, the Property Trustee, the
Resident Trustee or the Administrative Trustees.

 

Section
10.9                            Agreement
not to Petition.

 

Each of the
Trustees and the Depositor agrees for the benefit of the Securityholders that,
until at least one year and one day after the Trust has been terminated in
accordance with Article IX, they shall not file, or join in the filing of, a
petition against the Trust under any bankruptcy, insolvency, reorganization or
other similar law (including, without limitation, the United States Bankruptcy
Code of 1978, as amended, collectively, “Bankruptcy Laws”) or otherwise join in
the commencement of any proceeding against the Trust under any Bankruptcy Law.
In the event the Depositor or any of the Trustees takes action in violation of
this Section 10.9, the Property Trustee agrees, for the benefit of
Securityholders, that at the expense of the Depositor (which expense shall be
paid prior to the filing), it shall file an answer with the bankruptcy court or
otherwise properly contest the filing of such petition by the Depositor or such
Trustee against the Trust or the commencement of such action and raise the
defense that the Depositor or such Trustee has agreed in writing not to take
such action and should be estopped and precluded therefrom. The provisions of
this Section 10.9 shall survive the termination of this Trust Agreement.

 

Section
10.10                     Applicability
of Trust Indenture Act; Conflict.

 

(a)                                  Unless
and until the Indenture is required to be qualified under the Trust Indenture
Act so that the provisions thereof are applicable, (i) the provisions of the
Trust Indenture Act do not apply to this Trust Agreement and are not given
effect; and (ii) notwithstanding any other provision of this Trust Agreement
(including without limitation Sections 8.2(c), 8.4(b) and (i), 8.7(b) and
8.7(c) hereof), no Trustee shall be liable for its own simple negligence, but
shall only be liable for its own gross negligence.

 

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

 

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

 

57

 

Agreement
modifies or excludes any provision of the Trust Indenture Act which may be so
modified or excluded, the latter provision shall be deemed to apply to this
Trust Agreement as so modified or to be excluded, as the case may be.  The application of the Trust Indenture Act
to this Trust Agreement shall not affect the nature of the Trust Securities as
equity securities representing undivided beneficial interests in the assets of
the Trust.

 

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

 

THE RECEIPT
AND ACCEPTANCE OF A TRUST SECURITY OR ANY INTEREST THEREIN BY OR ON BEHALF OF A
SECURITYHOLDER OR ANY BENEFICIAL OWNER, WITHOUT ANY SIGNATURE OR FURTHER
MANIFESTATION OF ASSENT, SHALL CONSTITUTE THE UNCONDITIONAL ACCEPTANCE BY THE
SECURITYHOLDER AND ALL OTHERS HAVING A BENEFICIAL INTEREST IN SUCH TRUST
SECURITY OF ALL THE TERMS AND PROVISIONS OF THIS TRUST AGREEMENT AND AGREEMENT
TO THE SUBORDINATION PROVISIONS AND OTHER TERMS OF THE GUARANTEE AND THE
INDENTURE, AND SHALL CONSTITUTE THE AGREEMENT OF THE TRUST, SUCH SECURITYHOLDER
AND SUCH OTHERS THAT THE TERMS AND PROVISIONS OF THIS TRUST AGREEMENT SHALL BE
BINDING, OPERATIVE AND EFFECTIVE AS BETWEEN THE TRUST AND SUCH SECURITYHOLDER
AND SUCH OTHERS. WITHOUT LIMITING THE FOREGOING, BY ACCEPTANCE OF A TRUST
PREFERRED SECURITY, EACH HOLDER THEREOF SHALL BE DEEMED TO HAVE AGREED TO
TREAT, FOR ALL UNITED STATES FEDERAL INCOME TAX AND FINANCIAL ACCOUNTING
PURPOSES, THE DEBENTURES AS INDEBTEDNESS OF THE COMPANY AND THE TRUST PREFERRED
SECURITIES AS EVIDENCING AN UNDIVIDED PREFERRED BENEFICIAL OWNERSHIP INTEREST
IN THE DEBENTURES.

 

[Remainder of Page Left Intentionally Blank]

 

58

 

IN WITNESS
WHEREOF, this Trust Agreement is dated as set forth below and effective as of
the day and year first above written.

 

	
   

  	
  San Rafael
  Bancorp

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
  Name:

  	
   

  	
   

  
	
   

  	
  Title:

  	
   

  	
   

  
	
   

  	
  Date:

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Wells Fargo
  Bank, National Association, as 

  Property Trustee

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
  Name:

  	
   

  	
   

  
	
   

  	
  Title:

  	
   

  	
   

  
	
   

  	
  Date:

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Wells Fargo
  Delaware Trust Company, as

  Resident Trustee

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
  Name:

  	
   

  	
   

  
	
   

  	
  Title:

  	
   

  	
   

  
	
   

  	
  Date:

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  , As
  Administrative

  
	
   

  	
  Trustee

  
							

 

59

 

	
   

  	
   

  	
   

  
	
   

  	
   

  	
  , As
  Administrative

  
	
   

  	
  Trustee

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  , As
  Administrative

  
	
   

  	
  Trustee

  
				

 

60

 

EXHIBIT A

FORM OF CERTIFICATE OF TRUST

OF

SAN RAFAEL CAPITAL TRUST I

 

A-1

 

EXHIBIT B

 

FORM OF COMMON
SECURITY CERTIFICATE

 

B-1

 

EXHIBIT C

 

AGREEMENT AS TO
EXPENSES AND LIABILITIES

 

C-1

 

EXHIBIT D

 

FORM OF FLOATING RATE
CUMULATIVE TRUST PREFERRED

 

SECURITY CERTIFICATE

 

D-1

 

EXHIBIT E

 

FORM OF TRANSFEREE
LETTER OF REPRESENTATIONS

 

E-1

 

EXHIBIT F

 

FORM OF TRANSFEROR
LETTER OF REPRESENTATIONS

 

F-1

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